Palm (PALM) the much-anticipated IPO, was delivering on expectations, lately popping 66, or 173.6%, to 104 in the first hours of trading.
The stock was priced last night at $38 a share by
, above the estimated $30-$32 range and rocketed into trading with an opening price of 145.
initiated coverage of Palm with a buy rating and set a 90 price target on the stock. 3Com will receive 532 million shares from the offering and will divest the shares within six months by handing them over to its stockholders. Shares of 3Com were losing 14 9/16, or 14%, to 89 9/16.
looked at a fund offering its lucky investors a piece of the Palm IPO in a separate
Mergers, acquisitions and joint ventures
jumped 7 11/16, or 14.5%, to 60 11/16 after it said
WellPoint Health Networks
ING America Insurance Holdings
, a unit of
launched a $10.2 billion takeover bid for Aetna, one day before Aetna ousted its CEO and began examining its operations.
Aetna said WellPoint and ING America Insurance Holdings made a $70-a-share offer, which included $44 in cash and $26 in WellPoint stock. Last night, WellPoint and ING confirmed they were interested in Aetna. WellPoint climbed 1 1/16 to 62 15/16.
For more on the Aetna situation, take a look at the
story written by
is anticipated to block the proposed three-way aluminum industry combination of
because of competition concerns, according to published reports. Alcan gained 3/16 to 34 5/8, while Pechiney slipped 3/16 to 26 1/16.
largest shareholder is believed to back a possible get-together of Qwest and Germany's
The Wall Street Journal
The newspaper, citing people close to the situation, said that Deutsche Telekom Chairman Ron Sommer has held discussions with Qwest executives, including Philip Anschutz, the company's non-executive chairman, who owns 39% of the company. The
reported that he is believed to be on board for a possible sale of the company. Qwest was lately rising 1 5/16 to 59 1/4, while Deutsche Telekom popped 7 5/8, or 8.6%, to 95 7/8.
inched up 1/8 to 10 1/4 after it said it will sell its
. Tera fell 1 3/16, or 10.8%, to 9 13/16.
shed 8 5/8 to 303 11/16 after it licensed
browser technology for use in its digital cable set-top boxes. Spyglass was soaring 19 1/4, or 28.7%, to 8 1/4.
Earnings/revenue reports and previews
Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.
gained 9/16 to 19 9/16 after it said February same-store sales rose 1.7%.
climbed 3 3/8, or 7.3%, to 49 3/4 after it posted second-quarter net income of 39 cents a share, in line with the 22-analyst estimate and up from the year-ago 33 cents.
slipped 1/8 to 17 1/4 after it said its February same-store sales were flat.
Federated Department Stores
was unchanged at 36 5/16 after it said February same-store sales rose 5.3%.
Goody's Family Clothing
gained 17/32, or 8%, to 7 3/16 after it said February same-store sales rose 4%, and announced some changes to its accounting methods. The company has adopted certain accounting changes related to sales returns and leased departments. Goody's said the changes won't have an impact on the company's annual net earnings for fiscal 1998 and fiscal 1999.
However, Goody's said its previously issued statements of operations for the four quarters of fiscal 1998 and the first three quarters of fiscal 1999 will be restated to account for these changes. Goody's said the change will either increase or decrease some previously reported quarterly net earnings by a penny a share.
lost 3/8 to 15 1/18 after it said same-store sales fell 2.4%.
slipped 1/16 to 21 9/16 after it said February same-store sales rose 11.2%.
rose 1 3/4, or 8.2%, to 23 1/4 after it posted a fourth-quarter loss of $2.00 a share including items. The six-analyst estimate called for a loss of $1.43, while the year-ago loss was $1.33. The company said it was exploring options for certain nonstrategic assets and also seeks to better focus on core European and U.S. operations.
gained 1/8 to 27 3/4 after it said February domestic same-store sales rose 3.1%.
reported fourth-quarter earnings of 57 cents a share, beating the three-analyst estimate of 55 cents, but lower than the year-ago 66 cents. The company said investigations and lawsuits could have a material impact on its results. Sotheby's slipped 5/16 to 22 3/4.
lost 3 3/16, or 12.1%, to 23 1/8 after it reported fourth-quarter earnings of 28 cents a share, in line with the 21-analyst estimate and up from the year-ago 22 cents.
tacked on 5/8 to 17 1/8 after it said February same-store sales rose 4%.
Thanks to an extra shopping day last month,
said February same-store sales by retailers across the nation rose 4.8%. TeleCheck, a unit of
, is a check acceptance company.
lost 9/16 to 25 1/16 after it said February same-store sales were up 11.5%.
rose 2 1/2, or 5.1%, to 51 1/2 after it said February same-store sales rose 6.1%.
Morgan Stanley Dean Witter
lifted Wal-Mart to strong buy from outperform.
Offerings and stock actions
rose 1 3/4 to 53 5/8 after it said its directors authorized the spending of up to $300 million to repurchase its stock.
hopped 8 3/8, or 12.3%, to 76 1/4 after it set a 3-for-2 stock split and filed a secondary offering of 1.84 million shares.
inched up 1.4% to 8 3/4 after it said its board approved the repurchase of up to $60 million in stock.
moved up 6 13/16, or 9.8%, to 76 9/16 after its board approved a 2-for-1 stock split.
board authorized a two-year extension of its $100 million stock repurchase program. Shares inched up 1/8 to 17 1/8.
raised its 2000 earnings estimates on
American Eagle Outfitters
to $2.32 from $2.20. American Eagle rose 1 1/2, or 5.9%, to 27 1/8.
said analyst Glenn Engel cut earnings estimates on
to $3.40 from $3.55, and
Delta Air Lines'
2000 estimates to $7.15 from $7.55. AMR lost 15/16 to 53 13/16 while Delta slipped 1 1/2 to 43 15/16.
Deutsche Banc Alex. Brown
started coverage of
Bed Bath & Beyond
with a strong buy rating. Shares climbed 5/8 to 27 3/8.
DB Alex. Brown raised
to buy from market perform.
raised Bristol-Myers to buy from attractive and set a price target of 77. Meanwhile,
cut the stock's price target to 65 and lowered its EPS estimates. Bristol-Myers gained 1 3/8 to 52 3/4.
analyst Mark Specker raised his price target on
to 400 from 300. Brocade gained 5/16 to 298 7/8.
DB Alex. Brown initiated coverage of
with a strong buy rating. Cost Plus gained 2 5/32, or 10.7%, to 20 23/32.
Thomas Weisel Partners
analyst Perry Boyle increased estimates on
to a loss of 9 cents from a loss of 12 cents a share in the first quarter, and to earnings of 10 cents from an expected loss of 8 cents for the year. DoubleClick gained 2 3/8 to 82 11/16.
Warburg Dillon Read started coverage of
as a buy. EMC was unchanged at 118.
said it started
with a buy rating and set a price target of 125. Firepond lost 2 to 94 despite the news.
Donaldson Lufkin & Jenrette
cut its rating on
to market perform from buy. Gap dropped 4 3/8, or 9.1%, to 43 1/2.
DLJ started coverage of on shares of
with a buy rating. HealthAxis gained 3/8 to 29 1/4.
Shares gained 2 1/4, or 20.9%, to 13.
Merrill Lynch raised its rating on
to near-term accumulate from neutral. Knight/Trimark was moving up 1 11/16 to 48 7/8.
Credit Suisse First Boston
said it raised
target price to 175 from 125. HNC hopped 17 13/32, or 17.3%, to 117 7/8.
started coverage of
as an attractive and set a price target of 85. Network Peripherals inched up 1/16 to 68 7/8.
DB Alex. Brown upgraded
to strong buy from buy. Proxicom was rising 2 5/8, or 5.8%, to 47 5/8.
price target to 150. Radiant was rising 30 13/16, or 57.5%, to 87 31/32.
Morgan Stanley increased
price target to 105 from 80. Telemig tacked on 6 1/16, or 7.5%, to 87 1/16.
Goldman Sachs downgraded
to market outperformer from its recommended list. Unisys was sliding 3 3/16, or 10.6%, to 26 7/8.
Thomas Weisel analyst Eric Ross raised the price target on
to 130 from 95. Veeco lost 1 3/4 to 96 1/2.
Lehman Brothers analyst Bill Garrahan raised his price target on
to 62 from 52. Williams gained 2 1/16 to 51 7/16.
DB Alex. Brown started coverage of
with a buy rating and set a 37 price target on the stock. Williams-Sonoma slipped 9/16 to 31 15/16.
rose 7/8, or 7.7%, to 12 1/4 after it said it hired
Morgan Stanley Dean Witter
to advise it on strategic options.
Personal financial information keyed into
Web site has been seeping out to advertisers, and the company has moved rapidly to address the problem, the
reported. Intuit fell 1 5/8 to 46 5/8.
The Heard on the Street column in the
Salomon Smith Barney's
progress in extracting extra securities business from
roster of banking clients. Both are units of
, created by the merger of Travelers Group and Citicorp in 1998. Wall Street wants to know whether the year-old financial supermarket will become the new model for other banks and securities firms, the story says. Citigroup was lately off 1 7/16 to 50 3/16.