Inspiring no one, stocks went from bad to worse in the final hour of trading, sending all the major proxies deep into the red. The
Dow Jones Industrial Average
lost 123.58 to 10,531.09; the
Nasdaq Composite Index
shed 72.88 to 2380.78; the
fell 22.27 to 1284.38; the smallish-cap
sank 5.68 to 434.71; and
TheStreet.com Internet Sector
index plummeted 26.35 to 550.33.
The big European indices finished in the red, led by Frankfurt's
, which closed off more than 2%. Asian markets were lower overnight, as Hong Kong's
shed 89.95 to 12,346.91, and Tokyo's
fell 176.26, or 1.1%, to 16,214.23.
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More bad news in the banking sector.
warned that second-quarter and 1999 earnings will fall short of expectations. For the full year, the bank expects to earn from $3.40 to $3.50 a share, far short of the current
25-analyst forecast of $3.98 a share. First Union expects second-quarter earnings to come out between 80 and 83 cents a share, way below the 22-analyst forecast of 97 cents.
Federated Department Stores
is buying a 20% stake in online wedding services firm
The Wall Street Journal
reported. Terms of the deal weren't disclosed.
, which last month saw a sharp drop in its stock after it revised its preliminary year-end results, said "further downward revision will be required of those fiscal year's results as well as of quarterly results during the fiscal year."
will take a $450 million pretax restructuring charge and reacquire minority stakes in four subsidiaries that the company spun off to the public in the early 1990s.
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One thing is clear about
(BNBN:Nasdaq), at least so far: It ain't no
. The stock gained 4 15/16 to 22 15/16 in its first day of trading, after pricing last night at $18 a share, at the top of its $16-to-$18 range.
won't be going public anytime soon, having secured a $300 million raft of
financing from a group headed by
, the holding company of French billionaire
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A bipartisan congressional report released today claims that China has been working to steal U.S. weapons technology secrets for two decades, making that country ready to develop weapons systems "on par with our own." Beijing denounced the report as an attempt to divert attention from the
bombing of the Chinese embassy in Belgrade.
NATO's air campaign against Yugoslavia entered its third month today, as war planes struck targets across the country, including the abandoned Serb police headquarters in Belgrade. Meanwhile, amid reports of intense fighting between Serbs and ethnic Albanian rebels, the Yugoslav army banned anti-war demonstrations protesting the conscription of male relatives, according to an official army statement in the daily
British pub, restaurant and hotel operator
agreed to buy
3,500 U.K. pubs for $3.78 billion in stock and assumed debt. Allied CEO Tony Hales also announced plans to retire; he'll be replaced by Finance Director Philip Bowman.
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New York Knickerbockers
yesterday completed a four-game sweep of the anemic
. They'll face the
in the Eastern Conference finals.
New Jersey Nets
have held talks with former
about taking the reins of the
team, according to
. The paper also wrote that the team has already offered
what it calls one of the biggest contracts in sports history.
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