Publish date:

Monday, January 11, 1999

Stocks are turning lower, except, of course, for Net stocks; Corzine is out at the top of Goldman Sachs, and Bergen Brunswig is buying PharMerica.


U.S. stocks remained mixed at midday, with blue-chips extending their losses but Internet and other tech stocks advancing.

European bourses closed lower. Asian markets also suffered, as Japan's

Nikkei 225

shed 23.33 to 13,368.48, and Hong Kong's

Hang Seng

dropped 88.43 to 10,634.27.

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Drug wholesaler

Bergen Brunswig

(BBC) - Get Virtus LifeSci Biotech Clinical Trials ETF Report

has agreed to buy



, a provider of pharmacy services to nursing homes and prisons, for $1.4 billion.



said it will spend $55 billion to $60 billion on research and development over the next three years.

Jon Corzine

reportedly will step down as co-chairman and co-CEO of

Goldman Sachs

, leaving

Henry Paulson

to serve as sole chairman and CEO.


(MRK) - Get Merck & Co., Inc. (MRK) Report

reportedly will claim its arthritis drug


is more effective at treating a broad range of pain than


(MTC) - Get MMTec, Inc. Report


, which the

Food and Drug Administration

has said can only be marketed as an arthritis treatment.


(REV) - Get Revlon, Inc. Class A Report

said it will cut as many as 1,200 jobs and liquidate excess real estate holdings in an effort to streamline operations.


(SBUX) - Get Starbucks Corporation Report

today opened its first branch in China at a five-star Beijing hotel.

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(T) - Get AT&T Inc. Report

said it will spend an additional $2 billion in 1999 accelerate its upgrade of



cable networks to handle bundled packages of TV, Internet and telephone services. The company also said it will not create a tracking stock for its consumer services business along with its purchase of TCI.



agreed to acquire billing software company

Kenan Systems

for $1.48 billion in stock. The company reportedly is also in talks to acquire networking supplier

Ascend Communications



MCI WorldCom

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said it will not bid for cellular phone giant

AirTouch Communications

, leaving AirTouch to continue talks with


(VOD) - Get Vodafone Group Plc Sponsored ADR Report


Bell Atlantic




Packard Bell NEC

CEO Beny Alagem reportedly is in talks to acquire a large stake in

Samsung Group's AST Computer


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British American Tobacco

(BTI) - Get British American Tobacco PLC Sponsored ADR Report

agreed to acquire

Rothmans International


Compagnie Financiere Richemont



Rembrandt Group


for about $7.5 billion in stock.

Italian carmaker



reportedly is in merger talks with several companies, including Sweden's




Guangdong International Trust and Investment

, the investment unit of the wealthy Chinese province of Guangdong, has filed for bankruptcy with debts of $4.3 billion.

Japan's nationalized

Long Term Credit Bank of Japan

has hired

Goldman Sachs

to assess its assets and help find a receiver for its operations.

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General News

Two U.S. fighter jets fired on an air defense installation today in northern Iraq after they were lit up by Iraqi radar.

U.S. payrolls rose by 378,000 new jobs in December, the biggest monthly gain in more than a year.

At the

Bank for International Settlements

meeting in Hong Kong,

Federal Reserve


Alan Greenspan

told the heads of 16 central banks, including 11 from the Asia-Pacific region, to expect any slowdown of the U.S. economy to be "relatively moderate."


Communications and pharmaceutical mogul Daniel Snyder and banking brothers Howard and Edward Milstein have agreed to purchase the

Washington Redskins


Jack Kent Cooke Stadium

for $800 million.