Wednesday, January 27, 1999

The Net sector stays strong; Disney reports earnings; the death toll from Colombia's earthquake reaches 700.
Publish date:


After charging out of the gate, U.S. stocks pared their gains at midday, although the Internet sector remained strong.

European bourses generally were trading higher at midafternoon.

Asian markets closed up, as Japan's

Nikkei 225

picked up 68.05 to close at 14,450.06, while Hong Kong's

Hang Seng

gained 209.83 to 9,719.66.

Dai Xianglong

, governor of China's central bank, pledged not to devalue the yuan, saying that a devaluation would harm foreign investors, China and Asian financial markets in general.

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(KO) - Get Report

earnings dropped 27% for the fourth quarter of 1998, but matched analysts' estimates of 24 cents a share.

Dow Jones


posted fourth-quarter earnings of 59 cents a share, a penny above Wall Street estimates. Including one-time charges, the company lost 1 cent a share.

General Motors

(GM) - Get Report

is sending its unprofitable

Oldsmobile 88

out to pasture after 50 years of production.

Walt Disney

(DIS) - Get Report

posted first-quarter earnings of 30 cents a share, 18% lower than last year and missing estimates by a penny.



will acquire biotech company

Agouron Pharmaceuticals


, maker of $300 million protease inhibitor




Jesse Eisinger

sees a possible trend in the deal.

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posted fourth-quarter earnings of 43 cents a share, easily surpassing estimates of analysts surveyed by

First Call


Online auctioneer


(EBAY) - Get Report

beat estimates for fourth-quarter earnings and announced a 3-for-1 stock split, while

(AMZN) - Get Report

posted a loss of 14 cents a share for the quarter, 4 cents under analyst's estimates.


reported on the news from

Amazon and

eBay yesterday.

Days after it announced plans to invest $500 million in U.K. cable company



, Microsoft

(MSFT) - Get Report

said it will drop $300 million in the initial public offering of the Netherlands'

United Pan-Europe Communications


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(SNE) - Get Report

said its third-quarter profit dropped 26%, partially blaming the strong yen for weak international sales.

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General News

The death toll from Monday's earthquake in western Colombia has reached 700.

After being welcomed to America by

President Clinton

yesterday in St. Louis,

Pope John Paul II

delivered a speech comparing abortion and euthanasia to the horrors of slavery.



Vancouver Grizzlies

have waived point guard

Bobby Hurley


Number of times the term "megafailure" or "mega-failure" appears in a

Dow Jones

news search for 1998: 5.

Number of those relating to finance: 5.