Hewlett-Packard Edges Up in Late Composite Trading

Plus, Charter One Financial agrees to acquire St. Paul Bancorp for $1.2 billion in stock.
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Hewlett-Packard

(HWP)

reported second-quarter earnings of 88 cents a share, 8 cents higher than the 20-analyst

First Call

outlook and above the year-ago 65 cents. The PC maker expects low double-digit sales growth during the second half of the fiscal year. The stock added 3/4 to 88 3/4 in late composite trading from a New York close of 88.

TheStreet.com

took a closer look at H-P's report in a

story tonight.

Charter One Financial

(COFI)

agreed to acquire

St. Paul Bancorp

(SPBC)

for $1.2 billion in stock. Charter One will swap 0.95 of a share for each share of St. Paul.

In other postclose news (earnings estimates from First Call; earnings reported on a diluted basis unless otherwise specified):

Earnings/revenue reports and previews

Advanced Digital

(ADIC)

reported second-quarter earnings of 35 cents a share, beating the four-analyst estimate of 31 cents and moving ahead of the year-ago 20 cents.

Donaldson

(DCI) - Get Report

reported third-quarter earnings of 37 cents a share, topping the six-analyst prediction for 33 cents and the year-ago 32 cents.

General Nutrition

(GNCI)

recorded first-quarter earnings of 25 cents a share, in line with the nine-analyst forecast but below the year-ago 36 cents.

MCN Energy Group

(MCN) - Get Report

said it will delay filing its first-quarter financial report until the company completes an investigation of prior years' operations of its

CoEnergy Trading

unit.

PanAmSat

(SPOT) - Get Report

said its 1999 results will be hurt by a delay in the launch of several satellites. The company said it needs to correct defects in parts supplied by vendors. The 13-analyst view called for annual earnings of $1.17 a share vs. the year-ago 83 cents.

RailAmerica

(RAIL) - Get Report

posted first-quarter earnings of 10 cents a share, a penny below the three-analyst forecast but above the year-ago 7 cents. Separately, Canada's

Railink

agreed to a C$8.75-per-share buyout bid from RailAmerica.

Roper Industries

(ROP) - Get Report

posted second-quarter earnings of 40 cents a share, 4 cents ahead of the nine-analyst estimate and above the year-ago 33 cents.

Mergers, acquisitions and joint ventures

Agouron Pharmaceuticals

(AGPH)

shareholders approved the company's $2.1 billion acquisition by

Warner-Lambert

(WLA)

.

Philips Electronics

(PHG) - Get Report

said it will invest $1.6 billion in a joint venture with

LG Electronics

and that it will acquire 50% of LG's active Maxtrix liquid crystal display business.

Miscellany

A Texas jury awarded a unit of

Cirrus Logic

(CRUS) - Get Report

$48.6 million in a patent suit.

Coram Healthcare

(CRH) - Get Report

announced plans to launch an online pharmacy in the third quarter and said that

MediConsult.com

(MCNS)

will provide content and promotion for the new Web site.

Dimon

(DMN)

said Claude Owen Jr. was retiring as chairman and CEO and that he would be replaced by President and COO Brian Harker.

McNeil Consumer Healthcare

, a unit of

Johnson & Johnson

(JNJ) - Get Report

, received approval from the

Food and Drug Administration

to market its

Benecol

products.