Evening Update: Lycos Tops Estimates; Chase Sets Stock Split

Author:: Tara Murphy
Publish date:: May 17, 2000 8:10 PM EDT

reported earlier,

Lycos

(LCOS)

posted third-quarter earnings of 7 cents a share, topping the 15-analyst estimate of 5 cents and up from the year-ago loss of a penny. Lycos said revenues for the quarter came in at $78.6 million, a 120% increase from the last year's $35.8 million. The stock bounced after hours (for more, see

The Night Watch).

Yesterday, the online media company announced a $12.5 billion merger with Spanish-based Web company

Terra Networks

(TRRA)

. The stock, which received downgrades from

ABN Amro

and others, continued to fall during today's trading session on the news of that deal.

Chase Manhattan

(CMB)

set a 3-for-2 stock split.

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

Dexter

(DEX) - Get Report

sent a letter to

International Specialty Products

(ISP)

informing the company that it was ready to negotiate a possible deal, citing price as the only stipulation. ISP, which launched a $50 hostile takeover bid for Dexter, already holds a 10% stake in the specialty materials company.

Earnings/revenue reports and previews

Advance Paradigm

(ADVP)

posted fourth-quarter earnings of 24 cents a share, a penny better than the nine-analyst estimate and up from the year-ago 15-cent profit.

CacheFlow

(CFLO)

reported a fourth-quarter loss of 20 cents a share, narrower than the four-analyst estimate of a 22-cent loss but wider than the year-ago 14-cent loss.

Petco

(PETC)

reported first-quarter earnings of 26 cents a share, beating the three-analyst estimate of 22 cents and up from the year-ago 17-cent profit. Separately, Petco said it has entered a deal with private banking firm

Leonard Green & Partners

to be bought for $600 million. According to the terms, shareholders will get $22 for each Petco share they hold. Petco said the deal would close in 2000.

Offerings and stock actions

Huntington Bancshares

(HBAN) - Get Report

added 10 million shares to its current stock buyback.

MasTec

(MTZ) - Get Report

set a 3-for-2 stock split.

Nexgenix

(NXGN) - Get Report

said it plans to withdraw its $57.5 million IPO, saying the offering is "no longer in its best interest," according to a

Securities and Exchange Commission

filing.

SGI

(SGI)

said it plans to spin off to shareholders its remaining 65% stake in

MIPS Technologies

(MIPS)

in order to divest all of the unit's shares. As a result of the spinoff, SGI will take a noncash charge of up to $465 million during its June quarter.