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  • Updated from 3:23 p.m. EDT

    It looks like Howard Stern isn't the only one who likes Snapple. Cadbury Schweppes ( CSG) does as well -- it's buying the Snapple Beverage Group from Triarc ( TRY) for $910 million in cash, plus the assumption of $420 million in financial liabilities.

    Besides gaining control of the Snapple brand, Cadbury Schweppes also gets RC Cola, a second-tier cola brand, and Mistic, best known for its fruit juices.

    These properties join Cadbury's Dr. Pepper, 7-Up and Hawaiian Punch. Triarc came out a fairly big winner on the deal, having paid $300 million for Snapple just three years ago. Cadbury Schweppes passed on Snapple at the time, saying the price was too steep.

    Cadbury Schweppes ended the day down 13 cents to $22.38, while Triarc gained 75 cents to $25.

    Mergers, acquisitions and joint ventures

    Eagle Wireless International ( EAG) and ClearWorks.net ( CLW) announced a $111 million merger to create a new broadband company.

    Under the agreement, stockholders of ClearWorks.net will get four Eagle Wireless common shares for five ClearWorks.net common shares.

    Eagle shares lately fell 19 cents to $5.44, while ClearWorks edged up 13 cents to $4.

    Will the European Commission approve the EMI / Warner Music ( TWX)joint venture? Still no official word, but the companies offered informal concessions to the commission in a meeting earlier today with European Union Competition Commissioner Mario Monti.

    The road to approval for the $20 billion venture has been a bumpy one. Just last week, TheStreet.com reported that EMI was hopeful the deal would go through, despite rumors that Monti had drafted an informal decision rejecting the bid. The companies will continue to negotiate until midnight tomorrow, which is the deadline for offering further concessions.

    Time Warner finished up $1.44 cents to $81.25.


    After Friday's Close

    MotherNature.com ( MTHR), an online retailer of vitamins, supplements, and minerals, announced after the bell Friday that it would cut 25 jobs, or about 20% of its staff, to reduce costs and streamline business.

    On Thursday, vitacost.com, an online wholesaler of nutritional supplements, said it had offered to acquire MotherNature. The plans call for exchanging MotherNature shares for vitacost 1-for-1. On Aug. 28, MotherNature said it was reviewing a buyout offer from Internet holding company Sitestar.

    MotherNature's stock halted before the close Friday, trading up 3 cents to 75 cents.

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    Earnings/revenue reports and previews

    Gillette ( G) dropped $2.19, or 7.3%, to $27.63 after it said it expects flat third-quarter sales with earnings per share slightly ahead of last year's earnings. The company's lowered expectations stem from the below-par performance of its North American battery business and the continued devaluation of European currencies.

    In the third quarter ending Sept. 30, Gillette earned $352 million, or 32 cents a diluted share, on sales of $2.5 billion. TheStreet.com/NYTimes.com joint newsroom covered the warning in an earlier story.

    Stand by, ICG Communications ( ICGX) is having technical difficulties. Today, the company warned that its second half would fall far short of expectations, blaming network outages and other technical glitches. The company also said it needs more funding and is exploring options. ICG Communications dropped $2.25, or 57.6%, to $1.66.

    The bottom line is: ICG Communications said combined third- and fourth-quarter revenue would come in at $300 million, well under the $400 million estimate. Hopes of second-half profitability are also gone. The company expects a $25 million loss before interest, taxes, depreciation and amortization -- much lower than its estimated $60 million profit. And next year, will also be difficult, apparently. Revenues have been slashed to between $700 million and $800 million from the predicted $1.4 billion. To make matters worse, the lowered expectations put the company in breach of parts of its $200 million secured bank credit.

    Timken ( TKR ), the bearings, alloy and steel maker, said it expects third-quarter earnings to fall significantly below those of the second quarter and last year's third quarter, due to the drop in the euro and the slowing of their automotive and industrial markets. Timken stayed flat at $15.56.

    Timken earned $24.7 million, or 40 cents a share, in its latest second quarter, which ended June 30. The company earned $12.4 million, or 20 cents a share, in last year's third quarter.

    A First Call/Thomson Financial five-analyst survey predicted Timken's earnings to be 30 cents a share for this year's third quarter.


    After Friday's Close

    American Management Systems ( AMSY), an information technology consulting firm, said it expects third- and fourth-quarter earnings to come in below analysts' estimates, due to slowing revenue growth. AMS closed behind 94 cents, or 5.1%, to $17.31.

    AMS said it expects results of 28 cents to 33 cents per share for the third quarter, excluding certain one-time charges, down from the year-ago 43 cent result. Wall Street had predicted the firm to earn 47 cents in the third quarter and 55 cents in the fourth quarter.

    Autobytel.com ( ABTL), an Internet retailer, said it expects its third-quarter results ending Sept. 30 and fiscal 2000 to be "slightly better than consensus estimates." The current analyst estimate calls for Autobytel to post a 32 cent loss for the quarter and a $1.45 loss for fiscal 2000. Autobytel.com decreased 19 cents to $4.69.

    Belden ( BWC), a networking and broadband provider, missed $1.13 to $23, after it said it expects to meet or beat Wall Street's third-quarter earnings estimates of 57 cents a share. Belden posted a 47 cent profit in the year-ago period. Belden said it was comfortable with the $2.11 estimate for the full year ending Dec. 31.

    DQE ( DQE), the parent company of Pittsburgh's power distribution utility, shed 58 cents to $42 after saying it would record a third-quarter gain of 85 cents per share from the sale of its alternative fuel facilities. According to DQE, the gain, along with a revamped administration and increased value of its investments, will help it reach annual earnings growth of at least 5% to 8%.

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    Analyst Actions

    Goldman Sachs analyst Rick Sherlund this morning reiterated his market outperform rating on Microsoft ( MSFT).

    In his report, Sherlund noted that the software giant doesn't plan to preannounce results "as business appears to be tracking in line with expectations." Microsoft, Sherlund said, "remains comfortable with our revenue and earnings per share estimates of $5.65 billion and 41 cents for the September quarter."

    Microsoft moved down $1.19 to $63.

    Upgrades

    AmSouth Bancorp ( ASO): DOWN to neutral from accumulate at Merrill Lynch. The stock was down $1.06, or 5.7%, to $17.63.

    Flextronics ( FLEX): fiscal 2001 EPS UP $1.82 a share from $1.65 at Donaldson Lufkin & Jenrette; fiscal 2002 EPS UP to $2.50 a share from $2.20; price target UP to $115 from $100. In spite of the upgrade, Flextronics was off 94 cents to $80.63.

    Ford Motor ( F): third-quarter EPS estimate DOWN to 51 cents from 59 cents at Dresdner Kleinwort Benson; 2000 estimates to $3.68 a share from $3.85 and 2001 estimates to $3.75 from $3.99. J.P. Morgan cut third-quarter earnings estimates to 53 cents a share from 60 cents and 2000 earnings estimate DOWN to $3.58 a share from $3.62. The firm raised fourth-quarter earnings to 96 cents a share from 93 cents and 2001 earnings estimate UP to $3.82 from $3.63. The upgrades were given to reflect the $5 billion stock buyback Ford announced last week. Ford edged up 13 cents to $26.

    Hershey Foods ( HSY): UP to buy from neutral at Bear Stearns. The stock gained $1.31 to $48.13.

    Lennar ( LEN): fiscal 2000 EPS estimates UP to $3.25 from $3.10 a share; fiscal 2001 EPS UP to $3.70 a share from $3.15 a share at Credit Suisse First Boston. Lennar slid 94 cents to $25.88.

    Valero ( VLO): 2000 earnings estimates UP to $4.40 a share from $4.10 at PaineWebber; 2001 earnings estimates UP to $3.85 a share from $3.60 and price target UP to $38 from $35. Valero inched up 13 cents to $33.06.

    Downgrades

    Bristol Myers Squibb ( BMY): fiscal 2000 EPS DOWN to $2.32; fiscal 2001 EPS DOWN to $2.55 at CSFB. Still, the stock crept up 6 cents to $53.50.

    Corillian ( CORI): 2000 earnings estimate DOWN to a 61 cent loss from a 51 cent loss at CSFB. 2001 earnings estimate DOWN to 93 cent loss from an 87 cent loss. The stock lost 50 cents to $10.25.

    Covenant Transport ( CVTI): third-quarter EPS DOWN to 30 cents from 42 cents a share; fiscal 2000 DOWN to $1 from $1.12; fiscal 2001 DOWN to $1.15 a share from $1.40 at CSFB. It was off 19 cents to $10.44.

    Delta Air Lines ( DAL): 2000 earnings per share DOWN to $7.40 from $7.80 at Goldman Sachs; third-quarter earnings estimates DOWN to $2 from $2.10 at Salomon Smith Barney; fourth-quarter earnings to $1.10 from $1.25 and 2001 estimate to $7 from $7.80. The news sent the stock down $1.19 to $45.81.

    Dun & Bradstreet ( DNB): DOWN to attractive from buy at Bear Stearns. The stock fell $1.69 to $32.75.

    Immersion ( IMMR) dropped $1.38, or 10.5%, to $11.69 after its price target was cut to 50 to 45 from 64 to 66 at Bear Stearns; fiscal 2000 EPS DOWN to a loss of $1.04 from a loss of 54 cents; fiscal 2001 EPS DOWN to a 68 cent loss from a 5 cent profit; fiscal 2002 EPS DOWN to an 8 cent profit from an 85 cent profit.

    Solutia ( SOI): 2000 EPS estimate DOWN to $1.20 from $1.40 at Goldman Sachs; and 2001 EPS estimate DOWN to $1.20 from $1.70. The stock was 38 cents lower to $11.56.

    Sunoco ( SUN): third-quarter earnings to 80 cents from $1 at PaineWebber; and 2000 earnings DOWN to $3.65 from $3.80. The stock was down 50 cents to $27.50.

    Tosco ( TOS): third-quarter earnings estimates DOWN to 85 cents a share from $1 at PaineWebber; and 2000 earnings estimates to $3 from $3.10. The stock managed to move up 44 cents to $32.94.

    Initiations

    AvalonBay ( AVB): NEW outperform at Lehman Brothers; price target of $52. The stock was off 22 cents to $46.97.

    Kmart ( KM): NEW market performer at Banc of America Securities. Kmart slid 13 cents to $6.75.

    O2Micro International ( OIIM): NEW buy at US Bancorp Piper Jaffray. O2Micro dropped $3.19, or 13.9%, to $19.81.

    OSI Pharmaceuticals ( OSIP): NEW outperform at Lehman Brothers. 12-month price target: $70. The stock edged up 75 cents to $58.50.

    Pentair ( PNR): fiscal 2000 EPS DOWN to $2.40 a share from $3.25 a share at CSFB; fiscal 2001EPS DOWN to $3.50 a share from $4.05. The stock was down 81 cents to $24.44.

    Group Moves

    Lehman Brothers sliced its rating on two semiconductor related stocks:

    • Speedfam-IPEC ( SFAM): DOWN to neutral from buy. It was 81 cents lower to $13.13.

    • PRI Automation ( PRIA): DOWN to outperform from buy. The stock was down $2.75, or 10.4%, to $23.63.

    Deutsche Banc Alex. Brown lowered its ratings on three Web retailers to buy from strong buy:

    • Ashford.com ( ASFD) was down 50 cents, or 13.5%, to $3.22.

    • Autobytel ( ABTL) lost 19 cents to $4.69.

    • WebVan ( WBVN) was unchanged at $3.47.

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    Offerings and stock actions

    Adams Express ( ADX) set a 3-for-2 stock split. It declined 69 cents to $38.63.

    AT&T Latin America ( ATTL) announced that it will withdraw its SEC registration covering an offering of up to 35 million new shares of its Class A common stock.

    The communications provider announced that its majority shareholder, AT&T, had agreed to give it up to $200 million in an additional financing. It was off 45 cents to $10.

    Shaw ( SGR), an engineering company, announced that it will begin a marketing proposal to sell 4 million shares of common stock. Investors weren't thrilled with the news and sent the stock down $5.70, or 8.5%, to $61.13.

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    Miscellany

    American Airlines ( AMR) wants to expand its online presence and says it will use GetThere to get there. According to a Wall Street Journal story this morning, the airliner will join United Airlines in GetThere's e-business forum, which allows airlines to sell directly to corporations. By cutting out the middle man, American Airlines and United hope to eliminate costly fees they have to pay to sell airline seats to corporate clients.

    GetThere should be a familiar name to market watchers. Just last month, the company was acquired by Sabre Holdings ( TSG), best known for its flight reservations system. American finished the day off 88 cents to $32.06, while Sabre Holdings lost 38 cents to $29.13.

    The Avon ( AVP) Lady's finally got some place to go other than the living room -- the mall.

    Avon, the world's largest beauty product seller, announced today that it will begin putting its products in stores, marking the retailer's first venture into bricks and mortar. The Wall Street Journal reported that the company's cosmetics and other products will soon be on the shelves in such mall anchors as Sears ( S) and J.C. Penney ( JCP), before Avon opens its first stand-alone stores the second half of next year.

    The move ends a 115-year-old company tradition of not selling its products in stores. The news didn't help the stock today. It slid 63 cents to $40.56.

    Let's go crazy! General Motors ( GM) announced plans to use Prince's hometown, Minneapolis, to launch a program to sell Oldmobiles online, allowing consumers to handpick features and a dealer and get a guaranteed price. According to the Wall Street Journal, seven locations around the city will supply the service. As part of the program, consumers can shop for cars and get a price online. They have to finalize the purchase and pick up the car at one of the dealers. The pilot program will last 90 days.

    This move comes on the heels of recent automaker interest in the Web. Just last month, Ford ( F) announced the creation of FordDirect.com, which will offer a similar service through its 4,200 dealers nationwide. GM declined 81 cents to $69.19, while Ford edged up 13 cents to $26.

    Smoke 'em if you got 'em. Philip Morris ( MO) said Paul Hendrys has resigned as the CEO and president of the company's international unit. The cigarette and processed-foods maker was 50 cents lower to $26.69. The company named John Nelson as Hendrys' successor.

    3M ( MMM) said it received approval from the Food and Drug Administration for QVAR, an inhalation aerosol for treating asthma. The stock dropped $1.94 to $83.19.

    Verizon Wireless ( VZ) was $1.13 lower to $43.38 after it said it will invest more than $550 million in the Los Angeles area network in 2001. The capital investment is to expand the digital network and increase capacity for wireless voice and data services to meet demand of five Southern California counties.

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    By the Numbers

    5 Biggest NYSE Percentage Winners
    Name Price Change %
    Finova (FNV) 6 15/16
    7/8

    14.4%
    Friede Goldman Halter (FGH) 7 1/2
    3/4

    11.1%
    McDermott International (MDR) 11 13/16
    15/16

    8.6%
    Wiser Oil (WZR) 6 3/8
    1/2

    8.5%
    Pioneer Natural Resources (PXD) 15 13/16
    1 3/16

    8.1%

    5 Biggest NYSE Percentage Losers
    Name Price Change %
    ICICI Bank (IBN) 8 1/8
    2 1/8

    20.7%
    Rockwell International (ROK) 30 1/2
    7 11/16

    20.1%
    Lennox (LII) 10 1/16
    2 3/8

    19.1%
    Quest Diagnostics (DGX) 98 27/32
    16 31/32

    14.65%
    Pacific Century Cyberworks (PCW) 12 5/8
    2 1/8

    14.4%

    5 Biggest Nasdaq Percentage Winners
    Name Price Change %
    Lanoptics (LNOP) 35 3/8
    5 5/8

    18.9%
    Digimarc (DMRC) 13 7/8
    2

    16.8%
    Flir (FLIR) 6 7/8
    7/8

    14.6%
    SpectraLink (SLNK) 12 1/4
    1 3/8

    12.6%
    MetaWave (MTWV) 25 7/8
    2 7/8

    12.5%

    5 Biggest Nasdaq Percentage Losers
    Name Price Change %
    Telaxis (TLXS) 6 11/16
    5 1/16

    43.1%
    Allaire (ALLR) 10 7/16
    7 1/16

    40.4%
    Net2Phone (NTOP) 27 1/16
    6 3/4

    20%
    Quokka (QKKA) 5 15/16
    1 15/16

    19.8%
    Extensity (EXTN) 18 19/32
    4 15/32

    19.4%

    The data on NYSE and Nasdaq percent winners and losers are filtered to exclude stocks whose previous day's volume was less than 25,000 shares; whose last price was less than 5; and whose net change was less than 1/2.

    5 Biggest Dow Point Winners
    Name Price Change %
    Coca-Cola (KO) 53 1/8
    2 5/16

    4.55%
    General Electric (GE) 57 3/4
    1

    1.76%
    International Paper (IP) 30 15/16
    13/16

    2.70%
    Home Depot (HD) 55 1/16
    13/16

    1.50%
    ExxonMobil (XOM) 89 5/8
    1 5/8

    1.85%

    5 Biggest Dow Point Losers
    Name Price Change %
    J.P. Morgan (JPM) 165 7/16
    9 1/16

    5.19%
    Johnson & Johnson (JNJ) 92 1/8
    2 7/8

    3.03%
    Eastman Kodak (EK) 60 3/4
    2 1/16

    3.28%
    3-M (MMM) 83 3/16
    1 15/16

    2.28%
    Intel (INTC) 55 13/16
    1 9/16

    2.72%

    Dow point gain and loss data are based on New York closing prices and do not reflect late composite trading.

    Large-Cap Nasdaq Movers
    Name Price Change %
    Cisco (CSCO) 60 1/16
    2 12

    3.98%
    Dell (DELL) 34 7/16
    1 1/4

    3,50%
    Ericsson (ERICY) 18 1/16
    1/16

    0.35%
    Intel (INTC) 55 13/16
    1 9/16

    2.72%
    Microsoft (MSFT) 63
    1 1/16

    1.66%
    Oracle (ORCL) 76 15/32
    2 1/16

    2.63%
    Qualcomm (QCOM) 69 13/16
    3 9/16

    5.38%
    Sun Microsystems (SUNW) 115 1/4
    1 15/16

    1.71%
    WorldCom (WCOM) 28 11/16
    11/16

    2.34%
    Yahoo! (YHOO) 105 1/16
    3/4

    0.71%

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