Microsoft

(MSFT) - Get Report

was down as low as 160 1/2 in after-hours trading (from a New York session close of 161 3/8) after CFO Greg Maffei told analysts the company is experiencing a "sequential slowdown in revenues." The slowdown was expected and end user demand for PCs remains "very strong," Maffei said.

Additionally, Microsoft expects to post $400 million of unearned revenues in its third quarter, the majority of which will be recognized in the fourth quarter, Maffei said. Nonetheless, Mister Softee is "comfortable" with the 21-analyst consensus that it will earn 65 cents a share in the third quarter. For more details, see

TSC's

story on the conference call.

Separately,

Oracle

(ORCL) - Get Report

tumbled as low as 30 7/8 (from a New York close of 36 7/8) after reporting third-quarter earnings of 20 cents a share, a penny ahead of the 29-analyst estimate of 19 cents and up from 14 cents a year ago. However, analysts were reportedly concerned with the sluggish growth of the company's licensed database revenues.

Meanwhile,

Intuit

(INTU) - Get Report

, one of

Excite's

(XCIT)

largest shareholders, is selling most of its stake in the Internet portal company, according to a late filing with the

Securities and Exchange Commission

.

Intuit, which owns nearly 10% of Excite, says it has decided to dispose of 4.35 million of its 5.35 million shares in the company, which have agreed to be acquired by high-speed Internet access provider

@Home

(ATHM) - Get Report

. Intuit already sold 450,000 shares in the company last month.

Intuit didn't report an outright sale; rather, it said in the amended 13-D filing it has agreed to a term sheet to dispose of the shares through

Credit Suisse Financial Products

and will deliver the shares to CSFP by Sept. 30. The transaction seems designed to preserve Intuit's promise to vote its current shareholdings in favor of the @Home/Excite merger.

In January,

America Online

(AOL)

-- at the time another major Excite shareholder -- disclosed that it had sold its 4.9 million-share stake in the company.

--

George Mannes

Earnings/Revenue Reports and Previews

CMGI

(CMGI)

reported second-quarter earnings of 28 cents a share vs. a loss of 15 cents a year ago. The results include pretax gains of $44.5 million on the sale of

Lycos

(LCOS)

stock, $7 million on the sale of

Amazon.com

(AMZN) - Get Report

stock and $4.4 million on issuance of stock by

GeoCities

(GCTY)

; the company did not break out its results without the one-time gains. The seven-analyst estimate, which presumably did not take the one-time items into account, was for a loss of 22 cents a share.

Separately,

The Boston Globe

reported that CMGI could announce an alternative merger deal for Lycos "within several days." On

Tuesday CMGI CEO David Wetherell resigned from Lycos' board in protest over the terms of Lycos' merger deal with

USA Networks

(USAI) - Get Report

.

Day Runner

(DAYR)

expects to post a third-quarter loss of 35 cents to 40 cents a share, wider than the 16-cent shortfall already forecast in the four-analyst consensus.

National Semiconductor

(NSM)

reported a third-quarter loss of 16 cents a share, reversing a profit of 16 cents a year ago, but besting the 20-analyst estimate of a 20-cent shortfall. However, the company forecast a fourth-quarter loss between 16 and 20 cents a share vs. a projected 9-cent-a-share loss.

Safeskin

(SFSK)

forecast first-quarter and full-year 1999 sales and earnings will be below analyst estimates. The six-analyst estimates are for 27 cents per share for the quarter and $1.25 per share for the year vs. 22 cents and $1.00 a year ago, respectively.

United Stationers

(USTR)

forecast its first-quarter earnings will be between 48 cents and 50 cents a share. The seven-analyst estimate is currently for profits of 51 cents a share vs. 44 cents a year ago. The company said its board has authorized the repurchase of up to $50 million of its outstanding common stock.

Wallace Computer Services

(WCS)

forecast its fiscal third-quarter earnings will be 45 cents to 50 cents a share vs. the one-analyst estimate of 49 cents.

Willamette Industries

(WLL) - Get Report

said its 1999 earnings will improve by 52 cents a share due to an accounting change relating to an extension of depreciation estimates on its machinery and equipment.

Mergers, Acquisitions and Joint Ventures

FPL Energy

(FPL) - Get Report

said it will complete the previously announced $846 million purchase of

Central Maine Power's

non-nuclear generating assets.

PacifiCorp

(PPW)

and

Scottish Power

(SPI) - Get Report

have asked the

Federal Energy Regulatory Commission

to approve their planned merger within the next 90 days.

Offerings and Stock Actions

Calton

(CN) - Get Report

said it has bought back about 14.5% of its outstanding common stock, or 3.95 million shares, at $1.35 per share.

Colonial Properties

(CLP)

said its board has authorized the repurchase of up to $50 million of its outstanding common stock.

DoubleClick

(DCLK)

announced a 2-for-1 stock split.

Gradco Systems

(GRCO)

said its board has approved the purchase of up to 2 million shares of its common stock.

Modern Medical

(MODM)

said its board has approved a 1-for-2 reverse stock split.

Miscellany

BankBoston

(BKB)

Chairman Enrique Meirelles told reporters that North America banks remain "supportive" of Brazil. The comments came after BankBoston and representatives of several other leading financial institutions, including

Chase

(CMB)

and

Citigroup

(C) - Get Report

, met with Brazilian central bank president

Armino Fraga

at the

Federal Reserve Bank of New York

.

International Monetary Fund

deputy chief Stanley Fischer addressed the meeting, at which the banks decided to maintain Brazil's credit lines at Feb. 28 levels,

Reuters

reported.

True North Communications

(TNO)

said David Bell will succeed the retiring Bruce Mason as CEO of its

Bozell Worldwide

unit.