Nasdaq Composite Index
closed at record highs again today, while the small-cap
, freshly reconstituted yesterday, slumped after its recent big gains.
Bonds gave back a healthy chunk of yesterday's advance but managed to pare their losses, with the bellwether 30-year Treasury down 14/32 to 89 18/32 and yielding 6.01%
European bourses rallied, with the U.K.'s
up 2.7%, Germany's
up 1.9% and France's
Stocks in Tokyo came roaring back from Wednesday's selloff, with the
leaping 331.01, or 1.9%, to 17,860.75. No such luck for the longs in Hong Kong, where the
dropped 233.35, or 1.7%, to 13,532.14.
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annual list of "10 Uncommon Values" in stocks came out this morning:
took a closer look at Lehman's list in a
story this morning.
after the close posted fourth-quarter operating earnings of 41 cents a share in line with the 15-analyst estimate.
issued an earnings warning this afternoon and said its board unanimously decided to "seek possible strategic alternatives," including selling the company. Day Runner estimates it will post a net loss for the fourth quarter of about 14 cents to 18 cents a share, a mile away from the current four-analyst estimate that projects earnings of 10 cents.
said it plans to restructure its $2 billion Crop Protection business. As a result of the restructuring, about 800 jobs will be eliminated. DuPont said the estimated annual pretax savings of about $200 million are expected to begin accruing in the fourth quarter. DuPont expects to record a nonrecurring charge in the third quarter for employee separation costs associated with the restructuring. DuPont Crop Protection, which sells herbicides, fungicides and insecticides to the corn and soybean, cereals and specialties markets, employs 5,500 people in 40 countries.
posted fourth-quarter earnings of 38 cents a share, a penny higher than the 16-analyst outlook and above the year-ago 4 cents. The retailer said it sees 2000 percentage revenue growth in the midsingle digits.
More news on companies and stocks is available in
Stock News section.
, a low-priced PC manufacturer, set a pact under which AOL and
software will be integrated into all eMachines PCs and will be accessible through icons prominently featured on the eMachines desktop. Under the pact, AOL will also make a minority investment in eMachines. In addition, eMachines and AOL's CompuServe will offer a special limited-time retail promotion beginning early this summer. Under the promotion, consumers signing up for three-year memberships to the CompuServe 2000 interactive service will get $400 rebates on three eMachines computers, including eMachine's $399
Internet search service
was enjoying an extraordinary public debut, up 50 15/16, or 363.8%, to 64 15/16.
Morgan Stanley Dean Witter
priced the 3 million-share offering at $14 a share.
, an Internet service provider, are rolling out a nationwide discounted PC program with the purchase of Prodigy Internet service at a Best Buy store.
CCOM Information Systems
, a privately held developer of directory solutions and computer telephony integration software. Terms weren't disclosed.
Microsoft CFO Greg Maffei told analysts and reporters on a conference call Wednesday that the
Securities and Exchange Commission
is probing the software titan's accounting policy for setting aside cash reserves. The company said it's confident the investigation, which was prompted by a
Wall Street Journal
article quoting a former Microsoft internal auditor, won't hurt earnings.
More tech news and commentary is available in
Tech Stocks section.
The Senate this afternoon approved Lawrence Summers as the nation's brand spanking new Treasury Secretary. He will replace Robert Rubin, who is stepping down from the post.
National Association of Purchasing Management
Purchasing Managers' Index
came in at 57.0 in June, up from 55.2 in May and above expectations of 54.4. The index of prices paid rose to 53.5 in June from 52.2 in May. The prices paid index is now at its highest level since October 1997. A reading above 50 indicates that the manufacturing economy is generally expanding while below 50 it indicates that it is generally contracting.
Peace talks in Northern Ireland are shakily proceeding, with Catholics and Protestants accusing each other of spurning compromise. Progress depended on whether the
, Northern Ireland's major British Protestant party, would accept a pledge from the
Irish Republican Army
party to do its best to deliver the IRA's disarmament by May.
Japanese telecom giant
Nippon Telegraph & Telephone
implemented its long-planned corporate reorganization, creating a holding company with three phone company subsidiaries. Under the restructuring, NTT split its business operations into two regional telephone companies and one long-distance and international unit.
More international news and commentary is available in
jackpot ever, $150 million, was won last night by the holder of a ticket bought in Minnesota, where all of the lottery winners are above average.
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John J. Edwards III contributed to this report.