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Monday, May 3, 1999

This one goes to 11: The Dow turns it up. Meanwhile, tech stocks founder and Goldman Sachs prices its IPO.


The market just can't deny the investing public's insatiable appetite for


millennial specials. It barely even tries anymore. Hello,




Dow Jones Industrial Average

closed up 222.79 to 11,011.83. Cyclicals boomed again, but so did almost everything else outside the technology sector. The rally's breadth -- including oil, transports, financials and drugs -- brought the

S&P 500

up 19.37 to 1354.55.

Technology stocks cut their losses late in the session to bring the

Nasdaq Composite Index

a relatively soft landing; the Nasdaq closed down 7.80 to 2535.05; Internet Sector

lost 23.29 to 632.97 in a broad selloff highlighted by loss leaders

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TheStreet Recommends

(AMZN) - Get Inc. Report

, down 21 1/16 to 150 15/16, and



, down 12 1/16 to 162 1/2. The small-cap

Russell 2000

gained 0.47 to 433.28.

Major European indices were mixed: Frankfurt's


closed modestly lower, while Paris'

CAC 40

finished in positive territory. In Asia, Hong Kong's

Hang Seng

added 3.87 to 13,337.07 overnight. Exchanges were closed in London and Japan.

For more markets action and news, click



Data services firm


(CEN) - Get Center Coast Brookfield MLP & Energy Infrastructure Fund Report

is buying

ABR Information Services


, which provides benefits administration, payroll and human-resource services, for $25.50 a share in cash, or about $750 million.

Shares of insurance holding company

Delphi Financial


are soaring after the company said it sold its

Unicover Managers

reinsurance unit to former Unicover shareholders. Delphi did not disclose the terms of the agreement, but said it expects to break even on Unicover, which it bought in November for $23 million. Delphi was lately up 9 1/8 to 40 1/4.

Milwaukee bank


(FSR) - Get Fisker Inc. Class A Report

set plans Friday to buy

Mercantile Bancorp

(MTL) - Get Mechel PAO American Depositary Shares (Each rep. 1) Report

of St. Louis in a $9.9 billion stock transaction.

The fun starts tomorrow.

Goldman Sachs

said it priced 69 million shares at $53 each.



board approved a $62.5 billion buyout offer from


(T) - Get AT&T Inc. Report

and gave



until Thursday to make a competing bid. Comcast is working with


(MSFT) - Get Microsoft Corporation Report


America Online


to sweeten its original $52.53 billion offer.


(MCK) - Get McKesson Corporation Report

filed with the

Securities and Exchange Commission

a shelf registration for up to $1 billion in debt securities.

SBC Communications




(TMX) - Get Terminix Global Holdings Inc. Report

are buying Puerto Rico's

Cellular Communications


for about $814 million in cash and long-term debt.

For more news on companies and stocks, click



Dutch electronics firm

Philips Electronics

(PHG) - Get Koninklijke Philips N.V. NY Registry Shares Report

is buying California microchip maker

VLSI Technology


for $1.27 billion after agreeing to raise its offer by 24%, ending two months of negotiations.


(RNWK) - Get RealNetworks Inc. Report



, a digital music platform that lets users download music from the Web in the


format developed by AT&T.

covered the launch in

a story this morning.

RSL Communications


set plans to take Web telephony subsidiary

Delta Three

public. The deal is expected to happen sometime during the third quarter.

For more tech news and commentary, click


General News


National Association of Purchasing Management

released its monthly

Purchasing Managers Index

, which unexpectedly fell to 52.8 in April, still signifying growth in the manufacturing sector but down from last month's 54.3 reading. The 30-year Treasury bond rallied on the news. (For more on the fixed-income market, see today's early

Bond Focus.)


war planes struck a major power grid in Belgrade today, blacking out the city. Alliance spokesman

Jamie Shea

said that Yugoslav President

Slobodan Milosevic

should not expect any "reward" for this weekend's release of three captured U.S. soldiers.


Commerce Department

released figures showing personal income rising at a 0.4% clip in March, matching economists' estimates and down from last month's 0.5% increase. Consumption also increased 0.4% for the month, better than the forecasted 0.3% but down from the previous month's 0.7%.


German cement company

Heidelberger Zement

made a $2.58 billion offer to buy 73.4% of Swedish cement maker


from Norway's

Aker RGI

and Sweden's



Telecom Italia



Deutsche Telekom

(DT) - Get Dynatrace Inc. Report

are talking with a third telecom company about joining their proposed combination, according to

The Wall Street Journal

, which cited a person close to the situation.

For more international news and commentary, click



Carolina Hurricanes


Steve Chiasson

died early this morning when his pickup truck flipped on the way home from the Raleigh-Durham International Airport. Chiasson, a 13-year


veteran, was 32.

John Elway

, 38, yesterday announced his retirement from pro football, leaving

Denver Broncos


Bubby Brister

to take over his primary duty of handing the ball off to

Terrell Davis


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