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Strategies & Market Trends : STEAMROLLER'S DAYTRADES -- Ignore unavailable to you. Want to Upgrade?

To: STEAMROLLER who wrote (627)	8/27/1998 5:07:00 PM
From: Wayners	Respond to of 1561

Holding WLA overnite. Figure with Dow down 360 points, that this could very well be a selling climax Ron Pisani was talking about. Could be a nice rally tomorrow. Figure blue chips will do real well tomorrow--at least in the morning. If there isn't a rally, figure defensive blue chip drug maker will hold up well.

To: STEAMROLLER who wrote (627)	8/27/1998 7:07:00 PM
From: STEAMROLLER	Read Replies (1) \| Respond to of 1561

The Motley Fool's Market Movers (Downs) The Motley Fool - August 27, 1998 18:43 August 27, 1998/FOOLWIRE/ -- Radio broadcasting company Chancellor Media (Nasdaq: AMFM) was tuned out for a $2 loss to $42 3/4 after announcing it will acquire Capstar Broadcasting Corp. (NYSE: CRB) in an all-stock transaction valued at $4.1 billion, including $1.785 billion in debt and preferred stock. The deal is expected to be accretive to 1999 after-tax cash flow, and the combined company will be the largest radio broadcaster in the country with 463 stations in 105 markets. Shareholders in Capstar, which lost $2 3/16 to $19 5/16, will receive 0.48 share of Chancellor Media stock, which is subject to upward adjustment if Capstar's 1998 cash flow exceeds certain targets. The merger is expected to be completed in the second quarter of next year. The two companies already have some ties to each other -- the largest shareholder of both companies is Hicks, Muse, Tate & Furst Inc., which owns 15% of Chancellor and 59% of Capstar. After the merger, Hicks Muse will hold a 25% stake in the new and improved Chancellor Media. Conveniently, Hicks Muse Chairman and CEO Thomas Hicks, who serves as chairman of both Chancellor and Capstar, will continue as chairman of the combined company. Internet search engine and portal company Excite (Nasdaq: XCIT) tumbled $4 15/16 to $34 7/16 after The Wall Street Journal's "Heard on the Street" column reported that the way the company booked a one-time charge in connection with its marketing deal with Netscape Communications (Nasdaq: NSCP) may distort future earnings. For the privilege of selling ads and sharing revenues for co-branded services on Netscape's Netcenter site, Excite agreed to cough up $86.1 million in cash and stock warrants ($70 million in cash). The company then simply turned around and wrote off two-thirds of that as an unusual one-time charge just two months after signing the deal. But Netscape, which happens to use the same accounting firm, opted not to take a one-time gain and instead is conservatively booking the fee over the span of the two year contract. Excite's accounting method may also raise eyebrows at the SEC, which is already frowning on the frequency of one-time charges. Separately, Credit Suisse First Boston cut its rating on Excite to "hold" from "buy." Major U.S. banks, brokerage firms, and financial services companies fell sharply today on concern that Russia's economic woes and debt restructuring plan may cut into profits. J.P. Morgan (NYSE: JPM) dropped $13 3/16 to $104 3/4, Morgan Stanley Dean Witter (NYSE: MWD) lost $6 7/16 to $69 5/8, Merrill Lynch (NYSE: MER) sank $6 5/16 to $78 5/16, Lehman Brothers (NYSE: LEH) was hit for a $7 1/4 loss to $50 7/16, Citicorp (NYSE: CCI) was crushed for a $11 7/8 loss to $122, Citicorp merger partner Travelers Group (NYSE: TRV) was cut $3 3/4 to $50 7/8, Chase Manhattan (NYSE: CMB) tumbled $6 to $58 1/4, NationsBank (NSYE: NB) pulled back $4 1/4 to $65, NationsBank merger partner BankAmerica (NYSE: BAC) tanked $3 7/8 to $73 3/4, American Express (NYSE: AXP) sold off $6 3/16 to $91, BankBoston (NYSE: BKB) fell $2 3/8 to $39, Donaldson, Lufkin & Jenrette (NYSE: DLJ) slid $4 1/2 to $40 7/8, Bankers Trust (NYSE: BT) was slashed $8 5/16 to $83 13/16, Equitable Cos. (NYSE: EQ) shed $8 5/16 to $61 5/8, and Charles Schwab (NYSE: SCH) lost $3 5/16 to $32 5/8.