Friday, February 5, 1999

Stocks close lower, blue-chips break even and BMW replaces a Roving chairman.
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Markets

U.S. stocks closed lower, although blue-chips rode a late rally back to the break-even point. Deflating tech stocks stank up the tape again on the

Nasdaq Composite Index

. The Nasdaq sank 36.41 to 2,373.66, the

Dow Jones Industrial Average

dipped 0.26 to 9,204.24 and the

S&P 500

lost 9.09 to 1,239.40. The small-cap

Russell 2000

dropped 5.07 to 412.72, while the

TheStreet.com Internet Sector

index shed 5.93 to close at 532.52.

European bourses closed mixed.

Asian markets closed lower, with Japan's

Nikkei

off 188.77 to close at 13,898.08 and Hong Kong's

Hang Seng

dumping 248.45 to 9190.20.

For more markets action and news, click

here.

Companies

BP Amoco

(BPA)

said it will cut about 1,500 jobs over the next year and a half, mostly at the company's downtown Chicago headquarters.

Cargill

has put its plans to sell part of its North American seed business to

Hoechst Schering AgrEvo

on the back burner after months of delay related to a lawsuit filed by Cargill against two other seed companies.

CBS

(CBS) - Get Report

posted a $1 million loss for the fourth quarter of 1998. Excluding one-time charges, the company made 2 cents a share, besting the break-even results expected by analysts.

Unwilling to meet demands of British antitrust regulators that it divest itself of its

Green Flag

breakdown-assistance business,

Cendant

(CD)

is nixing plans to buy the U.K.'s

Royal Auto Club

.

Miller

has crossed the

Rubicam

. The

Philip Morris

(MO) - Get Report

subsidiary has ended its relationship with

Young & Rubicam

(YNR)

, the advertising agency that handles Miller's

Icehouse

and

Molson

brands.

For more news on companies and stocks, click

here.

Tech

Not a good

week for

Advanced Micro Devices

(AMD) - Get Report

. The chip maker yesterday evening confirmed fears that it could post an operating loss for the first quarter of 1999.

General Electric

(GE) - Get Report

subsidiary

NBC

is on the verge of buying about 35% of Web portal

Lycos

(LCOS)

, according to

The Industry Standard

. Last night

TSC

discussed the rumor in the context of the broader industry.

Internet analyst

Jonathan Cohen

yesterday left

Merrill Lynch

(MER)

to join online investment bank

Wit Capital

.

TSC

talked with Wit Capital about the coup last night.

Rykodisc

has started selling a large chunk of its catalog in MP3, bolstering the digital format's commercial legitimacy.

For more tech news and commentary, click

here.

International

BMW

today replaced Chairman

Bernd Pischetsrieder

, who led the firm's 1994 purchase of unprofitable

Rover

, with former production head

Joachim Milberg

.

Deutsche Bank

officials said that the company has found documents that show it helped to finance the construction of the Auschwitz death camp.

Casimir Ehrnrooth

has stepped down as chairman of

Nokia

(NOKA)

.

Swedish car, er, truck maker

Volvo

(VOLVY)

is about to close a $7.7 billion acquisition of competitor

Scania

, according to the Swedish newspaper

Dagens Nyheter

.

For more international news and commentary, click

here.

General News

New York City police fired 41 bullets at an unarmed 22-year-old West African immigrant, killing him.

Monica Lewinsky

told

House

prosecutors in a videotaped deposition that

President Clinton

never told her to file a false affidavit.

Labor Department

figures show that nonfarm payrolls increased by 245,000 in January, keeping the nation's unemployment rate at its 28-year low of 4.3%.

A Jordanian palace official said that

King Hussein

is on life support, and that the system may be turned off at any time. He had returned home last night after rejecting a bone marrow transplant at a U.S. hospital.

Elsewhere

Dorf on golf? Possibly. But

Dan Dierdorf

has announced that he is leaving

ABC Sports'

Monday Night Football

after 12 years.

Have a dumb question relating to finance? Great. Have a

really

dumb question? Even better. Send it to

MonEmailbag@thestreet.com, and

TSC

columnist

Herb Greenberg

and I will do our best to answer. Include your full name, and please, no questions seeking personal financial advice or regarding personal brokerage disputes. And this reminder: Because of the volume of mail, personal replies can't be guaranteed.