So much for the rebound.
Given the uncertain interest-rate outlook, the market's recent selloff and the prospect of another hot summer weekend, it's not surprising that stocks couldn't keep a convincing rally together today. After surging early, stocks gave up early strength, and the major proxies finished mixed to lower.
Nasdaq Composite Index
lost 1.52 to 2638.49, the
Dow Jones Industrial Average
fell 136.14 to 10,655.15; the
dumped 12.31 to 1328.72; and
TheStreet.com Internet Sector
shed 6.35 to 556.09. The beneficiary of the market's narrowly positive breadth -- much improved from yesterday -- the small-cap
was the lone index to close in the black, picking up 3.19 to 444.77.
The big European indices finished solidly higher, with France's
gaining about 1.8% and 1.9%, respectively. London markets were buzzing with the news that the
London Stock Exchange
has set plans to make the transition from a mutual- to a stock-based ownership structure by offering shares to its members, paving the way for a possible initial public offering.
Asian markets were mixed overnight, as Hong Kong's
added 69.02 to 13,186.86, while Tokyo's
slipped 8.06 to 17,861.86.
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posted fourth-quarter operating earnings of 58 cents a share, a penny ahead of the 15-analyst estimate and up from the year-ago operating earnings of 46 cents.
Fidelity National Financial
is in talks to acquire fellow title insurer
in a transaction that could be valued at about $1.4 billion, according to a report in
The Los Angeles Times
, which cited people familiar with the deal. The paper wrote that, in the event of a deal, both companies would keep their names and identities.
John Georgius yesterday resigned as president of ailing
. The company named Ken Thompson, its vice chairman of global capital markets, to replace him when Georgius retires at the end of the year.
Shareholders from both companies today approved
$4.8 billion acquisition of
Salomon Smith Barney
to neutral from outperform after the company yesterday said that it wouldn't meet its target of double-digit sales and earnings growth for 1999.
More news on companies and stocks is available in
Stock News section.
Two more Net offerings are looking strong out of the gates today.
gained 5 1/2, or 30.9%, to 22 5/16, having been priced top-range at $17 a share yesterday by lead underwriter
advanced 3 7/8, or 29.8%, to 16 3/4 after being priced top-range at $13 a share last night by
Credit Suisse First Boston
Internet service provider
ended its cross-marketing pact with low-cost PC maker
, citing a breach of contract. Earthlink said that fewer than 1,000 of its present members have signed on through Microworkz, which previously bundled Earthlink's service with its PCs.
More tech news and commentary is available in
Tech Stocks section.
The U.S. agreed to pay $4.5 million in damages to the 27 people hurt and the families of the three reporters killed in the bombing of the Chinese Embassy in Belgrade. State Department legal adviser David Andrews said the payment does not constitute an admission of liability by the U.S.
Authorities are trying to figure out what drove daytrader and onetime murder suspect
Mark O. Barton
to kill nine people at two Atlanta brokerage firms.
covered the shootings in a
stories last night. Barton also killed his wife and two children, and later himself, according to officials.
today rejected an application by
to form a closer transatlantic alliance. Yesterday the
reported that the companies had ended their three-year effort to form a global pact after failing to get immunity from antitrust proceedings from the U.K. Transportation Department, though the airlines said they would continue to pursue an alliance within existing regulatory limits.
raised its stake in
to 6.5% to help the bank repel a takeover bid by
Banque Nationale de Paris
. CGU said it plans raise its position in Societe Generale to as much as 10%.
U.K. regional newspaper giant
is buying rival publisher
for about $2 billion in stock and cash in a deal that would create the U.K.'s largest newspaper publisher.
More international news and commentary is available in
Quarterback and part-time drummer
will release an album with nine original songs this fall under the
label. Admirably, part of the proceeds have been earmarked for
Doug Flutie Jr. Foundation for Autism
. But it's worth mentioning the astonishingly uncool name of Flutie's band:
The Flutie Gang