Updated from 4:09 p.m. EDT

Goldman Sachs

(GS) - Get Report

popped 1 1/2 to 102 1/8 after it said its partners and large shareholders sold roughly $4 billion of stock, making it the biggest stock offering by a U.S. financial firm. The 40-million share secondary offering, which was priced at $99.75 a share, raked in about $1.64 billion for some 150 current and former Goldman partners, including New Jersey's Democratic senatorial nominee,

Jon Corzine

. Corzine, the former CEO of Goldman, made about $41 million by selling 10% of his interest in the investment bank. The sale was the first opportunity for its partners to cash in some of their gains from last year's $3.7 billion IPO.

Mergers, acquisitions and joint ventures

Caldera

(CALD)

declined 13/16, or 11.7%, to 6 1/8 after it said it would launch the first Web platform equipped to handle both Linux and UNIX operating systems. The company, which makes Linux software for the Web, said it would buy two divisions from Santa Cruz Operation, which makes UNIX operating systems. Caldera will use its

Professional Services

unit to form a new company that would make the duel platform. According to the companies, Santa Cruz would receive a 28% stake in Caldera valued at 17.54 million plus $7 million in cash for the two divisions.

Celestica

(CLS) - Get Report

jumped 3 3/8, or 5.3%, to 66 3/8 after it agreed to acquire

Bull Electronics

, an industrial electronic-component maker, from

Bull HN Information Systems

for an undisclosed amount.

AT&T

(T) - Get Report

and

Hewlett Packard

(HWP)

announced a pact to develop hardware, software and networking solutions. AT&T slid 1/2 to 31 5/16, Hewlett-Packard jumped 4 5/8 to 112 1/2.

McGraw-Hill

(MHP)

said the

Justice Department

wants more details regarding its planned $635 million acquisition of

Tribune's

(TRB)

Tribune Education

. In June, McGraw-Hill said the deal would add to its earnings starting in 2001. McGraw-Hill edged up 1/4 to 59 9/16.

Mascotech

(MSX)

said it agreed to be acquired by a unit of

Heartland

for $17 a share.

Deutsche Banc Alex. Brown

cut Mascotech to market perform from buy. Masotech hopped 4 1/2, or 39.1%, to 16.

Nortel Networks

(NT)

agreed to a $3 billion seven-year outsourcing deal with

Computer Sciences

(CSC)

. The terms call for Nortel to pay Computer Sciences to outsource its global information-services functions, including computer infrastructure management, legacy application development and data center management. Nortel would also move 2,000 employees to Computer Sciences. Nortel Networks was unchanged at 72, while Computer Sciences tacked on 2 7/8 to 70 11/16.

priceline.com

(PCLN)

and insurer

W.R. Berkley

(BKLY)

announced they would offer car insurance online through a joint venture called

priceline.com Auto Insurance Agency

. Priceline.com skidded 1/8 to 24 13/16, W.R. Berkley declined 1/8 to 25 9/16.

Terayon Communications

(TERN)

entered a $164 million stock deal to buy privately held

Mainsail Networks

. According to the terms, Terayon will pay 3.2 million of its shares for Mainsail, which develops integrated access solutions for broadband networks. Terayon Communications lifted 2 1/8 to 53 5/16.

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Earnings/revenue reports and previews

American Medical Security

(AMZ)

stumbled 1/16 to 7 3/8 after it posted second-quarter earnings of 15 cents a share, in line with the two-analyst estimate and up from the year-ago 21-cent loss.

AXA Financial

(AXF)

bounced 2 1/4, or 5.8%, to 40 11/16 after it posted second-quarter earnings of 74 cents a share, topping the 16-analyst estimate of 69 cents and up from the year-ago 61-cent profit.

Blockbuster

(BBI) - Get Report

shed 15/16, or 7.8%, to 11 after it reported second-quarter earnings of 8 cents a share, beating the eight-analyst estimate of 6 cents and up from the year-ago penny profit.

Cleco

(CNL)

, an energy services company, climbed 11/16 to 37 1/2 after it reported second-quarter earnings of 71 cents a share, topping the three-analyst estimate of a 63-cent profit and up from the year-ago 59 cents.

Exide

(EX)

edged up 1/4 to 7 1/2 after it reported a first-quarter loss of 44 cents a share, narrower than the four-analyst estimate of a 50-cent loss and in line with the year-ago report.

Fleetwood Enterprises

(FLE)

lost 1/8 to 12 5/8 after it warned investors that it would post a first-quarter loss due to slow sales and restructuring costs. The three-analyst estimate had forecast the manufactured-housing maker to post a 5-cent profit for the first quarter.

Global Crossing

(GBLX)

bounced 2 9/16, or 10.1%, to 27 7/8 after it posted a loss of 61 cents a share, narrower than the eight-analyst estimate of a 63-cent loss. The fiber-optic network maker did not provide a year-ago comparison.

Intimate Brands

(IBI)

skidded 7/16 to 16 11/16 after it said July same store sales increased 5%.

Jack in the Box

(JBX)

tacked on 9/16 to 23 after it posted third-quarter earnings of 53 cents a share, topping the eight-analyst estimate of 51 cents and up from the year-ago 44-cent profit.

Probusiness Services

(PRBZ)

, an integrated administrative services provider, shed 2, or 11.6%, to 19 5/8 after it posted a fourth-quarter loss of 5 cents a share, a penny narrower than the four-analyst estimate and slimmer than the year-ago 26-cent loss.

Protein Design Labs

(PDLI) - Get Report

jumped 15 1/8, or 11.45, to 147 3/4 after it posted second-quarter earnings of 23 cents a share, beating the seven-analyst estimate of an 18-cent profit and up from the year-ago loss of 14 cents. The drug-maker attributed the better-than-expected results to an increase in royalties it received from licensing monoclonal antibodies to other pharmaceutical firms.

The company cautioned, however, that its first- and second-quarter earnings reports might be affected by accounting changes, which were ordered by the

Securities and Exchange Commission

. The accounting changes involve the timing in which Protein Design Labs can recognize royalty revenues.

Revlon

(REV) - Get Report

stumbled 1/16 to 5 7/8 after it reported a second-quarter loss of 32 cents a share, wider than the four-analyst estimate and the year-ago 11-cent loss.

Rite Aid

(RAD) - Get Report

fell 1/4, or 5.5%, to 4 1/4 after it said July same-store sales increased 10.4%.

Walgreen

(WAG)

bounced 3/8 to 31 5/16 after it said July same-store sales rose 9.5%.

Sapient

(SAPE)

soared 16 15/16, or 16.3%, to 120 13/16 after it reported second-quarter earnings of 22 cents a share, beating the 20-analyst estimate of a 20-cent profit and up from the year-ago 13-cent profit. The Web consulting company also set a 2-for-1 stock split.

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Offerings and stock actions

Advanced Medicine

, a drug discovery company backed by

Microsoft

(MSFT) - Get Report

co-founder Bill Gates, withdrew a $172.5 million initial public offering because of unfavorable market conditions. Microsoft rose 11/16 to 69 3/8.

Banc of America

and

Deutsche Banc Alex. Brown

priced a 5.3 million-share IPO for

California Pizza Kitchen

(CPKI)

at the top of its range at $15 a share. California Pizza Kitchen hopped 5 1/4, or 35%, to 20 1/4.

Caci International

(CACI) - Get Report

set a 1 million-share buyback. Caci International climbed 1/16 to 17 3/16.

Donaldson Lufkin & Jenrette

priced a 46 million-share IPO for

Entravision

,

(EVC) - Get Report

above its revised range at $16.50 a share. Entravision traded up 2 1/4, or 13.6%, to 18 3/4.

Credit Suisse First Boston

priced a 4.5 million-share IPO for

Floware Wireless Systems

(FLRE)

at $13 a share. Floware Wireless Systems boosted 5 9/64, or 39.5%, to 18 9/64.

Deutsche Banc Alex. Brown priced a 6 million-share IPO for

Genaissance Pharmaceuticals

(GNSC)

at $13 a share. Genaissance Pharmaceuticals increased 3 1/16, or 23.6%, to 16 1/16.

Morgan Stanley Dean Witter

priced a 4 million-share IPO for

Opnet Technologies

(OPNT) - Get Report

at $13 a share. Opnet Technologies jumped 5 1/2, or 42.3%, to 18 1/2.

Plexus

(PLXS) - Get Report

, an electronic-testing product maker, set a 2-for-1 stock split. Plexus advanced 2 11/16 to 104.

Signal Technology

(STCO)

said it filed for an offering of 2.2 million shares. Signal Technology missed 3, or 13.6%, to 19 1/8.

Sonicwall

(SNWL)

set a 2-for-1 stock split. Sonicwall moved up 1 5/16 to 82 1/4.

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Analyst Actions

Cigna

(CI) - Get Report

slipped 4 11/16 to 96 9/16, even though it saw its price target upgraded to 120 from 100 at

Lehman Brothers

and to 125 at

Merrill Lynch

. It was downgraded to buy from top pick at

Donaldson Lufkin & Jenrette

. Prudential Securities also raised its 12-month price target on Cigna to $125 a share from $115.

Yesterday, Cigna posted second-quarter earnings of $1.71 per share, besting the $1.56 consensus estimate. For more on

Cigna's earnings, check out yesterday's

TheStreet.com/NY Times.com

joint newsroom article.

Upgrades

Administaff

(ASF)

: UP to buy from hold at

Credit Suisse First Boston

. Administaff boosted 6 9/16, or 10.5%, to 69.

CompuCredit

(CCRT)

: UP to buy from attractive at

PaineWebber

; 2000 earnings estimate: DOWN to $2.10 a share from $2.15. CompuCredit declined 11/16 to 29 1/8.

Hewlett-Packard

(HWP)

: third-quarter EPS estimates UP to 85 cents from 80 cents a share at

Bear Stearns

; fiscal 2000 EPS UP to $3.50 a share from $3.45; fiscal 2001 EPS UP to $4.05 a share from $4. HP gained 4 5/8 to 112 1/2.

Medtronic

(MDT) - Get Report

: UP to buy from hold at

ABN Amro

. Medtronic slipped 1/8 to 54 9/16.

Power-One

(PWER)

: UP to trading buy from market outperform at

Goldman Sachs

. Power-One jumped 9 5/8, or 8.7%, to 120.

Williams Communications

(WCG) - Get Report

: UP to buy from outperform at ABN Amro. Williams Communications increased 1/4 to 29 1/4.

Downgrades

ACE Limited

(ACL)

: DOWN to buy from strong buy at Credit Suisse First Boston. ACE Limited lowered 1 5/8 to 32 5/8.

Adaptec

(ADPT) - Get Report

: coverage dropped at

Bear Stearns

. Adaptec decreased 1 to 23.

Coventry Health Care

(CVTY)

: DOWN to market perform from buy at Deutsche Banc Alex. Brown. Coventry Health Care descended 3 5/16, or 20.5%, to 12 13/16.

CVS

(CVS) - Get Report

: price target DOWN to 53 from 61 at Lehman Brothers. CVS fell 1 7/8 to 36 7/8.

Juno Online

(JWEB)

: DOWN to market perform from buy at

Chase H&Q

. DOWN to neutral from buy at

Salomon Smith Barney

. Juno Online lost 2 1/16, or 22.3%, to 7 3/16.

Network Peripherals

(NPIX)

: DOWN to neutral from buy at Lehman Brothers. Network Peripherals slipped 1 1/4, or 9.4%, to 12 1/8.

Six Flags

(PKS)

: DOWN to outperform from buy at Salomon Smith Barney. Six Flags shed 9/16 to 14 15/16.

Triton Energy

(OIL) - Get Report

DOWN to neutral from buy at Lehman Brothers; DOWN to intermediate-term neutral from accumulate at

Merrill Lynch

. Triton Energy dropped 3 5/8, or 7.6%, to 43 7/8.

S1

(SONE)

: DOWN to hold from outperform at ABN Amro. S1 declined 2 5/8, or 14.5%, to 15 1/2.

Initiations

Allscripts

(MDRX) - Get Report

: NEW buy at

UBS Warburg

; 12-month price target: 28. Allscripts moved up 7/8 to 22 5/16.

Dobson Communications

(DCEL)

: NEW buy at UBS Warburg; 2001 price target: 37. Dobson Communications staggered 5/8 to 21 7/8.

eBenX

(EBNX)

: NEW strong buy at UBS Warburg; 12-month price target: 29. eBenX tacked on 11/16 to 21 15/16.

E.W. Scripps

(SSP) - Get Report

: NEW neutral at

Morgan Stanley Dean Witter

. E.W. Scripps skid 3/8 to 49 3/4.

HealthExtras

(HLEX)

: NEW hold at UBS Warburg; 12-month price target: 4. HealthExtras was off 1/16 to 3 9/16.

Infineon Technologies

(IFX)

: NEW buy at Lehman Brothers; price target of 90. Shares of Infineon Technologies missed 2 5/16 to 64 9/16.

Quaker Oats

(OAT)

: NEW buy at Credit Suisse First Boston. Quaker Oats lifted 3/16 to 69 1/8.

Group Moves

PaineWebber initiated coverage of two retailers:

Best Buy

(BBY) - Get Report

: NEW neutral. Best Buy increased 3/4 to 75 1/8.

Circuit City

(CC) - Get Report

: NEW neutral. Circuit City lost 3/8 to 22.

Group Moves

Deutsche Banc Alex. Brown initiated coverage of seven Internet companies:

CNET Networks

(CNET) - Get Report

: NEW strong buy. CNET Networks declined 1 3/8 to 28 9/16.

Electronic Arts

(ERTS)

: NEW buy. Electronic Arts missed 5/8 to 83 3/8.

Intuit

(INTU) - Get Report

: NEW strong buy. Intuit hopped 4 3/16, or 12%, to 39 3/16.

Marketwatch.com

(MKTW)

: NEW buy. Marketwatch.com increased 1 1/4, or 8.1%, to 16 3/4.

NBC Internet

(NBCI)

: NEW market perform. NBC Internet lost 3/4, or 6.7%, to 10 3/8.

RealNetworks

(RNWK) - Get Report

: NEW buy. RealNetworks fell 1 to 37 13/16.

Sportsline.com

(SPLN)

: NEW buy. Sportsline.com took on 9/16 to 17.

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Miscellany

Alza

(AZA)

said that the

Food and Drug Administration

has approved its drug

Concerta

, which is used to remedy attention deficit hyperactivity disorder. Alza lowered 2 5/32 to 66 17/32.

The

World Health Organization

is making claims that multinational cigarette makers tried to sabotage its anti-smoking efforts. The group accused companies, including

Philip Morris

(MO) - Get Report

of making "systematic efforts" to "undermine and subvert" its attempts to fight tobacco smoking. Philip Morris rose 3/16 to 25 15/16.

DaimlerChrysler

(DCX)

announced new U.S. incentives as large as $3,000 on several of its 2000 and 2001 model American-branded cars and trucks. The new round of incentives including cash rebates and financing on its Chrysler, Dodge, Jeep and Plymouth brands, ends Oct. 2. A Chrysler spokesman said the incentives are a "measured response to rapidly changing marketplace." DaimlerChrysler climbed 9/16 to 52 13/16.

General Motors

(GM) - Get Report

is expected to launch a new line of fuel-efficient full-size pickup trucks and city buses, reported

The Wall Street Journal

. The announcement follows Ford's decision to boost the average fuel economy of its sports utility vehicles. General Motors decreased 7/16 to 58 3/8.

Harrah's

(HET)

said it will lay off 100 of its 5,000 staff at its Rio resort in Las Vegas. Harrah's upped 1/8 to 25 1/4.

Mohawk Industries

(MHK) - Get Report

said Chairman and CEO David Kolb plans to retire Jan. 1. President and COO Jeffrey Lorberbaum will replace him. Mohawk Industries shed 3/16 to 26 13/16.

A federal appeals court upheld a judgment that found

Toys "R" Us

(TOY)

had boosted prices and limited customers' choices. The court threw out the company's appeal of a

Federal Trade Commission

finding, which included an order that the toy-store chain stop practices that prevented its most popular products from being sold in discount shopping clubs. Toys "R" Us lowered 1/8 to 16 1/2.

Utility company

Western Resources

(WR)

will replace Bill Moore, the chief financial officer, executive vice president and treasurer, with current Vice President Jim Martin on Aug. 31. Moore cited his commute and the company's search for a merger partner as his reason for leaving. Western Resources lost 3/16 to 16 1/16.

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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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