(

Updated from 3:22 p.m. EDT

)

Citigroup

(C) - Get Report

, the largest U.S. financial services company, beat Wall Street's estimates this morning by 2 cents when it reported earnings of 67 cents a share for the third quarter.

Citigroup said it earned $3.09 billion during the quarter, up from $2.44 billion in the year-ago quarter.

Analysts had been expecting the company to report earnings of 65 cents a share according to

First Call/Thomson Financial

. Citigroup's stock closed down $1.44, or 2.8%, to $49.38.

Mergers, acquisitions and joint ventures

Marvell Technology Group's

(MRVL) - Get Report

said it will acquire

Galileo Technology

(GALT) - Get Report

in a $2.7 billion stock swap.

Marvell said it expects the acquisition to boost its 2001 earnings by 51%. Marvell is a communications chipmaker, and Galileo makes routing and switching products in Israel. The deal will enable Marvell to offer a complete package for faster network data transmission. Marvell closed down $24.69, or 30.2%, to $57.06; Galileo was up 92 cents, or 3%, to $31.69.

Amgen

(AMGN) - Get Report

said it plans to acquire privately held

Kinetix Pharmaceuticals

in a $170 million stock transaction. Amgen said it plans to take a one-time charge of 3 cents per share to cover the transaction. Amgen closed up 6 cents, or 0.1%, to $63.88.

Wireless communication company

Qualcomm

(QCOM) - Get Report

announced that it is taking a stake in

SkyBridge

, which is building a global satellite telecommunications network. Terms of the deal were not disclosed. The stock closed down $2.81, or 3.7%, to $74.19.

Somera

( SMRA) acquired

MSI Communications

for about $16 million in cash and stock. Somera said the acquisition will help in expanding its data-networking product availability and expertise. Somera ended the day down 31 cents, or 3.94%, to $7.63.

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Earnings/revenue reports and previews

Call it pop, cola or soda. Call it a carbonated beverage or seltzer with syrup. Just don't call it a "disappointment."

Coca-Cola Enterprises

(CCE)

was satisfying, posting third-quarter earnings of 30 cents a share, better than the 26 cent

First Call/Thomson Financial

estimate and last year's 24 cents. Some of this year's money came from $20 million in insurance recovery after last year's European product contamination scare.

The solid earnings picture exceeded expectations despite the fact that sales were off. Unit consolidated physical case, bottle and can volume -- one of those beverage industry statistics that are vital to truly understanding the health of sales -- fell 1.5%. Volumes dipped by 1.5% in both domestic and European markets. Coca-Cola Enterprises added life today, closing up by $2.19, or 14.3%, to $17.44.

Commerce Bancshares

( CBSS) reported earnings of 52 cents a share, in line with the 12-broker First Call consensus. The company reported profits of $63 million for the third quarter, a 10% increase from the $57.2 million earned at this time last year, or 48 cents a share. The stock ended down by 63 cents, or 3.4%, to $17.63.

Dime Bancorp

(DME)

could really use a penny after announcing third-quarter earnings that missed estimates. The company announced earnings of 59 cents a share, one cent under the 60 cent First Call/Thomson Financial forecast. That's better than last year's 55 cents a share, but still not good enough to top this year's expectations. Dime ended the day down by almost seven dimes -- it closed lower by 69 cents, or 2.9%, to $22.94.

Dynegy

(DYN)

, which sounds like some outre combination of dinner and synergy but is really an energy provider from Houston, announced third-quarter earnings that were in line with analyst estimates: 55 cents a share, matching what the guys at First Call/Thomson Financial said. Last year's quarter was 21 cents a share. Dynegy closed down $1.94, or 3.8%, to $48.69.

Freddie Mac

( FRE) posted third-quarter earnings of 86 cents a share, beating by a penny the 16-analyst estimate and up from year-ago earnings of 74 cents a share.

The company's revenue for the quarter grew 13% to $1.12 billion from $1 billion last year, while net-interest income, or the profit from loans, grew nearly 21% to $737 million from last year's of $610 million. Freddie Mac ended the day down $1.06, or 2%, to $51.56.

All that glisters is not

Freeport-McMoran Copper & Gold

(FCX) - Get Report

. This morning, the gold miner announced third-quarter losses of 6 cents a share, a dime away from what analysts expected. They called for a 4 cent per share profit. Freeport-McMoran cited slowing gold sales, the crumbling currency and a corporate restructuring for the earnings miss. The stock closed down 13 cents, or 1.6%, to $7.94.

Golden State Bancorp

(GSB) - Get Report

announced better-than-expected third-quarter earnings, despite the fact that Chris Mullin has been waived. (Oh, wait. That's the Golden State Warriors.) Well, the California-based banked announced third-quarter earnings of 62 cents a share, a penny better than the First Call/Thomson Financial estimate and last year's 58 cents a share. Golden State Bancorp ended the day down 19 cents, or 0.8%, to $22.88.

Hospital operator

Health Management Associates

(HMA)

set earnings targets of 78 cents to 80 cents for 2001, compared to the analyst estimate of 79 cents a share. HMA closed down 31 cents, or 1.5%, to $20.38.

Invacare

(IVC) - Get Report

reported third-quarter earnings of 57 cents a share, in line with the four-analyst estimate and up from year-ago earnings of 46 cents a share. But the company tempered that news with a warning that fourth-quarter earnings will be hurt by sluggish European sales and a weakening euro. Invacare ended the day down $6.81, or 21.98%, to $24.19.

Keycorp

(KEY) - Get Report

reported earnings of 57 cents a share for the third quarter this morning, in line with Wall Street's estimates.

In the year-ago quarter, the financial services company posted results of 60 cents a share.

The company also said it expects earnings of between 58 cents and 64 cents for the fourth quarter and full-year results of $2.27 to $2.33 a share. Keycorp closed down 94 cents, or 3.95%, to $22.81.

Mellon Financial Corp.

( MEL), a banking and mutual fund firm, reported third-quarter earnings of 51 cents a share, meeting the 21-analyst estimate and up from year-ago earnings of 46 cents. Mellon ended the day down $1.25, or 3%, to $40.44.

National Fuel Gas

(NFG) - Get Report

made comments about fourth-quarter earnings ranging from completely uninspired to a disappointment. The generic-sounding National Fuel Gas warned about its fourth quarter, putting 2000 earnings estimates in a range between $3.20 to $3.30 a share, well below the First Call/Thomson Financial estimate of $3.56. The company also decreased its estimate on fiscal 2001, saying the earnings per share will come in between $4.25 to $4.35 a share.

And not only has the future been affected by the company's financial forecasting, so has its just-completed third quarter. National Fuel Gas will reduce previously announced gains by $5.4 million because of investment reclassification.

Seems that some of the company's hedge investments were reclassified as mark-to-market instruments. That takes the $14.5 million third-quarter net income and reduces it to $9 million. National Fuel Gas said it will refile with the

U.S. Securities and Exchange Commission

. National Fuel Gas closed down $1.56, or 2.8%, to $54.75.

Tellabs

( TLAB) told a good story this third quarter, announcing earnings of 47 cents a share, 2 cents better than analyst estimates and better than last year's 33 cents. Tellabs closed up $1.94, or 4.5%, to $45.44.

Teradyne

(TER) - Get Report

reported third-quarter earnings of 84 cents a share this morning, beating the 19-analyst estimate by a penny and rising from 35 cents in the year-ago quarter.

The software company reported sales of $848 million during the quarter, compared to $179 million in the third quarter of last year. Teradyne ended the day down $9.44, or 27.4%, to $25.

Ametek

(AME) - Get Report

, which manufactures electric motors and electronic instruments, reported earnings of 53 cents per share, in line with the six-broker First Call/Thomson Financial estimate. Net income totaled $17.3 million, up from $15.6 million in the year-ago quarter, when the company reported earnings of 47 cents a share. Ametek closed up 63 cents, or 2.99%, to $21.56.

Aspect Communications

(ASPT)

has nothing. The company reported break-even results for the third quarter 2000, same as it did in 1999. Zero cents was better than the First Call/Thomson Financial five-broker consensus, which was looking for a loss of 1 cent per share. The stock closed down $5.38, or 25.4%, to $15.75.

Beverly

( BEV), a health care services company, said it expects earnings for the third quarter to be in line with the 10-broker First Call consensus for 10 cents a share. The company will also take a pretax charge of $50 million due to increasing reserves for patient care liability costs in Florida. Beverly ended the day down 69 cents, or 13.1%, to $4.56.

Electronics for Imaging

(EFII) - Get Report

, a maker of printer connectivity software, reported earnings of 37 cents a share on net income of $20 million, in line with expectations, but the company warned that fourth-quarter results will be hurt by weakened demand.

The five-broker First Call consensus was looking for earnings of 37 cents a share. At this time a year ago, the company reported results of 51 cents a share on $29 million in income. Electronics for Imaging closed down $5.19, or 30.3%, to $11.94.

Express Scripts

(ESRX)

, a managed care company, beat the Street's estimates for the third quarter.

The company reported earnings of 61 cents a share on profits of $24 million, ahead of the eight-broker First Call estimate for earnings of 60 cents a share. At this time last year, the company reported earnings of 43 cents a share, on profits of $17 million. But the company's stock ended the day down by $6.13, or 7.9%, to $71.25.

7-Eleven

(SE) - Get Report

, the world's largest convenience store chain said same-store sales rose 5.7% in September, thanks to higher prices for cigarettes and what one supposes is an uncontrollable urge by some people to eat more beef jerky. The company's stock closed up 19 cents, or 1.7%, to $11.38.

Sonic

(SONC)

reported earnings of 59 cents a share for its fiscal fourth quarter, besting the nine-analyst consensus of 50 cents a share as reported by First Call. The company, America's largest chain of drive-in restaurants in the U.S., reported earnings of 48 cents a share at this time last year. Sonic closed up 56 cents, or 1.7%, to $32.88.

Health care company

Universal Health Services

(UHS) - Get Report

reported third-quarter earnings of 72 cents a share, beating the 18-broker First Call consensus, which was looking for earnings of 68 cents per share.

The acute care and behavioral health services provider said net income was $22.3 million, compared to $10.8 million for the third quarter of 1999. At that time, the company reported earnings of 34 cents a share. UHS closed down $4, or 4.5%, to $85.50.

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Analyst actions

Teradyne

( MER) was dropped to accumulate from buy at

Merrill Lynch

after the company reported earnings this morning. Merrill lowered fourth quarter earnings per share estimate to 66 cents from 90 cents; 2000 earnings per share estimate to $2.86 from $3.10; 2001 estimate to $2.80-$2.90 from $4.00. As noted above, Teradyne ended the day down $9.44, or 27.4%, to $25.

Upgrades

Calpine

(CPN)

: UP at

ABN Amro

: 2000 earnings per share to $1.84 from $1.50, 2001 earnings per share to $2.37 from $1.92, price target: $109. Calpine closed down $1.88, or 2.2%, to $83.75.

Ciena

(CIEN) - Get Report

: UP at

UBS Warburg

: price target: $175 from $108. Ciena ended the day down $5.19, or 3.8%, to $130.

Commerce Bancorp

(CBH) - Get Report

: UP at

Lehman Brothers

to buy from outperform; 12-month price target: UP to $70 from $60. The stock closed down 81 cents, or 1.5%, to $53.75.

Sprint

( FON): UP to outperform from hold at ABN Amro. Sprint closed down 63 cents, or 2.6%, to $23.19.

Downgrades

Applied Materials

(AMAT) - Get Report

: DOWN at

Credit Suisse First Boston

: 2001 earnings per share estimate at $3.25 from $3.75; price target to $75 from $112. AMAT closed down $4.25, or 8.7%, to $44.50.

Bank of America

( MCAF); DOWN to hold from buy at

ING Barings

. The stock closed down $2.44, or 5.4%, to $42.75.

McAfee.com

( MCAF): DOWN to long-term attractive from buy at

Robertson Stephens

. McAfee.com closed down $3.75, or 34.9%, to $7.

Micron Technology's

(MU) - Get Report

closed down $4.69, or 13.9%, to $29 after its rating got a little more micro this morning. The chipmaker was cut by a pair of analysts as the whole semiconductor sector continued to struggle.

PaineWebber

cut the company's rating to attractive from buy and its price target to $50 from $110, while

Morgan Stanley Dean Witter

cut it to outperform from strong buy.

The analyst actions come on the heels of recent comments about the semiconductor industry, especially in the wake of the

Intel

(INTC) - Get Report

downgrade. Some analysts, such as UBS Warburg, which lowered price expectations on

DRAM chips, fear a price war between chipmakers. Intel, by the way, closed up 50 cents, or 1.4%, to $36.19.

DRAM is something of a silicon-based commodity, and one that ripples heavily through the computer manufacturing industry. With Intel cutting the price of that chip recently, many analysts fear that a widespread slashing of other chips, too, which would hurt future earnings.

Initiations

OmniSky

( OMNY): NEW buy at

Salomon Smith Barney

; 18 month price target: $23. The stock closed down $1.25, or 7.4%, to $15.69.

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Offerings and stock actions

This piggy is going to market again.

Immunogen

(IMGN) - Get Report

, a well-known and popular biotechnology company, is offering to sell 4 million shares of its common stock, with an additional 600,000 on hand to cover any over-allotments.

SG Cowen Securities

gets to manage the offering. Immunogen closed up 44 cents, or 1.4%, to $30.81.

Health care information provider

IMS Health

( RX) announced that its board has approved a plan to spend up to $300 million to buy back its stock before the new year. IMS ended the day up 6 cents, or 0.3%, to $21.25.

Remember the glory days of the initial public offering, with all its resplendent bell-ringing, hand-wringing and subsequent launch partying? Well, anyway,

Reliant Resources

, the unregulated energy arm of

Utility Reliant Energy

(REI) - Get Report

, has filed paperwork with the

Securities and Exchange Commission

to raise $1.3 billion in an IPO.

The company said it will use the new cash to fund general corporate business, including development and acquisitions. The offering's size and value has yet to be determined by co-managers

Goldman Sachs

and

Credit Suisse First Boston

, but the company has applied for listing on the

New York Stock Market

under the ticker "RRI."

Utility Reliant Energy closed up 38 cents, or 0.8%, to $46.69.

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Miscellany

The index-oriented folk at

Standard & Poor's

announced they will add

BroadVision

(BVSN) - Get Report

to the

S&P 500 Index at the close of trading Monday, replacing

PaineWebber

( PWJ), which is set to merge with

UBS Warburg

(UBS) - Get Report

.

BroadVision, an Internet software application company, was seeing its shares rocket today on the announcement. The stock closed up $2.25, or 9.5%, to $26.06; PaineWebber was down 25 cents, or 0.4%, to $66.63; and UBS was down 65 cents, or 0.5%, to $123.30.

CMS Energy

(CMS) - Get Report

said it had sold 11 million shares of common stock to

Credit Suisse First Boston

for about $305 million. CMS closed down $2.25, or 7.8%, to $26.69.

Unwilling to give up,

Walt Disney Internet Group

(DIG) - Get Report

is relaunching Internet search service

Go.com

,which will focus on leisure and lifestyle. The stock closed down $1.06, or 13.1%, to $7.06.

Note to all you fans of

JDS Uniphase

(JDSU)

-- what

Old Kent

(OK)

did today is something stocks used to do -- it paid a dividend. The banking and investment management company announced a quarterly cash dividend of 24 cents per share on its common stock -- an increase from the previous quarter's 22 cent dividend -- making this the 42nd year the company has paid dividends on its stock. Old Kent closed down, though, lower by 56 cents, or 2.1%, to $26.25; JDSU closed down $2.50, or 2.7%, to $91.94.

PE Biosystems

(PEB) - Get Report

, an operating unit of

PE Celera

( CRA), said it filed suit against

Affymetrix

(AFFX)

(no, it's not a large prehistoric bird -- that's Archaeoptryx), charging patent infringement against the genetic analysis firm. PE Biosystems closed up $5.50, or 5.5%, to $105; PE Celera was down $4.56, or 7.2%, to $58.94; and Affymetrix was down $3.94, or 6.6%, to $55.94.

Forestry products manufacturer

Willamette Industries

(WLL) - Get Report

announced that it will close a plant in Ruston, La., eliminating 246 jobs. Willamette closed down 81 cents, or 3%, to $26.13.

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By the Numbers

The data on NYSE and Nasdaq percent winners and losers are filtered to exclude stocks whose previous day's volume was less than 25,000 shares; whose last price was less than 5; and whose net change was less than 1/2.

Dow point gain and loss data are based on New York closing prices and do not reflect late composite trading.

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