Skip to main content

Wednesday, Feb. 17, 1999

U.S. stocks regain some of early losses; Home construction increases in January to a 12-year high.


U.S. stocks are bouncing back after a sharply negative start. Technology stocks and blue-chips posted modest losses, while Internet stocks were trading in positive territory.

European bourses were trading lower at midafternoon, while Japan's

Nikkei 225

lost 73.97 to 14,158.67. Most other Asian markets were closed for the New Year holidays.

For more markets action and news, click



Investment boutique

Evercore Partners

will buy

American Media


, publisher of the

National Enquirer



tabloids, for $300 million, and will hire veteran magazine publisher

David Pecker

to run the company.

Diversified manufacturer

United Technologies

(UTX) - Get Free Report

said it is in talks with potential buyers to unload its auto parts business for about $2 billion.

For more news on companies and stocks, click




(DELL) - Get Free Report

matched Wall Street estimates with fourth-quarter earnings of 31 cents a share and announced a 2-for-1 stock split. But slowing earnings growth sent the stock plummeting in after-hours trading. Down as low as 76 in early trading, Dell was lately down 5 1/2 to 83 1/4.

America Online


is in talks with


(EBAY) - Get Free Report

to develop a closer business relationship and may purchase a minority stake in the company, according to

The Wall Street Journal


For more tech news and commentary, click


General News


Commerce Department

said that home construction increased 3.8% in January to a 12-year high.

A South African prosecutor is considering bringing murder charges against the officers accused of the 1977 beating death of anti-apartheid leader

Steve Biko

. Yesterday South Africa's

Truth and Reconciliation Commission

denied amnesty to three of the five officers. A fourth was denied amnesty in December, and the fifth has died since the killing, for which the officers have never admitted their culpability.

Indonesian police fired tear gas into a rioting crowd of 25,000 workers and protesters in Jakarta.


Nippon Steel

, Japan's No. 1 steel producer, called allegations that it and other Japanese steel companies are dumping exports "hard to understand."

For more international news and commentary, click



O.J. Simpson's

Heisman Trophy was auctioned off along with other memorabilia for $430,000 last night. The proceeds will go toward the $33.5 million Simpson owes the families of

Nicole Brown Simpson


Ronald Goldman

. The Heisman itself brought $255,500.

Have a dumb question relating to finance? Great. Have a


dumb question? Even better. Send it to, and



Herb Greenberg

and I will do our best to answer. 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 the latest MonEmailbag.

Concerned about the future of Net stocks?


is holding a special summit on Friday to discuss the Internet sector. Join columnists

James J. Cramer


Herb Greenberg


Andy Kessler


Velocity Capital


Nicholas Moore


Jurika & Voyles


CIBC Oppenheimer's Henry Blodget


(WWWFX) - Get Free Report

Internet Fund manager

Ryan Jacob


Brian Salerno


Munder Capital

. You'll be able to listen to a live broadcast of the event and later read the transcripts -- but first, help us shape the discussion. Visit

this page for the details.