STMicroelectronics

(STM) - Get Report

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

.

General Electric

(GE) - Get Report

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

(AHP)

added 2 1/8 to 54 9/16 after it said

BASF

(BASFY)

is

buying its

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

AEP Communications

, a unit of

American Electric Power

(AEP) - Get Report

;

GPU Telcom

, a unit of

GPU

(GPU)

;

Allegheny Communications Connect

, a subsidiary of

Allegheny Energy

(AYE)

;

FirstEnergy Telecom

, a unit of

FirstEnergy

(FE) - Get Report

;

CFW Communications

(CFWC)

; and

R&B Communications

. 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.

CMS Energy

(CMS) - Get Report

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

Consolidated Edison

(ED) - Get Report

for undisclosed terms. Con Ed rose 5/16 to 31. The remaining 20% is held by Japan-based

Tomen

.

A unit of

Infinity Broadcasting

(INF) - Get Report

,

TDI

, has bought European advertising company

Giraudy

for $400 million. Infinity lost 9/16 to 31 5/16.

Intel

(INTC) - Get Report

gained 1 1/2 to 136 7/16 after saying it will acquire privately held

Basis Communications

in a deal valued at approximately $450 million in cash and assumed options.

Wit Soundview

analyst Scott Randall raised his price target on Intel to 160 from 125.

Nortel

(NT)

lost 7/16 to 125 3/4 after saying it is acquiring privately held

CoreTek

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.

Yahoo!

(YHOO)

rose 4 17/32 to 176 9/16 and

Palm

(PALM)

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.

)

3Com

(COMS)

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

Call Technologies

for $90 million.

For more on this

story, check out coverage from

TheStreet.com/NYTimes.com

joint newsroom.

Goldman Sachs

(GS) - Get Report

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.

InfoSpace

(INSP) - Get Report

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

(NDB)

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

(UDS)

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

Lycos Europe

, a joint venture between Germany's

Bertelsmann

and U.S. portal

Lycos

(LCOS)

, 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

Neuer Markt

Wednesday. Lycos was lately losing 2 7/16 to 63 1/16.

Robertson Stephens

priced 5 million shares of

Caldera

(CALD)

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.

Teligent

(TGNT)

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.

Telcom Ventures

, 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.

UBS

, 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.

Xcelera.com

(XLA)

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.

Analyst actions

This morning,

Donaldson Lufkin & Jenrette

initiated coverage on

Micron Technology

(MU) - Get Report

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.

Breakaway Solutions

(BWAY) - Get Report

up 1/2 to 112 1/2: coverage INITIATED with a strong buy rating and a 150 price target at

W.R. Hambrecht

.

Cambridge Technology Partners

(CATP)

slipping 5/16 to 14 1/4: coverage INITIATED with a neutral rating and a 20 price target at W.R. Hambrecht.

Celestica

(CLS) - Get Report

falling 1 3/4 to 55 1/4: coverage INITIATED with a neutral rating at

Lehman Brothers

.

Cognos

(COGN)

climbing 1 5/8 to 60 3/4 : price target UP to 120 from 60 at DLJ.

Cooper Cameron

(CAM)

rising 4 9/16, or 7.6%, to 62 9/16: rating UP to buy from market perform at DLJ.

Datalink.net

(DLK)

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

.

DigitalThink

(DTHK)

losing 2 1/2 to 50 1/2 : coverage INITIATED with a strong buy rating at CSFB.

Flextronics

(FLEX) - Get Report

rising 2 1/2 to 66 1/2: 12-month price target UP to 90 from 70 at Lehman Brothers.

Halliburton

(HAL) - Get Report

gaining 1 1/16 to 37 1/4: rating UP to buy from market perform at DLJ.

Identix

(IDX) - Get Report

adding 4, or 15.4%, to 30 : rating UP to buy from outperform at Lehman Brothers.

Nanogen

(NGEN)

gaining 1 1/32 to 34 15/16 : coverage INITIATED at

Warburg Dillon Read

with a buy rating.

Neose Technologies

(NTEC) - Get Report

losing 1/16 to 32 1/8: coverage INITIATED at Warburg Dillon Read with a buy rating.

Netro

(NTRO)

gaining 1/8 to 82 5/8: coverage INITIATED with a buy rating and a 12-month price target of 125 at Lehman Brothers.

Omnicare

(OCR)

losing 5/16 to 10 5/16: NEW rating of strong buy and price target of 20 at CIBC.

Qwest Communications

(QWST)

sliding 1 1/8 to 47 15/16: price target raised to 70 from 60 at

Thomas Weisel Partners

.

R&B Falcon

(FLC) - Get Report

gaining 1 3/16, or 7.3%, to 17 9/16: rating UP to buy from market perform at DLJ.

Sanmina

(SANM) - Get Report

sliding 5 to 123: coverage INITIATED with an outperform rating at Lehman Brothers.

Schlumberger

(SLB) - Get Report

rising 2 11/16 to 72 15/16: rating UP to buy from market perform at DLJ.

SCI Systems

(SCI) - Get Report

slipping 15/16 to 44 1/16: 12-month price target UP to 60 from 50 at Lehman Brothers.

Solectron

(SLR)

losing 2 3/8, or 5.4%, to 41 5/8: 12-month price target UP to 65 from 55 at Lehman Brothers.

Ventas

(VTR) - Get Report

added 1/2 , or 17%, to 3 7/16: NEW strong buy and price target of 8 at CIBC.

Miscellany

A California-state jury found

Philip Morris

(MO) - Get Report

and

R.J. Reynolds Tobacco

(RJR)

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.

Enron

(ENE)

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

Journal

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

Chase

(CMB)

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.

Conversely,

FleetBoston Financial

(FBF)

, 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

Journal

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.