Investors had all weekend to mull over
earnings warning (see below), and reacted by garlanding major indices with a new round of record highs. A frenzy of program selling on the
Nasdaq Composite Index
burned itself out early, as
new tech separated itself from old tech like wheat from chaff. The Comp finally managed to finish in the black despite slack performances among its big tech bellwethers. Blue-chips also came back from a slow start, closing sharply higher, while the Net sector went gangbusters from start to finish. The transports alone closed lower.
Dow Jones Industrial Average
gained 165.67 to a record 10,339.51; the
rose 10.29 to a record 1358.64; the Nasdaq added 5.69 to a record 2598.74; the small-cap
shot up 6.46 to 412.32; and
TheStreet.com Internet Sector
index shot up 58.51 to close at 790.44.
Europe's major indices finished mixed. But Asian markets got hammered overnight,
spooked by Compaq. Hong Kong's
lost 169.36 to 11,744.74, and Japan's
dumped 348.23 to 16,507.40.
For more markets action and news, click
Printing and graphics arts firm
today announced plans to close three plants and eliminate about 650 jobs, or 9.2% of its workforce.
today reported earnings of $1.42 a share for its fiscal third quarter, easily topping the $1.15 a share
is joining yet another whistleblower suit against
. The suit, filed by a Columbia hospital CFO in Fort Myers, Fla., charges the company with defrauding
by inflating charges for covered patients.
is expanding its car service business by acquiring U.K. auto repair chain
for about $1.63 billion in cash.
will likely block
$1.4 billion unsolicited takeover offer for
Newport News Shipbuilding
, according to
The Wall Street Journal
, which cited government and industry officials familiar with the matter.
today confirmed that it is raising its IPO's price range to $45 to $50 a share from $40 to $45. It also named a 13-member underwriting syndicate, including Goldman as lead underwriter.
had the list
For more news on companies and stocks, click
, the fourth-largest cable company in the U.S., today announced that it is buying the cable TV systems of
for about $1.17 billion.
Shares of Compaq are sinking in the wake of the company's announcement late Friday that it expects to earn about 15 cents a share for its fiscal first quarter, well under the
consensus of 31 cents a share. Compaq lately was down 6 3/4 to 24 3/16.
Joining the race for an industry standard for sending music over the Internet,
announced today that it is teaming up with online media company
to develop music-delivery software.
For more tech news and commentary, click
Jurors today found
innocent of obstructing
Whitewater investigation by refusing to testify before grand juries, and a district judge declared a mistrial on two related criminal contempt charges against her. Prosecutor Mark Barrett called a retrial "obviously an option.''
Ignoring U.S. requests to refrain from missile tests, India yesterday sent a second-generation
missile on an 11-minute test flight over the Bay of Bengal. The Agni is capable of carrying a nuclear warhead to any target in Pakistan and deep into China.
ministers met at alliance headquarters in Brussels in a show of solidarity in its air campaign against Yugoslavia, which has entered its 20th day. Meanwhile, Yugoslav state media reported that NATO bombs struck a passenger train in Serbia, killing 90 and injuring 16; NATO confirmed that a train was near a rail bridge that it struck today.
said it is offering $2.84 billion to buy the 55% of
Europe 1 Communication
it doesn't already own.
The saga continues:
failed to gain shareholder support of its proposed defense against
$65 billion takeover bid, leaving the company looking for a white knight.
For more international news and commentary, click
In the Papers
Allied Pilots Association
meet before U.S. District Judge Joe Kendall today to determine how much the pilot's union should pay American for losses stemming from its mid-February "sickout."
The Dallas Morning News
today reports on the union's strategy, which includes plans to call more than 200 members to testify that they actually were ill during that period.
The South China Morning Post
reports the latest on the warming battle for Hong Kong newspaper publisher
Sing Tao Holdings
. A group backed by U.S. financier
is complaining to Hong Kong's
Securities and Futures Commission
$524.5 million rival offer gives Sing Tao's minority shareholders short shrift.
The list of 1999
is in, with winners including
Edwin G. Burrows'
Gotham: A History of New York City to 1898
for history; and
Blizzard of One
near-miss for the Shark.
yesterday finished two strokes back of
Jose Maria Olazabal
, who took home his second green jacket.
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