Mergers, acquisitions and joint ventures

Deutsche Telekom

(DT) - Get Report

has made separate offers to take over

Qwest Communications

(Q)

and

U S West

(USW)

, in transactions that could total more than $100 billion,

The Wall Street Journal

reported, citing people familiar with the situation. Qwest and U S West, a Baby Bell, agreed to merge last year. Deutsche Telekom was down 1/8 to 92 1/8. Qwest was up 3 3/4, or 6.9%, to 57 9/16. U S West jumped 3 3/4, or 5.4%, to 73 3/8.

Southeastern Asset Management

, in a regulatory filing, said it has acquired a 6% stake in troubled heath insurer

Aetna

(AET)

. Aetna is reviewing a $70-per-share acquisition offer received a couple of weeks ago from

WellPoint Health Networks

(WLP)

and

ING America Insurance

, a unit of Dutch bank-insurer

ING Groep

(ING) - Get Report

. Aetna bounced 2 5/8, or 4.9%, to 56 3/4. WellPoint was flat at 59 7/8, while ING was down 5/8 to 49.

Covad Communications

(COVD)

, a broadband services provider, is acquiring

LaserLink.net

for $387 million in stock, based on yesterday's closing price of Covad stock. Covad increased 3 3/4 to 94.

A bunch of news out of the world of German banking.

Deutsche Bank

is

taking over

Dresdner Bank

for $30 billion. Meanwhile,

Reuters

reported that German newspaper

Die Welt

said that

HSBC

(HBC)

is planning to mount a hostile takeover bid for

Commerzbank

. HSBC declined 3/8 to 57.

Metropolitan Life

said it agreed to buy the remainder of specialist insurance asset manager and research firm

Conning

(CNNG)

for about $68 million. Conning rose 1 3/4, or 16.6%, to 12 5/16.

Software.com

(SWCM)

, a developer of carrier-scale, Internet infrastructure applications, is buying

@mobile.com

for $400 million in stock. Software.com jumped 25 7/8, or 22.7%, to 140.

United Pan-Europe Communications

(UPCOY)

plans to buy

SBS Broadcasting

(SBTV)

for $2.8 billion in stock and cash. United Pan-Europe Communications declined 13, or 5.5%, to 224, while SBS Broadcasting rose 16 11/16, or 29.3%, to 73 11/16.

Earnings/revenue reports and previews

Lands' End

(LE) - Get Report

posted fourth-quarter earnings of 92 cents a share, well below the eight-analyst estimate of $1.09 a share and down from the year-ago $1.07. The company said that for the first half of fiscal 2001, it expects sales to rise "in the mid-single digits." It also said it expects a "strong increase in earnings" in the first half of fiscal 2001. Lands' End was up 4 7/16, or 14.4%, to 35 5/16.

H.J. Heinz

(HNZ)

posted third-quarter operating earnings of 63 cents a share, a penny ahead of the 17-analyst estimate and up from the year-ago 60 cents. Heinz was down 15/16 to 33 5/16.

ShopKo Stores

(SKO)

posted fourth-quarter operating earnings of $1.74 a share, beating the five-analyst estimate of $1.70 and above the year-ago $1.53 a share. ShopKo rose 1, or 5.9%, to 17 15/16.

Vail Resorts

(MTN) - Get Report

posted second-quarter net income of 31 cents a share, a penny higher than the nine-analyst estimate, but down from the year-ago 47 cents. Vail Resorts was flat at 16 5/8.

Offerings and stock actions

Robertson Stephens

priced 4 million shares of

Orapharma

(OPHM)

at $18 each, above the expected $15 to $17 estimated range. Orapharma develops pharmaceutical products to treat oral diseases and disorders. Orapharma rose 15 1/8, or 84%, to 33 1/8.

IPO

Riverdeep Group

(RVDPV)

offered 6.08 million ADRs, each representing six ordinary shares. ADRs were priced at $20 each, and were lately flying 32, or 160%, to 52. Riverdeep Group climbed 33 1/4, or 166.2%, to 53 1/4.

Analyst actions

Warburg Dillon Read

initiated coverage of

American Dental

(ADPI)

as a buy with a price target of 13. American Dental was up 11/16, or 9.9%, to 7 5/8.

Morgan Stanley Dean Witter

cut its rating on

American Tower

(AMT) - Get Report

to outperform from strong buy and set a price target of 54. American Tower slipped 2 9/16 to 51 3/8.

Deutsche Banc Alex. Brown

initiated coverage of

Ann Taylor

(ANN)

with a market perform rating. Ann Taylor dropped 1 1/8 to 22 7/8.

Alex. Brown initiated coverage of

bebe stores

(BEBE)

with a market perform rating. bebe stores was down 3/16 to 12 1/16.

Credit Suisse First Boston

restarted coverage of

Brooks Automation

(BRKS) - Get Report

with a buy rating and set a price target of 95 on the stock. Brooks Automation was up 2 1/4 to 78 1/4.

ING Barings

started coverage of

CanTV

(VNT)

as a hold, and sees earnings of $1.06 per ADR in 2000. CanTV was up 1/8 to 36 7/16.

DB Alex. Brown started

Charlotte Russe

(CHIC) - Get Report

with a buy rating and set a price target of 21 on the stock. Charlotte Russe was up 1 7/8, or 15.8%, to 13 3/4.

Chase H&Q

initiated coverage of

Clarus

(CLRS)

with a buy rating. Clarus was up 21 1/16, or 17.3%, to 143.

Merrill Lynch

started coverage of

Globix

(GBIX)

with a buy rating and set a 12-month price target of 85. Globix rose 5 9/16, or 10.2%, to 60 7/16.

Warburg Dillon Read initiated coverage of

Honeywell

(HON) - Get Report

as a strong buy with a 12-month price target of 69. Honeywell rose 7/8 to 43 5/8.

Warburg Dillon Read initiated coverage of

Lennox

(LII) - Get Report

with a buy rating and a price target of 18. Lennox stayed flat at 10.

Alex. Brown initiated coverage of

Men's Wearhouse

(SUIT)

with a buy rating and set a price target of 42 on the stock. Men's Wearhouse moved up 1 15/64, or 5.1%, to 25 5/16.

Thomas Weisel

analyst Doug Van Dorsten lowered his rating on

MIPS Technology

(MIPS)

to buy from strong buy. MIPS Technology rose 5 13/16, or 9.5%, to 67 5/16.

Thomas Weisel analyst Keith Gay raised his 12-month-to-18-month price target on

National Computer Systems

(NLCS)

to 60 from 48. National Computer Systems moved up to 4 5/16, or 9.6%, to 49 1/16.

Warburg Dillon Read initiated coverage of

Pets.com

(IPET)

with a buy rating and a 20 price target. Pets.com was up 1 25/32, or 25.3%, to 8 13/16.

Banc of America Securities

raised its price target on

PMC-Sierra

(PMCS)

to 325 from 175. PMC-Sierra jumped 12 5/16, or 5.4%, to 239 3/16.

Warburg Dillon Read initiated coverage of

Radiologix

(RDLX)

as a buy with a 12-month price target of 10. Radiologix moved up 1 15/16, or 43.3%, to 6.

Alex. Brown initiated coverage of

Talbots

(TLB)

with a buy rating and set a price target of 51 a share. Talbots was up 1 3/4 to 39 1/4.

Goldman Sachs

initiated coverage of

Trigon Healthcare

(TGH) - Get Report

as a buy. Trigon Healthcare was up 1/16 to 29 1/16.

Lehman Brothers

downgraded

Triton PCS

(TPCS)

to neutral from buy based on valuation. Triton PCS fell 5 5/16, or 7.9%, to 61 15/16.

Miscellaneous

TeraBeam Networks

, a privately owned company based in Seattle, named Dan Hesse, former president and CEO of

AT&T's

(T) - Get Report

wireless unit, as CEO and president of TeraBeam. Meanwhile, AT&T said Mohan Gyani will succeed Hesse as president and CEO of its wireless division. Gyani is the former CFO of

AirTouch Communications

, which was taken over by

Vodafone

to form

Vodafone AirTouch

(VOD) - Get Report

. AT&T plans to conduct an IPO of

AT&T Wireless Group

tracking shares this spring. The new stock will track the performance of AT&T's voice and data mobility businesses, as well as its fixed-wireless business and ownership interests in international wireless operators. AT&T was down 3/16 to 52 13/16.

Standard & Poor's

said

Sabre Holdings

(TSG) - Get Report

will replace

Service Corp.

(SRV) - Get Report

in the

S&P 500

index, effective March 15. Sabre Holdings declined 2 to 47, while Service Corp was down 3/16, or 5.3%, to 3 3/8.

Select Comfort

(SCSS)

said it named William McLaughlin president and CEO. Select Comfort stayed flat at 5 5/8.

Editorial Assistant Diane Gross contributed to this column.