(Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified. New highs and lows on a closing basis unless otherwise specified.)
Mergers, acquisitions and joint ventures
gained 3 to 194 and
soared 20 3/16, or 9%, to 243 3/4 after the
reported that the companies have resumed merger talks. Earlier this month it was revealed the two companies had been talking but the talks fell apart, the
On Thursday night, Yahoo! and eBay declined to comment, but people close to Yahoo! and eBay confirmed that merger talks had begun again, the
said the Internet powerhouses are also talking about a looser alliance and the people close to the companies warned it was far from certain that the talks would lead to a deal of any description.
Four IPOs debuted today with very mixed results. See Offerings and stock actions below.
, the four largest aerospace and defense companies are near a deal to form a single Internet business-to-business venture,
The Wall Street Journal
reported, citing people familiar with the transaction. In addition to Boeing, the B2B venture would include
of Britain, along with Web-site technology developed by
. Boeing added 7/8 to 36, Lockheed Martin rose 7/16 to 17 1/2, Raytheon slipped 1/2 to 19 1/4 and Commerce One hopped 18 11/16, or 9.1%, to 223 11/16.
agreed to be bought by
for $238 million, after Sara Lee sweetened its takeover offer. Sara Lee climbed 1/2 to 18 1/2.
is expected to announce a deal on Monday giving it a controlling stake in Japan's
, a DaimlerChrysler supervisory board source, told
. DaimlerChrysler gained 7/16 to 67 1/2.
is mulling a possible bid to take over
, which would trump a nearly $3 billion offer already made by
for the British company, a unit of Germany's
reported. GM lost 1 5/8 to 85 3/8 while Ford gained 3/16 to 44 11/16.
Last week, Ford said it reached a memorandum of understanding to buy Land Rover from BMW. The
reported that senior execs, led by
Mike Burns, are exploring whether or not the memorandum of understanding signed by BMW and Ford could be challenged by a rival approach.
Seperately, Ford said the company is on track to meet its first-quarter estimates. The current 13-analyst estimate calls for earnings of $1.58 a share.
tacked on 3/8 to 22 after it raised its stake in
to 15%. Globalnetfinancial lost 1 1/4 to 35 3/4.
Earnings/revenue reports and previews
dropped 4 3/16, or 10.2%, to 36 13/16 after it warned second-quarter earnings, excluding items, will come in between 30 cents and 35 cents a share, far below the eight-analyst estimate of 56 cents.
slipped 7/16 to 42 7/16 after it said it would post a 12 cents a share gain in the first quarter as the result of a settlement of a class action suit.
, a publisher and developer of entertainment software, fell 4, to 39.5%, to 6 1/8 after it warned that its second-half operating earnings for its financial year ending March 31 will be "significantly worse" than the second half of the year-ago period and results for this year will be "substantially below" last year's.
added 5/8 to 26 3/8 after it said earnings are "significantly ahead" of Wall Street estimates for the first quarter and could be up to 7% higher for 2000. The five-analyst estimate calls for the company to earn $1.04 a share in the first quarter. The 12-analyst estimate calls for the company to earn $1.87 a share for the entire year.
fell 1/4 to 23 1/16 after it said it would require all steel-related assets of Slovakia's troubled steel maker
climbed 4 7/8, or 29.4%, to 21 7/16 after it said it expects to report its first profitable quarter when it reports its first-quarter results. Wit anticipates revenue will exceed $85 million, above analyst estimates which it said range from $47.6 million to $54.0 million. The two-analyst estimate calls for the company to lose 5 cents a share in the first quarter. Wit said it expects to report earnings the week of April 17.
For more, check out
story on the Wit announcement.
Offerings and stock actions
20 million-share IPO was priced midrange at $9 a share by
Credit Suisse First Boston
. eMachines lost 3/4, or 8.3%, to 8 1/4.
4 million-share IPO was priced above-range at $15 a share by
Deutsche Banc Alex. Brown
. The initial price range was $8-$10 a share, which was then raised to $12-$14. Eprise jumped 10 1/4, or 68.3%, to 25 1/4.
popped 5, or 25%, to 25 after it priced at $20 a share, above the estimated $17-to-$19 range. Warburg Dillon Read priced 6.25 million shares. The company makes products for the treatment of pulmonary and infectious diseases as well as congenital disorders.
added 1 13/16 to 82 15/16 after it said it is preparing to sell 14 million shares of its
Time Warner Telecom
stock. The total shares to be offered will be 15.3 million, including the underwriters' over-allotment option, which represents all of MediaOne's interests in Time Warner Telecom. MediaOne is shedding its Time Warner Telecom interests in order to get the go-ahead for its proposed merger with
. Time Warner Telecom dropped 5 1/16, or 6.6%, to 70 15/16 while AT&T tacked on 1 1/2 to to 58 3/4.
44 million-share IPO was priced above-range at $21 a share by
Morgan Stanley Dean Witter
. The estimated price range was $16-$19 a share. Viasystems dropped 1 3/4, or 8.3%, to 19 1/4.
board approved a 2-for-1 stock split and an increase in the number of authorized shares of common stock to 450 million from 40 million. Shares dropped 2 1/8 to 170.
3.2 million-share IPO was priced by Morgan Stanley above-range at $31 a share. The original price range was $21 to $23 a share, which was then raised to $25-$27 a share. Silicon Laboratories soared 38 3/8, or 123.7%, to 69 3/8.
were all downgraded to neutral from attractive by Marina Jacobson at
. AMC Entertainment slipped 1/8 to 5 3/16 while Carmike Cinemas lost 11/16 to 6 3/16 and Loews lost 1/16 to 3 13/16.
Johnson & Johnson
sank 7 1/2, or 9.4%, to 72 1/2 after its rating was sliced to market perform from buy at
cut its 2000 EPS view to $3.36 from $3.38, while
cut the stock to near-term accumulate from buy.
cut the stock to buy from strong buy. Yesterday, the company said it would stop U.S. marketing its prescription heartburn drug Propulsid after reports of serious cardiovascular side effects.
For more on this
story, see separate coverage from
Credit Suisse First Boston
analyst Ronald Tadross initiated coverage of the auto parts industry with a strong buy rating on
, buy ratings on
, and hold ratings on
Gentex dropped 25/64 to 37 9/16, Delco Remy climbed 1/4 to 7 1/16, Decoma inched up 3/32 to 6 7/8, Johnson Controls lost 2 1/8 to 53 1/2, Lear lost 5/16 to 26 11/16, Magna moved down 7/16 to 40 5/16, Tower tacked on 3/16 to 15 5/16, Delphi lost 0.3% to 15 11/16, Federal Mogul lost 9/16 to 12 7/8 and Superior slipped 5/16 to 29 7/8.
inched up 1/16 to 79 1/4: rating UP to hold from reduce at
American Service Group
added 1/2 to 13 3/4: coverage INITIATED with a buy rating and a 12-month price target of 20 at
Deutsche Banc Alex. Brown
added 2 5/16, or 10.5%, to 24 1/4: second quarter EPS UP to a loss of 4 cents from a loss of 14 cents at
U.S.Bancorp Piper Jaffrey
climbed 5, or 8.9%, to 61 1/12: rating UP to intermediate-term buy from accumulate at
jumped 7 11/16, or 5%, to 162 3/8: UP to strong buy from accumulate at
gained 4 1/8, or 14.8%, to 32: second-quarter EPS UP to a loss of 15 cents from a loss of 21 cents at
lifted 3 11/16 to 105 7/16: price target UP to 130 from 105 at
Salomon Smith Barney
dropped 4 55/64, or 10.9%, to 39 57/64 : coverage INITIATED with an outperform rating and a 12-month price target of 68 at
dropped 3 15/16 to 119 1/2: earnings estimates DOWN for 2000 to a loss of $1.74 from a loss of 92 cents and for 2001 to a loss of $1.62 from a loss of 63 cents at
hopped 15 5/16, or 10.7%, to 158 7/8: price target UP to 180 from 100 at
lost 7/8, or 5.5%, to 15: coverage INITIATED with a buy rating at
climbed 3/8 to 22 5/16: rating UP to buy from market perform at
Donaldson Lufkin & Jenrette
jumped 11 7/16, or 9.7%, to 129 7/16: coverage REINSTATED with a strong buy rating at
; 2000 EPS UP to profit of 4 cents from a loss of 1 cent at
gained 13/16, or 9.6%, to 9 1/4: coverage INITIATED with a buy rating at
Morgan Stanley Dean Witter
moved up 1 1/16 to a record 95 13/16 after it announced the birth of the
Morgan Stanley Internet Index
. The index will be published on the
American Stock Exchange
beginning today under the ticker symbol MOX. Options on the index will begin trading by April 10. The index initially will comprise 28 large-capitalization Internet stocks drawn from nine Net subsectors: infrastructure services; infrastructure; consulting/services; portals; vertical portals; commerce; Internet/B2B software; B2B commerce; and multisector Net companies. Morgan Stanley said the number and types of companies in the MOX will change as Net-related businesses evolve.
moved up 1 1/4 to 36 5/8 after it said it named Steven Sprague, Wave's president and COO to the added position of CEO. Sprague assumes the CEO role from his father, Wave founder Peter Sprague, who will continue to serve as chairman.
The Inside Wall Street column in
written as usual by Gene Marcial, reports that
is expected to take an equity stake of up to 5% in
United Retail Group's
unit. Also, the column quoted an unidentified investor as saying that "United could end up merging with a larger company." United and Wit declined to comment, the column reported.
The column also includes bullish items on
. Bernie Schaeffer, head of
Schaeffer's Investment Research
, says Schwab could be a takeover target for a big financial-services concern, the column said.