Three IPO are debuting during today's trading session. For more on their pricing and performance, check out
Offerings and stock action coverage.
Mergers, acquisitions and joint ventures
, a provider of integrated telephone, Internet and data services to business and residential customers in targeted markets in the U.S., is acquiring
ATX Telecommunications Services
, a privately held company, for $900 million. CoreComm Limited advanced 6 15/16, or 16.8%, to 48 1/8.
set a pact with
to create and market drugs based on antibodies. Medarex declined 19 21/32, or 11.8%, to 147 while Regeneron climbed 2 1/8, or 5.2%, to 43 3/16.
is expected to talk to the
Federal Trade Commission
about acquiring some of Arco's crude oil assets in Alaska, according to
The Wall Street Journal
. Phillips Petroleum moved up 1/2 to 40 3/4.
said last night that "a major telecommunications company" pulled out of talks to acquire it and
U S West
, which are already planning to merge. The major telecom firm mentioned by Qwest has been identified in numerous published reports as
. Qwest placed some blame on U S West for the potential acquirer pulling out of the takeover talks. Qwest Communications was down 8 3/4, or 14.6%, to 51 1/4, while U S West fell 6 7/16, or 8.3%, to 70 1/8. Deutsche Telekom slid 1/16 to 93.
said it has hired an investment banker to consider options for two of its natural gas distribution companies and its natural gas pipeline operations. Reliant said could sell
Reliant Energy Arkla
Reliant Energy Minnegasco
, which service 1.4 million customers in five states. Reliant Energy fell 1/8 to 21.
said it is selling its waste services operations in the Netherlands to
for $328 million. Waste Management dropped 5/16 to 13 11/16.
Earnings/revenue reports and previews
said it expects to post fiscal 2000 earnings 10% to 12% below the year-ago report. Dial is also forecasting first- and second-quarter sales to decline 3% to 5% from 1999. J.P. Morgan sliced its rating on Dial to long-term buy from buy. Dial fell 3 7/16, or 24.1%, to 10 7/8.
said it expects to report first-quarter earnings 20% above the seven-analyst estimate of 35 cents a share. Littelfuse rose 4 1/16, or 12.4%, to 36 13/16.
Offerings and stock actions
said it expects the IPO for its
portal unit in early April due to
Securities and Exchange Commission
delays. CMGI also said its revenue will increase at a rate of 20% on a quarter-over-quarter basis through 2000. CMGI moved down 6 1/16 to 139 5/16.
Crown Central Petroleum
has received an acquisition offer of $9.20 a share from
for all of Crown Central's Class-A and Class-B common stock. The proposal will expire at 5 p.m. on Friday, March 17, Crown Central said. Crown Central Petroleum Class-A shares were up 13/16, or 10.2%, to 8 3/4.
said it filed for a 3 million-share secondary offering. MCK Communications dropped 2 5/8 to 71 1/2.
cut the number of shares in its IPO to 179 million from 255 million and reduced the estimated price range to $13 to $15 a share, from $14 to $19. The new terms were revealed in an amended filing with the SEC.
MetLife now will sell 73 million shares of common stock in a concurrent private placement to
Banco Santander Central Hispano
Credit Suisse Group
at the IPO price. The company plans to net about $3.4 billion from the IPO and the private stock sales, based on a $14-per-share initial price. Originally, MetLife had intended to raise as much as $6.5 billion in its public offering. Banco Santander was up 1/16 to 10 11/16.
said it priced a 4.2 million-share secondary offering at $140 a share. Quest also set a 2-for-1 stock split. Quest Software bounced 18 3/4, or 13%, to 162.
added $100 million to its current stock-repurchasing program. Office Depot rose 5/16 to 10 11/16.
set a share buyback for up to $100 million . Sempra Energy ascended 9/16 to 17 5/8.
upped its rating on American Management
to buy from hold and set its price target at 45. American Management popped 4 3/4, or 13.8%, to 38 15/16.
Warburg Dillon Read
upped its price target on
to 70 from 56. Antec slid 3 9/16, or 6.5%, to 50 7/8.
raised its rating on
to buy from neutral. Becton Dickinson lifted 1 1/2 to 32 3/8.
Salomon Smith Barney
lowered its first-quarter loss estimates on
to 8 cents a share from 20 cents, citing higher-than-expected shipments. Bethlehem Steel tacked on 3/8, or 6%, to 6 9/16.
cut its intermediate-term rating on
Cable Design Technologies
to neutral from accumulate. Cable Design Technologies slipped 6 1/2, or 16%, to 34.
sliced its rating on
to long-term buy from buy. Clorox declined 4, or 11.8%, to 29 3/4.
to buy from attractive and set a 12-month price target on the stock of 78. Dell advanced 2 15/16, or 5.8%, to 53 3/8.
ING Barings upped its rating on
to strong buy from buy. Electronic Arts retreated 3 15/16 to 95 1/8.
started coverage of
with a strong buy rating. Exodus jumped 10 9/16, or 6.6%, to 169 1/4.
ING Barings rolled out coverage of
with a buy rating and set a price target of 85. Globix added 2 3/16 to 61 1/4.
Credit Suisse First Boston
rolled out coverage of
with a buy rating and a price target of 90. Lante mounted 4 1/2, or 6.5%, to 73.
Credit Suisse initiated coverage of
with a strong buy and set a price target of 28. Lightspan bounced 2 3/8, or 10.8%, to 24 1/34
Warburg Dillon Read upped its price target on
to 100 from 68. National Semiconductor fell 6 3/4, or 8.5%, to 72 1/4.
Donaldson Lufkin & Jenrette
raised its rating on
to top pick from buy. Nextlink Communications shot up 9 5/8, or 8.8%, to 118 1/2.
Morgan Stanley Dean Witter
raised its fiscal 2000 earnings estimates on
to $3.00 a share from $2.95 and its fiscal 2001 estimates to $3.10 a share from $3.05. Royal Dutch stumbled 5/16 to 56 3/8.
Warburg Dillon Read
initiated coverage of
with buy ratings. Disney shed 1 3/8 to 34 7/8 and Time Warner declined 1 5/8 to 85 1/4.
Warburg Dillon Read rolled out coverage of
with a strong buy rating and a price target of 75. Viacom climbed 5/8 to 55 3/8.
Advanced Tissue Sciences
was flying after it announced that one of its products stimulates new blood vessel formation in damaged heart tissue. It was up 5 5/8, or 78.2%, to 12 13/16. Advanced Tissue Sciences jumped 5 1/4, or 75.6%, to 12 5/8.
slipped 4, or 5.8%, to 64 after he said vice chairman Shelby Bonnie has been named CEO, while Halsey Minor, CNet's founder and current CEO will continue as chairman.
introduced a dedicated video game console, code-named
. Microsoft gained 13/16 to 100 3/4.
The Inside Wall Street column in
this week penned as usual by Gene Marcial, shines a positive light on
American Home Products
. Robert Lyon, president and chief investment officer of
in Chicago, thinks
, the Swiss drug giant, will try to acquire AHP before long, the column reported. American Home Products lifted 3/16 to 49 11/16.
Also garnering positive mention is
. The column, citing an unnamed investor close to the company's management, said that Concord, in conjunction with a big overseas cell-phone maker, has developed a phone capable of taking pictures that can be transmitted to the Net via cellular airwaves. Concord Camera hopped 1 1/8 to 52 1/4.
receives positive mention in the column. ForSoft added 2 3/4, or 15.3%, to 20 5/8.
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