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Stocks to watch Friday
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September 21, 2000: 6:27 p.m. ET
CMGI beats estimates; Intel warns on revenue; Dell sees 30% growth for year
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NEW YORK (CNNfn) - After the closing bell Thursday, Dell Computer said the company is "still on track" to increase revenue this year, home electronics retailer Best Buy expected the consumer-spending slowdown to hurt sales, and Bisys Group board approved a stock split.
Shares of Intel Corp. (INTC: Research, Estimates) took a dive after the closing bell Thursday after the chip maker titan reduced its third-quarter revenue estimates due to weak European demand. Intel stock plunged in after-hours trading, down more than $10 to $51.13.
CMGI Inc. (CMGI: Research, Estimates), whose investments and operations span 70 Internet companies, reported a fiscal fourth-quarter basic share loss of 49 cents, handily topped Wall Street forecasts as revenue soared 568 percent to $377.2 million.
Looking ahead to the major financial events of next week, Wall Street investors are expected to pay close attention to Thursday's gross domestic product (GDP) report. GDP is annualized quarterly to reflect the growth rate of total economic output, which is considered the broadest measure of the U.S. economy.
Also, the U.S. Census Bureau is scheduled to release the number of durable goods orders for the month of August on Wednesday. The report on manufacturing of consumer goods that typically last three years or more is used as a bellwether for the strength of the economy.
Dell says "still on track" for the year
Direct computer seller Dell said the company is "still on track" to increase revenue 30 percent this year despite lagged growth in the second quarter.
After failing to meet 40 percent-growth forecasts earlier in the year, the Round Rock, Texas-based company lowered Wall Street expectations to 30 percent for the full year.
The figures, however, have been watched closely by the financial world since Dell reported growth of just 25 percent in the second quarter on August 10.
Chairman Michael Dell said things were looking positive due to high demand for personal computers and lower component prices, and the company's vice chair Kevin Rollins pointed out that European corporate demand for PCs is also "picking up."
Dell's revenue last year was $25.3 billion.
Softening economy hits Best Buy sales
Home electronics retailer Best Buy Co. (BBY: Research, Estimates) said it expected the slowdown in consumer spending first noted in July to continue through the second half of the year.
Because of the softening economy, the Minneapolis, Minn.-based company said it was sticking to its previous forecasts for same-store sales growth of about 4 to 6 percent for the balance of the year.
In its latest quarter, Best Buy reported same-store sales growth of 5.1 percent.
Shares of Best Buy rose 19 cents to $67.38 Thursday on the New York Stock Exchange.
Bisys approves 2-for-1 stock split
Bisys Group Inc. (BSYS: Research, Estimates), which provides financial customers with information processing and check imaging services, set a 2-for-1 stock split, boosting its total shares outstanding to 55.8 million.
The Little Falls, N.J.-based company said the split would be effective as a stock dividend. New shares will be given to shareholders around Oct. 20.
Shares of Bisys ended Thursday trading up $1, or 1.3% at $78.25, near a 52-week high of $78.50.
 
- compiled by staff writer Joseph Lee
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