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THIS MORNING'S STOCKS WEEK OF 6/7/99-6/11/99

6/11/99

AUTOMOBILE PROTECTION CORP (APCO, 13.19)- Ford Motor Co. will acquire the company for $13 a share in a $180 million deal.

CLEVELAND CLIFFS (CLF, 36.69)- The iron ore producer warned that lower iron ore sales and production volumes will cause its second quarter and full year earnings to fall below current analyst expectations of $1.25 for the quarter and $3.80 for the year.  The company expects 1999 sales volume to fall to 9.5-10.0 tons from last year's 12.1 million tons.

CMGI Inc (CMGI, 101.5)- The Internet company reported a much wider than expected third quarter loss of 30 cents a share.   Analysts were looking for a loss of 13 cents.  Revenues rose 12% sequentially and 141% from the prior year's quarter to $43.7 million.  The stock fell 3 1/2 in after hours trading on the poorer than expected results.

COLUMBIA ENERGY GROUP (CG, 62)- The company's board of directors has rejected a $5.7 billion, $68 a share, takeover offer from NiSource, and said the gas pipeline operator is not for sale.  NiSource claims to have the support of 30% of the company's shareholders in its bid.

NATIONAL SEMICONDUCTOR (NSM, 22.5)- The chip maker met analysts' expectations of a 24 cent a share loss before charges in its fourth quarter.  Revenues fell to $486 million from last year's $510 million.   Bookings during the quarter grew 17% sequentially and 23% over the prior year.   The company expects to return to profitability during its fiscal second quarter.

QRS CORP (QRSI, 84.75)- The company announced a 3 for 2 stock split, payable after the close on July 12th.

TRIQUINT SEMICONDUCTOR (TQNT, 57.56)- The chip maker announced a 3 for 2 stock split.

VF CORP (VFC, 46.19)- The company warned that decreasing demand for denim products in Europe and shipping difficulties will cause it to report lower than expected second quarter earnings of 69 cents a share (excluding discontinued operations), compared to current analyst estimates of 75 cents.

 

6/10/99

COACH USA (CUI, 33.5)- The motorcoach operator said it is in talks with an undisclosed company to be acquired for $42 a share.  Look for the shares to be strong in today's trading.

DEPARTMENT 56 (DFS, 31.75)- The giftware company warned that its 1999 revenue growth and earnings growth will be below expectations due to "system implementation difficulties".  The company said its year to date (up to 6/8/99) sales are $89, compared to $92 million on the same date last year.

MEDPARTNERS (MDM, 7.31)- The company and California have agreed to a settlement of all litigation whereby MDM will exit the physician practice management business in California.  The news is a positive for MedPartners.

RICHFOOD HOLDINGS (RFH, 16.88)- SUPERVALU has agreed to acquire the food distributor for $18.50 a share in cash or SUPERVALU common stock, in a deal worth $1.5 billion. SUPERVALU expects the deal to be accretive to earnings, adding $0.03-$0.06 to this year's earnings and $0.12-$0.16 to next year's earnings.   

6/9/99

CONEXANT SYSTEMS (CNXT, 45.31)- The maker of semiconductors for communications products said it expects third quarter sequential revenue growth to exceed 15%, and as a result it says third quarter earnings will "significantly exceed consensus analyst expectations."  The company cited strong demand for network access products and firmer prices for the better than expected showing.

LOCKHEED MARTIN (LMT, 40.43)- The defense contractor is warning that "increased cost growth, reduced production rates, and delivery delays" will result in a second quarter loss of 10 to 15 cents a share, compared to current estimates of a 73 cent profit.  LMT also said it sees full year earnings of $1.50 in 1999 and "at least" $2.15 in 2000, compared to current estimates of $3.21 in 1999 and $3.43 in 2000.

PROCTER & GAMBLE (PG, 94.81)- The consumer products maker is expected to announce details of its rumored restructuring today.

QWEST COMMUNICATIONS (QWST, 43.25)- The telecom stock is up 3 points in European trading after the Wall Street Journal reported that Bell South is reportedly considering making a bid for the company.

SINCLAIR BROADCAST GROUP (SBGI, 15.63)- The company said it is considering ways to enhance the value of its radio operations, including the possible sale of the radio group or an IPO.

VENCOR (VC, 0.63)- Trading in the company's stock has been suspended by the NYSE after the operator of hospitals and nursing centers failed to meet minimum NYSE listing requirements.

VWR SCIENTIFIC PRODUCTS (VWRX, 27.94)- The company said that it has agreed to be acquired by a subsidiary of Germany's Merck KGaA for $37 a share.  Merck currently owns 49.9% of the company.  Look for the shares to be strong in today's trading on the news.

6/8/99

ADVANTICA RESTAURANT GROUP (DINE, 4.63)- The restaurant operator has hired an investment banker "to explore the sale of El Pollo Loco, Advantica's only quick-service restaurant brand."  The company plans to focus on its family dining restaurants, which include Denny's, Carrows, and Coco's.

FRESH FOODS (FOOD, 6.75)- The restaurant chain operator reported fourth quarter earnings of 21 cents a share, more than double analysts' estimates of a 10 cent profit.   The company lost 21 cents a share in last year's fourth quarter.  Revenues rose to $72.5 million from $46 million last year.  The company also said it has hired an investment bank to "persue strategic alternatives to enhance the company's stock price."

HOVNANIAN (HOV, 8.38)- The home builder beat estimates by 9 cents, earning 35 cents a share in its second quarter, an increase of 52%.  Gross home building margins rose to 22.1% from last year's 16.9%.  The shares represent good value at current levels, trading on a forward P/E of 6.5 and at 0.87 times book value.

INFOSEEK (SEEK, 43)- Disney said it is interested in acquiring the remaining 57% of the Internet portal company.  Disney would then issue an Internet tracking stock to track the performance of its online businesses.  Shares of Infoseek rose $8 in after hours trading on the news.

JOHNS MANVILLE (JM, 13.25)- The building products manufacturer said it will buy back $167 million of stock from its majority owner the Manville Personal Injury Settlement Trust, and prepay $33 million in debt owed to the Trust.  The company expects the moves to add 31 cents a share to full year earnings, resulting in earnings 30% above current estimates..

SUNBEAM (SOC, 7.5)- The consumer products manufacturer reported a narrower than expected first quarter loss of 60 cents a share, compared to estimates of a loss of 66 cents.  The company said its full year results will continue to be effected by costs associated with inventory reductions and Y2K compliance.

UNOVA (UNA, 14.38)- The industrial technologies manufacturer warned that it will earn 6 cents a share in its first quarter, compared to current estimates of 14 cents.  The company blamed a transition to new products and new manufacturing facilities for the shortfall, and said it expects the problems to continue into the second quarter.

WELLPOINT HEALTH NETWORKS (WLP, 83.43)- The company will join the S&P 500, replacing Harnischfeger which filed for bankruptcy.   Look for the shares to be strong in tomorrow's trading as index trackers pick them up.

6/7/99

COLUMBIA ENERGY GROUP (CG, 15.75)- NiSource has made a $68 a share hostile bid for the gas pipeline operator, valuing it at $5.7 billion. The shares will get a boost from the news in today's trading.

EQUITRAC (ETRC, 18.5)- The electronics company's buyout agreement with Cornerstone Equity Investors has been amended, with the purchase price being reduced to $21 a share from $25.25.  Under the terms of the agreement, Cornerstone will acquire Equitrac's shares for cash

GRAHAM FIELD HEALTH PRODUCTS (FI, 2.43)- The healthcare products maker reported a wider than expected first quarter loss of 24 cents a share, compared to estimates of a 5 cent loss.   Revenues in the quarter fell to $85.5 million from $98.3 million last year.   The company also restated its earnings for 1996, 1997, and the first three quarters of 1998.  GFI said it is considering the sale of all, or part of the company as part of its plan to reduce operating expenses and increase cash flow.

HONEYWELL (HON, 105)- Allied Signal will buy the company for $14.3 billion (about $109.40 a share) in a deal to be announced today.   Each Honeywell share will be exchanged for 1.875 shares o Allied Signal.  The new company will take the Honeywell name.  The companies will cut 4500 jobs following the merger and expect the deal to be accretive to earnings in year 2000.

MEADOWCRAFT (MWI, 9.81)- The furniture maker reported an 18.2% decline in third quarter revenues, with ales falling to $66.9 million from $81.8 million last year.  Earnings per share fell to $0.48 from $0.71 last year.  The company cited a decline in margins for the lower earnings.

REED INTERNATIONAL PLC (RUK, 30.88), ELSEVIER NV (ENL, 25.81)- Reed-Elsevier warned that full year profits will be below expectations becuase of lower than expected revenues.  Reed is down 6% in London, Elsevier is down 4% in Amsterdam on the news.

ROCKY MOUNTAIN CHOCOLATE FACTORY (RMCF, 5.5)- The chocolate maker and retailer has hired an investment bank to explore strategic alternatives for maximizing shareholder value.  The company also said it expects to meet fiscal 2000 revenue and earnings targets.

SYNOPSYS (SNPS, 43.63)- The electronics company announced a $200 million stock buyback program.

TYCO INTERNATIONAL (TYC, 89.68)- The company is considering making a $5.9 billion bid for the U.K.'s Williams Plc, according to the Sunday Telegraph.  The shares are down 4 1/2 in Europe on the news.

UAL CORP (UAL, 65.81)- The airline holding company warned that below forecast May sales will cause it to miss analysts' second quarter earnings estimates.  The company sees $2.40-$2.80 for the quarter, analysts were looking for $3.10.  The airline said revenues for full year 1999 will also be below original projections.  Look for the news to put pressure on the entire airline group in today's trading.  UAL is down 1 3/8 in early European trading.

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Last modified: April 02, 2000

Published By Tulips and Bears LLC