10:39 ET Techs Snapping Back: Leading recovery are names such as: Broadcom Corp. (BRCM +5), Ascend Commmunications (ASND +5%),
Broadcast.com (BCST +6%), 3Com Corp (COMS +5%), Read-Rite Corp. (RDRT +15%). Dow -90, Nasdaq -23, Russell 2000 -5.8, SOX -1.25.
10:20 ET Earnings Losers: The following companies issued earnings warnings after-the-close Friday or this morning: Tupperware Corp. (TUP -17%),
Philips Electronics (PHG -16%), THINK New Ideas (THNK -21%), CellStar Corp. (CLST -33%), AMCOL International Corp. (ACOL -22%),
American Standard Inc. (ASD -28%), Steel Technologies (STTX -6%)
10:05 ET AgriBioTech Inc. (ABTX) 11 3/4 +1/4: Company and Mycogen (MYCO) sign letter of intent to jointly develop insect-resistant alfalfa varieties.
10:01 ET Morning's Winners: Infoseek Corp (SEEK +5%), discusses new portal site... Boadcom Corp. (BRCM +2%), releases new chip... Marquette
Medical Systems (MARQ +54%), announces will be acquired... Gold Stocks (e.g. TVX, GLG, KGC, NGC), benefitting from international
economic/political turbulence... Ascend Communications (ASND +3%), takeover rumors.
09:50 ET Marquette Medical Systems (MARQ) 42 1/8 +14 3/4 (+54%): GE Medical Systems, a unit of General Electric Co., has signed a definitive
agreement to acquire medical electronic systems company for $45 a share, payable in GE stock.
09:49 ET Etec Systems (ETEC) 28 7/8 -1 1/8 (-4%): DLJ warning that very slack demand in photomask industry has yet to be reflected in the share
price of this semiconductor equipment maker. Chart
09:43 ET MindSpring Enterprises (MSPG) 32 7/8 -1 5/8: DLJ lowers estimates due to SpyrNet acquisition. Cuts '98 view from $0.33 to $0.26 and
'99 from $0.55 to $0.34.
08:40Market Open: MSFT -2 1/2, DELL -2, IBM -4, INTC -2 1/4, CSCO -2, LU -2, YHOO -3 1/4, AMZN -2 3/4, SEEK +1/8, THNK -2 1/4...
Dow -140, S&P -20, Nasdaq -46, Russell 2000 -6, SOX -7... 30-yr bond +44 ticks.
09:28 ET Bovespa Falls: Brazilian equity index tumbles 7.5% at the open.
09:20 ET Infoseek Corp (SEEK) 20 1/2: Company and Walt Disney revealed that the new Internet portal service they are developing will be called Go
Network and that it will be available at www.go.com. According to Relevant Knowledge, and based on the July 1998 Web Report, Go Network will have
the third largest unduplicated reach on the Internet, in terms of unique visitors, at launch, and would rank ahead of Microsoft and Netscape, and behind only
Yahoo and AOL. Stock indicated 1/4 lower.
09:16 ET Gamma Biologicals Inc. (GBL) 2 7/8: Provider of in-vitro diagnostic reagents to blood donation centers signs definitive merger agreement to
be acquired by Immucor Inc (BLUD 9 1/2) for $5.40 per share cash. Deal represents a total transaction value of approximately $25 million. GBL logged
1998 revenues of approximately $18 million.
09:10 ET Stock Indications: MSFT -2, DELL -2, INTC -1 5/8, CSCO -1 1/4, COMS -1, ERICY -1 1/8, YHOO -2 1/2, AMZN -3 1/2, CMGI -1.
S&P futures now trading 26 pts lower. France -5.2%, Germany -4.6%, London -4.7%.
09:06 ET Celadon Group (CLDN) 14 13/16: Management-led buyout of trucking company may not happen, due to unraveling of bridge financing. Under
the terms of the agreement, stockholders of Celadon were to receive $20 per share in cash . However, company received letter from buyout group that
stated Bankers Trust balking on providing $125 mln in bridge financing, citing current market conditions.
09:00 ET MedQuist Inc (MEDQ) 27 1/8: Provider of electronic transcription and document management services to the healthcare industry to acquire
MRC Group Inc in an all-stock deal. MEDQ says it expects deal to be accretive to 1999 earnings.
08:57 ET BREED Technologies (BDT) 6 7/8: Supplier of automotive occupant restraint systems will restate Q2 and Q3 results in accordance with
previously announced discussions with Staff of the Securities and Exchange Commission. Company says restatements will not have a material adverse effect
on the previously reported results of operations. (Press Release)
08:51 ET Boadcom Corp. (BRCM) 75: Developer of cable-modem chips introduces single-chip communications solution which will allow its customers
and end-users to benefit from lower cost and will allow cable operators to provide current and future subscribers with advanced services, including
telephony over the cable network. BRCM shares indicated 1/4 lower in pre-market.
08:44 ET THINK New Ideas Inc. (THNK) 8 1/2: Issue indicated 1 3/4 pts lower on news Internet marketing company expects to report a Q1 net loss
of $0.05 to $0.09 a share. Earnings shortfall no surprise, as at least one analyst has voiced concerns regarding THNK's ability to meet estimates for the qtr.
However, a loss was not expected. Over past 30-days, mean estimate has fallen from $0.15 to $0.06, though Prudential lowered its estimate to $0.01 (from
$0.06) two weeks ago when it downgraded the stock. Company blaming shortfall on overall instability of the world marketplace. (Press Release)
08:37 ET ComSat Corp. (CQ) 34 1/8: International satellite communications services and digital networking concern has entered into a merger agreement
with Lockheed Martin (LMT 100) to combine operations in a two-phase transaction valued at approximately $2.7 bln. In the first phase of the transaction,
Lockheed Martin within five business days will begin a cash tender offer to purchase up to 49% of the outstanding common stock of CQ, at a price of
$45.50 per share in cash. (Press Release)
08:35 ET Market Indication: Broader market indicated sharply lower. Current level of S&P futures suggest Dow retreat of more than 150 pts at the
open... Major overseas markets lower: Japan -2.8%, Hong Kong -3.7%, Germany -3.4%, France -4.7%. London -3.9%... 30-yr bond trading 16 ticks
higher... Clinton tapes to be released in 25 minutes... Market weakness being attributed to renewed fears that Clinton will be forced from office and news
that political deadlock in Japan has threatened the banking reform process. |
