The Federal Open Markeet Committee meets on June 30 to decide what to do with interest rates. That's a lot of time to kill.
Stocks bobbed up and down without conviction today, and a late-day technology selloff and blue-chip rally looked like so much squirming ahead of tomorrow's employment report from the
Dow Jones Industrial Average
added 85.80 to 10663.69; the
Nasdaq Composite Index
lost 28.67 to 2403.74; the
gained 4.78 to 1299.59; the smallish-cap
slipped 0.76 to 435.98; and
TheStreet.com Internet Sector
dumped 22.31 to 534.30.
Stopping just short of announcing his retirement from basketball,
New York Stock Exchange
said today that the exchange won't be able to introduce extended trading hours until next year at the earliest, citing the higher priorities of Y2K compliance and decimalization. Last Monday Grasso said that the NYSE might extend its hours as early as July. Before that, he had said it wouldn't extend trading hours before June 2000.
The big European indices finished higher, with France's
advancing 0.9% and 0.7%, respectively. Frankfurt markets were closed for Corpus Christi Day.
Asian markets were mixed overnight, as Hong Kong's
ended up 12.97 to 12,471.61, while Tokyo's
lost 190.49, or 1.2%, to 16,227.50.
More markets action and news is available in
set plans to buy the third of biotech
that it doesn't already own for about $4.2 billion. Roche then plans to spin off as much as 19% of Genentech to the public.
Lockheed Martin Aeronautical Systems
, a unit of defense firm
, set plans to cut costs by eliminating as much as 21% of its workforce -- that's about 2,000 jobs.
Railroad equipment companies
Westinghouse Air Brake
are merging in a $557 million stock transaction. Westinghouse Air Brake shareholders will own 55% of the resulting entity, which will be called MotivePower.
War isn't hell for everyone. Defense firm
CEO Dan Burnham said today that his company expects that the U.S. government will throw about $1 billion of business its way as a result of the conflict in Kosovo.
last night called off merger talks with
, its board seeing "no compelling basis" to continue discussions since it found Chevron's offer "unacceptable in all respects." Chevron said it was surprised Texaco rejected its "very competitive offer."
Robert Lowes is stepping down as CFO of
Tricon Global Restaurants
. No successor has been named.
More news on companies and stocks is available in
Stock News section.
You've seen what the "e-business" buzz has done for
stock lately. So has
, who, at an event last night called "Oracle e-business Day," said the company plans to cut its expenses by $1 billion over the next year and a half by using its own technology. Without running through the math, Ellison also said Oracle will increase development spending and its sales capacity "very substantially."
More tech news and commentary is available in
Tech Stocks section.
World Trade Organization
approved a U.S. and Canadian plan to impose sanctions against the
in retaliation for the EU's ban on hormone-treated beef products. The WTO will allow the EU a neutral arbitration panel to decide the amount of the penalties.
The Yugoslav parliament approved the Kosovo peace plan, agreeing to a complete withdrawal of Serbian forces from the province and a
-led peacekeeping force, according to the state-run
news agency. Serbian deputy premier Vojislav Seselj said his Serb Radical Party, which voted against the plan, is breaking away from the government. The U.S.
James P. Rubin
responded to news of the plan's approval by saying that the key is "implementation, implementation and implementation."
released figures showing
initial jobless claims
at 305,000 for the week ended May 29, a bit higher than the expected 299,000 and up from the previous week's 300,000.
U.S. leveraged buyout firm
Hicks Muse Tate & Furst
has won the bidding war for U.K. food group
with a sweetened offer of $1.3 billion, too rich for rival bidder Candover Partners' blood.
Meanwhile, a battle for
pub interests is shaping up.
said it's preparing a $4.2 billion hostile cash offer, which would top the bid
made last week.
filed suit against
, charging those banks with financing unauthorized copper trades that cost the company more than $2.6 billion in trading losses in 1996. Sumitomo is demanding $532 million from Chase and $229 million from UBS.
More international news and commentary is available in
The good news for
won't be bricking any last-second layups for the rest of the
playoffs. The bad news: He's out for that period with a torn Achilles' tendon.
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