At midafternoon U.S. stocks were deep in the red, hovering slightly above their session lows. Technology stocks bore the brunt of the marketwide punishment, and Internet issues
dropped sharply along with shares of
, lately down 26 1/2 to 100 3/4 (see below).
National Association of Securities Dealers
sent a letter to NASD members emphasizing the need to make day traders "understand what they are getting into."
European bourses closed lower, while Asian markets closed mixed, as Japan's
shed 89.83 to 13,902.66, while Hong Kong's
gained 104.89 to 9,244.49.
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said it will sue its pilots union if it doesn't call off its "sickout" by President's Day weekend.
will close as many as 134 of its 347 stores and use the proceeds from inventory sales to pay off bank debt. In December the company missed a $13.5 million interest payment on its corporate bonds.
slimming down. The pharma giant announced the sale of pharmacy benefits unit
Diversified Pharmaceutical Services
for $700 million in cash, and the sale of its clinical labs unit to
for $1.27 billion.
Move over, Addison and Steele.
will jointly publish a magazine called
will be sold at the modern-day
-- Starbucks' North American coffeehouses.
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You knew Lycos wouldn't be lonely for long.
announced that it will buy the Web portal, combine it with its
Home Shopping Network
and name the new company
USA/Lycos Interactive Networks
weighed in on the deal today.
said it has signed a 10-year, $1.5 billion telecommunications service deal with the
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Swiss banking behemoth
says it can't find a buyer for 25 retail branches that Switzerland's competition commission required it to sell as part of last year's merger of
Union Bank of Switzerland
. Swiss regulators say they are looking into the matter.
Raising funds under the rising sun:
said that in 1999, Japan will account for more than 90% of net government bond issuance among the world's top 18 economies.
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figures show that U.S. workers' productivity increased a healthy 2.21% in 1998.
Fighting continues between Ethiopia and Eritrea over the unmarked border between those countries.
Weeks after Iran's intelligence ministry admitted its agents were involved in the killing of two dissidents, that nation's Minister of Intelligence
Another reason to save social security: Bands of monkeys have taken to raiding small villages in northeast Thailand for food. The local government recently stopped subsidizing the feeding of the simian bandits, who are unable to survive on the paltry bounty of their natural forest habitat.
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