Investors didn't need another reason to stay out of this volatile, trendless market. But they got one anyway today, in the form of a too-hot-to-handle
National Association of Purchasing Management
index (see below). Ensuing inflation fears sent money out of growth and technology and into cyclicals and transports.
Nasdaq Composite Index
plummeted 57.93 to 2412.59; the
Dow Jones Industrial Average
added 36.52 to 10,596.26; the
lost 7.51 to 1294.33; the smallish-cap
shed 1.20 to 437.48; and
TheStreet.com Internet Sector
index scurried down 23.78 to 556.86.
The big European indices finished mixed, with France's
losing 0.8% and 0.9%, respectively, while the London
closed up about 0.4%. In Brazil, the volatile
was off about 0.3% at in afternoon trading.
Asian markets were strong overnight. Hong Kong's
added 216.44, or 1.8%, to finish at 12,363.56, while Tokyo's
advanced 296.85, or 1.8%, to 16,408.50 on rumors, since downplayed, that Prime Minister
was planning to eliminate Japan's consumption tax.
More markets action and news is available in
, Alabama's third-largest bank, is buying Nashville, Tenn.-based regional bank holding company
for about $6.3 billion in stock.
The staff of the
Federal Trade Commission
will recommend that the full commission block
Barnes & Noble's
$600 million acquisition of book distributor
Ingram Book Group
on antitrust grounds, according to a wide array of reports citing people close to the case.
Specialty chemical makers
Crompton & Knowles
announced plans to merge. Under the deal, Crompton & Knowles shareholders would own 55% of the resulting company.
named Matthew Breyne president and COO. Breyne, previously an executive vice president, was also elected to Finova's board.
Canadian funeral home and cemetery operator
has filed for bankruptcy in the U.S. and Canada and is seeking to reorganize its debt.
agreed to buy most of the assets of Broadway theater company
for cash, deferred payment rights and SFX warrants. Terms weren't disclosed, though a number of reports estimate the deal's value at more than $100 million.
More news on companies and stocks is available in
Stock News section.
set plans to buy Internet music delivery companies
for about $400 million.
has formed a new Internet subsidiary -- americangreetings.com -- out of its electronic marketing division. American Greetings also said part of the unit may be spun off later this year.
Salomon Smith Barney
to buy from neutral and upped its 12-month price target to 55 from 42.
agreed to buy online bank
for about $1.8 billion in stock.
set plans to buy telecom equipment maker
in a $780 million cash tender offer.
set plans to launch an online trading business by the end of the year. Merrill said it will offer its customers two options: Internet trading for $29.95 a pop, or unlimited online trading for a $1,500 minimum annual fee.
covered the move in
a story this morning.
Qwest Communications International
and a group of investment funds will sink $251 million into wireless Internet service provider
Advanced Radio Telecom
. Qwest itself will receive a 19% stake for $90 million.
More tech news and commentary is available in
Tech Stocks section.
National Association of Purchasing Management
released its monthly
Purchasing Managers' Index
, which came in at 55.2 in May, besting economists' expectations of 53.3 and up from April's 52.8 reading. An index reading above 50 signals expansion in the manufacturing sector.
Yugoslav Foreign Minister Zivadin Jovanovic sent a letter to German Foreign Minister Joschka Fischer accepting the general principles for a Kosovo peace accord -- "including the presence of
troops" -- set by the
Group of Eight
, according to the private
news agency. But U.K. Defense Secretary George Robertson said Yugoslavia must also agree to the inclusion of
troops in a peacekeeping force. Meanwhile, the alliance continued its escalated bombing campaign.
Continuing to divest itself of nonpharmaceutical interests ahead of its $22 billion merger with
set plans to sell part of its 45% stake in specialty chemical maker
More international news and commentary is available in
Canada's last representative in the
playoffs was eliminated last night when the
Toronto Maple Leafs
4-2 to take the Eastern Conference championship in five games. The Sabres will play either the
for the Stanley Cup.
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