was a top gainer on the
New York Stock Exchange
this morning, popping 7 5/8 to 198 13/16 after its price target was lifted to 240 from 195 at
Credit Suisse First Boston
was giving the
Dow Jones Industrial Average
a lift after it announced it sees first-quarter earnings ahead of expectations. GE was rising 5 9/16 to 146 1/2.
Mergers, acquisitions and joint ventures
American Home Products
added 2 1/8 to 54 9/16 after it said
Cyanamid Agricultural Products
business for $3.8 billion in cash.
Six energy and telecom companies announced the birth of
America's Fiber Network
(AFN), a new high-speed fiber optics concern with a network of more than 7,000 route miles, or 140,000 fiber miles, connecting major markets in the eastern U.S. to secondary markets.
AFN is being formed by
, a unit of
American Electric Power
, a unit of
Allegheny Communications Connect
, a subsidiary of
, a unit of
. AEP, GPU Telcom and Allegheny Communications are majority owners in AFN, owning 90% of the new company. American Electric climbed 3/16 to 30 1/4, GPU gained 5/16 to 26 1/8, Allegheny slipped 1/8 to 26 3/16, First Energy rose 1/8 to 19 11/16 and CFW lost 1/4 to 38.
lost 1/16 to 19 3/8 after it said it agreed to sell its 80% interest in the Lakewood cogeneration plant in Lakewood, N.J., to
for undisclosed terms. Con Ed rose 5/16 to 31. The remaining 20% is held by Japan-based
A unit of
, has bought European advertising company
for $400 million. Infinity lost 9/16 to 31 5/16.
gained 1 1/2 to 136 7/16 after saying it will acquire privately held
in a deal valued at approximately $450 million in cash and assumed options.
analyst Scott Randall raised his price target on Intel to 160 from 125.
lost 7/16 to 125 3/4 after saying it is acquiring privately held
for up to $1.43 billion in Nortel stock on a fully diluted basis, a portion of which is contingent upon CoreTek achieving certain targets. The transaction, which Nortel expects to close in the second quarter, is projected to be marginally dilutive to Nortel earnings in calendar year 2000 and accretive in calendar year 2001, excluding acquisition-related charges. Nortel, however, said the buyout won't have an impact on its previously announced financial guidance.
rose 4 17/32 to 176 9/16 and
dropped 5 1/4, or 9.5%, to 50 after the companies set a pact whereby registered Yahoo! users will have access to Yahoo! Mail, Yahoo! Messenger and customized preferences from My Yahoo! pages from their Palm handheld computers.
Earnings/revenue reports and previews
Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.
sank 5 1/8, or 7.5%, to 63 7/16 despite last night posting third-quarter earnings of 27 cents a share, ahead of the 24-analyst estimate of 25 cents and the year-ago 24 cents, which includes items.
3Com announced plans to exit the high-end networking business and to sell its dial-up modem and PC card businesses, as part of a series of moves intended to reignite growth. The company said it will narrow its focus on high-speed Internet access for the consumer market with DSL and cable modems.
3Com said the moves complete a reorganization that began with the sale of a 4% stake in its Palm unit. The company also announced plans to buy closely held
for $90 million.
For more on this
story, check out coverage from
was sliding 1 9/16 to 111 7/8 despite posting first-quarter earnings of $1.76 a share, better than the 11-analyst estimate of $1.48 and the year-ago pro forma earnings of $1.12. Meanwhile, Goldman's board approved a share-repurchase program authorizing the repurchase of up to 15 million shares of the firm's stock.
dropped 6 1/4 to 167 despite saying it expects continued strong growth for the first quarter, with earnings-per-share in line with, or better than, the consensus analyst estimate. The 10-analyst expected loss is for 12 cents a share.
National Discount Brokers
lost 1 3/8 to 44 3/4 after posted third-quarter earnings of $1.10 a share, which includes a charge of 6 cents, but still far surpassing the two-analyst estimate of $1.00 and well above the year-ago 55 cents.
Ultramar Diamond Shamrock
inched up 1/2 to 23 9/16 after it said its sees first-quarter earnings-per-share above the fourth-quarter's 30 cents. The current 11-analyst estimate calls for earnings of 41 cents. The company said it is fully hedged against a crude oil price drop.
Offerings and stock actions
, a joint venture between Germany's
and U.S. portal
, set an issue price of 24 euros for shares in Lycos Europe's IPO. Lycos Europe will be valued at 5.5 billion euros or $5.35 billion when it begins trading on Frankfurt's
Wednesday. Lycos was lately losing 2 7/16 to 63 1/16.
priced 5 million shares of
at $14 each, above the estimated $10-$12 range. The company develops software based on the Linux operating system. Caldera was climbing 11 1/4, or 80.4%, to 25 1/4.
lost 1 21/32 to 85 7/32 after its board authorized a 2-for-1 stock split. Separately, Teligent plans to sell 4 million shares of Class-A stock in a public offering under its effective shelf registration statement.
, a Teligent shareholder, also plans to sell 2 million shares of Teligent stock in the same offering. Teligent also said it will concurrently launch an offering of $250 million of convertible preferred stock, also under the effective shelf registration statement. The preferred shares will be convertible into shares of Teligent Class-A stock and will accrue dividends at a rate which has yet to be determined.
, the Swiss financial services titan, said it plans in the first half of 2000 to list its shares on the
New York Stock Exchange
, to boost its "flexibility to benefit from potential expansion opportunities in the U.S." UBS said the listing would be in the form of Global Registered Shares, not American Depositary Receipts, thus creating one global stock quoted in Zurich, New York and Tokyo.
dropped 3 1/4 to 162 after it said it will split its stock 2-for-1, its second split in less than two months.
Donaldson Lufkin & Jenrette
initiated coverage on
with a buy rating. The company is scheduled to report its fiscal second-quarter earnings after the close today. Micron was lately sliding 6 to 129 5/8 after jumping higher yesterday.
up 1/2 to 112 1/2: coverage INITIATED with a strong buy rating and a 150 price target at
Cambridge Technology Partners
slipping 5/16 to 14 1/4: coverage INITIATED with a neutral rating and a 20 price target at W.R. Hambrecht.
falling 1 3/4 to 55 1/4: coverage INITIATED with a neutral rating at
climbing 1 5/8 to 60 3/4 : price target UP to 120 from 60 at DLJ.
rising 4 9/16, or 7.6%, to 62 9/16: rating UP to buy from market perform at DLJ.
hopping 11 1/4, or 18.2%, to 72 7/8: coverage INITIATED with a buy rating and price target of 125 at
CIBC World Markets
losing 2 1/2 to 50 1/2 : coverage INITIATED with a strong buy rating at CSFB.
rising 2 1/2 to 66 1/2: 12-month price target UP to 90 from 70 at Lehman Brothers.
gaining 1 1/16 to 37 1/4: rating UP to buy from market perform at DLJ.
adding 4, or 15.4%, to 30 : rating UP to buy from outperform at Lehman Brothers.
gaining 1 1/32 to 34 15/16 : coverage INITIATED at
Warburg Dillon Read
with a buy rating.
losing 1/16 to 32 1/8: coverage INITIATED at Warburg Dillon Read with a buy rating.
gaining 1/8 to 82 5/8: coverage INITIATED with a buy rating and a 12-month price target of 125 at Lehman Brothers.
losing 5/16 to 10 5/16: NEW rating of strong buy and price target of 20 at CIBC.
sliding 1 1/8 to 47 15/16: price target raised to 70 from 60 at
Thomas Weisel Partners
gaining 1 3/16, or 7.3%, to 17 9/16: rating UP to buy from market perform at DLJ.
sliding 5 to 123: coverage INITIATED with an outperform rating at Lehman Brothers.
rising 2 11/16 to 72 15/16: rating UP to buy from market perform at DLJ.
slipping 15/16 to 44 1/16: 12-month price target UP to 60 from 50 at Lehman Brothers.
losing 2 3/8, or 5.4%, to 41 5/8: 12-month price target UP to 65 from 55 at Lehman Brothers.
added 1/2 , or 17%, to 3 7/16: NEW strong buy and price target of 8 at CIBC.
A California-state jury found
R.J. Reynolds Tobacco
misrepresented the health dangers of cigarettes and ordered it to pay $1.7 million in compensatory damages to an ex-smoker who is dying of lung cancer and to her husband,
The Wall Street Journal
reported. Phillip Morris was rising 3/8 to 20 5/16 while R.J. Reynolds was also up 3/8 to 16 7/8.
climbed 1 1/2 to 70 7/16 after it said it was planning to build a 1,600 megawatt combined cycle, gas-fired power station in Catalonia in eastern Spain.
The Heard on the Street column in the
takes a look at how banks report gains from their venture capital units. In one case, some analysts and investors note that a big portion of the equity gains
reported from its venture capital arm,
Chase Capital Partners
, in 1999 were unrealized, meaning that shares rose in the market after Chase's investment but weren't sold, the column reported.
, which also has a big venture capital business, reports a profit on its investments only when it has the cash on hand, meaning it only reports a realized gain, the article said. The
notes that both methods are proper under accounting rules as long as the companies remain consistent over time, which is the case for both Chase and FleetBoston.
As originally published, this story contained an error. Please see
Corrections and Clarifications.