Personal finance software maker
said CEO Bill Harris resigned after he and the board decided the company needed a more seasoned manager to take the helm as its revenue edges up towards $1 billion. Investors, who have watched shares of Intuit double since Harris became CEO in 1998, frowned on the news, sending the stock down 4 1/16 to 96 1/2 in after-hours trading, according to
Harris joined the company in 1993 as executive vice president for its tax business, and was put in charge of Internet strategy and business development in 1996. During the past six months, 20% of Intuit's revenues have come from the Internet, where the company hopes to become a one-stop shop for online financial services. "This is a good time for the company to search for someone who has deep experience running large companies," Harris told
covered Harris' departure in a
story Thursday evening.
Standard & Poor's
announced further changes to the
Fruit of the Loom
after trading closes on Sept. 30. Fruit of the Loom is getting the boot for "lack of representation," according to
, due to its acquisition by
Outflows from equity funds totaled $720 million for the week ended Wednesday, according to
AMG Data Services
, with the bulk of the drop coming from small-cap growth funds. Strong inflows continue to large-cap equity index and technology funds, while international funds report outflows from all emerging and developed regions. Taxable bond outflows totaled $328 million, with 80% coming from high yield bond funds.
As the sun set on a bloody day littered with fallen tech stocks, investors crept to their keyboards, putting life back into the struggling sector. Tonight, the dead walk again, rising from the red into the green. Both
were packed with Internet providers, Web portals and boxmakers, most of which were posting gains.
rang in point-plus gains on Island, while
topped Market XT, trading higher on 1,650 shares.
If you've got more than a minute,
covered today's tech fallout in
Nothing But Net. For the larger market perspective and insight into the
Nasdaq Composite Index's
fourth-worst point drop,
Island ECN, owned by Datek Online Holdings, offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 8 p.m. EDT. Prior to Sept. 15, Island offered trading from 8 a.m. to 5:15 p.m. EDT
MarketXT, formerly Eclipse Trading, offers after-hours trading to retail clients of Morgan Stanley Dean Witter's (MWD) Discover Brokerage 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, 6 p.m. to 8 p.m. EDT Monday through Thursday.
updates the most active issues on both MarketXT and Island ECN in Got a Minute? and in the Evening Update.
also reports how MarketXT's three most active Nasdaq-listed issues finished the Island ECN session
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
posted fourth-quarter earnings before items of 50 cents a share, in line with the five-analyst estimate, and up from the year-ago 43 cents which also excludes charges.
posted third-quarter earnings of 47 cents a share, better than both the 12-analyst estimate and the year-ago 45 cents.
posted first-quarter earnings of 35 cents a share, beating the 13-analyst estimate of 31 cents and the year-ago 24 cents.
said it doesn't expect to meet third and fourth-quarter analyst estimates based on July and August results and trends in the manufactured housing industry.
Goodyear Tire & Rubber
said third-quarter earnings could come in slightly above or below analyst estimates, and would reflect workforce reductions. The stock fell on Tuesday after
reduced its third-quarter earnings to 40 cents a share from 55 cents, and cut its rating to market performer from long-term buy. Goodyear said it expects earnings of 50 cents to 56 cents a share in the third quarter. The current seven-analyst estimate is for 51 cents a share.
posted first-quarter pro-forma earnings of 59 cents a share, better than the 10-analyst estimate of 54 cents, and up from a year-ago 47 cents a share.
said it expects third-quarter profits to fall about 2 cents below its prior estimate of 30 cents due to the impact of Hurricane Floyd.
said it expects third-quarter earnings to be hurt by higher prices for raw materials.
said it expects to miss third-quarter estimates of 44 cents a share, by about 5 cents due to volatile weather conditions and lower demand for air conditioning.
Mergers, acquisitions and joint ventures
said its board of directors would meet this week to consider a revised $1 billion bid from rival
agreed to buy advertising tracker
for $193 million in stock.
said it is exploring strategic alternatives and has received proposals ranging from a sale of the company to a significant equity investment.
Whole Foods Market
bought a $3.6 million, or 16.4% stake in
Real Goods Trading
. The companies have formed an alliance covering Internet and retail initiatives.
Offerings and stock actions
Technology stocks continue to tear up the IPO landscape this week. Four more issues were priced and set to go after the market closed.
4 million-share offering was priced top range at $19 a share, with
as the lead underwriter.
Deutsche Banc Alex. Brown
priced 4 million shares of
were priced top range at $15.
priced 10 million shares of
at $16 a share, after the range was upped to $14 to $16 from $9 to $11 a share. The company offers free Internet and email access.
3.6 million-share IPO was priced at $14 a share by lead underwriter
, within the estimated $13 to $15 range.
, which provides performance measurement for e-commerce companies, raised the estimated price range of its IPO to $12 to $14 a share, from $10 to $ 12 a share.
was priced at $12.20 by lead underwriters
Credit Suisse First Boston
authorized a stock repurchase program for up to 10% of its 5.8 million outstanding common shares.
approved the repurchase of up to 8 million common shares. The company said it had about 312 million shares outstanding on average in the third quarter.
agreed to pay
Illinois Tool Works
about $6.1 million to settle a dispute over the purchase of a product line by Illinois Tool.