Equity Mutual Funds Report First Weekly Outflow in 16 Weeks

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Equity mutual funds reported outflows of $271 million in the week ended yesterday, the first outflow reported in 16 weeks, according to AMG Data Services. Technology funds reported the largest weekly outflow on record, at $756 million, while small-cap funds reported a second consecutive week of outflows, shedding $728 million.

Large-cap and aggressive growth funds continued to report inflows, of $766 million and $530 million, respectively. International equity funds reported outflows from all developed and emerging regions, while global equity funds reported inflows of $248 million. Large-cap equity index funds reported outflows in six of the last seven weeks. Taxable bond outflows slowed to $130 million, though outflows from high-yield corporates continued, totaling $545 million.

Starbucks

(SBUX) - Get Report

said Howard Schultz will step down as CEO to take a more visionary role at the company, focusing on long-term strategy. Schultz, whose resignation will be effective June 1, will stay on as chairman of the Seattle-based company and assume the newly created title of chief global strategist. He will be succeeded by COO and President Orin Smith.

The company also reported that March same-store sales rose 10%.

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

Allied Waste

(AW)

said it is on track with its acquisition and asset divestiture program and expects growth to pick up later this year.

Dime Community Bancshares

(DCOM) - Get Report

said it expects to post third-quarter earnings of 49 cents a share, topping the five-analyst estimate of 45 cents.

Elan

(ELN)

said it knows of no reason for the recent decline in its share price and remains comfortable with the high end of consensus estimates for the first-quarter and calendar year 2000. The 16-analyst first-quarter estimate is for 32 cents.

Mapics

(MAPX)

said it sees second-quarter revenues below analyst estimates and second-quarter net income significantly below the year-ago $2 million.

Integrated Electronics

(IEE)

said it expects to post a second-quarter profit of about 17 cents to 20 cents a share, before items. The current six-analyst estimate is for earnings of 20 cents. After unusual cash items, the company said it sees a loss of about $1.5 million to $2.5 million, or about 4 cents to 6 cents a share.

Midway Games

(MWY)

said it expects a net loss in the third and fourth quarters as sluggish sales in home video and coin-operated games hurt results. The company said it expected a net loss of 23 cents to 27 cents a share in the quarter ended March 31, compared with the year-ago profit of 3 cents. The five-analyst estimate calls for earnings of 25 cents. Midway also said it expects a fourth-quarter loss and no longer anticipates record revenue and net income for fiscal 2000.

Modis Professional Services

(MPS)

said it sees first-quarter earnings in line with expectations and said it is exploring a public offering for part of its e-business Idea Integration unit. The current nine-analyst estimate calls for 18 cents.

Mergers, acquisitions and joint ventures

Tosco

(TOS)

said it agreed to buy a 295,000 barrel-a-day refinery from a joint venture between

Texaco

(TX) - Get Report

and

Shell

for $420 million.

Tribune

(TRB)

said its proposed $8 billion offer to acquire

Times Mirror

(TMC)

has cleared an antitrust hurdle. The

Justice Department

granted early termination of the Hart-Scott-Rodino antitrust waiting period.