IBM (IBM) - Get Report climbed 1 7/16 to 104 7/16 after it said agreed to an Internet B2B commerce pact with i2 (ITWO) and Ariba (ARBA) . The deal, which will help firms launch B2B marketplaces, calls for IBM to make minority investments in i2 and Ariba. i2 shot up 14 5/8, or 8.6%, to 184 and Ariba bounced 9 5/8 to 334 1/8.


J.P. Morgan

started coverage of Ariba with a buy rating.

Payless Shoesource


jumped 7 3/8, or 17.6%, to 49 1/8 after it said it would self-tender up to 25% of its 29.6 million outstanding shares. Payless said it would buy 7.5 million shares through the offering, which has a set price range between $48 and $53 a share. Separately, Payless said it upped its fiscal 2000 growth estimate to 20% from 15%.

Mergers, acquisitions and joint ventures


(APEX) - Get Report

added 2 3/8, or 6.6%, to 38 3/8 after it said it has agreed to a merger with

Cybex Computer


. APEX said its shareholders would own 55% of the newly formed company. The deal would be accretive to earnings before extraordinary items within a year. APEX said it has tapped Stephen Thorton as chairman, president and CEO of the merged company. Cybex fell 6, or 14.4%, to 38.


(CNA) - Get Report

shed 1/8 to 25 after it said it is contemplating a possible sale of its individual life insurance and life reinsurance divisions. The insurer said it has brought

Donaldson Lufkin & Jenrette

on board to explore the possible sale.





are negotiating a possible deal that could form the world's third-biggest carmaker,

The Wall Street Journal

reported. Sources told the


that the pact is not certain. DaimlerChrysler gained 1 5/8 to 61 5/8.

Deutsche Bank


Dresdner Bank

are moving closer to a $29.74 billion merger,

The Wall Street Journal

reported. According to the paper, the potential merger would create a financial services operation with over $1.2 trillion in assets.

Internet Capital Group


sank 6 5/8 to 134 9/16 after it said it would pay $22 million in cash and $635 million in stock for a majority stake in


. J.P. Morgan initiated coverage of the stock with a buy rating.

Jackpot Enterprises


hopped 4 3/4, or 33.6%, to 18 7/8 after it said it would examine alternatives for its traditional gaming business. The company said it would create a $100 million Internet fund and take a 35% interest in

Digital Boardwalk


Occidental Petroleum

(OXY) - Get Report

edged up 3/8 to 17 15/16 after it said it has entered a $3.6 billion deal to acquire

Altura Energy


BP Amoco




. Occidental said the purchase would add 50 cents a share to its fiscal 2000 earnings. BP Amoco lifted 2 to 52 11/16.


(PNK) - Get Report

gained 1 5/8, or 8.4%, to 20 7/8 after it said

Harveys Casino Resorts

has launched a $625 million offer for Pinnacle. According to the terms, Harveys would pay $25 a share for Pinnacle, which owns eight casinos in Nevada, Mississippi, Louisiana and Argentina.

PNC Bank

(PNC) - Get Report


Perot Systems

(PER) - Get Report

said they have entered a venture to create a B2B digital marketplace for billing called


. PNC advanced 5/16 to 37 and Perot Systems mounted 1 1/16 to 22 1/16.

Offerings and stock actions

Lehman Brothers

priced a 10 million-share IPO for

FirstWorld Communications


at $17 each, the top of the estimated 15-17 range. The company provides network-based Internet, data and communications services. FirstWorld Communications advanced 6 13/16, or 40%, to 23 13/16.

Be Free


fell 8 3/4, or 9%, to 88 1/4 after it said it filed for a 4.5 million-share secondary offering.

Mechanical Technology


advanced 3 1/2, or 5.3%, to 69 1/4 after it set a 3-for-1 stock split.



popped 2 7/8 to 73 1/2 after it said it priced a 2.45 million-share secondary offering at $68.25 a share.

Analyst actions

Donaldson Lufkin & Jenrette

cut its rating for the oilfield services group to market perform from outperform. The company slashed the rating of

Cooper Cameron




(HAL) - Get Report


Santa Fe International

(SDC) - Get Report



(RIG) - Get Report


Cooper Cameron slipped 3 1/4 to 66; Haliburton skidded 3 1/8, or 7%, to 41 3/8; while Santa Fe stumbled 3 7/16, or 9.4%, to 33 1/16. Transocean lost 5 1/8, or 10.4%, to 44 3/16.

Banc of America

initiated coverage of


(ABMD) - Get Report

with a buy rating and a price target of 90. Abiomed slid 4 1/2, or 7%, to 59 3/4.

DLJ upgraded

Avery Dennison

(AVY) - Get Report

to buy from market perform. Avery Dennison tacked on 1/16 to 55 3/8.





to accumulate from buy.

Lehman Brothers

, though, upped the stock's price target to 280 from 240. Comverse bounced 3 1/8 to 225 1/4.

Credit Suisse First Boston

cut its rating on

Baker Hughes


to buy from strong buy. Baker Hughes lost 2 1/8, or 7.3%, to 26 15/16.


raised its rating on

Bristol-Myers Squibb

(BMY) - Get Report

to buy from attractive. Bristol-Myers Squibb advanced 3 7/16, or 7.9%, to 46 15/16.

Merrill Lynch started coverage of

Dreyer's Grand Ice Cream


with an intermediate, long-term accumulate rating. Dreyer's Grand Ice Cream fell 3/4 to 19.

CSFB raised

iGate Capital's


12-month target price to 75. iGate stumbled 1 1/8 to 63 1/16.

J.P. Morgan launched coverage of

Internet Capital Group


with a buy. Internet Capital Group stumbled 3 3/16 to 138.

Deutsche Banc Alex. Brown

launched coverage of



as a buy with a 90 price target. Lante sank 7 1/4, or 9.6%, to 67 3/4.

Wit Soundview

initiated coverage of

Kana Communications


with a buy rating and set a price target of 200. Kana Communications hopped 8, or 5.8%, to 144 3/8.

Merrill Lynch rolled out coverage of



with an intermediate-term accumulate, long-term buy rating. Metricom shot up 5 3/8, or 7.5%, to 76 7/8.

Warburg Dillon Read

initiated coverage of


(MDT) - Get Report

as a buy. Medtronic slipped 3/8 to 49 1/8.


(MSFT) - Get Report

could have a chance to settle the antitrust case brought against it by the

Justice Department


Chase H&Q

software analyst Walter Winnitzki said following a briefing by Microsoft's new CFO, John Connors.

Winnitzki told


, "There was a feeling there was a near-term opportunity to have this settled, some language being given that they wouldn't have any change in culture or structure." Donaldson Lufkin & Jenrette stamped the stock with a buy with a 118 price target. Microsoft lifted 1 7/8 to 94 11/16.

DLJ upgraded

Quaker Oats


to buy from market perform. Quaker Oats added 1 1/8 to 48 9/16.

Merrill Lynch raised its intermediate, long-term rating on



to buy from accumulate. Rowan slipped 2 1/4, or 7.8%, to 26 7/16.

J.P. Morgan reinitiated coverage of

Safeguard Scientifics

(SFE) - Get Report

as a buy with a 378 price target. Safeguard advanced 5 5/8 to 194 5/8.

CSFB initiated coverage of



with a strong buy and a 12-month price target of 34. Skillsoft tacked on 1 5/8, or 6.8%, to 25 1/2.

Warburg Dillon Read upgraded


(UPS) - Get Report

to strong buy from buy.

Goldman Sachs

upgraded the stock to market outperform from market perform. UPS bounced 1 7/8 to 52 1/2.

Morgan Stanley Dean Witter

sliced its rating on


(UL) - Get Report

to outperform from strong buy. Unilever edged up 3/8 to 22 9/16.

SG Cowen



(VRSN) - Get Report

to strong buy from buy. VeriSign plummeted 8 1/2 to 191 1/4.

CSFB reinstated coverage of



as a strong buy with a 12-month price target of 100. Whittman-Hart added 2 9/16, or 5.3%, to 50 1/4.



(INTC) - Get Report

skidded 2 1/8 to 113 9/16 after it said that it developed a 1-gigahertz computer chip.

Advanced Micro Devices

(AMD) - Get Report

beat Intel to the punch on Monday when it announced its own 1-gigahertz chip. Advanced Micro Devices slipped 2 1/8 to 52 7/8.

General Electric's

(GE) - Get Report

broadcast television unit


is dropping out of the

National Association of Broadcasters

because the group hasn't fought to ease rules on TV station ownership,

The Wall Street Journal

reported. GE mounted 1 to 130 15/16.