U.S. stocks closed mixed after a late selloff, with the Internet sector suffering worst, and tech stocks managing to hold on to a measure of their earlier gains. Until the downturn, the downbeat
comments on the stock market from
(see below) seemed to have had little effect.
Dow Jones Industrial Average
dropped 19.31 to 9,335.91, and the small-cap
lost a scant 0.28 to 430.61. The
rose 4.61 to 1,256.61, while the
Nasdaq Composite Index
gained 7.36 to 2,415.53.
TheStreet.com Internet Sector
index lost 39.41 to 508.85.
European bourses closed higher, as did Asian markets, as Hong Kong's
gained 24.80 to 10,314.91, and Japan's
picked up 257.61 to close at 14,028.05.
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said its fourth-quarter profit fell 13% to $182 million.
A $495 million charge sliced
1998 fourth-quarter earnings to $413 million. Without the charge, the company's profit increased 13%.
reported fourth-quarter earnings of $301 million, down from $451 million a year ago.
BT Alex. Brown
to advise the company on ways to restructure,
said it's considering selling some or all of its assets.
today reported fourth-quarter earnings of $3.25 a share, up 55% from last year and easily beating analysts estimates of $2.65 a share.
Newport News Shipbuilding
announced that it will buy fellow shipbuilder
in a stock deal worth about $470 million.
New York Life Insurance's
board of directors voted to keep the company a mutual insurer.
Suffering from low wood prices,
said that profits for the fourth quarter of 1998 were 69% lower than the previous year.
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High-speed Internet service provider
yesterday agreed to buy the search engine
for $6.7 billion in stock.
weighed in yesterday on the deal's impact on the bandwidth industry.
Dutch software company
said that revised restructuring charges of about $160 million will contribute to an expected fourth-quarter loss of $250 million.
late yesterday reported second-quarter earnings of 73 cents a share, easily beating analysts' estimates of 59 cents a share.
yesterday refused to hear a case in which
attacked the 1996 telecommunications law that kept them from selling long-distance service in America. San Antonio-based Baby Bell company
cellular business for about $1.7 billion in cash and debt.
reported fourth-quarter earnings of 59 cents a share, beating Street estimates by a handy nickel.
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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
Sweden and Norway said they will merge state-owned telecoms
into a single company. The governments then plan to sell 33.2% of the company to investors.
today announced a broad alliance one day after
said they were in merger talks.
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House Ways and Means Committee
today, Federal Reserve Chairman Greenspan said: "The level of stock prices would appear to envision substantially greater growth of profits than has been experienced of late." Greenspan also reiterated his uneasiness with the notion of investing Social Security funds in the stock market.
figures show housing starts are now at an 11-year high.
In a meeting with two top
generals, Serbian President
maintained his opposition to a
investigation of the Serbian massacre of 45 ethnic Albanians in Kosovo.
University of Texas
last night accepted his second consecutive