agreed to acquire
in a stock swap valued at $7.3 billion. Under the terms of the deal, each Alza share will be exchanged for 1.2 Abbott shares. Abbott said it expects to record a one-time charge of $100 million in 1999 related to the deal and that it sees a dilution of 3 cents a share in 2000 earnings. Alza shares have gotten a boost recently on rumors of the combination.
In other postclose news (earnings estimates from
; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
posted first-quarter earnings of 4 cents a share, topping the 20-analyst estimate by 3 cents and moving ahead of the year-ago break-even results. The company also announced a strategic alliance with
. Shares of Cabletron rose 3/16 to 14 7/8 in after-hours trading.
said it expects to report a second-quarter loss of 15 cents to 17 cents a share due to order delays in its housewares unit, weak export sales and industry softness in the U.K. The company, which sees earnings of 38 cents to 40 cents a share for the full year, also said it hired
to help investigate strategic alternatives. The two-analyst forecast called for a quarter loss of 12 cents vs. the year-ago profit of 2 cents, and full-year earnings of 49 cents vs. the year-ago profit of 37 cents.
said it sees second-quarter earnings of 83 cents to 88 cents a share, way above the four-analyst view of 58 cents or the year-ago 46 cents. The company said about 12 cents to 15 cents of the increase are earnings that were expected to occur in the third and fourth quarters.
recorded third-quarter earnings of 7 cents a share, a penny higher than the 15-analyst forecast for a repeat of the year-ago 6 cents.
said it sees second-quarter operating earnings of 18 cents to 20 cents a share, which would be behind the three-analyst call for 31 cents. In the year-ago period, the company earned 20 cents.
Mergers, acquisitions and joint ventures
extended until July 6 from midnight New York time tonight the expiration date of its $35-a-share offer to buy
. However, Varlen said the offer is inadequate.
agreed to jointly form a database that will track patients with acute coronary syndromes.
agreed to be acquired by
Warburg Pincus Ventures
and members of Knoll Management for $28 a share in cash.
said it signed an agreement with
to charge each other lower rates for handling cross-border calls. Telmex said the two carriers would lower settlement rates to 19 cents a minute July 1, six months ahead of schedule.
Offerings and stock actions
filed with regulators for a 8.2 million-share offering.
Old Kent Financial
approved a 3 million-share buyback program.
North America unit and the
United Auto Workers
union reached a preliminary four-year agreement affecting more than 3,200 members at four plants in California and Oklahoma. The agreement includes wage and pension increases, health care, and health and safety improvements.
named Stephen Rizzone chairman, president and CEO.
Federal Trade Commission
has appealed an administrative law judge's dismissal of a patent complaint the agency filed against the company.