Finance - Full Closing Bell for Tuesday, July 14, 1998
America Online Inc. (AOL)
After market close, AMERICA ONLINE INC said that it agreed to make NetGrocer the exclusive online supermarket shopping delivery service on AOL and its consume site AOL.com. Under the agreement, Dulles, Virginia-based America Online will receive a guaranteed minimum payment of $15 million per year, a share of the advertising and transaction revenues and warrants to purchase shares of New York-based NetGrocer. NetGrocer lets shoppers across the United States purchase non-perishable supermarket items online at competitive prices. (Reuters 05:47 PM ET 07/14/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2555074669-29b>
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Compaq Computer Corp (CPQ)
COMPAQ COMPUTER's cheapest computer is now its most profitable consumer PC, the Wall Street Journal reported. Accelerating sales and a sharp drop in costs pushed the margin on Compaq's $899 computer, which is also its biggest seller, above its more expensive consumer PCs, Rod Schrock, VP of Compaq's consumer division told the newspaper. He said Compaq is paying 42% less for home PC components now than it was a year ago. (Reuters 04:04 AM ET 07/14/98) Full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2555065922-361>
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General Electric Company (GE)
BRITISH AIRWAYS PLC might switch engine suppliers if it orders more BOEING CO 777 long-haul twinjets, industry weekly Flight International said. Flight said BA is considering buying 20 more 777s in a $2.0 bln deal and is seeking bids from alternative suppliers to GENERAL ELECTRIC CO for the engines, namely Rolls-Royce Plc and UNITED TECHNOLOGIES CORP's Pratt & Whitney. The airline currently operates 18 777-200s powered by GE-90 engines, with a further 11 aircraft on order and option, but the airline would be free to switch engine supplier for any new order. (Reuters 04:46 PM ET 07/14/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2555074019-f49>
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Intel Corporation (INTC)
After market close, INTEL CORP reported 2Q EPS of $0.66 vs $0.92 on revenues of $5.9 bln vs $5.9 bln last year. Analysts' mean estimates were $0.68, according to First Call. (Reuters 04:24 PM ET 07/14/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2555073775-e25>
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Lucent Technologies (LU)
LUCENT TECH has granted AMERICAN SUPERCONDUCTOR CORP a non-exclusive, worldwide license to Lucent's portfolio of more than 48 U.S. patents and related foreign patents covering high-temperature superconductor (HTS) technologies. AMSC is a leader in developing commercial applications for superconductor technologies for the global electric power industry. The Lucent portfolio includes various patents on HTS compounds, including YBCO 123, BSCCO 2212 and BSCCO 2223. The portfolio also contains patents on wire manufacturing methodologies, including the OPIT technology, and end-use applications. (PR Newswire 11:03 AM ET 07/14/98) Full story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2555070709-adf>
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MCI Communications Corporation (MCIC)
CABLE AND WIRELESS, Britain's number two telecoms group, said on Tuesday it remained in talks with MCI COMMUNICATIONS CORP as speculation mounted it was poised to buy all of the U.S. group's Internet assets. C&W has already agreed to pay about $625 million for MCI's wholesale Internet unit. But the British group declined to confirm it was also poised to snap up MCI's retail Internet business in a total deal worth between $1.5 and $2.0 billion. (Reuters 06:43 AM ET 07/14/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2555067315-998>
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MCI Communications Corporation (MCIC)
Worldcom Inc (WCOM)
Lehman Brothers said it reiterated its buy rating on WORLDCOM INC, saying it expects regulatory approvals, asset sales and strong earnings performance to propel its shares in coming months. Lehman also reiterated its buy rating on MCI COMMUNICATIONS CORP. (Reuters 11:06 AM ET 07/14/98)
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MCI Communications Corporation (MCIC)
CABLE AND WIRELESS will be a more attractive partner at the global telecoms ball if it wins MCI COMMUNICATIONS CORP's Internet assets, analysts said. "The fact that they will dramatically strengthen their position in both the world's largest market, the USA, and the fastest-growing part of the world telecom market, Internet, will make them doubly attractive," said John Tysoe of SG Securities. A Cable & Wireless spokesman in London said the two companies remained in talks. MCI declined to comment. Analysts said they would welcome such a deal which would double C&W's modest operations in the key U.S. market, where it currently has around 1% of long distance traffic. (Reuters 05:18 PM ET 07/14/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2555074352-8e6>
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Microsoft Corporation (MSFT)
MICROSOFT CORP has grabbed the lead from rival NETSCAPE COMMUNICATIONS CORP among companies that specify which browser their employees should use to access the Internet, a research company said late Monday. Zona Research said Microsoft's Internet Explorer is specified by 55% of companies that have a browser policy, compared with 45% for Netscape. That is a reversal from September, when 55% of companies with a browser policy specified Navigator and only 32% chose Explorer. Microsoft has made enormous inroads in the corporate browser market in part by giving away its software, forcing Netscape to follow suit. (Reuters 09:13 PM ET 07/13/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2555061014-bae>
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Motorola Inc. (MOT)
Late Monday, MOTOROLA INC said it has agreed to acquire Starfish Software Inc., a developer of software for wireless devices, in a deal valued at several hundred million dollars. The deal will be one of Motorola's biggest acquisitions in recent years. The communications and semiconductor giant said that it will take a yet-to-be determined charge in its 3Q. The acquisition is expected to close in September. Starfish, started in 1994 by Borland International Inc. founder Philippe Kahn, is known for creating the shyperinflation, calendar and scheduling software behind REX, a tiny handheld computer. (Reuters 11:49 PM ET 07/13/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2555063185-52d>
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Philip Morris Companies Inc. (MO)
The White House said it was studying the possibility of suing the tobacco industry to recover health care costs related to smoking if Congress fails to pass comprehensive tobacco legislation. White House spokesman Mike McCurry said, "In a very preliminary way it's being examined, but first and foremost our interest is in comprehensive legislation....The White House is interested in comprehensive tobacco legislation that will promote our public health goals... We are pushing hard for that, and that's first and foremost our interest," McCurry told reporters. (Reuters 10:53 AM ET 07/14/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2555070213-104>
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Philip Morris Companies Inc. (MO)
Maxwell House Coffee, a division of PHILIP MORRIS's Kraft Foods, said it will cut the list price of its standard 13-ounce can of ground regular and ground decaffeinated coffees by 20 cents due to the decline in prices on the world's futures markets. The decrease, which will take effect August 24, brings the price for a standard 13 ounce can of regular ground to $2.31, and decaffeinated ground Maxwell House to $3.01. Maxwell House's list price decreases come on the heels of an identical price cut earlier last week by Procter and Gamble Co. unit Folgers Coffee Co. (Reuters 10:17 AM ET 07/14/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2555069761-cf8>
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Procter And Gamble Co (PG)
PROCTER AND GAMBLE raised its qtly dividend to $0.285 from $0.2525 per share. (Reuters 03:44 PM ET 07/14/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2555073327-5fa>
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Procter And Gamble Co (PG)
PROCTER AND GAMBLE said Clayton Daley has been elected CFO and senior vice president, replacing Erik Nelson, who is retiring. Daley is currently vice president and treasurer of Procter & Gamble. Gretchen Price, currently vice president-internal controls, Procter & Gamble Worldwide, has been elected vice president and treasurer, succeeding Daley. (Reuters 03:50 PM ET 07/14/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2555073400-912>
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Sun Microsystems Inc. (SUNW)
NEC CORP said it signed a licensing agreement with SUN MICROSYSTEMS INC for the Java Card IC card programming language to futher strengthen its IC card-related semiconductor and system solution businesses. Java Card enables Java-based IC card applications to be written simply and quickly, and for multiple applications to be easily mounted on IC cards, it said. NEC will develop semiconductors and card reader-writer devices for Java Card, a NEC spokesman said. (Reuters 03:02 AM ET 07/14/98) For the full text story, see full story <http://www.infobeat.com/stories/cgi/story.cgi?id=2555065307-bf1>
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Dow Jones 30 Industrials (DJIA)
MARKET NEWS: The Dow industrials sprinted to their first record close in two months Tuesday as investors tossed aside worries about Asia and inflation to cheer the latest company earnings. The Dow closed at 9245.54 points, up 149. The Dow's prior record of 9211.84 was set on May 13. On the New York Stock Exchange, advancing issues led decliners by three-to-two in active trading, with 695 million shares changing hands. Two other leading stock indices also closed at record highs. The tech-heavy Nasdaq rose three points to end at 1968.47, its fifth straight record close. The broad market S&P 500 index gained 12 points to settle at 1178, soundly beating its prior record of 1166 set last Wednesday. The benchmark 30-year Treasury bond was off 17/32 to yield 5.72%. |
