ADC Telecom Beats Estimates, Lifts After Hours

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ADC Telecommunications

(ADCT) - Get 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

(DPH)

will replace

Moore

(MCL)

in the

S&P 500

after the close May 27.

General Motors

(GM) - Get Report

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

Hanger Orthopedic

(HGR)

will replace

CompDent

(CPDN)

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

Ciena

(CIEN) - Get 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.

NeoMagic

(NMGC)

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

The

Federal Reserve Board

approved the $10.1 billion merger of Germany's

Deutsche Bank

and

Bankers Trust

(BT)

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

Chock Full O' Nuts

(CHF)

rejected

Sara Lee's

(SLE)

$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 Report

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

Rental Service

(RSV)

dropped plans to acquire

NationsRent

(NRI)

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 Report

.

Credit Suisse Group

said it won't tender its

Telecom Italia

(TI)

shares to

Olivetti

, 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

priced

@plan's

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

Donaldson Lufkin & Jenrette

priced

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

(IV)

announced a 10 million-share buyback program.

Trigon Healthcare

(TGH) - Get Report

approved a 10% stock repurchase program.