Midday Movers: Qualcomm Moving Higher After Inking China Unicom Deal and IPOs Are Feeling the Love

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Qualcomm (QCOM) - Get Report jumped 9 7/8, or 7.8%, to 137 after it said it signed a code division multiple access (CDMA) intellectual property deal with China United Telecommunications.

Five IPOs have debuted during today's trading session. For more pricing and underwriting information, check out

TheStreet.com's

Offerings and stock action coverage below.

Mergers, acquisitions and joint ventures

Amazon.com

(AMZN) - Get Report

climbed 5 9/16, or 8.6%, to 70 1/8 said it is expanding into home products by taking an 18% stake in

living.com

, an online seller of furnishings and services. Amazon said it would create a "home living" store at its site.

The wireless joint phone venture of

Bell Atlantic

(BEL)

and

Vodafone AirTouch

(VOD) - Get Report

agreed to swap wireless systems in 13 states with

Alltel

(AT) - Get Report

in a deal valued at more than $3 billion. Shares of Bell Atlantic fell 1 5/8 to 60 5/16, Vodafone gained 1 1/16 and Alltel added 4, or 6%, to 70 3/4.

DaimlerChrysler

(DCX)

slipped 11/16 to 65 1/8 and

Sirius

(SIRI) - Get Report

gained 3 11/16, or 8.8%, to 45 1/16 after it said Daimler would begin offering Sirius' 100-channel, coast-to-coast services to its customers next year.

Oneok

(OKE) - Get Report

slipped 5/8 to 25 1/2 after it said it would buy the midcontinent area assets of

Dynegy

(DYN)

for $307.7 million. Shares of Dynegy climbed 3, or 9.7%, to 34. Among other things, the assets include eight gas-processing plants from Dynegy as well as interests in two others.

National Westminster Bank

(NW)

lost 6 1/4, or 5.3%, to 112 after it said it rejected increased offers from hostile bidders

Bank of Scotland

and

Royal Bank of Scotland

as inadequate and risky.

Earnings/revenue reports and previews

(

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

)

Aetna

(AET)

added 3 3/8, or 6.3%, to 56 5/8 after it said it agreed to amend past financial statements following a review by the

Securities and Exchange Commission

. The company said the statements cover 1998 and the first three quarters of 1999, and said it will report fourth-quarter results next Tuesday. Aetna said the revisions would cut first- and second-quarter 1999 net income by $10 million, or 7 cents a share, but boost its third-quarter 1999 net income by $30 million, or 20 cents a share.

For more on Aetna's earnings, take a look at the

story written this morning by

TheStreet.com/NYTimes.com's

joint newsroom.

Expedia

(EXPE) - Get Report

traveled up 4 5/16, or 14.9%, to 33 9/16 after it posted a second-quarter loss of 16 cents a share, narrower than the single-analyst estimate of a 29-cent loss.

The

Microsoft

(MSFT) - Get Report

affiliate also said it has agreed to acquire

Vacationspot.com

and

Travelscape.com

. The company said that it would issue roughly 2.6 million shares and options worth about $82 million for Vacationspot.com and issue another 3 million shares, options and warrants valued at roughly $95 million for Travelscape.com. Shares of Microsoft gained 2 7/8 to 100 5/8.

Chubb

(CB) - Get Report

inched up 1/2 to 56 1/2 after it posted fourth-quarter earnings of 91 cents a share, a penny better than the 18-analyst estimate and the year-ago earnings of 90 cents.

Metro-Goldwyn-Mayer

(MGG)

edged up 1/8 to 23 5/16 after it posted fourth-quarter net income of 8 cents a share, a penny ahead of the five-analyst forecast and up from the year-ago loss of 41 cents.

Bear Stearns

raised its rating on MGM to buy from attractive

Nokia

(NOK) - Get Report

added 1 to 186 after it reported fourth-quarter earnings of about 72 cents a share, 5 cents better than the 17-analyst

First Call/Thomson Financial

estimate. The wireless giant also said it's seeking a 4-for-1 stock split, and it reiterated a net sales growth target of 30%-40% for 2000.

Sprint PCS

(PCS)

slipped 5/16 to 109 3/4 despite posting a fourth-quarter loss of 75 cents a share, much narrower than the 22-analyst expected loss of $1.44. The pro forma year-ago loss was 72 cents a share. Salomon started Sprint PCS as a buy, top sector pick and set an 18-month price target of 150.

Quaker Oats

(OAT)

lost 2 1/4 to 57 1/8 after it reported fourth-quarter earnings of 33 cents a share, in line with the 14-analyst estimate and up from the year-ago 30 cents.

Sprint

fell 1 1/16 to 63 9/16 after it posted fourth-quarter earnings of 49 cents a share, well above the 13-analyst estimate of 38 cents and the year-ago 52 cents which includes a gain of 7 cents.

Torchmark

(TMK)

fell 2 5/16, or 9.2%, to 22 7/8 after it reported fourth-quarter earnings of 66 cents a share, in line with the 10-analyst estimate and up from the year-ago 60 cents a share.

Ultramar Diamond Shamrock

(UDS)

inched up 5/16 to 22 3/16 after it posted fourth-quarter earnings of 29 cents a share, ahead of the 18-analyst estimate of 26 cents. The year-ago loss was 78 cents a share.

Offerings and stock actions

Best Buy

(BBY) - Get Report

was popping 1 5/16 to 49 1/16 after it authorized the repurchase of up to $400 million of its common stock.

Gannett

(GCI) - Get Report

was gaining 1 1/4 to 70 3/4 after it said it increased its current share repurchasing program by $500 million.

Hewlett-Packard

(HWP)

was declining 2 7/8 to 105 3/8 after it said it plans to spin off its DeepCanyon unit. H-P said it will keep an equity stake in the unit, which provides web services for marketers.

Analyst actions

Donaldson Lufkin & Jenrette

upgraded

AmeriSource Health

(AAS)

to buy from market performer. Shares of AmeriSource Health were climbing 1 3/8, or 7.5%, to 19 1/2.

Warburg Dillon Read

started

Boise Cascade

(BCC) - Get Report

with a buy rating. Shares of Boise Cascade were slipping 1/16 to 35 5/16.

Credit Suisse First Boston

trimmed

FogDog's

(FOGD)

first-quarter loss per share to 30 cents from 31 and reiterated its buy rating on the stock. Shares of FogDog were losing 1/8 to 10 3/8.

First Boston started

B.F. Goodrich

(GR)

as a buy and set a price target of 34. Shares of B.F. Goodrich were edging up 3/8 to 25 3/8.

Merrill Lynch

upped its intermediate-term rating on

NCO Group

(NCOG)

to buy from accumulate. Shares of NCO Group were bouncing 1 11/16, or 7.3%, to 24 5/8.

Salomon Smith Barney rolled out coverage of

Nextel Communications

(NXTL)

with a buy rating and set an 18-month price target of 145. Shares of Nextel were rising 5 5/16, or 5%, to 111 15/16.

Salomon Smith Barney

initiated coverage of

Omnipoint

(OMPT)

with a buy rating and set a price target of 144. Shares of Omnipoint were mounting 4 11/16 to 107 7/16.

Warburg Dillon Read raised

SDL's

(SDLI)

12-month price target to 310 from 270. Salomon Smith Barney raised its price target to 325 from 230. Shares of SDL were adding 7 13/16 to 267.

Deutsche Banc Alex. Brown

said it raised

Suncor Energy

(SU) - Get Report

to buy from market perform. Shares of Suncor Energy were unchanged at 43 1/4.

Merrill Lynch upgraded

Thermo Electron

(TMO) - Get Report

to long-term buy from neutral after the company announced reorganization plans. Shares of Thermo Electron were tacking on 1/16 to 17 3/8.

Morgan Stanley Dean Witter

cut

Tiffany

(TIF) - Get Report

to neutral from outperform. Shares of Tiffany were slipping 1 3/16 to 72 13/16.

Merrill Lynch started shares of

TMP Worldwide

(TMPW)

as a near-term buy with a price target of 194. Shares of TMP Worldwide were shedding 2 3/8 to 137 3/4.

Salomon Smith Barney

initiated coverage of

Voicestream Wireless

(VSTR)

with a buy rating and an 18-month price target of 165. Shares of VoiceStream were hopping 7 1/16, or 5.7%, to 124.

Salomon Smith Barney rolled out coverage of

Western Wireless

(WWCA)

with a buy rating and set an 18-month price target of 75. Shares of Western Wireless were climbing 2 7/16 to 57.

Miscellany

Interliant

(INIT)

said it named Herb Hribar, 47, as its new CEO, effective Feb.15. Hribar has been president and COO of

Verio

(VRIO)

. Shares of Interliant were lifting 4 1/16, or 10.7%, to 41 15/16 and Verio shares were sliding 3 5/8, or 5.5%, to 60 11/16.

The Heard on the Street column in

The Wall Street Journal

said that

Pharmacia & Upjohn

(PNU)

and

Monsanto

(MTC) - Get Report

executives are hoping to sway some less-than-pleased investors to accept their merger by hinting there could be a premium down the road from even larger deals or acquisitions.

The proposed merger of equals, with a value of $22 billion, offers no premium, the story says. At the top of the list of possible future partners is

American Home Products

(AHP)

, according to the story. Shares of Pharmacia &Upjohn were advancing 1/4 to 47 1/4; Monsanto was climbing 2 1/8, or 6%, to 37 5/16 and American Home was slipping 2 15./16 to 44 15/16.

As originally published, this article contained an error. Please see

Corrections and Clarifications.