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Hot Stocks: Disharmony
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November 13, 2000: 7:34 p.m. ET
Harmonic spirals lower; Tyco dips on acquisition news; HP slips
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NEW YORK (CNNfn) - Communications equipment maker Harmonic was a loser in after-hours trading Monday after the company restated its fiscal third quarter earnings to reflect a loss of 10 cents matching Wall Street estimates.
Shares of Tyco wobbled after the diversified manufacturer announced it was acquiring the power systems business from telecommunications equipment maker Lucent Technologies for $2.5 billion in cash.
Hewlett-Packard slid in after-hours trading after the computer maker reported it failed to meet analysts' estimates for the fiscal fourth quarter.
Monday's after-hours losers
Harmonic (HLIT: Research, Estimates) down $3.31 to $10.94. The communications equipment maker said Monday it restated third-quarter financial results after one of its broadband access customers returned $4.1 million worth of products. Excluding the effects of noncash purchase accounting adjustments for amortization of goodwill and other intangibles and charges for acquired in process research and development, Harmonic revised its pro-forma net loss for the third quarter to $5.5 million, or 10 cents a share, matching analysts' estimates, from a previously reported loss of $4.6 million, or 8 cents a share.
Tyco (TYC: Research, Estimates) down $3.31 to $49.63. Lucent (LU: Research, Estimates) down 44 cents to $22.75. Diversified manufacturer Tyco International is spending $2.5 billion for Lucent Power Systems, a unit of telecom equipment provider Lucent Technologies.
Redback Networks (RBAK: Research, Estimates) down 31 cents to $72.44. The provider of broadband networking systems said Senior Vice President and Chief Financial Officer Craig Gentner plans to retire in the first quarter of 2001.
Monday's after-hours newsmakers
Hewlett-Packard (HWP: Research, Estimates) down 87 cents to $34.13. The computer maker reported fiscal fourth-quarter earnings that came in well below Wall Street forecasts, citing currency and expense problems for the shortfall.
Western Multiplex (WMUX: Research, Estimates) unchanged at $9. The high-speed-communications equipment maker will acquire the data-networking company Adaptive Broadband (ADAP: Research, Estimates) for $645 million in stock.
XOMA (XOMA: Research, Estimates) down 94 cents to $10.06. The drug company reported a third-quarter loss that missed Wall Street forecasts.
WebMD (HLTH: Research, Estimates) down 19 cents to $9.94. The Web-based health care information and service provider on Monday reported its net loss for the third quarter, excluding the previously announced restructuring charge of $44.9 million and non-cash charges, was $65.8 million, or 27 cents a share, compared with $10.1 million or 14 cents a share for the year-earlier quarter. Analysts polled by earnings tracker First Call/Thompson had forecast a loss of 22 cents a share. Revenue for the September 2000 quarter was $151.2 million compared with $28.7 million reported in the third quarter of 1999.
American Freightways (AFWY: Research, Estimates) unchanged at $27.62. FedEx (FDX: Research, Estimates) agreed to acquire American Freightways for $950 million in cash and stock.
Methode Electronics (METHA: Research, Estimates) down $1.19 to $20.38. Merrill Lynch downgraded fiber-optics company Methode to "near-term neutral/long-term accumulate" after Agilent Technologies (A: Research, Estimates) said it has sued Methode and its subsidiary Stratos Lightwave for alleged infringement of four Agilent patents related to optical systems.
Smithfield Foods (SFD: Research, Estimates) down 72 cents to $27.28. Smithfield made an unsolicited $2.7 billion stock offer to buy IBP, just six weeks after the biggest U.S. meatpacker agreed to a management-led buyout worth about $2.4 billion in cash.
Willamette Industries (WLL: Research, Estimates) up 13 cents to $45.94. Forest products company Weyerhaeuser (WY: Research, Estimates) said it had offered to buy rival Willamette Industries for $48 a share, or about $5.3 billion. 
-- compiled by Antoinette Coulton, Mark Gongloff, and Parija Bhatnagar from staff and wire reports
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