Shining a bit of light in Tuesday's post-selloff darkness, both
reported better-than-expected fourth-quarter earnings.
The networking giant said it earned 48 cents per share, a penny ahead of the 35-analyst consensus and a dime better than last year. It also set a 3-for-2 stock split. However, the company reiterated that it expects its gross margins to decline.
AOL, for its part, reported fourth-quarter earnings of 23 cents per share, four cents ahead of the 26-analyst consensus and 20 cents ahead of last year. And Chairman Stephen Case added that he's "very comfortable" with analysts' estimates for fiscal 1999.
Also after the close on Tuesday,
Standard & Poor's Financial Information Services
Electronic Data Systems
index. Western Atlas is being acquired by
In other postclose news (earnings estimates from
Earnings reports and previews
reported third-quarter earnings of 48 cents per share, two cents shy of the 13-analyst consensus, but three cents better than a year ago.
announced second-quarter earnings of $1.06 per share, 13 cents better than the 10-analyst consensus and 32 cents better than last year.
reported second-quarter earnings of 33 cents per share, missing the 19-analyst consensus of 69 cents per share and compared to 72 cents per share last year. Excluding charges for nonrecurring items, earnings for the quarter would have been 46 cents per share.
, which was spun off by
before Ensearch merged with Texas Utilities last year, reported a second-quarter loss of 8 cents per share, two cents better than expected and a penny better than a year ago.
reported fourth-quarter earnings of 16 cents per share, down from 22 cents a year ago and four cents shy of the 7-analyst consensus.
Additional earnings news can be found in a related table.
Mergers, acquisitions and joint ventures
announced a deal to swap some of its California oil and gas properties with
and then to sell the properties to
, an Arco affiliate.
Men's Warehouse Suit
agreed to acquire privately held
Moores Retail Group
, which has 112 men's clothing stores, mainly in Canada.
Comings and goings
Somnus Medical Technologies
named Robert D. McCulloch CFO, replacing Robert E. McNamara, who's stepping down in September to pursue other interests.
named Christopher Marr CFO, replacing Dennis Reeve, who'll remain with the company.
president and CEO Larry Harris resigned, pending the company's merger with
will lose its chairman and CEO Raymond Schultz to retirement and its president and chief operating officer Richard Kelleher to pursue other opportunities as soon as it has selected a new top executive from outside the company, which recently merged with
said its total U.S. car and light-truck sales for July were 3.8% lower than in July 1997. Car sales were 18.4% lower, while light-truck sales were up 8%.
, which had planned on pricing shares in an IPO tomorrow via lead underwriter
BT Alex Brown
, thought better of it and decided to postpone.
also postponed its IPO, which had been slated for tomorrow, lead underwriter
NationsBanc Montgomery Securities