Computer Sciences Agreement Highlights Earnings-Heavy After-Market

Computer Sciences and United Technologies agree to $1.2 billion agreement in after-markets.
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Computer Sciences

(CSC)

said it inked an outsourcing agreement with

United Technologies

, tacking on an additional $900 million to their current $1.2 billion deal with United Technologies'

Pratt & Whitney

division. According to the deal's terms, Computer Sciences would restructure United Technologies' corporate headquarters, research center and five business divisions, which include Pratt Whitney,

Carrier

,

Otis Elevator

,

Sikorsky Aircraft

and

Hamilton Sundstrand

. In addition, roughly 300 United Technologies employees and 100 contractors would join Computer Sciences workforce.

Separately, Computer Sciences posted second-quarter earnings of 55 cents a share, in line with the 15-analyst estimate and up from the year-ago 45 cents a share.

Hambrecht & Quist

(HQ)

posted fourth-quarter earnings of $1.63 a share, which includes investment gains. The report trounced the two-analyst estimate of $1.20 and the year-ago 14 cents a share.

NCR

(NCR) - Get Report

announced its plans to slash its workforce by 1,500 and assume a $200 million to $250 million restructuring charge in the fourth quarter. NCR said the reduction is part of an effort to leave the computer hardware business and concentrate on supplying business software.

Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 8 p.m. EDT. Prior to Sept. 15 Island offered trading from 8 a.m. to 5:15 p.m. EDT

.

MarketXT, formerly Eclipse Trading, offers after-hours trading to retail clients of Morgan Stanley Dean Witter's (MWD) Discover Brokerage 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. EDT Monday through Thursday. Prior to Oct. 11, MarketXT traded issues from 6 to 8 p.m.

In other postclose news (earnings estimates from

First Call/Thomson Financial

; earnings reported on a diluted basis unless otherwise specified):

Mergers, acquisitions and joint ventures

Jefferies

(JEF) - Get Report

said it has forged a pact with the U.S. securities division of

Credit Lyonnais

to provide collaborative investment banking services. The deal calls for Credit Lyonnais to serve as Jefferies' global bank, while Jefferies provides investment-banking services to the French bank.

Liberty Media

(LMG.A)

said it has forged an agreement to assume a 31.6% interest in

Astrolink

. The transaction calls for Liberty, the TV programming division of AT&T, to invest $425 million in the wireless broadband venture, boosting its total equity stake to $1.325 billion.

Earnings/revenue reports and previews

Airborne Freight

(ABF)

reported third-quarter earnings of 44 cents a share, well below the 16-analyst estimate of 59 cents a share, and the year-ago 65 cents. The company said the latest results were hurt due to lower domestic shipping rate growth and higher jet fuel costs.

American Medical Security

(AMZ)

posted a third-quarter loss of $1.57 including a charge of $1.45 a share. The four-analyst estimate called for a loss of 2 cents a share, while the year-ago earnings were 14 cents a share.

Arden Realty

(ARI) - Get Report

posted third-quarter funds from operations of 65 cents a share, missing the nine-analyst estimate by a penny but up from the year-ago 61 cents.

Armstrong World

(ACK)

posted third-quarter earnings of $1.78 a share, which included an after-tax loss for a sale. The report beat the 12-analyst estimate of $1.76 and up from the year-ago $1.53 a share.

CEC Entertainment

(CEC)

reported third-quarter earnings of 44 cents a share, beating the 10-analyst estimate and the year-ago 31 cents. The per-share figures were adjusted to reflect a 3-for-2 stock split in the form of a 50% stock dividend of the company's common stock on July 23.

Clarent

(CLRN)

posted a third-quarter pro forma loss of 9 cents a share, narrower than the five-analyst expected loss of 13 cents a share, and the year-ago loss of 10 cents.

HomeStore.com

(HOMS)

reported a third-quarter pro forma loss of 23 cents a share, a penny narrower than the three-analyst expected loss of 24 cents a share and smaller than the year-ago loss of 28 cents a share.

Midway Games

(MWY)

reported first-quarter earnings of 29 cents a share, beating the four-analyst estimate of 22 cents. The year-ago figure was 19 cents.

MyPoints.com

(MYPT)

posted a narrower-than-expected pro forma loss of 47 cents a share. The three-analyst estimate called for a loss of 57 cents, while the year-ago pro forma loss was 63 cents.

NetZero

(NZRO)

posted a first-quarter pro forma loss of 13 cents a share, narrower than the three-analyst expected loss of 19 cents a share.

Power Integrations

(POWI) - Get Report

reported third-quarter earnings of 47 cents a share, beating the four-analyst estimate of 32 cents and the year-ago 33 cents. The company also set a 2-for-1 stock split.

PSC

(PSCX)

reported third-quarter earnings of 27 cents a share including a 2-cent gain. The four-analyst estimate called for earnings of 24 cents a share, while the year-ago EPS was 20 cents a share.

Remedy

(RMDY)

reported third-quarter earnings of 30 cents including items, beating the seven-analyst estimate of 24 cents and the year-ago 21 cents a share.

Sanmina

(SANM) - Get Report

reported fourth-quarter earnings of 55 cents a share including items. The 15-analyst estimate was for 54 cents a share, while year-ago earning were 40 cents a share including items.

Sealed Air

(SEE) - Get Report

reported third-quarter earnings of 43 cents a share, missing the eight-analyst estimate of 46 cents, but up from a year-ago 29 cents. The company said it named William Hickey as CEO, effective March 2000, while T.J. Dermot Dunphy, the current CEO will remain chairman.

Voicestream Wireless

(VSTR)

reported a third-quarter loss of 97 cents including a $6.6 million charge to restructure the company's employee stock option program. The 15-analyst expected loss was 85 cents a share, while the year-ago loss was 64 cents.

Offerings and stock actions

The

New York Stock Exchange

said it has requested that

Dollar General

(DG) - Get Report

comment on its unusual stock activity. Dollar General ended the trading session down 3 13/16, or 13.4%, to 24 5/8.

Power Integrations

(POWI) - Get Report

said it has set a 2-for-1 stock split.

Miscellany

Digi International

(DGII) - Get Report

said that Joseph Dunsmore would become president and CEO. Dunsmore would replace John Schinas, who served as the interim president and CEO.

Dun & Bradstreet

(DNB)

said Volney "Terry" Taylor has stepped down from his roles as chairman and CEO. The company said it has tapped Clifford Alexander as an interim replacement.

Infoseek

(SEEK)

said it has made a pact with

Day Runner

(DAYR)

to create an Internet Web organizer. The companies would offer the organizer on the

Go Network

, which is run by Infoseek and

Disney

(DIS) - Get Report

and on Day Runner's site later this year.

Sealed Air

(SEE) - Get Report

said it has selected William Hickey to become the company's CEO as of Mar. 1, 2000. Hickey will replace the retiring T.J. Dermot Dunphy, who will continue to serve as chairman.