Thursday, Sept. 30, 1999

It's not the 'Clapper,' but after-hours trading continued to excite at home. In fact, Excite@Home led Market XT's trading and finished No. 4 on Island ECN.
Author:
Publish date:

After-Hours Markets

Tonight on "As the Market Turns": Will

AT&T

(T) - Get Report

unload

Excite@Home

(ATHM) - Get Report

after announcing that it was "seeking alternatives" to ownership in the company? Will the high-speed Internet access company high-tail it over to

America Online

(AOL)

, a rumored suitor?

There were few answers during tonight's after-hours trading. One thing was certain, Excite was excitable, trading furiously on

Island ECN

after 6 p.m. EDT. Across town, on

Market XT

, 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.

TheStreet.com

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

--

Eric Gillin

Day-Session Report

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

S&P 500

ended the day at 1282, up 14.35

The big European indices closed higher, with France's

CAC

up 1.2% and London's

FTSE

gaining 0.2%. Germany's

Xetra Dax

closed up 0.3%.

Mergers, Acquisitions and Joint Ventures

CMGI

(CMGI)

will buy online advertising agency

Flycast Communications

(FCST)

in a stock swap worth about $559 million.

Conectiv

(CIV)

agreed to sell its interest in three Philadelphia-area nuclear power plants to

PECO Energy

(PE) - Get Report

and

Public Service Enterprise Group

(PEG) - Get Report

.

Computer Sciences

(CSC)

struck a two-year, $60 million agreement with

Hughes Electronics

, a unit of

General Motors

(GM) - Get Report

. CSC will support networks, desktops, helpdesk, email and other services.

LVMH Moet Hennessy Louis Vuitton

(LVMHY)

and

Prada

are toiling together on a cooperative bid for control of

Fendi

, the Rome-based designer,

The Wall Street Journal

reported, citing people familiar with the situation.

Novell

(NOVL)

will buy $100 million of stock in

Whittman-Hart

(WHIT)

. The investment represents 6% of Whittman-Hart's outstanding capitalization.

Phelps Dodge

(PD) - Get Report

struck a friendly deal to buy

Cyprus Amax Minerals

(CYM)

for $1.8 billion in cash and stock, ending its hostile bid for the company.

Asarco

(AR) - Get Report

, 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.

Wells Fargo

(WFC) - Get Report

is buying

North County Bancorp

(NCBH)

. 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

.)

E-Loan

(EELN)

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

(HELE) - Get Report

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.

Inso

(INSO)

said it will take a third-quarter net charge of $14 million for litigation-related fees.

Marriott International

(MAR) - Get Report

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.

OfficeMax

(OMX)

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.

Qualcomm

(QCOM) - Get Report

said it will re-evaluate its Russian investment and may take a fourth-quarter writedown after

Leap Wireless

(LWIN)

withdrew its support. Qualcomm said it still expects to meet or beat analyst estimates of 88 cents a share.

Ruby Tuesday

(RI)

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.

Safeway

(SWY)

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

(XPRSA)

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

(WWW) - Get Report

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

AutoNation

(AN) - Get Report

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.

BroadVision

(BVSN) - Get Report

set a 3-for-1 stock split.

Brocade

(BRCD)

said it will call a special meeting of holders as it seeks a 2-for-1 stock split.

Cendant

(CD)

said it plans to create a new tracking stock for its real estate portal

CompleteHome.com

, and anticipates an IPO of the portal in the second quarter. Sarah Nolan was named CEO of CompleteHome.com.

Credit Suisse First Boston

priced

TiVo's

(TIVO) - Get Report

5.5 million-share IPO above-range at $16 a share.

3Com

(COMS)

authorized the repurchase of up to 10 million additional shares of the company's stock.

Vixel

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.

Analyst Actions

Schroders Securities

started coverage of five pharmaceutical companies.

Eli Lilly

(LLY) - Get Report

and

Merck

(MRK) - Get Report

received an outperform.

Bristol-Meyers Squibb

(BMY) - Get Report

,

Pfizer

(PFE) - Get Report

and

Warner-Lambert

(WLA)

were added to the recommended list at outperform significantly.

Warburg Dillon Read

raised

Allegiance Telecom

(ALGX)

to strong buy from buy.

Warburg Dillon Read raised

Brightpoint

(CELL)

to buy from hold.

Donaldson Lufkin & Jenrette

cut

CBS

(CBS) - Get Report

to buy from top pick.

Merrill Lynch cut its 2000 earnings estimates for

Walt Disney

(DIS) - Get Report

by 5 cents, to 70 cents a share.

Merrill Lynch added

Guidant

(GDT)

to its

Focus One

list as a top medical-tech pick.

PaineWebber

raised its rating on

ICOS

(ICOS)

to attractive from neutral.

DLJ raised its rating on

Infinity Broadcasting

(INF) - Get Report

to top pick from buy.

Morgan Stanley Dean Witter

started coverage of

Inktomi

(INKT)

with an outperform rating.

Goldman Sachs

started coverage of

Jacobs Engineering

(JEC) - Get Report

and added the stock to its recommended list.

Wachovia

started coverage of

VerticalNet

(VERT)

with a long-term buy rating.

PaineWebber started coverage of

Washington Mutual

(WM) - Get Report

with a buy rating.

Miscellany

Leo Hindery, president and CEO of

AT&T's

(T) - Get Report

broadband and Internet services, speaking to

Reuters

yesterday, denied the company is in talks to sell its stake in

Excite@Home

(ATHM) - Get Report

to

America Online

(AOL)

.

eBay

(EBAY) - Get Report

will join the

Nasdaq 100

effective Oct. 6, replacing

Centocor

(CNTO)

, which

Johnson & Johnson

(JNJ) - Get Report

is acquiring. eBay soared in after-hours trading

yesterday on the news.

Cyberian Outpost

(COOL)

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

.

Alleging that

Oxford Health Plans

(OXHP)

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

Journal

reported.

Only eight months after paying $1.5 billion for it, drugstore chain

Rite Aid

(RAD) - Get Report

is pondering the sale of part of its

PCS Health Systems

unit, the

Journal

reported.

Look out health maintenance organizations. The

Journal

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.

Oddenda

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.