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HEROES

Italian eyeglasses maker Luxottica Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: LUX)") else Response.Write("(NYSE: LUX)") end if %> improved $2 9/16 to $15 1/2 today after announcing its intention to further broaden its stable of big-time eyewear brands by buying Bausch & Lomb's <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BOL)") else Response.Write("(NYSE: BOL)") end if %> sunglasses business -- which includes the Ray-Ban, Revo, Arnette, and Killer Loop lines -- for $640 million in cash. It's a tale of companies headed in different directions: "With this we add the most prestigious sun brands in the world to our portfolio," said Luxottica Chairman Leonardo Del Vecchio, who hinted at a purchase of the Ray-Ban line in January. Bausch & Lomb CEO William Carpenter, meanwhile, proudly spoke of the company's renewed focus -- the company in November hinted at changes to come as it concentrates on expanding its eye-care business. His company's stock dropped $1 to $78 today.

Needle-free drug injection systems company Medi-Ject Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MEDJ)") else Response.Write("(Nasdaq: MEDJ)") end if %> shot up $5 1/16 to $6 3/8 today, a 386% gain, after the FDA approved its Choice no-needle insulin injector for over-the-counter sales. The Choice injector has been available in various forms over the past two decades by prescription only. Medi-Ject sold 20,000 during that time but has significantly bigger plans for the product now, particularly with the company's recently move into e-commerce (yours now for $399, extra syringe kits $29.99 apiece). Investors should watch this space carefully, particularly with an inhalable insulin systems under development by a partnership between Pfizer <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PFE)") else Response.Write("(NYSE: PFE)") end if %> and Inhale Therapeutic Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: INHL)") else Response.Write("(Nasdaq: INHL)") end if %>. Click here for a July interview with Inhale CEO Robert Chess.

Shares of oil companies posted broad gains today as New York crude oil futures advanced $0.64 to $18.45 per barrel on the strength of a weekly inventory report from the American Petroleum Institute (API) suggesting that OPEC's plan to cut production was helping cut into a global surplus. According to the API, U.S. oil inventories were down 4.7 million barrels, about four times as much as anticipated. Integrated oil company Exxon <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: XON)") else Response.Write("(NYSE: XON)") end if %> took $3 1/4 to $81 1/2 while Texaco <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TX)") else Response.Write("(NYSE: TX)") end if %> got $2 7/8 to $63 1/2; oilfield services firm Halliburton Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HAL)") else Response.Write("(NYSE: HAL)") end if %> advanced $3 1/8 to $43 7/8 while Baker Hughes <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BHI)") else Response.Write("(NYSE: BHI)") end if %> moved up $2 1/4 to $29 9/16; and drilling company Global Marine <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GLM)") else Response.Write("(NYSE: GLM)") end if %> added $1 7/16 to $14 7/8 while Transocean Offshore <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: RIG)") else Response.Write("(NYSE: RIG)") end if %> captured $2 5/16 to finish at $29 11/16.

QUICK TAKES: Dutch enterprise software company Baan <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BAANF)") else Response.Write("(Nasdaq: BAANF)") end if %> got $1 3/16 to $9 15/16 after reporting a Q1 loss of $0.09 per share, $0.02 better than Wall Street expected. The company said it is also looking to boost its credit line and announced an order from Dutch telecom company Royal KPN... Stainless steel flatware maker Oneida Ltd. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: OCQ)") else Response.Write("(NYSE: OCQ)") end if %> shone $4 3/8 to $25 5/8 after the company's board rejected an unsolicited buyout proposal from Libbey Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: LBY)") else Response.Write("(NYSE: LBY)") end if %>. The $30 per share cash offer represented a 41% premium to yesterday's closing price... Precision automotive fuel systems maker Walbro Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: WALB)") else Response.Write("(Nasdaq: WALB)") end if %> sped ahead $7 1/4 to $19 9/16 after agreeing to be bought by London's TI Group for $20 per share, a more than 62% premium to yesterday's closing price. Both companies' boards have approved the deal.

Chemicals giant DuPont <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DD)") else Response.Write("(NYSE: DD)") end if %> improved $4 3/8 to $73 1/2 after its board authorized the planned spinoff of its 70% stake in oil company Conoco <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: COC)") else Response.Write("(NYSE: COC)") end if %>. Conoco fueled up $15/16 to $26 3/8 today... Insurer Conseco Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CNC)") else Response.Write("(NYSE: CNC)") end if %> added $2 7/16 to $32 5/8 after Chairman Stephen Hilbert said the company's Q1 results "put us on track to reach our goals for the full year." Quarterly EPS was $0.92, $0.02 better than expected... Securities market maker Knight/Trimark Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NITE)") else Response.Write("(Nasdaq: NITE)") end if %>, a recent Foolish Double, rose $7 1/8 to $134 after CEO Kenneth Pasternak told StockHouse.com "transaction numbers are running well ahead of last quarter."

Millimeter wave digital radio systems maker P-Com Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PCMS)") else Response.Write("(Nasdaq: PCMS)") end if %> got $1 3/16 to $5 3/4 following last night's news of more than $6 million in orders for solid-state video equipment and services from a company registered in the Russian Federation... Network server vendor Sequent Computer Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SQNT)") else Response.Write("(Nasdaq: SQNT)") end if %> popped up $1 11/32 to $10 5/16 after the company's board authorized a buyback of up to 8 million shares of company stock... Inks and coatings products maker Lawter International <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: LAW)") else Response.Write("(NYSE: LAW)") end if %> rose $3 1/16 to $12 following news that Eastman Chemical <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: EMN)") else Response.Write("(NYSE: EMN)") end if %> agreed to buy the company for $12 1/4 per share in cash, about a 37% premium over yesterday's closing price. Lawter also said Q1 EPS was $0.17, up from $0.14 last year and beating First Call's $0.15 three-analyst consensus estimate. Eastman picked up $1 to $50 15/16.

Group and individual disability insurer UNUM Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: UNM)") else Response.Write("(NYSE: UNM)") end if %> got $6 3/16 to $53 3/4 after the company revealed plans to leave the reinsurance pool management operations and risk assumption businesses to concentrate on its core disability insurance operations. Q1 EPS before charges was $0.72, up from $0.65 last year and flat with estimates. Merger partner Provident Cos. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PVT)") else Response.Write("(NYSE: PVT)") end if %>, which reported Q1 EPS of $0.52 -- a penny short of Street estimates -- absorbed $3 7/8 to $38 5/8... Website designer Razorfish Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: RAZF)") else Response.Write("(Nasdaq: RAZF)") end if %> took $12 7/8 to $46 3/8 in its second day of trading. The stock got $17 1/2 yesterday after selling 3 million shares in an initial public offering at a price of $16 per share... Apparel maker Phillips-Van Heusen <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PVH)") else Response.Write("(NYSE: PVH)") end if %> buttoned up $1 3/4 to $8 7/16 after Prudential Securities upgraded the stock to "strong buy" from "hold."

Property and casualty insurer Acceptance Insurance Companies <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AIF)") else Response.Write("(NYSE: AIF)") end if %>, which hired Warburg Dillon Read to help examine strategic alternatives, moved ahead $1 5/16 to $13 13/16. The company said Q1 EPS was $0.30 before charges, down from $0.40 last year but beating First Call's $0.24 three-analyst mean projection... Georgia bank operator First Liberty Financial Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: FLFC)") else Response.Write("(Nasdaq: FLFC)") end if %> took $7 13/16 to $31 1/16 on news that BB&T Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BBT)") else Response.Write("(NYSE: BBT)") end if %> agreed to buy the company for about $33 1/4 worth of BB&T stock per share based on yesterday's closing price -- about a 43% premium... Dynamic random access memory producer Micron Technology <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MU)") else Response.Write("(NYSE: MU)") end if %> took $2 5/8 to $38 3/8 after Merrill Lynch analyst Joseph Osha reinstated coverage of the stock with a near-term "accumulate" rating and a 12-month price target of $55 per share.

Earnings Movers

Aetna <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AET)") else Response.Write("(NYSE: AET)") end if %> up $10 3/8 to $92; Q1 EPS $1.08 vs. $0.90 last year; estimate: $1.01

Allegheny Teledyne <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ALT)") else Response.Write("(NYSE: ALT)") end if %> up $1 3/8 to $22 13/16; Q1 EPS $0.33 (before one-time items) vs. $0.35 last year; estimate: $0.30

Ascend Communications <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ASND)") else Response.Write("(Nasdaq: ASND)") end if %> up $1/8 to $97 7/8; Q1 EPS $0.36 (before charges) vs. $0.26 last year; estimate: $0.36

Bio-Rad Laboratories <% if gsSubBrand = "aolsnapshot" then Response.Write("(AMEX: BIO.A)") else Response.Write("(AMEX: BIO.A)") end if %> up $2 5/16 to $28; Q1 EPS $0.89 vs. $0.72 last year; no estimate

Borg-Warner Automotive <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BWA)") else Response.Write("(NYSE: BWA)") end if %> up $3 1/16 to $58 13/16; Q1 EPS $1.32 vs. $1.09 last year; estimate: $1.30

Coherent Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: COHR)") else Response.Write("(Nasdaq: COHR)") end if %> up $1/2 to $15; fiscal Q2 EPS $0.22 vs. $0.29 last year; estimate: $0.21

Guitar Center Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: GTRC)") else Response.Write("(Nasdaq: GTRC)") end if %> up $15/16 to $15 1/8; Q1 pro forma EPS $0.18 vs. $0.13 last year; estimate: $0.18

IKON Office Solutions <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IKN)") else Response.Write("(NYSE: IKN)") end if %> up $1/16 to $12 1/8; fiscal Q2 EPS $0.15 vs. $0.27 last year; estimate: $0.14

Jones Apparel Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: JNY)") else Response.Write("(NYSE: JNY)") end if %> up $13/16 to $32 3/8; Q1 EPS $0.51 vs. $0.37 last year; estimate: $0.43

Labor Ready Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: LRW)") else Response.Write("(NYSE: LRW)") end if %> up $7 1/16 to $36 3/8; Q1 EPS $0.16 (before charges) vs. $0.01 last year; estimate: $0.02

Metamor Worldwide <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MMWW)") else Response.Write("(Nasdaq: MMWW)") end if %> up $3 1/2 to $19 1/2; Q1 EPS $0.33 (before charge) vs. $0.21 last year; estimate: $0.32

Osteotech Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: OSTE)") else Response.Write("(Nasdaq: OSTE)") end if %> up $1 to $32 1/4; Q1 EPS $0.22 vs. $0.15 last year; estimate: $0.20

United States Lime & Minerals <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: USLM)") else Response.Write("(Nasdaq: USLM)") end if %> up $1 5/8 to $9 1/8; Q1 EPS $0.12 vs. $0.08 last year; no estimate

Unocal Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: UCL)") else Response.Write("(NYSE: UCL)") end if %> up $4 11/16 to $44 1/4; Q1 EPS $0.03 vs. $0.30 last year; estimate: $0.02

GOATS

Investors said "adios" to shares of biopharmaceutical company Scios Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SCIO)") else Response.Write("(Nasdaq: SCIO)") end if %> today, which dropped $5 7/8 to $3 13/16 after the Federal Drug Administration (FDA) rejected the New Drug Application for its Natrecor congestive heart failure treatment. The Feds cited "uncertainties" about the drug's safety and effectiveness, even though an FDA-affiliated advisory panel recommended approval of the drug as recently as January. The rejection is a bitter pill for the $140 million company to swallow, as Natrecor was its first shot at the FDA multi-step approval process. Some analysts had projected the treatment could eventually garner $300 million or more in annual revenues -- four times the firm's total revenues for 1998. For Scios investors, the FDA's kiss-off is a cruel reminder of the outsized role the regulatory agency plays in determining the destinies of all biotech companies.

Healthcare information and pharmaceutical distributor McKesson HBOC <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MCK)") else Response.Write("(NYSE: MCK)") end if %> went into cardiac arrest today after the company restated sales and earnings for the past year. Investors discharged the stock from their portfolio, inflicting a $31 1/8 loss to $34 5/8. Due to improperly recorded sales, fiscal Q4 (ended March) revenues were overstated by $26.2 million and operating earnings per share were reduced to $0.56 from $0.62. For the fiscal year, operating earnings were reduced from $2.06 to $1.97. Fiscal 2000 earnings guidance was also adjusted downward, contradicting confident statements from management a week ago about hitting analysts' numbers. Investors are left pondering two possible scenarios: Either the market is overreacting to the news and the HBO software portion of the business is now valued at a substantial discount, or there is a deeper and potentially darker revenue booking issue here a la the "accounting irregularities" that surfaced at Cendant <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CD)") else Response.Write("(NYSE: CD)") end if %> last year. For more thoughts on the news, see today's Fool Plate Special.


QUICK CUTS: Online retailer Amazon.com <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMZN)") else Response.Write("(Nasdaq: AMZN)") end if %> slid $12 3/8 to $193 1/2 ahead of its Q1 financial report. After the close, the company reported a pro forma loss of $0.23 per share (excluding acquisition-related charges), which was not quite as bad as the $0.29 per share loss expected by analysts... Winemaking and processing services firm Golden State Vintners <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: VINT)") else Response.Write("(Nasdaq: VINT)") end if %> spilled $3 23/32 to $6 21/32 after warning that a reduced California grape harvest and softness in the premium bulk wine spot market will result in fiscal 1999 earnings $0.15 to $0.25 per share short of the current First Call mean estimate of $1.22 per share... Outdoor clothing maker Columbia Sportswear Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: COLM)") else Response.Write("(Nasdaq: COLM)") end if %> fell $1 3/8 to $14 1/2 after Goldman Sachs reportedly reduced its rating on the company to "market outperformer" from "recommended list."

Carpet and interior upholstery products maker Interface Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: IFSIA)") else Response.Write("(Nasdaq: IFSIA)") end if %> was stained with a $3 3/16 loss to $7 after saying slow fabric sales and weakness in the U.K. carpet market resulted in Q1 EPS of $0.11, below the First Call mean estimate of $0.16. The company expects fiscal 1999 EPS between $0.65 and $0.75, missing analysts' estimates of $1.00... Infection prevention and surgical support systems maker Steris Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: STE)") else Response.Write("(NYSE: STE)") end if %> dropped $7 3/4 to $16 1/8 after reporting fiscal Q4 EPS of $0.41, topping the Zacks mean estimate of $0.36, thanks to what the firm called a "favorable adjustment to income tax accruals." CFO Donald Smith resigned after saying his job responsibilities were "not what [he] expected" when he came to the company three months ago.

Disk drive maker Quantum Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: QNTM)") else Response.Write("(Nasdaq: QNTM)") end if %> was spun for a $2 13/16 loss to $17 9/16 after posting fiscal Q4 EPS of $0.33, in line with the First Call mean estimate. However, the company reportedly said in its conference call that it expects sequentially flat revenues and lower earnings in the current quarter due to heightened price competition. That forecast sent rivals Seagate <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SEG)") else Response.Write("(NYSE: SEG)") end if %> down $3 1/4 to $28 15/16 and Western Digital <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: WDC)") else Response.Write("(NYSE: WDC)") end if %> $11/16 lower to $8 3/16... Williamson, West Virginia-based bank holding company Matewan BancShares <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MATE)") else Response.Write("(Nasdaq: MATE)") end if %> fell $5 1/4 to $24 3/4 after BB&T Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BBT)") else Response.Write("(NYSE: BBT)") end if %> reduced the value of its proposed stock acquisition of the company to about $124 million from an original $159 million following a due diligence review.

Food broker Merkert American Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MERK)") else Response.Write("(Nasdaq: MERK)") end if %> spoiled $1 3/4 to $9 1/4 after agreeing to acquire privately held rival Richmont Marketing Specialists for 6.7 million shares, or about $224 million including $150 million in assumed debt. The company is expected to record restructuring charges in Q2 and Q3... Payroll processing company ProBusiness Services <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PRBZ)") else Response.Write("(Nasdaq: PRBZ)") end if %> slumped $2 to $36 1/16 after posting a fiscal Q3 loss of $0.03 per share, missing the Zacks mean estimate of earnings of $0.02 per share. The company also agreed to acquire privately held Conduit Software for 1.8 million shares, or $68 million... Sound Blaster multimedia technologies firm Creative Technology <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CREAF)") else Response.Write("(Nasdaq: CREAF)") end if %> was blown down for a $1 3/4 loss to $12 1/8 after reporting fiscal Q3 EPS of $0.20, down from $0.48 a year ago and short of the First Call mean estimate of $0.25.

FOOL ON THE HILL
An Investment Opinion
by Louis Corrigan

Trading in Prime Time

Move over Mark McGwire. The thrill of watching a home run just can't compare to hitting one. Indeed, it's looking more and more like spectator sports in general will soon just fade away as daytrading moves into the center of American life.

The major television networks will no longer blow billions of dollars to win the broadcast rights to NFL games. Instead, each night they'll vie to carry the official Nasdaq Level II quotes for the next day's projected hot stocks. And "viewers" won't enjoy access merely to split-screen instant replays or zoom shots. With WebTV console in hand, they'll be able to trade the bid and the ask; they'll have the option of options. No more Bob Costas puns. Instead, the bottom of the screen will be filled with trash-talking traders butting heads while the live audio feed carries heckling play-by-play from Conan O'Brien, David Spade, or maybe Whoopi.

Given the recent gains by the online brokers, perhaps this nightmare vision is already being pitched as 21st century programming. (If not, I'm claiming inventor status.) Thanks to an all-round monster March quarter, the leading online brokers have soared ever higher. And that's despite getting whacked the last few days by general I-Net volatility and some post-earnings blues. Talk about home runs. Ameritrade <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMTD)") else Response.Write("(Nasdaq: AMTD)") end if %> is up 135%, E*Trade <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: EGRP)") else Response.Write("(Nasdaq: EGRP)") end if %> 101%, and Schwab <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SCH)") else Response.Write("(NYSE: SCH)") end if %> 32% since I last discussed this group just five weeks ago. Here's a look at the gains over the past five weeks and for the year so far:

Company      3/24/99  4/28/99    5-Week Range  1999 Gain

Schwab       $84.38   $111.50   $80.00-$155.00   98.4%

E*Trade      $52.94   $106.19   $51.75-$144.50   354.3%

Ameritrade   $52.00   $122.00   $53.25-$188.38   674.6%

CONFERENCE CALLS

Please see the Motley Fool's Conference Calls page for call information and links to synopses.

Contributing Writers Brian Graney (TMF Panic), a Fool David Marino-Nachison (TMF Braden), a new Fool Editing Brian Bauer (TMF Hoops), another Fool Bob Bobala (TMF Bobala), a Fool's Fool Jennifer Silber (TMF Amused), Fool at last