As selling pressure continued to weigh heavily on the Dow Jones Industrial Average and less so on the tech-laden Nasdaq Composite Index, individual company news was driving individual stock movements.
was jumping 13 3/8, or 5.7%, to 248 7/8 after
initiated coverage of it as a top pick and established a price target of 330 for the stock. JDS Uniphase designs and develops a range of products for the fiber-optic communications market.
On the flip side,
was shedding 7 23/32, or 6.1%, to 113 29/32 after
advised investors to take profits after recent price gains.
Given the overall trading environment, one IPO was holding up well.
was rising 11 1/16, or 63.4%, to 28 1/2, after being priced at $17.4835 per ADR by
Morgan Stanley Dean Witter
. Each ADR is equal to one fifth of an ordinary share. Luxembourg-based Carrier1 provides voice, Internet, bandwidth and related telecommunications services in Europe
Mergers, acquisitions and joint ventures
shed 11 1/16, or 5.9%, to 178 after saying it tapped
to equip multimedia call centers for its customers in Britain. BT said Lucent would begin supplying the call centers immediately, through
BT Business Information Systems
and BT's new
Syncordia eCRM Solutions
. Lucent lifted 1 1/8 to 54.
fell 9/16 to 89 3/8 said it has entered a pact with
to boost its phone network and set a separate deal with
to develop a virtual market for e-businesses. Cisco dropped 3 3/8 to 135 1/4 while Compaq climbed 1/2 to 25 11/16.
gained 4 15/16 to 114 after it announced plans to acquire
, a privately held telecommunications company based in Buffalo, N.Y. Intel said it would pay cash for the company though terms were not disclosed.
raised its first-quarter EPS on Intel to 70 cents from 67 cents, and the 2000 estimate to $3.02 from $2.90. The price target was upped to 150 from 125
Internet Capital Group
lost 1 7/8 to 117 after it agreed to buy an interest in
, in which eCredit.com would receive Internet Capital Group stock worth $450 million.
lost 5/16 to 93 15/16 after it said it has entered a deal with
that involves making an investment in Honeywell's
. Honeywell was losing 1 13/16 to 43 3/8.
was falling 1 to 159 13/16 after it entered a deal with 19 Web content providers, including
, to offer their services on its mobile phones. Amazon was off 2 11/16 to 67 3/4 while Reuters was down 1 to 127 1/8.
Toys R Us
lost 3/16 to 11 5/16 after it said it sold a minority stake in its Toysrus.com Internet unit to affiliates of Japanese investment bank
for $57 million. Toys R Us also said Softbank Venture Capital and Softbank Capital Partners had purchased $10 million in warrants to acquire 1.2 million shares of Toys R Us common stock at $13 a share.
USX-U.S. Steel Group
lost 3/8 to 22 11/16 after it said it would make a minority investment in the Internet steel exchange
Earnings/revenue reports and previews
Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.
lost 9/16 to 11 9/16 after it posted fourth-quarter earnings of 51 cents a share, beating the eight-analyst estimate of 49 cents and the year-ago 38 cents.
fell 13/16 to 42 1/8 after it posted fourth-quarter earnings of 47 cents a share, beating the 21-analyst estimate of 45 cents and up from the year-ago 35 cents. The company said it will repurchase 15 million shares in fiscal 2000.
gained 4 3/16 to 116 1/2 after it said it reported a fourth-quarter loss of 29 cents a share, narrower than the six-analyst estimate of a 31-cent loss but wider than the year-ago 18-cent loss.
slipped 1/16 to 16 3/16 after it said it reported fourth-quarter earnings of 45 cents a share, missing the 11-analyst estimate of 47 cents and down from the year-ago 72 cents. The retailer said it expects to assume a first-quarter $200 million restructuring charge for its
slipped 3/8 to 14 11/16 after it said it expects to post fourth-quarter earnings between 37 and 40 cents a share. The 16-analyst estimate sees the company reporting EPS of 38 cents.
gained 3 1/2, or 6.3%, to 59 3/8 after it reported a pro forma fourth-quarter loss of 40 cents a share, narrower than the single-analyst estimate of a 44-cent loss but up from the year-ago 12-cent loss.
slipped 9/16 to 37 1/16 after it said it is on track to post fiscal 2000 earnings in line with the 25-analyst estimate of $1.64 a share. The drug company also said it would complete its current $1 billion stock buyback in the first quarter and initiate another plan.
lost 1/4 to 12 3/8 after it reported fourth-quarter earnings of 23 cents a share, beating the four-analyst estimate of 21 cents and in line with the year-ago report.
Offerings and stock actions
gained 1 3/4, or 5.9%, to 31 1/2 after it said it will sell 1.5 million shares of its common stock to Denver-based
. The purchase price is $28.50 a share.
lost 3 3/16 to 82 5/16 after it said it set an 8.15 million-share secondary offering at $82 a share.
lost 1 3/8 to 26 5/8 after it said it would repurchase 1.37 million shares from
. Time Warner gained 4 1/2, or 5.5%, to 86.
Credit Suisse First Boston
to strong buy. America Online also announced it has chosen Dennis Patrick as president of its
division. The stock was recently up 1 11/16, or 3%, to 60 1/32.
initiated coverage of
-- an Internet network providing country-specific and regional content for Spanish and Portuguese-speaking audiences in Latin America and the U.S. -- as a near-term accumulate and long-term buy. The shares were up 1/2 to 29 1/2.
upgraded computer boxmaker
to buy from attractive. Gateway was up 3 1/4, or 4.8%, to 71.
Merrill upgraded home builder and mortgage finance company
to near-term accumulate from neutral. Lennar shares were down 1/4, or 1.6%, to 15 11/16.
Deutsche Banc Alex. Brown
, the owner of
, to buy from strong buy on concerns about the quality of the company's earnings. Tandy was down 3 1/2, or 8.9%, to 36 5/16.
First Boston upped the price target of semiconductor company
to 165 from 140. Texas Instruments was up 6 1/16, or 4.3%, to 153 3/16.
First Boston upgraded e-commerce software developer
to strong buy from buy. Transaction Services was up 13 7/16, or 48.4%, to 41 3/8.
Merrill Lynch rolled out coverage of
with an intermediate accumulate, long-term buy rating. The shares were up 4 1/16 to 114 1/8.
Merrill upgraded shipping titan
near-term rating to buy from accumulate. Union Pacific was down 2 to 37 1/4.
lost 1 1/16 to 64 1/2 after it said it hired
to study the sale of equity in its semiconductor operations. Eaton said the sale would involve less than a 20% equity interest in its business.
, the Internet company that allows consumers to bid on everything from T-bone steaks to airplane tickets, said it named Heidi Miller as chief financial officer. Shares rose 2 7/8, or 5.5%, to 54 3/4. Miller, who was formerly chief financial officer at
, will also join priceline.com's board of directors and become senior vice president of strategic planning and administration. Now if she could only do something about those
was sliding 10 1/16, or 7.1%, to 136 1/2 after
The Wall Street Journal
reported that China would delay its approval for a Chinese mobile-phone network that would use the company's CDMA technology. According to the
, some foreign business leaders think the postponement might be a bargaining tactic launched before the U.S.
debates support for China's admission into the
World Trade Organization