Markets

After a positive opening rush, stocks had cooled off at midmorning, with most major indices solidly in the red.

Major European bourses were mixed at midafternoon, while Asian markets closed higher. Japan's

Nikkei

shot up 249.30 to 14,170.36 as the

Bank of Japan

knocked the overnight call rate to a record low of 0.02% with another rush of funds into that country's interbank lending market. Hong Kong's

Hang Seng

gained 8.82 to 9922.40.

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Companies

Do these go together? Completing its outfit,

Jones Apparel Group

(JNY)

agreed to acquire shoe company

Nine West Group

(NIN)

for $885 million in stock and cash, as well as $550 million in debt.

RJR Nabisco Holdings

(RN)

will unload its overseas tobacco operations within the next 10 days, according to

The Wall Street Journal

.

TSC

reported on the furious call buying in RJR on Monday.

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Tech

Responding to both a slowing personal computers segment and its own lack of penetration into the consumer market,

Dell

(DELL) - Get Report

is set to launch

Gigabuys.com

, an online store selling computer-related products made by other companies.

Computer networking equipment firm

3Com

(COMS)

will miss its numbers by a Texas mile. The company warned investors that it expects to report operating income of about 23 cents a share, as opposed to the 36-cents-a-share

First Call

consensus.

French telecom equipment company

Alcatel

(ALA)

confirmed that it will buy U.S. data communications firm

Xylan

(XYLN)

in a deal valued at $2 billion.

Dutch electronics company

Philips Electronics

(PHG) - Get Report

is taking off the kid gloves in its bid for U.S. semiconductor manufacturer

VLSI Technology

(VLSI)

. The company is ready to ask shareholders to oust the board if VLSI if it doesn't start negotiating with Philips' $777 million takeover offer, according to

The Wall Street Journal

.

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here.

General News

Tennessee Sen.

Fred Thompson

said he won't make a bid for the Republican presidential nomination in 2000, and instead will throw his support behind his state's former governor,

Lamar Alexander

.

Ugandan and Rwandan soldiers began the manhunt for the Rwandan rebels who killed eight foreign tourists, including Americans Rob Haubner and his wife, Susan Miller. Uganda's president,

Yoweri Museveni

, apologized for the killings today.

International

The Hong Kong government said that it "should now commence intensive negotiations with a view to determining by June 1999" whether

Disney

(DIS) - Get Report

will build a theme park on reclaimed land north of Lantau Island. Separately, Financial Secretary

Donald Tsang

said Hong Kong faces a 1999 budget deficit of about $3.1 billion -- or nearly 80 million single-day passes to

Disneyland

.

For more international news and commentary, click

here.

Elsewhere

World's Most Shocking Disinterments

? In a two-hour dig broadcast by

Fox TV

(FOX) - Get Report

, Egyptian archaeologist Zahi Hawass found, of all things, a mummy and a skeleton in two tombs and a small pyramid of

Queen Khamerernebty II

. Hawass described the mummy as "a regular mummy."

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