Finance - Full Closing Bell for Wednesday, July 08, 1998
(continued)
3Com Corporation (COMS)
After market close, 3COM CORP said it wants to enhance the performance of its Palm Pilot hand-held computers to make them essential tools for business. Palm Pilot computers, which it inherited when it took over U.S. Robotics Corp in the middle of 1997, was currently its fastest growing business. Janice Roberts, 3COM senior VP, said the company had recruited leading software manufacturers including SAP of Germany and ORACLE to provide new applications. 3Com was also considering joining the Symbian consortium, which was set up last month to exploit Psion Plc's EPOC software in wireless mobile devices. (Reuters 03:36 PM ET 07/08/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2554985099-faf>
_____
Citicorp (CCI)
Travelers Group Inc. (TRV)
Merrill Lynch raised its near-term rating on shares of CITICORP to buy from accumulate while maintaining its long-term buy rating on the stock. Merrill retains its near, and long-term buy rating on shares of TRAVELERS GROUP INC. Analyst Judah Kraushaar said he expects Citicorp-Travelers merger to close at end of July, creating a financial services company with unparalleled business diversification. (Reuters 10:14 AM ET 07/08/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2554982511-9aa>
_____
Home Depot Inc. (HD)
LowesCos (LOW)
Lehman Brothers analyst William Julian raised his price targets and earnings estimates on LOWES COMPANIES and HOME DEPOT. Lehman raised Home Depot target to $55 a share from $42. Raised 1998 earnings estimate to $1.05 a share from $1.03 and 1999 estimate to $1.25 a share from $1.24. Lehman raised Lowe's target to $55 a share from $50. Raised 1998 earnings estimate to $1.30 a share from $1.29 and kept 1999 estimate at $1.55 a share. Reiterated outperform rating on Home Depot and buy rating on Lowe's. Also reiterated CIRCUIT CITY STORES outperform rating, $60 target price, $1.58 a share 1998 estimate and $2.17 a share 1999 estimate. (Reuters 10:52 AM ET 07/08/98)
_____
IBM (IBM)
SGS THOMSON MICROELECTRONICS NV and IBM announced a joint effort to accelerate the development of advanced system-on-chip products. The two companies said they have concluded agreements to exchange intellectual property (IP) and jointly develop integrated circuits for current and future data storage applications and PC-compatible information appliances. They gave no financial details of the agreement, but Michael Attardo, general manager of IBM Microelectronics, said in a statement "this partnership takes our industry firmly into the new century. (Reuters 08:27 AM ET 07/08/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2554981009-0d7>
_____
Lucent Technologies (LU)
PERIPHONICS CORP said it believes patent infringement claims against it by LUCENT TECHNOLOGIES are without merit. On Monday, Lucent filed a patent infringement suit against Periphonics, alleging infringement of nine Lucent patents related to computer telephony integration systems. "Based on a preliminary review of the Lucent patents, the company believes the claims contained in the lawsuit are without merit," Periphonics said in a statement. "The company intends to vigorously defend the action." (Reuters 01:56 PM ET 07/08/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2554984105-82f>
_____
MCI Communications Corporation (MCIC)
Worldcom Inc (WCOM)
The European Commission said it had cleared the merger between MCI COMMUNICATIONS CORP and WORLDCOM INC on condition that MCI sell off its Internet businesses. The European Union executive added that the buyer would have to be approved by both EU and U.S. regulators and that it might appoint a trustee to oversee the divestiture. It said the selloff was needed to ensure the two U.S. telecommunications giants did not dominate the market for Internet "connectivity" services to retail customers and Internet service providers. (Reuters 07:08 AM ET 07/08/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2554981652-de2>
_____
MCI Communications Corporation (MCIC)
Worldcom Inc (WCOM)
WORLDCOM INC said it was confident its merger with MCI COMMUNICATIONS CORP would go ahead this summer following the European Commission's clearance of the deal with conditions. "In light of the close cooperation between the Commission and the U.S. Department of Justice (DOJ), we look forward to the DOJ completing its review shortly," said Mark Weeks, head of corporate communications for WorldCom International in London. "It puts us on schedule to merge this summer," he told Reuters. (Reuters 09:34 AM ET 07/08/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2554981482-2d4>
_____
MCI Communications Corporation (MCIC)
Worldcom Inc (WCOM)
The United States Department of Justice had no comment on the European Union's decision to conditionally approve the merger of MCI COMMUNICATIONS CORP and WORLDCOM INC "The investigation is continuing," a spokeswoman for the Justice Department antitrust division said. In its statement announcing a decision, the EU said the U.S. and EU were cooperating on the matter and had exchanged formal letters "regarding the application of competition laws." (Reuters 12:01 PM ET 07/08/98)
_____
Merck And Co. Inc. (MRK)
SMITHKLINE BEECHAM PLC. declined to comment on market speculation that it was in bid or merger talks with MERCK AND CO. INC. Leschly said a merger with any other company was now "very, very unlikely." The last six months has seen the failure of SmithKline's merger talks with American Home Products and with Glaxo. SmithKline stock rose on the back of the rumours. (Reuters 05:16 AM ET 07/08/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2554978708-ea5>
_____
Microsoft Corporation (MSFT)
Sun Microsystems Inc. (SUNW)
Late yesterday, a key hearing in a lawsuit filed by SUN MICROSYSTEMS INC against MICROSOFT CORP has been postponed to Sept. 4 from July 31, officials said. The hearing on Sun's motion to force changes in Microsoft's implementation of Java technology was postponed by U.S. District Judge Ronald Whyte after both companies said they needed more time to prepare. A Sun spokeswoman said the extra time was needed mainly because many of the experts and other witnesses in the case were on vacation and unavailable for depositions. (Reuters 06:31 PM ET 07/07/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2554972795-3a7>
_____
Microsoft Corporation (MSFT)
After market close, MICROSOFT CORP launched the latest version of its "streaming" media technology aimed at bringing near-broadcast quality audio and video to the computer desktop. The launch of the products was the latest step in Microsoft's effort to adopt technology seen as key to making the Internet a mass-media platform capable of providing video on demand and other television-like services. For now the bandwidth to deliver true video on demand exists only in closed networks such as hotels and corporate offices. (Reuters 08:04 PM ET 07/07/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2554973729-d70>
_____
Motorola Inc. (MOT)
MOTOROLA INC said it expects to break even in the 3Q, with sales about unchanged from the 2Q. ''As we look into the 3Q, we frankly expect not much change of performance (from the 2Q),'' Robert Growney, president and chief operating officer, said in a conference call with reporters and analysts. ''We are indeed looking at the same level of sales and roughly in the neighborhood of breakeven for the 3Q.'' Growney said the electronics giant expects continued pricing pressure in its semiconductor and other businesses, and the 3Q is traditionally slower for the company. He said Motorola continues to look for positive signs from the key Asia Pacific region, which has been hit with economic turmoil recently. (Reuters 09:45 AM ET 07/08/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2554982414-a94>
_____
Procter And Gamble Co (PG)
PROCTER AND GAMBLE's Folgers Coffee Co. said it will cut the list price of its standard 13-ounce can of ground regular and ground decaffeinated coffees by $0.20 due to a drop in prices on futures markets. The decrease, which will take effect Aug 24, brings the price for a standard can of regular ground Folgers to $2.31, and decaffeinated ground Folgers to $3.01, the unit of Procter & Gamble Co. said. (Reuters 10:00 AM ET 07/08/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2554981864-a23>
_____
Qwest Communications Intl Inc (QWST)
QWEST COMMUNICATIONS INTL INC said it expects its 2Q results to be in line with Wall Street expectations and sees better-than-expected revenue benefits and costs savings from its acquisition of LCI International Inc. "Our business plan is on track, the integration of LCI is proceeding well, and we expect to comfortably meet analysts' expectations for the 2Q," Qwest said. The company today hosted a meeting with analysts in New York. Qwest said the current Wall Street consensus estimates for the 2Q are $370 million in revenues and about $17 million in earnings before interest, taxes, depreciation and amortization. (Reuters 11:56 AM ET 07/08/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2554982928-374>
_____
Telecommunicaoes Brasileiras Sa (TBR)
Late yesterday, Brazil closed registration to access confidential data on the sale of huge federal telecommunications company TELECOMMUNICAOES BRASILEIRAS SA on Tuesday, the Communications Ministry said. Globopar, the investment wing of Brazilian media empire Organizacoes Globo, and Cia Tecnica de Energia Eletrica were the last two of 25 firms to sign up to view the data rooms. (Reuters 06:00 PM ET 07/07/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2554973149-bb6>
_____
Telecommunicaoes Brasileiras Sa (TBR)
After market close, Brazil's National Development Bank (BNDES) will finance local companies taking part in the privatization of TELECOMMUNICAOES BRASILEIRAS SA to help them match offers by foreign investors, a BNDES official said Wednesday. The BNDES intends to purchase convertible debentures in consortia that buy the 12 Telebras units up for sale later this month, Jose Pio Borges, the bank's deputy president, told reporters. Under a plan which is still being finalized, the BNDES would buy debentures equivalent to up to 50% of the Brazilian capital in each winning consortium, he said. (Reuters 04:30 PM ET 07/08/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2554985653-716>
_____
Vivus Inc. (VVUS)
ALZA CORP said it would more than triple its U.S. sales staff in 1998 from 100 to 360 by hiring personnel from other leading drug and medical products makers. The expanded sales force will specialize in oncology and urology products, Alza said. The move will modestly dilute the company's fiscal 1998 earnings per share, it said. As part of the expansion, Alza said it would hire up to 75 specialized urology sales representatives from VIVUS INC. It will hire an additional 150 people from INNOVEX INC. (Reuters 05:58 PM ET 07/08/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2554986585-1a7>
_____
Vivus Inc. (VVUS)
VIVUS said it is seeking a partner to promote its impotence drug Muse in the United States due to strong competition from the blockbuster drug Viagra . The company said it will restructure its sales staff resulting in a one-time second quarter charges of $6.5 million and make unspecified job cuts. Viagra and the first oral drug for impotence, has become one of the most popular prescription drugs since its launch a few months ago. Sales of Vivus' Muse system have declined since the launch of Viagra as Vivus fought a losing battle to convince consumers that its product works better on those with a moderate to severe problem. (Reuters 06:03 PM ET 07/08/98) Full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2554986624-a91>
_____
Yahoo Corporation (YHOO)
After market close, YAHOO CORP reported 2Q EPS of $0.15 vs ($0.01) on revenues of $41.2 mln vs $14.1 mln last year. Analysts' mean estimates were $0.09, according to First Call. (Reuters 04:46 PM ET 07/08/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2554985831-52c>
_____
Yahoo Corporation (YHOO)
After market close, YAHOO CORP reported a sharp rise in 2Q operating income, as well as traffic to its Web sites. Yahoo! also announced a 2-for-1 stock split and said it sold $250 million of its common shares to Softbank Holdings Inc., one of its main shareholders, in a private placement. It said its Web sites averaged 115 million page views per day in June, up from 95 million in March. (Reuters 04:59 PM ET 07/08/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2554986217-bdc>
_____
Dow Jones 30 Industrials (DJIA)
MARKET NEWS: Bullish investors carried Wall Street to new records Wednesday, loading up on safe and tested blue chips and big-name technology issues, while turning a cold shoulder to overheated Internet stocks. The Dow Jones industrial average rallied 89.93 points, or just under 1 percent, to close at 9,174.97. On the New York Stock Exchange, advances beat declines 1,721 to 1,239 as 610 million shares changed hands. The Nasdaq Composite gained 27.28, or 1.43 percent, to 1,935.39 and the S&P 500 index rose 11.71, or 1.01 percent, to 1,166.37, both closing at record highs. The benchmark 30-year Treasury bond fell 8/32 of a point in price, for a yield of 5.62 percent. The dollar never revisited the high of 139.89 yen, ending lower at 139.38 from 139.60 at the open. It was modestly higher at 1.8185 marks from 1.8183. (CNNfn)
_____ |
