Call it a wash. Investors ran scared early from another hot piece of economic data (see below). But as the afternoon wore on, they came slowly skulking back, mainly to big-cap technology stocks. The major proxies were split at the end of another day of noncommittal volume.
Nasdaq Composite Index
fared best, gaining 20.37 to 2432.40. Also positive was the
, which added 0.55 to 1294.81; Meanwhile, the
Dow Jones Industrial Average
shaved 18.37 to 10,577.89; the smallish-cap
fell 0.72 to 436.74; and
TheStreet.com Internet Sector
index lost a scant 0.26 to 556.61.
The big European indices finished mixed, with the Frankfurt
solidly lower, France's
fractionally higher and London's
up about 0.8%. In Frankfurt, and as expected, the
European Central Bank
decided to leave the benchmark eurozone interest rate unchanged at 2.5%.
covered the ECB meeting in
a story this morning.
In Brazil, the volatile
had moved fractionally higher in late afternoon trading.
Asian markets moved higher overnight. A 1.9% rally in
helped Hong Kong's
add 95.08 to 12,458.64, while Tokyo's
gained 9.49 to close at 16,417.99.
More markets action and news is available in
Preannouncement season started last night when
American Home Products
warned that second-quarter earnings would likely come in about 7 cents below the 25-analyst
outlook of 41 cents a share, and that full-year 1999 earnings would fall about 11 cents shy of the 27-analyst forecast of $1.89 a share. AHP earned 39 cents in the year-ago second quarter and $1.78 for 1998. The company blamed a global slump in grain and livestock prices and said it was considering strategic alternatives for its agricultural product and livestock units.
Barnes & Noble
has called off its $600 million acquisition of
Ingram Book Group
because of regulatory opposition on antitrust grounds.
cut a deal with
Tokio Marine & Fire Insurance
, Japan's largest nonlife insurance company, to form a full-service brokerage company in Japan.
set plans to acquire traffic report supplier
for about $900 million in stock.
, which manages and owns 16% of Westwood One, said it would support the deal.
More news on companies and stocks is available in
Stock News section.
said today that it expects second-quarter earnings slightly above its previously estimated range of 62 cents to 66 cents a share. The 11-analyst view for Adobe's quarter was 64 cents a share. Adobe also said it will take a $15 million restructuring charge as it cuts about 9% of its worldwide staff.
set plans for a 3-for-1 stock split.
There seems to be only so much capital to go around in the online bookselling business, and that limited supply has been shrinking lately.
closed below its IPO price of 18, off 2 3/4, or 13.8%, to 17 3/16.
Information technology services firm
said it will cut about 11% of its workforce -- that's about 100 jobs -- and move its headquarters to Hartford, Conn., from New York City as part of a plan to get back to profitability.
is buying closely held
, a maker of embedded communications systems for products like cellular phones and modems, for about $435 million in stock.
bought software company
for about $80 million in stock. Online Anywhere develops software connecting the Internet to non-PC devices.
More tech news and commentary is available in
Tech Stocks section.
A group of U.S. steel companies and the
United Steelworkers of America
union filed suit with the U.S.
International Trade Commission
charging that 12 countries -- including Brazil, China, Japan and Russia -- broke trade laws by dumping steel in the U.S. The commission will review the charges before sending the them to the
for a ruling.
released figures showing
new home sales
at 978,000 for May, considerably higher than the expected 890,000 and up from last month's revised 896,000.
European Union envoy Martti Ahtisaari said that he and Russian envoy
have agreed on a Kovovo peace plan and would fly to Belgrade today. Meanwhile, the
rejected Yugoslavia's request that
halt its air strikes while the court decides whether the alliance's bombing campaign constitutes genocide.
Two weeks after Singapore relaxed regulations restricting foreign ownership of its banks,
Allied Irish Banks
set plans to buy a quarter of the city-state's
Keppel Tat Lee Bank
for $870 million.
Dutch chemical group
sold its aerospace coating and sealants unit,
PRC DeSoto International
, to Pittsburgh-based
for $512.5 million. The sale gives Akzo antitrust clearance from the
for its $3 billion takeover of U.K. paints company
Europe's second-largest cable company,
United Pan-Europe Communications
is paying $1.15 billion for
, which owns Poland's largest cable TV network.
has an 8% stake in UPC.
More international news and commentary is available in
forced a seventh game in the Western Conference finals by beating the
4-1 last night. The winner of Friday's match will play the
for the Stanley Cup.
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