Nothing like a speech by
to turn a mixed day decidedly negative. Stocks sold off hard while the G-man mused on such topics as inflation and the business cycle before the
House Banking Committee
(see below). And though the market came back a bit when he'd concluded, all the proxies ended squarely in the red.
As has been the trend this week, technology got the worst of it. The tech-centric
Nasdaq Composite Index
plunged 77.33 to 2684.44, and
TheStreet.com Internet Index
lost 21.66 to 593.65. The
shed 18.33 to 1360.96, while the small-cap
backed up 3.14 to 451.49.
Largely on the strength of financials
-- which were curiously unmoved by the interest-rate fears engulfing most of the market -- the
Dow Jones Industrial Average
fell a modest 33.56 to 10,969.22.
The 30-year Treasury bond lost 25/32 to 90 2/32, its yield rising to 5.971%.
The big European indices all finished solidly lower.
Asian markets were roiled overnight, as Hong Kong's
dropped 50.60 to 13,369.06, and Tokyo's
plummeted 527.18, or 2.9%, to 17,730.34.
More markets news and commentary are available in
officials raided the European offices of
and its bottling subsidiaries to gather evidence that Coke's sales practices may violate EU antitrust law.
inked a deal with
Tokio Marine & Fire Insurance
to set up retail brokerage operations in Japan. The venture will be operating by autumn, the firms said.
sold the international shipping business of its
subsidiary to Danish shipping and oil firm
for $800 million. CSX said it will focus on Sea-Land's domestic container shipping business.
released third-quarter earnings of 20 cents a share, a penny above the 18-analyst
view and matching the figure from last year.
will recall 3.5 million trucks, sport utility vehicles and vans because of a defect in their antilock brake systems.
set plans to sell its
weight-loss-class business to European private investment firm
for $735 million. Heinz will retain ownership of the Weight Watchers line of foods and will retain a 6% stake in the class business.
posted second-quarter earnings of 37 cents a share, matching the 18-analyst estimate and up from the year-ago 33 cents.
More news on companies and stocks is available in
Stock News section.
yesterday said it lost 51 cents a share in its second quarter, meeting the 21-analyst forecast and wider than the year-ago loss of 12 cents.
today cut Amazon to attractive from buy, and
Morgan Stanley Dean Witter
increased its 1999 loss-per-share estimate for the company, which also set a 2-for-1 stock split last night.
last night posted fourth-quarter earnings of 13 cents a share, topping both the 30-analyst estimate of 11 cents and the year-ago 6 cents. The Internet service provider said its total revenue for the quarter came in at $1.38 billion vs. the year-ago $943 million.
posted a second-quarter loss of 17 cents a share, 7 cents thinner than the three-analyst prediction and narrower than the year-ago loss of 21 cents.
More tech news and commentary are available in
Tech Stocks section.
House of Representatives
approved a $792 billion tax cut bill by a narrow vote of 223 to 208.
has pledged to veto the bill.
Fed boss Alan Greenspan delivered his semiannual
testimony on monetary policy before the House Banking Committee today. As usual, Greenspan marveled at the economy's recent productivity gains and the attendant low rate of inflation. But he also noted the difficulty of that trend continuing in the face of still-tight labor markets and a recovering global economy.
released figures showing
initial jobless claims
at 313,000 for the week ended July 17, a hair below economists' expectations and up 4,000 from the previous week.
Finnish food packager
set plans to buy Dutch rival
Royal Packaging Industries Van Leer
for about $1 billion in cash. The deal will create the world's biggest manufacturer of paper and plastic containers.
Finnish cell-phone maker
said it earned 0.49 euros a share in its second quarter, essentially in line with expectations and up from the year-ago 0.31 euros a share.
More international news and commentary are available in
Talk about diversified operations. The
Securities and Exchange Commission
suspended trading today in bulletin board stock
Uniprime Capital Acceptance
over concerns about the accuracy of the company's claims that its
New Technologies & Concepts
subsidiary had successfully tested a product that had eradicated HIV from AIDS patients. The company -- based in Las Vegas -- said in a July press release that it's looking to buy at least 50 auto dealerships in an effort to make itself one of the nation's top 10 "mega-dealerships."
Feeling unappreciated at work? Try to keep it that way.
The Dallas Morning News
yesterday reported the sad plight of Dallas Utilities Superintendent Phil Warren, who was fired amid a scandal involving the misuse of departmental funds to hire a stripper who groped employees and performed lap dances at a mandatory staff meeting. Warren said that the striptease "was planned by my staff and done all in good taste. It made me feel like my staff really appreciated me."