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The race to keep pace in space continues apace, as the recent run of consolidation in the satellite television industry was extended today. U.S. Satellite Broadcasting <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: USSB)") else Response.Write("(Nasdaq: USSB)") end if %> launched ahead $2 13/16 to $12 7/16 after General Motors <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GM)") else Response.Write("(NYSE: GM)") end if %> subsidiary and DirecTV operator Hughes Electronics <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GMH)") else Response.Write("(NYSE: GMH)") end if %> said it will acquire U.S. Satellite in a $1.3 billion stock deal. USSB shareholders can elect to receive cash or Hughes stock equal in value to 0.3775 shares of a Hughes share for each USSB share. The announcement comes just weeks after Hughes rival EchoStar Communications <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DISH)") else Response.Write("(Nasdaq: DISH)") end if %> said it would buy the satellite television assets of News Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NWS)") else Response.Write("(NYSE: NWS)") end if %> and MCI WorldCom <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: WCOM)") else Response.Write("(Nasdaq: WCOM)") end if %> for $1.108 billion in stock. The removal of U.S. Satellite from the field leaves only three players in the satellite TV scene: Hughes is numero uno, followed by Primestar Partners -- a partnership among TCI Satellite Entertainment <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TSATA)") else Response.Write("(Nasdaq: TSATA)") end if %>, Time-Warner <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TWX)") else Response.Write("(NYSE: TWX)") end if %>, MediaOne Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: UMG)") else Response.Write("(NYSE: UMG)") end if %>, Comcast Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CMCSA)") else Response.Write("(Nasdaq: CMCSA)") end if %>, and Cox Communications <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: COX)") else Response.Write("(NYSE: COX)") end if %> -- and EchoStar.
With gold prices lagging, there are plenty of opportunities for companies looking to boost their reserves at bargain prices. Bargains, that is, if you believe the metal is set to rebound from a three-year slump that has it around $300 per ounce today, more than $100 below its price in late 1995. Gold exploration and mining company Getchell Gold Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(AMEX: GGO)") else Response.Write("(AMEX: GGO)") end if %> shone today, glittering $11 15/16, or 73.8%, to $28 1/8 after Placer Dome <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PDG)") else Response.Write("(NYSE: PDG)") end if %> said yesterday it will buy Getchell in an all-stock deal valued at around $1.085 billion, or $34.45 per share, a 113% premium to Getchell's $16 3/6 close Friday. Despite Placer's apparent optimism -- the company doubled its reserves last month, buying an interest in a South African venture for $235 million -- the company's shares fell $1 3/4 to $12 5/16 today. While the deal thrilled Getchell stockholders and chilled Placer investors, it didn't produce much pop around the industry; companies like Newmont Mining <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NEM)") else Response.Write("(NYSE: NEM)") end if %>, Barrick Gold <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ABX)") else Response.Write("(NYSE: ABX)") end if %>, Battle Mountain Gold <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BMG)") else Response.Write("(NYSE: BMG)") end if %> and Homestake Mining <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HM)") else Response.Write("(NYSE: HM)") end if %> managed only small moves today.
QUICK TAKES: Multimedia graphics card supplier STB Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: STBI)") else Response.Write("(Nasdaq: STBI)") end if %> snagged $1 13/32 to $7 3/16 after it agreed to be bought by PC graphics accelerator firm 3Dfx Interactive <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TDFX)") else Response.Write("(Nasdaq: TDFX)") end if %>, which will give STBI shareholders 0.65 of a 3Dfx share for each share of their company's stock. For more on this deal, see tonight's "Fool on the Hill"... Financial services company Charles Schwab <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SCH)") else Response.Write("(NYSE: SCH)") end if %> rose $2 3/16 to $41 9/16 after it agreed to buy privately held, Canada-based Priority Brokerage and Porthmeor Securities, which will be combined to create Charles Schwab Canada. Terms of the deals were not disclosed... Air Jordan empire Nike Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NKE)") else Response.Write("(NYSE: NKE)") end if %> dunked for a $2 1/8 gain to $38 1/8 after it was upgraded to "buy" from "neutral" by Salomon Smith Barney, which set a 12-month price target of $50 per share.
Australian Internet service provider OzEmail's <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: OZEMY)") else Response.Write("(Nasdaq: OZEMY)") end if %> American depositary receipts snagged $1 1/4 to $22 1/8 after telecommunications giant MCI WorldCom <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: WCOM)") else Response.Write("(Nasdaq: WCOM)") end if %> announced the acquisition of 21.9 million newly issued ordinary shares, or a 14.9% stake, in the company for $2 per share. MCI WorldCom also plans a cash offer for the rest of the company's stock and ADRs (which represent 10 shares) in what many believe will initiate a competitive bidding process... Risk management software developer C*ATS Software <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CATX)") else Response.Write("(Nasdaq: CATX)") end if %> clawed its way up $2 1/2 to $7 3/16 after it agreed to be acquired by British company Misys for $7.50 per share in cash, a 60% premium over Friday's closing price... Clinical products developer Vysis Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: VYSI)") else Response.Write("(Nasdaq: VYSI)") end if %> earned $1 1/4 to $7 after it said the FDA approved its PathVysion HER-2 DNA Probe Kit for detecting a gene that promotes tumor growth in breast cancer patients for U.S. distribution.
Electric utility company New England Electric System <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NES)") else Response.Write("(NYSE: NES)") end if %> zoomed ahead $5 1/4 to $48 1/4 after it said the UK's National Grid Group will acquire it in a $3.2 billion cash deal. The $53 3/4 per share buyout price represents a 25% premium over New England's closing price Friday... Magazine publisher Petersen Companies <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PTN)") else Response.Write("(NYSE: PTN)") end if %>, which includes Teen in its portfolio, zoomed ahead $7 13/16 to $31 5/16 after it issued a statement confirming talks with British magazine and radio company EMAP plc about a potential merger... Bank holding company First Western Bancorp <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: FWBI)") else Response.Write("(Nasdaq: FWBI)") end if %> ran ahead $2 7/8 to $33 1/8 after Sky Financial Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SKYF)") else Response.Write("(Nasdaq: SKYF)") end if %> said it will buy First Western in a stock deal valuing the company at $38.09 per share, a 26% premium to its Friday closing price.
Biotech and genetic researcher Gene Logic <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: GLGC)") else Response.Write("(Nasdaq: GLGC)") end if %> moved ahead $1/4 to $6 3/8 after it expanded a drug discovery agreement with Procter & Gamble <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PG)") else Response.Write("(NYSE: PG)") end if %> beyond its initial focus on heart failure. Gene Logic expects revenues from the agreement to double as a result... Immunological vaccine developer Corixa Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CRXA)") else Response.Write("(Nasdaq: CRXA)") end if %> jumped $1 5/16 to $8 7/8 after it said it will buy Anergen Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ANRG)") else Response.Write("(Nasdaq: ANRG)") end if %> in an approximately $8.5 million stock deal... Polymer manufacturer GenCorp <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GY)") else Response.Write("(NYSE: GY)") end if %> bounced $1 1/2 to $26 1/4 after it said it has begun the process of trying to sell its Penn Racquet Sports division, which doesn't fit into its growth plans... Automobile engine remanufacturer and distributor Bonded Motors <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BMTR)") else Response.Write("(Nasdaq: BMTR)") end if %> shot up $1 to $7 3/8, mostly in the last 90 minutes of trading, before trading was halted just ahead of the final bell. The company then said it's canceling a planned stock offering and expects to miss First Call's two-analyst Q4 EPS estimate of $0.19.
Chemicals and life sciences company DuPont <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DD)") else Response.Write("(NYSE: DD)") end if %> popped up $1 3/4 to $54 after PaineWebber boosted its rating on the company to "neutral" from "unattractive"... Telecom equipment and long-distance services provider Coyote Network Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CYOE)") else Response.Write("(Nasdaq: CYOE)") end if %> howled at TheStreet.com today, advancing $1 1/8 to $7 11/16 after it said it asked the SEC to investigate recent heavy trading activity in its stock driven in large part by a series of stories appearing on J. J. Cramer's website that raised questions about Coyote's business... Video game maker Acclaim Entertainment <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AKLM)") else Response.Write("(Nasdaq: AKLM)") end if %> moved up $3/8 to $9 3/8 after BT Alex. Brown upgraded the company to "strong buy" from "buy"... Pharmaceutical developer Cell Pathways <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CLPA)") else Response.Write("(Nasdaq: CLPA)") end if %> improved $2 1/8 to $16 1/8 after taking $3 7/8 Friday following reports that its CEO said its Prevatac treatment for pre-cancerous colon polyps should be on the market by late 1999... Real estate lender Amresco Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMMB)") else Response.Write("(Nasdaq: AMMB)") end if %> rose $29/32 to $7 5/16 after Raymond James upgraded the company to "buy" from "accumulate."
Despite the popularity of the nearly impossible-to-find Biker Barbie, shares of Mattel <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MAT)") else Response.Write("(NYSE: MAT)") end if %> fell $8 1/8 to $22 on news that earnings will fall significantly below expectations. The company now expects 1998 ongoing earnings to be about $1.20 per share, well short of the $1.78 First Call estimate and down from last year's $1.65. Sales are now projected to fall $500 million short of expectations, with 70% of that due to lower reorders from retailers and the remainder from delaying shipments of spring merchandise. While sales of Mattel toys at top stores were strong over the important Thanksgiving period, retailers are trying to implement just-in-time inventory management and have slowed reorders dramatically. Given the short-term uncertainties at Mattel, traders weren't all that enthused today by the firm's all-stock acquisition of The Learning Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TLC)") else Response.Write("(NYSE: TLC)") end if %>, which was spanked $3 5/16 to $25.
Hospital and healthcare systems operator Quorum Health Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: QHGI)") else Response.Write("(Nasdaq: QHGI)") end if %> tumbled $5 15/16 to $11 after warning that poor performance from recent acquisitions, operational problems, and payor pressures will result in fiscal Q2 earnings "significantly below" the $0.32 per share posted last year, and possibly even a loss for the quarter if potential special charges for losses are factored in. Moreover, fiscal 1999 earnings will fall below the previous guidance of $1.43 to $1.48 per share, the firm's second downward revision for the full year in as many months. That track record is not inspiring confidence in many investors, who also must contend with an ongoing federal probe of the company's Medicare billing practices, which may soon culminate in specific allegations levied against Quorum. With that in mind, at least a half-dozen Wall Street firms lowered their ratings on the company today.
QUICK CUTS: Integrated oil and gas company Royal Dutch Petroleum <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: RD)") else Response.Write("(NYSE: RD)") end if %> lost $1 3/4 to $46 9/16 after announcing it will take a $4.5 billion restructuring charge in Q4 as it sells off lower-earning assets and cuts staff, which will hopefully produce $2.5 billion in annual cost savings by 2001. Sister company Shell Transport & Trading <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SC)") else Response.Write("(NYSE: SC)") end if %> slid $1 7/16 to $35 3/4... Industrial, aerospace, and automotive engineered components maker Aeroquip-Vickers <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ANV)") else Response.Write("(NYSE: ANV)") end if %> dropped $1 3/4 to $30 13/16 after saying lower global demand for its industrial products will result in Q4 EPS between $0.25 and $0.30, falling short of the First Call mean estimate of $0.85... Paramount Pictures and MTV Networks parent Viacom Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(AMEX: VIA)") else Response.Write("(AMEX: VIA)") end if %> slumped $2 1/8 to $66 1/8 after saying on Friday that it will close its Chicago Viacom Entertainment Store and phase out its Nickelodeon outlets. Instead, the company said it will focus on developing its brands and characters through future licensing deals.
New and used auto dealerships and car rental outlets operator Republic Industries <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: RII)") else Response.Write("(NYSE: RII)") end if %> spun out for a $1 5/16 loss to $13 3/8 after saying lower-than-expected used car sales and problems closing some recent acquisitions will result in Q4 EPS about $0.05 below the $0.27 the firm said analysts had been expecting... Wireless and mobile information systems developer Telxon Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TLXN)") else Response.Write("(Nasdaq: TLXN)") end if %> slid another $1 11/16 to $13 5/16 following a 45% drop on Friday after the firm said it will restate its fiscal Q2 results to account for revenue recognition concerns stemming from a new financing program with distributors, resulting in a loss of $0.05 per share for the period... Commercial aircraft cabin products maker BE Aerospace <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BEAV)") else Response.Write("(Nasdaq: BEAV)") end if %> dove $2 5/16 to $23 11/16 following a downgrade from Morgan Stanley Dean Witter to "outperform" from "strong buy."
Electronic design automation (EDA) tools maker Cadence Design Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CDN)") else Response.Write("(NYSE: CDN)") end if %> declined $2 5/16 to $25 1/4 after Credit Suisse First Boston cut its rating on the firm to "hold" from "buy" and reduced its fiscal 1999 earnings estimate to $1.32 per share from $1.35 per share... Information technology education centers operator Computer Learning Centers <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CLCX)") else Response.Write("(Nasdaq: CLCX)") end if %> dropped $9/16 to $5 1/16 after Bloomberg News reported late Friday that the company's Houston center is being investigated by Texas authorities due to allegations that the company misled students about their future earnings potentials and helped them cheat on their examinations... Visual Networks <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: VNWK)") else Response.Write("(Nasdaq: VNWK)") end if %> was blindsided for a $3 1/16 loss to $30 7/8 after Donaldson, Lufkin & Jenrette downgraded the maker of wide area network (WAN) troubleshooting products to "market perform" from "buy."
Specialty chemicals maker Witco Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: WIT)") else Response.Write("(NYSE: WIT)") end if %> spilled $11/16 to $17 3/16 after saying higher costs and "intensified" pricing pressures will result in Q4 operating earnings "substantially lower" than the $0.19 per share recorded in Q3. The Zacks mean estimate had called for earnings of $0.20 per share in the quarter... Storage Technology Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: STK)") else Response.Write("(NYSE: STK)") end if %> slid $3 13/16 to $32 3/16 after SoundView Technology Group lowered its rating on the maker of information storage devices to "hold" from "buy"... Financial services giant Citigroup <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: C)") else Response.Write("(NYSE: C)") end if %> fell $1 3/4 to $46 after The Wall Street Journal reported that the firm will announce as early as this week an estimated $1 billion in restructuring charges to cut costs by $500 million to $1 billion annually.
Desktop publishing software developer Adobe Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ADBE)") else Response.Write("(Nasdaq: ADBE)") end if %> threw up a brick and dropped $3 9/16 to $37 3/8 after CIBC Oppenheimer lowered its rating to "hold" from "buy"... Ready-to-assemble furniture maker Bush Industries <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BSH)") else Response.Write("(NYSE: BSH)") end if %> was whacked $1 5/16 to $14 7/8 after saying slower-than-expected transitions by retailers to new products will lead to Q4 EPS between $0.08 and $0.12, or less than half the current Zacks mean estimate of $0.25... Dental X-ray and mammography equipment maker Trex Medical Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(AMEX: TXM)") else Response.Write("(AMEX: TXM)") end if %> was zapped $1 7/8 to $7 after saying lower revenues will result in "approximately breakeven" fiscal Q1 results, missing the First Call mean estimate of $0.15. President and CEO Hal Kirshner also resigned and will be replaced on an interim basis by an executive of Thermo Electron Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TMO)") else Response.Write("(NYSE: TMO)") end if %>.
FOOL
ON THE HILL
An Investment Opinion
by
Yi-Hsin Chang
Turning Point for 3Dfx
In one fell swoop, 3Dfx Interactive <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TDFX)") else Response.Write("(Nasdaq: TDFX)") end if %> became a new company today.
"It's a huge turning point" for 3Dfx, said CEO Greg Ballard in an interview this afternoon. "It's a huge turning point, I would argue, for the whole industry."
The 3-D graphics technology company this morning announced it will acquire multimedia accelerator manufacturer STB Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: STBI)") else Response.Write("(Nasdaq: STBI)") end if %> for about $141 million, or $10.64 a share in stock, based on Friday's close. That represented a roughly 84% premium to STB's closing price Friday of $5 25/32 ($5.78). But because 3Dfx lost $3 7/16, or 21%, of its value today to $12 15/16, the price is now more like $8.41 a share. Under the terms of the deal, shareholders will exchange each STB share for 0.65 of a 3Dfx share. The companies expect to complete the transaction in March.
According to Ballard, 3Dfx is leading the charge -- the "first mover" -- in a wave of industry consolidation, where every player is talking with everyone else to broker the best possible deal. "In the game of musical chairs, because we moved first, we got to pick the best chair," Ballard said. "Now everybody else is looking around and looking at which chairs are left over, and, frankly, some of them have broken legs."
Conventional wisdom has been that it's better to invest in graphics board makers that aren't bound to any one technology because they can avoid the technological "leapfrog" that invariable occurs in the business. But Ballard believes that the 3Dfx-STB combination is a better business model and is a better way of delivering products to both retail consumers and original equipment manufacturers (OEMs). The seamless operation eliminates the middleman, allowing 3Dfx to respond faster to new technologies and issues of supply and demand.
Ballard admits that the company will be going into a much lower margin business, but he emphasizes that there are a lot of margin dollars in this business. For example, 3Dfx sold Voodoo 2 technology to manufacturers such as STB for $50 apiece. STB, in turn, sold the product at retail for $250. With the STB acquisition, 3Dfx will be able to make more money on each product and thus generate more revenue.
Still, manufacturing will eat up working capital and contribute to a longer cash conversion cycle. While it's too early to say whether the deal will be accretive to earnings, at the very worst, it should be neutral to earnings, Ballard said. While no outright cost savings will result from the merger, 3Dfx is acquiring a company that trades at a lower forward P/E multiple.
One of the main reasons 3Dfx picked STB is because the board maker has established strong relationships to major OEMs. For the first nine months of fiscal 1998, about 82% of STB's net sales were to OEM customers. PC makers Gateway <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GTW)") else Response.Write("(NYSE: GTW)") end if %>, Dell Computer <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DELL)") else Response.Write("(Nasdaq: DELL)") end if %>, and Compaq Computer <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CPQ)") else Response.Write("(NYSE: CPQ)") end if %> accounted for about 75% of the total sales. In contrast, 3Dfx has only just started to cultivate ties with OEMs, which have been concerned that the company won't be able to deliver on products promised because it isn't a manufacturer. By eliminating the middleman, 3Dfx can deal directly with OEMs. At the same time, it can take advantage of STB's retail distribution infrastructure to maximize its already strong retail presence.
While 3Dfx and STB will both continue to support existing products and customers, the combined company will be the single source for future 3Dfx products, starting with Voodoo 3 early next year. But 3Dfx will continue to sell new technology to niche players such as Quantum 3D as well as some customers in Asia and parts of Europe, where its infrastructure may be lacking. At first glance, one company that stands to lose from the deal is privately held nVidia, a competitor to 3Dfx that derived 63% of its revenue last year from STB. For a company that has filed to go public, the 3Dfx acquisition of STB and the mergers that are likely to follow may leave nVidia standing without a chair.
Related Links:
-- StockTalk Interview with Greg Ballard (9/17/98)
-- StockTalk Interview with Greg Ballard (6/3/98)
-- 3Dfx message board
Please see the Motley Fool's Conference Calls page for call information and links to synopses.
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