Wednesday, Sept. 29, 1999

Amazon.com is the after-hours volume leader on both Island and MarketXT ECNs.
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After-Hours Markets

Amazon.com

(AMZN) - Get Report

led both

MarketXT

and

Island ECN

in after-hours trading. How heavy was the volume in the online retailer? Yesterday's volume leader on Island was

Medscape

(MSCP)

with 97,830 shares. Tonight, Amazon is almost double that.

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, 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.

--

Eric Gillin

Day-Session Report

Stocks took a fall in late trading. Major proxies ended the day in negative territory after drifting aimlessly for most of the day. The

Dow Jones Industrial Average

was down 62 to 10,213, the

Nasdaq Composite Index

fell 26 to 2730 and the

S&P 500

lost 13.83 to 1268.37

TheStreet.com Internet Sector

index managed a gain, up 12.19 to 643.49.

The big European indices ended mixed, with Frankfurt's

Xetra Dax

and the London

FTSE

narrowly higher and the Paris

CAC

modestly lower.

Mergers, Acquisitions and Joint Ventures

Dell Computer

(DELL) - Get Report

won a $40 million contract from

Edward Jones

, under which the brokerage firm will use Dell Computers as its global standard. As part of the deal, each Dell server that Edward Jones buys will run on

Sun Microsystems

(SUNW) - Get Report

Solaris software.

Mobil

(MOB)

has agreed to sell to

BP Amoco

(BPA)

its 30% stake in its European petrol-stations joint venture in order to win regulatory approval for its merger with

Exxon

(XON) - Get Report

. BP Amoco will pay about $1.65 billion for the stake.

Nabisco

(NA)

will buy candy company

Favorite Brands

for $475 million. Favorite filed for Chapter 11 bankruptcy protection in March.

Tyson Foods

(TSN) - Get Report

said it plans to swap sows for stocks. The company will sell its pork unit, which has about 110,000 sows, to

Smithfield Foods

(SFD)

for 3 million Smithfield shares.

Qwest Communications

(QWST)

agreed to host

Hewlett-Packard's

(HWP)

Internet software push in a three-year deal that could generate as much as $1.5 billion in revenues for Qwest.

Earnings/Revenue Reports and Previews

AgriBioTech

(ABTX) - Get Report

said it expects a 1999 net loss of between $47 million to $51 million, or $1.15 to $1.25 a share. The company said it would delay reporting the results due to restructuring and job cuts.

Avon

(AVP) - Get Report

said it expects earnings to match estimates in the third quarter but fall short in the fourth quarter.

PaineWebber

downgraded the shares to neutral from attractive.

Conoco

(COC)

said it is on target to meet estimated 10% 1999 production growth and said it expects third-quarter earnings per share to be between 4 cents to 7 cents higher than the 18-analyst estimate of 33 cents a share.

Donegal Group

(DGIC)

said it would take a $2.2 million charge, or 28 cents to 30 cents a share, for the third quarter due to a restructuring in which it plans to cut 10% of its staff, or 480 positions. The single-analyst estimate calls for earnings of 28 cents a share in the third quarter.

Philadelphia Consolidated

(PHLY)

said catastrophe losses from Hurricane Floyd and storms in Arizona would hurt its third-quarter earnings by 11 cents to 14 cents a share. The eight-analyst estimate calls for earnings of 21 cents a share.

Sherwin Williams

(SHW) - Get Report

said it sees third-quarter sales flat to up slightly. The company said it expects to report earnings-per-share between 64 cents and 66 cents for the quarter and $1.74 to $1.79 for 1999, in line with the 10-analyst estimate for the quarter of 64 cents, and the 11-analyst estimate for the year of $1.75.

Topps

(TOPP)

reported second-quarter earnings of 21 cents a share, above the single-analyst estimate of 15 cents a share and up from a year-ago 10 cents, including a pretax gain. Topps said the distribution of

Pokemon

cards added about 5 cents a share in earnings in the latest quarter.

Analyst Actions

Bear Stearns

upped its rating on

Anchor Gaming

(SLOT)

to attractive from neutral, set a price target of 63 to 66, and boosted 1999 earnings to $5.25 a share from $4.80.

Credit Suisse First Boston

cut its rating on

Consolidated Freightways

(CFWY)

to hold from strong buy.

Lehman Brothers

cut

Ericsson's

(ERICY)

1999 earnings estimate to 64 cents from 69 cents, and its 2000 estimate to 97 cents from $1.02.

Salomon Smith Barney

cut its rating on

Gillette

(G) - Get Report

to neutral from outperform and set a price target of 35. The company warned yesterday that third-quarter sales would drop.

Merrill Lynch

said it removed

IBM

(IBM) - Get Report

from its Top 10 list of technology stocks, in favor of

Mercury Interactive

(MERQ)

. Merrill kept its buy rating on the stock.

PaineWebber

raised

Sierra Pacific

(SRP)

to buy from neutral.

Deutsche Banc Alex. Brown

initiated coverage of Internet consulting firm

U.S. Interactive

(USIT)

with a strong buy rating.

Salomon Smith Barney started coverage of

UNUMProvident

(UNM) - Get Report

with an outperform rating and a price target of 40.

Miscellany

Amazon.com

(AMZN) - Get Report

unveiled new features to expand its range of merchandise, permit customer payments to small businesses and improve searches for goods available on the Web.

AMC Entertainment

(AEN)

said it is consolidating its three U.S. divisional operating offices into one office, a move that will affect 100 jobs and result in savings of about $20 million a year. The company said it will take a restructuring charge of about $12 million in the second quarter for related expenses.

Bell Atlantic

(BEL)

filed with the

Federal Communications Commission

to provide long-distance service to New York. Approval would make Bell Atlantic the first regional Baby Bell to enter the $80 billion long-distance market since the breakup of

AT&T

(T) - Get Report

15 years ago.

Chevron

(CHV)

named vice chairman Dave O'Reilly chairman and CEO, succeeding Ken Derr.

Cummins Engine

(CUM)

said its CEO James Henderson will retire at the end of the year. Henderson will be succeeded by president and COO Theodore Solso, a 28-year veteran of the company.

The

United Auto Workers

and

General Motors

(GM) - Get Report

reached a tentative agreement on a new contract. The union also reached a separate tentative deal with

Delphi Automotive Systems

(DPH)

, the former GM parts unit that was spun off earlier this year.

Williams

(WMB) - Get Report

said it would build a second natural gas pipeline to Vancouver Island, at a cost of between $100 and $120 million.

Oddenda

R.J. Reynolds

can add another name to its roster of litigious opponents. According to a story published on

Lou Dobbs'

new digs, a recent advertisement has provoked the ire of an unlikely bunch, the

Citizens Against UFO Secrecy

, or CAUS. The fracas is in response to a newspaper ad that reads: "If aliens are smart enough to travel through space, why do they keep abducting the dumbest people on Earth?" Peter Gersten, the so-called "UFO lawyer" of Phoenix and the director of CAUS, said he is drafting a letter of protest to the company and urged others to defend those claiming to have been abducted by aliens, from the perceived attack.