SGI CEO Quits; Appeals Court Sides With Microsoft

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Graphics computer maker

SGI

(SGI)

received a shock today when its acting CEO Richard Belluzzo resigned to accept a position at another company. SGI brought the

Hewlett-Packard

(HWP)

visionary on board just 18 months ago. SGI's board of directors convened shortly following the announcement and selected fellow board member Robert Bishop to succeed Belluzzo as chief executive. SGI said Belluzzo resigned to "accept another position in a business that is not competitive with SGI."

A federal court of appeals said

Microsoft

(MSFT) - Get Report

did not have to implement changes in its

Windows 98

software and

Internet Explorer

browser. The U.S. Appeals Court for the Ninth Circuit reversed a lower court ruling that the company's disputed use of the Java programming language could have caused "irreparable harm" to

Sun Microsystems

(SUNW) - Get Report

.

Earnings/revenue reports and previews

In other postclose news (earnings estimates from First Call; earnings reported on a diluted basis unless otherwise specified):

Medtronic

(MDT) - Get Report

posted first-quarter earnings of 42 cents a share, in line with the 33-analyst estimate of 42 cents and up from the year-ago 39 cents.

Methode Electronics

(METHA)

reported first-quarter earnings of 24 cents a share, missing the four-analyst estimate of 26 cents but up from the year-ago 22 cents.

3Dfx Interactive

(TDFX)

reported a second-quarter loss of 50 cents a share, falling far short of the four-analyst estimate of a 4-cent profit and the year-ago 54-cents gain.

Mergers, acquisitions and joint ventures

ACX Technologies

(ACX)

unveiled plans to sell its

Golden Aluminum

unit to

Alcoa

(AA) - Get Report

in a transaction valued at $41 million. The company said it would assume a $10 million charge in the third quarter. The deal, which is subject to regulatory approval, will be completed this year.

Offerings and Stock Action

Bank of America

(BAC) - Get Report

announced it would swap its online auto division for a 5% interest in Internet mortgage company

E-Loan

(EELN)

. The deal calls for E-Loan to buy

CarFinance.com

for 2.88 million shares of E-Loan. E-Loan said it expects the transaction, subject to regulatory approval, to be completed by sometime in September.

Chesapeake

(CSK)

said its board gave the tissue company its stamp of approval for a 1 million-share buyback beyond a previously authorized 1 million-share repurchasing plan. Additionally, Chesapeake expects to carry out one or more tender offers totaling 20% to 30% of the outstanding common stock. The total includes the open-market purchases.

Maxtor

(MXTR)

said it would buy server appliance manufacturer

Creative Design Solutions

in a stock swap deal worth about $57 million.

Tyco

(TYC)

said it plans to buy

General Surgical Innovations

(GSII)

in a $100 million stock-swap transaction. According to the agreement, Tyco would give General Surgical shareholders a fraction of a Tyco share valued at $7.50 for each share of General Surgical; that's more than a 15% premium to its $6.50 closing price. The swap would be subject to shareholder and regulatory approval.