Updated from 2 p.m. EST

Broadcaster

Viacom

(VIA) - Get Report

said it expects to merge with

Infinity Broadcasting

(INF) - Get Report

. Viacom is already the majority shareholder of Infinity. The merger is expected to be complete by the first quarter of 2001.

Viacom currently owns all the Class B common stock of Infinity, or 64% of Infinity's common stock and 90% of the combined voting interest of the common stock. Infinity is the largest radio broadcasting company in the country; Viacom owns networks

CBS

,

MTV

and

Nickelodeon

as well as

Paramount Pictures

and

Simon & Schuster

. Viacom's stock closed up $1.75, or 3.2%, to $57.25; Infinity closed up $2.75, or 9%, to $33.25.

Procter & Gamble

(PG) - Get Report

posted first-quarter earnings of 88 cents a share, in line with the 13-analyst estimate and with year-ago earnings. The company reiterated its guidance of second-quarter earnings of 91 cents to 93 cents a share. The 12-analyst estimate is currently 93 cents for the company's second quarter. The blue-chip stock expects next quarter's sales to be up slightly, with volume down in the low single digits. P&G closed down $5.44, or 7.1%, to $71.44.

Mergers, acquisitions and joint ventures

IBM

(IBM) - Get Report

is expected to announce a services agreement with Japan's

Nippon Telegraph and Telephone

, or NTT, that will give the PC-maker a partner in telecommunications services in Asia.

IBM will provide information technology services such as consulting, systems integration and outsourcing to the Japanese company. The deal, which will allow IBM to expand its telecommunications business, is valued at $12 to $14 billion over 10 years.

Also, IBM said its board authorized a buyback of $3.5 billion of its shares, in addition to the $3.5 billion buyback it announced earlier this year. The company still has $750 million left from that authorization. IBM closed up $5.19, or 5.6%, to $98.50.

Advanced Micro Devices

(AMD) - Get Report

agreed to supply

Nortel

( NT) with the majority of its flash memory requirements for the next three years. Financial terms of the deal were not disclosed. AMD ended the day higher by $2.38, or 11.7%, to $22.63, and Nortel was up $5.50, or 13.8%, to $45.50.

FMC

(FMC) - Get Report

said it plans to split into two companies, forming separate publicly traded chemical and machinery businesses. FMC closed up $4.50, or 6.3%, to $76.

PSEG Power

(PEG) - Get Report

said it ordered an additional 30 turbines from

General Electric

(GE) - Get Report

for about $862.8 million. That makes a total of 76 GE turbines that PSEG has bought under a program started two years ago. PSEG closed down 25 cents, or 0.6%, to $41.50.

Qwest Communications

(Q)

said it signed a three-year deal worth $600 million to provide voice and data communications services to telecom provider

McLeodUSA

( MCLD). Qwest closed down $1.38, or 2.8%, to $48.63; McLeodUSA was up 44 cents, or 2.3%, to $19.25.

Contract electronics manufacturer

Solectron

( SLR) said it will buy Singapore's NatSteel Electronics for about $2.4 billion. Solectron closed down $3.94, or 8.2%, to $44.

Webster Financial

( WBST) said it plans to buy 65% of financial advisory and ratings agency

Duff & Phelps

, based in Chicago. The terms were not disclosed. The stock closed down 75 cents, or 2.99%, to $24.38.

After Monday's Close

American Electric Power

(AEP) - Get Report

plans to restructure into two companies to focus on the wholesale power generation, marketing and trading business. One company will hold AEP's utility power generation and non-utility units, while the second will hold AEP's regulated domestic and overseas utility subsidiaries.

The company is expected to file its reorganization plan with the

Securities and Exchange Commission

next week. AEP closed down 31 cents, or 0.8%, to $41.50.

Sun International Hotels

( SIH) is expected to announce soon its sale of

Resorts International Casino

in Atlantic City, N.J., to Colony Capital, a private investment firm. Sun closed up 6 cents, or 0.3%, to $19.13.

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Earnings/revenue reports and previews

Navistar

(NAV) - Get Report

said it will take a $300 million pretax charge against earnings in the fourth quarter to cover restructuring and new product launch costs. The

First Call/Thomson Financial

six-analyst estimate is currently $1.74 for the fourth quarter. Its year-ago earnings were $2.04 a share. Navistar closed down 38 cents, or 1.1%, to $33.06.

Beverly Enterprises

( BEV) reported earnings of 10 cents a share, in line with the nine-broker consensus, and the same as it reported a year ago at this time. Beverly ended the day down 38 cents, or 6.98%, to $5.

Cox Radio

( CXR) reported earnings of 22 cents a share, beating the two-broker estimate for 10 cents a share. The company earned 20 cents a share at this time last year. The company also announced it was forming a "new media" unit to manage its Internet strategy. Cox Radio closed up $3.38, or 17.4%, to $22.75.

EarthLink

(ELNK)

, an Internet service provider, reported a loss of 33 cents a share, beating the 10-broker consensus looking for a loss of 37 cents a share. The company lost 7 cents a share at this time last year. EarthLink closed down 22 cents, or 3.2%, to $6.53.

Energizer Holdings

(ENR) - Get Report

reported fiscal fourth quarter earnings of 38 cents a share, missing the two-broker consensus looking for earnings of 40 cents a share. The company earned 40 cents a share in the fiscal fourth quarter a year ago. Energizer powered down $2.75, or 12.2%, to $19.75.

Henry Schein

(HSIC) - Get Report

reported earnings of 47 cents a share, beating the seven-broker estimate of 44 cents a share. The company earned 40 cents a share for the same time period a year ago. Henry Schein ended the day up $2, or 8.9%, to $24.38.

Health services company

Humana

(HUM) - Get Report

reported earnings of 14 cents a share, beating the 18-broker consensus by a penny. The company reported earnings of 13 cents a share for the same time period a year ago. Humana closed up 50 cents, or 4.3%, to $12.13.

IHOP

( IHP), which runs the restaurants you probably know, the

International House of Pancakes

, reported earnings of 50 cents a share, beating the estimate of one broker looking for 48 cents a share. The company earned 42 cents for the year-ago period. The stock hopped $2.25, or 11.9%, to $21.13.

Iron Mountain

(IRM) - Get Report

reported earnings of 3 cents a share, beating the one broker who guessed the company would lose 15 cents a share (nice going). The company reported a loss of 8 cents a share at this time last year. Iron Mountain closed down $1.19, or 3.4%, to $33.81.

Milacron

( MZ) posted third-quarter earnings of 53 cents, which includes restructuring costs of 1 cent a share, and a gain of 2 cents a share on the sale of the industrial magnets unit. The First Call/Thomson Financial nine-analyst estimate was 53 cents and year-ago earnings were 47 cents. Milacron closed up 69 cents, or 4.5%, to $15.94.

Performance Food Group

(PFGC) - Get Report

reported third-quarter earnings of 61 cents a share, beating the six-analyst estimate of 57 cents and up from year-ago earnings of 47 cents a share. PFG ended the day up $2.31, or 6.1%, to $40.50.

Perot Systems

(PER) - Get Report

reported earnings of 11 cents a share, in line with expectations, but less than last year's third-quarter earnings of 18 cents a share. Perot closed up 38 cents, or 3.9%, to $9.94.

RCN

( RCNC) reported a loss of $2.70 a share, beating the nine-broker consensus looking for a loss of $2.99. At this time last year, the company lost $2.45 a share. RCN closed up $2, or 12.7%, to $17.75.

Silicon Valley Group

( SVGI) reported fiscal fourth-quarter earnings of 43 cents a share, beating the five-broker estimate for 39 cents a share. The company earned 5 cents a share for the same time period a year ago. SVG closed up $1.95, or 6.3%, to $32.94.

Skechers

(SKX) - Get Report

reported earnings of 40 cents a share, beating the three-broker consensus by 3 cents. The company earned 24 cents a share for the third quarter a year ago. Skechers closed down $1.06, or 6.5%, to $15.19.

Starwood Hotels

(HOT)

reported earnings of 50 cents a share, beating the 12-broker consensus looking for 49 cents a share. The company earned 38 cents a share a year ago. The company also said it plans to sell its European

Ciga Group

hotels. Starwood closed up $2.19, or 7.97%, to $29.63.

Triad Hospitals

( TRIH) posted a third-quarter loss of 3 cents, narrower than the 17-analyst estimated loss of 6 cents and the year-ago loss of 18 cents a share. Triad ended the day up 75 cents, or 2.8%, to $27.75.

After Monday's Close

Alpharma

(ALO) - Get Report

reported earnings of 48 cents a share, in line with the eight-broker First Call/Thomson Financial consensus, and surpassing the 35 cents reported at this time a year ago. Alpharma closed down despite the results -- lower by $17.69, or 31.3%, to $38.81.

Coach

(COH)

, which was spun off from

Sara Lee

( SLE) earlier this month, reported earnings of 25 cents a share on net income of $10.8 million for the fiscal first quarter. Coach closed up $1.88, or 8.7%, to $23.38; somebody loved Sara Lee by 6 cents, or 0.3%, to $21.56.

IDT

TST Recommends

( IDTC) reported a loss of $1.37, nowhere near the First Call two-broker estimate for a 34 cent loss, for the fiscal fourth quarter. The telecommunications company also announced a restructuring. It will split into two entities, IDT Telecom and IDT Ventures and Investments, a holding company.

The company also said it's changing its "business objectives," moving toward serving the retail community with its long-distance and Internet access service, and away from wholesale clients. The restructuring is expected to close by the second quarter of fiscal 2001. IDT closed up $7.13, or 24.9%, to $35.75.

Internet.com

( INTM), which, in these days of revaluing dot-coms, is a name you can't exactly run away from, beat analyst expectations by a penny today. The online trade magazine reported earnings of 4 cents a share for the quarter, compared with a loss of 4 cents a share at this time a year ago. Internet.com closed up $1.06, or 5.4%, to $20.81.

Staffing company

Manpower

(MAN) - Get Report

reported earnings of 70 cents a share, in line with the 11-broker consensus. The company earned 63 cents a share at this time last year. Manpower closed up $5.44, or 18.5%, to $34.81.

Rent-A-Center

(RCII) - Get Report

reported earnings of 68 cents a share, beating the six-broker consensus by a penny. The company earned 46 cents a share at this time last year. The stock closed up $2.44, or 9.1%, to $29.19.

Western Wireless

( WWCA), a wireless communications provider, reported earnings of 16 cents a share for the quarter, falling 3 cents short of the 11-broker First Call/Thomson Financial consensus. Despite missing estimates, Western Wireless closed up $8.75, or 22.6%, to $47.50.

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Analyst Actions

Lehman Brothers

upgraded seven oil contract drillers this morning on expectations of increased interest in drilling, rising earnings due to greater oil demand and this year's rebound in oil prices. Lehman also cited a recent correction in a number of these stocks as motivation for the upgrade; most of these stocks have lost at least 20% of their value in recent weeks.

Lehman upgraded the following six companies to a buy rating:

Pride International

( PDE),

ENSCO

(ESV)

,

Global Marine

( GLM),

Nabors Industries

(NBR) - Get Report

,

Noble Drilling

(NE) - Get Report

, and

Santa Fe International

( SDC).

All of the stocks previously had an outperform rating, save Pride, which had a neutral rating. The brokerage also upgraded

Marine Drilling

( MRL) to outperform from neutral.

Pride closed up $1.63, or 6.9%, to $25.31; ENSCO was up 31 cents, or 0.95%, to $33.25; Global Marine was up 25 cents, or 0.95%, to $26.50; Nabors was up 52 cents, or 1%, to $50.90; Noble was up $1.06, or 2.6%, to $41.56; Santa Fe was up 19 cents, or 0.5%, to $36.50; and Marine Drilling closed higher by 63 cents, or 2.7%, to $23.88.

Upgrades

Chase Manhattan

( CMB): UP to buy from market perform at

Deutsche Banc Alex. Brown

. Chase closed up $1.75, or 4%, to $45.50.

Commerce Group

(CGI)

: UP to buy from hold at

Credit Suisse First Boston

. Commerce Group closed up $1.81, or 7.6%, to $25.56.

Xilinx

(XLNX) - Get Report

:

Merrill Lynch

added the chipmaker to its "Focus 1" list. Xilinx closed up $5.56, or 8.3%, to $72.44.

Mercury General

(MCY) - Get Report

: UP to strong buy from neutral at

Morgan Stanley Dean Witter

. The stock closed up $4.63, or 14.5%, to $36.63.

Continental

(CAL) - Get Report

: UP to buy from outperform at

Salomon Smith Barney

. Continental closed up $1.50, or 2.9%, to $52.50.

Downgrades

How's this for an odd rating?

W.R. Hambrecht

has lowered its rating on

About.com

(BOUT) - Get Report

, after the company announced it would be purchased by

Primedia

( PRM), to arbitrage positive from strong buy. About.com closed down 19 cents, or 0.8%, to $24, and Primedia was down 13 cents, or 1.1%, to $11.31.

Federal Express

(FDX) - Get Report

: DOWN to outperform from buy at Salomon Smith Barney. Federal Express closed down 13 cents, or 0.3%, to $46.86.

UAL

(UAL) - Get Report

: DOWN to outperform from buy at Salomon Smith Barney. UAL closed down 6 cents, or 0.2%, to $37.94.

Harcourt General

(H) - Get Report

: DOWN to market perform from strong buy at Deutsche Banc Alex. Brown. Harcourt General closed down 51 cents, or 0.9%, to $56.05.

Quaker Oats

( OAT): DOWN to hold from buy at Credit Suisse First Boston. Quaker closed down $1.31, or 1.6%, to $81.56.

Crestline Capital

( CLJ): DOWN to market perform from buy at DB Alex. Brown. Crestline closed down 13 cents, or 0.6%, to $20.88.

AGCO

(AG) - Get Report

: DOWN to hold from buy at CSFB. AGCO closed down 19 cents, or 1.6%, to $11.38.

Power One

(PWER)

: DOWN to buy from strong buy at

Thomas Weisel

. The stock closed up $9.50, or 15.5%, to $70.94.

Initiations

Partner Communications

(PTNR) - Get Report

: NEW buy at Lehman Brothers; price target: $12. Partner closed up 13 cents, or 2.1%, to $6.

Molex

(MOLXA)

: NEW outperform at Lehman Brothers; price target: $50. Molex closed up 31 cents, or 0.8%, to $39.31.

Brocade Communications

(BRCD)

: NEW buy at Merrill Lynch; price target $250. Brocade ended the day up $19.44, or 9.4%, to $227.38.

Commerce Bancorp

(CBH) - Get Report

: NEW intermediate-term neutral and long-term buy at Merrill Lynch. Commerce closed down 25 cents, or 0.4%, to $60.56.

Human Genome Sciences

( HGSI): RESUMED COVERAGE with a buy at CSFB; price target: $113. The stock closed up $5.52, or 6.7%, to $88.39.

Research in Motion

( RIMM): RESUMED COVERAGE with a buy at CSFB. RIMM ended the day up $16.69, or 20%, to $100.

Time Warner Telecom

(TWTC)

: NEW buy at Morgan Stanley Dean Witter. Time Warner Telecom closed up $5.63, or 10.4%, to $59.63.

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Offerings and stock actions

Community Health Systems

(CYH) - Get Report

priced a secondary offering of 18 million shares of common stock at $28.1875 a share. The stock closed flat at $28.19.

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Miscellany

Myriad Genetics

(MYGN) - Get Report

said it received $41 million through a direct equity investment from

Acqua Wellington

, its second equity investment in the company. Myriad closed up $16, or 15.4%, to $120.

OfficeMax

(OMX)

announced a reorganization of sorts, saying it plans to close 50 stores, reduce new store openings in 2001 and add to its liquidity by tapping into a $750 million revolving credit facility. OfficeMax closed up 31 cents, or 12.2%, to $2.88.

After Monday's Close

OK, make sure Snoopy, Whiskers, Kramer, or whatever you name your animal is out of the room when you read this:

Ralston Purina

( RAL) said it is raising domestic dog and cat food prices by 5% beginning in January. Meow meow meow meow... Ralston (they let the dogs out) closed down 44 cents, or 1.8%, to $24.25.

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