Wednesday, July 7, 1999

After a rough day, major proxies were suited up like Johnny Cash at the bell -- all in the black. Also, the IMF approved a $4.12 billion loan to Mexico.
Publish date:


After spending most of today's session struggling against a weighty load of

negative preannouncements, the major market benchmarks managed to finish in the black.


Dow Jones Industrial Average

added 52.24 to 11,187.36, the

Nasdaq Composite Index

gained 6.30 to 2743.08 and the

S&P 500

advanced 7.74 to 1395.86. But breadth was negative on the major exchanges, helping to send the small-cap

Russell 2000

down 3.86 to 452.69. Net stocks veered through the session like a drunken sailor ahead of



earnings report; Internet Sector

index lost 11.45 to 653.85.

The 30-year Treasury bond fell 4/32 to 89 2/32, its yield rising to 6.05%.

The big European indices all finished solidly lower.

Asian markets lost ground overnight, as Hong Kong's

Hang Seng

dropped 115.17 to 14,257.44, while Tokyo's


fell 91.83 to 17,958.90.

More markets news and commentary is available in


Markets section.


Aluminum manufacturer


(AA) - Get Report

posted second-quarter earnings of 64 cents a share, a penny over the 16-analyst

First Call

consensus and up from last year's 62 cents.

Cox Communications


said it will exchange its $2.85 billion in


(T) - Get Report

stock -- 50.3 million shares -- for AT&T cable TV networks with 495,000 customers. Cox said that it will also get $750 million in "other consideration, including cash," under the deal.


(DD) - Get Report

set plans to lay off or reassign about 1,300 of its 15,000 workers at as it reorganizes its coatings manufacturing business.


said its North American president,

Victor Doolan

, is leaving to join


(F) - Get Report

at the end of the month. He'll join Wolfgang Reitzle, former head of product development at BMW, at Ford's

Premier Automotive Group


It might be time for



to file a restraining order. Yesterday the housewares manufacturer's board unanimously rejected the third takeover offer from rival


(LBY) - Get Report

, this time worth about $637 million, or $37.50 a share. Oneida issued a rather spooky statement calling the bid "illusory" and said that Libbey's desire to negotiate is "nothing more than efforts to obtain access to Oneida's confidential and proprietary business information."

U S West


wants a combination with

Qwest Communications


to be structured as a merger of equals rather than a takeover,

The Wall Street Journal

reported, citing people familiar with the situation. U S West has already signed on a merger of equals with

Global Crossing



More news on companies and stocks is available in


Stock News section.



opened its online music store today, celebrating the launch with -- ooh! ooh! -- a free download of


"Deep Water."

Online music retailer


enjoyed a strong trading debut today, gaining 9 15/16, or 71%, to 23 15/16 after being priced last night at $14 a share by lead underwriter

Ferris Baker Watts


Business software maker

New Era of Networks

(NEON) - Get Report

last night warned it will report a second-quarter loss of 12 to 22 cents a share, significantly below the nine-analyst prediction for a repeat of the year-ago profit of 12 cents.






set an alliance to collaborate on a number of Internet-based initiatives, including the development of high-speed content to be deployed over RCN's fiber-optic network.

Yahoo! inked a broad marketing deal with U.K. pay-TV broadcaster

British Sky Broadcasting


. The deal covers Yahoo!'s U.K. and Ireland properties.

More tech news and commentary is available in


Tech Stocks section.

General News


International Monetary Fund

approved a $4.12 billion loan to Mexico. The loan will come in seven installments over 17 months, according to an IMF spokesman.

Hikmet Ulugbay

, Turkey's economic minister, shot himself in the head today amid allegations that his ministry leaked an

International Monetary Fund

document to a brokerage firm owned by a cousin of former Prime Minister

Mesut Yilmaz

. Ulugbay is not in life-threatening condition, as the bullet missed his brain.

Hillary Rodham Clinton

officially announced her candidacy for the U.S.


in a speech today at Sen.

Daniel Patrick Moynihan's

farm outside Oneota, N.Y. Mrs. Clinton declared that she was forming an exploratory committee yesterday in a single-page document filed with the

Federal Election Commission

in Washington.


German insurance colossus


is in talks to buy all or part of U.S. fund-management firm

Pimco Advisors

in a deal worth as much as $5 billion, according to

The Wall Street Journal Europe

, which cited people familiar with the situation.

Realigning to fit the contours of the new eurozone, Dutch bank

ABN Amro

is combining its corporate and retail banking operations in the

European Union

and Switzerland into a single division.


Securities and Exchange Commission

sent Irish drug firm



a comment letter in January raising questions about its accounting procedures,

The Wall Street Journal

reported. Elan said it expected the SEC inquiry to be resolved in the next couple of weeks.

last month

explored the accounting issues at Elan.

More international news and commentary is available in


International section.


Sure, getting gored by a bull in Pamplona is a blast, but there are subtler ways to reckon with the animal kingdom. A man's naked corpse was discovered draped across a killer whale's back in a tank at

Sea World Orlando

yesterday morning. While the man's mode of death isn't yet clear,


quoted the theme park's general manager as saying, "We believe this might have been a man who was seen around the park for several days, taking an interest in the whales."

Have a dumb question relating to finance? Great. Have a


dumb question? Even better. Send it to, and I'll do my best to answer every Saturday. 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 replies can't be guaranteed.