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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: Jenna who wrote (46347)6/24/1999 11:41:00 PM
From: Jenna  Read Replies (2) of 120523
 
For tomorrow: PHSYB (will trade as PHSY) and EMMS



Thursday June 24, 4:36 pm Eastern Time
PacifiCare sees 40-45 pct 1999 EPS growth
SANTA ANA, Calif., June 24 (Reuters) - PacifiCare Health Systems Inc. on Thursday said it expects its 1999 earnings per share to be 40 to 45 percent higher than the $4.40 per share it recorded in 1998 based on the strength of its operations.

Wall Street analysts currently expect the managed care provider to earn $6.24 per share, according to a consensus forecast compiled by the research firm First Call Corp. Growth of 40 to 45 percent from the 1998 result would imply an earnings per share expectation ranging from $6.16 to $6.38.

The managed care provider added that shareholders have approved a plan to combine its two classes of common stock into a single class, paving the way for the repurchase of 5.9 million shares.

PacifiCare said said it would combine its 14.8 million Class A (Nasdaq:PHSYA - news) and 31.1 million Class B (Nasdaq:PHSYB - news) common shares into 45.9 million shares of a single class of common stock to be traded on Nasdaq beginning June 25 under the symbol ''PHSY.''

The company said the combination of stock classes will simplify its capital structure and eliminate investor confusion caused by the dual-class structure.

The buyback from PacifiCare's largest stockholder, UniHealth Foundation, which will begin August 9, represents 13 percent of PacifiCare's shares.
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