Stocks were lower in opening action, with small-caps holding up best as blue-chips, techs and most of the rest of the market headed modestly but firmly downward.

Major European bourses were flat, while Asian markets rallied after sluggish performances yesterday. Japan's


surged 317.65 to 15,096.70, and Hong Kong's

Hang Seng

skyrocketed 268.96 to 10,532.95.

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National retail discount chain

Edison Brothers Stores


said it is filing for Chapter 11 bankruptcy protection.

Merrill Lynch


and the

Massachusetts Institute of Technology

yesterday announced a $20 million research alliance, three-quarters of which will go toward a project more closely combining "financial engineering" -- the computer analysis of financial data-- with the computer sciences.

RJR Nabisco Holdings


announced today that it is selling its international tobacco business for nearly $8 billion to

Japan Tobacco

, and will spin off the remainder of its tobacco interests.

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General News

Taiwanese computer scientist

Wen Ho Lee

has been sacked from his job at Los Alamos National Laboratory for alleged security violations associated with the leaking of nuclear design technology secrets to the Chinese government.

Fighting continues between ethnic Albanian rebels and Serbian forces near the Macedonian border, even as U.S. envoys prepare to meet with Yugoslav President

Slobodan Milosevic



It just keeps getting worse and worse.

Advanced Micro Devices

(AMD) - Get Report

readied investors for what it called "significant" first-quarter losses associated with manufacturing problems with its flagship K6 chip.


reported on the news this morning.

Taking a cue from


(INTC) - Get Report



(MSFT) - Get Report

is in talks with the

Federal Trade Commission

about a possible settlement of its antitrust case, according to a

Seattle Times


For more tech news and commentary, click




(SNE) - Get Report

announced a major restructuring plan today. Over the next four years, the consumer electronics giant will cut 17,000 jobs and reduce the number of its manufacturing plants from 70 to 55. Sony will also take full control over affiliates

Sony Chemicals


Sony Precision Technology


Sony Music Entertainment


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Steven Tyler

has filed a lawsuit trying to force ex-wife Kathleen Tallarico to return nude photos of the aging Aerosmith rocker. Tyler's precarious sex-symbol status should remain intact for a while yet: State Supreme Court Justice Walter Tolub yesterday granted a temporary restraining order preventing the photos from being published until the trial has run its course.

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