Publish date:

Wednesday, June 16, 1999

Technology reigns at end of today's rally. The Kosovo Liberation Army reaffirms its agreement to lay down heavy arms but says not all rebels may follow its lead.


So that's what everyone was waiting for.

Volume returned to the market today after a

tamer-than-expected reading on the

Consumer Price Index

made those far-deferred profits in the technology sector seem a little safer than they have for much of the previous month. Tomorrow we get the G-man's reaction, when



Alan Greenspan

testifies on monetary policy and the economy before the Joint Economic Committee.

Today's rally was broad, but technology was king. The

Nasdaq Composite Index

surged 103.00 -- a record single-day advance -- to 2517.67; the

Dow Jones Industrial Average

gained 189.96 to 10,784.95; the

S&P 500

picked up 29.22 to 1330.38; the smallish-cap

Russell 2000

added 7.19 to 441.20; and Internet Sector

index jumped 44.42 to 548.50.

The big European indices finished higher, paced by the Paris


, which advanced about 1.4%.

Asian markets were mixed overnight, as Hong Kong's

Hang Seng

added 219.71, or 1.7%, to close at 13,155.21, while Tokyo's


sank 71.82 to 17,210.18.

More markets news and commentary is available in


Markets section.




authorized a plan to buy back up to 50 million shares of its common stock, or about 7% of its outstanding shares. The buyback will take the form of a Dutch auction, with interested stockholders tendering shares at prices of $19.75 to $22.50 apiece.

Deutsche Bank


Bankers Trust

CFO Richard Daniel will leave the company "in a few days"; he's the most senior executive to quit since Deutsche Bank finalized its purchase of BT. Separately, German tax authorities are investigating Deutsche Bank CEO

Rolf Breuer

and three board members to see whether the bank installed systems designed to help customers evade taxes, a charge Deutsche Bank has denied.


Fifth Third Bancorp

(FITB) - Get Fifth Third Bancorp Report

agreed to acquire Indiana bank

CNB Bancshares


in a $2.1 billion stock transaction.


(HAS) - Get Hasbro, Inc. (HAS) Report

said this morning that sales of

Star Wars

merchandise are meeting, and in some cases beating, estimates. The company declined to give any specific sales figures.

Pharmacia & Upjohn


agreed to acquire biotechnology company



for about $728 million in Pharmacia stock, or about $31 a share. Sugen closed Tuesday at 22 1/2.

Commercial mortgage lender

Starwood Financial Trust

(APT) - Get Alpha Pro Tech, Ltd. Report

agreed to acquire

TheStreet Recommends

TriNet Corporate Realty Trust

(TRI) - Get Thomson Reuters Corporation Report

for about $1.57 billion in stock.

More news on companies and stocks is available in


Stock News section.


(AMZN) - Get, Inc. Report

is sinking $45 million into


(BID) - Get Sotheby's Report

, and will create a joint online auction service with the venerable auctioneer.


(CARI:Nasdaq) picked a good day to start trading. The healthcare and e-commerce company gained 12 7/8, or 71.5%, to 30 15/16 after being priced yesterday at 18.


(CBS) - Get CBS Corporation Class B Report

said it is buying 30% of closely held

ThirdAge Media

, an online service targeted at Baby Boomers. CBS said it will spend $54 million promoting ThirdAge on its various media properties.


(ORCL) - Get Oracle Corporation Report

last night reported fourth-quarter earnings of 36 cents a share, topping the 30-analyst

First Call

prediction of 32 cents and moving ahead of the year-ago 27 cents.

More tech news and commentary is available in


Tech Stocks section.

General News


Labor Department

released its Consumer Price Index, which came in unchanged for May, below the 0.2% increase expected by economists and down from last month's 0.7% rise. The core rate, which excludes food and energy costs, increased 0.1%, 0.1 percentage point lower than forecast and below April's 0.4% gain.

The Kosovo Liberation Army reaffirmed its committment to surrender its heavy weapons, according to the

State Department

. But KLA leaders said that they may not have control over every ethnic Albanian rebel unit. Meanwhile, Russian forces still control the airport in the capital of Pristina and are refusing entry to NATO troops.


U.K. soft-drinks bottler

Coca-Cola Beverages

said it is in talks to be acquired by Greece's

Hellenic Bottling

in a $6.9 billion deal. U.S.-based


(KO) - Get Coca-Cola Company Report

owns 50.1% of both companies.

More international news and commentary is available in


International section.


Zen master

Phil Jackson

has agreed in principle to coach the

Los Angeles Lakers

next year. Jackson, who's expected to be introduced at a news conference today, will sign a multiyear deal worth about $7 million a year, according to



The working-class

Buffalo Sabres

beat the high-concept

Dallas Stars

2-1 last night to even the

Stanley Cup

finals at two games apiece.

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