Publish date:

Tuesday, January 26, 1999

Stocks trade higher; Burlington Industries sets job cuts; the U.S. confirms Iraqi civilian casualties.


U.S. stocks were trading higher at midmorning, with tech and Internet stocks leading the positive charge and blue-chips lagging.

European bourses were mixed at midafternoon.

Asian markets closed higher, as Japan's

Nikkei 225

picked up 173.20 to close at 14,382.01, while Hong Kong's

Hang Seng

gained 10.33 to 9,509.83.

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BP Amoco


said it plans to offer low-sulfur gasoline in 39 U.S. cities within two years.

Fabric maker

Burlington Industries


said it will cut 2,900 jobs and close seven plants to reduce capacity in the face of a flood of low-priced garments from Asia.



has filed suit against

Ernst & Young

, charging it with negligence in its failure to detect the highly publicized book-cooking that scandalized Cendant last year.

Automotive component manufacturer



has joined


(FMO) - Get Fiduciary/Claymore Energy Infrastructure Fund of Benef Interest Report

in the bidding war for the U.K.'s

LucasVarity PLC


. LucasVarity said it favors TRW's offer, the more generous of the two.

Packaging and auto parts manufacturer


(TEN) - Get Tenneco Inc. Class A Report

announced that it is selling its containerboard business to private equity company

Madison Dearborn Partners


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is expected to announce plans to spin off its

AltaVista Search Services

, according to

The Wall Street Journal



(GTE) - Get Gran Tierra Energy Inc. Report

said it has hired

Bear Stearns


TheStreet Recommends

to help it sell

GTE Government Systems

, its telecom and defense systems subsidiary.


(MSFT) - Get Microsoft Corporation (MSFT) Report

said it will license its

Microsoft Network

online communications technology to



in exchange for making Compaq's

AltaVista Search

the main search engine on Microsoft Network. Shares of



, whose search engine will be displaced by AltaVista, was lately down 25 1/4 to 123 on the news.

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Turkish holding company

Akmaya Sanayi Ve Ticaret

has acquired 65% of the Romania's


oil refinery for $725 million.

For the first time in 30 years, the best-selling car in Japan is not the

Toyota Corolla

. The

Suzuki Wagon R

minicar now holds that honor, with sales of 206,548 last year in Japan.

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General News


Conference Board

said its consumer confidence index rose 0.9% in January, reaching its highest level since August.

U.S. military officials have confirmed

Iraqi News Agency

reports of civilian casualties from an American missile attack in southern Iraq.

Labor Department

figures show that U.S. union membership grew by more than 100,000 in 1998, although the overall percentage of workers who belong to a union dropped amid strong job growth.

The U.S. government ran a $5.4 billion deficit for the month of December, compared with a $13.6 billion surplus the previous year. The

Treasury Department

said that an irregular Social Security payment schedule accounted for the deficit.


Retailer and



J. Peterman

has filed for Chapter 11 bankruptcy.


Patrick Roy

has signed a two-year contract extension with the

Colorado Avalanche