Yahoo! (YHOO) was gaining 6 5/16 to 197 5/16 and eBay (EBAY) - Get Report soared 24 5/16, or 10.9%, to a record 247 7/8 after the Financial Times reported the two companies have resumed merger talks. Earlier this month it was revealed the two companies had been talking, however, the talks fell apart, the FT noted.
On Thursday night, Yahoo! and eBay declined to comment, but people close to Yahoo! and eBay confirmed that merger talks had begun again, the
said the Internet powerhouses are also talking about a looser alliance and the people close to the companies warned it was far from certain that the talks would lead to a deal of any description.
Mergers, acquisitions and joint ventures
, the four largest aerospace and defense companies are near a deal to form a single Internet business-to-business venture,
The Wall Street Journal
reported, citing people familiar with the transaction. In addition to Boeing, the B2B venture would include
of Britain, along with Web-site technology developed by
. Boeing gained 1 1/16 to 46 3/16, rose 5/8 to 17 11/16, Raytheon slipped 3/16 to 19 9/16, Commerce One popped 14 3/8, or 7%, to 218 7/8.
agreed to be bought by
for $238 million, after Sara Lee sweetened its takeover offer. Sara Lee rose 9/16 to 18 9/16.
is expected to announce a deal on Monday giving it a controlling stake in Japan's
, a DaimlerChrysler supervisory board source, told
. DaimlerChrysler added 3/8 to 67 7/16.
is mulling a possible bid to take over
, which would trump a nearly $3 billion offer already made by
for the British company, a unit of Germany's
reported. Ford rose 1/8 to 44 5/8 while General Motors fell 2 3/16 to 84 13/16.
Last week, Ford said it reached a memorandum of understanding to buy Land Rover from BMW. The
reported that senior execs, led by
Mike Burns, are exploring whether or not the memorandum of understanding signed by BMW and Ford could be challenged by a rival approach.
Earnings/revenue reports and previews
Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.
, a publisher and developer of entertainment software, dropped 3 15/16, or 38.9%, to 6 3/16 warned that its second-half operating earnings for its financial year ending March 31 will be "significantly worse" than the second half of the year-ago period and results for this year will be "substantially below" last year's.
added 3/4 to 26 1/2 after it said earnings are "significantly ahead" of Wall Street estimates for the first quarter and could be up to 7% higher for 2000. The five-analyst estimate calls for the company to earn $1.04 a share in the first quarter. The 12-analyst estimate calls for the company to earn $1.87 a share for the entire year.
shed 5 1/4, or 12.8%, to 35 3/4 after it warned second-quarter earnings, excluding items, will come in between 30 cents and 35 cents a share, far below the eight-analyst estimate of 56 cents.
For more on this
story, check out the coverage from
gained 4 1/8, or 25%, to 20 11/16 after saying it expects to report its first profitable quarter when it reports its first-quarter results. Wit anticipates revenue will exceed $85 million, above analyst estimates which it said range from $47.6 million to $54.0 million. The two-analyst estimate calls for the company to lose 5 cents a share in the first quarter. Wit said it expects to report earnings the week of April 17.
For more, check out
story on the Wit announcement.
Offerings and stock actions
was slipping 13/16 to 8 27/32 after its 20 million-share IPO was priced midrange at $9 a share by
Credit Suisse First Boston
was jumping 9 1/4, or, 51.7%, to 24 1/2 after its 4 million-share IPO was priced above-range at $15 a share by
Deutsche Banc Alex. Brown
. The initial price range was $8-$10 a share, which was then raised to $12-$14.
was jumping 6 1/4, or 30.6%, to 26 1/4 after it was priced at $20 a share, above the estimated $17 to $19 range. Warburg Dillon Read priced 6.25 million shares. The company makes products for the treatment of pulmonary and infectious diseases as well as congenital disorders.
was rising 1 15/16 to 83 1/16 after it said it is preparing to sell 14 million shares of its
Time Warner Telecom
stock. The total shares to be offered will be 15.3 million, including the underwriters' over-allotment option, which represents all of MediaOne's interests in Time Warner Telecom. MediaOne is shedding its Time Warner Telecom interests in order to get the go-ahead for its proposed merger with
. AT&T rose 1 1/4 to 58 1/2.
was inching up 1/16 to 21 1/16 after it was priced at $21 a share, above the estimated range of $16-$19. Lead underwriter
Morgan Stanley Dean Witter
priced 44 million shares. The St. Louis-based company provides electronic manufacturing services mainly to the telecommunications and networking industries.
gained 2 11/16 to 174 13/16 after its board approved a 2-for-1 stock split and an increase in the number of authorized shares of common stock to 450 million from 40 million.
3.2 million-share IPO was priced by Morgan Stanley above-range at $31 a share. The original price range was $21 to $23 a share, which was then raised to $25-$27 a share.
Johnson & Johnson's
rating was sliced to market perform from buy at
cut its 2000 EPS view to $3.36 from $3.38, while
cut the stock to near-term accumulate from buy.
cut the stock to buy from strong buy. Yesterday, the company said it would stop U.S. marketing its prescription heartburn drug Propulsid after reports of serious cardiovascular side effects.
For more on this
story, see separate coverage from
were all downgraded to neutral from attractive by Marina Jacobson at
. AMC was slipping 1/16 to 5 1/4, Carmike lost 1/8 to 6 3/4 and Loews was unchanged at 3 7/8.
Credit Suisse First Boston analyst Ronald Tadross initiated coverage of the auto parts industry with a strong buy rating on
, buy ratings on
, and hold ratings on
Gentex was down 21/64 to 37 5/8, Delco Remy was inching up 5/16 to 7 1/8, Decoma was rising 11/32, or 5.1%, to 7 1/8, Johnson Controls was edging up 1/8 to 55 3/4, Lear was unchanged at 27, Magna was slipping 3/8 to 40 3/8, Tower Automotive was rising 5/16 to 15 7/16, Arvin was rising 1/4 to 21 3/4, Dana was up 9/16 to 26 3/4, Delphi was down 21/128 to 15 9/16, Federal-Mogul was down 5/16 to 13 1/8 and Superior was losing 5/8 to 29 9/16.
rising 1/16 to 79 1/4: rating UP to hold from reduce at
American Service Group
unchanged at 14 1/16: coverage INITIATED with a buy rating and a 12-month price target of 20 at
Deutsche Banc Alex. Brown
lifting 2, or 9.1%, to 23 15/16: second-quarter EPS UP to a loss of 4 cents from a loss of 14 cents at
U.S.Bancorp Piper Jaffray
popping 5, or 8.9%, to 61 1/2 : rating UP to intermediate-term buy from accumulate at Merrill Lynch.
climbing 9 7/8, or 6.4%, to 164 9/16: UP to strong buy from accumulate at
rising 4, or 4.3%, to 31 7/8: second-quarter EPS UP to a loss of 15 cents from a loss of 21 cents at U.S. Bancorp.
losing 3 5/8, or 8.1%, to 41 1/8: coverage INITIATED with an outperform rating and a 12-month price target of 68 at
losing 2 7/16 to 121: earnings estimates DOWN for 2000 to a loss of $1.74 from a loss of 92 cents and for 2001 to a loss of $1.62 from a loss of 63 cents at Bear Stearns.
popping 16 3/16, or 11.3%, to 159 3/4: price target UP to 180 from 100 at U.S. Bancorp.
losing 9/16 to 15 5/16: coverage INITIATED with a buy rating at J.P. Morgan.
gaining 3/16 to 22 1/8: rating UP to buy from market perform at
Donaldson Lufkin & Jenrette
popping 14, or 11.9%, to 132: coverage REINSTATED with a strong buy rating at Alex. Brown; 2000 EPS UP to profit of 4 cents from a loss of 1 cent at Goldman.
rising 13/16, or 9.6%, to 9 1/4: coverage INITIATED with a buy rating at J.P. Morgan.
Morgan Stanley Dean Witter
gained 1 1/4 to 96 after it announced the birth of the
Morgan Stanley Internet Index
. The index will be published on the
American Stock Exchange
beginning today under the ticker symbol MOX. Options on the index will begin trading by April 10.
The index initially will comprise 28 large-capitalization Internet stocks drawn from nine Net subsectors: infrastructure services; infrastructure; consulting/services; portals; vertical portals; commerce; Internet/B2B software; B2B commerce; and multisector Net companies. Morgan Stanley said the number and types of companies in the MOX will change as Net-related businesses evolve.
rose 2 1/4, or 6.4%, to 37 5/8 after it named Steven Sprague, Wave's president and COO to the added position of CEO. Sprague assumes the CEO role from his father, Wave founder Peter Sprague, who will continue to serve as chairman.
The Inside Wall Street column in
written as usual by Gene Marcial, reports that
is expected to take an equity stake of up to 5% in
United Retail Group's
unit. Also, the column quoted an unidentified investor as saying that "United could end up merging with a larger company." United and Wit declined to comment, the column reported.
The column also includes bullish items on
. Bernie Schaeffer, head of
Schaeffer's Investment Research
, says Schwab could be a takeover target for a big financial-services concern, the column said.