
AT&T's MediaOne Buy Gets Justice Approval; Federal-Mogul Issues Earnings Warning
The
Justice Department
said it gave its approval for
AT&T
(T) - Get Free Report
to acquire
MediaOne Group
, citing the divestiture of MediaOne's stake in Web access provider
Road Runner
, as the only stipulation. AT&T already holds a controlling stake in
Excite@Home
(ATHM) - Get Free Report
, the biggest Internet access provider. The merger must still receive
Federal Communications Commission
approval.
In other postclose news (earnings estimates from
First Call/Thomson Financial
; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
Ditech Communications
(DITC)
, a fiber-optic communication equipment maker, posted fourth-quarter earnings of 54 cents a share, beating the four-analyst estimate of 43 cents and up from the year-ago penny loss.
Federal-Mogul
(FMO) - Get Free Report
, an auto parts maker, warned investors that its second-quarter and fiscal-2000 results would miss consensus estimates. The company said it would report second-quarter earnings of about 65 cents a share, below the nine-analyst estimate of a $1.12 profit, while fiscal-2000 earnings should come in at $3.00, which is also short of the 10-analyst estimate of $3.87.
Federal-Mogul blamed the shortfall on softness in the North American aftermarket results and negative currency fluctuations.
Puma Technology
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reported a third-quarter loss of 6 cents a share, narrower than the three-analyst estimate of a 12-cent loss but wider than the year-ago penny loss.
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Offerings and stock actions
BJ's Wholesale
(BJ) - Get Free Report
said it increased its current stock buyback plan to $100 million from $50 million.
Duke Energy Field Services
, a division of
Duke Energy
(DUK) - Get Free Report
and
Philips Petroleum
(P)
said it pushed back its plans for a 26.3 million-share IPO due to the recent market volatility.
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Miscellany
Standard & Poor's
said
Agilent
(A) - Get Free Report
would replace holding company
Nacco
(NC) - Get Free Report
in the
S&P 500 Index
.
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