lifted to 71 from a close of 70 1/2 in after-hours trading following an announcement that it plans to collaborate with
on a new cancer drug and that it expects to meet 1999 earnings estimates. The 26-anlayst
forecast calls for annual earnings of $1.82 a share vs. 1998's $1.64. The cancer drug that the biotech company will help develop, called
, is designed to help reduce the production of testosterone in men and estrogen in women, thereby curbing the risk of prostate cancer and endometriosis.
Ralph Acampora told equity dealers in Brussels during a presentation today that the
Dow Jones Industrial Average
could hit 11,500 by as early as July or August,
In other postclose news (earnings estimates from First Call; earnings reported on a diluted basis unless otherwise specified):
Earnings/Revenue Reports and Previews
CEO said he's comfortable with the 13-analyst estimate for 1999 earnings of $2.93 a share vs. 1998's $2.72.
warned it sees a break-even first quarter, excluding an accounting charge. The 11-analyst outlook called for earnings of 22 cents a share vs. the year-ago 16 cents.
reported fourth-quarter earnings of 9 cents a share, a penny ahead of the five-analyst view but behind the year-ago 11 cents.
reported fourth-quarter earnings of 15 cents a share, significantly below both the two-analyst estimate of 49 cents and the year-ago 37 cents. The company blamed pricing pressure and a delayed opening of its new Burlington supercenter.
Mergers, Acquisitions and Joint Ventures
said it will acquire the Chef's Choice brand of skillet meals for $50 million from privately held
Sea Coast Foods
agreed to sell its
Castle Rock Container
unit to Canada's
St. Laurent Paperboard
for an undisclosed amount.
Offerings and Stock Actions
co-chief executives, John Reed and Sandy Weill, notified the
Securities and Exchange Commission
that they plan to sell part of their stakes in the company but that they will retain a majority of their current shares. Weill wants to sell 1 million shares, or about 5% of his current stake; Reed wants to sell 875,000 shares, or about 19% of his current stake.
filed with regulators for a 2.8 million-share offering.
named Donald Perkins chairman, replacing Leonard Batterson.