SPU 1291.7
SPX 1276.28
INDU 10287
COMPQ 2724.74
$NDX 2387.98
$DOT 611.36
The SPX puts I have been following haven't gotten much cheaper!
MID-MORNING UPDATE.......
Allstate Corp. (ALL) fell 5 3/16, or 16 percent, to 26 9/16 and traded as low as 25 3/4. The No. 2 insurer of U.S. cars and homes said it expects third-quarter operating earnings of 50 cents to 55 cents a share, down from 76 cents a year earlier. It also expects fourth-quarter operating earnings of 65 cents to 73 cents, compared with 78 cents last year. Allstate was expected to earn 78 cents in the third quarter and 81 cents in the fourth quarter, based on the average estimate of analysts polled by First Call Corp.
America Online Inc. (AOL) rose 5, or 5.7 percent, to 91 1/2 and traded as high as 95. The No. 1 Internet service provider was raised to ''strong buy'' from long-term ''buy'' by analyst Abhishek S. Gami at William Blair & Co. Gami expects the stock to rise to 140 in the next 12 months.
Argosy Education Group Inc. (ARGY) fell 2 9/16, or 32 percent, to 5 1/2 and traded as low as 5 5/16 after the provider of doctoral-level education programs said it expects to report a fiscal fourth-quarter loss because of an operating loss at a recently acquired school and the delayed startup of a new campus.
Ariba Inc. (ARBA) rose 5 3/32, or 3.4 percent, to 156 3/8 and traded as high as 166. The maker of software to process online purchases was rated ''buy'' in new coverage by analysts George Gilbert and Brent Thill at Credit Suisse First Boston Inc.
Catalina Marketing Corp. (POS) rose 2 13/16, or 3.5 percent, to 82 11/16 and traded as high as 84 15/16. The world's largest in-store promotions company was reiterated ''strong buy'' by Morgan Stanley Dean Witter analyst Michael Russell. He said the stock is a good value, after falling more than 26 percent since July on concerns about legislation that if passed could knock the stock's value down by 20 percent. Russell also reiterated his ''strong buy'' on Omnicom Group Inc. (OMC), which rose 1 13/16, or 2.5 percent, to 74 7/16 and traded as high as 75. He said Omnicom, the world's largest advertising and communications company, should report new business valued at $700 million in the third quarter, partly due to new Internet advertising.
Kroll-O'Gara Co. (KROG) fell 10 15/16, or 42 percent, to 14 7/8 and traded as low as 14 1/4. The provider of security and private-investigation services warned it will defer acquisitions originally planned for the third quarter, and because of this, third-quarter earnings estimates should be reduced by 12 cents to 14 cents a share. Kroll-O'Gara was expected to earn 37 cents a share, the average estimate of four analysts polled by First Call. The company also said it hired Bear, Stearns & Co. to explore alternatives, including a possible sale of the company.
Meritage Hospitality Group Inc. (MHG) rose 11/16, or 31 percent, to 2 7/8 after the restaurant and hotel operator's common shares began trading on the American Stock Exchange. The company's shares were previously traded on the OTC Bulletin Board and on the Chicago Stock Exchange.
National Data Corp. (NDC) fell 8 3/4, or 26 percent, to 25 3/16 and traded as low as 25 1/16. Two analysts downgraded the stock: Raimundo C. Archibold Jr. of J.P. Morgan Securities cut the rating to long-term ''buy'' from ''buy,'' and Bear, Stearns & Co. analyst James F. Kissane cut his rating to ''attractive'' from ''buy.''
National Westminster Bank Plc (NW) American depositary receipts, each representing six ordinary shares, rose 31 1/2, or 31 percent, to 132 1/2 and traded as high as 134 3/8 after Bank of Scotland Plc (BSCT LN) made a hostile bid for NatWest worth about 20.85 billion pounds ($34.3 billion), the biggest ever for a British bank.
Radiant Systems Inc. (RADS) rose 1 13/16, or 12 percent, to 17 and traded as high as 18 3/8. The maker of computer systems used by fast-food restaurants, convenience stores and movie- theater chains was raised to ''buy'' from ''hold'' by analysts Mark Wolfenberger and Wayne Segal at Credit Suisse First Boston Inc.
Copper Mountain Networks Inc. (CMTN) rose 7 11/32, or 9.5 percent, to 84 11/16 and traded as high as 87 47/64. The supplier of high-speed Internet access equipment was raised to ''strong buy'' from ''buy'' by analyst Conrad W. Leifur at U.S. Bancorp Piper Jaffray. Leifur expects the shares to rise to 100 within a year.
EarthLink Network Inc. (ELNK) rose 2 5/8, or 6.2 percent, to 45 and traded as high as 46 1/2. The No. 4 U.S. online service was raised to ''buy'' from ''outperform'' by analyst Andrea Grosz at First Union Capital Markets. Grosz expects the stock to rise to 66 in the next 12 months.
Intel Corp. (INTC) fell 4 5/8, or 6 percent, to 72 7/8 and traded as low as 72 5/8. The world's largest chipmaker may see profits fall below current expectations because of rising prices and shortages of parts that could leave them unable to meet expected holiday demand, analysts said.
Interspeed Inc. (ISPD) rose 7, or 58 percent, to 19 and traded as high as 20 in its first day of trading. The company, which provides high-speed data communications solutions based on digital subscriber line technology, sold 3.5 million common shares at a price of 12 in an initial public offering.
Intuit Inc. (INTU) fell 9 13/16, or 9.8 percent, to 90 3/4 and traded as low as 89 5/8. The biggest maker of personal- finance software said Chief Executive Bill Harris resigned. Chairman Bill Campbell will be acting CEO during the search for a successor.
Rambus Inc. (RMBS) fell 11 3/16, or 13 percent, to 76 5/16 and traded as low as 76 3/16 on concern that personal computer makers may delay adopting its high-speed and costly technology as prices for PCs fall. Rambus's technology improves the performance of memory chips and is backed by Intel Corp. (INTC), the world's biggest computer chipmaker.
Research in Motion Ltd. (RIMM) fell 3 7/8, or 14 percent, to 24 7/8 and traded as low as 23 3/8 on concern that profit will be less than expected in the current quarter because of disappointing sales to its biggest customer. The company told analysts yesterday that shipments of its interactive pagers to BellSouth Corp. (BLS), the No. 4 U.S. home phone company, will be less than expected in the quarter ending in November. They're expected to pick up in the fourth quarter. BellSouth accounted for more than half of the company's revenue in the first half.
Sames Corp. (BIN) fell 2 1/4, or 12 percent, to 16 3/4. The maker of spray finishing and coating application equipment said it will take a third-quarter charge of 41 cents a share to settle a dispute with Illinois Tool Works Inc. (ITW). Sames also said it will stop exploring strategic alternatives by William Blair & Co.
Silicon Storage Technology Inc. (SSTI) fell 1 5/8, or 12 percent, to 12 3/8 and traded as low as 12 1/4. The designer of computer memory chips said it estimates the Taiwan earthquake will cut third-quarter revenue by about 3 percent.
Sprint Corp. (FON) rose 2 5/16, or 4.5 percent, to 53 7/16 and traded as high as 55. MCI WorldCom Inc. (WCOM), the second- largest U.S. long-distance phone company, is in talks to buy Sprint to create a company with $35 billion in annual sales to rival AT&T Corp. (T), the Wall Street Journal reported. No transaction is imminent and the talks could collapse, the paper said, citing people familiar with the matter. Under a proposal discussed by the companies, MCI WorldCom would buy the No. 3 long- distance carrier for stock and issue a new tracking stock for its Sprint PCS (PCS) wireless unit, the paper said. MCI WorldCom fell 5 1/8, or 6.5 percent, to 73 3/8 and traded as low as 72. Nextel Communications Inc. (NXTL) and other wireless-service companies fell. MCI WorldCom had been looking to buy a wireless- phone company even after talks between it and Nextel failed, analysts said. Nextel fell 4 11/32, or 6.4 percent, to 63 1/2 and traded as low as 61 1/2. Powertel Inc. (PTEL) fell 3 7/8, or 7.1 percent, to 51 and traded as low as 50 9/16. VoiceStream Wireless Corp. (VSTR) fell 6 1/2, or 9.5 percent, to 62 1/4 and traded as low as 60 3/8. Omnipoint Corp. (OMPT) fell 5 9/16, or 8.9 percent, to 56 5/8 and traded as low as 55.
TheStreet.com Inc. (TSCM) rose 1 7/16, or 7.7 percent, to 20 3/16 and traded as high as 21 5/8. The Internet financial-news service was rated ''strong buy'' in new coverage by analyst Michael Legg at Prudential Securities. Legg expects the shares to rise to 30 within a year.
Historical Charts Watsco Inc. (WSO) fell 1 1/4, or 9.7 percent, to 11 11/16 and traded as low as 11 9/16. The distributor of air-conditioning and heating products said third-quarter earnings won't meet estimates because of lower demand and effects of Hurricane Floyd. It expects to earn about 39 cents a share, compared with a 44- cent average estimate of analysts surveyed by First Call.
Historical Charts Whole Foods Market Inc. (WFMI) fell 3 5/16, or 9.1 percent, to 33 1/4 and traded as low as 32 3/8. The biggest U.S. natural- foods grocer is forming an Internet subsidiary and expects to sell shares in the venture. It will also close two units, buy a $20 million stake in another company and take $9.5 million in write-offs. Whole Foods said the moves will cut earnings by 18 cents to 26 cents a share in its fiscal year beginning Oct. 1.
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