reported fourth-quarter earnings of 16 cents a share, a repeat of the year-ago figure and 1 cent below the 25-analyst
forecast. The company also said it will cut 430 jobs, or 6% or its workforce, amid competition from
U.S. equity funds reported inflow for the week ending yesterday of $1.1 billion with most going to large-cap growth funds and all emerging market sectors reporting outflow, according to
AMG Data Services
. Among other funds categories, $828 million flowed into taxable bond funds, $388 million flowed into municipal funds and $5.7 billion flowed out of money-market funds.
In other postclose news (earnings estimates from First Call; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
reported second-quarter earnings of 36 cents a share, up from 12 cents a year ago and well shy of the 12-analyst consensus of 83 cents. "We're in a complex situation and there's information the Street didn't have," said Merle Spiegel, a spokeswoman at the firm in response to an inquiry about the discrepancy. "We strongly believe if we added in all these factors, we would have been right on target or maybe even above the 83 cents."
Among the factors Speigel cited was the company's declaration of its analytical instruments division as a separate division; thus, its results are not counted in continuing operations. Additionally, Perkin-Elmer has decided to "ready that operation for sale," she said, and has invested a "disproportionate" amount of money into the division prior to putting it on the block. Additionally, analysts' estimates did not take into account expenses of about $11 million for the firm's start-up genomics business unit, Celera. Finally, Celera recorded $7 million in "intracompany sales" of the 3700 BNA analyzer to PE Biosystems, another unit of the company, "which weren't taken into account," the spokeswoman said.
rose to 122 15/16 from a close of 119 9/16 in after-hours trading after recording fourth-quarter earnings of 90 cents a share, 6 cents ahead of the 25-analyst estimate and above the year-ago 67 cents. The company also set a 2-for-1 stock split.
reported a first-quarter loss of 21 cents a share, three cents wider than the year-ago loss but 4 cents better than the six-analyst estimate.
forecast its fourth-quarter earnings will outpace year-ago results of 30 cents a share as well as the 10-analyst estimate of 32 cents.
reported fourth-quarter earnings of 8 cents a share, double the three-analyst consensus and up from a loss of 3 cents a year ago. The company also said
has agreed to act as a buyer and reseller of all of FVC.com's voice, video, and data products.
said it will restate figures for fiscal 1998 due to accounting irregularities and other improprieties at its U.K.-based unit. The company said the accounting irregularities and other improprieties may amount to between $4 million and $6 million. The unit's chairman and CFO have been terminated.
reported fourth-quarter earnings of 39 cents a share, in line with the 14-analyst estimate and up from 36 cents a year ago. The company anticipates earnings-a-share growth of 15% to 20% in the second half of the year, when analysts currently estimate it will earn 36 cents in the third quarter and 44 cents in the fourth.
forecast its 1998 earnings will be between 97 cents and a $1.02 a share while its 1999 results will be between $1.30 and $1.40. Both forecasts are below the nine-analyst estimates of $1.06 and $1.48, respectively.
reported a fourth-quarter loss of 39 cents a share, a nickel better than the nine-analyst estimate but wider than the 17-cent shortfall of a year ago. The company said its operating losses could rise at least $10 million in the first quarter from the fourth-quarter results.
posted fourth-quarter earnings of 47 cents a share, up from 28 cents a year ago and ahead of the 10-analyst estimate of 41 cents. The company also announced a 2-for-1 stock split.
warned it expects third-quarter earnings to fall short of the seven-analyst prediction for 39 cents a share due to weak order entry in December and January. The company earned 36 cents in the year-ago period.
reported a fourth-quarter loss of $1.77 a share, including charges, vs. a loss of 11 cents the prior year. The company did not provide results excluding the charges. The one-analyst view was for profits of 3 cents.
Reinsurance Group of America
posted fourth-quarter earnings of $1.07 a share, beating the four-analyst outlook for 98 cents but falling below the year-ago $1.09. The company also approved a 3-for-2 stock split.
said its same-store sales rose 25% for the four weeks ended Jan. 24.
In other earnings news:
Mergers, acquisitions and joint ventures
Federal Trade Commission
requested additional information about the merger of Micrion and a unit of FEI.
agreed to merge in a deal valued at $6.1 billion.
Offerings and stock actions
A slew of new offerings priced for tomorrow's trading session: The 13.6 million-share IPO for
(ETM:NYSE), a radio broadcaster, priced at $22.50 a share by
Credit Suisse First Boston
. The expected price range was raised to $21 to $23 from $18 to $21. The 4.4 million-share IPO for
(SGAI:Nasdaq), a marketing firm, priced above range at $12 a share by
BT Alex. Brown
. The offering price range was increased to $10 to $11 from $8 to $10. The 7 million-share IPO for
American Axle & Manufacturing
(AXL:NYSE) priced mid-range at $17 a share through
. The 2.5-million-share IPO for
(TUTS:Nasdaq) -- which develops products that enable high-speed data to travel over copper infrastructure -- priced top-range at $18 a share by
. Earlier this week the offering's range was upped to $16 to $18 from $14 to $16.
announced a 3-for-2 stock split.
said it's offering $500 million of convertible subordinated notes due in 2009. This announcement comes just two days after the giant bookseller said it would
spend aggressively in 1999 to build its brand, expand its offerings, bulk up its staff and open additional distribution centers to streamline its business. The notes will be convertible into the company's common stock, at the option of the holder, at a conversion price to be determined. The notes will be sold to qualified institutional buyers in a private placement.
said it will suspend trading of
by Feb. 1 and seek to have the shares delisted. The company fell below the NYSE criteria for net tangible assets.
named William D. Jobe president and chief executive.
An advisory panel to the
Food and Drug Administration
recommended approval for