A large portion of the tech sector was taking a breather this morning.
was sliding 25, or 5.7%, to 411 ahead of its earnings report, which is due out after the close.
was tuckered out after yesterday's merger mania, lately was sliding 7 5/8, or 10.5%, to 65. Shares of AOL's new pal
were also resting, lately off 7 5/16, or 7.9%, to 84 15/16 after heavy action yesterday.
however, was doing some heavy lifting for the
Dow Jones Industrial Average
, rising 5 15/16, or 6.9%, to 91 3/4, after bullish comments from
Credit Suisse First Boston
which upped its rating to strong buy from buy and raised its price target to 150.
Mergers, acquisitions and joint ventures
fell 4 13/16 to 194 after saying it has entered a pact to purchase Ireland-based
in a deal valued at $2.46 billion. British Telecom said the transaction was favored by Esat's board. Shares of Esat gained 3 1/2 to 97.
slipped 5 1/16 to 69 11/16 after it said it was teaming up with
on a plastics manufacturing joint venture which would involve Du Pont taking 50% of Borealis' plant near Antwerp, Belgium.
popped 9 1/16, or 9.4%, to 105 3/4 after saying it has agreed to acquire
in a $1 billion deal. According to the terms, Pegasus would issue 6.5 million Class A common shares to Golden Sky shareholders and take on roughly $373 million of Golden Sky's debt. Pegasus also said it plans to sell its Puerto Rico-based cable system to
in a cash transaction of $170 million. Centennial gained 2 1/2 to 8 7/8.
tacked on 1 9/16 to 102 and
gained 1 3/8 to 74 5/16 after the companies said they have inked a pact on the creation of Internet protocol telephony products.
Earnings/revenue reports and previews
Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.
Applied Micro Circuits
lost 8 1/2 , or 5.9%, to 136 3/8 after it
reported earnings of 21 cents a share for the fiscal third quarter of 2000, which ended Dec. 31. The results were 2 cents higher than the
First Call/Thomson Financial
consensus and 1 cent better than the company estimated in a Jan. 3 earnings preannouncement.
upped its fiscal 2000 earning estimate to 71 cents a share from 65.
slipped 11/16 to 29 9/16 after it said it expects to report fourth-quarter earnings of 78 cents a share, a penny below the 25-analyst estimate of 79 cents. The bank said it would report fiscal 2000 earnings of $2.80 to $3.00 a share, greatly missing the 26-analyst estimate of $3.42. The disappointing outlook is linked to its financially floundering credit card unit,
, which triggered profit warnings in August and November. The company said it saw 1999 earnings of $3.45 to $3.55 a share. The 26-analyst estimate sees the company posting fiscal 1999 earnings of $3.46 a share.
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inched up 3/8 to 18 3/4 after it posted first-quarter earnings of 22 cents a share, beating the four-analyst estimate of 19 cents and the year-ago 15 cents.
lost 1/8 to 39 1/2 after it posted fourth-quarter earnings of $1.05 per share, missing the 11-analyst estimate by a penny but up from the year-ago 88 cents.
climbed 3 3/16, or 13.7%, to 26 1/2 after it said after yesterday's close that it expects its third-quarter earnings before items to match or beat the 13-analyst estimate of 33 cents a share. Compuware said its total third-quarter revenue would be in the range of $620 million to $633 million, more than 45% above year-ago levels, but warned that its professional service revenue would fall below expectations.
Compuware also said it was once again extending its $9-a-share tender offer for
, this time until Jan. 18. Viasoft inched up 1/16 to 6 7/16. This morning, Credit Suisse First Boston analyst Wendell Laidley cut his price target on Compuware to 42 from 51.
lost 1 13/16, or 5.4%, to 31 3/4 despite reporting fourth-quarter earnings of 58 cents a share, beating the five-analyst estimate of 56 cents but down from the year-ago 75 cents.
Juno Online Services
jumped 5 11/16, or 15.2%, to 43 5/8 after it posted a fourth-quarter loss of 45 cents a share, narrower than the three-analyst estimate of a 55-cent loss.
inched up 1/8 to 12 9/16 after it said it is on track to meet the 10-analyst fourth-quarter earnings estimate of 25 cents a share.
lost 1/16 to 28 after it said it made an upward revision of its fiscal 1999 earnings to $2.80 to $2.85 per unit, edging out the two-analyst estimate of $2.74 per unit.
slid 13/16 to 53 7/16 despite saying single-day sales hit $3 million for the first time ever, and that its airline and hotel services set seven-day sales records.
lost 1/8 to 12 1/4 after it reported first-quarter earnings of 44 cents a share, in line with the three-analyst estimate but down from the year-ago pro forma earnings of 45 cents.
Total Systems Services
fell 1/4 to 16 1/8 after it reported fourth-quarter earnings of 10 cents a share, in line with the single-analyst estimate and up from the year-ago 9-cent profit.
Offerings and stock actions
dropped 5 3/8 to 112 5/8 after saying it plans to offer 13 million shares in a $2 billion shelf registration.
fell 1/8 to 46 3/8 after it said it set a 3-for-2 stock split.
Deutsche Bank Alex. Brown
sliced its rating on
to market perform from buy in the wake of the AOL-Time Warner merger announcement.
said it cut its price target on AOL to 85 from 105 and lowered its rating to outperform from outperform significantly on concerns that its new agreement with Time Warner will slow AOL's growth rate and arbitrage will pressure its shares. Credit Suisse cut its rating on Time Warner to a hold from a buy. Shares of Excite@Home were losing 1 3/16 to 38 7/8 and AOL was falling 7 1/4, or 9.9%, to 65 3/8, while Time Warner shares were declining 7 1/2, or 8%, to 84 3/4.
Warburg Dillon Read
sliced its fourth-quarter earnings estimate on
to 40 cents a share from 58 cents and its 1999 estimate to $2.07 a share from $2.25.
also cuts its 1999 estimate to $2.10 from $2.30.
Salomon Smith Barney also downgraded the shares, to neutral from buy, and lowered its 2000 estimate to $2.10 a share from $2.60. Shares of Aon were slipping 1 5/16 to 28 13/16.
Warburg Dillon Read rolled out coverage of
with a buy rating and set a price target of 25. Shares of Chromavision were lifting 3/4, or 5.7%, to 14.
U.S. Bancorp Piper Jaffray
initiated coverage of
with a buy rating. Shares of Egreetings were gaining 1, or 9.1%, to 11 15/16.
Credit Suisse First Boston upped its ratings on
to strong buy from a buy. Shares of Coca-Cola were adding 1 7/16 to 60 1/4, while Pepsi was tacking on 1/8 to 37.
ING Barings cut its rating on
to hold from buy. Shares climbed 1/16 to 30 11/16.
rolled out coverage of
with a buy rating. Galileo Technology was moving up 1 3/4, or 7.2%, to 25 7/8.
ING Barings sliced its rating on
to hold from strong buy. GM braked 1 15/16 to 73 9/16.
ING Barings upped its rating on
to strong buy from buy. Gentex rose 5/8 to 26 3/4.
Banc of America Securities
maintained its buy rating on
. The stock shares have been tumbling despite posting strong third-quarter earnings. Shares of Infosys were skidding 22, or 6.1%, to 335.
upped its rating on
to a strong buy and set a price target of 75. Shares of J.D. Edwards bouncing 7 7/16, or 23.6%, to 39.
ING Barings raised its rating on
to strong buy from buy. Lear slipped 1/16 to 33 7/16.
Warburg Dillon Read
as its top picks for the first quarter of 2000. Shares of LSI were mounting 1/16 to 66 and MIP Technologies was climbing 6 7/16, or 14.8%, to 50 3/8.
upped its rating on
to near-term accumulate from neutral. Shares of McKesson HBOC were adding 2 3/16, or 9.1%, to 26 1/8.
upgraded shares of
to a long-term buy from a neutral. Shares of Newbridge Networks were gaining 1 11/16, or 7%, to 25 3/4.
Morgan Stanley Dean Witter rolled out coverage
with an outperform rating. Shares of PMC-Sierra were slipping 9 3/16, or 5.6%, to 154 5/8.
Deutsche Banc Alex. Brown rolled out coverage of
PSS World Medical
with a buy rating. Shares of PSS World were tacking on 3/16 to 10 3/4.
sliced its rating on
Quantum DLT & Storage Systems Group
to a neutral from outperform, while Goldman Sachs lowered its rating to a market outperformer from trading buy. Shares of DLT & Storage Systems were shedding 2 11/16, or 22.4%, to 9 5/16.
lowered its fiscal 2000 earnings estimate on
11 cents a share to 19 cents. Shares of Seagram were unchanged at 54.
Merrill Lynch lifted his rating on
to near-term accumulate from neutral. Shares of Southwest Airlines were lifting 11/16 to 16 13/16.
J.P. Morgan started coverage of
with a buy rating and set a 12 price target of 77. Shares popped 6 3/16, or 13.5%, to 51 7/8.
settled an antitrust lawsuit, ending a three-year legal battle. No, not
antitrust suit. This claim was brought against it by software company
, which filed the suit in July 1996, charging Microsoft with illegally trying to maintain its monopoly in operating systems. At the time, Caldera was seeking $1 billion in damages. Although the terms of the settlement were kept confidential, Microsoft said it will take a charge of 3 cents a share in the third quarter. Salt Lake City-based Caldera said it was pleased with the result but added -- in a sign that the companies are not planning on living happily ever after together -- that it will push the Linux operating system, an emerging rival to Microsoft's Windows platform. Shares of Microsoft were adding 1/2 to 112 13/16.
Toys R Us
was sliding 3/4, or 5.9%, to 11 7/8 after it said it has tapped John Eyler as its President and CEO.
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