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Stocks to watch Thursday
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March 1, 2000: 7:16 p.m. ET
Companies express interest in Aetna; Wal-Mart.com names Jackson new CEO
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NEW YORK (CNNfn) - After the bell Wednesday, two companies expressed interest in a faltering health insurer while the Web site for the nation's largest retailer named a new chief executive officer. And a software giant teamed up with a tech company to develop an online b-to-b for retailers.
Wal-Mart.com
Wal-Mart.com, the Palo Alto, Calif.-based Web site recently launched by the world's largest retailer, Wednesday named Jeanne Jackson, the online guru at Gap Inc., as its new chief executive officer.
A Colorado native, Jackson, 48, previously served as CEO of Gap Inc. subsidiary Banana Republic, a position she has held since 1996. For the past two years, Jackson has headed up the online programs for all three Gap Inc. brands including Gap, Banana Republic and Old Navy, as well as the Banana Republic Catalog.
Jackson, who began her retail career in 1978 with Federated Department Stores, has also developed brands and merchandise programs for Saks Fifth Avenue, Victoria's Secret, the Walt Disney Co. and Federated Department Stores.
"Jeanne is an outstanding retail and management talent who has developed successful brands and programs in both traditional and online retail channels," Lee Scott, Wal-Mart's president and CEO.
Jackson has made Fortune Magazine's list of the "50 Most Powerful Women" in U.S. business for the past two years.
Wal-Mart launched its Web site earlier this year with Accel Partners, a Silicon Valley venture capital firm.
Wal-Mart (WMT: Research, Estimates) shares closed up 7/16 to 49-3/16 Wednesday.
Aetna
WellPoint Health Networks Inc. and ING America Insurance Holdings Inc. have taken steps to open discussions to purchase health insurer Aetna for roughly $70 per share in cash and stock, Aetna said Wednesday.
WellPoint and ING sent a letter dated Feb. 24 to Aetna (AET: Research, Estimates), one of the nation's largest managed health care insurers, offering about $44 in cash and $26 in WellPoint stock. Aetna also said that the two prospective bidders hoped to keep their proposal confidential.
The letter comes just days after Aetna Chief Executive Officer Richard Huber resigned amid the company's troubling financial situation. William Donaldson, co-founder of the investment bank Donaldson Lufkin & Jenrette and an Aetna board member since 1977, has taken over as CEO.
Shares of Aetna closed up 11-7/8 to 53 ahead of the announcement amid press reports about the looming bid.
PairGain Technologies Inc.
PairGain Technologies Inc., the Tustin, Calif.-based DSL equipment manufacturer, announced Wednesday that it had reached an agreement with ABL Canada Inc. to buy that company's Optical Products Group and AccessExpress line of optical fiber multiplexers for $10.4 million in cash.
The companies expect to close the deal during PairGain's first fiscal quarter ending March 31.
Based in Montreal, ABL is a provider of a complete line of video solutions for broadcast quality digital video services.
The acquisition will allow PairGain customers to more easily connect to video networks.
PairGain (PAIR: Research, Estimates) shares closed down 1/16 to 17-13/16 Wednesday.
Armor Holdings Inc.
Armor Holdings Inc., a global provider of security risk management services and law enforcement security products, posted fourth-quarter results that met Wall Street expectations Wednesday.
For the quarter ended Dec. 31, 1999, the Jacksonville, Fla.-based company earned $4.5 million, or 19 cents a share compared to the $2.7 million, or 15 cents a share it earned a year ago.
That matched the consensus forecast of analysts surveyed by earnings tracker First Call/Thomson Financial.
For the 12 months ended Dec. 31, 1999, the company posted earnings of $14.3 million, or 66 cents a share excluding one-time items, compared to the $8.6 million, or 50 cents a share it earned a year ago.
For the quarter, revenue increased 62 percent to $45.8 million from $28.3 million a year ago.
Revenue for the 12 months ended Dec. 31, 1999 totaled $156.7 million, a 61 percent increase over the $97.2 million reported a year ago.
The company said continued growth powered by the acquisitions last year of two systems integration companies.
The company also announced that it had repurchased 678,900 shares as part of a program it announced last October. The total value of the shares was about $7.4 million.
Armor (AH: Research, Estimates) shares closed unchanged Wednesday.
Sony Electronics
Sony Electronics Wednesday introduced a new 13-inch flat-screen television.
The Sony FD Trinitron WEGA direct-view television will be available in stores by summer and will retail for about $330, the company said.
The flat screen provides a picture with minimal glare and virtually no distortion, Sony said.
The sets also feature built-in clock timers and sleep settings.
Sony (SNE: Research, Estimates) shares closed down 1-1/2 to 312 Wednesday.
Radiant Systems, Microsoft
Radiant Systems Inc., an Atlanta, Ga.-based developer of transaction and management systems, announced plans Wednesday to form a Web-based business-to-business supply chain exchange for retailers with Microsoft Corp.
The announcement comes just days after Sears and Carrefour, Europe's largest retailer, released plans to develop a similar exchange using Oracle's software and technology.
Microsoft will make an equity investment in the program and will supply joint marketing programs, fund product development, provide consulting services and developer support.
Radiant Systems will use Microsoft software and technologies to develop the exchange through which retailer may purchase supplies by dealing directly with manufacturers.
Radiant (RADS: Research, Estimates) shares closed up 4-1/8 to 55-1/4 Wednesday. Microsoft (MSFT: Research, Estimates) shares closed up 1-7/16 to 90-13/16.
After-hours quotes on CNNfn
Read the latest story from the markets in Asia
At 8:30 a.m. Thursday the U.S. Labor Department is scheduled to release the number of initial jobless claims for the week of Feb. 26. Also Thursday, the U.S. Commerce Department is scheduled to release the number of new home sales for the month of January.
 
-- from staff and wire reports
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