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Hewlett-Packard's Big Night: Earnings and Agilent IPO

The computer giant's earnings beat estimates; Agilent's IPO bigger and pricier than expected.

Computer giant

Hewlett-Packard

(HWP)

posted fourth-quarter earnings of 75 cents a share, beating the 16-analyst estimate of 73 cents and the year-ago 72 cents. Earnings rose to $760 million from $710 million, while revenues from continuing operations totaled $11.4 billion compared with $10.3 billion last year.

CEO Carly Fiorina said in a statement that the company had some longstanding business issues it needed to address but that the company was not expecting an overnight fix. Fiorina said she was comfortable the company could make substantial progress this year, and aimed to achieve 12% to 15% growth levels.

The eagerly awaited IPO of Hewlett-Packard spinoff

Agilent Technologies

(A) - Get Agilent Technologies, Inc. Report

was priced at $30 a share, above the expected range, up from the expected $26 to $28 a share range. Agilent also increased the size of the offering, upping the number of shares to 65 million from 57 million.

Morgan Stanley Dean Witter

is the lead underwriter.

For more on H-P, check out additional

coverage from the

TheStreet.com/nytimes.com

joint newsroom.

After-Hours Trading

Imatron

TheStreet Recommends

(IMAT)

took the top spot on

Island ECN

, replacing

Applied Materials

(AMAT) - Get Applied Materials, Inc. Report

.

Nonetheless, Applied Materials was still quite active on news of its stronger-than-expected fourth-quarter earnings.

TheStreet.com/nytimes.com

joint newsroom wrote about the company's earnings in an earlier

story. During the day, ahead of the earnings release, the company rose 4 1/2, or 4.3%, to 110, hitting a 52-week high of 113 1/4 in the process.

On Island, volume was moderate as the ECN's most-actives list was dominated by Internet and tech stocks valued in the teens or lower.

Compaq

(CPQ)

led

MarketXT

in heavy volume.

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):

Earnings/revenue reports and previews

American Management Systems

(AMSY)

reaffirmed its fourth-quarter earnings estimate of 40 cents to 43 cents a share, as its stock price slipped 10%. The current six-analyst estimate calls for earnings of 42 cents a share.

Applied Materials

(AMAT) - Get Applied Materials, Inc. Report

reported fourth-quarter income from continuing operations of 69 cents a share, beating the 28-analyst estimate of 65 cents and the year-ago operating loss of 45 cents a share. See additional

reporting on Applied Materials from

TheStreet.com/nytimes.com's

joint newsroom.

JLG Industries

(JLG)

reported first-quarter earnings of 29 cents a share, a penny better than the eight-analyst estimate, and up from the year-ago 23 cents a share. JLG said it expects earnings and sales to top year-ago levels, citing strength from new products and overseas recovery. The company said it expects 2000 earnings between $1.60 to $1.65 a share. The current nine-analyst estimate for 2000 is $1.64 a share.

Neomagic

(NMGC)

posted third-quarter earnings of 16 cents a share, beating the three-analyst estimate of 11 cents, but lower than the year-ago 33 cents.

Phillips-Van Heusen

(PVH) - Get PVH Corp. Report

reported third-quarter earnings of 56 cents a share, a penny better than the six-analyst estimate and up from the year-ago 51 cents a share.

J.M. Smucker

(SJM.A)

posted second-quarter earnings of 32 cents a share, a penny shy of the two-analyst estimate and up slightly from the year-ago 31 cents a share. Smucker said it was reviewing its business and looking to divest certain assets it considers nonstrategic or underperforming.

Restoration Hardware

(RSTO)

posted a third-quarter loss of 10 cents a share, wider than the 11-analyst estimated loss of 7 cents and year-ago results of nil.

Smart Modular

(SMOD)

posted fourth-quarter earnings of 30 cents a share, in line with the seven-analyst estimate and up from the year-ago 26 cents

Sports Authority

(TSA)

posted a third-quarter operating loss of 16 cents a share including items. The five-analyst expected loss was for 19 cents a share. Excluding items, the loss was 33 cents a share. The year-ago loss was 32 cents a share excluding items. Sports Authority also said it plans to spend about $40 million next year in order to lead its industry.

Sterling Commerce

(SE) - Get Sea Ltd. (Singapore) Report

posted fourth-quarter earnings of 42 cents a share, better than the 13-analyst estimate of 40 cents and the year-ago 36 cents a share.

Mergers, acquisitions and joint ventures

Kimberly-Clark

(KMB) - Get Kimberly-Clark Corporation Report

said it would buy

Safeskin

(SFSK)

in a transaction valued at $850 million. Under the agreement, shareholders of Safeskin will receive 0.1956 of a share of Kimberly-Clark common stock for each share of Safeskin common. Kimberly-Clark will issue about 10.5 million shares to complete the acquisition.

Offerings and stock actions

Credit Suisse First Boston

priced 5.5 million shares of

Retek

(RETK)

at $15 each, above the estimated $12 to $14 range. Retek makes software used by retailers to communicate online with suppliers and distributors.

Union BanCal

(UB)

said it would repurchase up to $100 million of its common stock.