Tuesday, July 27, 1999

Semiconductors lead the technology sector as the market rallies. Also, Cooper Tire lays out plans to buy Standard Products for $584 million.
Publish date:


Stocks bounced back nicely today after yesterday's drubbing, led by a reinvigorated technology sector, which pushed the

Nasdaq Composite Index

up 60.49 to 2679.68. Semiconductors were particularly hot, with the

Philadelphia Stock Exchange Semiconductor Index

closing up 5.5%.


Dow Jones Industrial Average

gained 115.88 to 10,979.04, and the

S&P 500

moved up 15.10 to 1362.86. The small-cap

Russell 2000

surged 3.61 to 446.48, and

TheStreet.com Internet Sector

index edged up 6.29 to 570.81.

Volume was moderate.

The 30-year Treasury bond gained 11/32 to 89 18/32, its yield falling to 6.010%.

The big European indices finished higher, paced by the London


, which gained more than 1%.

Asian markets went both ways overnight, as Hong Kong's

Hang Seng

added 208.57, or 1.6%, to 13,075.09, while Tokyo's


dropped 28.62 to 17,462.72.

More markets news and commentary are available in


Markets section.


Cooper Tire & Rubber

(CTB) - Get Report

set plans to buy plastic- and rubber-products maker

Standard Products


for $584 million, or $36.50 a Standard Products share. Cooper, which will also assume $173 million in debt, said it will pay Standard Products shareholders in either stock and cash or all in cash.

Cox Communications


is buying the cable TV assets of


(GCI) - Get Report

for $2.7 billion in cash.

Sinclair Broadcast

(SBGI) - Get Report

yesterday set plans to sell 43 radio stations in nine markets to

Entercom Communications

(ETM) - Get Report

for $821.5 million in cash. This morning


analyst Lee Westerfield downgraded Sinclair to attractive from buy.


(MTC) - Get Report

posted second-quarter earnings from continuing operations of 50 cents a share, beating the 16-analyst

First Call

consensus of 45 cents a share and up from the previous year's 41 cents.



set plans for a two-for-one stock split, to be distributed on September 9 to shareholders of record on August 19.



posted second-quarter earnings of 2 cents a diluted share, a penny higher than the 20-analyst view and up from a loss of $1.67 share a year ago. Excluding charges, the company would have lost 4 cents a share in the year-ago period.

More news on companies and stocks is available in


Stock News section.


America Online




(GTE) - Get Report

inked a deal whereby GTE will provide AOL members high-speed ADSL Internet service. Upgrading to the as-yet-unavailable service is expected to cost AOL members about $20 extra each month.


(CMDX:Nasdaq) gained 10 3/4, or 71.7%, to 25 3/4 in its trading debut after being priced at $15 a share by lead underwriter

Morgan Stanley Dean Witter

. Chemdex operates an online catalog of life science research products.

More tech news and commentary are available in


Tech Stocks section.

General News

U.S. warplanes dropped laser-guided bombs on defense sites in northern Iraq after coming under Iraqi antiaircraft fire, according to the U.S. European Command.

Taiwan has detained Economic Ministry employee Luo Chih-hao on suspicion that he gave classified information to China that could enable it to sabotage Taiwan's infrastructure. The espionage allegedly took place when Luo was a secretary to former Transport Minister Tsay Jaw-yang, who left that office last year.



(BCS) - Get Report


Bank of Montreal

Chairman Matthew Barrett its chief executive. Barrett will join Barclays in October.

British Telecommunications


will pay more than $5 billion to


for the 40% of U.K. mobile phone firm

BT Cellnet

that it doesn't already own. BT said that most of the payment would be in cash, with Cellnet shareholders also able to opt for a loan-note alternative.

U.K. household products firm

Reckitt & Colman

set plans to buy Dutch rival



for about $3.2 billion. Reckitt shareholders will hold 59.1% of the new company, to be called

Reckitt Benckiser


More international news and commentary are available in


International section.


Ike Turner

is set to testify. The R&B singer has written a book titled

Takin' Back My Name

as a sort of rebuttal to

Tina Turner's


What's Love Got to Do With It?

biography-cum-film, which, among other things, accused her ex-husband of spousal abuse. "That movie gave me high notoriety. It did me no good," Turner said. "Now people see Tina as a woman scorned. Women, when they get mad, they turn on you."

Who says 1960s-style activism is dead?

Woodstock '99

concertgoer Spencer Parker provided the quote of the generation yesterday when he was asked if the rioting at the festival might have had something to do with high food and beverage prices. "When it first started, there was something to it," the 18-year-old conceded. "It has a little bit of meaning when you pay $4 for a pretzel."