Skip to main content Rockets Higher on Split News; China Sets WTO Plans


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

Zhu Rongji

, speaking at a joint conference with

President Clinton

, said China's currency will not be depreciated and will remain stable.

BT Alex. Brown


Hambrecht & Quist


Scroll to Continue

TheStreet Recommends


(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

First Call

; earnings reported on a diluted basis unless otherwise specified):

Earnings/revenue reports and previews


(CERN) - Get Cerner Corporation Report

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.


(GEN) - Get Genesis Healthcare Inc Class A Report

said it will take a $7.7 million charge against its annual earnings due to a lawsuit settlement with former

Industrial Computer


Key Energy Services

(KEG) - Get Key Energy Services, Inc. Report

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.

Vitesse Semiconductor


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

Central Bancorp


said it will buyback up to 5% of its outstanding shares.


Alliance Capital Management

(AC) - Get Associated Capital Group, Inc. Class A Report

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


(DIS) - Get Walt Disney Company Report

, announced plans to launch in mid-January a 24-hour soap opera network available through cable and satellite TV providers.

Fair Isaac


said Larry Rosenberger will resign as president and chief executive and assume the role of director of its development unit.

General Motors

(GM) - Get General Motors Company Report

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.


(RYN) - Get Rayonier Inc. Report

said it will close a specialty pulp mill in Florida for 44 days beginning April 21 due to weak international demand for chemical cellulose.

Recovery Network

(RNET) - Get RigNet, Inc. Report

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.


(SYMC) - Get Symantec Corporation Report

chief executive, Gordon Eubanks, said he will leave the company to become CEO of


, a privately held Web-based software start-up.