Microsoft Adds a CFO, Qualcomm Subtracts a Business Division in Evening Action

Publish date:


(MSFT) - Get Report

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

Worldwide Fiber

. 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

joint newsroom

This year's




(QCOM) - Get Report

, 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.

After-Hours Trading


(VVUS) - Get Report

was the most active issue on

Island ECN

, 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.

Euroweb International


suffered a similar fate. It was down 1 13/32, after gaining 93% during the day.

Gemstar International


received a huge pop in after-hours trading after the Nasdaq announced the company would replace



in the

Nasdaq 100

. 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.


Eric Gillin

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

Comdisco Ventures

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

Arrow International


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

(FDP) - Get Report

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.

Micron Technology

(MU) - Get Report

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

Fidelity Bancorp


said it set a 5% share repurchasing program.


(TY) - Get Report

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.



(BA) - Get Report

said it has received an order from

American International Group

(AIG) - Get Report


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.


said that



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



in the

Nasdaq 100

. Qwest is set to begin trading on the

New York Stock Exchange

on Jan. 3.


Weis Markets

(WMK) - Get Report

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.