evidently means "Company Made Good on Island," because its stock was the most actively traded and most up in after hours on
. The big move comes from the company's solid fourth-quarter earnings, announced after the close.
Muy activo! In a similar vein,
cracked both the Island and
most-active lists on news of its fourth-quarter earnings. The company landed on Island right before the market closed, sending
away to the mainland.
Other than the occasional "freak," like
American International Petroleum
, 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.
updates the most active issues on both MarketXT and Island ECN in Got a Minute? and in the Evening Update.
also reports how MarketXT's three most active Nasdaq-listed issues finished the Island ECN session
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
up 1.2%, while Germany's
was up 1%, and London's
was up 2.4%
Asian markets fell overnight as Hong Kong's
lost 271.61, or 2.1%, to 12,760, and Tokyo's
slipped 50.67 to 16,821.
Mergers, Acquisitions and Joint Ventures
business for $275 million.
agreed to pay about $78 million for the Calistoga geothermal power plant of
, an affiliate of
Florida Power & Light
said it entered a technology agreement with
for chips aimed at powering new portable music players.
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.
are unveiling an expansion of their $16 billion pact this morning, according to a
teamed up with seven other companies to bid on the
Federal Aviation Administration's
$1.9 billion telecommunications infrastructure upgrade. The group includes
U S West
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.
formally began a cash tender offer for
for $26 a share, or a total of $1.03 billion. Grupo Mexico's bid topped that of rival
whose hostile bid was for $983 million in cash and stock.
is purchasing a 19.5% stake in
Hain Food Group
, 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.
said it will allow online sporting-goods dealer
to sell its full product line, reversing an earlier stance of blocking Web-only stores from selling its goods,
The New York Times
Orion Power Holdings
agreed to pay $1.7 billion to
, a unit of
, for assets including seven power plants in Ohio and Pennsylvania. Orion consists of affiliates of
Constellation Energy Group
If the companies agree to sell off certain assets, an
might obtain the regulatory go-ahead, according to federal officials, the
Earnings/Revenue Reports and Previews
said it sees higher third-quarter earnings as a result of better-than-expected production volumes and increasing oil and gas prices.
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.
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.
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.
said it will post a $22-million gain in the third quarter on the sale of TV stations.
Offerings and Stock Actions
, the parent of
, said it would buy back up to 15 million shares, or about 5% of the total outstanding shares.
said it approved a 2-for-1 stock split payable on Nov. 8 to shareholders of record on Oct. 8.
approved its repurchase of 135 million Liberty shares.
upped its rating on three paper and timber companies.
was raised to buy from market performer with a six-month price target of 54,
was raised to buy from long-term buy and its target price was set at 36 and
was raised to buy from market performer with a price target of 70.
Donaldson Lufkin & Jenrette
raised its rating on
to top pick from buy and cut its rating on
to buy from top pick.
cut its rating on
to short-term neutral/long-term accumulate, from short-term accumulate/long-term buy due to gains in the share price.
increased its price target on
to 44 from 36.
Morgan Stanley Dean Witter
to outperform from strong buy. Rambus said it was working to resolve several bugs with
and other PC makers on upcoming computer memory chips.
also cut Rambus to neutral from buy.
Morgan Stanley upgraded
to strong buy from outperform.
to buy from outperform.
Salomon Smith Barney
raised its rating on
United Auto Group
to buy from neutral and raised the target price to 15 from 12.
said it launched a $50 million fund to invest in European-based Internet companies seeking early-stage financing.
announced details of its expected restructuring, which includes possibly divesting eight noncore businesses employing about 9,000 people.
plans to hire Thomas Rogers, president of
The New York Times
. Rogers was responsible for expanding GE's NBC network into cable and Internet markets.
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.