in after-hours trading. How heavy was the volume in the online retailer? Yesterday's volume leader on Island was
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.
updates the most active issues on both MarketXT and Island ECN in Got a Minute? and in the Evening Update.
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
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
and the London
narrowly higher and the Paris
Mergers, Acquisitions and Joint Ventures
won a $40 million contract from
, 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
has agreed to sell to
its 30% stake in its European petrol-stations joint venture in order to win regulatory approval for its merger with
. BP Amoco will pay about $1.65 billion for the stake.
will buy candy company
for $475 million. Favorite filed for Chapter 11 bankruptcy protection in March.
said it plans to swap sows for stocks. The company will sell its pork unit, which has about 110,000 sows, to
for 3 million Smithfield shares.
agreed to host
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
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.
said it expects earnings to match estimates in the third quarter but fall short in the fourth quarter.
downgraded the shares to neutral from attractive.
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.
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.
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.
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.
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
cards added about 5 cents a share in earnings in the latest quarter.
upped its rating on
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
to hold from strong buy.
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
to neutral from outperform and set a price target of 35. The company warned yesterday that third-quarter sales would drop.
said it removed
from its Top 10 list of technology stocks, in favor of
. Merrill kept its buy rating on the stock.
to buy from neutral.
Deutsche Banc Alex. Brown
initiated coverage of Internet consulting firm
with a strong buy rating.
Salomon Smith Barney started coverage of
with an outperform rating and a price target of 40.
unveiled new features to expand its range of merchandise, permit customer payments to small businesses and improve searches for goods available on the Web.
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.
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
15 years ago.
named vice chairman Dave O'Reilly chairman and CEO, succeeding Ken Derr.
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.
United Auto Workers
reached a tentative agreement on a new contract. The union also reached a separate tentative deal with
Delphi Automotive Systems
, the former GM parts unit that was spun off earlier this year.
said it would build a second natural gas pipeline to Vancouver Island, at a cost of between $100 and $120 million.
can add another name to its roster of litigious opponents. According to a story published on
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.