U.S. stocks were trading modestly higher at midafternoon on moderate volume. Blue chips were bobbing in positive territory despite the weight of loss-leading
, still feeling the backdraft from Friday's big loss, and
, hurt by bad news from its pipeline (see below).
European bourses closed mixed, as did Asian markets, 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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, the 80-year-old chairman of
Archer Daniels Midland
, has retired. He'll be succeeded by CEO -- and nephew --
reported fourth-quarter net income declined 53% in 1998, partly reflecting one-time charges from last year's merger of
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.
spiked upward after the company reported fourth-quarter earnings exceeding Wall Street expectations. 3M's profit for the quarter declined 42% from the previous year.
said Friday that it has scrapped plans to begin Phase III testing of potential blockbuster antidepressant
. The stock was lately down 2 11/16 to 136 5/16.
Nursing home company
said that co-founder
W. Bruce Lunsford
resigned as chairman and CEO, to be succeeded by current president and COO
posted fourth-quarter earnings of 40 cents a share, up 45% from last year.
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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.
said its board of directors has approved a 2-for-1 stock split. The split still requires shareholder approval. Separately, the company also said it will invest $500 million in U.K. cable company
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.