Updated from 3:53 p.m. EDT
made an offer to acquire
that values the U.S. mobile phone company at more than $30 billion, the
reported. A deal could be valued at over $40 billion, according to
The Wall Street Journal
. Deutsche Telekom dropped 2 3/64 to 56 7/16, while VoiceStream soared 14 1/8, or 11.3%, to 139 1/16 .
The article said VoiceStream is about 56%-owned by foreign organizations with
the biggest shareholders. It also noted that Deutsche Telekom is still interested in acquiring
, through its Orange mobile phone subsidiary, and
have both expressed interest in making bids for VoiceStream. Sprint dropped 4 1/8, or 8%, to 47 5/8, while France Telecom fell 3 1/4 to 141 1/2 and SBC Communications slipped 7/16 to 44 3/8.
, its Japanese partner
and Hutchison Whampoa said they will call a London news conference tomorrow to unveil a European joint venture. The three groups are expected to pool their resources to form a powerful venture which could challenge giants such as British-based
KPN fell 1/2 to 47 1/8, while Vodafone AirTouch lost 1 3/4 to 45 3/4.
soared 30 3/16, or 29.9%, to 131 1/8 after it said it reached operating profitability in its fourth quarter, three quarters ahead of previous expectations. The company, which makes Web switches, server adapters and traffic management software, also said it expects to post revenues of about $51 million, an 80% sequential increase over the previous quarter. The five-analyst expectation was for a loss of 1 cent a share.
tumbled 23 7/8, or 54.4%, to 20 after it warned it will miss its second-quarter earnings because of lower business levels and delays in government contracts.
First Call/Thomson Financial's
current five-analyst estimate for the company's second-quarter is 8 cents a share, which was up from the year-ago loss of 18 cents a share. Aspect said it expects to report a pro forma net profit of 1 cent to 3 cents a share, excluding the impact of amortizing certain assets, but including a 6-cent gain per share from selling securities.
Mergers, acquisitions and joint ventures
lost 1/2 to 25 1/2 and
fell 2 1/2, or 6.4%, to 36 1/2 after it announced the creation of a new joint venture company,
, that will provide Internet-based products for a range of employee groups. The company will launch a business-to-employee Web site,
, designed to simplify work processes and increase productivity.
lost 1 to 43 3/4 after it said it will acquire the remaining shares of
Venture Finance Software
, a joint venture company, for $120 million to $150 million in cash. Intuit, an electronic finances services provider, is currently a minority investor in the venture. The deal is expected to close in the first quarter of fiscal 2001.
In a press release, Intuit said Venture Finance has developed technology that has enabled it to move certain functionality of its Quicken desktop software onto the Web. Venture Finance's technology currently is licensed to Intuit to provide services through Quicken and Quicken.com.
Chemical and mineral products manufacturer
International Specialty Products
was unchanged at 6 after it formally dropped its seven-month-old $930 million hostile bid for
, after the manufacturing company agreed to a $1.5 billion deal with
, a manufacturer of research tools to improve gene cloning. Dexter climbed 2 11/64 to 54 11/16, while Invitrogen climbed 6 1/2, or 11.1%, to 64 7/8.
lost 1 7/16 to 127 1/8 after it announced it will buy
, a privately held developer of wireless technology which delivers targeted XML content, for $70 million in common stock and cash. Interwoven, an Internet software company, said the acquisition would help it cater the growing number of handheld Internet devices. The deal is expected to close in Interwoven's third quarter.
slipped 1/16 to 41 7/16 after it said it will market Internet protocol services to
Spanish Internet company
fell 1/8 to 10 3/4 after it said it is in an Internet pact with business software developer
to create an instant messaging service and to provide content for Lotus.
was unchanged at 24 7/8 after it said it will sell its European bakery supp lies business to Dutch food products and ingredients company
for about $669 million.
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Earnings/revenue reports and previews
slipped 1/16 to 23 15/15 after it reported second-quarter earnings of 58 cents a share, beating the 11-analyst estimate by a penny and up from the year-ago earnings of 53 cents.
fell 3/16 to 43 3/8 after it said same-store sales rose 12.8% in June.
dropped 1 13/16 to 45 1/4 after it posted fourth-quarter earnings of 31 cents a share, in line with the 13-analyst estimate and above the year-ago 26 cent profit.
Bakery products manufacturer
lost 1/2 to 18 3/8 after it posted first-quarter earnings of 27 cents a share, in line with the seven-analyst estimate but below the year-ago 30 cents.
gained 2 3/8, or 7.8%, to 30 5/16 after it posted third-quarter losses of 4 cents a share, ahead of the one-analyst eight cent loss estimate and the year ago 9 cent loss.
Executive search firm
Heidrick & Struggles
rose 2 1/4 to 60 1/8 after it announced that it expects earnings per share to be approximately 45 cents, compared to Wall Street's estimate of 38 cents per share.
rose 3, or 9.3%, to 35 1/4 after it reported second-quarter earnings of 75 cents a share, before special items, which beat the 11-analyst estimate by a penny and was up from the year-ago earnings of 24 cents a share, excluding extraordinary items.
shed 8 1/2, or 19.8%, to 34 1/2 after it posted second-quarter earnings of 17 cents a share, a penny better than the nine-analyst estimate and the year-ago earnings. Citing lower-than-expected attendance at its July 1 Daytona event, the company said it will slow seat expansion for 2001and warned 2001 EPS could be between 6 cents to 8 cents below the consensus estimate of $1.72.
added 9/16 to 14 9/16 after it posted fourth-quarter earnings of 34 cents a share, better than the eight-analyst estimate of 27 cents, but lower than the year-ago earnings of 42 cents.
dropped 8 1/8, or 11.1%, to 65 after it said it expects second-quarter same-store sales growth in the "midteens range," a figure above analysts' expectations of growth in the high single digits. The company also noted that some of the stores that were scheduled to close for remodeling in the quarter stayed open longer than expected, which helped boost the growth rate. The four-analyst estimate is currently 18 cents a share for Krispy Kreme's second quarter.
moved up 1/8 to 29 1/4 after it reported second-quarter earnings of 78 cents a share, a penny better than the three-analyst estimate and up from the year-ago 64 cents.
shed 13 7/16, or 59.4%, to 9 3/16 after it warned it warned it sees fourth-quarter earnings below analyst estimates, saying the quarter was back-end loaded and a significant amount of business closed in the last week on terms less favorable than expected. Pinnacle said it now expects to post earnings of 6 cents to 8 cents a share, below the five-analyst estimate of 16 cents a share.
popped 12, or 14.8%, to 93 after it said it sees second-quarter earnings above analyst expectations. The company expects to report 64 cents a share, above the five-analyst estimate of 49 cents. Questcited good volume trends, and revenue and also said it sees 2000 EPS above estimates.
Reynolds & Reynolds
, which provides computer systems and services for the auto and health-care markets, lost 1/4 to 17 1/4 after it said it expects its third-quarter earnings to miss analysts' expectations. The one-analyst estimate on
First Call/Thomson Financial
is 38 cents a share.
sank 9 3/4 , or 47.3%, to 10 7/8 after it reported a second-quarter loss of 56 cents a share, missing the three-analyst estimate of a loss of 46 cents, but up from the year-ago loss of $1.35 a share.
slipped 1/4, or 7.7%, to 3 after it warned it will miss analysts' second-quarter earnings estimates of 13 cents a share. The company said it now anticipates earnings of between 7 cents and 10 cents a share, excluding extraordinary gains on early extinguishments of debt and nonrecurring charges. The year-ago earnings for the company was 28 cents a share.
The funeral and cemetery company also announced it reached an agreement with
of France to sell its insurance operations in France, generating pretax cash proceeds of about $75.1 million.
fell 1 7/8, or 5.4%, to 33 after it said it expects third-quarter earnings to be flat with the year-ago's 59 cents a share, missing the six-analyst estimate of 64 cents. It blamed its missed earnings on soft sales in its architectural coatings and coating intermediates product lines.
moved up 1/8 to 28 1/4 after it reported record second-quarter earnings of 54 cents a share, beating the eight-analyst estimate by a penny and up from the year-ago earnings of 48 cents a share.
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said it sees some near-term weakening in
stock. However, Lehman said it remains bullish and said the impact on online ads should be minor. RealNetworks dropped 5 13/16, or 13%, to close at 38 15/16.
: UP to buy from market performer at
Donaldson Lufkin & Jenrette
. The stock was up 4 3/4, or 11.3%, to 46 3/4.
New York Times
: 2000 earnings estimate UP to $2.10 from $2.04 at DLJ. Despite the good news, it fell 13/16 to 40 1/8.
, up 3 1/4 to 196 7/16, after its price target was raised to 350 at
: UP to buy from hold at
. The stock was 1/2 higher to 24 15/16.
: DOWN to buy from strong buy at
Credit Suisse First Boston
. Career Education was off 1 31/32 to 52 1/32.
sunk 4 15/16, or 15.5%, to 26 15/16 after its rating was cut DOWN to attractive from buy at
: 2000 earnings estimate DOWN to $3.61 from $3.84. 2001 earnings estimate DOWN to $3.85 from $4.25 at DLJ. Gannett fell 1 1/2 to 55 9/16.
, edged down 3/4 to 30 7/8, after it was knocked DOWN to neutral from buy at
, was 5/16 lower to 16 7/8, after it was started as a NEW attractive at
, which rose 2 3/16, or 12.8%, to 19 5/16, after SG Cowen started coverage on the stock as a NEW buy at with a 12-month price target of $26.
: NEW attractive at PaineWebber. It slid down 7/8 to 68 1/16.
went up 9/16 to 13 3/8 after it was started as a NEW buy at Chase H&Q with an 18-month price-target of 30.
edged up 11/16, or 8.5%, to 8 3/4. It was started as a NEW buy at
Deutsche Banc. Alex. Brown
with a price target of 13.20.
: NEW strong buy at Deutsche Banc Alex. Brown. Price target: 63. The stock jumped up 2 1/2, or 5.2%, to 51.
: NEW buy at Lehman Brothers. 12-month price target: 17. Intuitive Surgical crept up 3/16 to 12 3/4.
: NEW buy at CSFB; price target: 17. It was up 5/16 to 13 5/8.
: NEW strong buy at
US Bancorp Piper Jaffray
. Two-year price target: 14. The news gave the stock a jumpstart. It rocketed up nearly 64%, which translates to 2 23/32 to 6 31/32.
Chase H&Q initiated coverage of three biotechnology companies:
- Biogenundefined: NEW strong buy. It was off 1/16 to 70
Chiron (CHIR) - Get Global X MSCI China Real Estate ETF Report: NEW market perform. Chiron was down 2 3/4 to 56 3/8
Genentech (DNA) : NEW buy. It was 1 9/16 lower to 172 7/8.
initiated coverage of two wireless communications services firms:
- Sprint PCS Group (PCS) : NEW buy. The phone company was up 1 3/8 to 60 1/2.
Nextel Communications (NXTL) : NEW buy. Nextel rose 1 3/4 to 65 7/8.
Morgan Stanley Dean Witter initiated coverage of six high-speed Internet service provider companies:
- Allied Riser Communications (ARCC) - Get Ares Capital Corporation Report: NEW outperform; price target: 21. The stock was up 9/16 to 15.
Covad Communications (COVD) ; price target: 45. The stock bounced up 1, or 5.6%, to 18 3/4.
Cypress Communications (CYCO) : NEW neutral. The stock was off 5/16, or nearly 5%, to 6 3/16.
Network Access Solutions (NASC) : NEW outperform; price target: 15. Network Access Solutions was 1 1/2, or 15.1%, higher to 11 7/16.
Northpoint Communications (NPNT) : NEW outperform; price target: 27. The stock was up 1 1/32, or 8.1%, to 13 27/32.
Rhythms Netconnections (RTHM) : NEW strong buy; price target: 26. Rhythms Netconnections was up 1 7/8, or 13.2%, to 16 1/16.
PaineWebber initiated coverage of several bank holding companies:
- Summit Bancorp (SUB) - Get iShares Short-Term National Muni Bond ETF Report: INITIATED neutral. The stock was up 1/16 to 26.
Union Planters (UPC) : NEW neutral. It was up 3/16 to 30 1/8.
Comerica (CMA) - Get Comerica Incorporated Report: NEW neutral. Comerica slid down 1/16 to 49 3/4.
Synovus (SNV) - Get Synovus Financial Corp. Report: NEW buy. The stock was up 9/16 to 19 3/16.
TCF Financial (TCB) : NEW buy. TCF edged up 5/16 to 28 5/8.
Salomon Smith Barney
initiated coverage of four telecommunications equipment companies:
- Juniper Networks (JNPR) - Get Juniper Networks, Inc. Report: NEW buy; price target: 200. Juniper was up 1 3/16 to 148 3/4.
Foundry Networksundefined: NEW buy; price target: 170. Foundry dropped 5 9/16 to 117 1/4.
Extreme Networks (EXTR) - Get Extreme Networks, Inc. Report: NEW buy; price target: 150. Extreme jumped 11, or 9.8%, to 123.
Alteon WebSystems (ATON) : NEW buy; price target: 150. Alteon rocketed up 30 3/16, or 29.9%, to 131 1/8.
Salomon Smith Barney analyst B. Alexander Henderson assumed coverage of
Cisco Systems (CSCO) - Get Cisco Systems, Inc. Report, down 1 to 62 1/8,
Lucent Technologies (LU) , down 1 5/8 to 54 5/8, and
Nortel Networks (NT) , up 1/4 to 71 1/4. Cisco: buy; price target: 100. Lucent: neutral; price target: UP to 65 from 50. Nortel: buy; price target: UP to 110 from 75.
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Offerings and stock actions
board announced an 8% increase in the company's quarterly cash dividend to a rate of 13 cents a share from 12 cents. The new dividend will apply to both common stock and Class A common stock and will be payable August 15 to shareholders of record July 31. The news didn't help the stock much. It was up only 1/16 to 20 9/16.
priced its 8.6 million-share IPO at $11 per share, the bottom of the lowered estimated range. The Chaska, Minn.-based company lowered the estimated pricing range last night, to $11 to $13 a share, from $13 to $15 a share. Entegris makes polymer materials that are used in the semiconductor manufacturing process.
was the lead underwriter. The stock rose 3/16 to 11 3/16.
announced that it has set a two-for-one stock split. Syncor was boosted 7 13/16, or 9.8%, to 87 1/4.
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, which finished the day down 3/8 to 55 3/8 initiated services in Mexico, the company's second Latin American launch. AOL is planning an initial public offering of shares in its regional company,
AOL Latin America
said studies show its Atacand medication was more effective in lowering blood pressure than
Cozaar, when taken in daily doses. AstraZeneca was up 5/8 to 48 1/16, while Merck was off 3/16 to 74 11/16.
, the holding company controlling the satellite assets of Craig McCaw, said it had commitments for about $1 billion in investments from investors including
chairman Bill Gates and private equity firm
Clayton Dubilier & Rice
. Microsoft was down 5/16 to 79 1/8.
, the careers Web site of online advertising and marketing firm
, down 1 7/16 to 69 5/8, said that it would conduct a competitive review of advertising agencies for its $75-80 million advertising account.
, a maker of storage devices for large computer networks, named former
executive Patrick Martin as president, chief executive and chairman. Storage Technology ended the day down 5/8, or 5.2%, to 11 7/16.
was lifted 1 1/16 to 40 3/4 after it said it will cut fares by 25% for travel during the period from July 21 to December 15.
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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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