Shares of


(AMGN) - Get Report

lifted to 71 from a close of 70 1/2 in after-hours trading following an announcement that it plans to collaborate with

Praecis Pharmaceuticals

on a new cancer drug and that it expects to meet 1999 earnings estimates. The 26-anlayst

First Call

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

Airborne Freight's


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.

Citizens Utilities


reported fourth-quarter earnings of 9 cents a share, a penny ahead of the five-analyst view but behind the year-ago 11 cents.

800-JR Cigar


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

Aurora Foods

(AOR) - Get Report

said it will acquire the Chef's Choice brand of skillet meals for $50 million from privately held

Sea Coast Foods


Consolidated Papers


agreed to sell its

Castle Rock Container

unit to Canada's

St. Laurent Paperboard

for an undisclosed amount.

Offerings and Stock Actions


(C) - Get Report

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.

(INSP) - Get Report

filed with regulators for a 2.8 million-share offering.


Nanophase Technologies


named Donald Perkins chairman, replacing Leonard Batterson.