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Thursday, Sept. 9, 1999

<B>After-Hours Trading</B>: Dell, Texas Instruments and Intuit were the top stocks on MarketXT; Amplidyne, Matritech and eBay led the list of actives on Island ECN.


Last Trades on Island ECN

DELL: 48 193/256 at 5:15 p.m. EDT.

INTU: 101 1/2 at 5:15 p.m. EDT.

ALTR: 50 9/16 at 4:01 p.m. EDT.

MarketXT, formerly Eclipse Trading, offers after-hours trading to retail clients of Morgan Stanley Dean Witter'sundefinedDiscover Brokerage and Mellon Bank'sundefinedDreyfus 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. Island ECN offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 5:15 p.m. EDT.

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



Eric Gillin

Day Session Report

At the close, the major U.S. stock indices left evidence of a late-day comeback. The

Dow Jones Industrial Average

finished up 43 to 11,079, while the tech-laden

Nasdaq Composite Index

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TheStreet Recommends

,like the Dow,also advanced 43 to 2852.

Fueled by the






Atlantic Richfield








were gaining ground across the board, sending the

The American Stock Exchange Oil & Gas Index

soaring 13 to 545.

In Europe, market indicators had an upside ending, with France's


jumping 36 to 4717, Germany's


hopping 36 to 5436 and London's


advancing 7 to 6260.

The Asian markets leaped out of negative territory, with Japan's


closing the trading session up 36 to 17,677 and Hong Kong's

Hang Seng

rocketing 498 to 13,854.

CIBC World Markets

ignited the Internet sector today, pushing Internet Sector

index up 14 to 609, after it rolled out coverage of

America Online








with strong buy ratings. Shares of AOL were up 1/2 to 94 1/2, while eBay was soaring 5 1/8 to 140. Yahoo! shares were also rocketing 6 5/16 to 159 3/4.

CIBC also started coverage of


with a buy rating. Amazon shares were climbing 1 15/16 to 63 1/2.

Mergers, Acquisitions and Joint Ventures



announced its plans to acquire the privately held trading-card maker

Wizards of the Coast

for $325 million. The deal is not expected to effect Hasbro's 1999 earnings but will contribute to them in 2000.

The Wall Street Journal

reported that


, a unit of

General Electric


, was close to assuming a 32% stake in

Paxson Communications


, giving the network access to a slew of television stations around the country. According to the


, the agreement carries an estimated value of $400 million.



decision to quit its venture with


could end up costing the company greatly, the


reported. Viacom is breaking ties with UPN in an effort to gain government approval for its acquisition of






announced its plans to sell its institutional trust and custody business for an undisclosed amount to mutual funds administrator

State Street


. Wachovia said the sale is part of its effort to concentrate on money management.

Earnings/Revenue Reports and Previews



reported second-quarter earnings of 35 cents a share, missing both the three-analyst estimate of 36 cents and the year-ago 41 cents.

CKE Restaurants


reported second-quarter earnings of 20 cents a share, in line with the 11-analyst estimate of 20 cents but down from the year-ago 42 cents. The company said it plans to sell 350 of its restaurants over the next year.

Dave & Buster's


posted second-quarter earnings of 15 cents a share, in line with the eight-analyst estimate of 15 but down from the year-ago 21 cents.


posted a fourth-quarter loss of 8 cents a share, better than the two-analyst estimate for a 9-cent loss but reversing the year-ago 5-cent profit.



warned investors that it expects to report third-quarter earnings between 18 to 21 cents a share, missing the 13-analyst estimate of 26 cents.



reported third-quarter earnings of 24 cents a share, beating both the seven-analyst estimate of 23 cents and the year-ago 18 cents.

Analyst Actions

Morgan Stanley

sliced its rating on



to neutral from market outperform.

U.S. Bancorp Piper Jaffray

raised its price target on

Alpha Industries


to 65 from 56.

J.P. Morgan

began coverage of



with a market perform rating.

Donaldson Lufkin & Jenrette


H.J. Heinz's


rating to market perform from a buy. Yesterday, Heinz posted first-quarter earnings of 65 cents a share, just missing the analyst consensus of 66 cents.

J.P. Morgan

reiterated its buy rating on



and set a price target of $150.

Credit Suisse First Boston

sliced its third-quarter earnings estimates on

Ingram Micro


to 13 cents a share from 42 cents. Yesterday, Ingram warned investors that it expects to post third-quarter earnings between 10 cents and 14 cents a diluted share, greatly missing the analyst estimate of 41 cents. The company also said that its current chairman and chief executive, Jerre Stead, plans to relinquish his role as chief executive as soon as a successor is found.

Merrill Lynch

cut its near-term opinion on

Superior Telecom


to accumulate from a buy. Yesterday, the company warned investors to expect third-quarter earnings in the range of 52 cents a share to 58 cents, greatly missing the three-analyst estimate of 88 cents and the year-ago 59 cents.

ING Barings

also downgraded its rating on the shares to hold from strong buy.

Offerings and stock actions



said that it has set a 3-for-1 stock split. In post-close trading, shares of Intuit were up 3 1/16 to 100 1/8.



Federal Bureau of Investigation

is questioning

Food and Drug Administration

regulators to determine how

American Home Products


received approval in 1996 for its controversial diet drug


, the





said a federal judge would disallow a trade secret claim in its upcoming trial with rival

Cadence Design Systems





said it has brought

Donaldson Lufkin & Jenrette

on board to advise the real estate company on alternatives to increase shareholder value. Echelon said it is considering a possible sale or break-up of the company.

Federal Reserve Governor Roger Ferguson

said he has not decided the future of U.S. interest rates and would continue to monitor data to form an opinion. Ferguson also said that inflation seemed well contained, citing the role of productivity growth in curbing prices despite the US's tight labor market.


New York Stock Exchange




refused to make remarks on its stock's performance in today's trading session. The company said that commenting on market activity or rumors are not part of its company policy.

Banc of America Securities

analyst Russell Leavitt said in a report that investors were worried that the company would miss analysts' third-quarter estimates.

Payless ShoeSource


announced plans to add 10

Parade of Shoes

stores to its chain by the end of the year and an additional 50 in year 2000. Payless also said that

, its online store, has surpassed management's sales expectations.



said it has tapped James Rubright as its vice-chairman and CEO.