With P/E ratios in the darling tech and Internet sectors as high as they are, you've got to expect that investors will get a little squirrelly around earnings season. Choppy trading split the indices today as money continued to move toward cyclicals and transports. The
Dow Jones Industrial Average
closed at its fifth record high in five days, up 31.17 to 10,493.89; the
Nasdaq Composite Index
fell 39.34 to 2482.43, a drop that masked moderately positive breadth; the
lost 4.09 to 1318.77; the small-cap
surged 3.81 to 421.58; and
TheStreet.com Internet Sector
index shed 9.70 to 669.02.
Major European indices finished lower, while Asian markets roared overnight. Hong Kong's
skyrocketed 528.07 to 12,490.30 while Japan's
rose 124.50 to 16,851.58.
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This could put a damper on the recent cyclical rally:
posted first-quarter earnings of 57 cents a share, 15 cents a share above the
consensus. But the company also said it expects 1999 sales and revenues to be below 1998 results, and forecast 1999 earnings per share to be 10% to 15% lower than the previous year.
U.S. District Court Judge
yesterday levied a devastating fine against the pilots union of
pilots' union for last month's "sickout." The fine totals more than $45 million, nearly all of the union's net worth. Kendall scheduled a hearing Monday to discuss how the union will make the payments.
Eastman Kodak posted first-quarter earnings of 80 cents a share, 4 cents above the First Call estimate.
Morgan Stanley Dean Witter
today upgraded Kodak to outperform from neutral.
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said its board has approved a stock repurchase plan of up to 5 million shares.
today reassured investors that its third-quarter earnings will meet Wall Street expectations of 3 cents a share, saying that it expects its fiscal 1999 revenues to more than double.
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today released figures showing housing starts at 1.77 million units for March, 1.3% lower than February's 1.79 million units.
continued to pound Yugoslav targets today, attacking sites in Belgrade and military targets in the republic of Montenegro. Meanwhile, the Russian
voted 293-54 in favor of a resolution to include Yugoslavia in a union with Russia and Belarus.
A possible white knight has emerged for
in its effort to ward off
hostile takeover bid.
is in advanced-stage merger talks with Telecom Italia, according to London's
. Neither company would confirm the report.
looked at Deutsche Telecom's expansion plans.
is in talks to buy supermarket chain
for about $9.6 billion in stock. The deal would make Kingfisher the third-largest retailer in the U.K.
Two of Australia's top three telecommunications companies are talking merger: Number two
Cable & Wireless Optus
is bidding $960 million for number three telecom
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, the most prolific scorer in
history, today announced his retirement.
Los Angeles Lakers
waived freakazoid forward
today; Rodman, 38, was averaging 2.1 points and 11.2 rebounds a game.
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