Stocks and Treasuries slipped slightly in the early going.
Dow Jones Industrial Average
was down 41 to 9687. The
was down 6 to 1277. The
Nasdaq Composite Index
was down 1 to 2397. The
was down 1 to 399.
TheStreet.com Internet Sector
was down 4 to 567.
TheStreet.com E-Commerce Index
was down 2 to 101.
The 30-year Treasury bond was down 9/32 to 94 25/32, yielding 5.61%.
Most Up at Open -- NYSE
: Sony announced a major restructuring, including job cuts totaling 17,000 over four years. The company will also slice the number of its manufacturing facilities worldwide to 55 from 70.
Most Up at Open -- Nasdaq
Lycos (LCOS) , up 9 3/4 to 93 5/8
Chairman and Chief Executive Officer David S. Wetherell has resigned from Lycos' board of directors. CMGI is the largest Lycos shareholder. Lycos has agreed -- subject to shareholder approval -- to merge with parts of
. The newly formed entity is to be called
USA/Lycos Interactive Networks
. Wetherell said in a news release that "it is my opinion that the terms of the USA/Lycos transaction are inadequate for Lycos shareholders. As such, I am resigning from the Lycos board in order to be free to explore the best options available to Lycos shareholders, including the possibility of Lycos remaining independent."
For its part, Lycos said this morning it "remains fully committed to the USA/Lycos Interactive Networks transaction."
Most Down at Open -- NYSE
Electronic Data Systems (EDS) , down 1 5/8 to 46 7/8
Most Down at Open -- Nasdaq
CMGI (CMGI) , down 13 11/16 to 186