Publish date:

ADC Telecom Beats Estimates, Lifts After Hours

ADC Telecommunications

(ADCT) - Get ADC Therapeutics SA Report

posted second-quarter earnings of 32 cents a share, 2 cents higher than the 21-analyst

First Call

estimate and above the year-ago 25 cents. The stock rose to 48 1/8 in after-hours trading from a regular close of 47 15/16.

Delphi Automotive Systems


will replace



in the

S&P 500

after the close May 27.

General Motors

(GM) - Get General Motors Company (GM) Report

will complete the spinoff of Delphi Automotive May 28. Additionally,

Hanger Orthopedic


will replace



in the

S&P Small-cap 600 Index

after tomorrow's close.

Outflow from U.S. equity funds for the week ended Wednesday totaled $1.3 billion, according to

AMG Data Services

. Sectors experiencing the largest redemptions were small-cap equities, international equities and high yield bonds. Among other categories, $116 million flowed out of taxable bond funds.

In other postclose news (earnings estimates from First Call; earnings reported on a diluted basis unless otherwise specified):

Earnings/revenue reports and previews


(CIEN) - Get Ciena Corporation Report

recorded second-quarter net earnings of 1 cent share, including costs for the acquisition of

Lightera Networks

. A Ciena official said the company earned 2 cents after removing the charge. The 11-analyst outlook called for an operating loss of 3 cents vs. the year-ago net profit of 14 cents, which also includes charges. The stock rose 5/8 in after-hours trading to 27.



posted first-quarter earnings of 34 cents a share, in line with the four-analyst view and above the year-ago 26 cents. But the company said it sees revenue and profits falling in the second quarter. Analysts were calling for second-quarter earnings of 33 cents.

In other earnings news:

Mergers, acquisitions and joint ventures


Federal Reserve Board

approved the $10.1 billion merger of Germany's

Deutsche Bank


Bankers Trust

TheStreet Recommends


, marking the largest acquisition of a U.S. bank by a foreign bank ever.

Chock Full O' Nuts



Sara Lee's


$10.50-per-share offer to acquire the company and said it would investigate alternatives including talks with other potential buyers.

Grupo Radio Centro

(RC) - Get Ready Capital Corporation Report

said its controlling shareholders, the Aguirre family, are considering launching a tender offer for the company's outstanding shares.

Rental Service


dropped plans to acquire



for $430 million. NationsRent said the merger terms restricted its growth potential. Separately, Rental Service said it hired financial advisers to review strategic alternatives and that it still recommends that its shareholders reject a takeover bid from

United Rentals

(URI) - Get United Rentals, Inc. Report


Credit Suisse Group

said it won't tender its

Telecom Italia


shares to


, saying it believes there is "greater long-term value to be realized from its investment in Telecom Italia than that represented by the Olivetti offer."

Offerings and stock actions

Hambrecht & Quist



(APLN:Nasdaq) 2.5 million-share IPO top-range at $14 a share. Elsewhere in new issues,

Donaldson Lufkin & Jenrette


David's Bridal's

(DABR:Nasdaq) 8 million-share IPO below-range at $13 a share. And H&Q priced

Newgen Results'

(NWGN:Nasdaq) 3.73 million-share IPO mid-range at $13 a share. The company provides customized, outsourced database management, direct marketing and related services for service departments of car dealerships and manufacturers.

Mark IV Industries


announced a 10 million-share buyback program.

Trigon Healthcare

(TGH) - Get Textainer Group Holdings Limited Report

approved a 10% stock repurchase program.