Wednesday's Winners & Losers: Excite@Home, Time Warner, ADC Telecommunications, Baxter Healthcare - TheStreet

Updated from 3:33 p.m. EDT

Excite@Home

(ATHM) - Get Report

fell 81 cents to $15.38 after it announced the resignation of CEO

George Bell

, who will remain in his current position until a replacement is found. The company said it expects Bell to stay on as chairman at least through 2001.

The announcement was made after Tuesday's close.

Mergers, acquisitions and joint ventures

The

European Commission

is considering last-minute concessions offered by

Time Warner

(TWX)

and

EMI

in an effort to win approval for the merger of EMI Group's music operations with Time Warner's Warner Music, a commission source said.

EMI is offering to divest itself of some of its labels in France, Spain and Denmark, where it has high market shares, as well as offering to sell some music publishers.

Also, U.S. federal regulators in the are questioning some regional phone companies about whether the proposed

America Online

(AOL)

merger with Time Warner threatens plans to deliver AOL service through rivals' high-speed phone lines.

Credit Suisse First Boston

raised Time Warner's price target to $110. Time Warner lost $2.25 to $78.68.

ADC Telecommunications

( ADCT) will acquire privately held

Broadband Access Systems

in a stock transaction valued at $2.25 billion.

ADC, a fiber-optics and broadband network-equipment supplier, said the number of shares of ADC common stock issued will be based on its average closing price for the five trading days prior to closing. The stock closed down $2.44 to $32.44.

Baxter Healthcare

, a unit of

Baxter International

(BAX) - Get Report

will pay $40 million to buy about 20% of drug company

Peptide Therapeutics

.

Baxter said its initial investment would be for a 10% stake in the company, with further annual investments each year until 2003. Baxter International lost $1.13 to $78.88.

Bristol-Myers Squibb

(BMY) - Get Report

signed a European clinical research partnership with Swiss-based

Roche

to study breast cancer treatment.

The two companies said they will run clinical trials to study how Roche's Herceptin antibody drug and Bristol-Myers' anticancer agent Taxol work together, focusing on solid tumors.

Also,

Goldman Sachs

started coverage on the company with a rating of market outperformer. Bristol-Myers closed up fractionally, 95 cents to $55.83.

Disney

(DIS) - Get Report

dropped $1.13 to $37.18 and

Hasbro

(HAS) - Get Report

lost 19 cents to $11 after the companies announced a broad multiyear alliance that will allow Hasbro to develop and market toys and games associated with upcoming Disney movies, beginning with "Monsters, Inc.," a Disney/Pixar animated feature film scheduled for release in fall 2001. Terms were not disclosed.

Nokia

(NOK) - Get Report

lost $1.25 to $43.75 after it won a GSM expansion deal for

China Unicom

worth more than $100 million that covers four provinces. China Unicom is China's second-largest phone operator.

Yahoo!

(YHOO)

climbed $1.63 to $109.69 after it and

Gameplay.com

signed an agreement allowing the games provider to offer computer and video games on the Yahoo! shopping site throughout Britain, France, Germany and Spain.

Yahoo! also signed an advertising and promotional agreement with

Primedia's

( PRM) HPC Publications Division. Primedia added 6 cents to $18. As part of the agreement, HPC will promote Yahoo! Real Estate in its apartment guide books and magazines.

After Tuesday's Close

Aetna International

, a unit of health insurer

Aetna

(AET)

said it's selling its stakes in three Mexican banking and insurance joint ventures to partner

Grupo Financiero BBVA Bancomer

for $693 million. The deal is part of Aetna's preparations to sell its financial services and international businesses to

ING Groep

(ING) - Get Report

. Aetna rose 6 cents to $54.69, while ING lost 94 cents to $61.13.

Lockheed Martin

(LMT) - Get Report

lifted 56 cents to $29.25 after it beat

TRW

(TRW)

for an Air Force contract worth about $1.5 billion over 15 years. The contract is for modernizing command systems of the North American Aerospace Defense Command. Lockheed Martin closed up 31 cents to $29, and TRW was unchanged at $45.63.

M&T Bank

(MTB) - Get Report

moved up $5 to $510 after announcing that its shareholders favored a planned $1 billion merger with

Keystone Financial

( KSTN). Separately, the company set a 10-for-1 stock split.

Synovus

(SNV) - Get Report

slipped 6 cents to $20.56 after it announced a $61.4 million stock deal to buy

Carolina Southern Bank

(CSBK)

. Carolina Southern popped $3.13, or 23.2%, to $16.63.

According to the terms of the deal, Synovus will combine Carolina Southern with its affiliate,

The National Bank of South Carolina

. Carolina Southern shareholders will get 0.8514 shares of Synovus for each share of Carolina Southern.

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Earnings/revenue reports and previews

Cintas

(CTAS) - Get Report

, the uniform provider, lost 13 cents to $39.81 despite reporting first-quarter earnings of 30 cents a share, in line with the 11-analyst estimate and up from year-ago earnings of 25 cents.

CNF

( CNF), a shipping company, lost $1.44, or 5.7%, to $23.63 after it warned investors that its third-quarter results would miss analyst expectations. CNF, which blamed the shortfall on soft profits at its Emery Worldwide airfreight division, said third-quarter earnings would be between 61 cents and 66 cents a share, greatly below the 14-analyst estimate of 80 cents.

J.P. Morgan

lowered its rating on the company to market perform from buy.

Citing higher costs and production shortfalls,

Consol Energy

(CNX) - Get Report

lost $1.56, or 8.5%, to $16.94 after saying it expects first-quarter earnings of between 5 cents and 10 cents a share, below last year's 13 cents and below the 20 cent analyst estimate.

Informix

(IFMX)

lost 53 cents, or 10.3%, to $4.63 after cautioning investors that it would report a third-quarter loss of between 5 cents and 8 cents a share, missing the five-analyst estimate of a 2 cent profit. The company also warned that it would post break-even results in the fourth-quarter, below the five-analyst estimate of a 6 cent profit. The Web-software maker, which expects to report a profit in the first-quarter of fiscal 2001, said it plans to set up two independent operating companies, with one focusing on software and the other on e-business.

International Multifoods

(IMC)

added 56 cents to $16.94 after posting second-quarter earnings of 27 cents a share, in line with the four-analyst estimate and year-ago earnings.

Jabil Circuit

(JBL) - Get Report

jumped $4.69, or 7.8%, to $65 after it posted fourth-quarter earnings of 24 cents a share, in line with the 25-analyst estimate and up from the year-ago 11cent profit. The circuit-board assembly maker also named President Timothy Main as its new CEO. This morning,

Donaldson Lufkin & Jenrette

raised the company's 2001 earnings estimate to $1.16 from $1.13. Also,

Credit Suisse First Boston

raised its price target to $70 from $55.

Chemical company

Lubrizol

( LZ) lost a mere 50 cents to $19.19 despite a less-than-optimistic earnings outlook. The company said rising raw-material costs and the strong dollar will affect its third-quarter and full-year earnings. The company expects third-quarter earnings to be between 45 cents and 50 cents a share. A five-analyst survey on

First Call/Thomson Financial

gave the company a 56 cents a share estimate.

Scholastic

(SCHL) - Get Report

popped $7.38, or 11.6%, to $71.13 after posting a narrower-than-expected loss for its first quarter, thanks to

Harry Potter

. The publishing and media company reported a loss of 62 cents a share, beating the five-analyst estimate of a $1.11 loss and up from the year-ago loss of $1.43. Also, the company increased its earnings-per-share target for fiscal 2001 to between $4.10 and $4.25, compared with earnings of $3.25 last year, before nonrecurring charges. The five-analyst estimate for the year is $3.77.

The company said

Harry Potter

trade revenue exceeded $90 million, fueled by the release of

Harry Potter & The Goblet of Fire

in hardcover and

Harry Potter & The Chamber of Secrets

in paperback. Based on continuing demand, Scholastic expects

Harry Potter

trade sales, including related bookmark and journal publishing, will be about 8% to 10% of total revenues in fiscal 2001, compared to 5% to 6% of last year's.

Spartech

(SEH)

dropped $2, or 11.9%, to $14.88 after saying it expects to see fourth-quarter earnings fall to 42 cents a share from 40 cents, due to slowing trucking and manufactured-housing markets. Their estimate was about 10% below the

First Call/Thomson Financial

analyst survey of 46 cents a share.

This morning, Credit Suisse First Boston cut Spartech's price target to $30 from $38.

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Analyst actions

Credit Suisse First Boston

analyst Mark Connelly cut

International Paper's

(IP) - Get Report

third-quarter earnings estimates to 50 cents a share from 62 cents. He also reduced the company's fourth-quarter earnings estimates to 72 cents from 80 cents and its 2000 earnings view to $2.57 a share from $2.77. Connelly also set a 12-month price target of $50. The stock edged up 13 cents to $28.88.

Bear Stearns

stamped

Net2Phone

( NTOP) with an attractive rating and recommended that clients buy the stock on weakness. Net2Phone pushed up 77 cents to $25.89.

Upgrades

Amcol

(ACO)

ended the day unchanged at $5.13 after being raised to buy from market perform at

J.P. Morgan

; price target: $7.50.

Beverly Enterprises

( BEV): UP to buy from hold at

UBS Warburg

. It was 19 cents higher to $6.13.

Darden

(DRI) - Get Report

: UP to buy from outperform at

Lehman Brothers

; fiscal 2001 to $1.58 a share from $1.54 at

Donaldson Lufkin & Jenrette

. Darden gained $1.25 to $18.56.

Extreme Networks

(EXTR) - Get Report

jumped $6.13, or 5.9%, to $110.25 after its 12-month price target was raised to $155 from $88 at

Salomon Smith Barney

.

PurchasePro.com

(PPRO)

: UP to buy from outperform at Lehman Brothers; price target to $120 from $70. The stock shot up $11.38, or 18.4%, to $73.13.

Vitesse Semiconductor

(VTSS)

: price target UP to 110 at CSFB; fiscal 2000 EPS UP to 66 cents from 65 cents; fiscal 2001 EPS UP to $1.01 a share from 97 cents. Vitesse bumped up 88 cents to $88.50.

Downgrades

Biogen

( BGEN): fiscal 2000 EPS DOWN to $1.70 from $1.80 at

Merrill Lynch

; fiscal 2001 EPS DOWN to $2.10 from $2.00. Still, Biogen managed to rise $3.25, or 5.7%, to $59.88.

Federal-Mogul

(FMO) - Get Report

was off 63 cents to $7.38 after its fiscal 2000 EPS was cut to $1.55 from $2.64 share at DLJ; fiscal 2001 EPS DOWN to $1.45 a share to $3.00.

Informix

(IFMX)

: DOWN to market perform from buy at

Chase Hambrecht & Quist

. 2000 earnings estimate DOWN to 2 cents from 17 cents. 2001 earnings estimate DOWN to 5 cents from 27 cents. The stock lost 53 cents, or 10.3%, to $4.63.

Progress Software

(PRGS) - Get Report

: fiscal 2000 EPS DOWN to 84 cents from 97 cents a share; fiscal 2001 DOWN to $1.90 from $2.45 a share at DLJ. The stock inched up 19 cents to $13.75.

Rayonier

(RYN) - Get Report

: DOWN to outperform from strong buy at

Morgan Stanley Dean Witter

; price target: $47. Rayonier dropped $1.06 to $37.75.

Texas Instruments

(TXN) - Get Report

: DOWN to outperform from buy at

ABN Amro

. The stock fell $4.19, or 6.6%, to $59.50.

Initiations

Capstone

(CPST) - Get Report

: NEW buy at Chase H&Q. Capstone ascended $2.63 to $81.88.

Intersil

(ISIL)

was $1 higher to $49.88 after it was started as a strong buy; price target of $80 at CSFB.

Nextel Communications

( NXTL): NEW buy at

W.R. Hambrecht

; price target of $100. The stock sunk $2.69, or 5.7%, to $44.31.

Group Moves

Bear Stearns rolled out coverage of these retailers:

  • Wal-Mart (WMT) - Get Report: NEW buy. Wal-Mart slipped $1.44 to $48.44.
  • Target (TGT) - Get Report: NEW buy. It crawled up 6 cents to $25.75.
  • KMart( KM): NEW neutral. It was down 44 cents, or 6.7%, to $6.06.

Donaldson Lufkin & Jenrette lowered its estimates on two airlines:

  • US Airways( U): fiscal 2000 EPS DOWN to 60 cents from $1; fiscal 2001 EPS DOWN to $1.90 from $2.35. The airline was unchanged at $34.38.
  • America West( AWA): fiscal 2000 EPS DOWN to $1.25 from $1.60. America West slid 13 cents to $12.56.

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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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Yi-Ping Ho,

Diane Hess,

Tara Murphy and

Betsy Riley contributed to this column.