Wednesday, Sept. 8, 1999

<B>After-Hours Trading:</B> Dell, Qualcomm and Altera led MarketXT's most-actives.
Author:
Publish date:

Last Trades on Island ECN

DELL: 48 at 5:22 p.m. EDT.

QCOM: 168 3/8 at 4:14 p.m. EDT.

ALTR: 49 1/2 at 4:00 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. Island ECN offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 5:15 p.m. EDT.

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

Major U.S. stock indices ended mixed, with the

Dow Jones Industrial Average

rallying to settle up 2 to 11,036 and the tech-laden

Nasdaq Composite Index

slipping 28 to 2808.

Europe also saw a mixed session, with France's

CAC

up 0.68 at 4680, Germany's

Dax

advancing 9 to 5400 and London's

FTSE

stumbling 55 to 6253.

The Asian markets continued to slump, with Japan's

Nikkei

dropping 66 to close at 17,641 and Hong Kong's

Hang Seng

off 39 at 13,356.

Mergers, Acquisitions and Joint Ventures

America Online

(AOL)

said

TV Guide

(TVGIA)

will supply television program listings to the Internet service provider.

FAC/Equities

downgraded AOL to neutral from buy.

Dell

(DELL) - Get Report

plans to purchase privately held

Convergenet

for $340 million in stock.

Global Crossing

(GBLX)

, Japan's

Softbank

and

Microsoft

(MSFT) - Get Report

set a joint venture called

Asia Global Crossing

that will provide network-based telecommunications services to businesses and consumers throughout Asia. The telecom network will cost about $1.28 billion to construct. Responsibility for the management and operation of the network will fall on Global Crossing. Softbank is a minority shareholder in

TheStreet.com Inc.

(TSCM)

, publisher of this Web site.

Lycos

(LCOS)

is acquiring privately held

Quote.com

for $78.3 million in stock plus the assumption of the company's stock option plan.

Medeva

(MDV)

, a U.K. pharmaceuticals concern, said it is in talks that could lead to a recommended cash offer for the company,

Reuters

reported.

Morrison Knudsen

(MK)

won a $55.5 million contract from

Telecom Egypt

to design and install telecommunication lines in Cairo, Port Said and Alexandria.

Prodigy

(PRGY)

said it would buy

BizOnThe.Net

for $100 million in cash and stock.

Yahoo!

(YHOO)

said it struck a bill-payment service deal with

CheckFree

(CKFR)

.

Yogen Fruz WorldWide

said it has plans to scoop up some of

Eskimo Pie

(EPIE)

, after the ice cream company's board accepted a plan to sell its assets. Canada's Yogen Fruz said it would bid on some Eskimo Pie assets and licenses when they go on sale.

Earnings/Revenue Reports and Previews

Carbide Graphite

(CGGI)

posted fourth-quarter earnings of 32 cents a share, beating the two-analyst estimate of 30 cents, but down from the year-ago 54 cents.

Esterline Technologies

(ESL)

reported third-quarter earnings of 34 cents a share, missing both the two-analyst estimate of 39 cents and the year-ago 45 cents.

H.J. Heinz

(HNZ)

reported first-quarter earnings of 65 cents a share, missing the 14-analyst estimate of 66 cents but beating the year-ago 60 cents.

Korn/Ferry International

(KFY) - Get Report

posted first-quarter earnings of 15 cents a share, beating both the two-analyst estimate of 11 cents and the year-ago 5 cents.

Movado

(MOVA)

posted second-quarter earnings of 34 cents a share, beating both the two-analyst estimate of 31 cents and the year-ago 25 cents.

Salton

(SFP)

posted fourth-quarter earnings of 48 cents a share, beating both the two-analyst estimate of 30 cents and the year-ago 16 cents.

Serologicals

(SERO)

said it expects shipping delays and other problems to cause a loss in its third quarter. The company said the problems could put as much as a $9 million dent in pretax earnings.

First Call

analysts estimated that the company would earn 12 cents in its third quarter. Last year, Serologicals posted third-quarter earnings of 16 cents a share.

Stewart Enterprises

(STEI)

reported third-quarter earnings of 26 cents a share, beating both the 10-analyst estimate of 25 cents and the year-ago 25 cents.

Superior Telecom

(SUT)

warned investors to expect third-quarter earnings in the range of 52 cents a share to 58 cents, greatly missing the three-analyst estimate of 88 cents and the year-ago 59 cents.

Value City

(VCD)

posted second-quarter earnings of 12 cents a share, in line with the five-analyst estimate of 12 cents and beating the year-ago 9 cents.

Offerings and Stock Actions

AnnTaylor Stores

(ANN)

said its board authorized a buyback of $40 million worth of common shares or convertible debt and an $85 million capital spending plan for fiscal 2000. The clothing retailer said the spending plan would subsidize a 90-store expansion.

Brookdale Living Communities

(BLCI)

cleared the buyback of up to 2 million common shares.

Ditech Communications

(DITC)

filed a 2.5 million-share offering with the

Securities and Exchange Commission

.

Analyst Actions

Donaldson Lufkin & Jenrette

initiated coverage of

Alcatel

(ALA)

with a market perform rating.

Banc of America

rolled out coverage on

Alltel

(AT) - Get Report

with a buy rating and a price target of 90.

ABN Amro

dropped its rating on

Amresco

(AMMB)

to hold from outperform.

Warburg Dillon Read

raised its price target on

Apple Computer

(AAPL) - Get Report

to 90 from 75, maintaining its buy rating.

SG Cowen

began coverage of

Ariba

(ARBA)

with a buy rating and a price target of 165.

Soundview Technology

analyst Steven Kohn rolled out coverage of

Commerce One

(CMRC)

with an initial buy rating and set a price target of 65.

Lehman Brothers

sliced its price target on

Convance

(CVD)

to 20 from 32. Yesterday the company said it expects to report third-quarter earnings of 21 cents a share, missing the consensus estimate of 26 cents.

Goldman Sachs

upped its rating on

Dal-Tile

(DTL)

to market outperform from market perform.

U.S. Bancorp Piper Jaffray

sliced its 1999 earnings estimates for

Fresh Del Monte Produce

(FDP) - Get Report

to $1.88 from $1.99 a share but maintained its buy rating on the stock.

Merrill Lynch

sliced its rating on

Hilton Hotels

(HLT) - Get Report

to a long-term accumulate from a buy.

Morgan Stanley

rolled out coverage of

homestore.com

(HOMS)

with an outperform rating. Merrill Lynch stamped the stock with near-term accumulate, long-term buy ratings.

J.P. Morgan

auto analyst Marc Corssman initiated coverage of

General Motors

subsidiary

Hughes Electronics

(GMH)

with a buy rating.

Lehman Brothers chopped its price target on

IMRglobal

(IMRS)

to 20 from 28 and its fiscal 1999 earnings estimates to 69 cents a share from 94 cents.

Warburg Dillon Read initiated coverage of

Mead

(MEA)

with a buy rating and a price target of 50.

U.S. Bancorp

started coverage of

Mortgage.com

(MDCM)

with a strong buy rating and a price target of 28.

Salomon Smith Barney

upgraded

National Service Industries

(NSI)

to a buy from a neutral, citing its recent acquisition of

Holophane

.

Donaldson Lufkin & Jenrette initiated coverage of

Nokia

(NOK) - Get Report

with a top pick rating.

Goldman Sachs began coverage of

Nova

(NIS)

, placing it on its recommended list.

J.P. Morgan started coverage of

PanAmSat

(SPOT) - Get Report

with a long-term buy rating.

Warburg Dillon Read rolled out coverage on

Provant

(POVT)

with an initial buy rating and a 12-month price target of 23.

Morgan Stanley upped its rating on

Ryerson Tull

(RT)

to an outperform from a neutral.

Prudential Securities

joined Deutsche Banc Alex. Brown and

Credit Lyonnais

in downgrading

Promus Hotel

(PRH) - Get Report

. Prudential hammered Promus's rating to hold from accumulate after the hotel said it would be acquired by

Hilton Hotels

(HLT) - Get Report

.

PaineWebber

increased its price target on

Texas Instruments

(TXN) - Get Report

to 110 from 85 and maintained its buy rating.

Merrill Lynch's Jessica Reif Cohen raised her rating on

Viacom

(VIA) - Get Report

to a near-term buy from accumulate. Deutsche Banc Alex. Brown also set a strong buy rating and a price target of 60, while Goldman Sachs moved the Viacom class B shares on its recommended list from trading buy.

Miscellany

American Xtal Technology

(AXTI) - Get Report

said it would halt germanium wafer distribution to the

Spectrolab

unit of

Hughes Electronics

(GMH)

for about two months. American Xtal said Spectrolab asked it to suspend the supply due to slowness in the satellite market. American Xtal said the distribution delay would trim revenue by a $1 million per month.

Ingram Micro

(IM)

announced that it would post disappointing third-quarter earnings and said it was shopping for a new chief executive. Imgram said its current chairman and CEO, Jerre Stead, plans to remain chairman after a successor is found to fill his role as CEO. The company expects to report third-quarter earnings between 10 cents per diluted share to 14 cents, greatly missing the analyst estimate of 41 cents a share.

Micro Therapeutics

(MTIX)

said that it's received approval from the

Food and Drug Administration

to sell a balloon catheter system used in small blood vessels. The company said the device, known as the Equinox system, will be incorporated into other Micro Therapeutics products.

Quixote

(QUIX)

said Phillip Rollhaus will retire as CEO on Sept. 30 but will remain as the company's chairman. The highway safety products maker said Leslie Jezuit will replace Rollhaus as chief executive and will continue to act as president and CEO.

Russian president Boris Yeltsin told President Clinton that reports linking him to a corruption scandal through payments from a Swiss firm were not true.

TRW

(TRW)

announced plans to form a new division within its systems and information technology group called

Global Enterprise Solutions

, uniting its e-commerce consulting business with its logistics and supply-chain management services. The company attributes 16% of its revenue to the systems and information technology group. TRW also said that it sold its Data Services unit to

Computer Sciences

(CSC)

as part of the restructuring changes.

Walt Disney

(DIS) - Get Report

named Steven Bornstein, president of its

ABC

unit, to head Disney's Internet group. Bornstein, who was named chairman of

Buena Vista Internet Group

after Jake Winebaum departed in June, will become president of Web portal

Go.com

later this year.