Tuesday, March 2, 1999

Stocks finish mainly lower, with big tech stocks leading a deep Nasdaq decline.
Publish date:


Wall Street took a sudden lurch lower toward the end of trading, dragged down by insistent selling of big-cap technology names. The

Nasdaq Composite Index

lost 36.15, or 1.6%, to 2259.03; the

Dow Jones Industrial Average

fell 27.17 to 9297.61; the

S&P 500

gave up 10.66, or 0.9%, to 1225.50; and the small-cap

Russell 2000

edged up 0.04 to 394.43. Among Internet measures,

TheStreet.com Internet Sector

index rose 2.63 to 527.76 and

TheStreet.com E-Commerce Index

slid 0.66 to 96.90.

The major European bourses finished with modest gains, while Asian markets closed sharply lower. Hong Kong's

Hang Seng

slid back below 10,000, losing 106.88 to 9913.58. Japan's


lost 300.69 to 13,921.06.

For more markets action and news, click





of France agreed to acquire U.S. network switch outfit



for $37 a share, or about $2 billion. Alcatel expects the deal to be accretive to 2001 earnings after goodwill charges.

Dayton Hudson


reported fourth-quarter earnings of 97 cents a share, above both the 15-analyst view of 90 cents and the year-ago 76 cents.

Federated Department Stores

reported fourth-quarter earnings of $1.88 a share, 6 cents ahead of the 17-analyst estimate and up from the year-ago $1.66. The company said same-store sales during the quarter rose 4.1%.

Struggling retailer


(Z) - Get Report

announced plans for an e-commerce and direct marketing subsidiary called




took a look at some of Venator's other efforts and challenges in a

story today.



bought the distribution rights for

Calvin Klein Jeanswear

in Canada.

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(ATHM) - Get Report

, which is in the process of acquiring



, set a 2-for-1 stock split.


(CSCO) - Get Report

is seeking breathing space, planning to buy more than 400 acres in San Jose, Calif., to house up to 20,000 employees in an expansion. The company now employs about 10,000 people in Silicon Valley and about 17,000 worldwide.

Hey, it worked for


(T) - Get Report




announced a restructuring that will split it into two separate publicly traded companies, a measurement company and a computing and imaging company. The latter will retain the H-P name. An IPO of 15% of the measurement company, seen by the end of the year, will be the largest tech IPO in Silicon Valley history, according to

For more tech news and commentary, click


General News


Air France

plane carrying 76 passengers was forced to detour over Paris today by a man on board who threatened to blow it up. The plane was bound from Marseilles to Paris'


airport, but the man forced it to fly to

Roissy-Charles de Gaulle

airport instead. It landed, and the hijacker has since freed all of the passengers unharmed and has been taken into custody.


new home sales

hit a seasonally adjusted annual rate of 918,000, down 5% from December's 966,000 but up 8% from the year-ago 848,000.

Fresh from his 63% victory in Nigeria's presidential election, former Gen.

Olusegun Obasanjo

repeated his promises to foster democracy in the country. But youths said to be opposed to Obasanjo attacked two police stations with gasoline bombs, killing at least one person and wounding four.


United Nations

panel has recommended that about a dozen senior officials of Cambodia's vicious Khmer Rouge be tried by a new international tribunal for crimes against humanity.

Television commentator

Patrick Buchanan

is once again trading "television commentator" for "GOP presidential candidate," making his third run for the

White House

. Buchanan said he plans to "clean up all that pollutes" the U.S.



Bank of Scotland

and U.S. televangelist

Pat Robertson

plan to join forces to launch a direct banking operation in the U.S. "It is a very nice coincidence that my forebears left Scotland in 1695, the year in which Bank of Scotland was founded," Robertson said in a statement.

For more international news and commentary, click



It's Y2K Day, a consciousness-raising effort in the U.S. (


continues its Y2K coverage with a

story this morning.) And here's the latest Y2K date to focus on: April 9, 1999. That's the unofficial conception date if you're shooting for having the first baby of 2000. A Chicago doctor says at least 10 people in the last two weeks have asked for his help in that effort, according to the

Chicago Tribune


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Thomas Lepri

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