Stocks across the board were following the 30-year Treasury bond lower at midmorning. The
Dow Jones Industrial Average
Nasdaq Composite Index
were both firmly negative.
, lately down 4 9/16 to 115 3/8, was leading the slide among tech stocks.
European bourses were sharply lower at midafternoon, and Asian markets closed mixed. Hong Kong's
broke on through to the other side of 10,000, gaining 161.97 to 10,020.46 on strength in property stocks and
lost 145.79 to 14,221.75.
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The winds of change are blowing hard at hotel company
Patriot American Hospitality
. Founder Paul Nussbaum is stepping down as chairman and CEO, and the company will drop its real estate investment trust status as it is merged into property management affiliate
. Debt-ridden Patriot also announced that it has received a $1 billion equity investment and lined up $2.45 billion more in loan refinancing.
Propane distribution king
, the largest U.S. marketer of imaging paper and supply systems, said they are combining in an $815 million stock deal.
Duke Realty Investments
, two REITs operating in the Midwest and Southeast, respectively, today announced their intention to merge in a $1.1 billion stock deal.
filed a federal suit to block the merger of
, citing antitrust laws and the violation of an exclusive aircraft landing systems contract it had signed with Coltec.
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A number of companies including
are set to announce investments in the operating system Linux, according to
The Wall Street Journal
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Manufacturing isn't slowing yet. The
National Association of Purchasing Management
Purchasing Managers Index
, which stands at 52.4 for February, up 2.9 from the previous month.
won the presidency of Nigeria with 63% of the vote, according to election officials. Obasanjo has pledged to restore democracy to the country.
treaty banning land mines became effective today. The treaty has been signed by 133 countries and ratified by 64, although the U.S., Russia and China have declined to participate.
U.K. newspaper firm
has rejected the latest takeover bid from regional paper group
, and continues to negotiate with second-suitor
Regional Independent Media
, Italy's stock market regulator, gave clearance to
revised $58 billion hostile takeover offer for
. On Saturday Telecom Italia CEO Franco Bernabe told the newspaper
that his company would fight the takeover by "increasing the value of our company."
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will produce a G.I. doll of 95-year-old
, who entertained U.S. troops around the world for 50 years. No word yet on the age of the likeness.
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