December 14, 1999 |
Prudential Securities said it has acquired Volpe Brown Whelan & Co., among one of the few remaining independent investment banks, as it seeks a piece of the lucrative business of helping technology companies sell stock to the public. Terms of the cash transaction were not disclosed. Prudential, the brokerage arm of Prudential Insurance Co.
December 16, 1997 |
Cisco Systems Inc. on Monday rebounded from early declines as investors concluded that rising inventory didn't signal deeper problems at the world's biggest maker of computer networking equipment. Cisco shares rose 94 cents to close at $77.50 in Nasdaq trading. The San Jose-based networking company's stock fell 7.4% Friday and dropped further during much of Monday before reversing direction amid a flurry of positive recommendations.
November 4, 1998 |
Foundation Health Systems Inc. said Tuesday that it will take $117 million in charges and report earnings below forecasts as it moves to exit unprofitable businesses to help boost profits at its largest health plans. The Woodland Hills-based company, one of the largest U.S. managed-care firms, also said it expects to have positive cash flow for the last two quarters of 1998 and all of 1999. It reported negative cash flow of $356 million from operating activities for the first half of this year.
October 26, 1998 |
Watson Pharmaceuticals Inc., one of the biggest makers of generic drugs, said on Sunday that it will acquire TheraTech Inc., which makes drug-delivery products such as skin patches, for about $300 million, expanding its proprietary drug products. Corona, Calif.-based Watson, which has focused on niche markets such as hard-to-make pharmaceuticals, is trying to expand its line of higher-margin proprietary drugs to boost revenue, which was $338 million in 1997.
May 22, 1998 |
Zapata Corp., a onetime oil driller trying to break into the world of cyberspace, said Thursday it was seeking to buy Excite Inc., a leading Internet company that's five times its size. The offer, worth $1.5 billion in newly issued Zapata stock, was immediately rejected by Redwood City-based Excite and dismissed on Wall Street as unlikely if not impossible.
June 18, 1998 |
Computer-game maker Interplay Entertainment Corp. is sharply scaling back the size of its initial public stock offering. The Irvine-based company, which said in March that it hoped to raise about $72 million in a public stock sale, said it now plans to raise $27 million, according to documents filed Tuesday with the Securities and Exchange Commission. The company said it expects to sell 5 million shares of common stock, down from an original 6.25 million.