takeover bid and bad
fallout fresh on the vine this morning, tech and Net stocks were already looking a bit peaked by the time
suggested to the Joint Economic Committee that recent productivity gains won't go on forever (see below). But the comment certainly didn't help.
Technology tanked today, with the
Nasdaq Composite Index
losing 49.59 to 2398.29 and
TheStreet.com Internet Sector
index falling 48.14 to 502.10; the small-caps also suffered, the
dumping 6.48 to 431.53. Blue-chips had a much calmer time of it: The
Dow Jones Industrial Average
added 72.82 to 10,563.33 and the
gained 0.36 to 1294.00.
Nasdaq Stock Market
is expected to announce tomorrow the launch of a Japanese electronic trading system, according to an array of reports, including the Japanese newspaper
Nihon Keizai Shimbun
. Nasdaq said it would make a "major announcement" at a news conference tomorrow at 8:30 a.m. EDT.
The big European indices finished mixed, with the London
and the Paris
in the red and Germany's
Asian markets were little changed overnight, as Hong Kong's
rose 14.81 to 13,007.57, while Tokyo's
slipped 9.73 to 17,188.82.
More markets action and news is available in
Drug and medical supply distributor
said it has launched a Web site that will centralize the company's more than 4,000 independent and chain pharmacies by early July. The site,
, will also let customers order over-the-counter health care and beauty products, according to the company, which didn't say whether prescription drugs would eventually be part of its Internet strategy.
Residential mortgage lender
Countrywide Credit Industries
Associates First Capital's
home and auto loan unit
Balboa Life and Casualty Insurance
for $425 million in stock and debt.
Natural gas and electric utility
agreed to pay about $2 billion in cash and stock for Decatur, Ill.-based utility holding company
. Illinova said that
will invest between $200 million and $240 million in equity in the new company.
and Evansville, Ind.-based utility
agreed to combine in stock transaction worth $709 million; the resulting company will be called
. The companies said they plan to cut about 120 jobs, or 6% of their workforce, pursuant to the merger.
Medical products manufacturer
is being bought for $379.6 million in cash by a management group led by CEO Kenneth Davidson.
is going toe-to-toe with
. Qwest made two separate bids worth a total of $55 billion in stock and cash for
U S West
, which the upstart telecom is attempting to buy. Qwest said it would pay up to $80 a share in its common stock for U S West and $20 a share in cash and up to $55 a share in stock for Frontier.
bid $10.8 billion for U.K. supermarket chain
bid by about 18%. Asda's board recommended Wal-Mart's offer.
More news on companies and stocks is available in
Stock News section.
has upped its position in
to 54%, according to the online pet product retailer.
is buying market research company
in a $1 billion stock deal.
will buy 2 million shares of Internet service provider
at $10 a share. NextLink will also pay Speedus.com $20 million to lease 150 MHz of broadband spectrum in New York City.
More tech news and commentary is available in
Tech Stocks section.
spoke this morning before the
Joint Economic Committee
on the use of technology in the economy. Never one to make a one-sided case, Greenspan credited technology with driving a "remarkable run of economic growth," but noted that the productivity gains behind that growth "cannot increase indefinitely."
The deployment of the
peacekeeping force to Kosovo continues today as more than 1,200 U.S. Marines take their positions in the portion of the province to be controlled by the U.S. The alliance is still trying to define Russia's role in the peace operation;
discussed the matter with Russian President
over the telephone today.
U.K. bus and train company
is buying U.S. charter bus and tour operator
for about $1.2 billion in cash.
French water and environmental services company
agreed to buy U.S. waste services firm
for about $1 billion.
More international news and commentary is available in
Thanks in part to tireless plugging by the morning crew at
Austin Powers: The Spy Who Shagged Me
raked in an estimated $54.7 million this weekend, giving it the highest-grossing opening ever for a comedy.
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