Publish date:

Weekend Report: Deutsche Telekom's $11.4B Offering Echoes in Pre-FOMC News Vacuum

Everyone seems to be in suspended animation until the Fed's meeting on Tuesday and Wednesday.

If there were any way in the wild, wild world for us to skip tomorrow -- and, say, take the day off and observe

Independence Day

early somewhere away from this brutal Manhattan heat -- we would. Friday was a

gosh darn bore, and tomorrow promises more of the same. (Let's pray for at least a thimble's worth of merger mania or IPO excitement.)

But we can't play hooky. So instead, expect to suffer through excruciatingly low trading volume, TV pundits repeating themselves, repeating themselves and, if we're really lucky, maybe the sound of a clock ticking or water dripping. Wall Streeters, of course, will be waiting for the

Federal Open Market Committee

meeting on Tuesday and Wednesday, from which most people in the biz expect a 0.25% hike in interest rates.

After that, maybe we can all move on with our lives. Last we looked, readers of

TheStreet.com

were

optimistic about a sweet hereafter. After all, the

coming week holds more than the FOMC meeting.

In corporate news, Germany's

Deutsche Telekom

(DT) - Get Dynatrace, Inc. Report

said it will offer up to 285 million shares at $40.82 apiece in a $11.4 billion secondary offering. The issue was twice oversubscribed.

In early overseas trading, meanwhile, Japan's

Nikkei 225

was flat at 17,436.52. Australia's

All Ordinaries

index was off 4.5 to 2955.5 and New Zealand's

NZSE 40

was down 13.6 to 2134.12.

IMF

Asia-Pacific Director

Hubert Neiss

said Saturday that South Korea's economy was expected to grow by 4% or 5% this year and in 2000. "The engines behind the recovery are the revival of consumption, restocking of inventories and demand for exports," Neiss told

Reuters

. "In time, investments should follow."

Qwest Communications

(QWST)

said that, after receiving a positive letter from the former chairman of the

Federal Communications Commission

, it doesn't expect to encounter major obstacles from the agency to its proposed mergers with

U S West

(USW)

and

Frontier

(FRO) - Get Frontline Ltd. Report

. Qwest increased its hostile bids for U S West and Frontier last week.

Elsewhere,

Pepsi-Cola Puerto Rico Bottling

(PPO)

agreed to combine with two other Pepsi bottling franchises:

Delta Beverage

and

Dakota Beverage

. The companies hope the deal will give them a strong presence in the Caribbean and expand their reach in the Midwest and South.

TheStreet Recommends

PepsiCo

(PEP) - Get PepsiCo, Inc. Report

will hold a 24% stake in the combined group.

Bethlehem Steel

(BS)

and

U.S. Steel

(X) - Get United States Steel Corporation Report

announced a new five-year labor agreement with the

United Steelworkers of America

.

From the rumor mill, Britain's

Mail

today reported

Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. (GS) Report

is considering a four billion pound bid for Anglo-American fund manager

Amvescap

(AVZ)

. And today's

Irish Times

said

NTL Communications

(NTLI)

is in early talks with

Cable Management Ireland

about a $133 million merger.

From the "hmm" department came wire reports about

New York Stock Exchange

Chairman

Richard Grasso's

weekend trip to guerrilla-held territory in southern Colombia. Grasso was reportedly "exploring international opportunities" when he met with Raul Reyes of the leftist

Revolutionary Armed Forces of Colombia

(which, by the way, is on the

State Department's

list of international terrorist groups), and chatted about all the zip-a-dee-doo-da fun that is capitalism. Maybe Reyes will ring tomorrow's morning bell -- stranger openings have happened.

In the Papers

The weekend press, as weekend press is wont to do, gazes at navels more than anything else. The front of

The New York Times'

Money & Business section offers a bullish piece on

Enron's

(ENE)

creative-friendly management style and a hopeful look at online bond trading. The "Market Watch" column (and where were you, Ms. Gretchen?) surmises that an IPO of the

Nasdaq Stock Market

just might make sense, and notes that Australia has already been there, done that with its stock exchange.

Barron's

cover story is mid-year roundtable among the following nine hot-shots reflecting on their January market calls: Barton Biggs, Scott Black, Meryl Buchanan, Mario Gabelli, Archie MacAllaster, John Neff, Arthur Samberg, Oscar Schafer and Felix Zulauf. Good ol'

Alan Albelson

, meanwhile, writes about the shape of Einstein's brain.