Friday, January 29, 1999

Stocks look solid; Dow Chemical posts earnings; Barneys emerges from Chapter 11.
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Markets

At 9:15 a.m. EST the

S&P 500

finished the

Globex

session up 9.3, more than 3 points over fair value, indicating a positive open.

European bourses generally were higher at midday.

Asian big markets closed higher, as Japan's

Nikkei 225

gained 156.93 to close at 14,499.25, while Hong Kong's

Hang Seng

rose 145.94 to 9,506.90.

For more markets action and news, click

here.

Companies

Mutual insurer

Anthem

fortified its operations in the Northeast by agreeing to acquire not-for-profit

Blue Cross and Blue Shield of New Hampshire

for $120 million.

Fashion chain

Barneys

has emerged from Chapter 11 bankruptcy, having received a fresh $62.5 million in investments.

Dow Chemical

(DOW) - Get Report

posted fourth-quarter earnings 60% lower than last year, but, at $1.10 a share excluding restructuring charges, above Wall Street estimates.

Federal authorities have issued arrest warrants for

Garth Drabinsky

and

Myron Gottlieb

, Canadian founders of theater company

Livent

, after they failed to appear in a U.S. District Court on charges of fraud and conspiracy.

Strong sales of its new

Mach 3

razor helped

Gillette's

(G) - Get Report

fourth-quarter earnings match analysts' estimates of 39 cents a share.

For more news on companies and stocks, click

here.

Tech

Business management software company

PeopleSoft

(PSFT)

said it will slash 430 jobs after it reported fourth-quarter earnings of 16 cents a share, a penny under analysts' estimates.

Ticketmaster Online-CitySearch

(TMCS)

posted a fourth-quarter loss of 26 cents a share, 5 cents better than expectations.

Exodus Communications

(EXDS)

is joining the split party, having announced a 2-for-1 split after reporting a loss of $1 a share, not including one-time charges.

For more tech news and commentary, click

here.

International

The

Tokyo Taxation Bureau

has ordered the

Bank of Japan

to pay $237,000 in taxes that it failed to report.

Japan's

Management and Coordination Agency

released figures showing that country's 1998 unemployment rate at 4.1%, the highest since records began in 1953.

For more international news and commentary, click

here.

General News

The U.S. and five other

NATO

nations warned Yugoslav President

Slobodan Milosevic

and ethnic Albanian leaders of military intervention if a peace settlement isn't reached by the middle of February.

Members of the

Energy and Natural Resources Committee

voiced support for legislation introduced by Sen.

Kay Bailey Hutchinson

(R, Texas) that would give tax breaks to operators of small oil wells.

Federal authorities have issued arrest warrants for

Garth Drabinsky

and

Myron Gottlieb

, Canadian founders of theater company

Livent

, after they failed to appear in a U.S. District Court on charges of fraud and conspiracy.

Elsewhere

Long live the Queen: Photos of

Prince Charles

and

Camilla Parker Bowles

are ubiquitous in British tabloids today after the two were seen unashamedly together at a birthday party for Mrs. Parker Bowles' sister.