Skip to main content

Friday, January 29, 1999

Stocks rebound from midmorning woes; Kellogg delivers as-expected earnings; Gore urges global reductions in trade barriers.


U.S. stocks bounced back strongly from midmorning doldrums, with blue-chips and tech stocks both participating in the positive trend.

European bourses closed modestly higher.

Asia's 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



Mutual insurer


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


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

Dow Chemical

(DOW) - Get Free Report

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

Cereal one-time charger


(K) - Get Free Report

matched analysts' expectations with fourth-quarter earnings of 23 cents a share, excluding

extraordinary costs.

Federal authorities have issued arrest warrants for

Garth Drabinsky


Myron Gottlieb

, Canadian founders of theater company


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

Lockheed Martin

(LMT) - Get Free Report

said it will lower the boom on 280 workers at its plant in Marietta, Ga.

For more news on companies and stocks, click



Business management software company



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


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

Exodus Communications


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



Vice President

Al Gore

today urged global reductions in trade barriers at the

World Economic Forum

, placing particular emphasis on Japan's role in the world economy.


Tokyo Taxation Bureau

has ordered the

Bank of Japan

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


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


General News

Commerce Department

figures show that the U.S.

gross domestic product

increased 5.6% for the final quarter of 1998 and 3.9% for the year.

The U.S. and five other


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. Meanwhile, Serbian police stormed a southwestern Kosovo village, killing 23 Albanians.

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.


Long live the Queen: Photos of

Prince Charles


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.