NEW YORK (CNNfn) - Kraft Foods priced the second-largest U.S. initial public offering, raising $8.7 billion after the bell Tuesday, while Avaya both warned and announced job cuts.
Kraft sold 280 million shares at $31 each via lead underwriters Credit Suisse First Boston and Salomon Smith Barney. Kraft bumped up its price range Tuesday to $30 to $31 a share from $27 to $30. The stock will trade on the New York Stock Exchange as "KFT."
Avaya (AV: Research, Estimates), the former unit of Lucent Technologies, warned that fiscal third-quarter revenues will drop and that the provider of communication software will cut 3,000 jobs, or 11 percent of its workforce.
CMGI (CMGI: Research, Estimates) reported a fiscal third-quarter net loss that more than doubled from the same period a year earlier and said it expects losses to narrow in the current quarter.
In after-hours trading CMGI fell 14 cents to $4.
Abbott Laboratories (ABT: Research, Estimates) filed suit in Federal court against Watson Pharmaceuticals (WPI: Research, Estimates), alleging false advertising and deceptive trade practices related to Abbott's thyroid drug Synthroid.
Internet service provider Loudcloud (LDCL: Research, Estimates) logged a fiscal first-quarter loss that was wider than expected as the newly listed company's business was hit by the slowdown in information technology spending.
The stock fell 13 cents to $3.25 in after-hours trading.
Digitas (DTAS: Research, Estimates), an Internet professional services company, warned it expects a pro-forma cash loss of 18 cents to 20 cents, before a previously announced restructuring charge, because of a slowdown in the financial services sector.
Analysts' second-quarter estimates had ranged from break-even to a 2-cent gain, with an average estimate of 1 cent, according to First Call.
In after-hours trading shares of Digitas fell 64 cents to $5.01.
Plum Creek Timber (PCL: Research, Estimates) said it would proceed with a nearly year-old agreement to purchase Timber Co. (TGP: Research, Estimates) from Georgia-Pacific (GP: Research, Estimates) after learning the merger would be tax-free to both companies and their shareholders.
The merger agreement calls for Timber Co. shareholders to receive 1.37 Plum Creek shares for each share they own, a ratio that values each Timber Co. share at $38.44 based on Plum Creek's closing price of $28.06 Monday. The merger will transform Plum Creek into the second-largest private timberland owner in the United States.
Print management and services company Wallace Computer Services (WCS: Research, Estimates) met third-quarter expectations with operating income of $30.5 million, or 34 cents per share.
Revenues rose 1.8 percent from the same period a year ago to $395.7 million.
The stock fell 38 cents to $16.63 after hours.
E-business and marketing software maker FirePond (FIRE: Research, Estimates) announced a restructuring that will cut about 190 jobs, or 30 percent of its staff, as it tries to offset the impact of a slowing economy and stay on track to break-even by the fiscal
2002 second quarter.
The stock was unchanged after hours at $1.80. 
-- from staff and wire reports
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