A solid session for U.S. stocks turned soft at midafternoon, and major proxies closed modestly lower while transportation and financial stocks outperformed the broader market. The
Dow Jones Industrial Average
lost 33.85 to 9693.76; the
lost 2.89 to 1279.84; the
Nasdaq Composite Index
lost 4.68 to 2392.94; the small-cap
dropped 0.86 to 399.20;
TheStreet.com Internet Sector
index picked up 2.54 to close at 568.89.
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
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.
General Electric Equity
have taken a 20% stake in home shopping network
for about $56 million.
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
, and will spin off the remainder of its tobacco interests.
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reported revised figures showing U.S. productivity increased at a monster 4.6% annual rate for final quarter of last year.
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
It just keeps getting worse and worse.
Advanced Micro Devices
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.
has stepped down from the
board of directors, in protest of the acquisition of that company by
reported on Wetherell's move today.
spoken too soon with its report that
is in talks with the
about a possible settlement of its antitrust case.
has reported that no such talks have taken place, citing a source close to the situation.
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Dutch food king
bought the U.S. supermarket chain
for about $1.7 billion, which includes about $1.5 billion in debt.
CEO Robert Hendry said that 50% shareholder
will start negotiating in July to buy the other half of the Swedish car company. When GM bought its stake in Saab back in 1989, it also acquired an option to buy the remainder for the six months beginning on July 31.
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 Precision Technology
Sony Music Entertainment
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has filed a lawsuit trying to force ex-wife Kathleen Tallarico to return nude photos of the aging
rocker. Tyler's increasingly 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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