The Dow swims and the Comp sinks at the midday hour.
Internet venture firm
announced a strategic alliance with
, a publishing company. As part of the alliance, CMGI will acquire 8 million shares of Primedia, or approximately 5%, in exchange for 1.53 million shares of CMGI.
will also invest $200 million in cash in Primedia in exchange for a 5% stake and 1.5 million warrants. CMGI fell 3 11/16 to 108 1/8; Primedia boosted 6 3/16, or 22.8%, to 33 5/16; Liberty Media was down 1 7/8 to 38.
Mergers, acquisitions and joint ventures
could announce as early as next week an agreement to merge their U.S. cellular phone systems, according to
The Wall Street Journal
. BellSouth stayed flat at 47 1/4, while SBC Communications advanced 7/16 to 42 11/16.
AT&T Wireless Services
unveiled plans to cooperate in the wireless Internet arena. The companies said they'll get together to develop new wireless broadband applications for consumer and business markets. British Telecommunications slipped 8 1/4 to 188 3/4; AT&T lost 15/16 to 59 15/16; Microsoft dropped 3/4 to 106 7/16.
set a marketing pact with hotel giant
. E*Trade moved down 1/8 to 29 3/8, while Marriott rose 1/8 to 31 3/8.
Nationwide Mutual Insurance
, a U.S. insurer, is acquiring
Gartmore Investment Management
, an investment management concern, from
Royal Bank of Scotland Group
for $1.6 billion.
for about $1.45 billion in stock. The moves comes less than a month after Eclipsys made an unsolicited $2 billion bid to buy
Shared Medical Systems
. Neoforma slumped 9 3/4, or 32%, to 20 5/8; Eclipsys dropped 2 15/16, or 11.4%, to 22 7/8; Shared Medical declined 3 3/4, or 6.9%, to 50 1/4.
said it had raised its ownership in joint ventures with Germany's
to give it more leverage to expand into Europe's high-tech market.
Separately, DaimlerChrysler confirmed a report that it was in cooperation talks with South Korea's
only days after announcing an allegiance with Japan's
. Nortel fell 11 3/4, or 8.7%, to 122 7/8, while DaimlerChrysler lifted 5/16 to 65 5/16.
said it agreed to sell its food and beverage concessions and venue management businesses to
for $236 million including $11 million in assumed debt, as it continues to divest its nonenergy assets. Ogden gained 1/2 to 13 5/8.
Internet software developer
said it would acquire
for $127 million in stock to get technology that will give banking customers one-password access to all accounts. 724 Solutions slumped 12 7/8, or 9%, to 129 5/8.
announced three new marketing partnerships with
Automatic Data Processing
, NetLedger and
. Stamps.com lost 1 to 22 1/16; Automatic Data Processing climbed 15/16 to 48 9/16; Register.com was down 4 7/16, or 5.8%, to 71 5/8.
, the leading maker of computer disk drives, said it would be acquired by an investor group,
Silver Lake Partners
, in a complex deal that also provides for the sale of Seagate's 33% stake in
back to that company.
The Veritas stake accounts for most of Seagate's stock market value. The companies valued the stock and cash deal at $20.2 billion. Seagate Technology lost 6 5/16, or 8.5%, to 67 11/16, while Veritas Software advanced 5 1/2 to 148.
For more on the deal, check out a
story written last night by
Earnings/revenue reports and previews
Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.
, a cable company based in Coudersport, Pa., posted a fourth-quarter loss of $1.05 a share, a little worse than the two-analyst estimated loss of $1.03, but narrower than the year-ago loss of $1.06. Adelphia Communications fell 1 1/8 to 46 1/2.
said it sees its first-quarter earnings in line with the
First Call/Thomson Financial
13-analyst estimate of 28 cents a share. The company attributed the solid profit to strength in its
snack food division and its juice business, but added that high prices were problematic for its North American Pepsi-Cola unit.
Chairman and CEO Roger Enrico said he also expects fiscal 2000 earnings to meet the 16-analyst estimate of $1.38 a share. Enrico said the company's share repurchasing program is being exercised faster than expected. PepsiCo climbed 1 13/16, or 5.5%, to 35 1/16.
posted fourth-quarter earnings of 52 cents a share, a penny better than the six-analyst estimate and better than the year-ago 45 cents. SuperValu rose 3/4 to 17 7/8.
Offerings and stock actions
Warburg Dillon Read
priced 4.5 million shares of
at $17 each, the lower end of the estimated $17-$19 range. The Austin, Texas-based company develops technology designed to simplify biological testing for the life sciences industry. Luminex jumped 6 1/2, or 38.2%, to 23 1/2.
said it is proceeding with plans for an IPO of 20% of its e-solutions unit. The company also said it is making significant progress in divesting nonstrategic voice and data units. Aztec fell 1/2, or 6.4%, to 7 3/8.
set a 2-for-1 stock split. Micron Technology slumped 12 1/2, or 9.3%, to 122.
said it plans a 1-for-4 reverse split. Nexell lost 2 3/16, or 33%, to 4 7/16.
said its 2.6 million-share offering priced at $29.75 a share. Regeneron fell 1 3/4, or 5.9%, to 27 15/16.
Warburg Dillon Read
announced research changes on the following financial sector stocks:
UP to hold from reduce and price target lifted to 63 from 55,
DOWN to buy from strong buy,
DOWN to hold from buy,
DOWN to hold from buy ,
DOWN to hold from buy,
UP to strong buy from buy and price target UP to 60 from 52. BankAmerica slipped 5/8 to 51 3/8; First Union declined 15/16 to 35 1/16; Huntington Bancshares fell 5/8 to 21 1/4; KeyCorp lost 1/16 to 18 15/16; Northern Trust was down 5/16 to 64 15/16; Wells Fargo rose 1/4 to 39 11/16.
Battle Mountain Gold
: DOWN to market perform from buy at
Deutsche Banc Alex. Brown
. Battle Mountain Gold descended 1/16 to 1 15/16.
: UP to buy from hold at
Credit Suisse First Boston
: DOWN to market perform from market outperform at
. Bemis advanced 1 11/16 to 35 3/4, while Cabletron Systems slumped 17 7/8, or 35.8%, to 32.
: NEW buy at
. Celadon Group gained 1 5/8, or 6.5%, to 26 3/4.
: UP to buy from neutral at
Salomon Smith Barney
; price target: UP to 85 from 60. Chubb climbed 4 13/16, or 7.9%, to 65 5/8.
: NEW rating of strong buy at
. Dense-Pac lifted 1 15/32, or 21%, to 8 15/32.
: UP to market outperform from market perform at Goldman Sachs. Dole Food ascended 9/16 to 18 5/16.
: price target UP to 80 to 85 from 70 to 75 at
. DSP Group lost 5 15/16, or 8.5%, to 63 5/8.
: UP to outperform from neutral at
Morgan Stanley Dean Witter
. J.D. Edwards boosted 1 5/16 to 33 11/16.
: price target UP to 90 from 80 at
. Enron slipped 11/16 to 75 13/16.
: DOWN to hold from buy at CSFB. IMS Health descended 11/16 to 16 1/16.
Isle of Capri Casinos
: NEW buy with $14 price target at Alex. Brown. Isle of Capri Casinos moved down 1/16 to 11.
: DOWN to neutral from accumulate at
: DOWN to neutral from accumulate at Merrill Lynch. Journal Register lost 5/8 to 14 1/4, while Hollinger International was down 9/16 to 10 7/8.
: UP to strong buy from buy with a price target of 90 at Alex. Brown. Lante hopped 2 1/8, or 7.2%, to 31 1/2.
: price target UP to 180 from 150 at Thomas Weisel. Micron Technology dropped 10 1/8, or 7.5%, to 124 3/8.
: UP to buy from hold with a 12-month price target of 14 at CSFB. Pier 1 advanced 1/2, or 5.5%, to 9 5/8.
: NEW buy with a price target of 47 at
. Razorfish slipped 1 3/4, or 5.4%, to 30 3/4.
: NEW buy and a price target of 130 at
.Sapient was down 3 7/16 to 80 1/4.
Silicon Storage Technology
: NEW rating of strong buy and price target of 120 a share at CSFB. Silicon Storage dropped 1 3/4 to 76 3/8.
: rating UP to buy from neutral; price target set at 200 at
. Sycamore fell 1 11/16 to 123 1/4.
U.S. Home & Garden
: rating DOWN to hold from outperform at
. U.S. Home & Garden lost 3/4, or 14.6%, to 4 3/8.
VA Linux Systems
: NEW buy at W.R. Hambrecht. VA Linux Systems climbed 1 1/8 to 63 9/16.
: rating UP to attractive from neutral at PaineWebber. Williams Communications lifted 9/16 to 44 7/16.
Standard & Poor's
said that Veritas would replace
(but what'll happen to Manny, Mo and Jack?) in the
. S&P added that
will fill Veritas' former spot in the
S&P MidCap 400
and Pep Boys would fill in for 911 services provider
S&P SmallCap 600
. Pep Boys lost 9/16, or 8.7%, to 5 15/16; Edwards Lifesciences dropped 1/16 to 15 15/16; Rural/ Metro slumped 3/8, or 23.1%, to 1 1/4.
said it hired
Chase Hambrecht & Quist
to advise it on the spinoff of its electronic commerce software and service subsidiary
. Daisytek shareholders will receive about 0.8 PFSweb share for each Daisytek share held. Daizytek International advanced 1/8 to 16, while PFSweb lost 1, or 5.2%, to 18 1/4.
The Heard on the Street column in the
said Wall Street's concerns about
have put chairman Bernard Schwartz and his team on the defensive. Amid disappointing early subscriber sign-ups, phone distribution problems and regulatory holdups, the company is slashing prices and hoping for more time to show progress to its investors. Globalstar Telecommunications declined 1/8 to 13 3/4.