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Asarco, Cyprus Amax Open to Increased Phelps Bid; MarketXT Kicks Off

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Copper miners




Cyprus Amax Minerals


decided to reconsider a three-way union with

Phelps Dodge


. 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.

MarketXT Most-Actives


, formerly Eclipse Trading, today began offering after-hours trading to retail clients of

Morgan Stanley Dean Witter's


Discover Brokerage


Mellon Bank's


Dreyfus Brokerage Services

. Clients can trade the top 100

S&P 500

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.


America Online


, up 1/4 to 103 1/2 on 3,850 shares.


Genzyme General


, up 1/4 to 59 3/8 on 2,000 shares.




, up 3/8 to 49 3/8 on 1,800 shares.


JDS Uniphase


, 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.

Check out's


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

First Call

; 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.

J.D. Edwards


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.

Midway Games


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

Newbridge Networks


announced it plans spend C$350 million over the next two years for the dual acquisition of


and Boston-based

Northchurch Communications

. 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.

Sonic Automotive


announced plans to buy auto dealership owner

FirstAmerica Automotive

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.

Rite Aid


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.