Wednesday, February 3, 1999

The downbeat open turns mixed, with Internet stocks clinging to gains.
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Markets

U.S. stocks snapped back at midmorning after a quick drop at the open, with most indices hanging around their opening levels. Internet stocks maintained the market's vanguard by hanging onto early gains.

European bourses were lower at midafternoon, while Asian markets took yet another hit, with Japan's

Nikkei

dropping 188.52 to close at 14,161.31 and Hong Kong's

Hang Seng

losing 82.87 to 9,419.85.

For more markets action and news, click

here.

Companies

Atlantic Richfield

(ARC) - Get Report

and

Chevron

(CHV)

said they plan to combine their oil and gas operations in the Permian Basin in West Texas and southeast New Mexico.

J. Michael Cook

is calling it quits as chairman and CEO of

Deloitte & Touche

.

DuPont

(DD) - Get Report

said that it will form a joint venture with

Teijin

, the No. 1 manufacturer of polyester film.

Goodyear Tire & Rubber

(GT) - Get Report

will acquire 10% of

Sumitomo Rubber Industries

, and take over the Japanese tiremaker's U.S. and European operations.

Hilton Hotels

(HLT) - Get Report

is in talks to acquire a group of hotels from REIT

Patriot American Hospitality

(PAH) - Get Report

for up to $1 billion, according to

The Wall Street Journal

.

The Brain Drain is on at

Long-Term Capital Management

.

William Krasker

and Nobel Laureate

Myron S. Scholes

will leave the hedge fund four months after the firm's highly publicized near-implosion and subsequent bailout.

For more news on companies and stocks, click

here.

Tech

MCI WorldCom

(WCOM)

should announce today that it will lease

Bell Atlantic's

(BEL)

network to offer local phone service in the state of New York, according to

The Wall Street Journal

.

Microsoft

(MSFT) - Get Report

Senior Vice President

James Allchin

conceded yesterday under cross-examination that Microsoft had misrepresented facts on a videotape serving as a key piece of evidence.

For more tech news and commentary, click

here.

International

Elf Aquitaine

(ELF) - Get Report

said its 1998 profit declined about 22% because of depressed oil prices.

For more international news and commentary, click

here.

General News

Federal Reserve

policy makers continue meeting today in Washington to discuss whether domestic economic expansion and international economic turmoil warrant a change in interest rates.

The impeachment trial of

President Clinton

today continues as

House

managers question

Sidney Blumenthal

.

Elsewhere

Expect more PBS pledge-drives soon. A federal jury rejected a

Public Broadcasting Service

breach-of-contract claim against ex-

Monkee Michael Nesmith

, and instead awarded Nesmith $47 million on a countersuit that the not-for-profit destroyed his video distribution company by bailing out of a distribution contract.

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