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Stocks to watch Thursday
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February 2, 2000: 7:37 p.m. ET
HP and Kodak to announce joint venture; broadband supplier's 4Q beats the Street
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NEW YORK (CNNfn) - A major computer maker is poised to announce a joint venture with a popular photography company, and a broadband supplier posted better-than-expected fourth-quarter earnings Wednesday.
Hewlett-Packard Co.
Hewlett-Packard Co. (HWP: Research, Estimates), the Palo Alto, Calif.-based computer maker, has scheduled a noon press conference Thursday with Eastman Kodak (EK: Research, Estimates) to announce a joint photo finishing venture. Executives plan to share details of the venture, which is expected to increase digital-photography services for consumers.
Hewlett-Packard shares closed up Wednesday 4-3/4, or 4 percent, to 110-9/16. Shares of Rochester, N.Y.-based Kodak closed at 61-9/16.
Next Level Communications Inc.
Next Level Communications Inc. (NXTV: Research, Estimates), a supplier of interactive DSL broadband systems, posted better-than-expected fourth quarter earnings Wednesday, reflecting growing demand for the company's broadband system.
Rohnert Park, Calif.-based Next Level posted a net pro forma fourth-quarter loss of $16 million, or 21 cents a share excluding a one-time item. That's less than the loss of $21.4 million, or 28 cents per share, a year ago, and two cents less than the consensus forecast of analysts surveyed by First Call/Thomson Financial.
Revenue for the quarter ended Dec. 31, 1999 totaled $25.2 million, a 12 percent increase over the $22.6 million a year ago.
Revenue for the full year rose 31 percent to $57.6 million, compared to $43.8 million in 1998.
The company cited deployment of its DSL video and high-speed data systems by U.S. West in Phoenix to more than 300,000 homes as a major source for increased earnings.
Next Level closed up 10-7/16, or 13 percent, on Wednesday to 91-7/16.
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Rainforest Cafe
Rainforest Café Inc. (RAIN: Research, Estimates) announced Wednesday that it signed a joint-venture agreement to open its first location in Japan at the Ikspiari complex at the Tokyo Disney Resort.
The Tokyo Disney Rainforest Café will operate under a franchising agreement between Oriental Land Co. Ltd., Mitsubishi Corp. and Rainforest Café Inc.
Minneapolis-based Rainforest Café owns and operates 37 cafes worldwide.
The company closed down 1/16, or 2 percent, Wednesday to 3-15/16.
The Meditrust Companies
The Meditrust Cos. (MT: Research, Estimates) on Wednesday announced the sale of its medical office building management company, Paramount Real Estate Services Inc. The sale, worth $204 million, included a majority of the company's medical office building porfolio. The company also announced the sale of 12 assisted living facilities for $28 million.
The moves are part of the Needham, Mass. company's previously announced reorganization plan.
Meditrust's President and Chief Executive David Benson resigned his positions on Jan. 28. Board member William Byrnes will act as interim CEO until a replacement is found.
Meditrust shares closed up 1/8, or 4 percent Wednesday to 3-1/4.
The federal government is expected to release two reports Thursday tracking home and auto investing and the health of small business. 
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