Who needs the Net when you've got
, which surged 9.16 to a record 1418.78 largely on the strength of Softee, which itself picked up 5 1/16, or 5.4%, to 99 7/16 amid both big news and speculation (see below).
And certainly not the
Nasdaq Composite Index
, which powered forward another 25.13 to a record 2864.50, thanks to its numero uno component. Mister Softee helped offset the daylong languor in the Internet sector, which left
TheStreet.com Internet Sector
index down 10.95 to 638.76.
Dow Jones Industrial Average
didn't need Microsoft or the Net to set its own record high. The Dow gained 23.43 to a record 11,209.84, while the small-cap
shed 0.54 to 465.26.
The big European indices finished mixed, with the Paris
closing modestly lower while Germany's
ended barely in the black.
Asian markets moved lower overnight amid continuing political tensions between China and Taiwan (see below). The
Taiwan Stock Exchange Weighted Price
index fell 506.46, or 6.4%, to 7411.58 and Hong Kong's
dropped 213.65, or 1.5%, to 13,545.24. Tokyo's
shed 183.56, or 1%, to 18,248.30.
More markets news and commentary are available in
said it earned 78 cents a share in its second quarter, 2 cents below the 20-analyst
consensus and down from the previous year's $1.20. The company also said it expects 1999 earnings to be 20% to 25% lower than in 1998.
posted second-quarter earnings of 18 cents a share, a penny above the eight-analyst view and up from last year's 9 cents. But Schwab warned that its profit margins may shrink later this year.
Cyprus Amax Minerals
yesterday agreed to combine in a $764.2 million stock transaction that will create the world's largest publicly traded copper company, to be named
. Cyprus Amax shareholders will get 0.765 share of Asarco Cyprus for each share of Cyprus Amax they hold, giving them about a 64% stake in the new company. Asarco shareholders will exchange their stock for Asarco Cyprus shares at a 1-for-1 ratio. Not impressed,
Warburg Dillon Read
cut Cyprus Amax to hold from buy.
said it will miss a $90 million interest payment on its $1.45 billion outstanding senior notes as it exercises a 30-day grace period on that payment.
posted second-quarter earnings in line with lowered analysts' estimates. The razor-blade maker earned 26 cents a share, matching the 13-analyst call but falling below the year-ago 33 cents.
has agreed to a wide-ranging marketing and distribution partnership with satellite broadcaster
The New York Times
reported, citing executives close to the deal. The companies plan to announce the deal Monday at the
Satellite Broadcasting and Communications Association's
convention in Las Vegas, the
reported, citing the executives.
U S West's
board is expected to accept
$69-a-share, all-stock takeover bid at a meeting tonight,
More news on companies and stocks is available in
Stock News section.
Morgan Stanley Dean Witter
with a cool neutral rating after the disk-drive maker yesterday reported fourth-quarter earnings of 30 cents a share, 4 cents below the 11-analyst consensus and up from the previous year's 9 cents.
After two days of deliberation, a U.S. jury in Connecticut ruled that Microsoft did not violate any federal antitrust laws when it refused tiny software firm
access to the source code of the Windows operating system. Separately, Microsoft is getting closer to creating a tracking stock for its
properties, according to
The Wall Street Journal
, which cited people familiar with the situation. The paper wrote that Softee may make an announcement as early as next week.
gained 39 3/16, or 230.5%, to 56 1/4 in its first day of trading. Lead underwriter
Donaldson Lufkin & Jenrette
priced Paradyne at $17 a share yesterday, above its $14 to $16 pricing range.
last night set plans for a 2-for-1 stock split, payable August 16 to shareholders of record July 30. The split will take the form of a 100% dividend.
More tech news and commentary are available in
Tech Stocks section.
China said it may cancel a long-awaited visit to Taiwan by envoy Wang Daohan if Taiwanese President
doesn't rescind his recent suggestion that China and the island are separate states, the official
U.K. cable TV firms
are each set to bid for the residential cable business of
Cable & Wireless Communications
, according to
, which cited people familiar with the talks.
More international news and commentary is available in
So much for going out with grace.
left television last year close to the top of its form, but somewhere in that gaping chasm between
The Godfather, Part II
Joanie Loves Chachi
lurks its larval progeny. During a Q&A session for the
cable network, actor
, better known as attorney Jackie Chiles, blurted out to reporters that a
spinoff is in the works. Morris said that he would star in the spinoff, which an
spokesman said it has only discussed informally thus far.
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