STOCKS TO WATCH: BMC Software, Commerce One, Compaq, eBay, Qualcomm and RealNetworks

BMC software could take it on the chin Wednesday after it missed analysts' estimates in its third quarter, earning $105.6 million, or 41 cents a share, on sales of $426.3 million.

Analysts were expecting a profit of 42 cents a share.

Including amortization and non-recurring events, BMC earned $69.1 million, or 27 cents a share.

The stock fell below 43 in after-hours trading after closing off 7/8 to 43 11/16 ahead of the earnings report.

Company executives blamed the earnings shortfall on currency movement, which slashed 2 cents per share off BMC's bottom line.

"During the third quarter, the company faced an unusual set of challenges -- some of which we believe were unique to this quarter and therefore behind us," said Max Watson, BMC's chairman, president and CEO.

Maintenance and services revenue improved 33 percent from the year-ago period.

Commerce One also will take some heat Wednesday after missing analysts' estimates by a penny a share in its fourth quarter, losing $28.8 million, or 16 cents a share, on sales of $16.9 million.

First Call consensus expected Commerce One to lose 15 cents a share in the quarter.

Its shares closed up 3/16 to 199 7/8 ahead of the results but fell to 185 in after-hours trading.

In the year-ago quarter, Commerce One lost $7.6 million, or 20 cents a share, on sales of $1 million.

For the year, it lost $63.3 million, or $1.06 a share, on sales of $33.6 million compared to a loss of $24.6 million, or 87 cents a share, on sales of $2.6 million in fiscal 1998.

Commerce One shares moved up to a 52-week high of 331 in December after falling to a low of 8 13/16 in August.

Compaq should get some respect Wednesday after it topped analysts' estimates in its fourth quarter, earning $332 million, or 19 cents a share, on sales of $10.5 billion. First Call consensus expected earnings of 16 cents a share.

In the year ago period, Compaq reported earnings of $758 million, or 43 cents a share, on sales of $10.85 million.

"During the second half of this year we took aggressive action to return Compaq to profitable growth, and fourth quarter results reflect our initial success where it matters most -- in the marketplace," said Michael Capellas, Compaq CEO, in a statement.

On a conference call with analysts, Capellas said he expected revenue growth of 15 percent in 2000, but saw first quarter sales down slightly because of a seasonal slowdown. Officials also said they were comfortable with 2000 consensus estimates of $1.08 a share.

Officials didn't get too specific, but promised to give analysts more details and guidance at its analyst meeting on Friday.

eBay slipped past analysts' estimates in its fourth quarter Tuesday, earning $4.9 million, or 4 cents a share, on sales of $73.9 million.

First Call consensus expected eBay to earn 2 cents a share in the quarter.

Its shares closed up 1 1/8 to 137 1/2 ahead of the earnings announcement.

The $73.9 million in sales represents a 139 percent improvement from the year-ago quarter when it earned $3.9 million, or 3 cents a share, on sales of $30.9 million.

For the year, eBay pocketed $19.4 million, or 14 cents a share, on sales of $224.7 million compared to a profit of $12.8 million, or 11 cents a share, on sales of $86.1 million in fiscal 1998.

It hosted 41 million auctions during the fourth quarter, compared to 13.6 million during the same period of last year, a 201 percent jump.

Qualcomm could be on the slide Wednesday after it topped analysts' estimates by a penny a share in its first quarter, but warned that its product shipments in the second quarter may be lower than expected.

In the quarter, Qualcomm earned $192 million, or 25 cents a share, on sales of $1.1 billion.

First Call consensus expected Qualcomm to earn 24 cents a share in the quarter.

Its shares closed up 8 15/16 to 149 ahead of the earnings report but fell more than $12 a share in after-hours trading.

Company officials said it expects additional non-recurring charges in the second quarter of fiscal 2000 related to the sale of its consumer products business. However, these charges are expected to be more than offset by gains on the sale of investments, the company said.

The $1.1 billion in sales marks a 19 percent improvement from the year-ago quarter when it earned 8 cents a share on sales of $941 million.

RealNetworks will be on the move after it topped Street estimates in its fourth quarter, raking in $6.1 million, or 7 cents a share, on sales of $43.5 million.

First Call consensus expected RealNetworks to earn 5 cents a share in the quarter.

Its shares closed up 11, or 7 percent, to 157 7/8 ahead of the earnings report.

The $43.5 million in sales marks a 111 percent jump from the year-ago quarter when it lost $2.2 million, or 3 cents a share, on sales of $20.6 million.

For the year, it pocketed $8.3 million, or 10 cents a share, excluding a $1.4 million acquisition charge, versus a pro forma net loss for 1998 of $11.2 million, or 17 cents a share, excluding a charge of $8.7 million for research and development.