Cyprus Amax Minerals
decided to reconsider a three-way union with
. The two companies initially turned down a proposal form Phelps to pursue their own expected merger. Today, Asarco and Cyprus said they would begin trio merger negotiations if Phelps upped its all-stock offer to $3.3 billion from $2.5 billion.
, formerly Eclipse Trading, today began offering after-hours trading to retail clients of
Morgan Stanley Dean Witter's
Dreyfus Brokerage Services
. Clients can trade the top 100
stocks and the top 100
Nasdaq Stock Market
issues, 6 p.m. to 8 p.m. EDT Monday through Thursday.
will be updating MarketXT's 10 most active issues in
Got a Minute? and in the Evening Update.
(Quotes as of 8 p.m. EDT.)
, up 1/4 to 95 9/16 on 5,500 shares.
, up 1/4 to 103 1/2 on 3,850 shares.
, up 1/4 to 59 3/8 on 2,000 shares.
, up 3/8 to 49 3/8 on 1,800 shares.
, up 13/16 to 113 3/8 on 1,100 shares.
Pharmacia & Upjohn
, up 1/8 to 51 1/2 on 1,000 shares.
, unchanged at 49 1/4 on 1,000 shares.
, down 1/4 to 137 7/8 on 1,000 shares.
, unchanged at 24 5/8 on 600 shares.
, up 1/4 to 68 7/8 on 500 shares.
Night-Owl's Guide to After-Hours Trading for more information on postclose trading.
John J. Edwards III
In other postclose news (earnings estimates from
; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
Forest City Enterprises
reported second-quarter earnings, before depreciation, amortization and deferred taxes, of $1.01 a share, beating the two-analyst estimate of 95 cents and the year-ago 90 cents.
posted a third-quarter loss of 7 cents a share, better than the 14-analyst estimate of a 10-cent loss but down from the year-ago 16-cent gain
posted a second-quarter loss of 36 cents, falling short of the single-analyst estimate of a 33-cent loss and the year-ago 24-cent loss.
reported a fourth-quarter loss of 12 cents a share, greatly missing both the eight-analyst estimate of a penny gain and the year-ago 25-cent gain.
NCI Building Systems
reported third-quarter earnings of 71 cents a share, missing the two-analyst estimate of 86 cents but up from the year-ago 58 cents.
posted second-quarter earnings of 3 cents a share, in line with the two-analyst estimate and up from the year-ago 3-cent loss.
Mergers, acquisitions and joint ventures
announced it plans spend C$350 million over the next two years for the dual acquisition of
. The transaction's cost includes payments based on performance estimates. Newbridge, which already holds a 30% interest in both companies, plans to merge Time Step's virtual private network technology, which secures communication on networks, based on the Internet and Northchurch's high-speed router development business.
announced plans to buy auto dealership owner
for stock and debt. The transaction calls for Sonic to exchange about 5.1 million shares and take on about $175 million in debt. FirstAmerica stockholders will hold an estimated 15% of Sonic's outstanding common shares after the deal is completed.
Offerings and stock actions
announced a 3-for-2 stock split through a stock dividend to shareholders of record Sept. 9. On Sept. 23, one share will be distributed for every two shares held.
New Era of Networks
announced a share repurchasing program that would bring in 10% of the company's outstanding shares during the next 12 months. As of June 30, the company had roughly 32.7 million shares outstanding.
announced plans to close two San Jose, Calif., manufacturing facilities and slice its workforce in half, eliminating 500 jobs. The computer disk maker is attempting to concentrate its finished disk output production in Malaysia. Komag said it would assume a significant one-time third quarter charge for the restructuring. In a cost-cutting effort, Komag previously reduced its U.S. workforce by to 1,050 from 1,950. The company said its San Jose facility would now employ 350 people, focusing on research and process development.
said it was in ongoing talks for potential corporate transactions that could be "material" if completed.
As originally published, this story contained an error. Please see
Corrections and Clarifications.