A relative trickle of major earnings news wasn't enough to move the major proxies much today. The
Dow Jones Industrial Average
gained a scant 7.28 to 11,200.98; the
Nasdaq Composite Index
lost a wee 2.40 to 2790.67; the
shed 4.15 to 1399.13; the small-cap
added 1.32 to 459.30; and
TheStreet.com Internet Sector
index backed off 6.00 to 658.84.
The bond market wasn't short on moves today, though. Up 1 7/32, went the 30-year Treasury bond, to 90 27/32, its yield rising to 5.908%.
The big European indices finished mixed, with the Paris
modestly higher and London's
In Brazil, the
was plunging more than 2.57% late in the afternoon session amid rumors that Argentina was in danger of defaulting on its foreign debt payments. Argentine President
responded to the rumors by saying that Argentina "will honor its foreign and domestic debt, no matter whether some candidate asks for the opposite for his own spurious political interests."
Asian markets were split overnight, as Hong Kong's
dropped 160.73, or 1.1%, to 14,061.84, while Tokyo's
climbed 336.45, or 1.9%, to 18,274.18.
More markets news and commentary are available in
Medical devices firm
set plans to spin off its cardiovascular business to shareholders during the first half of next year. The new company will have sales of nearly $1 billion.
posted second-quarter earnings of 87 cents a share, a penny above the 13-analyst
consensus and up from last year's 78 cents.
set plans to buy electronic market maker
for $531 million in stock, options and cash.
Metropolitan Life Insurance
is buying the auto and home insurance lines of
The St. Paul Companies
for $600 million.
The U.S. unit of U.K. insurer
Royal & Sun Alliance Insurance
is buying specialty property and casualty insurer
for about $1.4 billion in cash, or about $50 a share.
Good news for
ahead of this evening's second-quarter earnings report: The
Food and Drug Administration
, the company's topical heartworm drug for dogs and cats.
Red Roof Inns
is being bought by France's
, the owner of
, for about $613 million in cash, or $22.75 a share. Accor will also assume about $502 million in Red Roof debt.
World Color Press
is being acquired by Canada's
for about $1.4 billion in stock and cash.
More news on companies and stocks is available in
Stock News section.
set plans to buy the 57% of
it doesn't already own and merge the search engine with its
Buena Vista Internet Group
to form an Internet firm called
. Disney said it will offer 1.15 shares of Go.com tracking stock, the value of which is yet unclear, for each Infoseek share.
is buying open systems server firm
Sequent Computer Systems
for about $810 million in cash.
will buy about $400 million in convertible preferred securities of Canada's
to help the cable TV and wireless telecom firm implement interactive television services in Canada.
signed a deal with Internet service provider
to link its consumer auctions to Prodigy's home page. The deal's financial terms weren't disclosed.
More tech news and commentary are available in
Tech Stocks section.
North Korea appears set to fire a test missile sometime during the next two months, Sen.
(D., N.J.) said today in Beijing after a two-day visit to North Korea. South Korea's foreign minister, Hong Soon-young, said that a new test-fire by North Korea would result in the U.S., Japan and South Korea cutting off nearly all economic aid to the country, which has been experiencing mass famine for years.
Yugoslavia today denied
reports that it is amassing Serbian troops in Montenegro.
Dutch oil-services firm
set plans to spin off its
Sedco Forex Offshore
drilling business and merge it with Houston-based
. Schlumberger shareholders will own 52% of the resulting company, to be called
Transocean Sedco Forex
looked at what the deal could mean to the industry in
a story this afternoon.
rejected a sweetened $17.8 billion takeover offer from
Banque Nationale de Paris
and urged investors to support its plans to merge with
, which BNP is also trying to acquire. SocGen has until July 30 to raise its bid for Paribas. BNP's offer for Paribas is currently worth about 118 euros a share, about 5 euros a share higher than SocGen's.
More international news and commentary are available in
was arrested in the middle of a Saturday night concert in Port-of-Spain, Trinidad, for public use of obscene language. The case threatens to reduce rap performances in the former British colony to recitations of loosely connected series of articles and prepositions over @#$%?@*&!# rhythm-track backdrops.
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