The year 2000 is gonna be great. Telepathic communication. Martian colonization. Record highs on every index, every day.
But this is 1999, and times are tough. A mere two indices managed to set record highs today: The
Dow Jones Industrial Average
, which gained 121.82 to a record 10,085.31, and the
, which rose 9.00 to a record 1326.89.
Others didn't fare so well. The
Nasdaq Composite Index
sank 18.83 to 2544.34; the small-cap
fell 3.33 to 397.75; and
TheStreet.com Internet Sector
index lost 20.83 to close at 699.83.
Major European bourses closed higher, while Asian markets surged overnight. Blue-chips soared in Hong Kong, sending the
up a whopping 541.89 to 11,614.87. Japan's
gained 74.79 to 16,554.50.
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reported first-quarter earnings of 60 cents a share, a nickel over the
consensus. The stock was lately up 2 5/16 to 43 3/8.
today said it is in negotiations with potential buyers of its
Boeing Information Services
unit, a provider of data and systems integration services to the federal government.
is no more. Following the vogue for the Teutonic eschewal of spaces between words, the nation's largest car dealer yesterday changed its name to
, effective immediately.
said it is considering selling one or more of its businesses as it looks at "strategic alternatives" to repay debts.
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announced a joint venture to sell compact discs over the Internet. Separately, Seagram agreed to sell all of
and part of the domestic assets of its
PolyGram Filmed Entertainment
reported first-quarter earnings of 11 cents a share, 3 cents above the First Call consensus.
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Having rejected Yugoslav President
call for a unilateral cease-fire with ethnic Albanian rebels,
continues to pound military targets in Kosovo and elsewhere in Yugoslavia. Meanwhile, a Cypriot official earlier said he was close to securing the release of the three U.S. soldiers captured last week by Serbian forces; NATO has said it would reject any conditions attached to their release.
World Trade Organization
ruled in favor of U.S. charges that American banana companies suffer from unfair European Union trade practices, and gave the U.S. the green light to impose $191.4 million in compensatory tariffs on European imports.
Meanwhile, China's bid for entry to the WTO gained momentum as Chinese Premier
said that his country will remove its import bans on U.S. wheat and citrus. China also agreed to break up
, which controls 95% of that country's $28 billion telecom market, into four specialized companies.
Banque Nationale de Paris
said today that it plans to carry its takeover bid for
through to the end, even though the boards of those banks have rejected BNP's offer, which interrupted their own merger plans.
Expanding its Asian presence,
will pay about $390 million for a 20% stake in
, Hong Kong's third-largest mobile phone company.
plans to form a business alliance with
, according to the newspaper
Nihon Keizai Shimbun
, which did not cite sources. The paper said that part of the deal would involve Mazda selling its
commercial vans to Mitsubishi, which would then market them under its
, the world's largest mail-order company, is buying
in a deal that will put Otto third in the U.K. home shopping market behind
Great Universal Stores
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Carnivores don't have to take the slander anymore. The
Texas and Southwestern Cattle Raisers Association
is putting together a hotline where industry members can report "derogatory, unfounded and untrue" statements about beef. A spokesman for the association noted that, in certain cases, "we will send someone over there to re-educate, so the next time they talk they'll be talking from the right side of the ballpark."
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