Tuesday, April 13, 1999

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



Abby Joseph Cohen

. Meet

Zhu Rhongji


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

Nasdaq Stock Market


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


rose 207.76 to 16,715.16.

For more markets action and news, click




Justice Department

is close to filing an antitrust case against




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) - 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


and a 50% stake in online mall operator



General Motors'

(GM) - Get Report

board yesterday voted to approve the spinoff of parts division

Delphi Automotive Systems


. The spinoff will be completed May 28.

The brokerages posted more solid first-quarter numbers today;

Merrill Lynch


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

First Call

consensus, while



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


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




(CSCO) - Get Report

today said that it is buying



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

Online auctioneer


(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:


(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


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."


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.


Just two months after his appointment,

Michael O'Neill

is stepping down as CEO of


(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



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


In the Papers

The Seattle Times

today previews


(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.


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



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

Another World

this June, replacing it with



Carolyn Hinsey

, executive editor of

Soap Opera Digest

-- which, incidentally, failed to take home a


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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