U.S. stocks flattened at midmorning after jumping out of the gate. Blue-chips were weighed down by big losers
, still feeling the backdraft from Friday's big loss, and
, hurt by bad news from its pipeline (see below).
European bourses were mixed at midafternoon.
Asian markets closed mixed, as Japan's
picked up 54.41 to close at 14,208.81, while Hong Kong's
plummeted 239.02 to 9,499.50.
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reported fourth-quarter earnings of 60 cents a share, beating Wall Street estimates by 4 cents. Citigroup's numbers don't include the one-time charges from last year's merger with
patent-infringement suit against competitors
ended with a whimper today as those companies agreed to not manufacture a generic version of Prozac in exchange for a $4 million payment from Lilly.
Automotive component manufacturer
will offer nearly $6 billion for the U.K.'s
, according to
The Sunday Times
subsidiary and asset scavenger
has agreed to buy the leasing business of bankrupt
, a unit of the now-nationalized
Long-Term Credit Bank of Japan
. Separately, GE Capital settled for about $100 million a class-action lawsuit alleging unfair debt collection by the company.
Merck said Friday that it has scrapped plans to begin Phase III testing of potential blockbuster antidepressant
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posted fourth-quarter earnings of $1.12 a share, up 58% from last year. The company attributed the increase to cost-cutting and a booming mobile-phone services segment.
will be named chief technology officer of
, according to
The Wall Street Journal
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Swedish mobile-phone giant
said it will cut 11,000 jobs over two years in response to slowing profit growth.
is downshifting. The Swiss banking behemoth said it will curtail its investment banking operations in favor of the private-client and asset-management segments and cut its earnings forecast for 2002 by 10%.
Figures from Japan's
Ministry of Finance
show that country's global trade surplus increased a hefty 40% in 1998. Japan's trade surplus with the U.S. increased 33.4%.
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managers met for two hours yesterday with
to gauge her utility as a witness, against the objections of
Democrats who claim the interview undercuts the Senate's authority to determine witnesses in impeachment proceedings.
A U.S. and U.K. missile attack killed and wounded civilians in the Iraqi city of Basra, according to the official
Iraqi News Agency
as head coach.