It's hard to get excited about a day like this, even with the celebrated and successful trading debut of
(GS:NYSE) (see below). What was already a generally spotty market at midday turned decidedly negative as the afternoon wore on. The broad selloff accelerated in the final hour of trading, and, finally, all the major proxies closed firmly negative.
Dow Jones Industrial Average
fell 128.58 to 10,886.11; the
Nasdaq Composite Index
sank 50.45 to 2485.13; the
shed 22.63 to 1332.00; the small-cap
dropped 0.69 to 432.59; and
TheStreet.com Internet Sector
lost 17.84 to 615.13.
On the plus side, the
Dow Jones Transportation Average
gained 35.29 to a record 3731.88, though it lost much of its strength late in the afternoon.
Those looking for solace in the bond market were sorely disappointed. The long bond got hammered, losing 24/32 to 93 13/32, its yield closing above 5.7% for the first time since July 13 of last year.
Major European indices finished mixed, while Hong Kong's
jumped 222.62 to 13,559.69 overnight. Tokyo markets were closed for a holiday.
For more markets action and news, click
finally has its
. The beverage giant signed a $758 million deal to acquire the soft drink brand from France's
, satisfying the French government's 18-month opposition by agreeing not to distribute Orangina in French restaurants, bars and hotels for 10 years.
Goldman Sachs soared in its first day of trading on the
New York Stock Exchange
. The stock gained 17 3/8 to 70 3/8, off its early high of 77 1/4 and 5 5/8 points lower than its first trade.
covered Goldman's IPO in a
story last night.
CFO Harry L. Kavetas died today at home of an apparent heart attack. He was 61.
promoted George Tamke from president and COO to vice chairman and co-CEO. Charles Knight will remain chairman and CEO.
Johnson & Johnson
is in talks to buy biotechnology firm
in a stock transaction that could be worth more than $3 billion, according to
The Wall Street Journal
, which cited sources familiar with the deal.
is the latest company reportedly ready to join
in its bidding war with
. MCI WorldCom is mulling that possibility, according to
The New York Times
, which cited executives familiar with the negotiations. Meanwhile,
is considering creating a tracking stock for its Internet businesses and any new cable operations, according to the
. Mister Softee is reviewing Comcast's original merger agreement with MediaOne with the idea of possibly helping Comcast sweeten the deal.
said it will start a cash tender of $10.50 a share for
Chock Full O'Nuts
, going directly to shareholders less than two weeks after Chock's board rejected a $223 million cash takeover offer from Sara Lee.
last week wrote about the recent insider zaniness at Chock.
For more news on companies and stocks, click
Two Internet IPOs fared well on their first day of trading. Online cartographics firm
(MQST:Nasdaq) surged 7 5/16 to 22 3/8, off an intraday high of 28. And shares of
(FCST:Nasdaq), which runs a Web advertising placement network, gained 4 3/4 to 29 3/4, having traded as high as 35 earlier in the session.
board authorized an increase of up to 25 million shares in the company's stock buyback plan.
set plans to start selling digital music over the Web later this year.
is being acquired by significantly smaller Dutch computer-services firm
for about $1.8 billion in cash. Getronics is issuing new shares and debt to finance the deal.
For more tech news and commentary, click
The U.S. reiterated plans to impose hundreds of millions of dollars worth of tariffs on
goods if the EU doesn't lift its ban on hormone-treated beef, a product a new EU report claims can cause cancer. The tariffs would be levied this summer, said Peter Scher, spokesman for the
U.S. Trade Representative's
voted 78-22 to set aside a measure brought by Sen.
(R, Ariz.) to give
the authority to use "all necessary force" in Yugoslavia. Clinton had not asked for such authority.
war planes continue to pound Serbian targets. Meanwhile, alliance officials can find no evidence of a NATO attack on a busload of civilians, spokesman Jamie Shea said today; Yugoslav media claim 20 people died and 43 were injured in such an attack yesterday.
A swarm of tornadoes killed at least 45 people across Oklahoma and Kansas.
British oil production firm
Monument Oil & Gas
, also of the U.K., in a stock deal worth about $965.6 million. Lasmo will swap three of its shares for every seven Monument shares.
Canada's central bank lowered its overnight lending rate by 25 basis points to 4.75%.
contributor Marc Chandler this morning
contextualized the cut, which is Canada's fifth in eight months.
For more international news and commentary, click
season is finally ready to begin: The
New York Knicks
clinched the final playoff berths last night.
Have a dumb question relating to finance? Great. Have a
dumb question? Even better. Send it to
MonEmailbag@thestreet.com, and I'll do my best to answer every Saturday. Include your full name, and please, no questions seeking personal financial advice or regarding personal brokerage disputes. And this reminder: Because of the volume of mail, personal replies can't be guaranteed.
here to read last Saturday's MonEmailbag.