said it has tapped John Connors as its new CFO. Connors is replacing Greg Maffei, who stepped down from the role to accept the CEO position at Vancouver-based
. In post-market activity, Microsoft shares fell 1 11/16 to 115 7/8.
For more on the changing of the financial guard at Microsoft, take a look at the
story written this evening by
, announced that Japan-based
has agreed to purchase Qualcomm's consumer phone division for an undisclosed amount. Qualcomm said the sale would result in a onetime pretax charge of roughly $30 million in the first-quarter of fiscal 2000.
The deal calls for Kyocera to acquire Qualcomm's wireless phone businesses that use
Code Division Multiple Access
as well as its phone inventory, manufacturing equipment and customer orders. Kyocera also entered a five-year agreement to buy Qualcomm's CDMA chipsets and system software. The deal is set for completion by the end of February 2000.
In post-market trading, Qualcomm shares tumbled 5 1/16 to 481.
was the most active issue on
, cracking the one-million-share mark in the first hour of trading. Profit takers sank this stock this evening, after it gained 171% during the day session.
suffered a similar fate. It was down 1 13/32, after gaining 93% during the day.
received a huge pop in after-hours trading after the Nasdaq announced the company would replace
. Qwest is set to switch leagues and join the
New York Stock Exchange
on Jan. 3, trading under the symbol "Q". Gemstar rose 10 1/2 on the news.
Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 8 p.m. EST.
MarketXT, formerly Eclipse Trading, offers after-hours trading to retail clients of Morgan Stanley Dean Witter's (MWD) Morgan Stanley Dean Witter Online and Mellon Bank's (MEL) Dreyfus Brokerage Services. Clients can trade 200 of the most actively traded New York Stock Exchange and Nasdaq Stock Market issues, 4:30 p.m. to 8 p.m. EST Monday through Thursday.
explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.
In other post-close news (earnings estimates from
First Call/Thomson Financial
; earnings reported on a diluted basis unless otherwise specified):
Mergers, acquisitions and joint ventures
said it would issue a new tracking stock to follow the performance of its
division. Comdisco said it would file a preliminary proxy statement for the tracking stock with the
Securities and Exchange Commission
in January 2000.
The company also said that it expects to edge out the first-quarter, seven-analyst consensus estimate of 26 cents. Comdisco said it sees first-quarter earnings coming in at 35 cents a share, which does not include results from its
Prism Communications Services
Earnings/revenue reports and previews
posted first-quarter earnings of 50 cents a share, beating the five-analyst estimate of 49 cents and up from the year-ago 44 cents.
Fresh Del Monte Produce
said it sees fiscal 1999 earnings to fall below initial expectations. The five-analyst consensus estimate forecasts the company to post fiscal 1999 earnings of $1.32 a share.
posted first-quarter earnings of $1.19 a share, beating the 23-analyst estimate of 85 cents and the year-ago 19-cent loss.
said its expects third-quarter revenue to miss current expectations. The company blamed Y2K concerns for the decline in orders from its multinational clientele and the delay in setting a final U.S. federal budget for the disappointing results. N.E.T. said revenues for the current quarter would drop 15% to 20% below the second-quarter report of $64.8 million.
Offerings and stock actions
said it set a 5% share repurchasing program.
has asking shareholders to turn down
Wrigley Drive Partners
$25 a share tender offer to buy up to 1% of its common shares. Tri-Continental said Wrigley's offer is "significantly" lower than today's closing price of $28.0625 a share.
said it has received an order from
American International Group
International Lease Finance
for up to 100 737 aircraft. Boeing said that ILF made 50 firm orders, which are part of the 163 orders from unidentified customers, for its next generation 737 aircraft, totaling $2.26 billion. Boeing ILF had also placed an additional order for 50 more 737s. Rival Airbus Industries said yesterday that it finds Boeing's 163 unidentified customer orders implausible.
said it has been subpoenaed by the Mississippi Attorney General involving allegations that the company sold used automotive batteries as new. The company said the state's attorney has requested the company's battery sales records for Mississippi from 1990 through October 1999. Exide said it does not see the proceedings harming its financial situation. The company is currently facing similar lawsuits in Alabama and Florida.
refused to comment on the recent strong performance of its stock. Shares of Euroweb finished the day up 5 5/8, or 91.8%, to 11 3/4.
Nasdaq also said that
will replace of
. Qwest is set to begin trading on the
New York Stock Exchange
on Jan. 3.
family battle over the foodchain's future has apparently come to a close after both sides have agreed to consider a possible sale to increase shareholder value.
The feud had one side of family, led by Chairman Robert Weis fighting to hold the company together with the another, headed by the daughter-in-law of Weis' co-founder, arguing for a sale. The Chairman has given
Morgan Stanley Dean Witter
the go ahead to evaluate all options.