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.
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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
up 0.3%, while Germany's
was down 0.5%. London's
was off 0.1%.
Asian markets closed higher as Hong Kong's
lifted 305.53, or 2.3%, to 13,688, and Tokyo's
rose 319.6, or 1.8%, to 17,918.
More markets news and commentary are available in
AFC Cable Systems
said it approved an offer from a third party after scrapping a merger agreement with
Thomas & Betts
. The deal with the unnamed company is to acquire all outstanding shares of AFC in a stock-for-stock merger.
cut its rating on
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."
, an operator of casual-dining restaurants, said it hired
BancBoston Robertson Stephens
to help it explore strategic options.
New York investment firm
said it would invest $1 billion for a 12% stake in
in an effort to help the telecommunications provider develop its networks.
said it would buy
in a $352 million stock deal. North Fork said it would swap two of it shares for each share of Reliance.
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.
, a unit of
, agreed to buy the aircraft and commercial finance divisions of
Green Tree Financial Servicing
, a unit of
said it expects to repurchase 4.5 million shares at $24.25 a share.
More news on companies and stocks is available in
Stock News section.
responded to competitors' rate cuts with two new calling plans:
AT&T One Rate 7 Cents
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
, a unit of Sweden's
L M Ericsson Telephone
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
said it acquired U.S.-based
Aurora Enterprise Solutions
for $10 million in cash. Aurora provides business security software products and consulting services.
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
said it is in talks to sell
its half of their 12-year-old joint chipmaking venture. Analysts say
may need new capital to remain profitable in a glutted global marktetplace.
More tech news and commentary are available in
Tech Stocks section.
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
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.
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
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.
said it will buy rival French supermarket
for $16.9 billion in shares, creating the world's second biggest retailer after
. The merger will result in a company with 9,000 stores on three continents, surpassing Germany's
as the largest European retailer.
launched a probe into the proposed merger between
, citing concerns about the creation of a dominant position in the avionics sector.
six-month-old bid to buy control of
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
. 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
It was bad enough for the Surrey, England-based
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
bad behavior and Cheesy Poofs, decided to expel their own name. Calling
a grotesque and negative show, officials said the school name would be changed to
. Not all parents agreed with the decision. "What if a rude film comes out called
? Are they going to change their name again?" asked an unidentified mother who was quoted in
The Daily Telegraph