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Monday, January 11, 1999

Internet stocks swing to the fences again, Revlon looks to slim down and the SEC fines 28 brokerages.


The Internet sector had another huge day, other tech stocks drove the

Nasdaq Composite Index

to a new record high and blue chips cut early losses with another ninth-inning rally.


Dow Jones Industrial Average

dropped 23.43 to 9,619.89, while the

S&P 500

lost 11.28 to 1,263.81. The Nasdaq jumped 39.61 to 2,384.02, and the small-cap

Russell 2000

picked up a modest 1.87 to 433.10. Internet Sector

index soared 88.34 to 588.11.

European bourses closed lower.

For more markets action and news, click



Drug wholesaler

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TheStreet Recommends

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, in a deal worth $1.4 billion.



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

Jon Corzine

will step down as co-CEO of

Goldman Sachs

, leaving

Henry Paulson

to serve as sole CEO. Both Paulson and Corzine will continue as co-chairmen.


(REV) - Get Revlon Inc. Report

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

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agreed to acquire

(IBUY) - Get Amplify Online Retail ETF Report

for about $220 million.


(LU) - Get Lufax Holding Ltd American Depositary Shares two of which representing one Report

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


said it will not bid for cellular phone giant

AirTouch Communications

, leaving AirTouch to continue talks with


(VOD) - Get Vodafone Group Plc Report


Bell Atlantic




Packard Bell NEC

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

Samsung Group's AST Computer


For more tech news and commentary, click



British American Tobacco

(BTI) - Get British American Tobacco Industries p.l.c. ADR Report

agreed to acquire

Rothmans International


Compagnie Financiere Richemont



Rembrandt Group


for about $7.5 billion in stock.

U.K. oil production companies

Enterprise Oil





said they are in merger talks.

Italian carmaker



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




Guangdong International Trust & 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

has hired

Goldman Sachs

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

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General News


Securities and Exchange Commission

settled its investigation of improper trading practices on the

Nasdaq Stock Market

by levying $27.1 million in penalties to 28 brokerages.

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

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.