Lernout & Hauspie

(LHSP)

rose 18 3/8, or 16.9%, to 127 3/8 after it said it will acquire privately held speech and language technology firm

Dragon Systems

for 5.45 million shares. Based in Newton, Mass., Dragon employs 350 workers, including 170 research scientists and development engineers. It had revenue of about $60 million and a net loss of about $22 million in 1999.

The judge presiding over the

Microsoft

(MSFT) - Get Report

antitrust case said he would

postpone rendering a decision to give the government and lawyers more time to negotiate and come to a possible settlement, sources told

Reuters

. According to the sources, the judge did not set a time limit on talks, but that they could last for a week or more. Microsoft added 1 15/16 to 106.

Mergers, acquisitions and joint ventures

Deutsche Bank

said it agreed to a far-reaching e-commerce and financial services cooperation with online broker

National Discount Brokers

(NDB)

. Deutsche also said it will pay $135.93 million for a 14.6% stake in NDB. The agreement gives Deutsche access to NDB's online clients, allowing it to place shares of IPOs via the NDB distribution network. American clients will also gain access to Deutsche Bank's equities research. National Discount Brokers lost 1 5/16 to 53 3/16.

Efficient Networks

(EFNT)

will acquire

NetScreen Technologies

in a

stock deal worth $905 million. Efficient said NetScreen shareholders will own about 8% of the company. Efficient Networks declined 5 13/16 to 165 3/4.

Macrovision

(MVSN)

will

buy privately held

Globetrotter

, a B2B copyright company, for 11.2 million shares, valued at about $800 million. Macrovision advanced 1 13/16 to 78 11/16.

Philips

(PHG) - Get Report

and

One Voice

announced a global strategic alliance. Philips lifted 5 5/16 to 187 1/8.

Rare Medium

(RRRR)

announced a strategic alliance with

IBM

(IBM) - Get Report

to work together on Web development and integration, venture capital strategy and the development of e-business incubators. Rare Medium lost 7/16 to 57 5/8, while IBM slipped 1 7/16 to 125 7/16.

TXU Europe

(TXU)

said it withdrew its cash offer for Spain's electricity utility

Hydroelectrica del Cantabrica

. TXU Europe moved down 3/8 to 29 3/16.

24/7 Media

(TFSM)

said it has a marketing pact with

EarthLink

(ELNK)

, under which it will manage marketing services for EarthLink. 24/7 Media fell 1 9/16 to 46 11/16, while EarthLink stayed flat at 21 5/16.

Vitesse Semiconductor

(VTSS)

said it entered a $450 million stock deal to acquire

Orologic

. Vitesse Semiconductor rallied 8 1/2, or 8.9%, to 104 7/16.

Earnings/revenue reports and previews

(

Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.

)

Apollo Group

(APOL)

posted earnings of 16 cents a share, a penny better than the 18-analyst estimate and up from the year-ago 13 cents. The company also authorized an additional $50 million increase in its stock buyback program, bringing the total to $150 million. Apollo Group increased 2 7/8, or 11.7%, to 27 3/8.

Arrow Electronics

(ARW) - Get Report

announced that it expects first-quarter earnings to be well ahead of analysts' expectations and close to double the year-ago 30 cents per share. The current six-analyst estimate calls for earnings of 50 cents a share. Arrow Electronics advanced 4 3/16, or 13%, to 36 5/16.

Autobytel

(ABTL)

said it topped $3.4 billion in online car sales in the first quarter. Autobytel climbed 5/8, or 7.5%, to 9.

Hillenbrand Industries

(HB)

reported first-quarter earnings of 55 cents a share, in line with the four-analyst estimate, but lower than the year-ago 67 cents. Hillenbrand Industries moved up 3/8 to 31 3/4.

Comdisco

(CDO)

said it would post second-quarter earnings of roughly 40 cents a share, excluding losses from its Prism division. The seven-analyst estimate sees the company reporting a 29-cent profit. Comdisco ascended 2 to 52 13/16.

International Multifoods

(IMC)

stated fiscal-year 2000 earnings of $1.31 a share, in line with the five-analyst estimate but down from the year-ago $1.35. The company also posted fourth-quarter earnings of 37 cents a share, even with the five-analyst estimate and the year-ago report. International Multifoods lifted 7/16 to 11 13/16.

First-quarter earnings for

United Airlines

parent

UAL

(UAL) - Get Report

look turbulence-free after the company said last night that its report would surpass the top end of its earlier expectations, 80 cents to $1.20 a share. The company said it sees first-quarter earnings coming in between $1.25 and $1.40 a share. The 11-analyst estimate expects the company to report earnings of 98 cents a share. UAL reiterated its fiscal 2000 earnings forecast of $7 to $9 a share and attributed its anticipated 6.25% to 7% total revenue growth to robust passenger demand and higher fares. UAL gained 2 to 59.

Offerings and stock actions

Deutsche Banc Alex. Brown

priced a 7.5 million-share IPO for

IntraBiotics Pharmaceuticals

(IBPI)

at the top of its $13-to-$15 range, $15 a share. IntraBiotics Pharmaceuticals hopped 3, or 20%, to 18.

Chase H&Q

said it priced a 4 million-share IPO for

Websense

(WBSN)

above its expected $14-to-$16 price range at $18 a share. Websense jumped 21 5/16, or 118%, to 39 5/16.

Hasbro

(HAS) - Get Report

said 18 million shares were tendered in its Dutch auction tender offer. Hasbro rose 1/8 to 17.

Maximus Services

(MMS) - Get Report

said it would rescind its 1.5 million-share buyback program, citing a possible acquisition under consideration. Maximus Services lifted 7/16 to 34 1/2.

Southdown

(SDW)

said it is considering several options to enhance shareholder value, including a share buyback or expansion, sale or merger of the company. Southdown hopped 4 1/8, or 7.6%, to 58 3/8.

TJX

(TJX) - Get Report

said it will buy back an additional $1 billion of its shares, which represents 16% of its stock at the current price. TJX gained 1 1/4, or 6%, to 21 15/16.

Analyst actions

Bed Bath & Beyond

(BBBY) - Get Report

: NEW buy with a price target of 44 at

Lehman Brothers

. Bed Bath & Beyond added 1 to 31 7/16.

Calpine

(CPN)

: 2000 earnings estimate UP to $2.30 from $2.00; 2001 earnings estimate UP to $2.75 from $2.30 at

TST Recommends

Goldman Sachs

. Calpine popped 4 11/16, or 5.8%, to 85 3/4.

Catellus

(CDX)

: UP to near-term buy from near-term accumulate at

Merrill Lynch

. Catellus tacked on 3/16 to 13 5/8.

Chevron

(CHV)

: BUY from hold with a price target of 100 at

CIBC World Markets

. Chevron declined 3/8 to 84 3/16.

Cost Plus

(CPWM)

: INITIATED outperform with a price target of 36 at

Lehman Brothers

. Cost Plus stumbled 2 1/8, or 6.6%, to 30.

Cox Radio

(CXR)

: DOWN to market performance from buy at

Donaldson Lufkin & Jenrette

. Cox Radio slid 7 1/16, or 7.8%, to 83.

Dollar Tree Stores

(DLTR) - Get Report

: first-quarter earnings-per-share estimate UP to 19 cents from 18 cents by Thomas Weisel analyst John Weiss. Dollar Tree Stores gained 13/16 to 45 13/16.

eBay

(EBAY) - Get Report

: Price target UP to 285 from 225 at

PaineWebber

. eBay shed 5 to 234 11/16 7/8.

eGain Communications

(EGAN) - Get Report

: NEW buy at

FAC Equities

. eGain lost 7/16 to 39 3/16.

Hadco

(HDC)

: fiscal 2000 earnings estimates UP $3.55 from $3.26 a share and fiscal 2001 UP $4.10 from $3.80 a share; price target UP to 80 from 75 at

Banc America Robertson Stephens.

Hadco lifted 10 1/8, or 17.3%, to 68 1/2.

Home Depot

(HD) - Get Report

: NEW outperform with 75 price target at

Lehman Brothers

. Home Depot tacked on 7/8 to 65 1/4.

Linens 'N Things

(LIN) - Get Report

: NEW buy with a price target of 40 at Lehman Brothers. Linens 'N Things advanced 1 3/16 to 29 11/16.

Lowe's

(LOW) - Get Report

: INITIATED outperform with a price target of 77 at Lehman Brothers. Lowe's mounted 1/4 to 53 11/16.

Metalink

(MTLK)

: NEW buy at

Warburg Dillon Read

with a price target of 59. Metalink bounced 1 to 48.

Pier 1 Imports

(PIR) - Get Report

: NEW outperform with a price target of 11 at Lehman Brothers. Pier 1 Imports tacked on 3/16 to 9 1/8.

Register.com

(RCOM)

: INITIATED coverage with a buy rating by Thomas Weisel analsyt Matt Finick. Register.com jumped 3 1/8 to 82 3/8.

Switchboard

(SWBD)

: coverage INITIATED with a buy rating and a 12-month target of 60 at J.P. Morgan. Switchboard skidded 1 9/16 to 36 9/16.

Starbucks

(SBUX) - Get Report

: INITIATED buy at

Salomon Smith Barney

. Starbucks slipped 5/16 to 38 13/16.

Suiza Foods

(SZA)

: INITIATED buy with a 12-month price target of 45 at

Merrill Lynch

. Suiza Foods lifted 1 7/16 to 39 3/4.

Tricon Global Restaurants

(YUM) - Get Report

: INITIATED neutral at Salomon Smith Barney. Tricon Global fell 11/16 to 29.

Varian

(VARI)

: INITIATED buy with a price target of 58 at Warburg Dillon Read. Varian declined 7/16 to 48.

Wendy's

(WEN) - Get Report

: NEW buy at Salomon Smith Barney. Wendy's gained 5/16 to 18 15/16.

Williams-Sonoma

(WSM) - Get Report

: INITIATED neutral with a price target of 35 at Lehman Brothers. Williams-Sonoma tacked on 7/16 to 26 1/8.

Miscellany

Bank One

(ONE) - Get Report

advanced 1/16 to 32 1/8 after it said that it has

tapped former

Citigroup

(C) - Get Report

president Jamie Dimon as its new chairman and CEO. According to a press release, Dimon plans to buy a 2 million-share equity stake in Bank One, which has seen its stock price stumble due to its floundering credit card unit. Bank One was raised to a buy from market performance at

Donaldson Lufkin & Jenrette

.

Lucent

(LU)

lost 1/2 to 64 11/16 after it said it will launch the first video network designed strictly for the Internet. The new venture, GeoVideo Networks, will deliver HDTV-quality, real-time Internet protocol video over an international fiber network for business-to-business functions.

Mosel Vitelic

and

Micron Technology

(MU) - Get Report

resolved a $100 million patent dispute yesterday before it entered a U.S. District Court in Delaware, according to court records. The terms of the resolution, which involved 10 patents that covered computer memory circuits and semiconductor manufacturing processes, were not disclosed. Mosel had initially brought a lawsuit claiming infringement against Micron, which countersued. Micron Technology slipped 2 15/16 to 136 9/16.

Rexall Sundown

(RXSD)

is the subject of a probe by the Florida attorney general's office,

The Wall Street Journal

reported. The investigation focuses on some of the company's business practices. Rexall Sundown stumbled 1 7/8, or 11.9%, to 13 7/8.

The Heard on the Street column in the

Journal

said brokerage firms have stepped up efforts to provide perks to brokers amid heated competition to build client assets. According to the story, such recruiting tactics run counter to the

Securities and Exchange Commission's

attempts to wipe out conflicts of interest on Wall Street by discouraging upfront signing bonuses, sales contests and unequal pay to push certain products.