made an unsolicited bid for both
Newport News Shipbuilding
and its merger partner
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,
tried to acquire Newport News but the
rejected the proposal.
posted second-quarter earnings of 36 cents a share, in line with the 24-analyst
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
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
so that conditions can be imposed on the companies' pending merger.
Offerings and stock actions
set a 2-for-1 stock split.
Credit Suisse First Boston
(LATD:Nasdaq) 3 million-share IPO top-range at $12 a share. Latitude is a provider of integrated voice and data conferencing solutions.
filed with regulators for a secondary offering of 2.6 million Class B shares.
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.
elected Markos Tambakeras president and CEO, succeeding Robert McGeehan.