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Cabletron CEO Resigns; Stock Fund Inflows Up in February

If you read's

coverage of

Cabletron Systems'

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latest round of

problems, you'd know that there were folks

wondering whether President and CEO Donald Reed should resign.

Well, he has.

Reed, the first outside executive in Cabletron's history, spent only eight months in the position. Chairman Craig Benson, who co-founded the company in 1983, will assume Reed's duties.

* * * * *

Stock mutual funds attracted a net $24.2 billion in February, up from $14.7 billion in January, according to the

Investment Company Institute

. Flows to hybrid funds, taxable bond funds and municipal bond funds all declined in the period. Total assets in stock funds grew to $2.59 trillion in February from January's $2.40 trillion.

In other post-close news (earnings estimates from

First Call


Earnings reports and previews

APAC Teleservices


said it expects to report first-quarter earnings between 10 cents and 11 cents per share, lower than the eight-analyst prediction of 14 cents per share. The company blamed delays in the implementation of client programs.

Dave & Buster's


reported fourth-quarter earnings of 27 cents per share, beating the seven-analyst estimate of 25 cents and the year-ago 19 cents.

Citing lower sales in Japan and flat North American revenue,

International Rectifier


said it expects to report third-quarter earnings at or below last year's 8 cents per share. The three-analyst prediction is 14 cents.

Carbide/Graphite Group


said it expects to take a $2.5 million to $3.5 million hit on third-quarter earnings from delayed start-up of its Seadrift, Texas, needle coke expansion project. The five-analyst earnings estimate is 71 cents per share.


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said it expects to report first-quarter earnings between 38 cents and 40 cents per share -- below the five-analyst prediction of 50 cents.

Cybex Computer


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said it expects fourth-quarter earnings to exceed the two-analyst prediction of 34 cents per share because of growing sales. The company also set a 3-for-2 stock split.

After welcoming

Lee Iacocca

to the company

this morning,

Koo Koo Roo


said it expects to report a fourth-quarter loss of 28 cents, including a charge, versus last year's loss of 33 cents. The company also said it expects a charge of $10 million to $12 million in the first quarter. First Call did not have earnings estimates for the company.

Mergers, acquisitions and joint ventures

Seagull Energy


said it will pay $102 million in cash to acquire privately held

BRG Petroleum

and the assets of BRG's limited partnerships and programs.

Offerings and stock actions



said it has increased the number of shares it will sell in the

Omega Protein

IPO to 4 million from 2 million.

Trans World Entertainment

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filed to offer 3.5 million common shares.

Comings and goings

Dow Jones


named Jerome Bailey, a former executive at

Salomon Smith Barney

, CFO and senior vice president.

Physicians Resource Group


named Pamela Westbrook CFO.


Burlington Northern Santa Fe


introduced a temporary permit system aimed at increasing shipments to Mexico following

Union Pacific's

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embargo on its own Mexico traffic.