Nike Gains in Late Trading After Topping Wall Street Views

Author:
Publish date:

Nike

(NKE) - Get Report

posted second-quarter earnings of 38 cents a share, beating the 17-analyst estimate of 34 cents and the year-ago 28 cents, which excludes a restructuring charge. Nike said earnings rose more than 50%, and that it achieved quarterly revenue growth for the first time in two years. The company said it saw revenue grow in every region, but that its sales increase was largely fueled by growth outside the U.S. Nike traded to 45 11/16 in late composite trading from its New York close of 43 11/16, then edged up to 46 in thin

MarketXT

action.

For more on the sneaker behemoth's earnings, check out

additional coverage from

TheStreet.com/NYTimes.com

joint newsroom.

Equity funds reported outflows of $9.1 billion for the week ended yesterday, according to

AMG Data Services

, with 75% coming from small and aggressive growth funds. Technology funds reported inflows of $811 million. Outflows were reported from all international equity sectors except emerging markets, while taxable bond funds reported outflows from all sectors totaling $1.5 billion.

After-Hours Trading

Adobe

(ADBE) - Get Report

made after-hours gains on

Island ECN

look easy. The company announced fourth-quarter earnings of 76 cents a share, crushing the 12-analyst

First Call/Thomson Financial

estimate by 34 cents.

Companies usually announce splits along with their earnings figures and Adobe is no exception. Well, almost. Unlike

CMGI

(CMGI)

, the stock's not splitting -- Charles Geschke, Adobe's president and co-founder, is. Adobe announced that he would retire at the end of March.

For more on Adobe's earnings,

TheStreet.com/NYTimes.com

joint newsroom has the complete

story .

In the top spot,

S3

(SIII)

posted some serious gains. The catalyst: news that the company has signed a partnership with

Corel

(CORL)

to develop a Linux application that can handle two-dimensional and three-dimensional graphics. Agreement terms were not disclosed, according to a

Dow Jones

wire report.

Further down on the list, at No. 9, Corel gained a bunch, too.

Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 8 p.m. EST.

.

MarketXT, formerly Eclipse Trading, offers after-hours trading to retail clients of Morgan Stanley Dean Witter's (MWD) Morgan Stanley Dean Witter Online and Mellon Bank's (MEL) Dreyfus Brokerage Services. Clients can trade 200 of the most actively traded New York Stock Exchange and Nasdaq Stock Market issues, 4:30 p.m. to 8 p.m. EST Monday through Thursday.

Confused?

TheStreet.com

explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.

--

Eric Gillin

In other postclose news (

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

):

Earnings/revenue reports and previews

Central Garden & Pet

(CENT) - Get Report

posted fourth-quarter earnings of 12 cents a share, well above the five-analyst estimate of 9 cents and the year-ago 9 cents.

Coldwater Creek

(CWTR)

posted third-quarter earnings of 49 cents a share, in line with the seven-analyst estimate, and up from the year-ago 43 cents a share. The company said its Internet sales during the most recent quarter rose to $9.9 million from $81,000 a year ago.

Digi International

(DGII) - Get Report

said it sees first-quarter revenues and earnings to be below year-ago levels because of Y2K concerns as customers delay orders. The company said it sees earnings-per-share in the range of 3 cents to 7 cents, below the current four-analyst estimate of 19 cents.

Integrated Systems

(INTS)

reported fourth-quarter earnings of 17 cents a share excluding items, above the three-analyst estimate of 12 cents and the year-ago 14 cents.

Jabil Circuit

(JBL) - Get Report

posted first-quarter earnings of 34 cents a share before charges, a penny better than the 24-analyst estimate, and up from the year-ago 24 cents.

Maxtor

(MXTR)

said its fourth-quarter loss will be narrower-than-expected, citing strong demand for its hard disk drives. The company said it expects to report a net loss of 18 cents or less, compared with the 11-analyst estimate of a loss of 45 cents a share.

Sports Authority

(TSA)

said it expects to take a $128 million to $132 million charge in the fourth-quarter for net taxes. The company said it expects a $10 million to $15 million cash inflow in May 2000.

Station Casinos

(STN) - Get Report

said it sees fourth-quarter earnings above expectations, citing strength at its casinos in Nevada and Missouri. Station says it expects earnings between 32 cents and 34 cents a share, above the current 16-analyst estimate of 30 cents a share. The company also announced a stock buyback of up to 6.3 million shares.

Tibco Software

(TIBX)

posted fourth-quarter earnings of 1 cent a share, beating the three-analyst expected loss of 3 cents and the year-ago loss of 3 cents.

Mergers, acquisitions and joint ventures

Abbott Laboratories

(ABT) - Get Report

and

Alza

(AZA)

said they called off their $7.3 billion merger because they were unable to resolve

Federal Trade Commission

concerns. Alza said it will take a fourth-quarter cancellation charge between $10 million and $15 million and now expects to report earnings in the range of 26 cents to 29 cents a share, well below the current seven-analyst estimate of 45 cents.

TheStreet.com/NYTimes.com

joint newsroom covered the prewedding divorce in a

story this evening.

Citizens Utilities

(CZN)

said it will buy 106,850 access lines in Illinois from

GTE

(GTE) - Get Report

for $303 million in cash.

Duke Energy

(DUK) - Get Report

and

Phillips Petroleum

(P)

said they formed a gas gathering, marketing venture. Duke said the new company would offer about 20% of its stock in an IPO in the first half of 2000.

Litton Industries

(LIT) - Get Report

said its unit was awarded a $660 million contract from the

Navy

.

Oak Industries

(OAK) - Get Report

said it scheduled a special stockholders' meeting to vote on its previously announced merger with

Corning

(GLW) - Get Report

. The meeting will be held on Jan. 28, and if approved, the deal will close on that date.

Pfizer

(PFE) - Get Report

filed with the

Securities and Exchange Commission

, a plan to oust the board of

Warner-Lambert

(WLA)

as part of its proposed $72 billion takeover bid. Warner told shareholders to take no action on the bidder's attempt to unseat the board, and said it would file its own proxy materials shortly.

Philips Semiconductors

(PHG) - Get Report

and

Avnet

(AVT) - Get Report

entered a global distribution pact that will bring $1 billion in resale revenue through Avnet over the next three years.

Renaissance Energy

, one of Canada's biggest oil companies, said it sold a slate of natural gas assets to

Conoco

(COC.A)

, doubling the Houston-based firm's Canadian gas operations.

Watkins-Johnson

(WJ)

said shareholders will vote on Jan. 14 on the proposed sale of its telecommunications group to a unit of

British Aerospace

for $57.9 million.

Offerings and stock actions

Robertson Stephens

priced 4 million shares of

C-bridge

(CBIS)

at $16 each, above the estimated $12-to-$14 range.

Imperial Bancorp

(IMP)

said its board extended an existing buyback program started in 1997, with the repurchase of an additional 1.5 million shares.

KLA-Tencor

(KLAC) - Get Report

announced a 2-for-1 stock split in the form of a stock dividend.

Mohawk Industries

(MHK) - Get Report

upped its existing buyback program by 5 million shares.

Miscellany

Aviall

(AVL)

said Paul Fulchino was appointed president, CEO and chairman, replacing Eric Anderson, effective Jan. 1. Fulchino was formerly president and COO of

BE Aerospace

(BEAV)

.

Thomas Stallkamp, the executive ousted from power at

DaimlerChrysler

(DCX)

in a board shakeup earlier this year, was named CEO and vice chairman of auto supplier

MSX International

, a privately held company.

GE Medical Systems

, a unit of

General Electric

(GE) - Get Report

said federal advisers recommended approval for its digital mammography scanner to screen and diagnose breast cancer. A

Food and Drug Administration

panel voted unanimously that the device was safe and effective.

MIIX Group

(MHU)

named Ken Koreyva as president and CEO. Koreyva, formerly CFO and executive vice president, replaces Daniel Goldberg, who had previously taken a leave of absence and today announced his resignation for personal reasons.

Bankrupt

NextWave Telecom

said it modified its reorganization proposal and received a $1.6 billion infusion from a group of investors to help it build its advanced wireless network. NextWave said the investors included

Global Crossing

(GBLX)

and

Liberty Media

(LMG.A)

.