shed 17 1/2, or 8.4%, to 190 1/2 after saying it is buying
for $9.3 billion. Aspect Development climbed 12, or 14.1%, to 97.
According to the terms of the deal, i2 would swap 0.55 share for each Aspect share after Aspect's 2-for-1 stock split. After the merger is completed, Aspect shareholders will own 18% of the company.
Separately, i2 said it has entered a $280 million stock deal to acquire closely held
. i2 said the deals would not effect fiscal 2000 cash earnings but would contribute to the fiscal 2001 report.
dropped 8 , or 21.5%, to 29 3/16 after it said it is buying
. Times Mirror jumped 35 15/16, or 75%, to 83 7/8. Tribune is the publisher of the
, and also owns numerous television stations in addition to the
Major League Baseball
franchise. Times Mirror is publisher of the
Los Angeles Times
. Following completion of the deal, Tribune Company will have 11 daily newspapers, 22 television stations and four radio stations.
Mergers, acquisitions and joint ventures
Six big Wall Street firms and
announced the creation of
, an e-commerce concern that will host a series of online marketplaces linking firms with institutional investors.
Morgan Stanley Dean Witter
Salomon Smith Barney
will own a majority interest in the business. Communicator will provide the infrastructure and operate the business and have a minority interest.
Goldman Sachs gained 1 1/8 to 113 3/8, J.P. Morgan gained 3 to 109 1/16, Lehman Brothers lost 1 3/16 to 80 15/16, Merrill Lynch lost 2 15/16 to 102, Morgan Stanley moved down 2 1/2 to 84 1/8 and Citigroup inched up 1/2 to 49 7/16.
inched up 1/8 to 48 after it said it is buying
for about $540 million in cash and stock. Voyager.net rose 1 5/8, or 12.5%, to 14 5/8.
slipped 3/16 to 26 5/16 after it said it is buying
Card Capture Services
, the largest independent network of centrally managed automated teller machines in the U.S. Terms of the deal weren't disclosed.
said they formed a strategic industrial alliance. General Motors will buy a 20% stake in Fiat for $2.4 billion in GM stock. GM also said it will buy back $2.4 billion of its common stock by the end of the year and said it increased its
exchange offer to $9 billion from $8 billion. General Motors climbed 13/16 to 78 5/8, while Hughes lost 1 1/4 to 128 7/16.
rose 2 11/16 to 107 15/16 after it said it is teaming up with
and others to supply products and services to bring e-business applications to wireless devices. Cisco climbed 2 1/16 to 138 3/8; Ericsson fell 1 11/16 to 98 15/16; Intel gained 4 1/8 to 124 5/16; Motorola rose 1 5/8 to 176 1/2; Palm dropped 3 5/8, or 5.2%, to 66 3/8 and Nokia was unchanged at 215.
lost 1/2 to 44 1/16 after it said it is buying the
Traffic Alert and Collision Avoidance System
product line from
for $255 million. Honeywell lost 1 1/8 to 44 1/4.
moved down 1 1/4 to 99 1/4 after it and
agreed to a $1 billion pact to form a joint venture called
, a technology services firm that will employ 5,000 and contribute to building Internet businesses using Microsoft software.
lost 1 3/4 to 64 after it said it will buy 12 stations from
for $1.3 billion and three stations from
for $40 million. Radio One will also buy
for $24 million.
tacked on 1/16 to 26 11/16 after it said it was launching an offer for Spanish utility
Hydroelectrica del Cantabrico
for 21.25 euros a share, or 2.4 billion euros.
is believed to be in talks to buy all or part of privately owned
The Sunday Telegraph
in London reported. Calvin Klein could be valued at $1 billion, the newspaper said. Tommy Hilfiger moved up about 2.6%, to 14.
dropped 4 5/16 to 177 and
gained 7 1/2 to 240 after they said they entered a software deal.
Earnings/revenue reports and previews
Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.
added 1 3/4, or 8.9%, to 21 7/16 after it said it expects first-quarter earnings-per-share to exceed estimates by 15% to 20%. The company said it expects earnings between 38 cents and 40 cents a share, compared with the year-ago earnings of 19 cents. The current two-analyst estimate is for 34 cents a share.
moved up 1 1/2 to 51 1/14 despite saying its first-quarter earnings would fall below estimates. The current 14-analyst estimate calls for earnings of 50 cents a share.
Offerings and stock actions
Applied Micro Circuits
said its board set a 2-for-1 stock split. Applied Micro Circuits advanced 2 to 293.
said its board set a 3-for-1 stock split. Celgene moved down 1 13/16 to 166 11/16.
board approved a 2-for-1 stock split. Commerce One slipped 4 9/16 to 262 1/8.
set a 2-for-1 stock split. Datalink.net jumped 9 3/8, or 18.1%, to 61 5/16.
said it plans a 2-for-1 stock split and will apply for listing on the
Milan Stock Exchange
by the end of 2000. Luxotica lifted 3/8 to 24.
said it plans to spin off its
division as a separate company. Nortel said that
would take a $15 million stake in the new company. Nortel Networks was down 1 5/16 to 122 1/8.
Morgan Stanley Dean Witter
to strong buy from outperform. AMR declined 5/8 to 56 1/4.
with a near-term accumulate, long-term buy and a 12- to 18-month price target of 50. Broadwing slipped 1 3/4 to 37 3/16.
raised its 12-month price target on
to 150 a share. Calpine stumbled 2 1/8 to 108 7/8.
Credit Suisse First Boston
cut its rating on
to buy from strong buy. Chiron plummeted 10 3/4, or 17.9%, to 49 3/16.
Donaldson Lufkin & Jenrette
to its value list. Compaq shed 7/16 to 28 1/8.
Banc of America Securities
. Banc of America upgraded Dell to strong buy from buy. Bear Stearns upgraded Dell to buy from attractive. Dell popped 3 1/2, or 6.8%, to 54 3/4.
Deutsche Banc Alex. Brown
started coverage of
with a buy rating and a 157 price target. Diversa slipped 8 7/8, or 8.8%, to 92.
analyst Doug van Dorsten started coverage of
with a buy rating and a 12-month price target of 60. Eloquent declined 2 3/4, or 6.9%, to 36 3/4.
Warburg Dillon Read analyst Claire Nickson-Havens raised her rating on
to strong buy from buy and boosted the price target to 100 from 80. eSpeed climbed 8 3/8, or 11.2%, to 83 1/8.
set a 12-month price target for
at 38. FleetBoston Financial added 11/16 to 26 3/8.
to strong buy from buy. Intel gained 3 11/16 to 123 13/16.
said it started coverage of
with a buy rating and a 12-month price target of 40. Juno Online jumped 4 1/8, or 20.7%, to 24.
DB Alex. Brown upgraded
to strong buy from buy. Knight/Trimark advanced 3 1/4, or 6.5%, to 52 3/4.
DLJ said it raised
to buy from market performer. Kohl's lifted 3 to 86 1/8.
said it started coverage of
as a strong buy. Landacorp climbed 2, or 14.1%, to 16 1/8.
Merrill Lynch analyst Michael Hughes started coverage of
with a rating of near- and long-term buy and a 12- to 18-month price target of 33. Lending Tree shot up 2 3/16, or 15.5%, to 16 1/4.
upped its rating on
to buy from hold and set a price target of 90. Lucent declined 15/16 to 67 1/16.
Thomas Weisel analyst Keith Gay initiated coverage on
with a buy rating. VarsityBooks.com stumbled 3/8 to 9 7/16.
sliced its rating on
to attractive from buy and cut its price target to 42 from 51. Suiza Foods slipped 1 7/16 to 37 1/4.
Merrill Lynch analyst Robert Schenosky started coverage of
with a rating of accumulate for the intermediate term and buy for the long term. Weirton Steel lost 7/16 to 9 1/4.
fell 3 7/8, or 7%, to 52 1/16 after it said it planned to separate its finance and health care businesses "as soon as an orderly separation can be achieved." The company also plans to sell off international assets that do not fit the strategy of either resulting company. Meanwhile,
Warburg Dillon Read
cut its rating on Aetna to reduce from hold.
hopped 1 9/16, or 5.4%, to 30 1/8 after it said it will launch an online service aimed at high-speed users.
The Heard on the Street column in the
says biotech stocks are acting like Internet stocks, driving the biotech industry's market capitalization up 50% to $600 billion in just two months time. The story speculates that some biotech companies now have the capacity to swallow up old-line pharmaceuticals companies, though it adds no imminent deals are on the horizon.
Editorial Assistant Diane Gross contributed to this story.