was looking like a Net stock today -- except for the smashing earnings (see below). Morgan was up a whopping half a sawbuck at midafternoon before profit-taking sent it downward, along with most other
Dow Jones Industrial Average
The Dow closed at yet another record high despite the selloff, up 16.65 to 10,411.66 as money flew out of the tech and Internet sectors and into cyclicals like
Nasdaq Composite Index
dropped 76.02 to 2507.48; the
fell 21.36 to 1328.46; the small-cap
gained a puny 0.15 to 417.39; and
TheStreet.com Internet Sector
plummeted 82.01 to 694.17 -- a level the DOT hasn't seen since ... well ... since last Thursday. The transport sector was sharply higher.
Both the NYSE and the Nasdaq saw positive breadth.
Major European indices finished modestly lower, while Asian markets were mixed overnight. Hong Kong's
gained 65.56 to 11,834.13, and Japan's
rose 49.52 to 16,764.68.
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is being acquired for about $1.26 billion in cash and debt by a group led by Berkshire chairman
and real estate funds run by
Deloitte Touche Tohmatsu International
James Copeland Jr.
its new CEO, replacing
Edward A. Kangas
, who will stay on as chairman.
Gray Communications Systems
set plans to buy three
television affiliates -- two in Texas and one in Oklahoma -- for about $139 million in cash and stock, giving the company 10 CBS stations in all.
Shares of J.P. Morgan surged after the company posted first-quarter earnings of $3.01 a share, well above the
consensus of $1.73 a share. J.P. Morgan closed up 3 9/16 to 132 7/8, having hit an intraday high of 140 1/16.
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The latest Web broadcasting announcement:
today said it will commit at least $100 million to an Internet broadcasting initiative to be headed by former
last night reported first-quarter earnings of 57 cents a share, 2 cents better than the First Call consensus. But the company said that second-quarter revenue may be flat to slightly lower.
looked at Intel's quarter in a
story last night.
last night told investors that its second-quarter earnings would meet or exceed analysts' expectations of 15 cents a share.
mixed feelings about the announcement.
For more tech news and commentary, click
forces continue to bomb Serbian targets today. In Brussels, Germany proposed a peace initiative to NATO that would suspend the air strikes for 24 hours if Yugoslav President
began the withdrawal of his forces from Kosovo. Meanwhile, Yugoslav media reported that NATO warplanes struck a convoy of ethnic Albanian refugees, killing at least 64 and wounding 20; NATO has yet to confirm the report.
A Malaysian High Court judge found former Deputy Prime Minister and political reformer
guilty of abusing his office to cover up elicit sexual practices and sentenced him to a longer-than-expected six years in prison. Thousands of Anwar's supporters took to the streets in protest immediately after the verdict. Anwar still faces another corruption charge, as well as five counts of sodomy.
A consortium formed by
won the bidding war for Brazil's largest natural gas distributor, the state-owned
Companhia de Gas de Sao Paulo
. The consortium will pay about $1 billion for the privatized company.
made a tender offer for
Empresa Nacional de Electricidad
, known as
$2.1 billion bid for 51% of the company. Endesa Spain already holds about 25% of Endesa Chile through subsidiary
and is offering about $19 per ADR for an additional 29.7% of the company -- a nearly $3.50 premium to Duke's offer.
Dutch retail group
is not happy with the performance of its
unit, and isn't ruling out its sale. In a masterful use of
litotes, Chairman Jan-Michiel Hessels described such a sale as "not impossible."
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In the Papers
take a look at the recent fortune of Boston-based
Atlantic Bank & Trust
, a modest commercial bank whose stock has skyrocketed since it announced a pair of Internet deals last week.
The Jerusalum Post
reports that Israel's
Interuniversity Calculation Center
, have signed an agreement to provide limited satellite access to Internet 2, the hyperquick network as much as 600 times quicker than the network you're using right now. Israel will be the first country to link to Internet 2 via satellite, as opposed to fiber optics, according to the paper.
A judge yesterday rejected residents' bid to turn their small community of Brooksville, Ala., into a city governed only by the Ten Commandments and the teachings of Jesus, saying that the proposal does "not even begin to meet the minimum standards" for incorporation. Melvin Duran, mayor of the town of Priceville, within whose borders Brooksville presently falls, said that "
one of their big issues is that we won't let them shoot guns off their back porch." But a Brooksville resident also noted, "We don't want no beer store on that corner."
Fifty-four-year-old Chilean immigrant
today claimed the $197 million
jackpot, the largest lottery prize ever collected by an individual in the U.S. Grasso thus realizes the American Dream of a huge pile of free money.
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