Advanced Micro, Honeywell to miss profit forecasts
Advanced Micro Devices, Intel's main rival in the market for personal-computer processors, said fourth-quarter sales and profit would miss forecasts because of weak demand for consumer PCs.
AMD said profit would be from 50 cents to 60 cents a share, missing the 68-cent average estimate of analysts. Sales will be little changed from the October quarter.
Also late Monday, industrial products maker Honeywell International said it expected fourth-quarter earnings from 70 to 74 cents per share, below analysts' estimates of 86 cents per share. The company will also take a charge of $375 million to $425 million. Earnings are expected to be affected negatively by the performance of, and customer uncertainty related to, business units the company was in the process of divesting.
Sprint extends pact with Global One through 2003
Sprint Corp. said it extended an agreement with France Telecom's Global One venture that will allow the No. 3 U.S. long-distance telephone company to provide international data services to its multinational customers through 2003.
Global One, meanwhile, will have continued access to Westwood, Kan.-based Sprint's data network services in the United States. Terms of the agreement, which replaces an existing one-year distribution pact signed early this year, were not disclosed.
Chase, Morgan deal OK'd
The Federal Reserve approved Chase Manhattan Corp.'s $35.2 billion purchase of investment bank J.P. Morgan, a deal uniting two of Wall Street's oldest names to create one of the nation's biggest banking companies.
The central bank's board of governors, in a 4-0 vote, determined that the merger would not threaten competition.
The historic merger is a recent example of big players in the financial services industry building one-stop "supermarkets" where customers can fill all their banking, investment and insurance needs.
Chelsea's new name, symbol
Chelsea GCA Realty Inc., former owner of the Lawrence Riverfront Plaza, will change its name to Chelsea Property Group Inc. effective Jan. 1. The New York Stock Exchange will begin using the company's new trading symbol, CPG.