Wednesday, Sept. 22, 1999

Herman Miller may sound like the title of a 1970s police drama, but it's really the name of the third-most-active stock in Market XT's after-hours trading.
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After-Hours Markets

Island ECN offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 8 p.m. EDT. Prior to September 15, 1999, Island offered trading from 8 a.m. to 5:15 p.m. EDT

.

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Eric Gillin

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

.

Day-Session Report

In the close, the major stock indices polished off the trading session in opposite directions after spending most of the day in the red. The

Dow Jones Industrial Average

closed down 74 at 10,524.07, while the

Nasdaq Composite Index

locked itself in positive territory to finish up 37 to 2858.1.

The big European indices finished the trading session with losses. France's

CAC

skidded 44.81 to 4568.12, and Germany's

Dax

slipped 44 to 5238.76, while London's

FTSE

declined 43.40 to 5913.00.

In Asia, Japan's

Nikkei

plummeted after its recent strong performance, finishing the trading session down 607 to 17,325.76, while Hong Kong's

Hang Seng

closed down 232.84 to 13,187.62.

Mergers, Acquisitions and Joint Ventures

AK Steel

(AKS) - Get Report

said it has upped the number of shares that

Armco

(AS)

stockholders would receive in their planned merger. The share increase boosts AK Steel's stock value to $7.50 per share of Armco.

Cisco Systems

(CSCO) - Get Report

said it has inked an agreement to purchase privately held Internet software maker

WebLine Communications

in a stock deal valued at $325 million.

City National

announced its plans to acquire

Pacific Bank

(PBSF)

in a deal valued at $153 million.

Global Crossing

(GBLX)

said it has received its shareholders' stamp of approval for its planned $9 billion acquisition of

Frontier

(FRO) - Get Report

. Frontier shareholders are set to vote Thursday on the transaction.

Enron

(ENE)

said that its Energy Services division forged a $1 billion deal with

Owens Corning

(OWC)

to supply energy to 20 fiberglass production facilities. According to the 10-year agreement, Enron would support all of Owens's electricity and natural gas and develop and finance energy infrastructure projects. In addition, Enron would create hedging plans to protect Owens from price volatility associated with energy markets.

MedImmune

(MEDI)

said it has forged a $440 million stock deal to acquire

U.S. Bioscience

(UBS) - Get Report

in an effort to boost its cancer-drug product line. According to the terms, MedImmune would exchange 0.15 of a share for each share of U.S. Bioscience's 29.8 million outstanding shares.

Union Carbide

(UK)

said its shareholders of record Oct. 4 would vote on its planned merger with

Dow Chemical

(DOW) - Get Report

during a special meeting Dec. 1.

Xerox

(XRX) - Get Report

announced its plans to acquire

Tektronix

(TEK)

Color Printing and Imaging Division for $950 million. Merrill Lynch downgraded shares of Tektronix to a buy from a neutral.

Earnings/Revenue Reports and Previews

Cable Design

(CDT)

posted fourth-quarter earnings of 47 cents a share, beating the seven-analyst estimate of 40 cents and the year-ago 40 cents.

Cintas

(CTAS) - Get Report

reported first-quarter earnings of 38 cents a share, in line with the 11-analyst estimate and up from the year-ago 33 cents.

Dean Foods

(DF) - Get Report

reported first-quarter earnings of 70 cents a share, beating both the 10-analyst estimate of 63 cents and the year-ago 52 cents.

Herman Miller

(MLHR) - Get Report

reported first-quarter earnings of 43 cents a share, beating both the seven-analyst estimate of 41 cents and the year-ago 39 cents.

Morgan Stanley Dean Witter

(MWD)

reported third-quarter earnings of $1.65 a share, beating both the

First Call/Thomson Financial

14-analyst estimate of $1.63 and the year-ago $1.01.

National Discount Brokers

(NDB)

reported first-quarter earnings of 2 cents a share, beating the two-analyst estimate of break-even results and the year-ago loss of 4 cents.

National Service Industry

(NSI)

posted fourth-quarter earnings of $1.07 a share, beating the four-analyst estimate of 83 cents and the year-ago 72 cents.

Rowe

(ROW)

posted third-quarter earnings of 23 cents a share, beating the four-analyst estimate of 22 cents and the year-ago 17 cents.

3Com

(COMS)

after the close posted first-quarter earnings of 33 cents a share, well ahead of the 26-analyst estimate of 24 cents and above the year-ago 24 cents.

Vans

(VANS)

reported first-quarter earnings of 42 cents a share, beating both the eight-analyst estimate of 41 cents and the year-ago 35 cents.

Worthington Industries

(WTHG)

posted first-quarter earnings of 27 cents a share, beating the five-analyst estimate of 22 cents and the year-ago 9 cents.

Offerings and Stock Action

Morgan Stanley priced

Devon Energy's

(DVN) - Get Report

9.9 million-share offering at $40.50 a share.

Credit Suisse First Boston

priced

E.piphany's

(EPNY)

4.15 million-share IPO top-range at $16 a share.

Goldman Sachs

priced

Kana Communications'

(KANA)

3.3 million-share IPO top-range at $15 a share.

Analyst Actions

Merrill Lynch analyst Candace Browning slashed her estimates on a host of airline stocks, citing Hurricane Floyd and slow revenue. September-quarter and fiscal 1999 earnings estimates on

AMR

(AMR)

were sliced to $1.70 from $2 and to $4.50 from $4.80, respectively, while

Continental's

(CAL) - Get Report

were cut to $1.45 from $1.70 and $4.90 from $5.40 respectively.

Delta's

(DAL) - Get Report

September-quarter and fiscal 1999 earnings estimates were lowered to $1.90 from $2.10 and $6.65 from $6.75 respectively, while

US Airways'

(U) - Get Report

estimates for the same periods were cut to a loss of 50 cents a share from a 20-cent loss and to a profit of $1.85 per share from $2.30.

Browning also sliced her fiscal 1999 estimate on

Northwest

(NWAC)

to $3.30 from $3.45 and lowered both full-year and September-quarter estimates on

United

(UAL) - Get Report

to $9.60 from $10 and $3.60 from $3.75, respectively.

Merrill Lynch started coverage of

Amtel

(ATML)

with intermediate accumulate, long-term buy ratings and

Microchip Technology

(MCHP) - Get Report

with intermediate and long-term accumulate ratings.

Credit Suisse First Boston upped its rating on

Apache

(APA) - Get Report

to a buy from a hold.

Deutsche Banc Alex. Brown

cut its rating on

BE Aerospace

(BEAV)

to market perform from buy.

J.P. Morgan

began coverage of

Blockbuster

(BBI) - Get Report

with a buy rating.

Deutsche Banc Alex. Brown upgraded shares of

Broadcom

(BRCM)

to a strong buy from a buy.

Banc of America initiated coverage of

Catalina Marketing

(POS)

with a strong buy rating.

Banc of America started coverage of

DoubleClick

(DCLK)

with a buy rating and a price target of 140.

PaineWebber

upgraded

Chevron

(CHV)

to attractive from neutral.

Warburg Dillon Read

slashed

Columbia/HCA

(COL)

fiscal 1999 per-share earnings estimates to $1.28 from $1.32.

Goldman Sachs added

Eli Lilly

(LLY) - Get Report

and

Merck

(MRK) - Get Report

to its recommended list.

Donaldson Lufkin & Jenrette

hammered its rating on

Endesa Chile

(EOC)

to market perform from buy.

Credit Suisse First Boston raised its fiscal 2000 earnings estimates on

Fairchild Semiconductor

(FCS)

to $1.20 from 57 cents a share and upped its price target to 36 from 32.

Merrill Lynch upgraded shares of

Ionics

(ION)

to accumulate from neutral.

Warburg Dillon Read rolled out coverage of

ITT Industries

(IIN) - Get Report

with a strong buy rating.

Jefferies & Co.

sliced its rating on

Lennar

(LEN) - Get Report

to accumulate from buy.

J.P. Morgan raised its rating on

Mandalay Resort Group

(MBG)

to buy from market perform.

SG Cowen hammered its rating on

Maxwell Technologies

(MXWL) - Get Report

to a neutral from a strong buy.

CIBC World Markets

began coverage of

MCM Capital Group

(MCMC)

with a buy rating.

Merrill Lynch upped its intermediate-term rating on

National Golf

(TEE)

to buy from accumulate.

Warburg Dillon Read downgraded

PepsiCo

(PEP) - Get Report

to hold from a strong buy.

Goldman Sachs began coverage of

Pfizer

(PFE) - Get Report

,

Pharmacia & Upjohn

(PNU)

, and

American Home Products

(AHP)

with market outperform ratings.

Goldman Sachs initiated coverage of

Schering-Plough

(SGP)

, and

Bristol-Myers Squibb

(BMY) - Get Report

with market performer ratings.

Goldman Sachs sliced its rating on

Sinclair Broadcast Group

(SBGI) - Get Report

to market performer from its recommended list. Merrill Lynch and Morgan Stanley have also downgraded the stock.

Goldman Sachs started coverage of

TD Waterhouse

(TWE)

with a market outperform rating.

Goldman Sachs rolled out coverage of

Warner-Lambert

(WLA)

with a market perform rating.

Morgan Stanley upped its rating on

USFreightways

(USFC)

to strong buy from outperform.

Miscellany

Amazon.com

(AMZN) - Get Report

announced its plans to sell music that can be downloaded over the Internet. The company expects to offer the product by the year 2000.

CDnow

(CDNW)

and

Columbia House

have chosen Scott Flanders as to act as chairman and CEO after their planned merger is completed. The merger is a joint venture between

Sony

(SNE) - Get Report

and

Time Warner

(TWX)

.

Nextlink Communications

(NXLK)

said that it has tapped Daniel Akerson to become its chairman and CEO.

The

New York Stock Exchange

said it sold a regular seat on its exchange for $2.6 million, a $100,000 discount to the Aug. 20 record sale of $2.7 million. According to the NYSE, two seats have been sold since it unveiled plans for an IPO, which would come no earlier than July 2000.

Phelps Dodge

(PD) - Get Report

has upped its bid for

Asarco

(AR) - Get Report

and

Cyprus Amax Minerals

(CYM)

to nearly $2.8 billion in cash and stock, confirming a report in

The Wall Street Journal

. In a separate report,Cyprus Amax said it would examine Phelps' revised offer.

Philip Morris

(MO) - Get Report

said it refuses to settle in an enormous lawsuit brought on today by the

Justice Department

against the tobacco industry.

United Technologies

said it would still manage to see 17% 1999 earnings growth despite assuming a $1.15 billion restructuring charge for slashing 14,500 jobs. Chairman George David said the company assumed $75 million in charges in the first two quarters and would absorb roughly $750 million in the third quarter. David said the balance would be recorded in the fourth quarter.