UnumProvident's (UNM) - Get Report shares were getting punished, down 9 3/4, or 38%, to 15 15/16 after it posted a 24% drop in fourth-quarter profits last night. Negative research compounded the slide. Donaldson Lufkin and Jenrette, Morgan Stanley Dean Witter and J.P. Morgan all downgraded the stock.
On the flip side,
was popping 6 1/4, or 11.6%, to 60 3/16 after posting better than expected earnings and a number of initial public offering were hopping in morning trading. (see table below)
Mergers, acquisitions and joint ventures
Bank of Scotland
CEO Peter Burt told employees that the bank lost in its offer for
National Westminster Bank
Royal Bank of Scotland
is expected to prevail as the winner in the takeover battle for NatWest. Shares of NatWest were falling 6 1/4, or 5.5%, to 108 1/2.
fell 4 1/2 to 116 1/4 after it agreed to buy
for $407 million in stock. The deal calls for CMGI to issue 0.2628 of its share for each uBid share. uBid popped 3 1/8, or 11.7%, to 29 13/16.
inched up 1/16 to 52 and
gained 1 1/8 to 42 1/8 after the companies said they will form a joint pipeline project in Florida.
rose 3/16 to 21 11/16 after it said it entered a $260 million deal to acquire
. The transaction calls for Equifax to buy the Direct Marketing, Data Information Services/Polk Verity, Compusearch/Prospects Unlimited of Polk Canada and Polk City Directory units of R.L. Polk.
slipped 13/16, or 5.5%, to 14 after it entered a $775 million cash deal to acquire
. Ingersoll-Rand fell 1 11/16 to 41 1/16.
According to Flowserve, the purchase would either not affect or be slightly dilutive to fiscal 2000 earnings, before contributing to the following year's report.
rose 1 3/16 to 42 3/4 after it said it has entered a deal with Canada-based
to broaden its optical network.
Earnings/revenue reports and previews
Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.
was slipping 1/16 to 37 9/16 after last night posting first-quarter pro forma earnings 25 cents a share, before the retained interest in its Internet portal
. The result edged out the 16-analyst estimate of 20 cents a share, and the year-ago pro forma 23 cents.
said he does not see the company becoming an Internet/entertainment company like
, saying Disney is already large enough and has strong enough content.
posted a narrower-than-expected pro forma loss of 30 cents a share, compared with the two-analyst estimate of a loss of 47 cents. The year-ago loss was 12 cents a share.
For more details on Go.com's
earnings, see the coverage from
Offerings and stock actions
popped 7 1/4, or 12.5%, to 65 1/4 after it set a 2-for-1 stock split.
moved up 1 3/4 to 54 1/4 after it announced a 3-for-2 stock split.
lost 3 11/32 after it said it would file with the
Securities and Exchange Commission
for a 5 million-share secondary offering.
tacked on 10 1/2, or 6.9%, to 162 after it said it set a 2-for-1 stock split.
gained 1 1/8, or 6.3%, to 19 1/8 after it said it will buy back up to 5 million of its shares.
downgraded its rating on
to market perform from long-term buy. It also lowered its 2000 earnings estimate for the company to $2.55 from $2.80 per share. Allstate was rising 5/8 to 20 9/16.
Credit Suisse First Boston
to strong buy from buy and set a low-60's price target. Shares were unchanged at 47 7/8.
launched coverage of
as buys. Activision inched up 1/32 to 14 9/16; Electronic Arts gained 4 1/16, or 5%, to 84 13/16; Midway Games was unchanged at 15 9/16; Take-Two climbed 5/16 to 14 1/4 and THQ lost 13/16 to 18 1/16.
to near-term accumulate from neutral. Shares lost 9/16 to 38 1/8.
Warburg Dillon Read
initiated coverage of
with a hold rating and a price target of 42. The firm also launched coverage on
at a buy with a price target of 25. Phillips climbed 13/16 to 38 15/16 while Occidental gained 3/16 to 19 3/16.
ING Barings launched coverage of
at a strong buy with a price target of 18. Shares inched up 1/8 to 10 1/8.
to trading buy from market outperform. Shares rose 1 5/16 to 54 1/16.
analyst Peter Mirsky started coverage of magazine publisher
with a strong buy rating and a 12- to 18-month price target of 66 to 72. TV Guide rose 1 1/4 to 39 1/2.
Warburg Dillon Read downgraded
to hold from strong buy on valuation, the firm said. Shares moved up 5/16 to 25 7/8 despite the news.
Morgan Stanley Dean Witter resumed coverage of
as a strong buy. Vodafone gained 2 3/4, or 5.2%, to 55 7/16.
ING Barings initiated coverage of
with an outperform rating. Watson inched up 1/4 to 42 11/16.
said that it would conduct further probes involving
, in addition to its investigation of Windows 2000 antitrust issues. Microsoft was edging up 13/16 to 104 13/16.