There was still no confirmation of the intense speculation that Alcatel (ALA) would announce an acquisition of Newbridge Networks (NN) . As reported earlier, Canadian networker Newbridge this evening postponed its planned third-quarter earnings release, heightening speculation that a deal announcement was imminent and that French telecom-equipment giant Alcatel would be the buyer. Analysts say they expect an announcement early Wednesday.
defeated Texas Gov.
in the Michigan and Arizona Republican primaries, according to TV network exit-poll projections.
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
reported fourth-quarter earnings of 21 cents a share, a penny better than the nine-analyst expectation but down from the year-ago 29 cents. The company said it expects 20% earnings and revenue growth in 2000.
Clear Channel Communications
reported a fourth-quarter loss of 3 cents a share, falling short of the three-analyst expectation of a 1-cent profit. The company earned 4 cents a year earlier.
reported a fourth-quarter loss of 24 cents a share, 4 cents narrower than the five-analyst view but wider than the year-ago 9-cent loss.
reported fourth-quarter earnings of 22 cents a share, in line with the two-analyst prediction and up from the year-ago 14 cents.
reported first-quarter earnings of 69 cents a share, in line with the five-analyst estimate and up from the year-ago 68 cents. The company said it expects weaker second-quarter earnings but a strong second half.
Longs Drug Stores
reported fourth-quarter earnings of 61 cents a share, 7 cents short of the six-analyst outlook but up from the year-ago 60 cents. The company blamed the shortfall on labor and other costs connected with the opening of new stores.
reported fourth-quarter earnings of 2 cents a share, in line with the two-analyst estimate and up from the year-ago 1 cent. MRV also agreed to acquire fiber-optic equipment maker
Fiber Optic Communications
for $263 million, and said it is exiting its enterprise LAN switching business.
reported second-quarter earnings of 84 cents a share, 3 cents ahead of the four-analyst expectation and up from the year-ago 64 cents.
reported fourth-quarter earnings of 46 cents a share, in line with the 12-analyst view and up from the year-ago 33 cents.
reported a fourth-quarter loss of 5 cents a share, narrower than the 17-analyst estimate of a 14-cent loss but down from the year-ago profit of 21 cents.
Offerings and stock actions
set a buyback of up to $25 million of its common shares.
set a buyback of an additional 25 million shares. The buyback is in addition to about 7 million shares remaining under a previous authorization. Separately, the company said it will invest $300 million in new tissue machines in Jenks, Okla., and Loudon, Tenn., with production phased in over a two-year period starting in mid-2001.
The 23.5 million-share IPO of
was priced at $20 a share, the top of the $18-to-$20 range.
Donaldson Lufkin & Jenrette
are the lead underwriters. Nextel Partners is an affiliate of
, offering digital wireless communications services in small and midsize markets.
set a buyback of up to 81 million shares, or about 5% of its 1.6 billion outstanding shares. The company said about 35 million shares remain on a separate 82 million-share authorization, set Sept. 28.
named Dennis Reilley president and CEO. Reilley had been COO of
said it would slash the licensing fee for its laser vision correction technology to $100 from $250. The go-for-growth strategy has gone over poorly with traders so far, with Visx down 3 1/4 to 18 5/8 in after-hours trading on
The Night Watch for more on the action in Visx.) Separately, Visx set a buyback of up to 10 million shares.