Outflow from U.S. equity funds for the week ended yesterday totaled $3.2 billion, with half coming from small-cap and aggressive growth funds, according to
AMG Data Services
. Large-cap equity index funds continued to report inflow, while European funds showed the largest regional redemption. Among other funds, $6.35 billion flowed into money market funds, $282 million flowed into municipal bond funds and $759 million flowed into taxable bond funds, with most of the flow directed toward investment grade and high yield bond funds.
reported third-quarter earnings of 27 cents a share, 2 cents higher than the 14-analyst
estimate and above the year-ago 20 cents.
(VMIX:Nasdaq) 3.5 million-share IPO top range at $16 a share. The price range for the offering was raised to $15 to $16 from $12 to $14. Valley Media distributes music and video entertainment recordings
In other postclose news (earnings estimates from First Call; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
posted first-quarter earnings of 35 cents a share, in line with the five-analyst forecast and above the year-ago 6 cents.
warned it sees second-half earnings falling below estimates due to weaker revenue. The three-analyst forecast called for third-quarter earnings of 12 cents a share, a repeat of the year-ago figure, and fourth-quarter earnings of 16 cents, vs. the year-ago 15 cents.
sees a first-quarter loss of 10 cents to 20 cents a share. The six-analyst prediction called for earnings of 37 cents vs. the year-ago profit of 54 cents. The company blamed a revenue slowdown.
International Microcomputer Software
warned of a wider-than-expected third-quarter loss, around 70 cents to 75 cents a share. The company cited continuing investments in its online operations. The two-analyst view called for a loss 11 cents vs. the year-ago profit of 18 cents.
United Commercial Bank
said it expects to meet the single-analyst 1999 earnings estimate of $1.60 a share. The company earned $1.26 in 1998.
said it will record a $3.2 million charge in the third quarter, when it expects to report an operating loss. The charge is related to severance costs for a 13% cut in the company's workforce. The two-analyst forecast called for a quarter loss of 13 cents a share vs. the year-ago loss of 3 cents. Verilink also named Graham Pattison president and chief executive, succeeding Leigh Belden, who is retiring.
said it will take a 1999 charge of up to $25 million as it cuts 80 jobs and exits the international marine container leasing industry.
Mergers, acquisitions and joint ventures
Concentra Managed Care
amended its $1.1 billion merger agreement with
to provide that all shares its stock be converted into the right to receive $16.50 in cash. Initially, all but 7% of shares in the merged company would be converted.
General Cigar Holdings
said it's negotiating the sale of its mass market cigar business unit but that it will retain its premium cigar business unit.
Offerings and stock actions
said it will buyback up to 10% of its outstanding shares.
set a 1 million-share repurchase plan.
also approved a million-share buyback program.
American Electric Power
said its two Cook nuclear power plants in Michigan, which represent about 9% of its generating capacity, will remain closed through the summer. The plant was shut down in September 1997 because of questions raised during a
Nuclear Regulatory Commission
An explosion broke out this afternoon near a gasoline producing unit at a
refinery in Richmond, Calif.
said it will temporarily cut 550 production jobs from its 8,500-person workforce. The company said it had been adding to its production crew, expecting significant order increases for delivery. But in the last week, the company said, customers significantly reduced their expected demand.
said its president and CEO, Steven Vana-Paxhia, resigned. The company named Stephen Jaeger, who has served as non-executive chairman, chief executive.
said its chairman, Robert C. Pew, plans to retire. Earl D. Holton, a director, will replace Pew as the company's first non-executive chairman.