is mulling a possible bid to take over
, which would trump a nearly $3 billion offer already made by
for the British company, a unit of Germany's
reported in a story on its Web site. Last week, Ford said it reached a memorandum of understanding to buy Land Rover from BMW. The
reported that senior execs, led by
Mike Burns, are exploring whether or not the memorandum of understanding signed by BMW and Ford could be challenged by a rival approach.
is raising its stake in Japan's
to 20% from 9.5% effective Tuesday by converting a portion of its convertible bonds. Terms of the increase in its stake weren't disclosed. Citigroup invested $1.6 billion in Nikko Securities in August 1998 via a 9.5% shareholding and a bond convertible into 15.5% of Nikko stock.
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
, a medical products and services company, at an analyst and investor meeting, said it hopes to grow its sales in the low to mid-teens, as compared to its 2000 commitment of sales growth of 9% to 10%. Baxter also said it hopes to grow net earnings in the mid- to high teens, compared to its 2000 goal of net earnings growth in the mid-teens. The company expects operational cash flow will accelerate from its current commitment of $500 million for 2000 to more than $700 million in the future.
, a homebuilding concern, posted first-quarter earnings of 40 cents a share, beating the seven-analyst estimate of 38 cents, but down from the year-ago 45 cents.
, which builds homes under the name Richmond American Homes, said it expects its first-quarter earnings to exceed "the high end" of Wall Street earnings estimates it said ranged from 61 cents to 68 cents. The five-analyst estimate calls for the company to earn 66 cents a share in the first quarter.
warned first-quarter earnings will be in the range of 75 cents to 85 cents a share, well below the one-analyst estimate of 93 cents.
expects its fiscal fourth-quarter revenue, which it previously anticipated to be in the range of $100 million, could fall short of that estimate by up to 10%.
expects to report its first profitable quarter when it reports its first-quarter results. Wit anticipates revenue will exceed $85 million, above analyst estimates which it said range from $47.6 million to $54.0 million. The two-analyst estimate calls for the company to lose 5 cents a share in the first quarter. Wit said it expects to report earnings the week of April 17. For more, check out
story on the Wit announcement.
Mergers, acquisitions and joint ventures
is selling its
hair care brand and related assets, including its St. Paul Manufacturing Center, to
for an undisclosed amount. Gillette said the transaction, which should be completed early next month, will have no material effect on Gillette.
North Fork Bancorp
is extending the expiration date of its exchange offer for
. North Fork said it extended the date in light of the second postponement of Dime's shareholder meeting to consider its proposed get-together with
Hudson United Bancorp
. The deadline has been extended to midnight, EST, Wednesday, May 31.
Offerings and stock actions
20 million-share IPO was priced midrange at $9 a share by
Credit Suisse First Boston
4 million-share IPO was priced above-range at $15 a share by Deutsche Banc Alex. Brown. The initial price range was $8 to $10 a share, which was then raised to $12 to $14.
is preparing to sell 14 million shares of its
Time Warner Telecom
stock. The total shares to be offered will be 15.3 million, including the underwriters' over allotment option, which represents all of MediaOne's interests in Time Warner Telecom. MediaOne is shedding its Time Warner Telecom interests in order to get the go-ahead for its proposed merger with
44 million-share IPO was priced above-range at $21 a share by
Morgan Stanley Dean Witter
. The estimated price rage was $16 to $19 a share.
board approved a 2-for-1 stock split and an increase in the number of authorized shares of common stock to 450 million from 40 million.
3.2 million-share IPO was priced by Morgan Stanley Dean Witter above-range at $31 a share. The original price range was $21 to $23 a share, which was then raised to $25 to $27 a share.
Johnson & Johnson
said it would discontinue marketing its prescription heartburn drug Propulsid in the U.S. after reports of grave cardiovascular side effects. Johnson & Johnson CFO Robert Darretta said in a conference call with analysts that he expects Propulsid's sales to drop to $250 million in 2000 from $950 million last year and that he was "comfortable" with the lower end of analysts' earnings estimates for 2000 from $3.35 to $3.40 a share,
Pharmacia & Upjohn
voted to approve their proposed merger. With the shareholder approval, Monsanto and Pharmacia & Upjohn expect the deal to close on or before April 1, as previously announced.
said an investment group led by H. Wayne Huizenga will invest between $20 million and $44 million in a private placement of ZixIt common stock. As part of the investment, Huizenga will become vice chairman of the board of ZixIt.