Updated from 4:14 p.m. EDT

Software behemoth

Microsoft

(MSFT) - Get Report

posted fourth-quarter earnings of 44 cents, besting the 24-analyst 42-cent prediction and the year-ago 40 cents. The company said it was comfortable with earnings projections for 2001, currently at $1.88 a diluted share. In a conference call with analysts, company officials said they would not reinstitute a stock buyback.

TheStreet.com/NYTimes.com

joint newsroom took a closer look at Microsoft's report in a

story earlier. Microsoft stumbled 5 3/8, or 6.8%, to 73 1/8.

SG Cowen

downgraded

Microsoft

(MSFT) - Get Report

to neutral from buy, while

Prudential Securities

lowered its rating to accumulate from strong buy. Meantime,

Lehman Brothers

reiterated its existing buy recommendation on the company.

Storage management software company

Veritas

(VRTS) - Get Report

reported second-quarter earnings of 13 cents a share, a penny ahead of the 24-analyst outlook and up from the year-ago 7 cents.

TheStreet.com/NYTimes.com

joint newsroom was at it again with a

story on Veritas. Veritas sank 15 5/16, or 12%, to 112 1/4.

Mergers, acquisitions and joint ventures

CNet Networks

(CNET) - Get Report

slid 2 9/16, or 7.9%, to 29 5/8 after it announced that it would buy

Ziff-Davis

(ZD)

along with its Web subsidiary,

ZDNet

(ZDZ)

, for stock valued at $1.6 billion. The deal that would bring together two of the leading technology information sites on the Internet. Ziff-Davis popped 2 1/16, or 18.1%, to 13 7/16. For further coverage of the deal, take a look at

TheStreet.com/NYTimes.com's

earlier

story.

Flowers Industries

(FLO) - Get Report

and

Keebler Foods

(KBL)

announced that they are considering alternatives, including the potential sale of Keebler, to maximize shareholder value. Flowers is currently Keebler's largest shareholder, with an approximate 55% stake. Flowers jumped 3, or 15.4%, to 22 3/8, while Keebler shot up 8 3/4, or 24.7%, to 44 1/8.

Goldman Sachs raised its rating of Keebler to buy from market outperform.

Georgia-Pacific

(GP)

entered a $3 billion stock deal to sell its

Timber Co.

unit to

Plum Creek

(PCL)

. The sale comes one day after Georgia-Pacific agreed to purchase paper maker

Fort James

(FJ)

. Plum Creek will take on $1 billion of Timber Co.'s debt. According to the deal's terms, Timber shareholders will receive 1.37 shares of Plum Creek stock for each share of Timber they hold. Georgia-Pacific stumbled 5/16 to 24 7/8, while Plum Creek skidded 9/16 to 26 5/8.

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Earnings/revenue reports and previews

Apple

(AAPL) - Get Report

shed 4 9/16, or 7.9%, to 52 11/16 after it reported a profit of 45 cents a share, topping the 19-analyst estimate by 1 cent and exceeding the year-ago earnings of 35 cents. Apple is the maker of the edgy iMac computer, but apparently not the seller of quite enough of them: Disappointing iMac revenue led the stock to sell off in

after-hours trading.

TheStreet.com/NYTimes.com

joint newsroom covered the Apple news in a

story Tuesday.

Bank One

(ONE) - Get Report

popped 2 5/8, or 8.7%, to 32 5/8 after it reported second-quarter earnings of 55 cents a share, missing the 20-analyst estimate of 64 cents and down from the year-ago 83 cents.

Chase Manhattan

(CMB)

declined 1/4 to 50 11/16 after it listed second-quarter results of 85 cents a share, beating the 17-analyst 83-cent estimate but below the year-ago $1.03 profit.

Citigroup

(C) - Get Report

jumped 1 5/16 to 68 after it posted second-quarter earnings of 87 cents a share, topping the 16-analyst 83-cent prediction and the year-ago 71-cent result. Additionally, the financial services giant announced that it plans to split its stock four-for-three, raise its quarterly cash dividend by 17% and repurchase another $5 billion worth of common stock.

Coca-Cola

(KO) - Get Report

edged up 2 5/16 to 60 1/2 after it posted second-quarter earnings of 37 cents a share, topping the 16-analyst estimate of 41 cents a share and up from the year-ago 38-cent profit.

Commerce One

(CMRC)

fell 11 1/4, or 16.9%, to 55 5/16 after it reported a second-quarter loss of 10 cents a share, 3 cents narrower than the 22-analyst forecast but wider than the year-ago 9-cent loss. For more on this, check out

TheStreet.com/NYTimes.com

joint newsroom

story.

Donaldson Lufkin & Jenrette

(DLJ)

skidded 13/16 to 47 3/8 after it posted second-quarter earnings of $1.15 a share, topping the six-analyst estimate of 96 cents and up from the year-ago $1.14 profit. The company said that the slumping stock market and rising interest caused a 2.1% decline in profits.

Satellite telecommunications company

GlobalStar Telecommunications

(GSTRF)

declined 1/4 to 9 1/4 after it posted a second-quarter loss of 98 cents a share, but added that billable minutes of use on its network more than doubled since the first quarter. Analyst consensus estimates pegged the loss at 80 cents a share. Spending on operations and interest expenses was $97 million, below expectations of $125 million. Revenue was $483,000, compared to last year's $177,000. GlobalStar is a mobile satellite telecommunications service.

Hubbell

(HUBB) - Get Report

slipped 13/16 to 26 1/2 after it reported results for the second quarter with sales of $356.6 million vs. $368.6 million last year. Earnings per share were 67 cents, while analyst consensus estimates had called for 60 cents. Sales increased by 2%, driven by gains in the sale of its Wave Pacer DSL assets. Hubbell engineers, manufactures and sells electrical and electronic products for a broad range of commercial, industrial, telecommunications and utility applications.

The world's largest chip maker,

Intel

(INTC) - Get Report

, stumbled 4 7/8 to 138 1/8 after it listed earnings of 50 cents a share, beating the 21-analyst estimate by a penny and almost doubling the year-ago 26-cent result.

TheStreet.com/NYTimes.com

joint newsroom covered the semiconductor giant's

earnings.

UBS Warburg upped its price target on the shares to 190 from 180.

Minimed

(MNMD)

slid 4 5/16 to 113 after it reported second-quarter earnings of 26 cents a share, edging out the 10-analyst estimate and up from the year-ago 16-cent profit. Minimed also set a 2-for-1 stock split.

Proxim

(PROX)

lost 10 1/2, or 10.2%, to 91 1/2 after it posted second-quarter earnings of 23 cents a share, a penny better than the 10-analyst estimate and up from the year-ago 17-cent profit. The networking products maker also said it set a 2-for-1 stock split.

Travelocity.com

(TVLY)

added 15/16 to 20 after it posted second-quarter losses of 26 cents a share, beating the eight-analyst estimate of a 34-cent loss per share. Additionally, the company said that it expects to have positive earnings by the end of 2001.

Univision

(UVN)

bounced 3 15/16 to 113 1/4 it posted second-quarter earnings of 28 cents a share, topping the eight-analyst estimate of a 24-cent profit and up from the year-ago 17-cent profit. The company also set a 2-for-1 stock split.

Analyst actions

SG Cowen

downgraded

Microsoft

(MSFT) - Get Report

to neutral from buy after the company posted second-quarter earnings of 37 cents per share on Tuesday, two cents above consensus estimates. Meantime,

Lehman Brothers

reiterated its existing buy recommendation on the company. The stock fell 5 3/8, or 6.9%, to 73 1/8.

Merrill Lynch

cut its rating on

Tricon Global

(YUM) - Get Report

to intermediate, long-term accumulate from buy and cut its fiscal 2000 EPS estimates to $2.95 a share from $3.25. Merrill also lowered its fiscal 2001 estimates to $3.35 from $3.70.

Yesterday, Tricon Global posted second-quarter earnings of 76 cents a share, topping the analyst estimate of 71 cents and up from the year-ago 60-cent profit, but cut its full-year earnings outlook because of weakness at

Taco Bell

. Tricon Global edged up 9/16 to 28 1/6.

Upgrades

Associates First Capital

(AFS)

: UP to near-term buy from accumulate at Merrill Lynch. It was up 1 3/16 to 25 1/2.

Digital Light

(DIGL)

was off 1 1/8 to 112 11/16 even though its rating was raised to buy from attractive at

PaineWebber

. 12-month price target: UP to 160 from 110.

Disney

(DIS) - Get Report

: UP to buy from attractive at PaineWebber. It rose 1 3/4 to 37 1/2.

Parametric Technology

(PMTC)

: UP to intermediate-term accumulate from neutral at Merrill Lynch. The stock crept up 3/16 to 11 1/8.

Siebel Systems

(SEBL)

: 2000 earnings forecast UP to 89 cents a share from 81 cents a share at Donaldson Lufkin & Jenrette. Siebel dropped 8 3/8 to 167 7/8.

Triad Guaranty

(TGIC)

: UP to attractive from buy at PaineWebber. Triad was off 1/4 to 26 11/16.

Downgrades

Bausch & Lomb

(BOL)

: DOWN to buy from strong buy at

Deutsch Banc Alex. Brown

. It plummeted 17 1/16, or 21.7%, to 61 3/4.

Boston Scientifics

(BSX) - Get Report

: DOWN to market perform from buy at Deutsche Banc Alex. Brown. DOWN to intermediate-term accumulate from intermediate-term buy at

Merrill Lynch

. 2000 earnings estimate DOWN to $1.10 from $1.15, 2001 earnings estimate DOWN to $1.40 from $1.45 at

Goldman Sachs

. DOWN to market performer from buy at

J.P. Morgan

. The stock sunk 6 15/16, or 26.9%, to 18 13/16.

Ceridian

(CEN) - Get Report

: DOWN to outperform from buy at

Salomon Smith Barney

. It was 1/4 lower to 24 7/16.

Charter One Financial

(CF) - Get Report

: DOWN to neutral from outperform at

Morgan Stanley Dean Witter

. Charter One was down 2 15/16, or 12.1%, to 21 1/4.

Compuware

(CPWR)

: DOWN to market performer from outperformer at

Goldman Sachs

. The stock was off 3/16 to 8 13/16.

DoubleClick

(DCLK)

: third-quarter revenue DOWN to $137.9 million from $147.6 million at CSFB. The stock slid down 2 11/16, or 7.6%, to 32 13/16.

Newport News Shipbuilding

(NNS)

was down 1 9/16 to 37 5/8 after it was cut DOWN to buy from strong buy at CSFB.

Initiations

Accelerated Networks

(ACCL)

: INITIATED buy at

UBS Warburg

; price target: 84. The stock was down 2 1/4 to 52.

ClickSoftware

(CKSW)

: NEW buy at

Lehman Brothers

; price target: 20. It was 1/4 higher to 8 1/4.

DigitalThink

(DTHK)

was up 3 3/8, or 6.6%, to 54 3/8, after it was started as a NEW market performer at Goldman Sachs.

MarchFirst

(MRCH)

: NEW intermediate, long-term buy at Merrill Lynch. The stock was off 1/8 to 23 7/16.

Osca

(OSCA)

: NEW outperform at Morgan Stanley. 12-month price-target: 28. Osca was up 1/4 to 17 1/4.

Pitney Bowes

(PBI) - Get Report

: NEW hold at CSFB. It crawled up 1/8 to 36 1/4.

Sun Life

(SLC)

was 3/16 higher to 16 7/8 after it was started as a NEW outperform at

Salomon Smith Barney

.

Sylvan Learning

(SLVN)

: NEW market performer at Goldman Sachs. Sylvan was down 1/8 to 12 5/16.

Tellabs

(TLAB)

: NEW buy at

Wit Soundview

. The stock dropped 5 1/16, or 6.9%, to 68 3/16.

Group Moves

Donaldson Lufkin & Jenrette

changed estimates on two airlines:

  • America West (AWA) : fiscal 2000 EPS estimates DOWN to $1.80 a share from $2.25 a share. It was down 3/8 to 17 3/8.
  • Southwest (LUV) - Get Report: fiscal 2000 EPS UP to $1.30 a share from $1.05. Southwest was down 7/16 to 21 1/2.

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Offerings and stock actions

Support.com

(SPRT) - Get Report

debuted today at a higher-than-expected offering price of $14 a share. The stock was up more than 150% at one point, but fell a bit toward the close. It ended the day up a whopping 133%, or 18 5/8, to 32 5/8.

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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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