All the world's a stage for
, which agreed to acquire
Apollo Leisure Group
, a U.K.-based entertainment service, for $254 million in stock and debt. As part of the transaction SFX will also acquire
, a promoter of concert and entertainment events including the fast-moving
SFX also said it will sell 7.5 million common shares to finance future acquisitions as well as for other corporate purposes, such as its pending acquisition of Toronto-based
, the insolvent company that brought you
Morgan Stanley Dean Witter
will underwrite the offering. The show must go on.
In other postclose news (earnings estimates from
; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
reported a second-quarter loss of 9 cents a share, compared with 6 cents a year ago. The company said the latest quarter figure included extraordinary items totaling $915,000. Allstar provided no per-share operating numbers. The lone-analyst estimate was 5 cents a share.
and its 84%-owned
said second-quarter profits will beat analyst estimates. Limited cited strong demand for its
brands and said it expects to report earnings of 26 cents a share, above the 20-analyst estimate of 19 cents. Intimate Brands said it expects to report on Aug. 11 second-quarter earnings of 34 cents a share, beating the 25-analyst estimate of 28 cents.
Mine Safety Appliances
said it will record a pretax gain in the third quarter that will ultimately boost its 1999 earnings by 14 cents a share.
reported a second-quarter loss of 13 cents a share, including extraordinary items. The company didn't provide a per-share operating figure. The one-analyst estimate called for an operating profit of 48 cents vs. the year-ago profit of 10 cents.
In other earnings news:
Offerings and stock actions
Applied Micro Circuits
announced a 2-for-1 stock split. The split will apply to shareholders of record Sept. 2, and will be payable in the form of a stock dividend Sept. 9.
C&D Semiconductor Services
filed an antitrust suit against
Silicon Valley Group
claiming $20 million in damages.
Last week, HMO
announced a 46% drop in its second-quarter net income. Today, just before the close, its president and chief executive, Gregory Wolf, resigned. In the interim, Chairman David Jones will helm the company.
International Monetary Fund
approved a $460 million payment from its loan to Indonesia in a sign the government was meeting its reformist promises to the IMF.
rejected a Democratic proposal for $10.8 billion in emergency aid to farmers. Senators voted 54 to 44 against the Democratic plan, but left alive a $7 billion Republican plan that would give more than $6 billion to grain and soybean farmers.
said it will launch a weekly Spanish language insert to reach new readers. The company also said it will raise the cover price of its digest to $1.79 from $1.49, cut its rate base to 10.8 million and lower advertising rates to cut costs and increase profits.
Eric Gillin contributed to this story.