Midday Movers: Tommy (Can You Hear Me) Hilfiger Floundering and Gene (Genie) Logic Struggling

Charles Schwab

(SCH)

fell 1 5/8 to 35 15/16 and

U.S. Trust

(UTC)

popped 39 3/8, or 49.9%, to 118 1/2 after the companies said they have agreed to merge in a stock deal valued at $2.7 billion. According to the terms, U.S. Trust shareholders would get 3.427 shares of Schwab per each U.S. Trust share.

The two companies said the merger would qualify as a pooling of interest for accounting treatment. Schwab said the merged company would have had 1999 revenue totaling $4.5 billion and income of $663 million. Schwab said it expects the acquisition to boost earnings by 4% on a per-share basis in 2000 before synergies take place.

For additional coverage of the

merger, check out a separate story from the

TheStreet.com/NYTimes.com

joint newsroom.

Separately, U.S. Trust posted third-quarter earnings of 96 cents a share, beating the eight-analyst estimate of 92 cents and up from the year-ago 76 cents.

Mergers, acquisitions and joint ventures

BP Amoco

(BPA)

inched up 3/8 to 56 15/16 after it decided to force the hand of the

Federal Trade Commission

over its planned takeover of

Atlantic Richfield

(ARC) - Get Report

, triggering a 20-day regulatory period after which the U.S. antitrust body must decide whether to go to court to block the deal. Shares of ARCO slipped 1/2 to 76 7/16.

Applied Materials

(AMAT) - Get Report

lost 4 7/8 to 122 1/4 after it said that it would acquire

Etec Systems

(ETEC)

in a stock swap worth $1.77 billion based on the companies' value at the close of trading Wednesday. Shares of Etec soared 31 5/16, or 73.4%, to 74.

In an announcement after the markets closed, the Santa Clara, Calif.-based supplier of semiconductor parts and services said it would exchange 0.649 of a share for each Etec share.

Cypress Group

said it has agreed to pay $100 million for the majority of

Hannaford's

(HRD)

Internet grocery division. Shares of Hannaford inched up 1/16 to 69 3/4.

DoubleClick

(DCLK)

tacked on 1 9/16 to 109 25/32 after it said it has taken a 30% interest in closely held

ValueClick

, which charges advertising fees depending on the number of times a user opens an ad on a Web page.

According to the terms of the deal, ValueClick will get $75 million in DoubleClick stock and $10 million in cash. The two companies would combine technology, which would enable Web publishers to post ads that automatically target the viewer.

For more on this

story, check out a separate story from the

TheStreet.com/NYTimes.com

joint newsroom.

Ericsson

(ERICY)

gained 1 1/16 to 63 after it said it has entered a pact with

Extended Systems

(XTND)

to improve the transmission of information between mobile phones and computers. Shares of Extended Systems jumped 8 1/4, or 18.6%, to 53 1/4. Ericsson said Extended would lend its

XTNDConnect

PC mobile data synchronization and management software to certain Ericsson mobile phones.

NBC Internet

(NBCI)

jumped 3 7/16 to 78 1/2 after it said it agreed to a deal with

Asiacontent.com

to roll out an Asian Internet service. NBC Internet, which would hold a 35% interest in the venture, said that the service would be started in Korea, Hong Kong and Singapore. NBC Internet said it has an option to boost its interest to 60% and plans to start Internet services in other Asian markets in the months ahead.

Lockheed Martin

(LMT) - Get Report

lost 5/16 to 20 7/8 after it said it received a $172 million undersea systems pact from the

U.S. Navy

.

Wells Fargo

(WFC) - Get Report

gained 2, or 5.2%, to 40 5/16 after it said after yesterday's close that it signed a definitive merger agreement with

National Bancorp of Alaska

(NBAK)

, Alaska's largest bank, for a stock deal worth about $907 million. Shares of NBAK were rising 3/4 to 28 3/4.Under the deal, National Bancorp of Alaska shareholders will receive $30 a share worth of Wells Fargo stock. The companies announced their intent to merge three weeks ago.

During a special meeting,

Royal Bank of Scotland

shareholders favored the bank's offer for

NatWest Group

(NW)

, 488 million votes to 5.9 million. Shares of NatWest rose 9/16 to 121 9/16.

Earnings/revenue reports and previews

(

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

)

PNC Bank

(PNC) - Get Report

rose 1 5/8 to 43 5/8 after it posted fourth-quarter earnings of $1.01 a share, in line with the 22-analyst estimate, and up from the year-ago 92 cents a share.

Tommy Hilfiger

(TOM)

lost 3 3/16, or 16.6%, to 16 after it warned investors it expects to post third-quarter earnings of between 58 cents to 64 cents a share, greatly missing the 14 analyst estimate of 73 cents but possibly exceeding the year-ago 61 cent profit. The company is blaming pricing pressure for the disappointing outlook.

Tommy is forecasting fourth-quarter earnings between 35 cents to 45 cents a share, also missing the 13-analyst estimate of 58 cents.

For more on the tune of Tommy's

earnings, check out a separate story from the

TheStreet.com/NYTimes.com

joint newsroom.

ATI Technologies

(ATYT)

lost 3/4, or 5.2%, to 13 5/8 after it posted first-quarter earnings of 25 cents a share, in line with the eight analyst estimate and up from the year-ago 2 cent-profit.

Blackrock

(BLK) - Get Report

fell 1/8 to 17 after it posted fourth-quarter earnings of 27 cents a share, in line with the five-analyst estimate and up from the year-ago 24 cents.

Chicago Title

(CTZ) - Get Report

inched up 1/16 to 45 3/4 after it said it would report fourth-quarter earnings of roughly $1.25 a share, beating the two analyst estimate of $1.05 per share.

Omnova

(OMN) - Get Report

lost 1/8 to 7 3/8 after it posted third-quarter earnings of 19 cents a share, missing the two analyst-estimate of 21 cents and down from the year-ago 34 cents.

Rational Software

(RATL)

gained 4, or 7.8%, to 55 3/4 after it reported third-quarter earnings of 27 cents a share, beating the 10 analyst estimate of 24 cents and the year-ago 20 cents.

Credit Suisse First Boston

upped its price target on Rational to 71 from 52.

UAL

(UAL) - Get Report

dropped 8 15/16, or 12%, to 65 13/16 after its

United Airlines

unit forecast its fiscal 2000 fully distributed earnings per share at between $7 and $9. United said its cost-control program would not offset increased wages and rising fuel prices, which have become challenges for the company. United said it expects revenue improvement in three out of four global regions. In a research note, Salomon Smith Barney described the reaction to UAL's announcement as "overdone" and said it presented an excellent buying opportunity.

For more on United's earnings

warning, check out the coverage provided by

TheStreet.com/NYTimes.com's

joint newsroom.

Separately, the company said it would launch an e-commerce division to increase Internet sales.

Offerings and stock actions

Gene Logic

(GLGC)

lost 4 1/16, or 13.7%, to 25 5/8 after it said it has filed with the

SEC

for a 3.5 million-share offering.

Infinity Broadcasting

(INF) - Get Report

inched up 1/8 to 35 3/4 after it said it added $500 million of Class-A common shares to its current stock buyback.

Solectron

(SLR)

climbed 1 to 84 7/8 after it set a 2-for-1 stock split.

Analyst actions

Merrill Lynch

raised its intermediate-term rating on

Allied Capital

(ALLC)

to buy from accumulate. Allied Capital rose 1 1/16, or 6.5%, to 17 1/2.

Morgan Stanley Dean Witter

upgraded shares of

Apple

(AAPL) - Get Report

to outperform from neutral. Apple popped 7, or 8%, to 94 5/16.

Warburg Dillon Read

initiated coverage of

Biomatrix

(BXM)

with a buy rating and set a price target of 32. Biomatrix gained 3/4 to 23 7/8.

Salomon Smith Barney

rolled out coverage of

Ciena

(CIEN) - Get Report

with a buy rating and a price target of 75. Shares gained 2 5/16 to 61 3/4.

ABN Amro

upped its price target on

Illinova

(ILN)

to 54 from 47. Shares rose 15/16 to 44 3/4.

J.P. Morgan upgraded shares of

IMC Global

(IGL)

to buy from long-term buy and set a price target of 25. IMC Global gained 1/2 to 18 1/2.

Credit Suisse First Boston raised its 12-month price target on

Kopin

(KOPN) - Get Report

to 60, and upped 2000 earning estimates to 47 cents from 40 cents a share. Kopin climbed 8 7/16, or 19.3%, to 52 3/16.

Goldman Sachs

said analyst May-Kin Ho widened his 2000 per-share loss view for gene manipulation company

Maxygen

(MAXY)

to 76 cents from a loss of 49 cents. Maxygen lost 1 7/16 to 78 1/4.

Deutsche Banc Alex. Brown

initiated coverage of

OnDisplay

(ONDS)

with a buy rating. Shares gained 3 to 90 15/16.

J.P. Morgan raised its rating on

Potash

(POT)

to long-term buy with a price target of 65. Potash rose 1 11/16 to 58 5/16.

Morgan Stanley initiated coverage of

Teligent

(TGNT)

with an outperform rating. Teligent inched up 3/16 to 59 1/4.

Salomon started coverage of

Sycamore Networks

(SCMR)

as an outperform and set a price target of 315. Sycamore lost 5 5/8 to 254 3/8 despite the news.

Donaldson Lufkin & Jenrette

said analyst Kent Blair raised his earnings estimates on

Warner-Lambert

(WLA)

. Earnings for 1999 were raised to $1.94 from $1.93 per share, and 2000 estimates were upped to $2.34 from $2.30. Warner-Lambert inched up 3/16 to 87.

Miscellany

The

Justice Department

said

Chevron

(CHV)

will pay a $95 million civil fine to settle charges the firm underpaid royalties on crude oil drilled from federal and Indian leases. Chevron gained 1 7/16 to 88 3/16.