said second-quarter net sales fell 21% to $1.38 billion from $1.75 billion, while same-store sales fell 1.8% from a year ago. The company said a less promotional approach to selling computers hurt sales for the quarter ended Dec. 25, though CompUSA expects to report that profit margins set a new high of 16% as the company broadened its product assortment beyond personal computers. CompUSA said it plans to announce second-quarter operating results Feb. 2.
Standard & Poor's
said it will add
Young & Rubicam
after the close of trading next Wednesday. S&P said the advertising agency will take the place of
, which is being acquired by
T J International
S&P SmallCap 600
is buying T J in a transaction expected to close next Wednesday.
Nasdaq 4000. Try
Super Q continued its heroic flight, tacking on huge gains in after-hours trading to the mammoth day-session gain of 156, or 31%, to 659. Today,
analyst Walter Piecyk initiated coverage of Qualcomm and set a 12-month price target of 1,000 on the stock. The analyst also started coverage with a buy rating. Qualcomm closed amid huge strength, hitting a 52-week high of 662 1/16 just before the bell tolled.
lowdown on Qualcomm options and a revealing
look at Piecyk's call.
Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 8 p.m. EST.
MarketXT, formerly Eclipse Trading, offers after-hours trading to retail clients of Morgan Stanley Dean Witter's (MWD) Morgan Stanley Dean Witter Online 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, 4:30 p.m. to 8 p.m. EST Monday through Thursday.
explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.
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
warned it sees 1999 earnings-per-share falling 8 cents to 11 cents below year-ago earnings of 36 cents. The current two-analyst estimate for 1999 calls for earnings of 38 cents a share. The company said
Olsten Health Services
, the distributor of its drug Oxandrin, bought less of the drug than expected.
posted a fourth-quarter loss of $1.61 a share including charges, wider than the year-ago loss of 37 cents, also on charges. The two-analyst expectation was for a loss of 24 cents. No per-share figures from operating income were released.
National Equipment Services
said it sees fourth-quarter earnings 15% to 25% below year-ago earnings of 20 cents a share, citing weakness in the Gulf Coast market. The five-analyst estimate calls for earnings of 25 cents. The company said it still expects to report record sales and net income for 1999 and also said it approved a 1.5-million share increase to its previously announced repurchase plan.
said it restated its third quarter and 1999 results to include a $1.5 million charge from the redemption of preferred stock . Diluted earnings-per-share for the quarter fell to 18 cents from 28 cents, while earnings for the year fell to 65 cents from 75 cents.
said it expects its fourth-quarter loss to be lower than expected due to smaller telecommunication and operating costs. The three-analyst estimate calls for a loss of 34 cents.
Offerings and stock actions
said it was reactivating its previously approved 3-million share stock buyback plan which was suspended during a merger with
unit said it filed a registration statement with the
Securities and Exchange Commission
for a proposed public stock offering. The company said
Credit Suisse First Boston
Donaldson Lufkin & Jenrette
will manage the offering.
Fruit of the Loom
filed for Chapter 11 bankruptcy protection. The company, which makes BVD, Fruit of the Loom and Gitano, has struggled with manufacturing and inventory problems. In the first half of the year, sales and profits were hurt by shipping difficulties.
said it plans to cut 32 jobs as part of a restructuring. ISB said the restructuring will result in a fourth-quarter pretax charge of $1.3 million which will cut earnings-per-share by 14 cents. The company also said a provisional expense would cut fourth-quarter EPS by an additional 17 cents, bringing the net effect on shares to a total of about 28 cents.
West Coast Bancorp
said it named Robert Sznewajs as president and CEO. Sznewajs was previously vice chairman of
This story has been clarified. Please see
Corrections and Clarifications.