fell to 57 1/2 from a close of 59 1/16 in late composite trading following a first-quarter earnings warning. Blaming its 10-day pilot sickout, the airline said it sees earnings of 30 cents to 35 cents a share. The 11-analyst
forecast called for 65 cents vs. the year-ago $1.62. The company said customers were reluctant to book flights on the airline after the pilots strike.
stock climbed to 193 1/4 in after-hours trading from a close of 175 3/8 after the company set a 2-for-1 stock split.
In other postclose news (earnings estimates from First Call; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
said it cut its workforce by about 10% and warned of lower first- and second-quarter earnings due to weak conditions in the semiconductor industry. The company expects to post a net loss of 22 cents to 24 cents a share for the first quarter. The four-analyst view called for a loss of 13 cents vs. the year-ago profit of 27 cents.
restated 1998 results to reflect an additional charge of $1 million, or 23 cents a share. The company said it lost 37 cents a share for the latest fourth quarter on a restated basis compared to its previously announced loss of 14 cents a share.
said it sees first-quarter earnings of about 28 cents a share because of difficult year-ago comparisons in its volatile platinum operations. The three-analyst estimate called for 32 cents vs. the year-ago 30 cents.
warned it expects to report first-quarter earnings of 15 cents to 17 cents a share due to pricing pressure in the building wire market. The four-analyst view called for 37 cents vs. the year-ago 54 cents.
reported second-quarter earnings of 11 cents a share, including $300,000 in research and development costs. The four-analyst outlook called for 17 cents vs. the 18 cents.
In other earnings news:
Mergers, acquisitions and joint ventures
Advanced Lighting Technologies
agreed to buy a $20.55 million stake in the company. Advanced Lighting said it plans to issue preferred shares to GE which convert into about 3 million Advanced Lighting shares at a $6.75 conversion rate.
An executive at
said participants in a syndicated loan to finance its $58 billion hostile bid for
should be finalized within days. Meanwhile, Telecom Italia said the industrial plan presented by Olivetti was "seriously ambiguous" and risked swelling the debt it would incur with it planned takeover.
unit will provide
Pharmacia & Upjohn
with a five-year subscription to its gene database products. Financial terms of the deal were undisclosed.
named COO Bradley Vetal president and chief executive.