Meet the new boss. Same as the old boss.
Such is the sense on Wall Street heading into the weekend. Another technology and Internet rally gave the week an improbably positive tenor, making Monday's bloodletting seem a mere flesh wound in hindsight. Meanwhile, a tug of war between big-gaining
(see below) and big-losing
Dow Jones Industrial Average
in shallow negative territory for most of the day.
The Dow lost 37.51 to 10,689.67; the Nasdaq gained 28.77 to 2590.38; the
shed 2.02 to 1356.80; the
jumped another 2.88 to 431.73; and
TheStreet.com Internet Sector
index added 20.41 to close at 679.72.
Major European indices finished mixed, while Asian markets were split overnight. Hong Kong's
lost 28.24 to 12,905.30, and Japan's
shot up 257.37 to 16,923.25.
National Association of Securities Dealers
yesterday called off the proposed combination of its
American Stock Exchange
Philadelphia Stock Exchange
had a hard time finding anyone
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AT&T made an unsolicited $62 billion takeover offer for cable company
; the offer is a 17% premium over the current value of the existing merger agreement between MediaOne and
took a hard look at
AT&T's strategy this morning.
filed an application to open an office in Riyadh, Saudi Arabia, where foreign oil companies have been barred since 1973. The company said it hopes to open the office by the middle of this year.
Broadband communications company
yesterday set plans to acquire
cable systems in Fairfax County and Fredericksburg, Va., for about $1.4 billion.
said today that rumors that
will retire as chairman are unfounded.
Food and Drug Administration
advisory panel yesterday unanimously voted to recommend approval of
weighed the recommendation's impact on
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set plans this morning for a 2-for-1 stock split for shareholders of record May 7.
Two Internet firms are flying today in their first day of trading. Offered at $14 a share, shares of marketing software maker
traded as high as 35 and closed at 29 13/16; music Web site
, priced at $22 a share, finished at 28 3/8 after hitting an intraday high of 36 11/16.
IBM isn't done yet. Shares of Big Blue surged on the heels of yesterday's 13% gain, closing up 5 1/4 to 199 3/4.
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In Washington to commemorate
and British Prime Minister
rejected Yugoslav President
offer to accept a
-controlled "international presence" in Kosovo if NATO stops its air campaign and removes its troops from Yugoslavia's borders. Meanwhile, NATO struck the headquarters of Serbia's state television station today, taking it off the air.
President Clinton authorized the drawing of $1.5 million from the federal
Crime Victims' Fund
to help victims of the Littleton, Colo., shooting pay for such expenses as funerals and medical bills.
, South Korea's largest
, today set plans to halve its debt and eliminate two-thirds of its units, cutting them to 26 from 62. Specifically, the group said it is trying to spin off
Hyundai Oil Refinery
Inchon Iron & Steel
. In the meantime, however, Hyundai is buying
LG Group's LG Semicon
chip unit for about $2.13 billion in stock and cash.
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Last night millions of Americans kicked off
National TV Turnoff Week
in the usual fashion, stupefied before a mind-bogglingly rich menu of comic and melodramatic stylings. Those observing the holiday will have their mettle tested during
Tuesday "Da Boom" programming block, a veritable "Amen Corner" of network broadcasting.
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