Tonight's after-hours action was highlighted by announcements from two companies --
-- which sent their respective stocks in different directions.
Qualcomm posted fourth-quarter operating earnings of 91 cents a share, beating the 16-analyst estimate of 88 cents and the year-ago 27 cents. The figures were adjusted to reflect a 2-for-1 stock split paid May 10. Qualcomm also said its board approved a 4-for-1 common stock split and would hold a special meeting in December to vote on the split. In after-hours trading on
, Qualcomm shares closed up 19 3/16 to 244 while on
, shares rose 25 3/16 to 250. For more details on Qualcomm's quarter, take a gander at the
story reported by
Biogen said it halted all remaining clinical trials of Antova, until it completed a review of adverse events. On Oct 21, the company said it halted studies of Antova to treat hemophilia, multiple sclerosis and diabetes due to blood clotting events. Biogen shares slumped 4 1/16 in after-hours trading on Island ECN.
first reported on Biogen's woes in an
Oct. 21 story.
Standard & Poor's
will be added to the
index after the close of trading on Friday. Xilinx will replace
, which is spinning off its
unit to shareholders. Harris will take Xilinx's place in the
S&P MidCap 400
will replace Harris in the S&P 100 index.
Island ECN, owned by Datek Online Holdings, offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 8 p.m. EST. Prior to Sept. 15 Island offered trading from 8 a.m. to 5:15 p.m. EST
MarketXT, formerly Eclipse Trading, offers after-hours trading to retail clients of Morgan Stanley Dean Witter's (MWD) Morgan Stanley Dean Witter Online 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, 4:30 p.m. to 8 p.m. EST Monday through Thursday. Prior to Oct. 11, MarketXT traded issues from 6 to 8 p.m. Need more information on the ins and outs of after-hours trading? Click here to see how the rules change when the sun goes down.
In other post-close news (earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
posted second-quarter earnings of 41 cents a share, in line with the nine-analyst estimate and up from the year-ago 27 cents.
reported fourth-quarter earnings of $1.57 a share, well above the six-analyst estimate of $1.52 and the year-ago $1.37. The company also announced plans to repurchase up to 500,000 common shares, or about 6% of the company's outstanding common stock.
posted fourth-quarter earnings of 17 cents a share, beating the four-analyst estimate of 15 cents, and the year-ago 8 cents a share.
posted fourth-quarter earnings of 29 cents a share, beating the lone-analyst estimate of 24 cents and the year-ago 26 cents a share.
posted fourth-quarter earnings of 16 cents a share, beating the four-analyst estimate by a penny but down from the year-ago 38 cents.
posted third-quarter earnings of 10 cents a share, missing the two-analyst expectation of 31 cents, and the year-ago 23 cents a share. The company said it would close facilities in three cities and cut 200 jobs in a restructuring it expects to cost about $16 million. In a press release, Harmon's CEO said 1999 has been severely impacted by delays in orders for Harmon's products and systems from the North American freight railroad sector of its business.
reported third-quarter earnings of 19 cents a share before charges, a penny better than the six-analyst estimate, and the year-ago 16 cents a share. Separately, Hollywood subsidiary
, an online movie retailer, said it plans to file for an initial public offering.
reported a fourth-quarter loss of 9 cents a share, including a 4-cent charge for severance costs. The five-analyst estimate called for earnings of 7 cents a share, while the year-ago loss was 67 cents a share.
posted a third-quarter loss of 5 cents a share, including charges. The two-analyst expected loss was for 4 cents a share, while the year-ago earnings were 3 cents a share.
said it expects earnings per share to grow 10% to 15% through 2002, based on higher sales at existing restaurants, new menu items and expansion. The company said it plans to add 1,800 to 1,900 restaurants in 2000, with about 90% outside the U.S.
said third-quarter "normalized" results was a loss of 36 cents a share. The four-analyst estimate was for a loss of 38 cents a share. MediaOne had agreed to be acquired by
in a $58 billion deal.
posted third-quarter pro forma earnings of 29 cents a share, missing the single-analyst estimate of 32 cents and the year-ago 36 cents a share.
posted third-quarter earnings of 18 cents a share, in line with the 8-analyst estimate but down from the year-ago 29 cents a share.
said it expects third-quarter earnings to fall below estimates by 3 cents to 6 cents. The current three-analyst estimate calls for earnings of 61 cents a share.
posted a second-quarter loss of 15 cents a share, wider than the two-analyst estimate of an 11-cent loss and the year ago 6-cent loss.
reported a third-quarter loss of 21 cents a share, narrower than the single-analyst estimate of a 24-cent loss a share but wider than the year-ago 6-cent-loss.
posted fourth-quarter earnings of 1 cent a share, which the company said reflects a $5.5 million tax reserve resulting from a ruling on the deductibility of interest on corporate-owned life insurance programs. The two-analyst estimate was for earnings of 36 cents a share, while the year-ago earnings were 46 cents.
posted second-quarter earnings of 36 cents a share, missing the two-analyst estimate of 38 cents but up from the year-ago 31 cents.
posted third-quarter earnings of 59 cents, in line with the two-analyst estimate and up from a year-ago 33 cents a share.
reported a third-quarter loss of $3.28 a share, narrower than the 19-analyst estimate of a $3.44 loss but wider than the year-ago $2.83 loss.
Mergers, acquisitions and joint ventures
said it would buy the manufacturing assets of
storage systems unit. As part of the deal, a unit of Dii will supply tape and optical data-storage systems to Hewlett-Packard. The deal is expected to add nearly $200 million to Dii's revenue in the first year, and more than $500 million in the next five years.
said its board is continuing to evaluate strategic alternatives for the company despite the recent conclusion of talks over a number of transactions that might have led to the sale of the company.
has chosen it as its exclusive Internet postage partner for QuickBooks, a business management and accounting system. E-Stamp and Intuit are jointly investing in product development as well as co-marketing and distribution programs.
announced plans for an e-commerce venture with
to link its suppliers, dealers and other businesses. Commerce One will create
, a so-called virtual marketplace for products, raw materials, parts and services.
Though all of the terms were not disclosed, Commerce One plans to issue GM warrants to purchase up to 4.8 million shares of Commerce One common stock after mutually set revenue targets are met. The companies said they plan to have the site in operation in early 2000.
Offerings and stock actions
said its board approved the purchase of an additional 1 million common shares.
said it would buy back up to 4 million shares of its common stock.
said it authorized a $125 million-share buyback.
Chicago Mercantile Exchange
unveiled a plan to transform itself from a member-owned institution into a for-profit corporation by converting its membership interests into equity securities. The CME presented the plan to members at its annual meeting. The demutualization plan has received the approval of the exchange's board of directors and will require a member ballot vote.
Donna Karan International
announced it would cut 175 jobs, or 8% of its workforce. The fashion designer said the reductions would result in annual savings of about $6 million. The company also said it sees fourth-quarter charges of $11 million.
Madison Gas and Electric
said Gary Wolter will be promoted to president and CEO effective Feb. 1, replacing David Mebane who will retire as CEO on Jan. 31 but remain as chairman. Wolter has been the company's secretary and senior vice president for administration since May.
said it plans to build a 1000 megawatt power plant near Phoenix. The company said as many as 700 jobs could be created during the two-year construction cycle and that it plans to hire about 35 full-time employees afterwards.