Nordstrom Sags After Hours on Earnings Shortfall, Sales Decline

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Nordstrom

(NOBE)

reported first-quarter earnings of 22 cents a share, missing the 20-analyst

First Call

forecast by 2 cents and above the year-ago 21 cents. But the retailer also said same-store sales fell 2.6% from a year earlier, and its stock dropped 1 9/16 to 34 in after-hours trading.

Inflow into U.S. equity funds for the week ended yesterday totaled $7.1 billion, the largest inflow since October 1997, according to

AMG Data Services

. Sixty-nine percent of the inflow went into growth funds. International funds, meanwhile, posted inflow of $816 million. Among other funds, $645 million flowed out of taxable bond funds, with most coming from high-yield funds. Municipal bond funds reported outflow of $193 million while money market funds posted inflow of $223 million.

@Home

(ATHM) - Get Report

and

Microsoft

(MFST)

formed a strategic pact to accelerate the deployment of broadband Internet services. Financial terms of the deal weren't disclosed. @Home said the companies will incorporate the Microsoft Windows NT operating system into its network serving @Home Solutions markets.

In other postclose news (earnings estimates from First Call; earnings reported on a diluted basis unless otherwise specified):

Earnings/revenue reports and previews

Advanced Tissue Sciences

(ATIS) - Get Report

posted a first-quarter loss of 14 cents a share, wider than the three-analyst forecast for a loss of 10 cents but narrower than the year-ago loss of 28 cents.

Agouron Pharmaceutical

(AGPH)

posted third-quarter net earnings of 3 cents a share, missing the seven-analyst forecast for 4 cents and falling below the year-ago 41 cents.

AirGas

(ARG)

recorded fourth-quarter earnings of 10 cents a share, 1 cent below the nine-analyst outlook and a repeat of the year-earlier figure.

Applied Graphics

(AGTX)

reported first-quarter earnings of 2 cents a share, missing the two-analyst prediction for 4 cents and falling behind the year-ago 30 cents.

Caribiner

(CWC)

reported second-quarter earnings of 16 cents a share, topping the four-analyst view by 3 cents but falling behind the year-ago 26 cents. The company, which said it hired

Salomon Smith Barney

to investigate strategic options, said it expects earnings for the rest of the fiscal year to be substantially below analysts' estimates. Caribiner blamed timing comparisons in its communications group and seasonally lower fourth-quarter revenue in its hotel audio visual rental business.

Pacific Gateway Exchange

(PGEX)

reported first-quarter earnings of 22 cents a share, a penny below the 11-analyst forecast and a repeat of the year-ago figure.

Sola International

(SOL) - Get Report

posted fourth-quarter earnings of 27 cents a share, 1 cent above the two-analyst view but behind the year-ago 66 cents.

Mergers, acquisitions and joint ventures

Guitar Center

(GTRC)

said it will acquire and merge with Internet retailer

Musician's Friend

in a $50 million deal.

Playtex Products

(PYX) - Get Report

agreed to acquire the Baby Magic brand in the U.S., Canada and Puerto Rico from

Colgate-Palmolive

(CL) - Get Report

for $90 million in cash.

Miscellany

Boeing

(BA) - Get Report

announced plans to cut 6,500 to 7,000 jobs in the St. Louis area by mid-2001, citing the Greek air force's decision not to buy Boeing's F-15 fighters.

CSS Industries

(CSS) - Get Report

named David Erskine president and CEO.

Iridium

(IRID)

hired

Donaldson Lufkin & Jenrette

to advise the company on restructuring its debt and reducing its financing costs.

Miller Industries

(MLR) - Get Report

said it's looking into spinning off its RoadOne towing and recovery business from its equipment making operations.

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