Tonight on "As the Market Turns": Will
after announcing that it was "seeking alternatives" to ownership in the company? Will the high-speed Internet access company high-tail it over to
, a rumored suitor?
There were few answers during tonight's after-hours trading. One thing was certain, Excite was excitable, trading furiously on
after 6 p.m. EDT. Across town, on
, the company led trading. Investors have been courting the stock under moonlight, hoping to rebound with the stock if it gets dumped.
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.
Major proxies ended the day on a very positive note considering the recent volatility. The
Nasdaq Composite Index
closed up 16 points to 2746, while the
Dow Jones Industrial Average
took home a 123.5-point gain to 10,337. The
ended the day at 1282, up 14.35
The big European indices closed higher, with France's
up 1.2% and London's
gaining 0.2%. Germany's
closed up 0.3%.
Mergers, Acquisitions and Joint Ventures
will buy online advertising agency
in a stock swap worth about $559 million.
agreed to sell its interest in three Philadelphia-area nuclear power plants to
Public Service Enterprise Group
struck a two-year, $60 million agreement with
, a unit of
. CSC will support networks, desktops, helpdesk, email and other services.
LVMH Moet Hennessy Louis Vuitton
are toiling together on a cooperative bid for control of
, the Rome-based designer,
The Wall Street Journal
reported, citing people familiar with the situation.
will buy $100 million of stock in
. The investment represents 6% of Whittman-Hart's outstanding capitalization.
struck a friendly deal to buy
Cyprus Amax Minerals
for $1.8 billion in cash and stock, ending its hostile bid for the company.
, which put its merger plans with Cyprus on ice earlier this week, declined to comment specifically on the deal but said it would explore all alternatives for maximizing shareholder value.
North County Bancorp
. Under terms of the deal, North County shareholders will receive about $21 of Wells Fargo stock for each North County share they own. North County closed yesterday at 19 1/2.
Earnings/Revenue Reports and Previews
(Earnings estimates are from
First Call/Thomson Financial
said it expects third-quarter revenue to be at least twice those of the year-ago period, while it expects losses to more than triple those of the comparable quarter.
Helen of Troy
reported second-quarter earnings of 27 cents a share, a penny better than the three-analyst estimate and the year-ago 26 cents. The company also authorized the repurchase of up to 3 million common shares.
said it will take a third-quarter net charge of $14 million for litigation-related fees.
reported third-quarter earnings of 36 cents a share, in line with the 15-analyst estimate and up from 32 cents a year ago. The company also approved the repurchase of an additional 10 million common shares.
said it expects third- and fourth-quarter earnings to miss analyst estimates by as much as 38 to 40 cents a share and also said it will take a $50 million charge to liquidate some of its inventory. The company also said it will reduce the number of superstores it plans to open next year and will up the amount it invests in its e-commerce business.
said it will re-evaluate its Russian investment and may take a fourth-quarter writedown after
withdrew its support. Qualcomm said it still expects to meet or beat analyst estimates of 88 cents a share.
reported first-quarter earnings of 31 cents a share, above the eight-analyst estimate of 28 cents and up from 23 cents a year ago.
reported third-quarter earnings of 44 cents a share, in line with the 15-analyst estimate and up from 38 cents a year ago.
U.S. Xpress Enterprises
said it expects third-quarter earnings to fall to 12 to 14 cents a share, well below the current seven-analyst estimate of 36 cents.
Wolverine World Wide
reported third-quarter earnings of 28 cents a share, a penny shy of the six-analyst estimate of 29 cents and better than the year-ago 25 cents.
Offerings and Stock Actions
said it will spin off its automotive rental business from its automotive retail business in the form of a tax-free dividend of shares of the new rental concern to the stockholders of AutoNation.
set a 3-for-1 stock split.
said it will call a special meeting of holders as it seeks a 2-for-1 stock split.
said it plans to create a new tracking stock for its real estate portal
, and anticipates an IPO of the portal in the second quarter. Sarah Nolan was named CEO of CompleteHome.com.
Credit Suisse First Boston
5.5 million-share IPO above-range at $16 a share.
authorized the repurchase of up to 10 million additional shares of the company's stock.
raised the expected share price of its IPO to $14 to $16 a share from $10 to $12 a share. The company sells software products and services for high-speed data exchange.
started coverage of five pharmaceutical companies.
received an outperform.
were added to the recommended list at outperform significantly.
Warburg Dillon Read
to strong buy from buy.
Warburg Dillon Read raised
to buy from hold.
Donaldson Lufkin & Jenrette
to buy from top pick.
Merrill Lynch cut its 2000 earnings estimates for
by 5 cents, to 70 cents a share.
Merrill Lynch added
list as a top medical-tech pick.
raised its rating on
to attractive from neutral.
DLJ raised its rating on
to top pick from buy.
Morgan Stanley Dean Witter
started coverage of
with an outperform rating.
started coverage of
and added the stock to its recommended list.
started coverage of
with a long-term buy rating.
PaineWebber started coverage of
with a buy rating.
Leo Hindery, president and CEO of
broadband and Internet services, speaking to
yesterday, denied the company is in talks to sell its stake in
will join the
effective Oct. 6, replacing
Johnson & Johnson
is acquiring. eBay soared in after-hours trading
yesterday on the news.
named Robert Bowman president and CEO, effective immediately.
Mazda Motor of America
has agreed to pay a $5.3 million fine for allegedly violating U.S. government orders in its advertising for cars and trucks, according to the
Federal Trade Commission
Oxford Health Plans
sought to charge customers rates that were much higher than permitted by state law, a New York insurance broker has sued the managed-care concern in New York State Supreme Court, the
Only eight months after paying $1.5 billion for it, drugstore chain
is pondering the sale of part of its
PCS Health Systems
Look out health maintenance organizations. The
reported that HMOs may face new litigation as some plaintiffs' attorneys prepare class-action lawsuits with the intention of pressuring HMOs to treat patients more generously.
In an apparently futile attempt to avoid looking stupid, Pickett County, Tenn., Sheriff Charlie Logan allegedly paid someone else to take his
General Educational Development
, or GED, test for him. Last year, Logan signed papers saying he had passed the GED, which -- surprisingly enough -- is a prerequisite for running for office. Acting on a tip, the
Tennesee Bureau of Investigation
is looking into irregularities involving a photo or fingerprint ID of the person who took the test.