jumped 4 1/8 to 196 3/8 after it unveiled plans to merge with
in an all-stock deal valued at about $15 billion by the companies. Shares of E-Tek soared 50 5/16, or 37%, to 186 1/4. E-Tek shareholders will get 1.1 shares of JDS for every E-Tek share held and E-Tek will become a wholly held unit of JDS once the deal is completed.
U.S. Supreme Court
let stand a ruling that the fees charged by
for registration and renewal of Internet addresses do not represent unconstitutional, unauthorized taxes, as Congress approved their collection. The high court rejected an appeal by a group of nine individuals and companies that sued Network Solutions and the
National Science Foundation
, a federally financed agency that had a cooperative agreement with the company. Shares of Network Solutions were soaring 22 1/4, or 9.3%, to 260.
Mergers, acquisitions and joint ventures
American Home Products
lost 1/2 to 43 3/4 after
The Wall Street Journal
reported it may be interested in obtaining rights to certain
products if Warner chooses Pfizer over the proposed American-Warner deal. Warner-Lambert dropped 3 1/8 to 90 9/16, while Pfizer slipped 11/16 to 36 5/16.
For more on this
story, check out additional coverage from the
Separately, Pfizer reported fourth-quarter earnings of 25 cents a share, beating the 26-analyst estimate of 23 cents and the year-ago 16 cents. The company said worldwide Viagra sales rose 19% and cited exceptional Celebrex performance in its fourth-quarter results.
For additional coverage of Pfizer's
earnings, check out a separate story from the
Delta & Pine Land
inched up 5/16 to 18 11/16 after it said it sued
over their failed merger and will seek at least $1 billion in damages. Shares of Monsanto slipped 3/8 to 36 11/16.
lost 1/16 to 15 3/16 after it said it hired
to help it explore strategic alternatives.
El Paso Energy
fell 2 1/4, or 5.7%, to 35 after it agreed to acquire
in a deal valued at about $16 billion, including $6 billion of assumed debt and preferred stock. Shares of Coastal popped 3 1/16, or 8.5%, to 39 1/16.
Each share of Coastal common stock and Class-A common stock will be converted on a tax-free basis into 1.23 shares of El Paso Energy common stock. The merger is expected to add to El Paso's earnings per share immediately and add more than 5% to EPS in 2001 and 2002.
was adding 3/8 to 19 3/8 after it signed an online pact with
. Yahoo! dropped 10 7/8 to 342 7/16.
climbed 1 1/16 to 94 3/4 and
Research in Motion
climbed 5 13/16, or 11.8%, to 55 1/8 after the companies said they have entered a research and marketing pact which will see Nortel invest $25 million in Research In Motion.
lost 1 1/8, or 10%, to 10 1/8 after it said it has entered into a deal to acquire
retail brokerage business in Puerto Rico. Merrill inched up 1/16 to 80 13/16. Santander said it expects to complete the deal around Feb. 22.
has agreed to buy its investment banking division for $2.2 billion, bolstering its European presence. Schroders said the merger of the unit with Citigroup's Salomon Smith Barney would leave it as a focused asset-management and private banking concern. Shares of Citigroup rose 3/16 to 58 3/16.
Separately, Citigroup posted fourth-quarter earnings of 75 cents a share, beating the 22-analyst estimate of 70 cents and the year-ago earnings of 40 cents. Earlier this year, Citigroup executed a 3-for-2 stock split.
For additional coverage of Citigroup's
earnings, check out a separate story from the
Transport Corporation America
tacked on 3 1/8, or 23.6%, to 16 3/8 after it agreed to be acquired by
in a stock transaction. US Freightways lost 1 1/4 to 42 7/16. Shareholders of Transport America will receive about 0.412 shares of Freightways common stock for each share of Transport common stock held.
Earnings/revenue reports and previews
Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.
gained 1 1/2, or 21.1%, to 8 5/8 after it said it sees fourth-quarter earnings between 65 cents and 70 cents a share, above the three analyst estimate of 63 cents a share.
slipped 3/4 to 17 3/8 after it posted fourth-quarter earnings of 41 cents a share, in line with the 16-analyst estimate and up from the year-ago earnings of 36 cents.
Archer Daniels Midland
added 9/16 to 13 1/16 after it reported second-quarter earnings of 17 cents a share, which includes a gain of one cent from security transactions. The nine-analyst estimate called for 13 cents, while the year-ago earnings were 15 cents, including a charge of 2 cents a share.
lost 15/16 to 31 3/16 after it reported fourth-quarter earnings of 78 cents a share excluding charges, in line with the 25-analyst estimate but down from the year-ago earnings of 88 cents a share.
Capital One Financial
dropped 2 3/4, or 5.9%, to 44 1/16 after it reported fourth-quarter earnings of 47 cents, in line with the 20-analyst estimate and up from the year-ago 35 cents. The company said all earnings-per-share amounts reflect the 3-for-1 stock split distributed June 1, 1999.
dropped 1 3/16 to 42 7/8 after it posted fourth-quarter earnings of $1.08 a share, which includes a $9 million gain. The 18-analyst estimate was for $1.08 a share, while the year-ago earnings were 97 cents, including a charge of $6.8 million.
dropped 1 15/16 to 39 3/16 after it posted fourth-quarter earnings of 47 cents a share, well above the 11-analyst estimate of 39 cents but down from the year-ago earnings of 91 cents a share.
inched up 11/16 to 25 11/16 after it posted fourth-quarter earnings of 50 cents a share, a penny better than the five-analyst estimate and flat with year-ago earnings.
lost 1/2 to 55 7/8 after it reported fourth-quarter earnings of 31 cents a share, in line with the 20-analyst estimate and up from the year-ago 24 cents.
gained 7/16 to 26 13/16 after it posted second-quarter earnings of 59 cents a share, beating the 13-analyst estimate of 57 cents and the year-ago 50 cents.
First Tennessee National
lost 9/16 to 27 after it reported fourth-quarter earnings of 54 cents a share, in line with the 16-analyst estimate and up from the year-ago 50 cents.
slipped 1/4 to 18 3/4 after it reported fourth-quarter earnings of 23 cents a share, beating the 14-analyst estimate of 20 cents but down from the year-ago earnings of 26 cents.
Health Management Associates
lost 3/4 to 16 after it posted first-quarter earnings of 14 cents a share, a penny better than the 19-analyst estimate and up from the year-ago earnings of 12 cents.
was declining 7/16 to 30 3/8 after it reported fourth-quarter earnings of 46 cents a share, missing the seven-analyst estimate of 49 cents but up from the year-ago 39 cents a share.
was skidding 3 3/8 to 124 5/8 after it posted fourth-quarter earnings of $2.63 a share, well above the 13-analyst estimate of $2.00 and the year-ago 42 cents, which included charges.
was slipping 1/4 to 56 after it reported fourth-quarter earnings of $1.03 a share, in line with the 15-analyst estimate and up from the year-ago 86 cents.
Kulicke & Soffa
was tacking on 3 1/4, or 6.2%, to 55 1/16 after it reported first-quarter earnings of 52 cents a share, beating the 11-analyst estimate of 48 cents and the year-ago loss of 38 cents a share.
was advancing 9/16 to 38 3/4 after it posted third-quarter earnings of 55 cents a share, beating the four-analyst estimate of 49 cents and the year-ago 32 cents.
was shedding 1/16 to 14 3/8 after it reported fourth-quarter earnings of 41 cents, in line with the three-analyst estimate and up from the year-ago 39 cents a share.
was adding 11/16 to 38 5/8 after it posted fourth-quarter earnings of $1.07 a share, well above the nine-analyst estimate of 92 cents and the year-ago 63 cents.
For additional coverage of PaineWebber's
earnings, check out a separate story from the
was skidding 4 3/4, or 19.5%, to 19 9/16 after it warned its fourth-quarter profits would be less than half analyst estimates amid production delays and higher costs. Raytheon said earnings would be 20 cents to 25 cents a share, well below the consensus estimate of 59 cents.
For additional coverage of Raytheon's
earnings warning, check out a separate story from the
Travelers Property Casualty
was advancing 7/16 to 37 13/16 after it posted fourth-quarter earnings of 90 cents a share, in line with the 13-analyst estimate and up from the year-ago 88 cents.
was sliding 15/16 to 22 1/8 after it reported fourth-quarter earnings of 52 cents a share, a penny shy of the 22-analyst estimate and flat against year-ago earnings.
Offerings and stock actions
was shedding 7/16 to 54 3/16 after it set a 3-for-2 common stock split.
was sliding 1 5/8 to 55 5/8 after it said it has set a 2-for-1 stock split.
was popping 5 7/8, or 6.9%, to 91 after it said it has set a 2-for-1 stock split payable about Feb. 11 to shareholders of record Jan. 28.
Merrill Lynch reinstated coverage of
with intermediate and long-term buy ratings and set a price target of 120. Shares of Aether were advancing 7, or 7.7%, to 97 3/4.
sliced its rating on
to market perform from long-term buy. Shares of Avery Dennison were falling 2 1/4 to 74 1/4.
Merrill Lynch analyst Eric Hecht upped his rating on
to intermediate-term buy from accumulate, while reducing his rating on
to intermediate, long-term accumulate from buy. Shares of Biogen were hopping 3 5/8 to 82, while Immunex was losing 6 9/16, or 5.5%, to 111 3/8.
Credit Suisse First Boston
rolled out coverage of
with a buy rating and a price target of 110. Shares of Checkfree Holdings were shedding 3/8 to 83 5/8.
Donaldson Lufkin & Jenrette
said it raised
to buy from market perform. Shares of Ford were adding 1 11/16 to 53 7/16.
DLJ started coverage of
with a buy rating. Shares of Hilton Hotels were unchanged at 9.
analyst Joe Osha upgraded
to intermediate-term buy from accumulate and raised his 12-month price target on the stock to 100. Shares of LSI were moving up 6 9/16, or 9%, to 79 5/16.
restarted coverage of
and added the stock to its buy list. Shares of Schlumberger were gaining 3 1/8, or 5%, to 64 9/16.
was climbing 2 to 109 9/16 after it said it will acquire more than 580 acres of land in Massachusetts to build a new corporate campus as part of its plans to expand in New England.
The Heard on the Street column in the
looks at the unusual disparity between solid market index performances and a large number of declining stocks. Last year in the
index, the story says, 256 stocks declined, three were unchanged, and only 241 rose. Despite soaring indices, some stocks are selling for "bear-market prices," the story says. Among beaten sectors that might be worth another look, are financial (particularly insurance and real estate), steel and drug stocks, according to the story.