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HealthSouth To Split Into Two Publicly Traded Companies

HealthSouth

(HRC) - Get Hill-Rom Holdings, Inc. Report

announced plans to split its operations into two separate publicly traded companies -- one for inpatients and patients needing hospitalization (to be called

HealthSouth Hospital

), and the other for the company's larger outpatient group.

In other postclose news (earnings estimates from

First Call

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

Earnings/revenue reports and previews

Avista

(AVA) - Get Avista Corporation Report

warned it sees second-quarter earnings falling below the three-analyst prediction for 33 cents a share. The company, which made 27 cents in the year-ago period, said its energy marketing and trading unit experienced losses during the first two months of the second quarter.

Maxtor

(MXTR)

said it will record a wider-than-anticipated second-quarter loss. The 10-analyst estimate called for a repeat of the year-ago earnings of a penny a share. Maxtor blamed the warning on aggressive pricing of desktop hard disk drives.

Rexall Sundown

(RXSD)

reported third-quarter earnings of 28 cents a share, missing the six-analyst view by 3 cents but topping the year-ago figure by 2 cents.

Rite Aid

(RAD) - Get Rite Aid Corporation Report

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reported first-quarter earnings of 31 cents a share, including relocation charges. The 14-analyst estimate called for operating earnings of 32 cents vs. the year-earlier 30 cents.

Solectron

(SLR)

posted third-quarter earnings of 29 cents a share, in line with the 21-analyst forecast and above the year-ago 20 cents.

Mergers, acquisitions and joint ventures

AFC Cable Systems

(AFCX)

said its planned merger with

Thomas & Betts

(TNB)

won't be completed in the first half of 1999 as expected. AFC Cable cited

Securities and Exchange Commission

concerns about the availability of the pooling of interests accounting treatment.

Metamor Worldwide

(MMWW)

agreed to sell its software unit for $96 million to

GTCR Fund VI

.

Offerings and stock actions

The price range for

CareInsite's

(CARI:Nasdaq) IPO was lifted to $16 to $18 a share from $14 to $16 a share. The company, which develops and provides Internet-based healthcare e-commerce and links doctors with suppliers, patients and payers, plans to price the 5.65 million-share offering tomorrow after the close.