FCC Head Praises AT&T Internet Plan

Department of Justice OKs Infinity's purchase of Outdoor Systems.
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Federal Communications Commission

Chairman William Kennard said

AT&T's

(T) - Get Report

deal to share its cable Internet lines was "a good first step" that should be followed by more talks.

Kennard requested that AT&T outline a set of rules allowing shared use of its Internet lines in combination with Internet service provider

MindSpring Enterprises

(MSPG)

. According to the agreement, other ISPs must set different terms to reach customers through AT&T's Internet service. However, AT&T said it would provide customers some options and would charge similar ISP's "reasonably comparable" prices to use its Internet lines.

The

Justice Department

gave its stamp of approval to

Infinity Broadcasting's

(INF) - Get Report

$8.3 billion acquisition of

Outdoor Systems

(OSI)

. In order to meet requirements, the Justice Department said the companies will divest outdoor displays in New York City, Infinity's New Orleans's bus advertising unit and other businesses in Phoenix. Justice Department officials were concerned that competition would be hurt in the three cities because Infinity had owned a large advertising business prior to its purchase of Outdoor Systems.

The Justice Department and 19 states claimed in papers filed with the judge presiding over

Microsoft's

(MSFT) - Get Report

trial that the software giant infringed upon the U.S. antitrust law in four separate ways. The government cited Judge Thomas Penfield Jackson's finding of fact to contend that Microsoft illegally hindered competitors, coupled buying its monopoly computer operating system to acceptance of its other software, made exclusionary deals and fought to keep competing Web browser,

Netscape

from consumers. Netscape was later acquired by

America Online

(AOL)

.

After-Hours Trading

Voxware

(VOXW)

jumped out to a big lead early in after-hours trading on

Island ECN

and kept it all night long. It passed seven-digit activity without breaking a sweat and completely dominated all other issues. Impressive, considering heavyweights

Microsoft

(MSFT) - Get Report

,

Yahoo!

(YHOO)

and

Amazon.com

(AMZN) - Get Report

have all made the top ten at some point this evening.

Tonight's run is even more impressive when you consider the numbers of shares traded in other issues on the list. Voxware's seven-digit figure is more than the next nine stocks combined. In fact, it's more than 440,000 shares better. On a night with relatively mild trading, Voxware is like an 8-year-old with a six-pack of Mountain Dew -- hyperactive.

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.

Confused?

TheStreet.com

explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.

--

Eric Gillin

In other post-close news (earnings estimates from

First Call/Thomson Financial

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

Mergers, acquisitions and joint ventures

Boise Cascade

(BCC) - Get Report

said that

Boise Cascade Office Products

(BOP)

would not urge its shareholders to accept Boise Cascade's acquisition offer of $13.25 a share. Boise Cascade already holds a 81.2% stake in Boise Cascade Office Products, now trading above the Dec 1. premium offer to 14 13/16.

Coca-Cola

(KO) - Get Report

bottler

Coca-Cola Bottling Consolidated

(COKE) - Get Report

said that it postponed buying Coca-Cola's 50% stake in their joint venture. Coca-Cola Bottling Consolidated was in talks with Coca-Cola to purchase Coke's remaining stake in

Piedmont Coca-Cola Bottling Partnership

. Coca-Cola Bottling Consolidated said it plans to resume negotiations in the future.

Four Media

(FOUR)

said it has agreed to sell all of its shares to

AT&T 's

(T) - Get Report

cable TV programming division

Liberty Media Corp.

(LMGA)

, in a cash and stock transaction valued at $264 million.

Research Frontiers

(REFR) - Get Report

, an R&D company that has developed a light-control technology -- called suspended particle device (SPD) -- which can be used in automatically dimming rear-view mirrors and "smart" window, announced that it has granted a license to Global Mirror, allowing this company to use SPD technology in its rear-view mirrors. Research Frontiers stock was up 1 1/4, or 12.6%, to 11 1/2.

Earnings/revenue reports and previews

Anchor Financial

(AFSC)

said it expects to post third-quarter earnings between 35 cents a share to 38 cents a share, missing the three-analyst estimate of 48 cents. The company blamed loan losses and interest margin pressures for the disappointing estimate revision.

McClatchy

(MNI) - Get Report

said it expects to report fiscal 1999 earnings between $1.81 to $1.85 a share, beating the five-analyst estimate of $1.79 a share.

Remec

(REMC)

posted a third-quarter loss of 4 cents a share, missing the four-analyst estimate of a 1-cent profit and down from the year-ago 2-cent profit.

Tractor Supply

(TSCO) - Get Report

said it expects to report fourth-quarter earnings between 48 cents a share to 53 cents, missing the four-analyst estimate of 70 cents. Tractor Supply blamed the lower estimates on unseasonably dry weather.

Vicorp Restaurants

(VRES)

posted fourth-quarter earnings of 38 cents a share, beating the single-analyst estimate of 34 cents and up from the year-ago 23 cents.

Offerings and stock actions

Kaiser Aluminum

(KLU)

said it has filed to raise its number of common shares to 125 million from 100 million

Stockwalk.com

(STOK) - Get Report

announced its plans for a cash tender offer for all shares of

Kinnard Investments

(KINN)

for $7.50 a share on Wednesday. Stockwalk.com said that the offer was a considerable premium to Kinnard's trading range for the last several years. Unless it is extended, the offer will expire Jan 6.

Miscellany

AK Steel

(AKS) - Get Report

said it would shut down a Dover, Ohio plant, which would cut its workforce by 120. As a result, the company said it would take a fourth-quarter restructuring charge of $35 million. The charge is part of the $150 million to $175 million in one-time charges that AK Steel said it might assume due to its merger with

Armco

.

General Motors

(GM) - Get Report

said it would spend over $700 million to build midsize trucks in its Shreveport, LA, production plant. The funds would be used to construct new body shop and assembly areas and improve its paint operation. The company said the project is set to begin in the first half of 2000. Due to competition, GM did not say what products would be built at the facility, however one analyst told

Reuters

that the new program was called GMT355, which would replace both the

Sonoma

,

S-10

and

Isuzu Hombre

trucks.

As originally published this story contained errors. Please see

Corrections and Clarifications.