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CNNfn after the bell
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September 23, 1999: 6:49 p.m. ET
Intuit CEO quits, Purina bites back shares, Engage engages AdKnowledge
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NEW YORK (CNNfn) - Intuit Inc. shares plunged in after-hours trading Thursday after announcing that its chief executive officer had resigned. Ralston Purina Inc. unveiled plans to take bite out of its own outstanding stock while Engage Technologies announced its engagement to AdKnowledge Inc.
Intuit Inc.
Shares of Intuit Inc. (INTU) slid almost 4 percent in after-hours trading Thursday after the personal-finance software producer said its chief executive resigned and would be replaced in the interim by its chairman. Intuit fell 4-1/16 to 96-1/2 after closing down 2-11/16 at 100-9/16 during the regular trading session. Chairman Bill Campbell was named acting CEO, the company said.
Ralston Purina Co.
Ralston Purina Co. (RAL) announced after the bell Thursday that its board of directors authorized the purchase of up to 8 million shares of its common stock. The company also said that its previous 8 million share repurchase program, authorized in August 1999, had been substantially completed. Also at its regular meeting today, Ralston's board declared a quarterly dividend of 10 cents a share, payable on Dec. 13 to shareholders of record at the close of business on Nov. 22.
Engage Technologies Inc.
Engage Technologies Inc. (ENGA) a majority-owned operating company of CMGI Inc. (CMGI), unveiled after the close of markets Thursday that it will acquire privately held AdKnowledge Inc. in an all stock transaction valued at approximately $193 million. Engage said it will benefit from AdKnowledge's relationships with online marketers and agencies.
Goodyear Inc.
The Goodyear Tire & Rubber Co. (GT) announced after the bell Thursday that it expects to earn between 50 cents and 56 cents a share in the third quarter. Analysts polled by First Call Corp. are expecting earnings of 53 cents a share for the quarter. Excluding both one-time gains and charges, Goodyear said it expects to earn between $80 million and $90 million in the third quarter. A $140 million gain from a European joint venture with Sumitomo Rubber Industries boosted earnings during the three-month period, though a $120 million charge offset that. Goodyear will roll out its third quarter results Oct. 21.
Watsco Inc.
Watsco Inc. (WSO), one of the country's leading air-conditioning unit distributors, announced after the bell Thursday that volatile weather conditions, including Hurricane Floyd, and lower demand for air conditioning will prevent the company from meeting analysts' fourth-quarter estimates of 44 cents a share. Instead, Watsco said its per-share earnings will likely ring in at about 5 cents below estimates. At the same time, the company said it expects to report record sales and earnings for the quarter. Cooler temperatures in Texas and California, its biggest markets, along with the shuttering of its stores during Hurricane Floyd, are what will lead to the lower-than-anticipated earnings, it said.
Union Carbide
Union Carbide (UK) announced after the bell Thursday that it will "approximate" analysts' estimates for its third quarter due to higher-than-expected raw materials prices. The company did not provide a per-share range of what it expects to earn. Analysts polled by First Call Corp. currently expect third-quarter earnings of 56 cents a share. Union Carbide will issue its full earnings report on Oct. 25.
BP Amoco Plc
The Alaskan unit of BP Amoco Plc (BPA) received a $7 million fine from the U.S. Justice Department after the bell Thursday after pleading guilty to criminal and civil federal charges of illegal waste dumping. Terms of the criminal settlement for illegal waste disposal between 1993 and 1995 included a five-year probation, during which the oil giant's activities in Alaska will be monitored. BP Amoco also agreed to fund a $15 million environmental monitoring program at its exploration and production sites in the United States. The fine included a $6.5 million civil penalty and a $500,000 criminal penalty. The U.S. Attorney General's Office said the criminal investigation would continue and could lead to charges against individuals.
Real Goods Trading Corp.
Real Goods Trading Corp. (RGTC), a California based retailer of environmental and renewable energy products, announced after the bell Thursday that it sold 800,000 shares of common stock to Whole Foods Market Inc. (WFMI) for $3.6 million, or $4.50 a share. The issued shares will give Whole Foods a 16.4 percent stake in Real Goods, and one seat on Real Goods' board of directors. Real Goods anticipates opening as many as 20 new stores adjacent to Whole Foods over the next five years and will be experimenting with retail "kiosks" in existing high volume Whole Foods stores.
Friday's outlook
With no economic reports due Friday, investors will be focused once again on the roller-coaster stock market and how much further away the venerable Dow Jones industrial average will get from its all-time high. The Dow ended the day Thursday down 205.48 points at 10,318.59, down more than a 1,000 points from its record 11,326.04 reached Aug. 25.
Tobacco stocks may also garner attention as investors speculate the Federal government's multi-billion dollar lawsuit against cigarette makers may go up in flames.
Of interest to financial markets next week will be comments from economists, finance ministers and Federal Reserve Chairman Alan Greenspan at the IMF-World Bank annual meetings, which begins in Washington over the weekend and officially kicks off on Monday.
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Goldman Sachs' markets guru Abby Joseph Cohen will address delegates on the "The U.S. as "Economic Role Model" on Sunday at noon Eastern time. Greenspan will speak about "Lessons from the Global Crises" on Monday at 5:45 p.m. Eastern time.
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