Publish date:

Wednesday, January 20, 1999

Looks like an opening surge on Wall Street as traders react to Microsoft's earnings -- and wait for Greenspan.


At 9 a.m. EST the

S&P 500

futures were up 12, more than 8 points over fair value, indicating a strong open.

European bourses generally were higher at midday.

Asian markets closed higher, as Hong Kong's

Hang Seng

gained 24.80 to 10,314.91, and Japan's

Nikkei 225

picked up 257.61 to close at 14,028.05.

Brazil sold about 1 billion reals of one-year debt last week at 39.7% interest, as investors demanded higher yields from bonds denominated in the shaky real.

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Newport News Shipbuilding


announced that it will buy fellow shipbuilder

Avondale Industries

(AVDL) - Get Avadel Pharmaceuticals Plc Sponsored ADR Report

in a stock deal worth about $470 million.

New York Life Insurance's

board of directors voted to keep the company a mutual insurer.

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High-speed Internet service provider


(ATHM) - Get Autohome, Inc. Sponsored ADR Class A Report

yesterday agreed to buy the search engine



for $6.7 billion in stock.


Kevin Petrie

weighed in yesterday on the deal's impact on the bandwidth industry.


(MSFT) - Get Microsoft Corporation (MSFT) Report

late yesterday reported second-quarter earnings of 73 cents a share, easily beating analysts' estimates of 59 cents a share.


Supreme Court

yesterday refused to hear a case in which

SBC Communications



U S West



Bell Atlantic

TheStreet Recommends


attacked the 1996 telecommunications law that kept them from selling long distance service in America. San Antonio-based Baby Bell company

SBC Communications


will acquire



cellular business for about $1.7 billion in cash and debt.

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British Aerospace

yesterday agreed to buy

General Electric PLC's

Marconi Electronics for about $12.7 billion in a deal that will create a U.K. defense group on the scale of U.S. juggernauts such as


(BA) - Get Boeing Company Report


Lockheed Martin

(LMT) - Get Lockheed Martin Corporation (LMT) Report


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General News

Federal Reserve


Alan Greenspan

addresses a


committee today on the state of the economy.

Commerce Department

figures show housing starts are now at an 11-year high.

President Clinton

proposed investing a portion of

Social Security

funds in the stock market in his State of the Union address last night.

In a meeting with two top


generals, Serbian President

Slobodan Milosevic

maintained his opposition to a U.N. investigation of the Serbian massacre of 45 ethnic Albanians in Kosovo.



University of Texas

running back

Ricky Williams

last night accepted his second consecutive

Doak Walker