stock slipped to 109 3/4 from a close of 112 25/64 in after-hours trading following its second-quarter earnings report. The network equipment maker earned 36 cents a share, a penny ahead of the 29-analyst
forecast and above the year-ago 29 cents. However, the stock-split announcement many on Wall Street wanted from Cisco did not emerge.
previewed the earnings report in a
story this morning and followed up in a
Tech Stock Update this afternoon.
In other postclose news (earnings estimates from First Call; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
warned its 1998 results will be hurt by a $30 million charge from a ceiling test impairment. The eight-analyst forecast called for a loss of 6 cents a share for 1998 vs. the year-ago 91 cents.
Kansas City Power & Light
said it's on track to meet the seven-analyst outlook for 1999 earnings of $2.27 a share.
said its same-store sales for January rose 4.2%.
posted fourth-quarter earnings of 8 cents a share, missing the eight-analyst view of 11 cents and below the year-ago 34 cents. The company also said it cut its staff by 22% and capital expenditures by 50% because low oil prices reduced demand for its products and services.
In other earnings news:
Mergers, acquisitions and joint ventures
National City Bancshares
said they ended their merger talks and did not expect to resume discussions.
said it agreed to be acquired by
in a deal valued at $19 million.
Offerings and stock actions
announced a plan to repurchase up to 10% of its outstanding stock.
set a 2-for-1 stock split and announced a quarterly dividend of 15 cents a share.
said its president and CEO, Jerry Dusa, resigned, effective Feb. 28.
cut its workforce by one-third after months of declining sales. The company also named Arlee Jensen, vice president for marketing, CEO, replacing Founder Michael Luce.
In other restructuring news,
said it will cut 700 jobs in an effort to boost profits and will take a second-quarter charge of up to $20 million.