Thursday, January 21, 1999
Markets
U.S. stocks were near their session lows at midafternoon, with tech and Internet stocks deepest in the weeds.
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
here.
Companies
A California jury has ordered
Aetna
(AET)
to pay $120 million to the widow of a man denied coverage for experimental cancer treatment.
Coca-Cola
(KO) - Get Report
is considering opening its own line of fashion and sports clothing, according to the
Financial Times
.
Ford Motor
(F) - Get Report
reported fourth-quarter earnings of $1.35 a share, 8 cents better than both the
First Call
estimate and the year-ago figure.
Biotech big'un
Genentech
(GNE) - Get Report
reported fourth-quarter earnings of 28 cents a share, down a nickel from last year.
Norfolk Southern
(NSC) - Get Report
and
CSX
(CSX) - Get Report
said they will close their acquisition and division of
Conrail's
rail lines on June 1.
Time Warner
(TWX)
said it will increase its planned stock buyback to as much as $5 billion.
United Airlines
parent
UAL
(UAL) - Get Report
has expressed interest in buying rival
America West Holdings
(AWA)
.
TSC's
Holly Hegeman
broke the news yesterday afternoon.
United Technologies
said it has hired
Goldman Sachs
to look into the possible sale of its auto components operations.
For more news on companies and stocks, click
here.
Tech
Ameritech
(AIT) - Get Report
reported fourth-quarter earnings of 61 cents a share, in line with Street estimates.
Lucent
(LU)
reported first-quarter earnings of $1.05 a share on strong computer chip and switching system sales, beating analysts' expectations.
Search directory
Lycos
(LCOS)
said it's looking for an investor to help the company compete, two days after high-speed Internet service provider
@Home
(ATHM) - Get Report
agreed to buy
Excite
(XCIT)
.
For more tech news and commentary, click
here.
International
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
and
Daiwa Bank
have denied recent reports that they are in merger talks.
For more international news and commentary, click
here.
General News
About 400 people, including Communist Party leader
Gennady Zyuganov
, commemorated the 75th anniversary of
Vladimir Lenin's
death by decorating his Red Square mausoleum with wreaths and carnations.
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
House
managers' charges today.
Religious riots among Christians and Muslims in eastern Indonesia have killed at least 24 people over the past three days.
Elsewhere
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.
