Wednesday, Oct. 13, 1999 - TheStreet

Wednesday, Oct. 13, 1999

Apple dominated after-hours trading, followed by Zany Brainy and tech stocks.
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After-Hours Markets

Apple

(AAPL) - Get Report

was the most actively traded stock in after-hours trading after releasing its earnings.

On

Island ECN

,

Zany Brainy

(ZANY)

was not only No. 2, but it was a whole lot of fun to say. Say it. Zany brainy! Fun stuff.

On

Market XT

, techs dominated the chart.

Microsoft

(MSFT) - Get Report

was No. 2,

Cisco Systems

(CSCO) - Get Report

was No. 3 and

Qualcomm

(QCOM) - Get Report

was No. 3.

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, 4:30 p.m. to 8 p.m. EDT Monday through Thursday. Prior to Oct. 12, Market XT traded issues from 6 to 8 p.m.

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

Stocks tumbled to a close. The

Nasdaq Composite Index

was down 71.2 to 2801, while the

Dow Jones Industrial Average

shed 184.9 to 10,232.

The big European indices finished roundly lower, with the Paris

CAC

slipping 55.69, or 1.2%, to 4602.85, while Germany's

Xetra Dax

lost 63.03, or 1.2%, to 5295.43. London's

FTSE

fell 61.4, or 1%, to 6113.4.

Asian markets dropped overnight as Hong Kong's

Hang Seng

lost 283.48, or 2.2%, to 12,475.87, and Tokyo's

Nikkei

sank 336.32, or 1.9%, to 17,754.49.

Mergers, acquisitions and joint ventures

Chris-Craft Industries

(CCN)

, a TV-station operator, is exploring the sale of part or all of the company with companies including

CBS

(CBS) - Get Report

,

News Corp.

(NWS) - Get Report

and

Tribune

(TRB)

,

The Wall Street Journal

reported, citing people familiar with the talks.

Consolidated Edison

(ED) - Get Report

is buying

Northeast Utilities

(NU)

for about $3.3 billion in cash and stock. Con Ed said it would pay $25 a share for Northeast.

Separately Motorola and

America Online

(AOL)

announced plans to launch a wireless instant messenger.

Nokia

(NOK) - Get Report

said it was joining with

3Com

(COMS)

to develop pen-based wireless handheld computers.

Rhythms NetConnections

(RTHM)

and

PSINet

(PSIX)

said they signed a deal to offer advanced telecommunication services in seven U.S. markets. The companies will offer digital subscriber line service, or DSL, starting in December.

Earnings/revenue reports and previews

Abercrombie & Fitch

(ANF) - Get Report

said it suffered a decline in October sales, but is still confident it will post earnings in line with analysts' estimates. The company said in a statement that "strong back-to-school increases have been reduced somewhat by less favorable results from the company's regular October sales event." The 23-analyst estimate forecasts Abercrombie to report third-quarter earnings of 31 cents a share.

Bear Stearns

(BSC)

reported first-quarter earnings of $1 a share, 15 cents shy of the five-analyst estimate.

Bestfoods

(BFO) - Get Report

reported third-quarter earnings of 64 cents a share, above the 15-analyst estimate of 61 cents and up from a year-ago 56 cents.

Commerce Bancorp

(CBH) - Get Report

posted third-quarter earnings of 58 cents a share, in line with the 10-analyst estimate and up from a year-ago 50 cents.

Delphi Automotive

(DPH)

reported third-quarter earnings of 24 cents a share, beating the 12-analyst estimate by a penny, and up from the year-ago pro forma 38-cent loss.

Dexter

(DEX) - Get Report

reported third-quarter earnings of 55 cents a share, in line with the two-analyst estimate, but below the year-ago 61 cents. The company said the latest quarter included a pretax charge of $3.9 million, or 8 cents a share, for a refund related to the

Department of Veterans Affairs

supply contract.

E*Trade

(EGRP)

posted a fourth-quarter loss of 11 cents a share, beating the 10-analyst

First Call

consensus for a loss of 13 cents, but wider than the year-ago 8-cent loss. Excluding an acquisition charge, E*Trade lost 10 cents a share.

Edison International

(EIX) - Get Report

reported third-quarter earnings of 74 cents a share, above the eight-analyst estimate of 72 cents a share, and up from a year-ago 61 cents.

Ethan Allen

(ETH) - Get Report

posted first-quarter earnings of 45 cents a share, better than the 12-analyst estimate of 43 cents and up from 38 cents a year ago.

W.W. Grainger

(GWW) - Get Report

reported third-quarter earnings of 49 cents a share, a penny shy of the 12-analyst estimate and down from a year-ago 57 cents.

Hughes Electronics

(GMH)

reported a third-quarter loss of 13 cents a share, better than the 14-analyst estimate of a 16-cent loss, but down from the year-ago 11-cent profit.

Investment Technology Group

(ITG)

reported third-quarter earnings of 34 cents a share, a penny below the four-analyst estimate and down from 45 cents a year ago.

Knight/Trimark

(NITE)

posted third-quarter earnings of 19 cents a share, compared with a revised 10-analyst estimate of 18 cents, following the company's earnings warning. Pro-forma year-ago earnings were 13 cents a share.

Motorola

(MOT)

, after the close, reported third-quarter earnings of 53 cents a share, in line with the 27-analyst estimate and up from the year-ago 7 cents a share.

Riggs National

(RIGS) - Get Report

posted third-quarter earnings of 34 cents a share, beating the five-analyst estimate of 32 cents and the year-ago 29 cents.

Rowan

(RDC)

reported third-quarter earnings of 1 cent a share, above the 24-analyst consensus of breakeven results, but down from a year-ago 38 cents. The company said third-quarter net fell on a $16 million contract dispute.

Time Warner

(TWX)

posted third-quarter basic income of 8 cents a share, above the 13-analyst estimate of 4 cents a share, and up from the year-ago loss of 3 cents a share.

U.S. Trust

(UTC)

posted third-quarter earnings of 93 cents a share, in line with the seven-analyst estimate and up from 73 cents a year ago.

Valley National Bancorp

(VLY) - Get Report

reported third-quarter earnings of 45 cents a share, a penny better than the 8-analyst estimate and up from the year-ago 42 cents.

Offerings and stock actions

Fleet Boston

(FLT) - Get Report

has ditched plans for a possible spinoff and IPO of

Suretrade

, its online brokerage unit, the

Journal

reported.

Reckson Associates

(RA) - Get Report

said its board authorized the repurchase of up to 3 million shares of its class B exchangeable common stock.

Analyst actions

Donaldson Lufkin & Jenrette

cut its rating on shares of

Bob Evans Farms

(BOBE)

to a market perform from a buy and set a price target of 22. Yesterday, the company warned investors that it sees second-quarter results below analysts' estimate of 42 cents a share.

Merrill Lynch

upped its rating on

Dial

(DL) - Get Report

to near-term buy from accumulate.

SG Cowen

downgraded

General Dynamics

(GD) - Get Report

to neutral from strong buy.

First Albany

upgraded shares of

E-Tek Dynamics

(ETEK)

to accumulate from neutral, saying "the company has taken significant steps to address the shortage issue it faced last quarter." Yesterday,

TheStreet.com

reported on the company's

third-quarter results.

SG Cowen downgraded shares of

Intel

(INTC) - Get Report

to neutral from buy. Intel reported disappointing earnings

last night.

Morgan Stanley

started

Micron Technology

(MU) - Get Report

at outperform and set a price target of $120.

Warburg Dillon Read

raised its fourth-quarter earnings estimate on

PaineWebber

(PWJ)

to 83 cents a share from 62 cents, while raising

Merrill Lynch's

(MER)

fiscal 1999 estimates to $5.60 a share from $5.50. The firm also upped its fiscal 1999 estimate on

Donaldson Lufkin & Jenrette

(DLJ)

, to $3.65 a share from $3.50.

Lehman Brothers cut its fiscal 1999 estimate

Raytheon

(RTN.B)

to $2.70 a share from $3.50, while Donaldson Lufkin & Jenrette sliced its rating to market perform from buy.

Merrill Lynch started coverage on Web infrastructure software firm

Vitria Technology

(VITR)

with a near-term accumulate and a long-term buy. Yesterday

Credit Suisse First Boston

started covering Vitria with a strong buy and set a 12-month price target of $75.

Goldman Sachs

raised

Ziff-Davis

(ZD)

unit

ZDNet

(ZDZ)

to trading buy from market outperform.

Miscellany

Philips Realty

(PHR) - Get Report

said it hired

Prudential Securities

to weigh strategic options for the company.

The

United Auto Workers

union said its members ratified a four-year contract with

General Motors

(GM) - Get Report

by 77%. The new contract followed the pattern set among the traditional Big Three automakers: a 3% wage gain in each of the four years, a $1,350 signing bonus, higher pensions and improved job security.

The Heard on the Street column in the

Journal

reports that as part of a criminal inquiry into pension fund investments made by the former Connecticut state treasurer, Paul Silvester, federal prosecutors are looking into the activities of PaineWebber, citing people familiar with the matter.