board approved the tax-free spinoff of its parts division,
Delphi Automotive Systems
. Following the spinoff -- to be completed May 28 -- GM will maintain its quarterly dividend of 50 cents a share. GM also announced plans to invest more than $400 million in its Arlington, Texas, truck assembly plant to build new models of full-size trucks, creating 500 new jobs.
said it will unveil details Tuesday of a separate business unit to expand its sales to the fast-growing market for telecommunications services delivered by the Internet. The new business will be an arm of IBM's Global Industries group.
In other postclose news (earnings estimates from
; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
posted a first-quarter loss of 9 cents a share, 3 cents narrower than the five-analyst estimate and a repeat of the year-ago loss.
restated first-quarter results to 26 cents a share to adjust the timing of revenue recognition. The company initially reported 27 cents.
Enron Oil & Gas
posted first-quarter net earnings of 3 cents a share, including a 12-cent gain. The 15-analyst view called for an operating loss of 5 cents vs. the year-ago profit of 17 cents.
reported first-quarter earnings of 38 cents a share, 2 cents above the 14-analyst outlook and higher than the year-ago 29 cents.
Kinder Morgan Energy
reported first-quarter earnings of 57 cents a share, topping the nine-analyst prediction by 2 cents and moving ahead of the year-ago 52 cents.
said it sees first-quarter earnings of 33 cents to 34 cents a share, excluding items. The six-analyst outlook called for 29 cents vs. the year-ago 22 cents. The company said its
unit provided most of the growth, with a 5.2% increase in same-store sales for the quarter.
expects first-quarter earnings coming 20% higher than the eight-analyst forecast for 28 cents a share, reflecting its acquisition of
. The company earned 31 cents in the year-ago period.
Penske Capital Partners
agreed to invest $83 million in the company in exchange for a possible 38% equity stake. After the first $33.5 million installment, Roger Penske will succeed UAG's founder, Marshall Cogan, as chairman and CEO.
said it will record a first-quarter gain of $10 million related to the sale of three TV stations to
warned of a first-quarter loss of 14 cents to 17 cents a share, including restructuring charges. The three-analyst view calls for an operating loss of 20 cents. The company lost 65 cents in the year-ago period.
said it expects to post a first-quarter loss of 85 cents to 87 cents a share, which would be wider than the six-analyst estimate of a 43-cent loss. The software maker, which blamed lower sales and higher operating costs, lost 23 cents in the year-earlier period.
Mergers, acquisitions and joint ventures
as the exclusive distributor and logistics provider of the HP Mopier network copier product line. Terms of the deal were not disclosed.
Rohm and Haas
said it reached a tentative agreement with the
Federal Trade Commission
calling for the company to sell off its worldwide floor care polymers business so that it could proceed with its acquisition of
Offerings and stock actions
said its majority-owned subsidiary,
US Search Corp.com
, filed with regulators for an IPO. US Search is a research service for a broad range of public-record information about individuals.
(MIHL:Nasdaq) 9.1-million-share IPO top range at $18 a share. MIH is a multinational provider of pay-TV services and technology based in the British Virgin Islands.
America West Holdings
said its chairman, William Franke, will reassume duties of president and chief executive of its subsidiary,
America West Airlines