canceled plans to build a 1,500-room hotel next to MGM Grand's flagship property in Las Vegas. MGM Grand said that, in light of completed and future projects adding capacity to the Las Vegas market, it believes it can more productively use resources for new construction in Detroit.
In other postclose news (earnings estimates from
; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
Bush Boake Allen
said it sees first-quarter earnings of 21 cents to 24 cents a share because of soft market demand for aroma chemicals in Europe, Asia and Latin America. The three-analyst outlook called for 41 cents vs. the year-ago 39 cents.
posted 1999 earnings of $1.19 a share, behind the single-analyst forecast for $1.20 but above the year-earlier 95 cents.
warned its first-quarter results will fall below estimates because of delays in installation projects. The single-analyst view calls for a break-even quarter compared with the year-ago loss of a dime a share.
Mergers, acquisitions and joint ventures
said it will buy
First Bank of Philadelphia
in a stock deal valued at $15.7 million.
agreed to acquire
in a stock deal worth about $110 million. Synovus will pay 1.05 shares for each share of Merit.
Offerings and stock actions
filed for a secondary offering of 6.5 million shares.
announced a plan to repurchase up to 15% of its 31.5 million shares outstanding.
said it will buy back 1 million shares, or 7.5% of its outstanding stock.
said acting CFO John Mack will replace James Mackenzie as CEO.