was up 5/8 to 31 1/2 in after-hours trading following its fourth-quarter earnings report. The company made 34 cents a share, a penny higher than the 19-analyst
forecast and above the year-ago 26 cents, with quarter sales of $2.3 billion.
In other postclose news (earnings estimates from First Call; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
reported fourth-quarter earnings of 18 cents a share, below the single-analyst outlook for 21 cents and above the year-ago 17 cents. The company said it hired
to investigate strategic alternatives relating to its medical device business.
reported fourth-quarter earnings of 17 cents a share, including a pretax gain from the revision of a prior restructuring provision. The single-analyst outlook called for operating earnings of 4 cents vs. the year-ago 1 cent.
warned its second-quarter earnings will fall 10% to 12% below the three-analyst forecast for 29 cents a share. The company, which earned 26 cents in the year-ago quarter, blamed the warning on a drop in revenue from its
Nicholas Commercial IT
In other earnings news:
Mergers, acquisitions and joint ventures
Marc Andreessen will become its chief technology officer when AOL's acquisition of Netscape completes early this spring.
As expected, the
Federal Communications Commission
approved the $48 billion merger of
. The approval allows AT&T to offer high-speed Internet services over TCI's cable facilities without making the network equally available to other Internet service providers.
Offerings and stock actions
approved a 3-for-2 stock split.
said it will issue $300 million in new shares to finance growth plans.
said it redeemed the rights issued under its agreement dated Feb. 19, 1996, and that shareholders will receive a payment of 5 cents a share.
Saying the cholesterol-lowering product is a food supplement and not a drug, a federal judge reversed a ban by the
Food and Drug Administration
on cholestin. The appeal was brought by
Nu Skin Enterprises
, which makes the product.
said, in response to weak refinery margins, it shut down an 85,000-barrel-a-day crude unit at its refinery in Houston, Texas.
, a unit of
, said it plans to increase prices for its hot-rolled sheet, cold-rolled sheet and coated sheet steel by $30 per net ton, starting with its April 14 shipments.