BRAHMA (BRH, 11.31)- The Brazilian brewer and soft drink maker will merge with rival Antarctica. The new company, to be called AmBev, will be the world's third largest brewer and will control 70% of the Brazilian beer market and 20% of the soft drink market.  The deal is subject to antitrust approval.

DAY RUNNER (DAYR, 12.63)- The personal organizer maker warned that it will lose 14 to 18 cents a share in its fourth quarter, compared to analysts' expectations of a 10 cent profit.  The company cited lower than expected sales due to inventory tightening by retailers for the shortfall.  The company also said it has hired an investment banker to explore strategic alternatives to enhance shareholder value.

HA-LO INDUSTRIES (HMK, 9.88)- The company warned that it will miss second quarter estimates.  The promotional marketing company sees earnings of 2 cents a share, analysts were looking for a 17 cent profit.  The company sees revenues of $160 million in the quarter, analysts were looking for $185 million.  The company blamed weak economic conditions in Europe and South America for the lower than expected revenues.  The company also said that it will take a $25-$30 million restructuring charge in the third quarter.

MIRAGE RESORTS (MIR, 16.75)- The casino operator warned that it will miss second quarter estimates. The company sees earnings of 7 to 10 cents a share, analysts were looking for 25 cents in the quarter.  The company cited a low win percentage at its gaming tables for the shortfall.

POPE & TALBOT (POP, 12.68)- The paper maker was mentioned as a takeover target in this week's Business Week and given a $20 price target.

INVISION TECHNOLOGIES (INVN, 5.13)- The company warned that second quarter earnings and revenues will be below expectations.  The company sees earnings of breakeven to 3 cents a share, analysts were looking for 14 cents a share.  The company blamed the shortfall on lower than expected orders from the F.A.A. and said it expects the problems to continue into the third quarter.

KOMAG INC (KMAG, 3.31)- The maker of disk drive components warned that its second quarter loss will be wider than the 55 cents loss analysts were expecting.  The company said revenues will be flat, and unit shipments will grow only 5% sequentially, compared to the 20-35% sequential unit growth Komag had previously forecast.  The company also said it will reduce its U.S. workforce by 20%.

MCLEOD USA (MCLD, 55)- The company announced a 2 for 1 stock split.

MICROSOFT (MSFT, 90.19)- The SEC is investigating Microsoft's treatment of its financial reserves after an article appeared in the Wall Street Journal that contained allegations regarding Microsoft's accounting practices.

MIDWAY AIRLINES (MDWY, 10.25)- The airline warned that its second quarter and full year earnings will be below current expectations.  The company sees second quarter earnings of $0.40-$0.45, analysts were looking for 53 cents.  Full year earnings will be below last year's $1.54, compared to estimates of $1.68.  The company cited cost increases and pilot shortages for the adverse outlook.

NIKE INC (NKE, 63.38)- The athletic shoe maker beat fourth quarter estimates by a penny, earning 38 cents a share in the quarter.   Revenues declined 5% to $2.18 billion in the quarter.  The company said futures orders rose 4% to $4.2 billion.

STARBUCKS (SBUX, 37.56)- The coffee retailer warned that fiscal year 1999 earnings will be below expectations.  The company sees 54 cents a share for the year, analysts were looking for 60 cents.  The company blamed an increase in Internet related costs for the shortfall. The company's shares fell 11 1/2 in afterhours trading on the news.

FRANKLIN ELECTRONIC PUBLISHERS (FEP, 4.75)- The maker of electronic ROLODEX products reported a wider than expected full year loss of $3.81 a share, analysts were looking for a full year loss of $1.10.  The company lost $2.73 a share in its fourth quarter, and revenues declined to $16.16 million in the quarter from $21.83 million last year.  The company blamed the disappointing results on lower than expected sales of its REX product line.  The company also warned that it will report a substantial fourth quarter loss and said it is in default on its Note Agreements.

GREAT PLAINS SOFTWARE (GPSI, 48.94)- The software maker' fourth quarter earnings beat estimates by 2 cents.  The company's net income increased 42% to 28 cents a share, analysts were looking for 26 cents.   Revenues in the quarter rose 53% to $40.1 million.

GT INTERACTIVE SOFTWARE (GTIS, 3.75)- The computer game maker reported a wider than expected fourth quarter loss of $1.00 a share, compared to estimates of a loss of 52 cents.  Revenues in the quarter fell to $93.5 million from the prior year's $105.8 million.  The company also said it has hired Bear Stearns to explore ways to enhance shareholder value, including the possible sale of the company.

PINNACLE HOLDINGS (BIGT, 19.63)- The company will acquire Motorola's antenna site business for $255 million in cash.  The business includes 1,850 wireless antenna sites in North America.

CMGI INC (CMGI, 97.68)- The Internet company is reportedly close to a deal for Compaq Computer's Alta Vista search engine.

FRONTIER CORP (FRO, 58.31)- The telecom company warned that "weakening long distance revenue" will cause second quarter and full year results to be below current expectations of $0.28 a share for the quarter and $1.20 for the year.  The company now expects earnings to be $0.20 in the quarter and $1.00 for the year.  The company also said it still plans to proceed with plans to merge with Global Crossing.

GOLDEN STATE VINTNERS (VINT, 6.88)- The wine maker said margin pressures and lower than expected sales will lead to lower than expected fourth quarter and full year 1999 results. The company sees full year earnings of $0.70-$0.75, analysts were looking for $0.99.  The company also announced that it has hired Goldman, Sachs to help it find ways to enhance shareholder value.

IPC HOLDINGS (IPCR, 20)- The insurer said an increase in storm related claims will reduce second quarter earnings by $1.72 a share.

METRO ONE TELECOMMUNICATIONS (MTON, 15.25)- The company warned that its second quarter earnings will be 1 cent a share, compared to current estimates of an 11 cent profit.  The company blamed the shortfall on an increase in infrastructure spending.

NEWPORT NEWS SHIPBUILDING (NNS, 30.25)- The shipbuilder expects to beat second quarter estimates by 40 cents a share.  The company cited higher margins and $25 million in one-time gains for the improved outlook.

PHILIP MORRIS (MO, 41)- The cigarette maker warned that it sees full year earnings of $3.30 a share, one cent below current estimates.  The company cited currency problems and a 6% drop in second quarter international tobacco volumes for the weaker outlook.  The company sees a return to double digit earnings growth in 2000.

CHESAPEAKE CORP (CSK, 34.94)- The paper company and Georgia Pacific will combine their "away from home" tissue businesses in a new partnership.  Georgia Pacific will manage the partnership and hold a 90% stake.  Chesapeake will contribute its Wisconsin tissue division to the partnership and will own 10% of the combined entity. CSK will also receive $730 million from Georgia Pacific.

NALCO CHEMICAL (NLC)- French water giant Suez Lyonnaise des Eaux will acquire the maker of water treatment chemicals for $53 a share in cash in a $4.1 billion deal.

PEPSI COLA PUERTO RICO BOTTLING (PPO, 4.75)- The soft drink bottler will acquire Pepsi bottlers Delta Beverage Group and Dakota Bottling Company in exchange for 65 million shares of Class B stock.  Delta and Dakota had a combined $422 million in revenues in 1998, while PPO had $51.6 million in revenues during the comparable period.