A vice president at
Bank of Tokyo-Mitsubishi
and a former associate in the large-cap investment banking division of
Salomon Smith Barney
were charged with making more than $750,000 on trades based on inside information stolen from Salomon. Bank of Tokyo-Mitsubishi's Richard Ference, 51, and Kevin Kirkbride, 30, formerly of Salomon Smith Barney, were charged in a Manhattan federal court with conspiracy and securities fraud.
Inflow into U.S. equity funds for the week ended yesterday totaled $2.4 billion, with 66% going into growth funds, according to
AMG Data Services
. International funds reported inflow into all sectors but Europe and Latin America. Among other categories, taxable bond funds reported inflow of $111 million, although high-yield funds reported outflow of $342 million. Money market funds reported inflow of $3.07 billion and municipal bond funds reported inflow of $208 million.
announced plans to resign from the Fed and join the
, a Washington-based think tank.
In other postclose news (earnings estimates from
; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
reported second-quarter operating earnings of 28 cents a share, missing the single-analyst estimate for 32 cents but moving ahead of the year-ago 16 cents.
reported first-quarter earnings of 32 cents a share, 1 cent above the two-analyst view and higher than the year-ago 29 cents.
said its May same-store sales jumped 15.3%. Separately,
said its same-store sales for the month fell 6.4%.
posted first-quarter earnings of 18 cents a share, 3 cents above the 11-analyst estimate and a repeat of the year-ago figure.
said it sees first-quarter earnings of 5 cents to 15 cents a share, citing aggressive pricing in the desktop hard-drive market. The 11-analyst forecast called for 31 cents vs. the year-ago 2 cents. The company also sees first-quarter revenue coming in below the fourth quarter's.
Mergers, acquisitions and joint ventures
formed a worldwide marketing alliance for six antiviral products. The companies will co-promote four Triangle products for HIV and hepatits B and Abbott's two HIV protease inhibitors. The deal calls for Abbott to buy 6.57 million Triangle shares at $18 apiece.
said it will buy an Orlando TV station for $191.5 million.
said it bought privately held electronic components supplier
for $33 million in a move to expand its parts supply network.
said it agreed to acquire most of the assets of
Newtech Electronics Industries
for an undisclosed amount. Windmere expects to take a $8.3 million charge related to the purchase.
Offerings and stock actions
High Speed Access'
(HSAC:Nasdaq) 13-million-share IPO top-range at $13 a share. High Speed Access provides Internet access via cable modem. Elsewhere in initial offerings,
(WITC:Nasdaq) 7.6-million-share IPO top-range at $9 a share. The company is an Internet investment banking and brokerage firm. Finally,
Donaldson Lufkin & Jenrette
Network Access Solutions'
(NASC:Nasdaq) 7.5-million-share IPO below-range -- ouch! -- at $12 a share. The price range for the data communications company's offering was $14 to $16.