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Wednesday, August 25, 1999

<B>After-hours trading:</B> Microsoft bursts to the front of the most-actives pack, trailed by AOL and Genzyme General, as MarketXT's thin first session comes to a close.


MarketXT, formerly Eclipse Trading, today began offering after-hours trading to retail clients of Morgan Stanley Dean Witter'sundefinedDiscover Brokerage and Mellon Bank'sundefinedDreyfus Brokerage Services. Clients can trade the top 100 S&P 500 stocks and the top 100 Nasdaq Stock Market issues, 6 p.m. to 8 p.m. EDT Monday through Thursday.

will be updating MarketXT's 10 most active issues in Got a Minute? and in the Evening Update


MarketXT Most-Actives

(Quotes as of 8 p.m. EDT.)




, up 1/4 to 95 9/16 on 5,500 shares.


America Online


, up 1/4 to 103 1/2 on 3,850 shares.


Genzyme General


, up 1/4 to 59 3/8 on 2,000 shares.




, up 3/8 to 49 3/8 on 1,800 shares.


JDS Uniphase


, up 13/16 to 113 3/8 on 1,100 shares.


Pharmacia & Upjohn


, up 1/8 to 51 1/2 on 1,000 shares.




, unchanged at 49 1/4 on 1,000 shares.




, down 1/4 to 137 7/8 on 1,000 shares.




, unchanged at 24 5/8 on 600 shares.




, up 1/4 to 68 7/8 on 500 shares.

Check out's


Night-Owl's Guide to After-Hours Trading for more information on postclose trading.


John J. Edwards III

Day Session Report

Stocks came out on top after a rough and tumble day. After enduring a beating at the hands of financial issues, the

Dow Jones Industrial Average

finally got mad and fought back. With a boost from a surging bond market, the Dow ended up in positive territory with a new high of 11,326 tucked under its belt. The close marks the second record this week, and the first time the index has closed past 11,300.

Technology stocks enjoyed a jump with the tech-laden

Nasdaq Composite Index

closing up 53.3, or 1.9%, to 2805.

The Internet Sector

index gained 27.35 to 591. The broader indices also managed to shake off the blues, with the

S&P 500

gaining 18.29 to end at 1381, while

Russell 200

added 0.74 to close at 437.

The big European indices all finished solidly higher, paced by the Paris


, which gained nearly 2%.

Asian markets fell as Hong Kong's

Hang Seng

dropped 154.74, or 1.1%, to 13,479, and Tokyo's


lost 240.25, or 1.3%, to 17,855.

More markets news and commentary are available in


Markets section.


Bank One


got hammered today after warning after the close yesterday that it expects to report 1999 operating earnings of $3.60 to $3.65 a share, below the

First Call

25-analyst estimate of $3.92. Bank One blamed the shortfall on reduced growth and margin prospects at its credit-card unit,

First USA




Warburg Dillon Read


Morgan Stanley Dean Witter

all downgraded the stock.

Citing high P/E-to-growth ratios,

Merrill Lynch

cut its near-term ratings to accumulate from buy on five biotech stocks:







Genzyme General



IDEC Pharmaceuticals






Chase Manhattan Bank


has been appointed by Saudi Arabia to arrange a $2 billion to $2.5 billion aircraft loan to be backed by

U.S. Export-Import Bank


Glaxo Wellcome


agreed to sell its biopharmaceutical facility in West Greenwich, R.I., to

American Home Products


for $60 million.



set a 2-for-1 stock split in the form of a 100% stock dividend.

Telewest Communications


agreed to buy the remaining 50% stake of

Cable London




for $680 million in cash. NTL said it was selling the stake after setting the price at which it would either be willing to buy out all of Telewest's interest or sell its own.

Tyco International


said it will fire 2,200


employees, or about 24% of the workforce, less than a week after buying the company. Tyco said it expects the job cuts to save about $250 million.

More news on companies and stocks is available in


Stock News section.




said it will cut up to 11% off its


personal computer prices. The company said it was pricing some Deskpros as low as $979.

Computer Associates


shareholders rejected a proposal that would limit the compensation of some top executives.



Buena Vista

Internet division has taken a controlling stake in

, an online educational toy retailer.



extended its tender offer for all outstanding shares of



until Aug. 31. In July, Lucent agreed to buy SpecTran, a fiber-optic cable maker, for $64 million, or $9 a share.


will offer after-hours stock trading for customers of

Morgan Stanley Dean Witter's

Discover Brokerage

unit and

Mellon Bank's


Dreyfus Brokerage Services

. Customers will be able to buy and sell 200 of the most actively traded NYSE and Nasdaq stocks between 6 and 8 PM EDT.

Matsushita Electric Industrial




will work with U.S.-based



to develop memory cards used in machines to play music downloaded from the Internet.

, a British business directory company, signed an exclusive agreement with

Vodafone UK

to provide the mobile-phone company with its free directory service,

Scoot People Finder

. The service allows people to make inquiries free of charge by registering for usage.

More tech news and commentary are available in


Tech Stocks section.

General News

A study in the

Journal of the American Medical Association

says almost half of the survivors of the Oklahoma City bombing suffer from some kind of psychiatric illness, including chronic depression and alcohol and drug-use problems.

Dozens of

American Airlines

employees were arrested in a federal investigation into a drug ring that used American's planes to smuggle drugs into the U.S. Two

Immigration and Naturalization Services

agents were also arrested.

Wildfires tore through a valley on the northern outskirts of Reno, Nev., forcing the evacuation of 60 ranch homes.

Russian troops regained control of all six mountain villages captured by Islamic militants in southern Russia. Military officials said most of the rebels fled from Dagestan to Chechnya, the breakaway republic they initially came from. The rebels want to establish an independent Islamic state in southern Russia.


Countering allegations of misuse, Russia said it can account for all the money it has received from the

International Monetary Fund

. The statement comes in response to the IMF's review of Russia's $32.8 billion spending plan for 2000 before deciding whether to recommend further loans.

Deutsche Lufthansa

said it may join forces with its

Star Alliance

partners to make a counterbid for

Air Canada

to keep it within the alliance grouping. Competition for Air Canada has the potential to turn into a bidding war since the previous


bid, if successful, means the airline would switch to the


alliance, Star's arch rival.

San Paolo IMI

, Italy's largest bank, is in talks with

Istituto Nazionale delle Assicurazioni

that could lead to the acquisition of the $10.4 billion insurer. If combined, the two would be Italy's second biggest financial institution.

More international news and commentary are available in


International section.


And now, the latest chapter in the story of a pro football coach's erotic journey from Detroit to Minsk:

Monte Clark

, who coached the hapless

Detroit Lions

to an unimpressive 43-63-1 record between 1979 and 1984, is coming back to the Motor City as a part-time talent scout for the 1999-2000 season. For those keeping score, Clark -- whose name was widely considered to be the world's most inherently humorous reference before the watershed introduction of "


" -- has spent time coaching in various capacities for the

Miami Dolphins



, the

University of California

and an NFL-backed program in Minsk, Russia.

In an episode that proves the customer is always right, an angry


patron in Metairie, La., pulled a gun on an employee after instigating a food fight at the drive-thru window. Trouble started when the unidentified woman hurled an order of french fries at 19-year-old employee Crystal Junior, complaining, "I don't want these fries. They are too hard." Junior responded by throwing two medium-sized soft drinks into the car, at which point the woman reached into her purse, bypassed the tissues and went straight for the gun. Junior hid on the side of the window, and the gun-wielding restaurant critic fled. Apparently, she didn't want fries with that.