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Litton Industries

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made an unsolicited bid for both

Newport News Shipbuilding


and its merger partner

Avondale Industries

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in a combined deal valued at more than $2 billion. Avondale said Litton is offering $38 a share for the company; Newport News said it's being offered 0.55 of a Litton share for each Newport share. Last month,

General Dynamics

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tried to acquire Newport News but the

Defense Department

rejected the proposal.

Sterling Commerce

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posted second-quarter earnings of 36 cents a share, in line with the 24-analyst

First Call

forecast and higher than the year-ago 29 cents.

Inflow into U.S. equity funds for the week ended yesterday totaled $124 million, according to

AMG Data Services

. Large-cap growth funds posted inflow of $1.1 billion, while international funds posted outflow of $633 million even though Latin America and Japan received inflow. Among other fund categories, $515 million flowed into taxable bond funds, with most going into corporate bonds; $78 million flowed into municipal bond funds; and $6.35 billion flowed into money market funds.

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

Earnings/revenue reports and previews



reported a first-quarter pro forma loss of a penny a share vs. the year-ago loss of 3 cents. The company said the actual profit for the quarter was 4 cents vs. an actual year-ago loss of 8 cents. The two-analyst forecast called for an operating loss of 1 cent. Hearst-Argyle also said is sees second-quarter results coming in weaker than the year-ago profit of 39 cents due to lower national advertising. Analysts are calling for a second-quarter profit of 23 cents.



posted fourth-quarter earnings of 9 cents a share, topping the two-analyst outlook for 3 cents and the year-ago loss of 25 cents. Shares of 3DO lifted 5/16 in after-hours trading to 7 3/16.

In other earnings news:

Mergers, acquisitions and joint ventures


(LBY) - Get Libbey Inc. Report

said it will consider sweetening its $500 million offer for



after the company rejected its bid last week. Libbey's CEO also said the company aimed to increase sales to $450 million and net income to $44 million in 1999.

Federal Communications Commission

Chairman William Kennard urged his staff to expedite final negotiations with

SBC Communications




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so that conditions can be imposed on the companies' pending merger.

Offerings and stock actions


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set a 2-for-1 stock split.

Credit Suisse First Boston


Latitude Communications'

(LATD:Nasdaq) 3 million-share IPO top-range at $12 a share. Latitude is a provider of integrated voice and data conferencing solutions.

Priority Healthcare


filed with regulators for a secondary offering of 2.6 million Class B shares.


Equity fund

Baker Fentress

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said its board approved a plan to sell most of the company's investments and distribute the proceeds to shareholders.

CellNet Data Systems


named John LaMacchia CEO.


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elected Markos Tambakeras president and CEO, succeeding Robert McGeehan.