was slipping 4 5/16, or 8.3%, to 48 1/8 after it said it has entered a $3.8 billion stock deal to acquire
and its parent company
. Global Crossing said it expects to complete the acquisition in the second quarter. IPC Communications was soaring 109 15/16, or 78.5%, to 249 15/16.
is buying e-business solutions company
for $44.25 a share, or $3.9 billion in cash, in an effort to establish itself in the business-to-business e-commerce market. SBC Communications was sliding 2 3/16, or 5.7%, to 36, while Sterling was jumping 11 15/16, or 37.8%, to 43 1/2.
Mergers, acquisitions and joint ventures
was edging up 5/8 to 85 3/8 after it said it plans to sell its cable television units in five national regions by the end of March. The company also said today that it would sell 55% of its
cable network to U.S.-based
said they have agreed to a venture involving Excite@Home's B2B Web site. The venture calls for Dow Jones to contribute news and other features from its Web site to Excite@Home's
. The companies said they would set IPO plans for a minority of the venture in 2000. Dow Jones was lifting 3/4 to 62 11/16 and Excite@Home was falling 1/2 to 33 9/16.
was sliding 5 7/16, or 24.3%, to 16 15/16 after it said it would establish a dental software and service division and hold an IPO for the business.
will concentrate on e-commerce and have a base of roughly 25,000 doctors.
agreed to buy, in a private placement, 7.125 million Class-B nonvoting shares of Canadian media company
, representing a 19.9% stake in Corus. Liberty Media was losing 3/8 to 50 3/16.
was popping 1 1/8 to 146 3/16 after it said it is buying
for $430 million in stock.
was shedding 6 7/16, or 12.7%, to 44 1/14 after it said it has entered stock deals to buy
that carry a combined value of $1.28 billion. Medscape was adding 1 3/8, or 11.5%, to 13 1/4.
has decided to open a full investigation into the proposed get-together between
. The commission "has raised serious doubts as to the compatibility of the proposed merger between MCI WorldCom and Sprint mainly because of its impact on competition in the market for top level Internet connectivity." The commission said it expects to make a final decision by early July. MCI WorldCom was gaining 1/8 to 46 5/16.
announced a strategic pact with
to develop and deliver e-business products and services to the energy industry. Oracle was mounting 1 9/16 to 60 1/8.
of Houston is buying 21 power plants from
for $2.1 billion. Sixteen of the facilities are located in Pennsylvania, four in New Jersey and one in Maryland. Sithe is 60% owned by
of France. Reliant Energy was bouncing 1/4 to 21 7/16.
was rising 1/4 to 63 1/2 after it said it bought an additional 2.73 million shares of
, an Internet service provider, for a total of $77 million, bringing its overall stake in EarthLink to 14.6%. Earthlink was moving up 2 1/16, or 11.3%, to 22.
, the Finnish-Swedish forestry titan, is buying
for $4 billion. The companies said the combined entity will be the largest producer of paper and board by capacity world-wide, with total 1999 sales of $13.2 billion. The acquisition values the shares of Wisconsin Rapids, Wis.-based Consolidated Papers at $44 a share. Consolidated Papers was bouncing 9 3/16, or 35.3%, to 35 3/16.
U.K.-based tour operator
Travel Services International
for $26 a share in cash, or $385 million. Travel Services was climbing 7 13/16, or 44%, to 25 9/16.
Earnings/revenue reports and previews
Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.
was sliding 9/16 to 15 1/2 after it reported a fourth-quarter loss of three cents a share, wider than the four-analyst estimate and the year ago 42-cent profit.
was edging up 1/16 to 8 11/16 after it posted fourth-quarter earnings of 31 cents a share, a penny better than the 14-analyst estimate and up from the year-ago loss of 85 cents.
Friede Goldman Halter
was slipping 1/2, or 8.5%, to 5 3/8 after it warned investors that it would post a fourth-quarter loss between $1.10 to $1.16 a share, missing the two-analyst estimate of an 8-cent loss.
was unchanged at 53 3/4 after it said same-store sales increased 9%.
was edging up 3/16 to 30 13/16 after it posted fourth-quarter adjusted earnings of $1.31 a share, well ahead of the 22-analyst estimate of $1.18 and up from the year-ago 92 cents. The company's board also authorized a $200 million share repurchase program.
was declining 5 7/16, or 12.1%, to 40 1/2 after it posted a fourth-quarter loss of 99 cents a share, narrower than the 16-analyst estimate of a $1.01 loss but wider than the year-ago 51-cent loss.
was lifting 5/16 to 9 7/16 after it reported fourth-quarter earnings of 38 cents a share, beating the six-analyst estimate of 31 cents and up from the year-ago 24 cents.
was declining 5/16 to 17 3/8 after it posted fourth-quarter earnings of 93 cents a share, beating the three-analyst estimate of 95 cents and up from the year-ago 82 cents.
was sliding 9/16 to 24 13/16 after it reported first-quarter earnings of 39 cents a share, edging out the four-analyst estimate of 37 cents and up from the year-ago 32 cents.
Offerings and stock actions
was skidding 1/8 to 22 9/16 after it said it set up a $300 million share repurchasing plan.
was edging up 1/4 to 58 after setting a 3-for-2 stock split.
was slipping 16 3/4, or 15%, to 94 1/4 after it said that it has set a 2-for-1 stock split.
was bouncing 6 7/8, or 5.7%, to 125 1/2 after it said it set a 2-for-1 stock split. Nextel posted a fourth-quarter loss of 85 cents share, narrower than both the 18-analyst estimate of a 97-cent loss and the year-ago $1.43 loss.
was hopping 1 to 104 9/16 after it announced a 2-for-1 stock split.
to strong buy from buy. Alza was gaining 3/4 to 36 15/16.
Merrill Lynch rolled out coverage of
as an intermediate, long-term buy. Amdocs was shedding 3/8 to 66 5/8.
Donaldson Lufkin & Jenrette
to market perform from buy. Aurora Foods was losing 3 11/16, or 50.4%, to 3 5/8.
Deutsche Banc Alex. Brown
downgraded the ratings of
to market perform from buy. Felcor was sliding 1/8 to 17 7/8 and Meristar Hospitality was falling 1/16 to 15 1/2, while Wyndham was unchanged at 2 3/8.
rolled out coverage of
with a strong buy rating and a price target of 18. Healthgate Data was edging up 1/8 to 11 1/8.
DLJ launched coverage on
John Hancock Financial
with a strong buy rating.
initiated coverage with a market outperform rating. John Hancock was climbing 1/4 to 15 3/4.
Morgan Stanley Dean Witter
to buy from market perform. Shares of Morgan Stanley were off 1/4 to 61.
Merrill Lynch started coverage of
with an intermediate-term accumulate, long-term buy rating. Neoforma.com was sliding 9 1/8, or 13.2%, to 60.
Merrill Lynch upped its intermediate-term rating on
to buy from accumulate. Phelps Dodge was tacking on 15/16 to 52 1/4.
Credit Suisse First Boston
initiated coverage of
as a strong buy. 724 Solutions skidded 10 3/8, or 7.2%, to 125.
Deutsche Banc Alex. Brown upgraded
to strong buy from buy. SBA was mounting 2 3/4, or 9.9%, to 30 1/2.
Warburg Dillon Read
raised its rating on
to strong buy from hold. Unilever was popping 1 to 25 3/4.
announced a huge restructuring plan, including cutting 25,000 jobs. The consumer products giant posted 1999 net profits that were down 5% from 1998.
CSFB initiated coverage of
as a strong buy and set a 12-month price target of 90. Watchguard was gaining 4 11/16, or 7.7%, to 65 3/16.
Some oil ministers are likely to signal for an increase in output this week, reported
The Wall Street Journal
. According to the
members have not reached an agreement on the timing or amount.
Lehman Brothers Merchant Banking Partners II
said they're establishing a new business in the food gums industry. The company will include the Hercules Food Gums division along with the
bio-gums unit which they will buy from
for $685 million. Lehman Brothers' partnerships will own 72% of the new business, while Hercules will own 28% and have responsibility for managing the business.
Separately, Hercules said it plans to sell its resins unit. Hercules said "it has entered formal discussions with an unidentified major company" to buy the division. Hercules said the resins business accounts for $450 million in annual sales and employs about 1500. Hercules was adding 11/16 to 17 15/16.
Attorneys in the
antitrust case are slated to give their closing arguments today in Washington. The
New York Times
on Monday reported that the odds were against a settlement, citing people close to the talks. Microsoft was losing 7/8 to 94 3/16.
introduced today what it said are the world's fastest and lowest-power digital signal processors. Texas Instruments said the new programmable DSPs will "push the Internet-era communications infrastructure to higher levels." Texas Instruments was hopping 6 7/16 to 140 3/8.