Bed Bath & Beyond Tops Estimates; Global Crossing to Join S&P 500
Bed Bath & Beyond
(BBBY) - Get Bed Bath & Beyond Inc. Report
is enjoying a comfortable week. The domestic merchandise chain posted second-quarter earnings of 23 cents a share, a penny better than the 17-analyst
First Call/Thomson Financial
estimate and up from a year-ago 18 cents a share. The company said same-store sales increased 9.7% in the latest quarter.
Standard & Poor's
announced Monday that Bed Bath & Beyond will be added to the
S&P 500
, although the move has been postponed because of a delay in
BankBoston's
(BKB)
acquisition by
Fleet Financial
(FLT) - Get FLEETCOR Technologies, Inc. Report
And speaking of the index ...
... Standard & Poor's said
TheStreet Recommends
Global Crossing
(GBLX)
will replace
Frontier
(FRO) - Get Frontline Ltd. Report
in the S&P 500, upon completion of Global's $9 billion buyout of Frontier.
After-Hours Markets
Island ECN offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 8 p.m. EDT. Prior to September 15, 1999, Island offered trading from 8 a.m. to 5:15 p.m. EDT
.
--
Eric Gillin
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.
TheStreet.com
updates the most active issues on both MarketXT and Island ECN in Got a Minute? and in the Evening Update.
TSC
also reports how MarketXT's three most active Nasdaq-listed issues finished the Island ECN session
.
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
AGL Resources
(ATG)
said it sees fourth-quarter earnings below analyst estimates, due to a decline in its customer base. The eight-analyst estimate calls for 17 cents a share. The company said it expects a fourth-quarter gain of $15 million on the sale of its stake in
Sonat Marketing
, a natural gas marketer.
Cable Design Technologies
(CDT)
reported fourth-quarter earnings of 47 cents a share, better than both the seven-analyst estimate and year-ago 40 cents.
Coldwater Creek
(CWTR)
posted second-quarter results of 14 cents a share, including a 5 cent gain. The four-analyst estimate called for earnings of 6 cents a share and the year-ago result was 5 cents.
Heilig Meyers
(HMY) - Get Harmony Gold Mining Co. Ltd. Report
posted second quarter results of 4 cents a share, short of the eight-analyst estimate of 6 cents a share and the year-ago 15 cents.
Thanks to a vogue for those funky marshmallow sofas a la
Austin Powers
, furniture maker
Herman Miller
(MLHR) - Get Herman Miller, Inc. Report
posted first-quarter earnings of 43 cents a share, beating the seven-analyst estimate of 41 cents and a year-ago 39 cents a share.
Speedfam IPEC
(SFAM)
posted a first-quarter loss of 37 cents a share, in line with the six-analyst estimate but wider than the year-ago loss of 25 cents.
Vans
(VANS)
posted first-quarter earnings of 42 cents a share, a penny better than the eight-analyst estimate of 41 cents a share and up from 35 cents a year ago.
Offerings and stock actions
Goldman Sachs
priced
Ashford.com's
(ASFD)
6.25 million-share IPO at $13, the top of the estimated $11-to-$13 range. The Houston-based retailer sells luxury goods.
Direct email marketer
Yesmail.com's
(YESM)
3.4 million-share offering was priced at $11 a share, within the estimated $10-to-$12 range.
Deutsche Banc Alex. Brown
is the lead underwriter.
Miscellany
And stay out ... Shares of
Acme Electric
(ACE)
were suspended from the Big Board, a day after the company said it wanted to switch to the
Nasdaq Stock Market
. The NYSE said it would stop trading the shares on Oct. 7 and seek permission from the
Securities and Exchange Commission
to delist the stock.
Conning
(CNNG)
named Arthur Reeds III president, chairman and CEO, succeeding Leonard Rubenstein, who retired.
Hawaiian Airlines
(HA) - Get Hawaiian Holdings, Inc. Report
plans to buy up to 20 717-200 commercial passenger jets from
Boeing
(BA) - Get Boeing Company Report
as part of an effort to modernize its fleet and cut operating costs. The airline placed a firm order, valued at more than $430 million, for 13 planes to be delivered in 2001.
