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Monday, June 7, 1999

Monday's session sails to a close, with major indices solidly up. Drug stocks are the only dawdlers.


Amid no new economic data, stocks rallied from the get-go to the closing bell, just because. Technology was the spark, but by the end of the session even the transports had turned it around to close solidly higher. Drug stocks were a notable exception to the broad surge, finishing flat to lower.

All the major proxies closed higher. The

Nasdaq Composite Index

gained 45.80 to 2524.14; the

Dow Jones Industrial Average

added 109.54 to 10,909.38; the

S&P 500

picked up 6.77 to 1334.52; the smallish-cap

Russell 2000

took on 4.32 to 446.65; and Internet Sector

index advanced 32.41 to 585.87.

The big European indices finished higher, with London's


, Paris'


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TheStreet Recommends

and Germany's


each posting strong gains.

In Brazil, the normally volatile


was down about 0.8% late in the afternoon session.

Asian markets moved higher overnight. Hong Kong's

Hang Seng

added 421.85 to 12,837.39, while Tokyo's


gained 175.14 to 16,475.89.

For more markets action and news, click





is buying


(HON) - Get Honeywell International Inc. Report

for about $15.3 billion in stock and assumed debt.

Credit-crunched home equity lender



is selling its auto financing unit,

Triad Financial

, to

Ford Motor Credit


Fairlane Credit

. ContiFinancial didn't disclose terms of the deal.

Call off the fashion police.


(DD) - Get DuPont de Nemours Inc. Report

is cutting back its polyester production, laying off about 14% of the worldwide workforce in that segment.


Harnischfeger Industries


, the world's biggest maker of mining equipment, has filed for Chapter 11 bankruptcy protection. Harnischfeger, which said it has received commitments for debtor-in-possession financing of $750 million, will default on interest payments on its $1.3 billion in debt, including its bonds.

Investment banking firm

Lazard Freres

confirmed that it is combining its operations in New York, London and Paris. The company said the process will take six to nine months.

Utility holding company


(NI) - Get NiSource Inc Report

said it's making a $5.7 hostile cash takeover offer for natural gas company

Columbia Energy Group

(CG) - Get Carlyle Group Inc (The) - Ordinary Shares Report

. Columbia Energy, which rejected a previous offer by NiSource, said it is considering the bid.

Natural gas firm

Southern Union


is buying energy services company

Pennsylvania Enterprises


for $500 million in stock, cash and assumed debt.

Diversified manufacturer

Tyco International


is in talks to acquire British security and fire-protection equipment maker


for about $5.87 billion.

More news on companies and stocks is available in


Stock News.




, the Internet investment bank 28%-owned by



, launched

, a Web site through which E*Trade customers can participate in IPOs.


(IBM) - Get International Business Machines Corporation Report

and Taiwanese computer manufacturer


inked an agreement to buy about $8 billion worth of each other's products over the next seven years. Acer already makes most of the PCs that IBM sells under the Aptiva brand.

Fragrance seller



set plans for an IPO of its Internet unit,

. The company will offer 2.5 million shares with a pricing range of $7 to $9 apiece.

Computer tutorial maker



is being acquired by



for about $70 million in stock.

More tech news and commentary is available in


Tech Stocks.

General News

Talks between


and Serb leaders collapsed overnight after Yugoslavian military leaders rejected the portion of the alliance peace plan calling for a withdrawal of 40,000 Serb troops from Kosovo. NATO said air strikes are "under way and accelerating toward their prior intensity." Talks between the military and NATO commanders are expected to resume later today, according to


, which cited a senior Yugoslav government official.

The sodomy trial of former Malaysian deputy prime minister and reformist

Anwar Ibrahim

began today, with prosecutors changing for the third time the year they claim the alleged offenses took place. Ibrahim, who has already received six years in prison for corruption, could get as much as a 20-year sentence.


British Steel

(BST) - Get BlackRock Science and Technology Trust of Beneficial Interest Report

said it is buying Dutch steel and aluminum firm


in a deal valued at $6.5 billion.

French oil giant

Elf Aquitaine

(ELF) - Get e.l.f. Beauty Inc. Report

has upped its bid for Norway's

Saga Petroleum


to about $4.6 billion in cash and assumed debt, in expectation of a higher offer from industrial concern

Norsk Hydro


More international news and commentary is available in


International .



San Antonio Spurs

will represent the Western Conference in the

NBA Finals

, having beaten the

Portland Trail Blazers

94-80 yesterday. It's a mixed blessing for center

David Robinson

, who, with

Michael Jordan's

retirement, has already missed his chance to choke at the game's highest level against its greatest player ever.

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