Don't go looking for the
after-hours leaders: That exchange doesn't trade on Friday nights. That makes
the only ballgame in town. Unfortunately, that ballgame is an
game against the
. Trading was light.
The most actively traded stocks were
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
Stocks reversed a modest rebound to end the day on a dismal note. Cautionary comments from
last night and a stronger-than-expected
Producer Price Index
this morning sank major proxies. The
Dow Jones Industrial Average
shed 266.9 points to 10,019, flirting with a key psychological support level. The
Nasdaq Composite Index
dropped 75 to 2731.
The big European indices closed lower, with France's
off 1.3% while Germany's
fell 0.7%. London's
Asian markets closed down as Hong Kong's
dropped 187.74, or 1.5%, to 12299.08 while Tokyo's
fell 178.69, or 1%, to 17601.57.
Mergers, acquisitions and joint ventures
announced it is buying privately held
, owner of
, for 1.8 million shares and $3 million in cash.
energy-services division entered into a $1.5 billion total energy-management pact with
Simon Property Group's
Simon Brand Ventures
bought an equity stake in the company. Intel bought the stake through a secondary offering of 3.6 million shares at $52.38 per share earlier in October.
Earnings/revenue reports and previews
reported first-quarter earnings of 6 cents a share, well below the seven-analyst estimate of 12 cents and below the year-ago operating net of 9 cents.
posted third-quarter earnings of 61 cents a share, a penny ahead of the 20-analyst estimate but down from the year-ago 92 cents.
reported third-quarter earnings of $1.31 a share, above the 15-analyst estimate of $1.25 and up from $1.14 a year ago.
posted third-quarter earnings of $1.70 a share, in line with the 17-analyst estimate and up from $1.66 a year ago.
Fifth Third Bancorp
reported third-quarter earnings of 62 cents a share, in line with the 14-analyst estimate and up from a year-ago 53 cents. The company said the share amounts reflect a 3-for-2 stock split declared March 17, 1998, and distributed April 15, 1998.
posted third-quarter earnings of 31 cents a share, above the four-analyst estimate of 29 cents and better than a year-ago 20 cents.
posted third-quarter earnings of 21 cents a share, in line with the three-analyst estimate and up from 15 cents a year ago.
posted third-quarter earnings of 78 cents a share, 4 cents ahead of the 13-analyst estimate and up from the year-ago 58 cents.
posted second-quarter earnings of 47 cents a share, below the four-analyst estimate of 52 cents, but up from 37 cents a year ago.
Credit Suisse First Boston
is on track to meet its expectation of 36 cents a share in the first quarter, which is above the 26-analyst estimate of 34 cents according to
First Call/Thomson Financial
Newport News Shipbuilding
posted third-quarter earnings of 58 cents a share, a penny better than the five-analyst estimate of 57 cents and up from a year-ago 46 cents.
posted third-quarter earnings of 58 cents a share, above the single-analyst estimate of 45 cents and up from a year-ago 34 cents.
reported third-quarter earnings of 44 cents a share, in line with the 12-analyst estimate, and up from 36 cents a year ago.
Offerings and stock actions
A number of initial public offerings did well despite the market downturn today.
soared 20 5/8, or 121.3%, to 37 3/4.
climbed 8 5/8, or 86.3%, to 18 1/2. Shares of
jumped 5, or 50%, to 15 1/8.
said it sold 6 million shares of its common stock at $34 a share. The lead underwriter is
set a 3-for-2 stock split, payable on Nov. 19 to shareholders of record Nov. 2. Veritas posted third-quarter earnings of 21 cents a share, beating the 20-analyst estimate of 17 cents and the year-ago 12 cents.
to near-term accumulate from near-term neutral.
Morgan Stanley Dean Witter
to its fresh money buys list and removed
Morgan Stanley Dean Witter raised its 1999 earnings estimate on
to $8.50 a share from $8.34, and reiterated a neutral rating.
said it cut
to attractive from buy.
downgraded shares of
to market performer from long-term attractive and slashed its 2000 earnings estimate to 47 cents a share from 75 cents.
Morgan Stanley raised its rating on
to strong buy from neutral.
with a buy rating and set a 12-month price target of 62 for the stock.
Salomon Smith Barney
to buy from neutral and set a 12-month price target of 23. Salomon raised its 2000 earnings estimates to $1.07 a share from $1.03.
Credit Suisse First Boston
raised their earnings estimates on Sun Microsystems after it reported better-than-expected earnings last night.
Banc of America
upped Sun to buy from market perform.
said it sold a stake in the
hotel in Greece for $186 million, and expects to record a $178 million pretax gain.
The Heard on the Street column in
The Wall Street Journal
suspended money manager Jack Ferraro. It is conducting an internal investigation of payments he received from
and three small companies. In 1995, Ferraro lined up $7 million for Showscan through a Swiss bank, in return for warrants for 100,000 shares of Showscan, but did not disclose his payment to his clients or to Neuberger, the story says.
The Inside Wall Street column in
, written by Gene Marcial, quotes a senior
executive as saying the company -- which held talks with
last year -- is "still very interested" in the company. The executive wouldn't say if talks were going on, however, the column said. The column also said some money pros are wagering that Tyco's going to acquire C.R. Bard. Tyco has been one of the story stocks of the week in the market.
wrote about Tyco