said it was considering strategic options relating to its 58% interest in
. In response to rumors that
had been pinned as a possible buyer, AT&T said it has not forged any definitive deals.
Here's Excite@Home's entry in the 1999 Flackspeak Awards. We may have a winner:
As we have previously stated, the Excite@Home management team, in conjunction with our cable partners, has periodically explored, and will continued to explore, many alternatives for maximizing shareholder value. Like all companies in the Internet industry, we are continuously assessing various forms of strategic relationships. There is no certainty that any transaction will occur and we will not comment further until we decide definitively to pursue a particular transaction, if any.
Excite@Home jumped 2 7/8 to 44 3/8 in after-hours trading on
is set to make its last major announcement of the year Tuesday at the
in Cupertino, Calif. There's no official word on what the announcement will be about, but analysts speculate it could concern the second version of Apple's popular iMac computer.
Tonight on "As the Market Turns": Will AT&T unload Excite@Home after announcing that it is "seeking alternatives" to ownership in the company? Will the high-speed Internet access company high-tail it over to AOL, a rumored suitor?
There were few answers during tonight's after-hours trading. One thing was certain, Excite was excitable, trading furiously on
after 6 p.m. EDT. Across town, on
, the company led trading. Investors have been courting the stock under moonlight, hoping to rebound with the stock if it gets dumped.
Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 8 p.m. EDT. Prior to Sept. 15 Island offered trading from 8 a.m. to 5:15 p.m. EDT
MarketXT, formerly Eclipse Trading, offers after-hours trading to retail clients of Morgan Stanley Dean Witter's (MWD) Discover Brokerage and Mellon Bank's (MEL) Dreyfus Brokerage Services. Clients can trade 200 of the most actively traded New York Stock Exchange and Nasdaq Stock Market issues, 6 p.m. to 8 p.m. EDT Monday through Thursday.
updates the most active issues on both MarketXT and Island ECN in Got a Minute? and in the Evening Update.
In other postclose news (earnings estimates from
First Call/Thomson Financial
; earnings reported on a diluted basis unless otherwise specified):
Mergers, acquisitions and joint ventures
Pacific Gas & Electric
said it has provided California regulators with a blueprint of it hydroelectric system, which it plans to sell in order to meet laws involving the restructuring of the state's power industry. According to the division, if authorized, the auction would be open to anyone.
Earnings/revenue reports and previews
cautioned that it would report third-quarter earnings between 21 cents to 23 cents a share, missing the five-analyst estimate of 27 cents but up from the year-ago 18 cents. The company blamed to soft earnings due to the introduction of a product line for one of its OEM customers.
said its third-quarter earnings would be in line with the single-analyst estimate of 78 cents a share and close to the year-ago 79 cents. The company also said it anticipates the fiscal 1999 earnings to be 20% to 25% below the two-analyst estimate of $2.76 a share as a result of a $15 million fourth-quarter charge for the restructuring of its North American business. The reorganization effort will reduce the company's workforce by 180.
warned investors that it expects to post a third-quarter net loss between 78 cents to 89 cents a share. The five-analyst consensus estimate expects the company to report a 10-cent profit. The company cited decision delays associated withY2K and soft sales of new accounts for the disappointing results.
warned investors that it expects to post third-quarter earnings of 1 cent to 3 cents a share, missing the single-analyst estimate of 7 cents but better than the year-ago 63-cent loss. Cidco attributed the soft earnings to problems related to Hurricane Floyd and the earthquake in Taiwan.
announced its plans to close it only manufacturing facility in an effort to increase efficiency, cutting its workforce by 185 jobs. The company would assume a one-time restructuring charge for the shut down of the Chaffee, Mo., plant, which is set to occur in the spring of 2000.
said metal margin cuts at its aluminum business division will result in third-quarter earnings between 28 cents to 32 cents a share, missing the five-analyst estimate of 43 cents but up from the year-ago 13-cent loss.
refuted that its management alluded to the company missing analysts' third-quarter consensus estimates during an industry conference. DuPont CFO Gary Pfeiffer said that "there was no change in the company's previous comments regarding its third-quarter earnings," after television news reports that indicated otherwise. Analysts expect the company to earn 58 cents a share for the third quarter, up from the year-ago 53 cents.
warned investors that it would report third-quarter earning in the range of 7 cents to 9 cents a share, missing the three-analyst estimate of 16 cents and the year-ago 16 cents. The company blamed the weak results on slower deliveries after Taiwan's earthquake.
Offerings and stock actions
Morgan Stanley Dean Witter
priced the 3.5 million-share IPO of
(DGIN:Nasdaq) above-range at $15.
said it will consider spinning off its Internet subsidiary.
said it set a share repurchasing plan for up to 3 million shares. The company also said it has forged a deal to switch its current credit facility with a backup $25 million secured facility. Under the new agreement, Musicland is now permitted to buy back stock.
Salomon Smith Barney
priced a 29.6 million-share IPO for
(WCG:NYSE) top-range at $23.
said it was awarded
Food and Drug Administration
approval for its osteoporosis treatment
Nasdaq Stock Market
Securities and Exchange Commission
awarded it approval to use an
electronic trading system that matches block trades anonymously. Nasdaq, which plans to begin use of OptiMark on Oct. 11, said that it would conduct trades in 10 of the exchange's most actively traded stocks for two weeks prior to taking on all of Nasdaq's listed stocks.