Microsoft, Heavy Slate of Earnings Dominate After-Markets

The after-market session was dominated by Microsoft's earnings release.
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Microsoft

(MSFT) - Get Report

posted first-quarter earnings of 38 cents a share, beating the 27-analyst estimate of 34 cents and up from a year-ago 28 cents a share.

Looking forward, CFO Greg Maffei said he saw "little upside" to the second-quarter earnings estimate of 39 cents a share, according to

Reuters

. Maffei cautioned against raising second-quarter estimates above 42 cents.

After-Hours Markets

Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 8 p.m. EDT. Prior to Sept. 15 Island offered trading from 8 a.m. to 5:15 p.m. EDT

.

MarketXT, formerly Eclipse Trading, offers after-hours trading to retail clients of Morgan Stanley Dean Witter's (MWD) Discover Brokerage 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. EDT Monday through Thursday. Prior to Oct. 12, MarketXT traded issues from 6 to 8 p.m.

In other post-close news (earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified):

Earnings/revenue reports and previews

AMB Property

(AMB)

posted third-quarter funds from operations of 53 cents a share, in line with the nine-analyst estimate and up from a year-ago 48 cents.

BroadVision

(BVSN) - Get Report

reported third-quarter, post-split earnings of 5 cents a share. The 21-analyst estimate called for earnings of 13 cents a share in the latest quarter. The year-ago figure was 2 cents a share. On Sept. 30 the company announced a 3-for-1 stock split in the form of a stock dividend; the ex-dividend date is October 26, 1999.

Cobalt Group

(CBLT)

reported a third-quarter pro forma loss of 37 cents a share, wider than the three-analyst expected loss of 34 cents a share and the year-ago pro forma loss of 22 cents a share. Pro forma results assume conversion of convertible preferred stock from the original date of issuance.

Computer Associates

(CA) - Get Report

reported third-quarter earnings of 60 cents a share including charges. Excluding the charges, the company earned 75 cents in the latest quarter. The 14-analyst estimate was 59 cents a share. The company earned 58 cents a share in the year-ago period.

Copper Mountain

(CMTN)

posted third-quarter earnings of 21 cents a share excluding charges. The seven-analyst estimate called for earnings of 12 cents a share. The pro forma year-ago loss was 12 cents a share excluding charges.

Excite@Home

(ATHM) - Get Report

posted a pro forma, third-quarter operating loss of 1 cent a share, in line with the 15-analyst estimate and a penny narrower than a year ago loss of 2 cents a share. The results were restated to reflect the pro forma combined operations of @Home and Excite.

FVC.com

(FVCX)

posted a third-quarter loss of 7 cents a share, in line with the five-analyst estimate and down from a year-ago loss of 29 cents, which included acquisition charges.

General Cable

(BGC)

posted third-quarter earnings of 50 cents a share, including income of 24 cents from an acquisition. The six-analyst estimate was for 51 cents a share. The company earned 59 cents in the year-ago period.

Juniper Networks

(JNPR) - Get Report

posted a smaller-than-expected third-quarter loss of 4 cents a share, compared with the six-analyst expected loss of 12 cents a share, and narrower than a year-ago loss of 82 cents a share.

Pathogenesis

(PGNS)

posted a third-quarter loss of 5 cents a share, narrower than the 10-analyst expected loss of 10 cents a share, and the year-ago loss of 18 cents which includes a $4 million license fee.

Siebel Systems

(SEBL)

reported third-quarter earnings of 27 cents a share, beating the 15-analyst estimate and the year-ago 14 cents. The company also said it set a 2-for-1 stock split to be distributed Nov.12 to shareholders of record on Nov. 1.

Xilinx

(XLNX) - Get Report

reported second-quarter earnings of 35 cents a share, beating the 22-analyst estimate of 33 cents and the year-ago 19 cents a share. The company also announced a 2-for-1 stock split to be distributed Dec. 27 to shareholders of record on Dec. 17.

In other earnings news:

Mergers, acquisitions and joint ventures

Houston Exploration

(THX)

said it had retained

Goldman Sachs

as its financial advisor to help it explore strategic alternatives. The company said the special committee was formed in response to its recent announcement that majority holder

KeySpan Energy

(KSE)

is exploring strategic alternatives for its holdings in the Houston, including a possible sale of its stake.

Offerings and stock actions

Diamond Technology

(DTPI)

set a 3-for-2 stock split effective Nov.1, to shareholders of record on Oct. 29.

First Commonwealth Financial

(FCF) - Get Report

approved a 2-for-1 stock split in the form of a 100% stock dividend.

Miscellany

Bank One

(ONE) - Get Report

announced a major management restructuring that puts more day-to-day control in the hands of Verne Istock, who had been chairman of the board. Chairman and CEO of the

First USA

credit card unit, Richard Vague, has decided to resign to pursue other interests, the company said. Istock will relinquish the title of chairman and become president, but will assume control of most operating areas. CEO John McCoy will add the title of chairman and be in charge of the credit card and consumer lending businesses, as well as major staff areas. Earlier today, the company said third-quarter profits fell 12% to $925 million.

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