AT&T's MediaOne Buy Gets Justice Approval; Federal-Mogul Issues Earnings Warning

Author:
Tara Murphy
Publish date:
May 25, 2000 7:10 PM EDT

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

undefined

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.