Publish date:

Wednesday, January 6, 1999

Stocks continue rallying to new highs, and NBA action gets ready to be FANtastic again.


U.S. stocks held on to record gains at midday, with blue-chips, tech stocks and small-caps all advancing strongly.

European bourses closed higher, and Asian markets boomed across the board Wednesday, with Hong Kong's

Hang Seng

up 342.74 to 10,233.80 and Japan's

Nikkei 225

up 235.72 to 13,468.46.

For more markets action and news, click





(CI) - Get Cigna Corporation Report

CI:NYSE) reportedly is in talks to sell its property-casualty business to Bermuda insurer




ACL:NYSE) for more than $3 billion.



(K) - Get Kellogg Company (K) Report

K:NYSE) named Carlos Gutierrez to replace Arnold Langbo as CEO, effective in late April.

Shares of



(NKE) - Get NIKE, Inc. (NKE) Report

NKE:NYSE) are spiking upward on news that the

National Basketball Association

and the player's union have reached an agreement that will save a portion of the 1998-99 season.

Northrop Grumman


(NOC) - Get Northrop Grumman Corporation Report

NOC:NYSE) said it will take a $125 million charge in the 1998 fourth quarter and estimated that 1999 profits will be as much as 20% beneath analysts' figures.

Phillips Petroleum



P:NYSE) announced that it will eliminate 1,400 jobs in 1999. The company also said that a $339 million charge will contribute to a net loss for the 1998 fourth quarter.

For more news on companies and stocks, click




(AMZN) - Get, Inc. Report

AMZN:Nasdaq) posted fourth-quarter sales of $250 million, up from $66 million a year ago.




APPL:Nasdaq) said it would post its fifth straight quarterly profit.

Modem manufacturer




HAYZQ:Nasdaq) has ceased operations and is preparing for liquidation.

Mindspring Enterprises



MSPG:Nasdaq) has agreed to buy the Internet access business of

ICG Communications'





unit for $245 million.

TheStreet Recommends

German business software firm



(SAP) - Get SAP SE Sponsored ADR Report

SAP:NYSE ADR) said its fourth-quarter pretax profit fell because of slack demand in Japan and Russia.

Science Applications International

is set to sell about 38% of its stake in

Network Solutions




For more tech news and commentary, click



Finance Minister Xiang Huaicheng said China will try to fend off recession by increasing government spending on public works.

The Swedish government announced it will divest 7% of

Pharmacia & Upjohn



PNU:NYSE), citing favorable market conditions.

Samsung Group

said it will increase its spending by one-third this year in expectation of a strong economic recovery in 1999 by South Korea.

U.K. mobile telecom firm


has officially joined

Bell Atlantic



BEL:NYSE) in the market to acquire

AirTouch Communications


(ATI) - Get Allegheny Technologies Incorporated Report

ATI:NYSE), with a competing offer of $54 billion.

For more international news and commentary, click


General News

Senate Majority Leader

Trent Lott

(R, Miss.) announced that the impeachment trial of

President Clinton

will begin tomorrow.

The government called its final witness yesterday in the antitrust trial against



(MSFT) - Get Microsoft Corporation (MSFT) Report


Former Khmer Rouge general

Khem Ngun

warned that Cambodia could reenter civil war if the government reneges on Prime Minister

Hun Sen's

promise of immunity to two high-ranking Khmer Rouge defectors.

The civilian death toll in antimilitary riots in Indonesia has reached 17.



Baseball Writers Association of America

yesterday elected

Nolan Ryan


George Brett


Robin Yount

to the

Baseball Hall of Fame