Phelps Dodge Extends Exchange Offer for Asarco; After-Hours Trading Update

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Phelps Dodge

(PD) - Get Report

extended its exchange offer for all outstanding shares of

Asarco

(AR) - Get Report

to Oct. 13 from the previous Oct. 5 deadline. Phelps Dodge said as of today about 1.7 million Asarco shares had been tendered.

Asarco is currently a takeover target for both Phelps Dodge and

Grupo Mexico

, which already owns a 10% stake. The value of Phelps Dodge's cash and stock offer is $972 million, based on Asarco's closing stock price today, while Grupo Mexico's offer is valued at about $1.03 billion. Asarco's board voted last night to recommend that shareholders not tender their shares into either offer, saying the process to obtain the best bid was not complete. Asarco had set a 6 p.m. EDT Tuesday deadline for final bids,

Reuters

reported, citing sources close to the situation.

A former

Bank of New York

(BK) - Get Report

executive, Lucy Edwards, her husband Peter Berlin and the company

Benex International

, were indicted in a Russian money-laundering probe involving accounts at the Bank of New York. The charges relate to about $7 billion which was transmitted through accounts on behalf of Benex and another defendant,

Becs International

, and are the first to emerge from the U.S. government's probe.

After-Hours Markets

Genzyme

(GENZ)

and

MCI WorldCom

(WCOM)

are the most-active in after-hours trading on both

Island ECN

and

Market XT

.

Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 8 p.m. EDT. Prior to Sept. 15 Island offered trading from 8 a.m. to 5:15 p.m. EDT

.

MarketXT, formerly Eclipse Trading, offers after-hours trading to retail clients of Morgan Stanley Dean Witter's (MWD) Discover Brokerage 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, 6 p.m. to 8 p.m. EDT Monday through Thursday.

TheStreet.com

updates the most active issues on both MarketXT and Island ECN in Got a Minute? and in the Evening Update.

--

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

Home Depot

(HD) - Get Report

said it was comfortable with third-quarter earnings estimates of 35 cents a share.

ImageX.com

(IMGX)

said it was comfortable with analyst estimates for 1999 and 2000. The current consensus estimates are a loss of $1.88 a share for 1999 and a loss of $1.26 in 2000.

QuadraMed

(QMDC)

warned of lower-than-expected third-quarter earnings of 13 cents to 15 cents a share, citing a shift in its revenue mix and higher costs among other factors. Analysts had expected the company to earn 24 cents a share.

Savoir Technology

(SVTG)

said its third-quarter profits would fall short of estimates as year 2000 fears hit its sales. The company said it expects to post earnings per share of 9 cents to 11 cents, well below the analyst estimate of 24 cents a share.

Sterling Electronics

(SE) - Get Report

said it expects to report fourth-quarter earnings of 41 cents to 42 cents a share before charges, slightly ahead of the analyst estimate of 39 cents a share.

Winnebago Industries

(WGO) - Get Report

reported fourth-quarter earnings of 44 cents a share, better than the two-analyst estimate of 36 cents and up from the year-ago 32 cents.

Mergers, acquisitions and joint ventures

Bowater

(BOW)

said its majority-owned subsidiary

Calhoun Newsprint

agreed to sell land to a business unit of

Wachovia Bank

(WB) - Get Report

for about $163 million in cash and notes.

DuPont

(DD) - Get Report

said it would buy

CombiChem

(CCHM)

for $6.75 a share, or about $95 million.

Quality Dining

(QDIN)

which owns and operates 144 chain restaurants, said it was not for sale, rebuffing a request from

NBO

, its largest outside shareholder, to discuss a possible acquisition.

UICI

(UCI) - Get Report

said it would buy

HealthPlan Services

(HPS) - Get Report

in a stock-for-stock merger valued at about $27 million. Including the assumption of debt the deal is worth about $120 million.

Silknet Software

(SILK) - Get Report

agreed to buy privately owned

InSite Marketing Technology

for about $21.5 million. InSite provides companies with software that helps close sales on the Internet.

Offerings and stock actions

Three million shares of

Breakaway Solutions

(BWAY) - Get Report

, an e-business services company, were priced at $14 a share, the top of the estimated $12 to $14 range.

Morgan Stanley Dean Witter

is the lead underwriter.

Central Garden

(CENT) - Get Report

said it would increase its share buyback plan by $25 million, to $155 million.

Metro-Goldwyn-Mayer

(MGM) - Get Report

said it withdrew its proposed $750 million common stock offering and replaced it with a plan to sell rights to acquire common stock. The rights offer gives owners the ability to acquire MGM stock for $14.50 a share, and is expected to result in a $720 million net for the company.

Silicon Image's

(SIMG)

3.9 million-share IPO was priced at $12 a share, the top of the estimated range.

Miscellany

Sunrise Medical

(SMD)

said President and CEO Richard Chandler resigned to pursue new business ventures. Chandler, who founded the company in 1983, will also resign from the board. Murray Hutchinson, formerly chairman and CEO of

IT Group

(ITX)

, was appointed interim chairman, CEO and president.

The

United Auto Workers

union set a strike deadline for Friday in its ongoing contract talks with

Ford

(F) - Get Report

. The future of Ford's

Visteon

parts unit is a sticking point in negotiations.