Wednesday, Sept. 15, 1999

Ever heard of e-Net? Well, somebody obviously has. The small-cap was up in after-hours trading on Island ECN.
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After-Hours Markets

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.

TSC

also reports how MarketXT's three most active Nasdaq-listed issues finished the Island ECN session

.

--

Eric Gillin

Day-Session Report

An early

CPI

-inspired rally was a distant memory by the end of the trading day as interest-rate jitters easily regained center stage. The

Dow Jones Industrial Average

took a 108.9 point dive, closing at 10,801 after an early gain of more than 100 points. Techs missed even the early rally and tanked too, with the Nasdaq Composite Index off 54.1 to 2814 and

TheStreet.com Internet Sector

index down 8.32 to 617.

The big European indices ended lower, with France's

CAC

off 35.37 to 4662.02, while Germany's

Xetra Dax

ended down 14.29 to 5387.18, and London's

FTSE

lost 48.3, or 0.8%, to 6067.7

In Hong Kong, the

Hang Seng

shed 373.43, or 2.7%, to 13,430. Markets in Tokyo were closed today because of a holiday.

Mergers, Acquisitions and Joint Ventures

America Online

(AOL)

announced a health care information pact with

CareInsite

(CARI)

, which will allow tens of millions of AOL users to contact their doctors using the Internet.

Bestfoods

(BFO) - Get Report

, in the wake of a report in

The Wall Street Journal

, issued a statement saying that "no significant acquisition or combination discussions are in progress." The

Journal

reported today that

Heinz

(HNZ)

was in merger talks with Bestfoods.

Cisco

(CSCO) - Get Report

will acquire closely held

Cocom

of Copenhagen, Denmark, for $65.6 million in stock. Cisco said the acquisition was part of an effort to expand its delivery of broadband access products by adding digital video broadcasting to its portfolio.

Dime Bancorp

(DME)

is merging with

Hudson United Bancorp

(HU)

.

DuPont

(DD) - Get Report

said it plans to exit some of its Asia-Pacific nylon ventures, which will result in a third-quarter charge of up to 35 cents a diluted share. The company said the charge also includes the writedown of a plant in Singapore.

McKesson HBOC

(MCK) - Get Report

signed a two-year supply deal with

PCS Health Systems

, a mail-order pharmacist and unit of

Rite Aid

(RAD) - Get Report

. The agreement is expected to generate about $800 million a year in incremental revenue.

Microsoft

(MSFT) - Get Report

is buying

Visio

(VSIO)

, a maker of technical drawing software, for $1.3 billion in stock. Under the agreement, each Visio share will be exchanged for 0.45 shares of Microsoft.

Motorola

(MOT)

confirmed it will acquire

General Instrument

(GIC)

for about $11 billion in stock. The transaction will be accounted for as a pooling of interests, and Motorola expects the acquisition to "modestly dilute earnings" through 2000, but to strengthen earnings thereafter.

Reader's Digest

(RDA)

said its subsidiary

Good Catalog

will team up with

StarTek

(SRT) - Get Report

to launch

gifts.com

, an online gift shopping service. Good Catalog would contribute property and financing and own 80.1% of the venture, while StarTek would contribute the Internet address "gifts.com," as well as financing and services, for a 19.9% interest.

Friede Goldman

(FGI)

and

Halter Marine

(HLX) - Get Report

disclosed late Tuesday they have amended the terms of their pending merger. Under the new terms, each Halter share will be converted to 0.57 of a share of Friede.

Earnings/Revenue Reports and Previews

Oracle

(ORCL) - Get Report

posted first-quarter earnings of 16 cents a share last night, in line with the 30-analyst expectation and up from 13 cents a year ago. Despite meeting expectations, the stock tumbled to 39 from its closing price of 45 7/16 in postmarket trading on

Island ECN

, suggesting that investors hoped for stronger profits.

Lehman Brothers

cut

Orbital's

(ORB)

third-quarter estimated results to a loss of 31 cents a share from a loss of 20 cents a share.

Progress Software

(PRGS) - Get Report

reported third-quarter earnings of 43 cents a share, above the three-analyst estimate of 39 cents and up from 31 cents a year ago.

Offerings and Stock Actions

Staples

(SPLS)

says it will plan a tracking stock for its e-commerce unit. The company also said it increased a share-repurchase plan to $300 million from $200 million.

Analyst Actions

American Home Products

(AHP)

said it received final clearance to market its insomnia drug, Sonata.

J.P. Morgan

started coverage of

AmSouth

(ASO)

with a buy rating.

PaineWebber

cut

Boston Scientific

(BSX) - Get Report

to attractive from buy.

Electric Utility

Commonwealth Edison

, a unit of

Unicom

(UCM)

, said it would increase spending on its transmission and distribution system to $900 million from $800 million, after a number of high-profile outages in the Chicago area this past summer.

J.P. Morgan started coverage of

SunTrust Banks

(STI) - Get Report

as a market perform and set a price target of 75.

Miscellany

Ameritrade

(AMTD) - Get Report

said it planned to spend $200 million on a marketing drive to attract new customers.

AT&T

(T) - Get Report

announced plans to extend broadband services to businesses.

Procter & Gamble

(PG) - Get Report

said it will change its advertising compensation system and pay its agencies a percentage of its global brand sales.

Walgreen

(WAG)

paid the U.S. and 25 states $7.6 million to settle allegations it falsely submitted prescription claims for state Medicaid and other programs.

Oddenda

Police in Tauranga, New Zealand, are hoping to sniff out an armed assailant by what he hasn't got -- specifically, part of his nose. Attacker Stephen Paul Mapu, 33, was shocked when his victim responded with a Mike Tyson-inspired move and chomped off the end of his nose. Mapu allegedly then shot the man with a small-caliber gun and fled. A police search of the house turned up the nose tip. "It was stored in a glass jar and would be used as a police exhibit as it was no longer likely to be of use to Mapu," reported the

New Zealand Herald

.