Monday, Sept. 27, 1999

CMGI, Fonix and uBid were the most-actives on Island ECN's after-hours exchange -- not bad for an acronym, a misspelling and a capitalization error.
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After-Hours Markets

CMGI

(CMGI)

evidently means "Company Made Good on Island," because its stock was the most actively traded and most up in after hours on

Island ECN

. The big move comes from the company's solid fourth-quarter earnings, announced after the close.

Muy activo! In a similar vein,

Micron Electronics

(MUEI)

cracked both the Island and

Market XT

most-active lists on news of its fourth-quarter earnings. The company landed on Island right before the market closed, sending

eBay

(EBAY) - Get Report

away to the mainland.

Other than the occasional "freak," like

American International Petroleum

(AIPN)

and

Homestake Mining

(HM)

, after-hours markets stayed tech-laden in moderate trading.

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, 6 p.m. to 8 p.m. EDT Monday through Thursday.

TheStreet.com

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

TSC

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

.

--

Eric Gillin

Day-Session Report

Major proxies closed in positive territory but were well off intraday highs. The

Dow Jones Industrial Average

closed up 24.1 to 10,303, after springing up more than 100 points, while the

Nasdaq Composite Index

ended the day up 21.3 to 2761.

The big European indices closed higher, with France's

CAC

up 1.2%, while Germany's

Xetra Dax

was up 1%, and London's

FTSE

was up 2.4%

Asian markets fell overnight as Hong Kong's

Hang Seng

lost 271.61, or 2.1%, to 12,760, and Tokyo's

Nikkei

slipped 50.67 to 16,821.

Mergers, Acquisitions and Joint Ventures

Aurora Foods

(AOR) - Get Report

is buying

Kellogg's

(K) - Get Report

Lender's Bagels

business for $275 million.

Calpine

(CPN)

agreed to pay about $78 million for the Calistoga geothermal power plant of

FPL Energy

, an affiliate of

Florida Power & Light

(FPL) - Get Report

, and

Caithness

.

Cirrus Logic

(CRUS) - Get Report

said it entered a technology agreement with

Microsoft

(MSFT) - Get Report

for chips aimed at powering new portable music players.

CBS

(CBS) - Get Report

said it would buy a 40% stake in privately-held

Women's Consumer Network

, an online service targeting woman. CBS will provide $50 million in advertising and promotion, and will receive two seats on the company's board of directors.

Dell

(DELL) - Get Report

and

IBM

(IBM) - Get Report

are unveiling an expansion of their $16 billion pact this morning, according to a

Reuters

report.

Harris

(HRS)

teamed up with seven other companies to bid on the

Federal Aviation Administration's

$1.9 billion telecommunications infrastructure upgrade. The group includes

Ameritech

(AIT) - Get Report

,

Bell Atlantic

(BEL)

,

BellSouth

(BLS)

,

Raytheon

(RTN.A)

,

SBC Communications

(SBC)

,

Sprint

and

U S West

(USW)

.

Federal-Mogul

(FMO) - Get Report

said it would sell its $700 million lighting, wiper-blade and fuel businesses to focus on its core units. The company said it hired an investment bank to help it sell the businesses, which employ about 5,400. Federal-Mogul also reiterated that it was comfortable with analyst earnings expectations of $4.20 to $4.30 a share.

Grupo Mexico

formally began a cash tender offer for

Asarco

(AR) - Get Report

for $26 a share, or a total of $1.03 billion. Grupo Mexico's bid topped that of rival

Phelps Dodge

(PD) - Get Report

whose hostile bid was for $983 million in cash and stock.

Heinz

(HNZ)

is purchasing a 19.5% stake in

Hain Food Group

(HAIN) - Get Report

, a nearly $100-million investment, confirming a report in

The Wall Street Journal

. The company also said it was on track to meet analyst estimates for 2000.

Nike

(NKE) - Get Report

said it will allow online sporting-goods dealer

Fogdog Sports

to sell its full product line, reversing an earlier stance of blocking Web-only stores from selling its goods,

The New York Times

reported.

Orion Power Holdings

agreed to pay $1.7 billion to

Duquesne Light

, a unit of

DQE

(DQE)

, for assets including seven power plants in Ohio and Pennsylvania. Orion consists of affiliates of

Goldman Sachs

(GS) - Get Report

and

Constellation Energy Group

(CEG)

.

If the companies agree to sell off certain assets, an

MCI WorldCom

(WCOM)

acquisition of

Sprint

might obtain the regulatory go-ahead, according to federal officials, the

Journal

reported.

Earnings/Revenue Reports and Previews

Chesapeake Energy

(CHK) - Get Report

said it sees higher third-quarter earnings as a result of better-than-expected production volumes and increasing oil and gas prices.

Hagler Bailly

(HBIX)

said it will post lower-than-expected third-quarter results due to slower sales. The company said it has hired

Banc of America Securities

to help explore strategic alternatives to maximize shareholder value.

Osteotech

(OSTE)

warned it expects third-quarter revenues and earnings to fall short of analyst estimates due to fewer surgical procedures and competitive pressures. Osteotech said it expects earnings of 15 to 17 cents a share, well below the 10-analyst estimate of 24 cents a share, and lower than a year-ago 19 cents. The company said it expects to return to more favorable earnings growth in the fourth quarter.

Palm Harbor

(PHHM)

said it expects second-quarter earnings of 44 cents a share, flat with the year-ago figure and below the two-analyst estimate of 48 cents a share.

ValueVision International

(VVTV)

said it will post a $22-million gain in the third quarter on the sale of TV stations.

Offerings and Stock Actions

FDX

(FDX) - Get Report

, the parent of

Federal Express

, said it would buy back up to 15 million shares, or about 5% of the total outstanding shares.

General Mills

(GIS) - Get Report

said it approved a 2-for-1 stock split payable on Nov. 8 to shareholders of record on Oct. 8.

Liberty Media

(LMG.A)

said

AT&T

(T) - Get Report

approved its repurchase of 135 million Liberty shares.

Analyst Actions

J.P. Morgan

upped its rating on three paper and timber companies.

Georgia-Pacific

(GP)

was raised to buy from market performer with a six-month price target of 54,

Westvaco

(W) - Get Report

was raised to buy from long-term buy and its target price was set at 36 and

Weyerhauser

(WY) - Get Report

was raised to buy from market performer with a price target of 70.

Donaldson Lufkin & Jenrette

raised its rating on

Conoco

(COC.A)

to top pick from buy and cut its rating on

Philips Petroleum

(P)

to buy from top pick.

Merrill Lynch

cut its rating on

Expeditors International

(EXPD) - Get Report

to short-term neutral/long-term accumulate, from short-term accumulate/long-term buy due to gains in the share price.

PaineWebber

increased its price target on

National Semiconductor

(NSM)

to 44 from 36.

Morgan Stanley Dean Witter

downgraded

Rambus

(RMBS) - Get Report

to outperform from strong buy. Rambus said it was working to resolve several bugs with

Intel

(INTC) - Get Report

and other PC makers on upcoming computer memory chips.

SG Cowen

also cut Rambus to neutral from buy.

Morgan Stanley upgraded

Werner Enterprises

(WERN) - Get Report

to strong buy from outperform.

ABN Amro

upgraded

Unicom

(UCM)

to buy from outperform.

Salomon Smith Barney

raised its rating on

United Auto Group

(UAG) - Get Report

to buy from neutral and raised the target price to 15 from 12.

Miscellany

General Electric

(GE) - Get Report

said it launched a $50 million fund to invest in European-based Internet companies seeking early-stage financing.

Lockheed Martin

(LMT) - Get Report

announced details of its expected restructuring, which includes possibly divesting eight noncore businesses employing about 9,000 people.

Primedia

(PRM)

plans to hire Thomas Rogers, president of

NBC Cable

according to

The New York Times

. Rogers was responsible for expanding GE's NBC network into cable and Internet markets.

Oddenda

Gary P. Ryan, an Orange County, Calif., judge accused more than once of snoozing on the bench, says he suffers from a breathing disorder that keeps him awake at night Ryan insists that the problem is now under control: "I have not had any problems that I am aware of with any sleeping since I've been wearing that mask," Ryan, the subject of a recent complaint, told the

Orange County Register

. The judge, who was arrested earlier this month for suspicion of driving under the influence after a minor traffic collision, did not comment on whether he is aware of any other problems he may have.

As originally published this story contained an error. Please see

Corrections and Clarifications.