It was just like playoff hockey out there today -- turn your head for a second and you miss a 170 point swing.
Stocks were roundly depressed early in the afternoon. But it all bounced back like flubber during its final two hours, especially tech and Net issues. All major proxies closed solidly higher.
Dow Jones Industrial Average
gained 69.30 to 10,955.41; the
Nasdaq Composite Index
added 49.20 to 2534.32; the
picked up 15.32 to 1347.32; the small-cap
grew 1.67 to 434.26; and
TheStreet.com Internet Sector
jumped 22.36 to 637.49.
Major European indices all finished in the red, with the U.K.'s
down 2%, Germany's
down 1.4% and France's
down 1.6%. Hong Kong's
jumped 26.52 to 13,586.21 overnight. Tokyo markets were closed for a holiday.
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won a five-year, $650 million contract to maintain the
fleet of T-45 Goshawk training planes at the Kingsville, Texas, and Meridian, Miss., bases. The contract includes Boeing partners
have forged a deal to end the bidding war for
. Under the terms of the agreement, Comcast will get 750,000 additional subscribers -- and ultimately 2 million more on top of that -- in exchange for offering AT&T telephone service to its customers and walking away from its MediaOne bid. Separately, AT&T is negotiating a deal that would involve
paying about $5 billion for a 2% to 3% stake in the company in return for AT&T's agreement to use the Windows operating system in its new digital services packages, according to
The New York Times
CEO Larry Franklin was named to succeed Houston H. Harte as chairman of direct marketing firm
. Harte, son of the company's founder and chairman for 27 years, will assume the position of vice president, while Franklin will keep his CEO title.
is stepping down as CEO of catalog retailer
in a move that was widely expected ever since the company was purchased by
Federated Department Stores
in February. Deikel, who began his direct marketing career by founding a mail-order
monkey business, will remain Fingerhut's chairman through January.
is expected to announce today that it has ended negotiations to buy
, according to reports by
The Associated Press
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Computer-aided design software maker
is taking its lumps after warning yesterday of first-quarter pro-forma earnings of 10 cents to 15 cents a share and diluted earnings of 2 cents to 5 cents. The 10-analyst
view called for a profit of 40 cents vs. the year-ago 55 cents. Autodesk closed down 5 to 23 9/16.
Internet service provider contractor
High Speed Access
filed with the
Securities Exchange Commission
for an IPO of 13 million shares with an initial pricing range of $11 to $13 a share.
Database management systems maker
named Jean-Yves Dexmier its CEO and president.
is giving up on the PC processor business in favor of chips for new "smart devices." The company set plans to cut 550 jobs and to take up to $300 million in associated charges.
Shares of digital networking gear maker
are getting hammered after it warned last night that its fourth-quarter earnings will be 12 cents to 14 cents a share, well short of the 15-analyst forecast of 21 cents vs. the year-ago 12 cents. Newbridge lost 7 15/16 to 28 7/8.
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Two U.S. airmen died early today when their Apache helicopter crashed during a training mission over northeast Albania; they are the first American fatalities in the
said the U.S. is ready to release two Serbian prisoners of war.
German drug company
supervisory board made no decision on management's plan for selling its chemicals unit and accelerating its $17 billion merger with France's
, but said that it "supports the projects and will take a final decision on the main aspects by May 11."
is quitting drugs. The U.K.-based life-sciences firm is exiting the pharmaceuticals business by selling a 70% stake in subsidiary
to equity firm
for about $554 million.
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St. Louis Blues
became the final two teams to advance to the second round of the NHL playoffs with respective Game 7 victories over the
New Jersey Devils
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