posted third-quarter earnings of 27 cents a share, ahead of the 24-analyst estimate of 25 cents, and the year-ago 24 cents which includes items. 3Com announced plans to exit the high-end networking business and sell its dial-up modem and its PC card businesses, as part of a series of moves intended to reignite growth. The company said it will narrow its focus on high-speed Internet access for the consumer market with DSL and cable modems.
3Com said the moves complete a reorganization that began with the sale of a 4% stake in its
unit. The company also announced plans to buy closely held
for $90 million.
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priced 5 million shares of
at $14 each, above the estimated $10-to-$12 range. The company develops software based on the Linux operating system.
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
reported a first-quarter loss of 19 cents a share, which included a gain of 10 cents a share. The lone-analyst estimate was for a loss of 16 cents a share, while the year-ago loss was 24 cents a share. Corel said it expects results in the next two quarters to mirror the first-quarter financials, based on its revenue and cost structures.
reported second-quarter earnings of 6 cents a share, beating the 14-analyst estimate of 4 cents and the year-ago 4 cents. The company said it hired an investment banker to unlock the value of its Internet unit.
posted first-quarter earnings of 1 cent a share, ahead of the two-analyst expected loss of 1 cent and the year-ago loss of 4 cents a share.
Mergers, acquisitions and joint ventures
North Fork Bancorp
, which is battling for control of
, said Dime shareholders have voted enough proxies to defeat a proposed $1.4 billion merger with
, according to a Delaware judge.
said it entered a strategic relationship with
to help Gibraltar develop an e-business strategy.
Offerings and stock actions
said its board declared a 2-for-1 stock split.
Diamond Offshore Drilling
: both UP to buy from outperform at
said a federal appeals court dismissed all parts of a settlement appeal that pertain to the company.
Integrated Electrical Services
said it appointed H. David Ramm as president, CEO and executive director effective immediately. Ramm, who most recently was president of a subsidiary of
, succeeds Jim Wise, who was named vice chairman.
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