Midday Movers: Neoforma, Eclipsys, Register.com and Cabletron

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The Dow swims and the Comp sinks at the midday hour.

Internet venture firm

CMGI

(CMGI)

announced a strategic alliance with

Primedia

(PRM)

, 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.

Liberty Media

(LDIG)

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

BellSouth

(BLS)

and

SBC Communications

(SBC)

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.

British Telecommunications

(BTY)

,

AT&T's

(T) - Get Report

AT&T Wireless Services

and

Microsoft

(MSFT) - Get Report

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.

Online broker

E*Trade

(EGRP)

set a marketing pact with hotel giant

Marriott International

(MAR) - Get Report

. 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.

Neoforma

(NEOF)

will acquire

Eclipsys

(ECLP)

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

(SMS)

. 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.

Nortel

(NT)

said it had raised its ownership in joint ventures with Germany's

DaimlerChrysler

(DCX)

and France's

Aerospatiale-Matra

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

Hyundai Motors

only days after announcing an allegiance with Japan's

Mitsubishi Motors

. Nortel fell 11 3/4, or 8.7%, to 122 7/8, while DaimlerChrysler lifted 5/16 to 65 5/16.

Ogden

(OG)

said it agreed to sell its food and beverage concessions and venue management businesses to

Aramark

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

724 Solutions

(SVNX)

said it would acquire

ezlogin.com

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.

Stamps.com

(STMP) - Get Report

announced three new marketing partnerships with

Automatic Data Processing

(AUD)

, NetLedger and

Register.com

(RCOM)

. 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.

Seagate Technology

(SEG)

, 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

Veritas Software

(VRTS) - Get Report

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

TheStreet.com-NYTimes.com

joint newsroom.

Earnings/revenue reports and previews

(

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

)

Adelphia Communications

(ADLAC)

, 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.

PepsiCo

(PEP) - Get Report

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

Frito-Lay

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.

SuperValu

(SVU)

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

Luminex

(LMNX) - Get Report

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.

Aztec

(AZTC)

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.

Micron Technology

(MU) - Get Report

set a 2-for-1 stock split. Micron Technology slumped 12 1/2, or 9.3%, to 122.

Nexell

(NEXL)

said it plans a 1-for-4 reverse split. Nexell lost 2 3/16, or 33%, to 4 7/16.

Regeneron

(REGN) - Get Report

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.

Analyst actions

Warburg Dillon Read

announced research changes on the following financial sector stocks:

BankAmerica

(BAC) - Get Report

UP to hold from reduce and price target lifted to 63 from 55,

First Union

(FTU)

DOWN to buy from strong buy,

Huntington Bancshares

(HBAN) - Get Report

DOWN to hold from buy,

KeyCorp

(KEY) - Get Report

DOWN to hold from buy ,

Northern Trust

(NTRS) - Get Report

DOWN to hold from buy,

Wells Fargo

(WFC) - Get Report

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

(BMG)

: DOWN to market perform from buy at

Deutsche Banc Alex. Brown

. Battle Mountain Gold descended 1/16 to 1 15/16.

Bemis

(BMS) - Get Report

: UP to buy from hold at

Credit Suisse First Boston

.

Cabletron Systems

(CS) - Get Report

: DOWN to market perform from market outperform at

Goldman Sachs

. Bemis advanced 1 11/16 to 35 3/4, while Cabletron Systems slumped 17 7/8, or 35.8%, to 32.

Celadon Group

(CLDN)

: NEW buy at

ABN Amro

. Celadon Group gained 1 5/8, or 6.5%, to 26 3/4.

Chubb

(CB) - Get Report

: 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.

Dense-Pac

(DPAC)

: NEW rating of strong buy at

Thomas Weisel

. Dense-Pac lifted 1 15/32, or 21%, to 8 15/32.

Dole Food

(DOL) - Get Report

: UP to market outperform from market perform at Goldman Sachs. Dole Food ascended 9/16 to 18 5/16.

DSP Group

(DSPG) - Get Report

: price target UP to 80 to 85 from 70 to 75 at

SG Cowen

. DSP Group lost 5 15/16, or 8.5%, to 63 5/8.

J.D. Edwards

(JDEC)

: UP to outperform from neutral at

Morgan Stanley Dean Witter

. J.D. Edwards boosted 1 5/16 to 33 11/16.

Enron

(ENE)

: price target UP to 90 from 80 at

PaineWebber

. Enron slipped 11/16 to 75 13/16.

IMS Health

(RX)

: DOWN to hold from buy at CSFB. IMS Health descended 11/16 to 16 1/16.

Isle of Capri Casinos

(ISLE)

: NEW buy with $14 price target at Alex. Brown. Isle of Capri Casinos moved down 1/16 to 11.

Journal Register

(JRC)

: DOWN to neutral from accumulate at

Merrill Lynch

.

Hollinger International

(HLR)

: 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.

Lante

(LNTE)

: 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.

Micron Technology

(MU) - Get Report

: price target UP to 180 from 150 at Thomas Weisel. Micron Technology dropped 10 1/8, or 7.5%, to 124 3/8.

Pier 1

(PIR) - Get Report

: 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.

Razorfish

(RAZF)

: NEW buy with a price target of 47 at

J.P. Morgan

. Razorfish slipped 1 3/4, or 5.4%, to 30 3/4.

Sapient

(SAPE)

: NEW buy and a price target of 130 at

W.R. Hambrecht

.Sapient was down 3 7/16 to 80 1/4.

Silicon Storage Technology

(SSTI) - Get Report

: NEW rating of strong buy and price target of 120 a share at CSFB. Silicon Storage dropped 1 3/4 to 76 3/8.

Sycamore Networks

(SCMR)

: rating UP to buy from neutral; price target set at 200 at

Lehman Brothers

. Sycamore fell 1 11/16 to 123 1/4.

U.S. Home & Garden

(USHG) - Get Report

: rating DOWN to hold from outperform at

ABN AMRO

. U.S. Home & Garden lost 3/4, or 14.6%, to 4 3/8.

VA Linux Systems

(LNUX)

: NEW buy at W.R. Hambrecht. VA Linux Systems climbed 1 1/8 to 63 9/16.

Williams Communications

(WMB) - Get Report

: rating UP to attractive from neutral at PaineWebber. Williams Communications lifted 9/16 to 44 7/16.

Miscellany

Standard & Poor's

said that Veritas would replace

Pep Boys

(PBY) - Get Report

(but what'll happen to Manny, Mo and Jack?) in the

S&P 500

. S&P added that

Edwards Lifesciences

(EW) - Get Report

will fill Veritas' former spot in the

S&P MidCap 400

and Pep Boys would fill in for 911 services provider

Rural/Metro

(RURL)

in the

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.

Daizytek International

(DZTK)

said it hired

Chase Hambrecht & Quist

to advise it on the spinoff of its electronic commerce software and service subsidiary

PFSweb

(PFSW) - Get Report

. 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

Journal

said Wall Street's concerns about

Globalstar Telecommunications

(GSTRF)

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.