Wednesday, February 10, 1999

Early stock surge loses steam; California jury awards a smoker $1.5 million; AHP's shareholder suit gets dismissed.
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Markets

An opening surge turned sour at midday, as stocks hovered around the break-even point. The Internet sector remained jittery after yesterday's carnage.

European bourses closed lower, while Asian markets ended mixed, as Japan's

Nikkei

gained 49.74 to 13,952.40, while Hong Kong's

Hang Seng

shed 168.16 to 9076.33.

For more markets action and news, click

here.

Companies

A federal judge dismissed a shareholder lawsuit charging

American Home Products

(AHP)

executives with delaying the release of negative medical data on diet drugs

Redux

and

Pondimin

until they could unload AHP stock.

Bristol-Myers Squibb

(BMY) - Get Report

announced that it won't take

EntreMed's

(ENMD)

anticancer drug angiostatin to clinical trials.

TSC

biotech reporter

Jesse Eisinger

had his

doubts last May when the hype on EntreMed hit the Street.

Citigroup

(C) - Get Report

plans to move its credit-card business from

Visa

to rival

MasterCard

, according to

The Wall Street Journal

.

Forget the stinkin'

Marlboro

leather jacket -- a California jury awarded a smoker with inoperable cancer $1.5 million for medical costs, pain and suffering incurred at the hands of

Philip Morris

(MO) - Get Report

.

For more news on companies and stocks, click

here.

Tech

An

E*Trade

(EGRP)

customer has filed a lawsuit against the company, seeking damages for trading losses caused by last week's recent technical problems at its Web site, according to

Bloomberg News

.

For more tech news and commentary, click

here.

International

U.S. packaging manufacturer

Shorewood Packaging

(SWD)

will pay nearly $400 million for the U.K.'s

Field Group

, outbidding rival

Chesapeake

(CSK)

.

U.K. utility companies

National Power

(NP) - Get Report

and

United Utilities

(UU)

said they have ended merger talks.

For more international news and commentary, click

here.

General News

The

Justice Department

is opening an inquiry investigating whether

Ken Starr's

office misled Attorney General

Janet Reno

about having had prior contact with Paula Jones' lawyers before asking permission to move the Whitewater investigation into the Lewinsky matter.

Syrians begin voting today on a referendum to approve a fifth term for President

Hafez Assad

. Assad took 99.99% of the vote in the 1991 election.

Pentagon

officials said that U.S. warplanes fired on two air defense sites in southern Iraq in response to violations in the no-fly zone.

Boris Yeltsin

met with his prime minister at the Kremlin today amid the usual scrutiny of the Russian president's health. Separately, Yeltsin's plane hit and damaged the aircraft of Italian Prime Minister

Massimo D'Alema

after landing in Moscow. Yeltsin didn't feel the bump, according to Russian newspapers.

Elsewhere

The National Liberty Journal

, edited by the Rev.

Jerry Falwell

, is alerting parents of the mounting evidence that Teletubby

Tinky Winky

is intended to be a gay role model. The evidence: Tinky is purple, has a triangular antenna and recently appeared in a

Washington Post

editorial opposite a photo of "chief national gay representative"

Ellen DeGeneres

.

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

really

dumb question? Even better. Send it to

MonEmailbag@thestreet.com, and

TSC

columnist

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.

Click

here to read the latest MonEmailbag.