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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (9269)	10/23/2000 8:25:27 AM
From: Dealer	Read Replies (1) \| Respond to of 65232

<FONT COLOR=BLUE>MARKET SNAPSHOT--U.S. markets heading toward flat open General Electric buying Honeywell, Lucent ousts CEO By Steve Gelsi, CBS.MarketWatch.com Last Update: 8:14 AM ET Oct 23, 2000 NEW YORK (CBS.MW) - U.S. stock markets appear to be headed for a flat open as S&P Futures dipped slightly on Monday. A $45 billion plan by General Electric (GE) to buy Honeywell (HON) is one of the key items shaping the trading day. Shares of General Electric fell $1.50 to $50.75 in pre-market trades Monday after the industrial giant said late Sunday it would outbid United Technologies (UTX) for Honeywell. Honeywell was untraded. Under terms of the deal, GE will pay 1.055 shares of its stock for each Honeywell share. Honeywell is valued at $55.12 each under the deal,. The price is a premium over the company's $46 close on Friday. See full story. Stock futures are pointing to a slightly lower open as December S&P futures (WP=Z0) fell 2.50 to 1,408.50. That's about 0.75 points below fair value, according to HL Camp & Co. Saying that it determined "an immediate change in leadership was necessary," Lucent Technologies (LU) ousted Chief Executive Officer Richard McGinn. Henry Schacht, 66, who led the company from 1995-97, is returning. He's initiating an executive search for his successor as chairman and chief executive officer. The company also warned it expects pro forma revenue from continuing operations for the current quarter to decline about 7 percent and pro forma earnings per share from continuing operations to break even. Lucent will be moving up the release of its fourth fiscal quarter 2000 results, previously scheduled for tomorrow morning, to after the close of the New York Stock Exchange on Monday. Dow component Minnesota, Mining & Manufacturing (MMM) posted third quarter earnings of $1.25 per share vs. $1.13 in the year ago-period. The latest number beat the estimate of $1.24 per share in a survey of analysts by First Call. The company said it expects to meet earnings expectations for the fourth quarter and for 2001. Corning (GLW) reported third-quarter earnings of 35 cents per share vs. 19 cents per share in the year-ago period. Analysts were expecting the maker of optical-networking technologies to earn 34 cents a share on average, according to First Call. Revenue rose 54 percent over last year to $1.9 billion. The company forecast "strong revenue and earnings growth throughout 2001." AT&T (T) continues to be in the spotlight as the communications giant's board meets to mull over a plan to break itself up, according to Monday's Wall Street Journal. Ma Bell would re-establish itself under its most profitable unit, business services, and break off its broadband business, and struggling long distance services. It issued a tracking stock for its Wireless unit earlier this year. Also on the plate are a slew of earnings reports this week from Amazon.com (AMZN), Texaco (TX) and many others. Overseas, European markets are heading higher on rising telecom and petroleum shares. Tokyo stocks closed lower Monday as domestic woes and an upcoming string of corporate earnings announcements kept investors at bay. Seoul and Hong Kong also headed south as investors locked in on gains after recent rallies. .