Skip to main content

Pfizer to File Seeking Ouster of Warner-Lambert Board in AHP Fight

Amid the increasingly heated merger skirmish between






, Pfizer today said it will file by Christmas with

Securities and Exchange Commission

to oust Warner-Lambert's board. Aside from declaring its intention to put a lump of coal in Warner's corporate stocking, Pfizer also said its court date with Warner has been postponed until Jan. 31, but that it still wants the Warner-Lambert antitakeover provisions lifted. Pfizer objects to Warner's proposed combination with

American Home Products



Also contributing to the "small developments in big mergers" category,

BP Amoco's


Deputy CEO Rodney Chase audibly told

Scroll to Continue

TheStreet Recommends


he is "quietly confident" the company's $27 billion takeover of

Atlantic Richfield


will be approved by U.S. regulators.

Equity funds reported outflows from most sectors, totaling $3.6 billion for the week ended yesterday, according to

AMG Data Services

. Technology funds continued to report inflows, while international equity funds reported the largest outflow since Sept. 1. Taxable bond funds reported outflows of $454 million, while all corporate bond sectors reported inflows.

After-Hours Trading

American International Petroleum


cracked 2 million shares traded in after-hours trading on


, a record postclose volume for the ECN. The company has not released any news and none is being reported on it, but "reputable" sources like the message boards on

Raging Bull

speculate that a recent oil strike in Africa is the cause.

Oil in Africa? Here's that

grain of salt you ordered.

Island's volume has gone from fidgety to hyperactive. This week, other small stocks such as

Intelect Communications








were seven digits active.

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'sundefinedMorgan Stanley Dean Witter Online and Mellon Bank'sundefinedDreyfus 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.


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



said it sees third-quarter results falling far short of expectations. The company, which operates

Sears Portrait Studios


Prints Plus

wall decor stores, did not give a reason for the shortfall. CPI said it expects to report a third-quarter loss, while the current single-analyst estimate calls for earnings of 51 cents a share.

Sports Authority


said its November same-store sales dropped 4.6%, citing in part softness in its men's apparel and footwear business.

Valassis Communications


said it will close its Canadian mail order operation, saying the unit wasn't performing up to plan and didn't fit with the rest of its businesses. Valassis said it sees a one-time gain of $3 million to $4 million from tax benefits, while also noting it expects a fourth-quarter after-tax charge of $6.5 million for repurchasing bonds.

Mergers, acquisitions and joint ventures

Performance Technologies


said it agreed to buy privately held

MicroLegend Telecom Systems

for about $43.6 million in stock. MicroLegend makes software used by telephone carriers to control their core communications networks.

Offerings and stock actions



said its board of directors approved a 3-for-2 stock split of its common stock, payable Dec. 20, to shareholders of record on Dec. 10.

Mirage Resorts


said its board boosted the company's stock buyback program by 5 million shares after completing all share repurchases authorized under a previous 10 million-share plan.


Khyber Technologies

, a small, privately held Ohio firm, filed suit against four makers of pocket-sized electronic organizers, alleging infringement on its 1997 patent. Khyber is suing




Philips Electronics


, privately held

Everex Systems


Casio Computer


. In a sign that the companies are not exactly running scared, representatives for Philips, H-P and Everex said they were unaware of the suit and had no further comment, according to




Justice Department

announced it has retained New York-based


to advise it on the financial implications of a full range of potential remedies in the landmark



antitrust case. A Justice Department official made it clear that retention of the firm reflects no view by the department on whether the case would be resolved in court or through mediation.

Tele Norte Leste Participacoes


said it plans to announce restructuring plans. Tele Norte, which said the English version of its restructuring plan would not be released until tomorrow, was bought by a group of Brazilian investors as part of the privatization of Telebras last year.