You love him, but he loves, her. But she loves somebody else, you just can't win. I've been through, diamonds, minks and European telecom deals. Through it all: Love Stinks.
Having just formally completed its contemptuous takeover of
confirmed Sunday it will not -- repeat not -- proceed with Telecom Italia's previously agreed to merger with
. While the end of the Deutsche Telecom deal was expected, a source "close to" Olivetti said the organization is "open to alliances" and may consider reopening talks with the German phone giant,
Additional deal-making would be like gravy on an iced cake to
Donaldson Lufkin & Jenrette
, which stand to earn as much as $200 million in fees from Olivetti following the Telecom Italia deal,
could get knocked Monday after the
Federal Aviation Administration
requested an emergency test of on all 727s, citing concerns about potentially faulty wiring in the airplane's fuel tanks.
Dead Sea Bromine
of Israel inked a 5-year, $60 million deal to supply bromine products and flame-retardant materials to
will name Craig Conway as its president Monday. He will take over day-to-day operations from chairman and CEO Dave Duffield, according to
Burlington Northern Santa Fe
announced it will eliminate up to 1,400 jobs in an effort to lower costs. Due to costs associated with the cuts, the railroad said its second-quarter earnings will fall shy of the 15-analyst estimate of 60 cents a share and year-ago results of 58 cents.
In the Papers
Interestingly, Burlington's announcement comes the same weekend
cover story is entitled "Riding the Rails." The weekly was spared potential embarrassment as the article does not even mention Burlington, focusing instead on
. The piece details the potential positives of Norfolk and CSX's joint purchase of
, so it will be interesting to see if the red flag from Burlington or the favorable press dictates trading in these transports Monday.
The weekly's Alan Abelson offers some negative commentary on recent Internet IPOs
and (via John Babyak of
WHB/Wolverine Asset Management
, the publisher of this Web site. Ableson delivers a positive mention (via Charles Peabody of
may yet prosper although
Star Wars Episode I - The Phantom Menace
failed to set the record for sales on an opening weekend. This, despite a seemingly record level of (somewhat nauseating) pre-opening hype.
Elsewhere, a column on suddenly in-favor small-caps focuses positively on
Circus Circus Enterprises
is riding a hot streak, but might turn up snake-eyes come the millennium, another piece says.
Howard Ward, manager of the
Gabelli Growth fund, describes dumping holdings in
Procter & Gamble
due to concerns about valuations. The fund manager is currently bullish on
New York Times
leads with a word of caution for
planned investment in
. The paper notes difficulties
faced with its investment in
Kevin Parke, chief equity officer at
MFS Investment Management
gives positive mention to
American Home Products
. The strategist also says investment banking firms like
Morgan Stanley Dean Witter
have benefited from the recent struggles of Asian counterparts.
online site reports founder John Meriwether is discussing a possible buyout of
Long Term Capital Management
with former Goldman Sachs partner Christopher Flowers and former Citigroup COO Jamie Dimon.