Hewlett-Packardundefined was taking a bit of a beating today, sliding 6 3/8 to 124 11/16 after last night posting first-quarter earnings of 80 cents a share, beating the 23-analyst estimate of 78 cents but down from the year-ago 85 cents.
It's not exactly surprising that the stock should need a rest. In February alone, the computer giant tacked on about 21%. CEO Carly Fiorina said the company, which posted revenue of $11.7 billion, experienced growth in products and noted a turnaround in its
business, according to
Credit Suisse First Boston
upped H-P's 2000 earnings view and said it sees upside in the numbers.
raised Hewlett-Packard's fourth-quarter EPS view to $1.00 from 92 cents.
Deutsche Banc Alex. Brown
raised the stock to strong buy and set a target of 160.
Elsewhere, merger mania swept the exciting world of paper stocks. Well, the first part is true.
said it would buy rival
in a deal valuing Champion's equity at $6.5 billion. Champion was sliding 3 7/16, or 6.2%, to 52 1/4. The new company will be based in Helsinki and be called Champion International.
rose 2, or 10.6%, to 20 7/8 after it said it accepted a $600 million acquisition offer from
, in an attempt to thwart a $500 million hostile bid from rival
. International Paper lost 1 1/16, while Chesapeake was unchanged at 25 1/4. The transaction calls for IP to pay $21 a share for Shorewood, topping Chesapeake's hostile bid that valued the company at $17.25 a share.
Mergers, acquisitions and joint ventures
lost 15/16 to 52 3/4 after it said it would create an Internet portal with software maker
to enable companies to do business with one another online. Commerce One jumped 7 1/4 to 191 1/2.
was up 5/16 to 52 13/16 after it said it will sell Tower Group International it transportation logistics unit to
. Terms were not disclosed.
sailed up 12 3/4, or 5.1%, to 263 5/16 after it said it is in talks with
about a possible alliance in next-generation home appliances,
reported. Intel gained 2 3/16 to 109 3/8.
Earnings/revenue reports and previews
Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.
lost 1 15/16 to 24 1/16 after it posted a fourth-quarter loss of 3 cents a share, in line with the 31-analyst estimate but lower than the year-ago profit of 14 cents a share. The company said it plans to double 1999 operational earnings in 2000.and sees first-quarter results almost breaking even.
lost 3/16 to 70 13/16 after it posted a fourth-quarter loss of $1.27 a share, a penny narrower than the three-analyst expected loss, but wider than the year-ago loss of $1.22 a share, which includes items.
gained 1/16 to 2 3/8 after it posted fourth-quarter earnings of 8 cents a share, in line with the eight-analyst estimate but down from the year-ago 79 cents a share. The company said it expects to continue an earnings growth path of 8% to 10% in 2000 and expects EPS in the range of $2.35 to $2.45, in line with estimates.
Fresh Del Monte
inched up 3/16 to 8 after it posted a fourth-quarter loss of 45 cents a share, a penny better than the five-analyst expected loss but wider than the year-ago loss of 8 cents.
gained 5/16 to 8 3/8 after it reported second-quarter earnings of 7 cents a share, above the 10-analyst estimate of 4 cents, but down from the year-ago 25 cents. The company authorized a repurchase of up to 5 million common shares.
shed 4 7/8, or 20.5%, to 18 15/16 after it posted fourth-quarter earnings of 77 cents a share, a penny shy of the four-analyst estimate and down from the year-ago 81 cents a share.
Offerings and stock actions
lost 3 5/8, or 5.3%, to 65 1/8 said it approved a 2-for-1 split.
increased its price range to 75 to 80, from 65 to 70.
slipped 1/16 to 8 13/16 after it said it will move to the
Nasdaq Stock Market
New York Stock Exchange
and trade under the symbol "ARXX."
popped 4 3/4, or 7.8%, to 65 7/8 after it set a 2-for-1 stock split.
Park Place Entertainment's
chairman Stephen F. Bollenbach sold three million shares of the company's stock last week, exercising 75% of his existing stock options,
The Wall Street Journal
reported. The move prompted the company's biggest institutional shareholder to demand his resignation. The sale comes four months after Bollenbach sold about two million shares of the company, the story says. Park Place was lately inching up 1/16 to 10 3/16.
Salomon Smith Barney's
new REIT analyst, Jonathan Litt, initiated coverage of the REIT sector with ratings on more than 50 companies.
First Boston upped
to strong buy from buy. Shares gained 2 3/8 , or 7.4%, to 34 3/8.
Morgan Stanley Dean Witter
lowered its rating on
to neutral from outperform. The shares were recently off 4 13/16, or 18.6%, to 21 1/16.
to the recommended for purchase list from market outperform. The shares were up 3 11/16 to 64 5/8.
Bear Stearns started coverage of
with buy ratings. Dycom was up 3 1/16 to 37, and Mastec was up 1 3/16 to 57 1/16.
to buy from long-term buy. Conoco fell 1/8 to 21 5/8.
Salomon Smith Barney started coverage of
as an outperform and set a price target of 20.
raised its price target on
to 200. Gilat popped 10 3/8, or 7%, to 159 5/8.
Merrill Lynch cut its rating on
to near-term neutral from accumulate. Lan Chile lost 3 1/16 to 9 13/16.
ABN Amro raised
to buy from outperform. Lucent rose 5/16 to 52 7/16.
Warburg Dillon Read
initiated coverage of
with a strong buy rating and a price target of 90. Molecular Devices lost 1/8 to 73 3/4.
Merrill upgraded its intermediate-term rating on
to buy from accumulate. Shares rose 7/16 to 52 9/16.
to add from hold. Shares lost 7/16 to 48 1/8.
First Boston analyst Wendell H. Laidley resumed coverage of
as a strong buy. Vitria popped 6 7/8 to 174 7/16.
Discussions are underway at
on ways to speed the transfer of power to chairman-elect
from its current chairman,
. The shift in power could be decided as early as today, the
reported. Coke dropped 1 3/8 to 52 1/4.
In response to government probes over its use of consumers personal information,
said it does not and will not use sensitive data in the background data it compiles on Web surfers.
gained 2 5/16 to 52 7/16 after it said it planned to open seven more properties around the world over the next seven years.
inched up 9/16 to 98 3/16 after it released its Windows 2000 product today. The company said it plans to launch the new operating system in China on schedule and is working with authorities to ensure it complies with restrictions on encryption technology.
Separately, Microsoft CEO Steve Ballmer, told the
that the new operating system would give the company ammunition to go after rival
. Sun was unchanged at 92.
gained 2 to 123 7/8 after it said its co-founder and vice chairman Andrew Viterbi will retire next month when he turns 65.
slid 7/16, or 6.1%, to 6 11/16 after it was announced that it is the subject of an investigation of possible criminal fraud in connection with its past accounting practices, the
reported, citing people familiar with the situation. The investigation has been launched by the U.S. attorney in Harrisburg, Pa., the story says.
The "Heard on the Street" column in the
examines the pros and cons of "concept" stocks, highflying stocks powered largely by optimism about business concepts and future prospects. The story says prior phases of speculation for these types of stocks, 1969 and 1972 particularly, preceded significant market downturns.
On the other hand, the story says, despite the risk and lofty valuations, it doesn't pay to try and fight them in this market. The story mentions