Rotation, rotation, rotation. A cyclical rally led by
Dow Jones Industrial Average
to yet another record high, up 113.12 to 10,831.71. The
rallied late to squeak out another record, closing up 2.91 to 1362.89.
Technology generally went the other way.
(see below) led Internet and other tech shares higher out of the gates, but the charge wouldn't stick. After five consecutive monster sessions, the tech-centric
Nasdaq Composite Index
exhaled 49.70 to 2602.35;
TheStreet.com Internet Sector
index dropped 17.30 to 696.97; but the
eked out 0.21 to close at 435.18.
Major European indices finished sharply higher. Asian markets also rose overnight, with Hong Kong's
soaring another 237.77 to 13,364.79 and Japan's
gaining 38.76 to 16,957.27.
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reported first-quarter earnings of 61 cents a share, 4 cents above the 18-analyst
estimate and up from the year-ago 46 cents. Separately, the company announced a joint venture with
Nippon Telegraph & Telephone
to manage data networks for multinational corporations, continuing its incursion into the deregulating Japanese telecom industry. On Sunday AT&T announced plans to buy a combined 30% stake in
said that the
Federal Trade Commission
has given it the go-ahead for its $2 billion purchase of aircraft and industrial part maker
is in preliminary talks to team with either
to counter AT&T's $54 billion cash-and-stock bid for
, according to
The Wall Street Journal
agreed to buy wireless-cable company
CAI Wireless Systems
in a sweetened $476 million cash deal. MCI WorldCom had signed a letter of intent on April 19 to acquire CAI Wireless for about $408 million, but had to renegotiate the deal after CAI received a better offer.
Park Place Entertainment
agreed to buy casino chain
and other gaming assets from
in a $3 billion cash transaction. The deal does not include the
in Las Vegas.
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last night set plans to buy three Internet companies for about $645 million in stock. The three are
, which operates a "marketplace" matching buyers and sellers of hard-to-find books and music;
, which is developing products to simplify online transactions; and Web navigation service
reported third-quarter earnings of 11 cents a share, 2 cents above the 9-analyst estimate.
soared overnight after the company reported first-quarter earnings of 5 cents a share, 3 cents ahead of the 10-analyst forecast and up from the year-ago penny. eBay reached as high as 234, but finished up only 1/4 to 209 1/4.
authorized an extra $3.5 billion for stock buybacks, matching a $3.5 billion buyback plan from last October. IBM also set plans to raise its quarterly dividend to 24 cents from 22 cents. The company's shareholders also overwhelmingly approved a 2-for-1 stock split.
Toys R Us
set plans to bolster its e-commerce presence by establishing an Internet sales unit in a partnership with venture capital firm
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this morning released its
consumer confidence index
, which rose to 134.9 from a revised 134 in March.
For the second time in a week,
war planes struck Belgrade's 23-story Usce Center building, home to Yugoslav President
Socialist Party headquarters and transmitters for some of Belgrade's TV and radio stations. Nothing has come thus far of Yugoslav Deputy Premier
remark yesterday that he believes Milosevic is ready to accept a peace deal including an occupation of Kosovo by NATO troops. Meanwhile, the Pentagon said that, as expected,
has authorized it to call up as many as 33,000 reservists to active duty.
Italy's central bank has blocked
$8.8 billion bid for
Banca di Roma
, saying that the deal changed from friendly to hostile after Banca di Roma's board rejected it last week. The central bank's action puts
$16 billion hostile takeover offer for
Banca Commerciale Italiana
on thin ice.
is selling its billboard advertising business for about $928.6 million to France's
, a maker of "street furniture," such as bus shelters and traffic lights.
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Baltimore Orioles slugger
Slugger Cereal is set to debut in the first week of May, less than a month after
Cal Ripken Jr.'s
Classic O's hit supermarket stands. Belle's promoter, Grant Dinner, denied any competition between the two stars, adding that when Ripken's brand was released, Belle's was already in taste-testing -- a process that left several participants with mysterious black eyes that they attribute to the cereal's "complicated" taste.