The glass certainly seems to be half empty lately. Some rather unspectacular economic data (see below), along with one spectacular rumor (see below), led investors to send stocks lower today. Volume was light, again.
Dow Jones Industrial Average
fell 130.76 to 10,490.51; the
Nasdaq Composite Index
dropped 36.50 to 2,448.12; the
shed 9.15 to 1293.67; the small-cap
lost 4.25 to 438.02; and
TheStreet.com Internet Sector
index dumped 19.80 to 550.28.
The big European indices finished higher, led by Germany's
, each of which gained more than 1%. The Paris
closed barely positive.
Asian markets were mixed overnight, as Hong Kong's
rose 153.55, or 1.2%, to 12,992.76, while Tokyo's
added 95.93 to 17,198.55.
More markets news and commentary is available in
set plans for a 2-for-1 stock split.
is selling its
unit to research and engineering company
Science Applications International
. The companies didn't disclose the deal's terms.
General Motors Acceptance
, the finance arm of
, is buying U.K.-based
auto fleet management business for about $826 million in cash and assumed debt.
, a joint venture of
, won a five-year contract, worth as much as $1.2 billion, to build missiles and missile equipment for the
. Separately, Lockheed Martin is talking with French defense firm
about developing military surveillance and refueling aircraft, according to
The Wall Street Journal
, which cited executives familiar with the discussions.
, the notorious hedge fund run by
, denied a rumor that it doesn't have enough cash to meet investor redemptions, and that the
was meeting to try to save the fund. A company spokesman said, "Tiger could pay out its redemptions fourfold today." The Fed declined to comment.
More news on companies and stocks is available in
Stock News section.
went down last night for the second straight day, and is still inaccessible.
wrote about the auction site's technological sore spot -- and its strategic strengths -- in a
column this morning.
(PHCM:Nasdaq) took off in its first day of trading today, gaining 24 1/8, or 150%, to 40 1/8.
Securities and Exchange Commission
has suspended trading in bulletin board stock
Net Command Tech
(NCDR:OTC BB), an obscure video conferencing firm. Net Command's shares this year have swelled from about a dollar to as high as 30. The agency is questioning the accuracy of a wide array of information Net Command has released publicly.
More tech news and commentary is available in
Tech Stocks section.
troops are camped along Macedonia's border awaiting orders to enter Kosovo, with the alliance saying that a "substantial force" would be in the province by tomorrow afternoon. Meanwhile, a convoy of up to 1,000 Russian troops moved into Serbia from Bosnia early today, and was heading toward Kosovo, according to the private
news agency. The presence of both NATO and Russian peacekeepers in Kosovo may prove problematic, as Russia has said that it does not want its troops under alliance command.
came out with its
producer price index
, which showed prices increasing 0.2% in May, matching estimates and down from the previous month's 0.5% pace. Excluding food and energy, producer prices rose 0.2%, 0.1 percentage point higher than economists' consensus and last month's number.
released figures showing
increasing 1% in May, 0.2 percentage point above expectations and up from last month's 0.1% clip. Excluding automobiles, sales increased 0.5% for the month, in line with expectations and up 0.1 percentage point from April.
is the new email virus on the block. As with Melissa, the
said it is investigating its transmission as a possible crime.
said yesterday that it plans to sell all of its Canadian oil assets by the end of the year.
Strengthening its position in the Japanese retail brokerage business, Japan's
Dai-Ichi Kangyo Bank
bought $842 million worth of
stock to raise its stake in the financial services firm to about 52.1% from about 38%.
More international news and commentary is available in
What profit a team win game two of the
finals and loseth its pretty-boy star centerman? We'll see. The
last night beat the
4-2 to even the series at one game apiece. But a vicious check from Buffalo's Jay McKee knocked all-star
out of the game with a wrist injury that may keep him out of Game 3, or even longer.
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