bid farewell to
Robert "Bob" Rubin
and welcomed new nominee
, stocks wrapped up a rocky session with the
Dow Jones Industrial Average
modestly in the red and other major measures solidly higher.
The Dow lost 25.78 to 11,000.37, finishing way off its morning low of 10,812.81. That nadir came as word hit trading floors that Rubin, the popular ex-
hand who's led Treasury through most of the
administration, would finally announce his long-rumored departure.
The recovery from the lows was far more pronounced away from the Dow, which was heavily pressured by
rose 8.31 to 1363.92, the
Nasdaq Composite Index
gained 39.32 to 2606.00, the
tacked on 2.45 to 449.26 and
TheStreet.com Internet Sector
index advanced 2.82 to 656.91.
The bellwether 30-year Treasury bond rose 2/32 to 91 27/32, its yield at 5.83%.
Major European indices were mixed, with London's
closing fractionally lower while the Paris
finished just above break-even. In Asia, Hong Kong's
climbed 138.6, or 1.1%, to 13,012.97, while Tokyo's
added 204.18, or 1.2%, to 16,947.36.
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board last night agreed to start talking with
about its recent takeover offer, citing its possible superiority to the merger deal Avondale has already signed with
Newport News Shipbuilding
. Litton offered $1.76 billion for both Avondale and Newport News, with $504 million in cash earmarked for Avondale specifically.
agreed to buy Tyler, Texas-based
TCA Cable TV
for about $4 billion in stock and cash. The deal will give Cox 883,000 additional cable customers and, along with its pending acquisition of
cable TV operations, make it the fourth-largest U.S. cable provider.
Consolidated Natural Gas
takeover offer of $9 billion in stock, cash and assumed debt despite a higher offer from
. Consolidated said it took the lesser bid because of anticipated regulatory snags in the Columbia deal. Dominion is guaranteeing $66.60 in stock and cash for each Consolidated share.
Goldman Sachs went back to the securities market today, issuing $1.8 billion in high-grade debt. The deal, underwritten by Goldman itself, was upped from an initially planned $1.0 billion.
filed for an IPO, seeking to raise more than $500 million.
Donaldson Lufkin & Jenrette
is the lead underwriter.
is in talks to buy 30% of
Cable & Wireless Communications
, according to
The Wall Street Journal
, which cited people familiar with the negotiations. Mister Softee already owns stakes in the U.K.'s two other major cable providers,
and New York-based
, and is speculated to favor their consolidation with Cable & Wireless.
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last night posted third-quarter earnings of 38 cents a share, 1 cent above the 29-analyst
consensus and up from the year-ago 30 cents. Cisco also announced a 2-for-1 stock split, its eighth split in nine years.
have officially called off their merger.
For more tech news and commentary, click
Treasury Secretary Robert Rubin is resigning, President Clinton officially announced this afternoon. He'll be replaced by Deputy Secretary Lawrence Summers, whose nomination Clinton also announced. Undersecretary of State
will be named Summers' replacement.
couldn't care less about it.
sacked Prime Minister
, appointing First Deputy Prime Minister
to act in his stead. The
, which meets tomorrow to discuss impeaching Yeltsin on five counts ranging from dissolving the Soviet Union to "genocide" against the Russian people, reacted by passing a nonbinding resolution urging Yeltsin to step down.
Yugoslav troops made one of the their deepest incursions into Albania today while fighting Kosovar rebels, according to international observers. NATO Secretary-General
promised speedy retaliation by two dozen U.S. Apache helicopters deployed in Albania.
and electronics concern
Matsushita Electric Industrial
are forming a broad partnership to develop the next-generation Nintendo game console to be released in late 2000. Matsushita will produce digital video disc drives for the console, which will run on an
For more international news and commentary, click
won't need to philosophize about the cost of privacy much longer. The market will determine that on June 22, when writer and former lover
will auction off a series of his letters chronicling the final year of their relationship, which began when Maynard was 18 and Salinger was 53.
New Jersey Nets
are moving -- to Newark. According to
, the team's owners notified Gov.
of the news in a letter rejecting an offer to participate in a new Meadowlands sports complex. The move will happen by 2003, the paper wrote.
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