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'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. 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
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
,like the Dow,also advanced 43 to 2852.
Fueled by the
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
rocketing 498 to 13,854.
CIBC World Markets
ignited the Internet sector today, pushing
TheStreet.com Internet Sector
index up 14 to 609, after it rolled out coverage of
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
, a unit of
, was close to assuming a 32% stake in
, 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
. 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.
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.
sliced its rating on
to neutral from market outperform.
U.S. Bancorp Piper Jaffray
raised its price target on
to 65 from 56.
began coverage of
with a market perform rating.
Donaldson Lufkin & Jenrette
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.
reiterated its buy rating on
and set a price target of $150.
Credit Suisse First Boston
sliced its third-quarter earnings estimates on
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.
cut its near-term opinion on
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.
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
Food and Drug Administration
regulators to determine how
American Home Products
received approval in 1996 for its controversial diet drug
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.
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.