Tyco Schedules Conference on Accounting Practices and Apple Beats the Street

After a down day in the market, the earnings keep on comin'.
Publish date:

Prudent Bear

fund manager David Tice -- author of the

Behind the Numbers

report -- expressed concerns about

Tyco International


; the stock was down 6.2% before being halted amid rumors of accounting irregularities. Tyco has reportedly denied that there are any problems with its accounting and plans to hold a conference call tomorrow morning on the issue.


(AAPL) - Get Report

posted fourth-quarter earnings of 51 cents a share, beating the 17-analyst estimate of 45 cents but down from the year-ago 68 cents. The results come as a pleasant surprise after the company warned investors last month that third-quarter earnings would miss Wall Street estimates, blaming the expected shortfall on problems in obtaining

PowerPC G4

chips from



for its

G4 PowerMacintosh


Apple said that it evaluated the processor speeds of its PowerG4 Macintosh line to pair demand with Motorola's chip supply. Apple also announced that -- beginning in the first half of 2000 --


(IBM) - Get Report

will be on board as an additional supplier of G4 chips. Apple CFO Fred Anderson said the company is, "poised for a very strong December quarter."

After-Hours Markets

Apple was the most actively traded stock in after-hours trading after releasing its earnings.


Island ECN


Zany Brainy


was not only No. 2, but it was a whole lot of fun to say. Say it. Zany brainy! Fun stuff.


Market XT

, techs dominated the chart.


(MSFT) - Get Report

was No. 2,

Cisco Systems

(CSCO) - Get Report

was No. 3 and


(QCOM) - Get Report

was No. 3.

Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 8 p.m. EDT. Prior to Sept. 15 Island offered trading from 8 a.m. to 5:15 p.m. EDT


MarketXT, formerly Eclipse Trading, offers after-hours trading to retail clients of Morgan Stanley Dean Witter's (MWD) Discover Brokerage and Mellon Bank's (MEL) Dreyfus Brokerage Services. Clients can trade 200 of the most actively traded New York Stock Exchange and Nasdaq Stock Market issues, 4:30 p.m. to 8 p.m. EDT Monday through Thursday. Prior to Oct. 12, Market XT traded issues from 6 to 8 p.m.


updates the most active issues on both MarketXT and Island ECN in Got a Minute? and in the Evening Update.


Eric Gillin

In other post-close news (earnings estimates from

First Call/Thomson Financial

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

Mergers and acquisitions

Talks between online travel agents

Preview Travel


and Microsoft's


have fizzled, according to a source close to Preview.

Expedia was still in

pursuit of Preview Travel, even after the company announced a merger on Oct. 4 with

Sabre Group's

(TSG) - Get Report


Web site. "They hit a stumbling block," the source said. "If it doesn't happen when the iron is hot, it doesn't happen."

Preview was in talks with both Travelocity and Expedia before making its decision to merge with Travelocity, two sources told


Microsoft spokesman Tom Pilla said the company "doesn't comment on rumors." Preview executives couldn't be reached.

Preview's stock is up more than 70% since the deal was announced. Sabre's stock is up 7%.


Suzanne Galante

Earnings/revenue reports and previews



cautioned that it would report sales and earnings for the final five months of its fiscal year below earlier forecasts. In September, ABC-NACO said it was transitioning from a fiscal year into a calendar year, beginning Jan. 1. The company said that beginning Jan. 1, factors including certain product orders from railroads and uncertainty in the new freight car market caused a drop in sales.

Becton Dickinson

(BDX) - Get Report

said it anticipates posting fourth-quarter earnings in line with the 17-analyst estimate of 42 cents a share. Separately, the company announced that Kenneth Weisshaar plans to step down from his role as CFO to pursue other interests.

Tasty Baking

(TBC) - Get Report

, maker of


baked goods, warned investors that it expects to post third-quarter earnings between 7 cents to 9 cents a share, missing the three-analyst estimate of 16 cents and the year-ago 17 cents. The company attributed the expected earnings disappointment on pricing pressure and the East Coast's summer heat waves.




said it has settled two separate lawsuits involving


(LBY) - Get Report

, which was previously interested in acquiring the flatware maker. A spokesman for Oneida said the company has settled both an April 1999 suit, claiming that Libbey's distribution plan was anti-competitive, and an August 1998 proceeding, which involved glassware that Libbey planned to launch.

PECO Energy

(PE) - Get Report

said it has forged an agreement with

Schlumberger Resource Management Services

to automate meter reading for all of its southeast Pennsylvania service area.



said that it has brought legal proceedings in the U.S. district court in Connecticut against


(MSFT) - Get Report

, alleging that a new hotel price matching system on Microsoft's travel Internet service breaches one of its patents. priceline said the suit comes after eight months of negotiations between the companies, over an agreement that would have included joint marketing programs, while giving Microsoft rights to use priceline's system, "name your own price." After the talks ended, Microsoft opted to launch its own

Hotel Price Match Service

last month, which sparked the patent suit, claiming Microsoft broke the state of Connecticut's Unfair Trade Practices Act. priceline.com is seeking patent violation protection along with actual and punitive damages.

As originally published, this story contained an error. Please see

Corrections and Clarifications.