slipped to 55 1/2 in after-hours trading following a regular close of 55 15/16 despite a strong third-quarter earnings report. The
maker earned 69 cents a share, beating the 19-analyst
estimate by a nickel and moving ahead of the year-ago 65 cents. The company also said it will buyback $500 million in stock.
previewed Apple's report earlier today.
In other earnings -- or lack thereof -- news,
Advanced Micro Devices
posted a second-quarter loss of $1.10 a share, 16 cents narrower than the 16-analyst forecast but wider than the year-ago loss of 45 cents. The company also said its president and COO, Atiq Raza, resigned. Chairman and CEO W.J. Sanders will temporarily take on Raza's duties.
took a closer look at the
resignation earlier today.
cut earnings from continuing operations for fiscal 1999 by $152.2 million, or 53 cents a share. For 1998, the company lowered earnings by $25.8 million, or 9 cents a share; for 1997, it lowered earnings by $13.5 million, or 5 cents a share. McKesson lowered its revenue for the last three fiscal years by a total of $327.4 million. The revisions come after the troubled health-care management firm reviewed accounting practices at
Healthcare Information Technology Business
, formerly HBO, which it recently acquired.
McKesson also said the
Securities and Exchange Commission
U.S. Attorney's Office
are investigating the company. And it also said its first-quarter earnings will "fall substantially short" of estimates of 49 cents a share. And also that it's jumping off a cliff and ending it all. (Just kidding about that last one.) In after-hours trading, McKesson HBOC shares traded at 30 7/8, down from a regular session close of 32 1/2.
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 sees second-quarter earnings of 4 cents to 7 cents a share, which would be below the five-analyst estimate of 17 cents. The company, which made 19 cents in the year-earlier period, said its U.S. training operations were hurt by a slowdown in the second half of the quarter.
said it sees a second-quarter loss of $10 million to $15 million, below estimates. The company, which did not provide per-share forecasts, also said it expects to take a quarter restructuring charge of $70 million to $80 million. Glenayre blamed slow paging business trends for the warning.
said it sees second-quarter earnings of 78 cents to 88 cents a share due to a shift in revenue mix to the company's lower-margin agency business. The two-analyst view called for $1.27 vs. the year-ago $1.47.
Network Equipment Technologies
reported first-quarter earnings of 16 cents a share, topping the year-ago 13 cents. The two-analyst forecast called for a loss of 8 cents. The company also announced reorganization plans that involve the downsizing of senior management and other employees.
In other earnings news:
Mergers, acquisitions and joint ventures
said it ended merger talks with
, a unit of
General Motors Acceptance
said it was thinking about acquiring
, a unit of
. Financial terms of the possible deal weren't disclosed.
said it hired
Morgan Stanley Dean Witter
to explore strategic alternatives. The company said its majority shareholder,
, is refocusing its strategy on companies which operate totally on the Internet.
Offerings and stock actions
Credit Suisse First Boston
(EFNT:Nasdaq) 4 million-share IPO top-range at $15. The company is a high-speed DSL equipment developer based in Dallas.
said it reached an agreement with
to jointly develop a $173 million reusable unmanned space plane called the X-37.