Monday, Aug. 30, 1999

<B>After-hours trading</B>: Ameritech, KLA-Tencor and Atmel are the most active (and we use the term loosely) stocks as a thin MarketXT session ends.
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Markets

Last Trades on Island ECN (Times EDT)

ATML: 36 9/16 at 3:59 p.m.

KLAC: 63 9/16 at 3:52 p.m.

DELL: 46 1/8 at 4:52 p.m.

MarketXT, formerly Eclipse Trading, offers after-hours trading to retail clients of Morgan Stanley Dean Witter's (MWD) Discover Brokerage and Mellon Bank's (MEL) Dreyfus Brokerage Services. Clients can trade 200 of the most actively traded New York Stock Exchange and Nasdaq Stock Market issues, 6 p.m. to 8 p.m. EDT Monday through Thursday.

TheStreet.com

updates MarketXT's 10 most active issues in Got a Minute? and in the Evening Update.

TSC

also reports how MarketXT's three most active Nasdaq-listed issues finished the Island ECN session, which ends at 5:15 p.m. EDT. Check out

TheStreet.com's

updated Night-Owl's Guide to After-Hours Trading for more information on postclose trading

.

--

Eric Gillin

Day Session Report

Stocks followed bonds on the path south. The

Dow Jones Industrial Average

ended the afternoon with a stinging loss, down 176.04 to 10,914.13, while the

Nasdaq Composite Index

was off 46.21 to 2712.69.

The big European indices closed mixed, with France's

CAC

up 0.3%, while Germany's

Xetra Dax

was down 0.5%. London's

FTSE

was off 0.1%.

Asian markets closed higher as Hong Kong's

Hang Seng

lifted 305.53, or 2.3%, to 13,688, and Tokyo's

Nikkei

rose 319.6, or 1.8%, to 17,918.

More markets news and commentary are available in

TSC's

Markets section.

Companies

AFC Cable Systems

(AFCX)

said it approved an offer from a third party after scrapping a merger agreement with

Thomas & Betts

(TNB)

. The deal with the unnamed company is to acquire all outstanding shares of AFC in a stock-for-stock merger.

Merrill Lynch

cut its rating on

Allstate

(ALL) - Get Report

to near-term neutral from buy. Merrill said it did not "expect to see meaningful improvement in organic top-line growth over the next three to four quarters."

Avado Brands

(AVDO)

, an operator of casual-dining restaurants, said it hired

BancBoston Robertson Stephens

to help it explore strategic options.

New York investment firm

Forstmann Little

said it would invest $1 billion for a 12% stake in

McLeodUSA

in an effort to help the telecommunications provider develop its networks.

North Fork

(NFB)

said it would buy

Reliance Bancorp

(RELY)

in a $352 million stock deal. North Fork said it would swap two of it shares for each share of Reliance.

Shorewood Packaging

(SWD)

said it would close its packaging plant in Stanley, N.C., and cut 130 jobs. The company said it expects to save $3 million in production and operating costs by closing the plant.

Textron Financial

, a unit of

Textron

(TXT) - Get Report

, agreed to buy the aircraft and commercial finance divisions of

Green Tree Financial Servicing

, a unit of

Conseco

(CNC) - Get Report

.

UGI

(UGI) - Get Report

said it expects to repurchase 4.5 million shares at $24.25 a share.

More news on companies and stocks is available in

TSC's

Stock News section.

Tech

AT&T

(T) - Get Report

responded to competitors' rate cuts with two new calling plans:

AT&T One Rate 7 Cents

, and

AT&T Family Plan

. AT&T officials are expected to say the company will meet its 1999 target of 5% to 7% revenue growth, up from 1.5% growth last year,

The Wall Street Journal

reported. The paper also said Ma Bell will split its equipment vendor contracts among

Lucent Technologies

(LU)

,

Nortel Networks

(NT)

and

Ericsson

, a unit of Sweden's

L M Ericsson Telephone

(ERICY)

.

CompUSA

(CPU)

said it cut 1,800 members, or about 50%, of its commercial sales organization as part of a previously announced reorganization. About 1,300 of the affected staff have been offered positions in the revamped organization.

Belgian Internet security firm

NetVision

said it acquired U.S.-based

Aurora Enterprise Solutions

for $10 million in cash. Aurora provides business security software products and consulting services.

Royal KPN

said it may sell shares in its rapidly growing cellular unit and raised its profit forecast for 1999. The company said it will also offer stock in a data-networking venture with

Qwest

(QWST)

.

Toshiba

said it is in talks to sell

Motorola

(MOT)

its half of their 12-year-old joint chipmaking venture. Analysts say

Tohoku Semiconductor

may need new capital to remain profitable in a glutted global marktetplace.

More tech news and commentary are available in

TSC's

Tech Stocks section.

General News

Hurricane Dennis brought heavy rains and winds gusting up to 80 miles per hour to the North Carolina coast, knocking out power to thousands of customers. There is still a possibility the storm's center could move closer to North Carolina.

Thousands of East Timorese cast ballots on whether to remain under Indonesian rule or gain independence. U.N. officials estimated that 90% of registered voters cast ballots. Although voting was mostly peaceful, Joel Lopez Gomes a member of the U.N. team overseeing the election, was killed on his way home from a polling station near Dili.

New single family home sales rose 0.1% to 980,000 in July, the second highest level on record, as job and income growth kept housing strong despite rising mortgage rates.

A new survey from

Manpower

says U.S. demand for workers is continuing at the highest level in two decades, with particular strength in the wholesale and retail sectors. The findings suggest strong job creation should continue to hold U.S. unemployment in check.

Cleveland Browns

linebacker Chris Spielman, who was attempting a comeback after neck surgery, retired after feeling numbness from an exhibition game hit. Spielman had two vertebrae fused in his neck in 1997 when he was with the

Buffalo Bills

.

The

U.S. Army

is looking for new ways to attract young people after experiencing its worst recruiting year since 1979. A number of changes are being considered including junking the

Be All You Can Be

advertising slogan, in use since 1981.

International

Carrefour

said it will buy rival French supermarket

Promodes

for $16.9 billion in shares, creating the world's second biggest retailer after

Wal-Mart

(WMT) - Get Report

. The merger will result in a company with 9,000 stores on three continents, surpassing Germany's

Metro

as the largest European retailer.

The

European Commission

launched a probe into the proposed merger between

Honeywell

(HON) - Get Report

and

AlliedSignal

(ALD)

, citing concerns about the creation of a dominant position in the avionics sector.

HSBC's

six-month-old bid to buy control of

SeoulBank

for $900 million is on the verge of collapse because of disagreements over the definition of bad loans, South Korea's chief financial regulator told

Bloomberg

. The government is no longer talking to the U.K. bank, according to regulator Lee Hun Jai.

More international news and commentary are available in

TSC's

International section.

Elsewhere

It was bad enough for the Surrey, England-based

South Park

school when the foul-mouthed cartoon kids of the eponymous TV show landed on the shores of the U.K. But then came the movie

South Park: Bigger, Longer & Uncut

and the school, fed up with

Cartman's

bad behavior and Cheesy Poofs, decided to expel their own name. Calling

South Park

a grotesque and negative show, officials said the school name would be changed to

The Orchards

. Not all parents agreed with the decision. "What if a rude film comes out called

The Orchards

? Are they going to change their name again?" asked an unidentified mother who was quoted in

The Daily Telegraph

.