CPQ will be holding a conference call this morning
regards
Updated: 12-Apr-99
BEFORE THE OPEN (Updated throughout the hour)******
Gemstar International Group Ltd. (GMST) 108 1/8: developer and marketer of proprietary technologies and systems for electronics products and other platforms announces a 2-for-1 stock split; see press release.....
MedPartners Inc. (MDM) 4 7/8: physician practice and contract medical services provider agrees to settle with the State of California regarding MedPartners' California physician management operations; proposed settlement will be subject to the execution and delivery of definitive agreements and other approvals; see press release.....
Dow Jones & Co. (DJ) 48 1/8: publishing company posts a Q1 operating net of $0.44 a share, six cents higher than the First Call estimate, vs year-ago profit of $0.40 a share; pro-forma revenues increased 2.7% to $462 mln; see press release.....
Gateway Inc. (GTW) 72 3/4: Salomon Smith Barney downgrades direct marketer of PCs from "buy" to "neutral".....
Compaq Computer Corp. (CPQ) 30 15/16: --UPDATE-- Salomon Smith Barney downgrades computer maker from "buy" to "neutral" following Friday's earnings warning; lowers FY99 EPS estimate from $1.93 to $1.14 and FY00 EPS from $2.50 to $1.47 a share; cuts its price target from $65 to $25; cites more competitive environment and revenue shortfall for downgrade and earnings reductions; on a separate note, CPQ will be holding a conference call this morning at 11:00 ET; investors may call 1-800-810-0924 for conference participation.....
Track Data Corp. (TRAC) 27 3/16: provider of real-time financial market data, fundamental research, charting and analytical services to launch online trading on its myTrack service, a free Internet-based personal investment and trading system; see press release.....
eBay Inc. (EBAY) 183 3/8: online auction company signs a five-year agreement with Mail Boxes Etc. (OFIS 3 7/8) and a planned agreement with iShip.com, a Web-based shipping services for e- commerce; under the planned agreement, iShip.com will provide upfront information to eBay sellers and buyers regarding shipping costs and options, while Mail Boxes Etc. will provide eBay sellers and buyers the bricks-and-mortar infrastructure for packing and shipping; see press release....
pcOrder.com Inc. (PCOR) 59: provider of electronic commerce technology and content for the computer industry announces that Inktomi Corp. (INKT 132 3/16) will use its content to support its INKT shopping engine; integration of integration of pcOrder's data service will provide shoppers with help in the online buying process; see press release.....
Equitex Inc. (EQTX) 17 7/8: financial services marketing company and bank holding company to merge with First TeleBanc Corp., which is the bank holding company for Net1Bank; Equitex will change its name to Net1Bank Corp. and will apply for the ticker symbol NBNK on the Nasdaq; according to terms of the agreement, Net1Bank stockholders will receive shares of Equitex common stock based on the relative value of each company, but in no case will stockholders of either company receive less than 45% of the outstanding stock of the resulting entity; see press release.....
CBS Corp. (CBS) 44 15/16: media company dives further into the Internet through two investments in two online companies that provide service and information sites on the Web: hollywood.com and storeRunner.com; company enters into a definitive agreement with Big Entertainment (BIGE 15 3/4) in which CBS will receive a 35% ownership position in a new joint venture company, while Big Entertainment will own 65% of the venture; in a separate agreement, CBS will receive 50% of the equity of storeRunner, which operates storeRunner.com, in exchange for approximately $100 mln of promotion and branding support on all CBS media over a six-year time period; see press release.....
Novellus Systems Inc. (NVLS) 63 15/16: manufacturer and marketer of advanced automated wafer fabrication systems posts a Q1 net of $0.25 a share, in line with the First Call estimate, vs year-ago profit of $0.60 a share; net sales fell 29% from a year-ago to $115.2 mln, but up 9% on a sequential basis; see press release.....
Overseas Markets : Japan fell 2.07%, Hong Kong declined 1.42%, and Singapore decreased by 0.42%; in Europe, France is off 1.13%, Germany is down 0.23%, and the UK FTSE-100 is off 1.13%; with the S&P futures down 19.8 points following Friday's Compaq Computer warning, the Dow is certain for a negative open this morning.....
AFTER THE CLOSE (09-Apr-99)******
Western Digital Corp. (WDC): 71/4 -1/8: disk drive manufacturer expects to take a charge in the June quarter of approx. $20 mln related to workforce reductions; company says it will cut about 550 jobs; job cuts related to sell of company's disk media business to Komag (KMAG); see press release.....
Compaq Computer Corp. (CPQ) 30 15/16 +1 5/16: computer company is warning that Q1 earnings to come in well below Wall Street estimates; sees Q1 net at around $0.15 a share, vs the First Call mean of $0.31 a share; revenues around $9.4 bln, also well below market estimates; cites less favorable product mix for earnings miss; see press release .....
MIPS Technologies Inc. (MIPS) 57 1/2 -5/16: provider of of robust, scalable processors, semi-custom and application-specific products posts a fiscal Q3 net of $0.27 a share, four cents ahead of the First Call estimate, vs $0.32 a share in the year-ago period; total revenues rose 46% to $26.67 mln; see press release.....
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