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CNNfn after the bell
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September 1, 1999: 9:16 p.m. ET
iVillage takes a family, Tech Data meets the Street and DuPont bonds
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NEW YORK (CNNfn) - An women's Internet site adopted a family and a computer-parts company had big numbers after the bell sounded the end of trading Wednesday.
iVillage Inc.
Women's Internet network iVillage Inc. (IVIL) was in a family way with the acquisition of FamilyPoint.com, an online meeting center, for $26 million in stock and cash.
The price could rise $5 million if FamilyPoint meets certain requirements. The site was founded a year ago and, according to Media Metrix, reached about 0.6 percent of all Web users in May, June and July and averaged 5 million monthly page views in the same period.
iVillage said it believes the addition of FamilyPoint.com's nearly 700,000 members and roughly 345,000 average monthly unique visitors will increase reach and advertising revenue to iVillage.com.
Tech Data Corp.
Tech Data Corp. (TECD), the world's No.2 distributor of computer products, had the right data for Wall Street, thanks to strong second-quarter sales.
The Clearwater, Fla.-based company reported profit of $29.4 million, or 54 cents per diluted share, matching First Call's estimate to the penny. Tech Data reported profit of $27.7 million or 55 cents per share in the year-ago period, excluding a $12.5 million pre-tax gain, or 15 cents per diluted share from the sale of its former Macrotron subsidiary.
Second-quarter sales increased 81.9 percent to $4.02 billion. Sales for the six-month period ended July 31, 1999, grew 79.7 percent to $7.9 billion . Net income for the first six months of fiscal 2000 totaled $57.4 million, or $1.07 per diluted share, compared with net income in the prior six month period of $50.8 million, or $1.01 per diluted share, excluding the gain on the sale of Macrotron.
Ligand Pharmaceuticals Inc.
Ligand Pharmaceuticals Inc. (LGND) said Warner-Lambert Co. (WLA) bought $2.5 million of Ligand's stock and the two companies would collaborate on estrogen receptor research.
The Warner stake amounts to less than 1 percent of Ligand, a spokeswoman for the San Diego-based company said.
The agreement with Warner's Parke-Davis Pharmaceutical Research Division will focus on discovery and development of selective estrogen receptor modulators, or SERMs, which have the potential to treat and prevent diseases like osteoporosis, cardiovascular disease and breast cancer, Ligand said.
Under the agreement, Ligand may receive up to $13 million in research funding through September 2002, as well as undisclosed future product milestone payments and royalties.
Parke-Davis will fund the costs of developing and marketing compounds selected from the collaboration and has the worldwide rights to manufacture and sell any resulting products.
Ligand will be entitled to milestones at various stages of each compound's development. Upon the marketing of a product, Parke-Davis will pay Ligand royalties on net sales of each product on a product-by-product basis.
DuPont Co.
DuPont Co. (DD), the No. 1 U.S. chemical company, cooked up an announcement that it had filed a shelf registration for $4 billion in debt securities to give the company continued financing and refinancing flexibility for general corporate purposes.
The Wilmington, Del.-based DuPont said the filing will help it maintain financial flexibility in managing the fixed and floating rate mix of the company's total debt portfolio. The company's previous shelf registration was in 1994.
Starbucks Corp.
Starbucks Corp. (SBUX) said same-store sales in the four-week period ended Aug. 22 perked up 8 percent, compared to a year ago.
The No. 1 U.S. specialty coffee retailer said total sales for the four weeks rose 25 percent to $135 million, versus year-ago levels.
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Thursday preview
Investors may want to watch Phelps Dodge Corp. (PD), which said it will ask its shareholders to approve the issuance of more stock-- something it needs to move forward with its $2.5 billion all-stock bid for Asarco Inc. (AR) and Cyprus Amax Minerals Co. (CYM).
Also, Priceline.com (PCLN), the online "name your price" buying service said it plans to expand its home-financing loan options through a joint venture with Alliance Capital Partners.
Republic New York (RNB), the banking and financial-services company, will be getting some unwanted attention Thursday from investors and its planned merger partner London-based HSBC. Republic announced late Wednesday that it had suspended a top executive following an investigation into activities at a company affiliate in Japan.
On the economic front, the July factory orders are scheduled to be released Thursday. Estimates call for a 1.8 percent increase, while the previous report saw a 0.7 percent boost.
--from staff and wire reports.
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