Publish date:

Monday, Sept. 20, 1999

<B>After-Hours Trading:</B>, and Corel stayed in lead on Island ECN session, while Bed Bath & Beyond topped the MarketXT session.


Island ECN 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


Last Trades on Island ECN

BBBY: 29 9/16 at 6:40 p.m. EDT.

MUEI: 13 3/8 at 3:59 p.m. EDT.

ALTR: 52 31/32 at 5:06 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, 6 p.m. to 8 p.m. EDT Monday through Thursday.

updates Island's and MarketXT's 10 most active issues in Got a Minute? and in the Evening Update.


also reports how MarketXT's three most active Nasdaq-listed issues finished the Island session



John J. Edwards III

Day Session Report

The major U.S. stock indices rallied in late-day trading to close in positive territory. The

Dow Jones Industrial Average

rose 20.27 to 10,823.90, while the

Nasdaq Composite Index

climbed 16.5 to 2886.10.

The big European indices finished the day's trading higher, with France's


up 36.17 at 4680.49, Germany's


up 48.04 at 5351.98 and London's


closing up 16.70 at 6056.50.

In Asia, Japan's


showed sizable gains, finishing the trading session up 232.99 at 17,575.26, while Hong Kong's

Hang Seng

closed down 12.47 at 13,472.37.

Mergers, acquisitions and joint ventures


(CSL) - Get Report

said its $600 million purchase of


(TWI) - Get Report

was halted after the deal's letter of intent expired Sept. 18. The companies said that they would continue negotiations to try to reach a definitive agreement.



said it plans to pay $500 million in stock to acquire online advertising network



. The transaction calls for CMGI to issue .262 of a share for every share of AdForce held on upon completion of the deal.

Computer Sciences


announced its plans to acquire

Nichols Research


in a deal valued at $391 million in stock.



announced its plans to sell


(ORCL) - Get Report

customer relationship management software. H-P CEO Carly Fiorina and Oracle chairman Larry Ellison will formally announce the deal during a press conference in Palo Alto, Calif., tomorrow morning.


(JP) - Get Report

said it has forged a deal worth about $296 million to purchase life and health insurance provider

Guarantee Life


. The transaction, which is expected to close in mid-December, calls for Jefferson-Pilot to pay $32 a share for Guarantee Life, half in stock and half in cash. Jefferson-Pilot would also take on about $115 million of Guarantee's debt.



said the U.S. antitrust waiting period for its planned $4.05 billion acquisition of

International Network Services


had expired. On Aug. 10, Lucent unveiled plans to buy the company to boost blend voice and data network capability. The companies said the deal was still pending regulatory approval in Germany.


(MSFT) - Get Report



(F) - Get Report

are expected to forge a joint business that would allow Ford to make cars in answer to online orders, while giving Microsoft another industry partner in its Internet endeavors,

The Wall Street Journal


Separately, Microsoft,


(ATHM) - Get Report


Ticketmaster Online-CitySearch


announced their newly formed online-auction network,


, which will compete with the No. 1 online-auction site


(EBAY) - Get Report

. FairMarket said the network could connect with more than 46 million visitors, or 73.3% of all Internet users.










(DELL) - Get Report

are all part of the new venture.


(NOK) - Get Report

said it would forge a deal with



to create mobile Internet solutions using the

Wireless Application Protocol

. According to a statement, the union would give customers access to e-services over the Internet via Nokia media phones.



announced plans to sell its entertainment and aviation divisions as an alternative to a spinoff, the





announced its acquisition of four Internet service providers, including Brazil's

ServNet Servicos de Informatica e Communicacao

, Hong Kong-based

Vision Network

and Spain's

Infase Comubicaciones


Ciberia Internet



said it has authorized



proposed merger with



, in which Sonera has a major interest. The deal, which is valued at about $1.8 billion, calls for Voicestream to swap 0.455 share of its common stock for each share of Aerial common and Series A common.


energy division


said it has made a $22 a share, or about $129 million bid for the remaining interest of its majority-owned unit

Trigen Energy


TheStreet Recommends

. Trigen said it is considering the offer.

Earnings/revenue reports and previews

A.G. Edwards

(AGE) - Get Report

posted second-quarter earnings of 86 cents a share, beating both the two-analyst estimate of 81 cents and the year-ago 75 cents.

Consol Energy

(CNX) - Get Report

warned investors that it would post third-quarter earnings between 12 cents to 18 cents, greatly missing the single-analyst estimate of 51 cents. The company blamed low coal prices for the lower-than-expected earnings.

Dole Food

(DOL) - Get Report

warned investors that it would post third-quarter break-even results or a possible loss, missing the four-analyst estimate of 13 cents a share. Dole cited low banana prices and ongoing recovery costs from last year's Hurricane Mitch in Central America as the culprit for the weak results.

Offerings and stock actions

Best Buy

(BBY) - Get Report

has set a stock buyback plan worth $200 million. The retailer said it finished a $100 million repurchasing plan last October and now has roughly 205 million outstanding shares.


announced plans for a 5 million-share initial public offering set to price in an estimated range of $9 to $11.

BancBoston Robertson Stephens


Hambrecht & Quist


Thomas Weisel

are serving as underwriters for the deal.



said it can not explain why its share price was falling during today's trading session. Spokesperson Kenneth Ball said that there is not any news that contributed to the decline. USFreightways finished the session off 2 1/2, or 5.4%, to 43 5/16.

Analyst actions

Salomon Smith Barney

raised its rating on

American Home Products


to outperform from neutral.

Credit Suisse First Boston


Duke Energy

(DUK) - Get Report

to buy from hold.

Dain Rauscher Wessels

started coverage of



with a buy-aggressive rating and a price target of 63.

CSFB upped its rating on



to a strong buy from a buy.

Salomon Smith Barney

upped its fiscal 1999 and year 2000 estimates on oil to average $18.50 a barrel from $17.75 a barrel and $19 from $18 a barrel respectively. The revision comes one week before


ministers assemble in Vienna.

Friedman Billings Ramsey

upped its rating on

Providian Financial


to a buy from accumulate.

Lehman Brothers




to buy from outperform.

CIBC World Markets

(RNWK) - Get Report

initiated coverage of


(RNWK) - Get Report

with a buy rating and set a price target of 120.

J.P. Morgan

cut its rating on

Regions Financial


to market performer from buy.

Lehman Brothers rolled out coverage of

Robert Mondavi


with a buy rating.

Lehman Brothers raised it rating on



to outperform from neutral.

Lehman Brothers upped

Silicon Valley Group's


fourth-quarter estimates to a 1-cent loss from a 7-cent loss.

Morgan Stanley Dean Witter

analyst Robby Ohmes sliced his first-quarter estimates on


(SBUX) - Get Report

to 16 cents from 18 cents a share and raised third-quarter EPS numbers by 1 cent to 17 cents a share.

Lehman Brothers raised it price target on


(TER) - Get Report

to 50 from 42.50.

CSFB upped its fiscal 2000 EPS estimate for

UnitedHealth Group

(UNH) - Get Report

to $3.55 from $3.00.

Morgan Stanley rolled out coverage of

U.S. West


with an outperform rating and set a price target of 69.




said that it has tapped Charles Loux as its new president and CEO. Loux will replace Leon Ring who plans on retiring on Oct. 1.


(AR) - Get Report

said it has initiated legal proceedings against

Phelps Dodge

(PD) - Get Report

, alleging that Phelps' $2.5 billion unsolicited offer for Asarco and

Cyprus Amax


infringes on U.S. antitrust laws. Asarco claims that Phelps' bid hindered its planned merger with Cyprus, which now carries an estimated value of $1.5 billion in stock. Phelps Dodge said it would "vigorously contest" Asarco's legal actions and it is confident that it will receive regulatory approval for the three-way merger.


New York Stock Exchange




would not explain its shares' 15% price decline on heavy volume. Today, the stock closed down 5 7/8, or 15%, to 31.

United Auto Workers

union said that a new, four-year contract would mean more than $29,300 in economic gains for a U.S.



AG assembler. The union said that DaimlerChrysler inked a new plant-closing memorandum letter, vowing not to shut down or spin off any of its facilities. In addition, the agreement calls for a 3% base wage increase for all hourly workers in each of the contract's four years and $1,350 up-front payment.


(IBM) - Get Report

said as of Oct. 1, computer services executive Sam Palmisano would replace retiring

IBM Server Group

head Robert Stephenson.

Quaker Oats


said it would likely slash its workforce by 10% and shut down facilities in an effort to boost North American operations. The cereal maker said it would assume a series of pretax charges from $225 million to $250 million for the restructuring changes.


(WMT) - Get Report

unveiled plans to launch 10 trial

Computer Doctor

centers in its stores to service computers and install software, the





said that Nasdaq has delisted its shares after it failed to issue its annual financial report on time. The company said that its stock would trade on the pink sheets until it issues the report later this week.