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Thursday, January 21, 1999

Tech stocks marinate in red and Time Warner announces an increase in its stock buyback.


U.S. stocks continued their lackluster performance at midday, with tech and Internet stocks mired deepest in the red.

T. Eric Kilcollin today announced his resignation as president and chief executive of the

Chicago Mercantile Exchange

, to be effective in 60 days.

European bourses generally closed lower.

Asian markets were also mixed, as Japan's

Nikkei 225

picked up 217.37 to close at 14,245.42, while Hong Kong's

Hang Seng

lost 266.34 to 10,048.57.

For more markets action and news, click



A California jury has ordered



to pay $120 million to the widow of a man denied coverage for experimental cancer treatment.


(KO) - Get Free Report

is considering opening its own line of fashion and sports clothing, according to the

Financial Times


Ford Motor

(F) - Get Free Report

reported fourth-quarter earnings of $1 billion, down from $1.8 billion the previous year, citing several one-time charges for the drop.

Norfolk Southern

(NSC) - Get Free Report



(CSX) - Get Free Report

said they will close their acquisition and division of


rail lines on June 1.

Time Warner


said it will increase its planned stock buyback to as much as $5 billion.

United Airlines



(UAL) - Get Free Report

has expressed interest in buying rival

America West Holdings




Holly Hegeman

broke the news yesterday afternoon.

United Technologies

(UTX) - Get Free Report

said it has hired

Goldman Sachs

to look into the possible sale of its auto components operations.

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(LU) - Get Free Report

reported first-quarter earnings of $1.05 a share on strong computer chip and switching system sales, beating analysts' expectations.

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said it's looking for an investor to help the company compete, two days after high-speed Internet service provider


(ATHM) - Get Free Report

agreed to buy




For more tech news and commentary, click



The lower house of the Brazilian Congress voted to tax retirees' social security checks and increase civil servants' contributions to the pension system.

The latest on Japanese banking consolidation:

Sumitomo Trust & Banking


Daiwa Bank

have denied recent reports that they are in merger talks.

For more international news and commentary, click


General News

The U.S. trade deficit grew to $15.5 billion in November, according to

Commerce Department

figures. The 1998 deficit has already reached a record high of $153.9 billion, with December yet to be counted.

President Clinton's

defense team will conclude their oral presentations rebutting


managers' charges today.

Religious riots among Christians and Muslims in eastern Indonesia have killed at least 24 people over the past three days.


Thus spake the Motor City Madman: Rocker

Ted Nugent

is organizing a boycott of Canadian tourism to protest Ontario's banning of its spring bear hunt.

Utah Attorney General

Jan Graham

said she plans to open a fifth probe into the Salt Lake City Olympic bribery scandal after reports by the

Salt Lake Organizing Committee

and the

International Olympic Committee

are released.