reported second-quarter operating earnings of 12 cents a share, excluding a 3-cent write-down for flat panel display assets and a charge for consolidation of PC operations in Japan. The 19-analyst
view called for a profit of 1 cent vs. the year-ago loss of 24 cents. The stock dropped to 52 from a close of 53 3/8 in late composite trading.
, both a
spokesman in Italy and Serb TV reported that a NATO plane was shot down over northern Kosovo by Serbian defenses during air attacks across Yugoslavia today. But U.S. officials and a NATO spokesman in Brussels denied that any NATO plane was shot during today's strikes. Also, Defense Secretary
said all U.S. aircraft returned safely from initial strikes. Cohen, saying initial targets were Yugoslav air defenses, command and control systems, also said: "There was some air-to-air engagement
between Yugoslav and NATO planes that has taken place. But I think we need more information before we can confirm what the result of that was."
In other postclose news (earnings estimates from First Call; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
Aztec Technology Partners
warned it expects to report first-quarter earnings of 1 cent to 3 cents a share and 1999 earnings of 20 cents to 30 cents. The company cited tougher competition squeezing its margins, a slowdown on the cabling portion of its voice and data business unit and higher costs and one of its branches. Aztec also said it formed a strategic committee to find ways to boost its share price. A single-analyst view called for quarter earnings of 16 cents, vs. the year-ago 11 cents, and a three-analyst view called for full-year earnings of 65 cents, vs. the year-ago 60 cents.
reported fourth-quarter earnings of 68 cents a share, 4 cents below the single-analyst outlook but a dime higher than the year-ago figure.
posted fourth-quarter earnings of 24 cents a share, missing the three-analyst estimate by 7 cents but topping the year-ago 15 cents.
recorded a first-quarter loss of 24 cents a share, in line with the single-analyst estimate but narrower than the year-ago loss of 36 cents.
recorded a fourth-quarter loss of 45 cents a share, including a 27-cent charge related to severance payments, third-party contract pay-outs and asset write-downs. The 10-analyst prediction called for earnings of 1 cent vs. the year-ago profit of 6 cents. The company also said it hired
Salomon Smith Barney
to advise it on the possible sale of its Rhodes unit.
reported fourth-quarter earnings of 27 cents a share, below both the two-analyst estimate of 46 cents and the year-ago 31 cents. The company also said it will close 60 to 70 stores in fiscal 1999 and that it's considering selling products over the Internet.
said it's comfortable with first-quarter earnings estimates and sees a strong year ahead. The 10-analyst consensus calls for a profit of 19 cents a share vs. the year-ago loss of 23 cents.
announced fourth-quarter earnings of 6 cents a share, beating the single-analyst forecast for a break-even quarter and moving ahead of the year-ago loss of 2 cents.
reported third-quarter earnings of 5 cents a share, including a pretax recovery of restructuring costs. The seven-analyst forecast called for 5 cents vs. the year-ago 17 cents.
Mergers, acquisitions and joint ventures
Answering questions at the
media conference in New York,
CEO Mel Karmazin said he still hopes to acquire rival
. Realizing current antitrust laws would make such a thing impossible, he said the government should abolish regulations barring a single company from owning local TV stations that reach into more than 35% of U.S. households or raise the permissible penetration level to 50%.
agreed to acquire
Mutual Savings Bank
in a stock swap valued at $14.60 a share. Mutual Savings shareholders will receive 0.8 of an Independent Bank share for each share held.
O'Sullivan Industries Holdings
said a senior management group made a proposal to buy the company. The company hired Salomon Smith Barney to explore and evaluate options.
Offerings and stock actions
largest shareholder sold millions of shares between March 16 and March 22 at the highest share prices the company's stock has seen since November.
According to a Wednesday filing with the
Securities and Exchange Commission
, the Chicago-based insurance holding company, sold more than 3.5 million shares at an average price of $22.86 each. Shares of Baker leapt 27% between March 1 and 17, as expectations of an agreement to cut output among
producers followed on the heels on positive crude oil inventory data. A Baker Hughes spokesman declined to comment; a Unitrin spokesman was unreachable. Baker closed today at 22 3/4, up 5/16.
Unitrin is now the second-largest holder of Baker stock, and owned 30.6 million shares, or 9.4%, as of March 22, according to the filing. Unitrin acquired its huge stake in Baker when Baker purchased
. It intends to sell "an indeterminate number" of shares "subject to market conditions," it said in the filing. The company did not rule out further purchases.
Barrow Hanley Mewhinney & Strauss
, a Dallas-based money-management firm, is now Baker's largest shareholder, owning 9.5% of the company. A receptionist at Barrow Hanley cited the firm's policy of not discussing its holdings with the press. The third-largest holder, according to Baker's proxy, is Los Angeles-based
Capital Research and Management
, with more than 17 million shares, or 5.2% of the company.
International Telecommunications Data Systems
approved a stock buyback for up to $10 million.
BT Alex. Brown
(ONEM:Nasdaq) 8.5 million-share IPO top-range at $22 a share. The company is an Internet service provider offering services in secondary rural markets.
agreed to repurchase up to 1.5 million shares.
said it received a warning letter from the
Food and Drug Administration
about diabetic test strips made at the company's production plant in Eden Prairie, Minn.
Data Transmission Network
said its Chairman and Chief Executive Roger R. Brodersen resigned as part of the reconstitution of its board.