Semiconductor stocks were getting a lift from optimistic earnings news and positive research. The Philadelphia Stock Exchange Semiconductor Index was rising 1.2%.
jumped 3 7/16, or 10.8%, to 35 5/16 while
gained 6 3/8, or 7.3%, to 94 1/4.
Fairchild's price target was raised to 52 from 48 by
Credit Suisse First Boston
. Last night, the company announced its first-quarter revenues were running 6% higher than fourth-quarter 1999. Applied Materials' price target was also raised, to 125 from 112, from CSFB.
Mergers, acquisitions and joint ventures
added 1 7/8 to 63 7/8 after it and
of Germany said they are restructuring their interests in AOL Europe and AOL Australia. Using put and call mechanisms, AOL would ultimately buy out Bertelsmann's share of the interests at a cost of $6.75 billion to $8.25 billion, if the options are exercised. Payment in either cash or stock at AOL's discretion would be made after Jan. 31, 2002.
The companies also set a new global alliance to expand distribution of Bertelsmann's media content and e-commerce properties over AOL's brands worldwide. Under a four-year pact which is valued at $250 million, Bertelsmann will become a preferred provider of media content and e-commerce to the more than 23 million members of AOL's interactive services and over 135 million consumers of its Web-based brands.
Cruise line giant
dropped 3 15/16, or 14.6%, to 22 5/8 after it and Malaysia's
decided to end their previously announced joint venture to buy
for $1 billion. Carnival said it and Star could not agree on the detailed terms of the venture.
Separately, Carnival reported first-quarter earnings of 28 cents a share, in line with the 18-analyst
First Call/Thomson Financial
estimate and up from the year-ago 26 cents. The company warned, however, that weaker ticket pricing due to slower booking patterns, compounded by increased fuel costs, could cause second-quarter profits to be slightly lower than the year-ago second quarter.
The company added, however, that it believes that earnings for the second half of fiscal year 2000 will be stronger and estimates that for the entire fiscal year 2000, earnings will be up 8% to 10% from fiscal year 1999. The 17-analyst estimate calls for the company to earn 37 cents in the second quarter.
Complete Business Solutions
, an information-technology services concern, climbed 3, or 12.5%, to 26 15/16 after it unveiled a new e-business expansion strategy, which will be helped out by $200 million of growth capital from a fund managed by
Clayton Dubilier & Rice
climbed 1 15/16 to 45 3/4 after saying it is buying the Land Rover sport utility unit from German luxury automaker
for almost $3 billion.
, which went public this week, will provide
with content for its interactive shopping and travel channels. lastminute.com added 1/2 to 31 1/2, while NTL gained 3 5/8 to 106 1/16.
Earnings/revenue reports and previews
Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.
American Xtal Technology
dropped 3 7/8, or 11%, to 28 15/16 after it said its fourth-quarter earnings will not meet already lowered expectations and also said it will restate its results for the year's first three quarters. The company now expects to report a fourth-quarter profit of 5 cents to 8 cents a share because of higher-than-expected losses at its Lyte Optronics unit. The current five-analyst estimate calls for earnings of 14 cents a share.
lost 1 1/4 to 34 1/2 after posting better-than expected third-quarter earnings last night. The strong results occurred amid a decline in sales, partly because of the dollar's strength against the euro. The company reported earnings of 52 cents a share, 2 cents better than the 13-analyst estimate and up from the year-ago 44 cents. Total revenue fell 1% to $2.162 billion from $2.177 billion a year earlier. European revenue fell 7%, to $558.5 million, hurt by a rising dollar against the common European currency.
dropped 1 1/16 despite saying it sees first-quarter earnings beating the seven-analyst estimate of 53 cents, by as much as 15 cents to 20 cents.
Offerings and stock actions
inched up 5/8 to 53 5/8 after it said it will list its wireless tracking stock on the
New York Stock Exchange
following an IPO expected this spring.
slipped 1/16 to 14 13/16 after it said it was rescinding its share repurchase program in order to satisfy requirements for its $300 million acquisition of
dropped 2 7/8 to 85 7/8 after it said a secondary offering of 3 million shares was priced at $87 a share. Of the shares being offered, 1.5 million are from Cysive and 1.5 million are from certain stockholders.
priced 4.6 million shares of
Integrated Information Systems
at $15 each, above the expected $12-$14 range. Shares were lately rising 6 7/8, or 45.8%, to 21 7/8.
Donaldson Lufkin & Jenrette
priced 8 million shares of
at $18 each, the top of the estimated $17-$18 range. Netpliance was lately moving 4, or 22.2%, to 22.
priced 11 million shares of
at $14 each, above the estimated range of $11-$13. The company buys and sells unused network capacity. Shares were lately popping 21 5/16, or 152.2%, to 35 1/8.
cut its earnings-per-share outlook for the first and second quarters on
. Bear maintained its buy rating on the stock. Gateway rose 1 1/2 to 57 1/2.
: Price target UP to 120 from 90 at Banc of America. Adobe Systems dropped 5 5/8, or 6%, to 88 7/8.
: NEW buy at
; price target: 90. Aetna fell 5/16 to 53 5/16.
: REITERATED buy at
; price target up to 58 from 55. American Tower advanced 4 3/8, or 9.7%, to 49 3/8.
Applied Micro Circuits
: UP to intermediate-term buy from intermediate term accumulate at
. The firm also raised its risk rating to high from average. Applied Micro Circuits soared 15 9/16, or 6.3%, to 262 9/16.
: UP to buy from outperform at
; price target UP to 72 from 60. Beckman Coulter was down 1 5/16 to 57 7/8.
: UP to strong buy from buy at
Deutsche Banc Alex. Brown
. Bemis slipped 9/16 to 33 1/4.
: DOWN to intermediate-term accumulate from buy at Merrill Lynch due to "strong absolute and relative price performance." BlackRock fell 3/8 to 24.
: NEW buy at
Donaldson Lufkin & Jenrette
. British Telecommunications decreased 3 1/2 to 198 1/2.
: REITERATED strong buy at CSFB. Career Education ascended 7/8 to 33 1/2.
: NEW recommended list at Goldman Sachs. Columbia/HCA declined 1/2 to 24 7/16.
: DOWN to market performer from strong buy at
Banc of America
. Cumulus Media slumped 4 1/8, or 24.4%, to 12 13/16.
: DOWN to hold from buy at
. Forest Laboratories fell 5 9/16, or 6.7%, to 78 1/16.
Health Management Associates
: NEW market outperform at
. Health Management increased 7/8, or 7.1%, to 13 1/4.
: DOWN to intermediate-term neutral from intermediate-term accumulate at Merrill Lynch based on valuation. Hispanic Broadcasting dropped 15 1/2, or 12.2%, to 111 9/16.
: price target UP to 95 from 82 at CSFB. Jabil Circuit fell 2 7/8 to 83 1/8.
: UP to intermediate-term buy from intermediate-term neutral at
. KeySpan Energy rose 1 9/16 to 24 7/8.
: Fourth-quarter earnings estimate UP to 44 cents from 41 cents at
. Nike was down 1 3/8 to 34 3/8.
: DOWN to hold from buy at CSFB. On Assignment slipped 2 7/8, or 6.9%, to 39 1/2.
: NEW buy at
Banc of America
. Province Healthcare advanced 1 1/16 to 25 1/16.
: NEW market perform at
. Quorum Health dropped 3/4, or 8%, to 8 5/8.
: NEW buy at
. 7-Eleven rose 3/32 to 3 7/16.
: REINSTATED at buy at CSFB; price target set at 175. Sycamore Networks ascended 4 9/16 to 142.
: UP to market outperform from perform at Goldman Sachs. Tektronix was up 3 1/2, or 5.4%, to 68.
: NEW market outperform at Goldman Sachs. Tenet Healthcare moved up 1/16 to 23 15/16.
: NEW market outperform at Goldman Sachs. Triad Hospitals climbed 1/16 to 14 1/16.
Universal Health Services
: NEW market outperform at Goldman Sachs. Universal Health Services slipped 11/16 to 41 1/16.
reached a settlement with its engineers' union, the
Society of Professional Engineering Employees in Aerospace
, that, if ratified, could end the strike that is in its 38th day.
upgraded Boeing to strong buy from buy. Boeing advanced 1 3/4 to 37 3/8.
reached an agreement to settle class-action litigation filed by former employees of the company stemming from its sale of its infrastructure division to
Under terms of the settlement, $8.9 million, minus attorneys' fees and costs, will be distributed to more than 1,000 former employees covered by the lawsuit. Qualcomm said that, while agreeing to resolve the suit, it paid nothing toward the settlement, with all payments to be made by third parties. Qualcomm said a final settlement-approval hearing has been scheduled for April 28. Qualcomm was up 2 3/16 to 135 1/16, while Ericsson rose 1/16 to 93 5/8.
of the State of New York dismissed all claims of television station group
Chris Craft Industries'
in its litigation over its UPN partnership with Viacom. The ruling cleared the way for completion of Viacom's proposed $37 billion merger with
. Viacom was up 1 7/8 to 56 1/4.
, the fast-food chain, said its board named John Schuessler as CEO and president effective immediately. Schuessler previously was president and COO of Wendy's U.S. operations. Wendy's founder R. David Thomas continues as senior chairman of the board. Wendy's was down 3/4 to 17 1/2.
The Inside Wall Street column in
this week, penned as usual by Gene Marcial, reports there's chatter that
may make a takeover offer for
, which has already agreed to be acquired by Finland's
piece this morning on Marcial's picks.)
Elsewhere, the column offers up a bullish item on
, whose stock some investors say is on the mend.
Cornerstone Internet Solutions
gets positive mention in the column. The column, citing one unidentified big shareholder in Cornerstone, reports that two things will help juice up the company's stock: Cornerstone will soon have a national rollout of its FOODgalaxy.com service, and the company's forming a strategic tie-up with a giant financial-services company to provide credit facilities to subscribers of FOODgalaxy.com. The column says FOODgalaxy.com allows restaurants and other food-service establishments to post lists online of their supply requirements.