was plummeting 21 7/16, or 14.3%, to 127 9/16 after it reported first-quarter earnings of 25 cents a share, excluding net nonrecurring charges, a penny ahead of the 16-analyst estimate and up from the year-ago 8 cents.
downgraded its intermediate-term rating on Qualcomm to neutral from accumulate. It maintained its long-term buy rating on the stock.
Qualcomm said it expects that shipments of its phone chips in the second quarter may be lower than the first quarter due to seasonal factors, inventory balancing by customers due to continued shortages of other phone components, and transition from older chips to the latest chips. The company, again citing seasonal factors, also said phone shipments in the second quarter could be lower than the first quarter.
Excluding items, Qualcomm expects earnings per share in the second quarter to meet or exceed the 25 cents it earned in the first quarter. The company also said it's comfortable with the current analyst consensus estimate for fiscal 2000. The 17-analyst estimate calls for the company to earn $1.02 for the fiscal year.
For more on this
story, see coverage from
Today Qualcomm said it is buying
, a privately held company, for $1 billion in stock.
was slipping 1 7/8 to 64 after it said it will cut about 6,000 jobs in 2000. The beverage giant posted fourth-quarter earnings of 31 cents a share before a writedown, a penny ahead of the
First Call/Thomson Financial
17-analyst estimate of 30 cents a share.
Mergers, acquisitions and joint ventures
was losing 11/16 to 61 1/16 after it said it has entered a $1.13 billion cash agreement with
to sell its stake in the floundering
. The deal also calls for Sprint to be repaid $276 million in debt for its interest in Global One.
According to the terms, Deutsche Telecom and France Telecom would relinquish their seats on Sprint's board after Sprint shareholders vote on the $115 billion proposed Sprint-
merger. Deutsche and France Telecom are also surrendering their special rights as Class-A holders.
is acquiring the
Sylvan Learning Systems
for $775 million in cash. Sylvan Prometric is a computer-based testing and assessment services company. Shares of Sylvan were adding 5/16 to 14 3/8.
Earnings/revenue reports and previews
Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.
was slipping 2, or 6.4%, to 29 after it posted fourth-quarter earnings of 19 cents a share, including an investment gain, ahead of the 31-analyst estimate of 16 cents, but well below the year-ago earnings of 43 cents a share. Net income fell to $332 million from $758 million a year ago. The decline in profits comes as Compaq struggles to rebound from plunging PC prices, a management house cleaning and problems integrating acquisitions it has made in the past two years.
was shedding 3/16 to 7 1/16 after it posted a fourth-quarter loss of 52 cents a share, wider than the three-analyst estimate of a 45-cent loss and down from the year-ago 11-cent profit. The company also said it has tapped G. Robert Evans to succeed W.R. Curry as its CEO.
was popping 12 1/8, or 8.8%, to 149 3/8 after it reported fourth-quarter earnings of 4 cents a share, beating the 24-analyst estimate of 2 cents and the year-ago 3 cents. The online auction giant said fourth-quarter operating profit surged as sales more than doubled and it added 305,000 users. eBay also issued an upbeat outlook for the current fiscal year, saying it expects revenue to come in between $30 million to $40 million higher than the $350 million analysts expect for 2000.
was declining 1 3/8 to 48 3/4 after it reported fourth-quarter earnings of $1.47 a share, beating the 16-analyst estimate of $1.45 and up from the year-ago $1.35.
details, see coverage from
was falling 8 3/16, or 6.8%, to 111 13/16 after it reported fourth-quarter earnings, including the operations of
, which it acquired in October, and excluding a charge, of 34 cents a share, ahead of the 23-analyst estimate of 31 cents and up from the year-ago 25 cents.
was moving up 1 13/16 to 47 13/16 after it posted fourth-quarter earnings of $1.01 a share, a penny better than the 19-analyst estimate and up from the year-ago 91 cents.
was bouncing 5 3/8, or 5.8%, to 96 3/4 after it reported fourth-quarter earnings of $1.10 a share, well-ahead of the nine-analyst estimate of $1.02 and up from the year-ago 86 cents, excluding nonrecurring items. 3M said it expects earnings per share to increase 10% or more in 2000.
raised its rating on 3M to intermediate-term buy from accumulate.
joint newsroom wrote about 3M's earnings
was sliding 3 11/16 to 105 3/16 after it reported fourth-quarter earnings of 44 cents a share, 2 cents better than the 20-analyst forecast. The company also set a 2-for-1 stock split.
was edging up 1/4 to 30 1/16 after it reported fourth-quarter earnings of 47 cents a share, beating the five-analyst estimate of 42 cents and up from the year-ago 32 cents.
was climbing 1 1/8, or 5.5%, to 21 1/2 after it posted fourth-quarter earnings of 64 cents a share, in line with the eight-analyst estimate and up from the year-ago $1.72 loss.
was lifting 1 5/16, or 7.6%, to 18 5/8 after it reported fourth-quarter earnings of 44 cents a share, beating the eight-analyst estimate of 42 cents and up from the year-ago 36 cents.
was adding 11/16 to 56 3/4 after it said stronger margins in its basic chemicals and polymers business and improved performance by its equity companies should result in earnings coming in somewhat above First Call estimates. The 11-analyst estimate currently calls for Union Carbide to earn 46 cents a share in the fourth quarter. Union Carbide said it will report earnings Monday.
Offerings and stock actions
was retreating 3, or 7.5%, to 36 5/8 after it said it has set an IPO for its
division and anticipates filing with the
in the next few months. Last night, the company posted first-quarter earnings of 36 cents a share, a penny better than the seven-analyst estimate and up from the year-ago 24 cents.
priced a 13 million-share offering of
at $151.375 a share. Shares of Corning were hopping 5 7/16 to 156 5/8.
was sliding 1/2 to 69 13/16 after it said it set a $500 million share repurchasing plan.
priced a 3.75 million-share offering for
at $11 a share. Shares of Healthgate Data were tacking on 2 15/16, or 27.8%, to 14 1/8.
said it has set a 2.2 million-share secondary offering at $114 a share. The company will offer 1.45 million shares, while stockholders will put up the remaining 750,000 shares.
Morgan Stanley Dean Witter
is serving as the deal's lead underwriter. Shares of SilverStream were climbing 1 1/4 to 115 1/4.
Credit Suisse First Boston
raised its price target on
to 90 from 80. Shares of Advent were gaining 4 1/4, or 6.2%, to 72 1/8.
CSFB lowered its rating on
to buy from strong buy and cut its price target to 26 from 32. Shares of AK Steel were declining 3 7/8, or 23.9%, to 12 5/16.
upped its price target on
to 105 from 80. Shares of CDW Computer were climbing 5 5/8, or 8.5%, to 71 1/2.
raised its intermediate rating on
to buy from accumulate. Shares of Cigna were tacking on 1 3/16 to 72 11/16.
CSFB raised its price target on
to 45 from 32. Shares of Cypress Semiconductor were advancing 5/8 to 37.
Soundview Technology upped its rating on
to buy from hold and set a price target of 85. Shares of EDS were falling 1 to 70 1/2.
upped its rating on
to outperform from perform in line. Shares of Merrill Lynch were bouncing 3 11/16 to 84 11/16.
Merrill Lynch upped its intermediate rating on
to near-term buy from accumulate. Shares of Nortel Networks were sliding 3 5/8 to 105 5/16.
upped its fiscal 2000 earnings estimate on
to 31 cents a share from 30 cents.
Donaldson Lufkin & Jenrette
raised its six- to 12-month price target to 280 from 150.
Last night, the company posted
fourth-quarter earnings that beat consensus estimates. Shares of RealNetworks leaping 16 15/16, or 10.6%, to 174 11/16.
Merrill Lynch upped its intermediate-term rating on
to accumulate from neutral and raised its fiscal 2000 estimate to $1.75 a share from a range of $1.60 to $1.75. CSFB also lifted its rating on the stock to buy from hold. Shares of Robert Half were tacking on 8 3/16, or 29.2%, to 36 3/16.
Merrill Lynch upped its rating on
to a long-term buy from accumulate. Shares of Scientific Atlanta were climbing 5 1/2, or 7.5%, to 78.
CSFB raised its fiscal 2000 earnings estimate on
to $1.52 a share from $1.35. Shares of Station Casinos were moving up 2 5/8, or 13.8%, to 21 5/8.
upped its fourth-quarter earnings estimate on
to $1.69 a share from $1.59. Shares of Telemex were advancing 1 5/8 to 111 3/4.
The Heard on the Street column in
The Wall Street Journal
said that there isn't much zest for the flood of big insurance company IPOs coming up. Adam Levy, a financial services analyst at
Invesco Funds Group
, is quoted as saying that the insurance companies going public "are oversaturating a market that doesn't have a lot of demand right now." Among the upcoming IPOs mentioned in the column:
John Hancock Financial Services
Sun Life Assurance
Metropolitan Life Insurance
. Also, later this year,
Prudential Insurance Co. of America
is expected to do another huge IPO, the column said.