As reported



(INTC) - Get Report

agreed to buy

Level One Communications

(LEVL) - Get Report

for $2.2 billion in stock. Intel said it will offer 0.43 of a share for each Level One share and that it will issue 18.6 million new Intel shares. The companies expect the merger to close by the end of the second quarter. Intel reportedly lifted as high as 115 3/4 in after-hours trading from a close 113 3/8; Level One moved up to 27 5/16 from a regular-session close of 27 1/8.



warned it sees a break-even third quarter and a fourth-quarter loss because of lower-than-expected sales. The 12-analyst

First Call

outlook called for third-quarter earnings of 21 cents a share, vs. the year-ago 27 cents, and fourth-quarter earnings of 11 cents, vs. the year-ago loss of 19 cents. The stock fell to 7 3/4 from a close of 8 1/8 in after-hours trading.

Outflow from U.S. equity funds for the week ended yesterday totaled $1.8 billion, with two-thirds coming from small-cap growth funds, according to

AMG Data Services

. International funds posted outflow from both developed and emerging sectors. Among other funds, $5.1 billion flowed out of money market funds while $704 million flowed into taxable bond funds, with most going into investment grade and high quality corporate sectors. Municipal bond funds reported inflow of $147 million.

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

Earnings/revenue reports and previews

Anchor Gaming


said it sees third-quarter earnings coming in at $1.10 to $1.20 a share due to a reduction in the number of income-generating gaming machines placed by its stand-alone propriety games operations. The six-analyst view called for a repeat of the year-ago $1.33.


(HRC) - Get Report

reported fourth-quarter earnings of 27 cents a share, matching the 12-analyst forecast and topping the year-ago 25 cents.

Information Advantage


reported fourth-quarter earnings of 7 cents a share, in line with the nine-analyst view and up from the year-ago 2 cents. The company also announced it adopted a shareholder rights plan but not in response to any known takeover threat.

Perot Systems

(PER) - Get Report

reported fourth-quarter earnings of 13 cents a share, a penny above the four-analyst estimate and the year-ago loss of 3 cents.

Rawlings Sporting Goods


said it expects to post second-quarter earnings of 38 cents to 43 cents a share because of delayed orders that may be placed closer to baseball season, financial problems at several retailers and competitive pressure. The two-analyst estimate called for 66 cents vs. the year-ago 61 cents.

Texas Instruments'

(TXN) - Get Report

CFO said the company's first-quarter operating margin will be unchanged from the previous period's 16% but that it will rise to 20% at the year's end.


(UAL) - Get Report

United Airlines

reported its February load factor jumped 2.9% to 68%.

Westell Technologies

(WSTL) - Get Report

said it will take a fourth-quarter restructuring charge of $1 million to cut 90 jobs, or 11% of its workforce.



posted a fourth-quarter loss of $3.80 a share, 6 cents narrower than the 14-analyst expectation but wider than the year-ago loss of $2.18.

Mergers, acquisitions and joint ventures

Harvey Entertainment


said its founder and former chairman and chief executive, Jeffrey A. Montgomery, made an offer to acquire the company. Under the proposed agreement, shareholders would receive three-year senior secured notes and five-year common-share purchase warrants of Montgomery's

Harvey Acquisition

in exchange for their shares.

Offerings and stock actions

Donaldson Lufkin & Jenrette


Boyds Collection's

(FOB:NYSE) 16 million-share IPO low-range at $18 a share. The company makes stuffed animals. Elsewhere in new offerings, DLJ priced

Neon Systems'

(NESY:Nasdaq) 2.7 million-share IPO above range at $15 a share. The software company is based in Sugarland, Texas.

LHS Group


said it withdrew a 3.35-million share secondary offering because of the stock's recent decline.


(WMT) - Get Report

set a 2-for1 stock split, upped its buyback program by $1.2 billion to $2 billion and increased its annual dividend to 40 cents a share.


LandAmerica Financial


said the recent drop in its stock price is due to market speculation that mortgage interest rates will rise sometime this year.

An advisory panel to the

Food and Drug Administration


Magainin Pharmaceuticals'



, a topical treatment for infected foot ulcers.



(PRGO) - Get Report

received FDA approval for a store-brand tablet comparable to extended-release


allergy tablets.