In a sign that clouds are lingering over Old Economy stocks,
cut the number of shares in its IPO to 179 million from 255 million and reduced the estimated price range to $13 to $15 a share, from $14 to $19. The new terms were revealed in an amended filing with the
Securities and Exchange Commission
MetLife now will sell 73 million shares of common stock in a concurrent private placement to
Banco Santander Central Hispano
Credit Suisse Group
at the IPO price. The company plans to net about $3.4 billion from the IPO and the private stock sales, based on a $14-per-share initial price. Originally, MetLife had intended to raise as much as $6.5 billion in its public offering.
Back in dot-com IPO land,
Morgan Stanley Dean Witter
priced 22 million shares of
at $12 each, the top of the estimated $10-to-$12 range. The Kirkland, Wash.-based company delivers grocery items through its own distribution system, one day after they are ordered online.
But despite its tech moniker, some analysts doubt the company will post big IPO gains, saying its stock is more of a retailing than a technology issue. Other online grocers, including
, have seen their stocks struggle of late. After a much-hyped debut in November at $15 a share, Webvan hit a high of about 25, and has lately been trading near 12.
Inflows to equity funds totaled $5.4 billion for the week ended yesterday, according to
AMG Data Services
. The gains were largest in the technology, aggressive growth, small-cap and health care/biotech sectors. International equity funds reported outflows from all regions except Latin America. Taxable bond outflows totaled $387 million, though high quality and investment grade corporate bond funds reported inflows. Money market funds reported inflows of $23.2 billion.
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 a first-quarter loss of 15 cents a share, in line with the single-analyst estimate but lower than the year-ago earnings of 25 cents.
Palm Harbor Homes
said it sees fourth-quarter earnings below the two-analyst estimate of 43 cents a share, citing difficult business conditions. The company also said it sees 2000 results slightly below the previous year's $1.69 a share. The current two-analyst estimate calls for earnings of $1.76. Palm Harbor also cited competition from other manufacturers and retailers against the backdrop of tighter financing and more difficult credit conditions, as reasons behind the results.
said it will post a second-quarter loss, falling well below the three-analyst estimate of earnings of 7 cents a share. The company said it sees a loss of 14 cents to 16 cents a share, citing increased gasoline prices, which had a negative effect on gasoline margin and volume.
reported fourth-quarter earnings of 6 cents a share, beating the single-analyst expected loss of 2 cents and the year-ago loss of 16 cents.
said February same-store sales rose 4.1% compared with 1.6% in January, when severe weather hurt traffic.
Mergers, acquisitions and joint ventures
postponed a March 15 shareholder vote on its pending $1.3 billion merger with
Hudson United Bancorp
, saying it needed to provide investors with more information following the emergence of a rival bid from
North Fork Bancorp
. Dime, which rejected the unsolicited $1.8 billion from North Fork, said a new meeting would be held March 24.
signed a definitive agreement with Greece's
Alfa Alfa Holdings
to sell its theme and water-parks- related unit for about $148 million. The deal consists of cash and the assumption of about $80 million of associated debt.
U S West
said any new merger deal it agreed to must be better than or consistent with its existing $36 billion merger pact with
has been in talks to acquire merger partners Qwest and U S West, sources familiar with the situation told
Offerings and stock actions
said it expects an IPO for its
portal unit in early April due to SEC delays. CMGI also said its revenue will increase at a rate of 20% on a quarter-over-quarter basis through 2000.
priced 18 million shares of
at $14 each, the top of the estimated $12-to-$14 range.
Credit Suisse First Boston
priced 5 million shares of
at $19 each, above the expected $16-to-$18 range. The company provides online data storage and management services.
Federal and state regulators settled complaints against
, following charges that the dominant regional carrier has lost thousands of orders from competing carriers. Bell Atlantic agreed to pay $3 million to the
and another $10 million to various competitors under agreements reached with the
Federal Communications Commission
and New York regulators.