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Stocks poised for weaker open
NEW YORK (CBS.MW) -- U.S. stocks are bracing for a negative start Wednesday as S&P 500 Futures dipped 5.70 points. In overseas markets, Asia ended higher while European shares slumped. In the bond market, prices were a tad higher with short maturities again outperforming and the long bond lagging the rest of the curve. On the economic front, the market will get a glimpse at new home sales for October at 10 a.m., ET, Wednesday. A survey conducted by CBS.MarketWatch.com projects the number to come in at 842,000. Tuesday, the Dow Jones Industrial Average advanced 16.99 points, or 0.2 percent, to 9,133.54 as players dove back into marquee-name computer shares, spurring buying in other segments.
Market Snapshot
Bond Report
Earnings Surprises
Movers & Shakers
Boeing to lay off up to 48,000 due to Asia crisis . . .
SEATTLE (CBS.MW) -- Boeing, the world's largest aerospace company, said it will lay off up to 48,000 workers as the Asian economic crisis cuts into its revenue over the next two years. Boeing (BA), whose stock is a component of the Dow Jones Industrial Average, said it will reduce production of 747 airplanes to 2 planes per month from 3.5 planes per month in late 1999. Production of the jetliners will fall to one a month in 2000 if economic problems persist, the company said in a statement.
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Exxon agrees to buy Mobil . . .
IRVING, Texas (CBS.MW) -- Exxon agreed Tuesday to buy
Mobil for about $86.9 billion, the biggest U.S. deal ever, creating the world's largest energy company and fortifying the new entity against a steep decline in oil prices, which has wreaked havoc on the petroleum industry. "This is the deal of the century," said Fadel Gheit, a longtime oil analyst at Fahnestock & Co. "It's positive, positive, positive. "Under the deal, each share of Mobil will be converted into 1.32015 shares of Exxon. The deal values Mobil shares at about $99 each. Exxon shareholders will own 70 percent of the combined company.
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Antitrust: minor hurdles seen
Bracing for battle of the brands
World Markets: Europe lower, Asia ends higher . . .
LONDON (CBS.MW) -- Europe made a brave attempt to claw its way back out of the red on Wednesday after a brutal pounding last session -- to no avail. By the end of Europe's morning session, shares fell back as recession worries got the better of merger and acquisition news. London's FTSE 100 index, which was fluctuating narrowly between losses and gains, was down 28.20 points at 5,509.40; Frankfurt's Xetra DAX was up down 44 points at 4,733.18; and the Paris CAC 40 was down 24.56 points at 3,663.78. In Asia, Japan's Nikkei 225 index closed up 1.02 percent, or 151.21 points at 14,986.62, while in Hong Kong, the Hang Seng index gained 79.93 points to 10,055.78 after a dire day on Tuesday.
World Markets
Deutsche Bank makes another move . . .
LONDON (CBS.MW) -- Just two days after splashing out on a $10.1 billion purchase for the U.S. banking giant Bankers Trust, Germany's Deutsche Bank has just announced its spending another $593 million on Credit Lyonnais' Belgium subsidiary. Credit Lyonnais Belgium, the sixth largest bank in Belgium, has total assets of 24.1 billion deutschmarks and is active in retail and private banking, corporate banking and treasury and capital markets.
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NAPM shows sick factory sector . . .
WASHINGTON (CBS.MW) -- The manufacturing sector is still sick, but the overall economy is healthy, according to three economic reports. The most widely watched report, the index of the National Association of Purchasing Management, showed continued distress in the manufacturing sector, falling to 46.8 percent from 48.3 percent in October. Production, new orders, employment, prices, imports and exports all declined. The index has fallen for six months in a row. A reading of over 50 percent indicates a growing manufacturing sector.
Economy Report
Screamers: WavePhore screams on shopping plan . . .
PHOENIX (CBS.MW) -- Shares of WavePhore doubled after the computer content broadcaster revealed e-commerce plans for a "broadcast mall." WavePhore (WAVO) is kicking off its WaveTop Store electronic commerce channel with nine merchants. Its so-called "broadcast mall" will be available to consumers via TV signals received for free by computers equipped with antennas. Retailers include Godiva Chocolatier, The Wall Street Journal, Barnes & Noble, Audio Book Club, CompUSA, The Fragrance Counter, NextCard, Shop-at-Home, and VideoMaker magazine.
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