Tuesday, April 13, 1999

Intel earns 57 cents a share, beating estimates; RJR rolls out a debt-repurchase plan.
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Markets

Forget

Abby Joseph Cohen

. Meet

Zhu Rhongji

.

Attended by a posse of 45 delegates, the Chinese premier presented

Nasdaq Stock Market

Chairman

Frank Zarb

with a sculpture of a charging bull after ringing out the opening bell. Then, perhaps a bit tongue-in-cheek, Zhu uttered the most intrepid pronouncement of this stock market's strength yet: "Always bull market."

Zhu could have picked a better day, of course. The

Nasdaq Composite Index

slogged around for most of the day after surging at the open, closing down 15.33 to 2583.48. But the

Dow Jones Industrial Average

gained 55.50 to 10,395.01, setting another record; the

S&P 500

lost 8.82 to 1349.82;

TheStreet.com Internet Sector

index lost 14.26 to 776.18; and the small-cap

Russell 2000

continued its strong performance, adding 4.92 to close at 417.24.

Major European indices finished higher, while Asian markets swelled overnight. Hong Kong's

Hang Seng

gained 154.95 to 11,899.69, while Japan's

Nikkei

rose 207.76 to 16,715.16.

For more markets action and news, click

here.

Companies

The

Justice Department

is close to filing an antitrust case against

AMR

(AMR)

unit

American Airlines

, charging that the company tried to muscle a smaller rival out of its Dallas hub, according to

The Wall Street Journal

, which cited officials close to the inquiry. American today acknowledged that it has been talking with Justice for nearly two years, although it denied charges of anticompetitive practices.

CBS

(CBS) - Get Report

set plans to buy its Dallas television affiliate for $485 in stock, and said it is buying a 35% stake in online entertainment site

hollywood.com

and a 50% stake in online mall operator

storeRunner

.

General Motors'

(GM) - Get Report

board yesterday voted to approve the spinoff of parts division

Delphi Automotive Systems

(DPH)

. The spinoff will be completed May 28.

The brokerages posted more solid first-quarter numbers today;

Merrill Lynch

(MER)

reported earnings of $1.44 a share, 22 cents above the

First Call

consensus, while

PaineWebber

(PWJ)

earned $1.01 a share, well above the 73-cent estimate.

See how much money you can save by cutting back on your smoking?

RJR Nabisco

(RN)

offered to buy back almost $4.8 billion in debt, using the proceeds from the recent sale of its international tobacco business.

For more news on companies and stocks, click

here.

Tech

Cisco

(CSCO) - Get Report

today said that it is buying

GeoTel

(GEOC)

, a maker of telecom routing software, for about $2 billion in stock.

Online auctioneer

eBay

(EBAY) - Get Report

priced its offering of 6.5 million common shares -- 2.25 million of which are being offered by shareholders -- at 170 apiece, putting a $1.1 billion value on the deal.

No disasters here:

Intel

(INTC) - Get Report

reported first-quarter earnings of 57 cents a share, 2 cents above the First Call consensus. But the company warned its second quarter doesn't look as strong as the first.

For more tech news and commentary, click

here.

General News

Serb troops fought their way across the Albanian border today and briefly took control of the northern village of Kamanica before pulling back into Yugoslavia, according to Albanian Interior Minister

Petro Koci

. Koci now says Albanian forces "have the situation under control."

The

Labor Department

released its

Consumer Price Index

, which increased a lower-than-expected 0.2% for March, suggesting that inflation remains well in check. The CPI core rate, which excludes food and energy costs, increased a scant 0.1%, also below economists' expectations.

Commerce Department

figures show retail sales rising 0.2% in March, compared with a revised 1.7% the previous month, and below analysts' expectations of a 0.5% increase.

International

Just two months after his appointment,

Michael O'Neill

is stepping down as CEO of

Barclays

(BCS) - Get Report

after being diagnosed with complications from arrhythmia. Deputy Chairman

Sir Peter Middleton

will serve in his stead until the bank names a replacement.

Fujio Cho

was named president of

Toyota

(TOYOY)

today. Cho, head of the company's U.S. production business for six years, succeeds

Hiroshi Okuda

, who will assume the role of board chairman.

For more international news and commentary, click

here.

In the Papers

The Seattle Times

today previews

Boeing's

(BA) - Get Report

reportedly strong earnings report, which the company bumped forward to this Thursday from April 22.

The San Francisco Chronicle

reports on San Jose-based eBay's latest dealings, including its talks with San Fran auction house

Butterfield & Butterfield

.

You do the math -- if you can. The unemployment rate is at 4.2%, but, according to a new survey profiled in

The Washington Post

, more than 33% of job applicants have substandard math and reading skills.

Elsewhere

He demanded a ruling, and today he got one. A judge today sentenced

Dr. Jack Kevorkian

to 10 to 25 years in prison for the murder of

Thomas Youk

.

General Electric

(GE) - Get Report

unit

NBC

yesterday announced that it will end the 35-year run of soap opera

Another World

this June, replacing it with

Passions

.

Carolyn Hinsey

, executive editor of

Soap Opera Digest

-- which, incidentally, failed to take home a

Pulitzer

yesterday -- predicted the transition will be rough for soap fans. "The reason they watch soaps is because they hate change," she noted, contradicting other studies that ascribe soap fans' viewing habits to their equally intense aversion to gainful employment and non-jogging-suit apparel.

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