shares spiked to 74 1/2 in after-hours trading from a close of 59 following news that the company plans to split its stock 2-for-1.
China said it will relax restrictions on U.S. banks and insurers and eliminate quotas on imports of autos and auto parts if it is allowed to join the
World Trade Organization
. The country also said it would cut import tariffs and provide more market access for U.S. farm goods, according to the
U.S. Trade Representative's Office
. Chinese Prime Minister
, speaking at a joint conference with
, said China's currency will not be depreciated and will remain stable.
BT Alex. Brown
Hambrecht & Quist
(TURF:Nasdaq) 4.2 million-share IPO top-range at $22 a share. iTurf, whose offering range was raised to $21 to $22 from $10 to $12, is an Internet company owned by
In other new-issue news,
Credit Suisse First Boston
(USIX:Nasdaq) 6 million-share IPO above range at $21 a share.
Inflow into U.S. equity funds for the week ended yesterday totaled $3.4 billion, with 84% going into large-cap growth funds, according to
AMG Data Services
. Among other categories, $1.6 billion flowed into taxable bond funds, $3.2 million flowed into municipal bond funds and $26.9 billion flowed into money-market funds.
In other postclose news (earnings estimates from
; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
estimated it will record first-quarter earnings of 7 cents to 9 cents a share, which would fall below the 21-analyst outlook for 16 cents. The company, which made 11 cents in the year-ago period, cited delays in purchasing decisions.
warned its first-quarter earnings probably will come in at a nickel a share, 2 cents shy of the seven-analyst forecast. The company, which lost 7 cents in the year-ago period, blamed a slower-than-expected rollout of its WaveWire product line and an ongoing wait for approval of its Vintage balloon catheter in Japan.
said it will take a $7.7 million charge against its annual earnings due to a lawsuit settlement with former
Key Energy Services
warned it sees a third-quarter operating loss of $1.15 to $1.20 a share due, in part, to depressed oil prices. The four-analyst forecast called for a loss of 22 cents vs. the year-ago profit of 35 cents. Key also said it started a recapitalization plan designed to reduce debt, increase shareholder equity and provide additional working capital.
reported second-quarter earnings of 12 cents a share, 1 cent higher than the four-analyst view but below the year-ago 18 cents.
Objective Systems Integrators
said its third-quarter results will fall below estimates because of slower sales. The four-analyst view called for a loss of 3 cents vs. the year-ago loss of 5 cents.
Seaway Food Town
reported second-quarter earnings of 35 cents a share, in line with the single-analyst view and above the year-ago 31 cents.
posted second-quarter earnings of 22 cents a share, a penny ahead of the 15-analyst estimate and higher than the year-ago 15 cents.
Offerings and stock actions
said it will buyback up to 5% of its outstanding shares.
Alliance Capital Management
said it wants to reorganize into a new private limited partnership and that it will give shareholders a choice between continuing to hold liquid units of Alliance listed on the
New York Stock Exchange
or to hold highly illiquid interest in a new private limited partnership.
increased incentives on several 1999 models and extended the recently added $1,000 cash rebate on its redesigned 2000 model Neon.
Disney/ABC Cable Networks
, a unit of
, announced plans to launch in mid-January a 24-hour soap opera network available through cable and satellite TV providers.
said Larry Rosenberger will resign as president and chief executive and assume the role of director of its development unit.
said it will boost its second-quarter North American output of vehicles by 15,000 units to 1.51 million.
As part of a settlement of a patent lawsuit,
agreed to pay $35 million to
for a royalty-free license to its current and pending patents covering heart stimulation devices. Angeion agreed to an injunction prohibiting sales of the Sentinel Model 2010 defibrillator.
said it will close a specialty pulp mill in Florida for 44 days beginning April 21 due to weak international demand for chemical cellulose.
said its CEO, Gary Horowitz, and its CFO, Donald Masters, resigned. The company said the move comes as it's negotiating with potential strategic partners.
said that, with the
Consumer Product Safety Commission
, it recalled about 4,200 baby garments for a choking hazard.
chief executive, Gordon Eubanks, said he will leave the company to become CEO of
, a privately held Web-based software start-up.