House of Representatives
passed a measure extending permanent trade benefits to China, by a vote of 237 to 197. The legislation now goes to the
, where approval is almost assured by next month.
Big businesses supported the legislation, which would eliminate yearly reviews of Bejing's trade status and would assure low tariffs on Chinese goods being imported to the U.S. markets. In return, China would give U.S. businesses access to its markets. The bill's approval was a victory for
but a defeat for labor unions, who offered stiff opposition to the bill.
In other postclose news (earnings estimates from
First Call/Thomson Financial
; earnings reported on a diluted basis unless otherwise specified):
Mergers, acquisitions and joint ventures
announced that BellSouth will acquire a 33.8% stake in
, a leading wireless communications provider with approximately 466,000 subscribers in Eastern and Atlantic regions of Colombia. BellSouth will operate Celumovil and partner with Valores Bavaria, the largest shareholder of Celumovil.
Specialty materials maker
said it was disappointed with
reduced offer, saying that it reflects a "pattern of unreliability."
Yesterday, ISP scaled its offer for Dexter back to its initial bid of $45 a share. The move is the latest development in the takeover effort, which began last December, when ISP, which already holds a 10% stake in Dexter, launched its first bid. ISP, which upped its bid to $52 a share, said it was reinstating its first offer, even after Dexter said last week that it was ready to negotiate a possible merger.
Back to top
Earnings/revenue reports and previews
posted a fourth-quarter loss of 2 cents, narrower than both the eight-analyst estimate of a 6 cent loss and the year-ago nine-cent loss.
, an e-business sales solutions provider reported a second-quarter loss of 5 cents a share, excluding stock-based compensation. The three-analyst estimate expected the company to post a 17-cent loss. The quarter's loss is narrower than the year-ago 23-cent loss.
reported a first-quarter loss of 18 cents a share, narrower than the four-analyst estimate of a 28-cent loss and roughly in line with the year-ago 19-cent loss.
posted second-quarter earnings of 2 cents a share, topping both the eight-analyst estimate of an 11-cent loss and the year-ago 8-cent loss.
, posted third-quarter earnings of 40 cents a share, topping the eight-analyst estimate of 34 cents and up from the year-ago 39-cent profit.
reported third-quarter earnings of 34 cents a share, in line with the analyst estimate and up from the year-ago 28-cent profit. The filtration systems maker forecasted a 30%-35% increase in EPS for the year.
Back to top
Offerings and stock actions
, a B2B e-commerce print company, said it would ask the
Securities and Exchange Commission
to withdraw its 3.5 million-share IPO. Impresse blamed the cancellation on the recent volatile market conditions.
Morgan Stanley Dean Witter
Deutsche Banc Alex Brown
are serving as the deal's lead underwriters.
Deutsche Banc Alex. Brown
priced a 4 million-share IPO for
at $12 a share, the low end of the $12-$14 range.
Back to top
The Association of Flight Attendants
announced that it sees "tremendous potential" in
proposed $4.3 billion purchase of
but that UAL's United Airlines must be more forthcoming on the deal to win union support.
tapped Jeff Potter as its new president and CEO. Potter replaces Robert Spane, who will remain the company's chairman.
Back to top
As originally published, this story contained errors. Please see
Corrections and Clarifications.