Investors unsheathed their ugly sticks today, beating up on stocks like kids at a pinata party. When the blindfolds came off, things didn't look pretty.
The damage was diffused among all the major proxies. The
Nasdaq Composite Index
plummeted 66.50 to 2453.64; the
Dow Jones Industrial Average
sank 174.61 to 10,654.67; the
gave up 23.64 to close at 1306.65; the smallish-cap
lost 8.75 to 440.39; and
TheStreet.com Internet Sector
index backed up 46.70 to 576.68.
Transports got hammered, as did the banks amid serious downgrades of sector giants (see below).
New York Stock Exchange
may adopt a second, late trading session as early as July to compete with upstart electronic communications networks, according to exchange Chairman
. The NYSE had said it wouldn't extend trading hours before June 2000.
With most European markets closed for a holiday, the lonely London
gave back early gains to finish down 0.5%. Asian markets were strong overnight, as Hong Kong's
picked up 164.72, or 1.3%, to 12,436.86, and Tokyo's
added 97.51 to 16,390.49.
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Privately held rail and auto parts maker
started a $35-a-share tender offer for rival
Avis Rent A Car
is tripling its fleet by buying
vehicle-leasing unit in a deal valued at $1.8 billion.
struck a new agreement with Britain's
to buy the U.K. beverage company's soft drink brands in more than 100 countries, excluding
nations other than the U.K., Ireland and Greece. The deal is worth $1.1 billion, while the original deal, which the companies scrapped because of concerns that the EU would veto the deal on antitrust grounds, included Cadbury's brands worldwide and carried a price tag of $1.8 billion.
Not mincing any ratings,
Credit Suisse First Boston
to sell from hold.
New York Times
is consolidating its Internet operations -- consisting of nearly 50 web sites -- in a new unit called
Times Company Digital
Rocky Mountain Chocolate Factory
urged its shareholders to reject
unsolicited tender offer of $5.75 a share, calling it "inadequate."
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(BNBN:Nasdaq) has raised its IPO price range to $16 to $18 from $11 to $13.
is the offering's lead underwriter.
was surged 15, or 26.3%, to 76 after
Joseph Charles & Associates
set an interim one-year price target of 230 for the Internet payment system developer.
filed Friday with the
Securities and Exchange Commission
to raise $90 million and $150 million, respectively, in initial public offerings.
Business management software company
named Craig Conway president and COO. He'll take over day-to-day operations from Chairman and CEO
, who will retain those posts.
Online service provider
is teaming up with
to provide high-speed Internet access in the Baby Bell's Northeastern service region. Prodigy will use Bell Atlantic's digital subscriber line technology, which transmits data 125 times faster than 56K modems.
set plans to acquire fellow embedded computer systems firm
for about $115 million in stock.
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war planes struck transformer stations in Novi Sad and Nis, a Belgrade power plant and 15 water pumps, creating what Serb authorities called a "humanitarian disaster." Separately, Russian envoy
said that he has convinced Western officials to let some Yugoslavian troops remain in Kosovo to guard historic sites as part of a peace deal.
Bank of Ireland
Alliance & Leicester
said they're in talks that could lead to an $18.4 billion merger.
gave the final results of its 11th-hour bid for
, saying that it had won about 51.9% of the company, a tad higher than the 51.02% announced Friday.
Seton Scholl Healthcare
, the world's largest maker of condoms, for $984 million in stock.
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What's stranger than last night's plunging death of 33-year-old Canadian wrestler
Owen "Blue Blazer" Hart
? This is: A woman on board a Chinese express train yesterday gave sudden birth to her first child while sitting on the toilet. Screaming, she tore off the umbilical cord -- and watched the infant slip through the pipes and out bouncing onto the rails. It astonishingly suffered only minor cuts and bruises, and was retrieved by three security guards who happened upon the spectacle. Naturally, the guards had to defer the rescue until a close-following train had finished speeding over the child.
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