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News Alert from AP Online via Quote.com
Topic: Compaq Computer Corp
Quote.com News Item #4323629
Headline: AP Financial News at 9:10 a.m. EDT
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Thursday, Oct. 23, 1997
Stock Prices Plunge in Hong Kong
HONG KONG (AP) - Hong Kong's key stock market index suffered its
biggest point drop in history today. The Hang Seng was off as much
as 14 percent today before closing down 10 percent on the day. The
index is down 23 percent so far this week and 37 percent since Aug.
7. In today's trading, the Hang Seng fell 1,211.47 to 10,426.3 -
the biggest point drop in history and the largest percentage drop
in 10 years. The drop is being blamed on panic selling triggered by
rocketing interest rates and fears that the vibrant Hong Kong
economy may be infected by turmoil elsewhere in Asia.
Other Asian Markets Fall Also
TOKYO (AP) - The decline in stock prices in Hong Kong brought
down other markets. Tokyo's Nikkei Stock Average lost 536.06
points, or 3.03 percent, closing at 17,151.55 points, and shares
also took a further battering in Malaysia, Singapore, Indonesia and
the Philippines - as well as halfway around the world in London. In
Malaysia, one of the countries worst hit in the turmoil that began
in July, the main index shed 4.7 percent while the ringgit hit its
lowest level against the U.S. dollar since the Malaysian currency
was floated 24 years ago. Singapore's index was down 5.4 percent.
In London, the Financial Times-Stock Exchange 100-share index was
down 150.3 points at 4,998.5 at midday. Frankfurt's DAX index
closed with a loss of 4.7 percent and the CAC 40 in Paris off by
3.3 percent in the early afternoon.
Dow Falls 25.79 to 8,034.65
NEW YORK (AP) - Boeing and AlliedSignal spoiled this week's
stream of reassuring profit reports, but stocks suffered only minor
losses yesterday as the overall trend remained positive. The Dow
Jones industrial average fell 25.79 to 8,034.65 after nearly
turning higher during the final hour. Without a steep decline by
Boeing and AlliedSignal, the Dow would have finished with a slight
gain, extending its speedy recovery from last week's selloff.
Financial Figures
NEW YORK (AP) - Financial figures as of yesterday's close:
Dow Industrials: 8034.65 - 25.79
NYSE Issues: Advances 1179 Declines 1664 Unchgd
549
NYSE Volume: 611,312,980
Most Active NYSE issue: Boeing Co49 5/8 - 4 3/8
S&P 500: 968.49 - 3.79
AMEX Mkt Value Index: 713.74 + 1.38
NASDAQ 1708.08 - 4.46
Gold(final) - $322.10 troy oz., NY Comex spot month Wed.
Silver(final) - $4.920 troy oz., NY Comex spot month Wed.
Jobless Claims Rise by 8,000
WASHINGTON (AP) - The number of new claims for jobless benefits
jumped up by 8,000 last week, rising above 310,000 for the first
time in six weeks but remaining at a level reflecting a tight labor
market. New applications for unemployment insurance totaled a
seasonally adjusted 315,000, highest since 325,000 during the week
ended Aug. 30, the Labor Department reported today. Many analysts
had expected an increase of just 3,000. The jump was the steepest
since a 22,000 gain in mid-August.
Ex-Kraft Exec May Head Quaker
CHICAGO (AP) - Robert S. Morrison has resigned as chief
executive of the Kraft Foods division of Philip Morris Cos., and
reportedly will be named as chairman and chief executive of Quaker
Oats Co. Morrison, 55, has been selected to succeed retiring Quaker
boss William D. Smithburg, according to reports today in The Wall
Street Journal, the Chicago Tribune and the Chicago Sun-Times. The
newspapers cited unidentified industry sources.
Court Papers Show Microsoft Threats
WASHINGTON (AP) - Compaq Computer Corp. had a plan to make it
easier for buyers of its new computers to use Netscape Navigator to
explore the Internet instead of using Microsoft Corp.'s Internet
browser. But, according to court documents, Compaq had a change of
heart when Microsoft threatened to deny its ultra-popular Windows
95 computer operating system to Compaq unless the computer maker
used Microsoft's Internet Explorer.
Newsweek Starts TV Production Co.
NEW YORK (AP) - Newsweek magazine said yesterday it is starting
a new television production company to create informational
programs about such topics as politics, education and personal
finance. Newsweek said the new company, Newsweek Productions Inc.,
will take over production of the current PBS show ''HealthWeek''
from the magazine's parent company, The Washington Post Co.
Study: Minority Women Earnings Low
NEW YORK (AP) - Compared with white women and men of any race,
black, Hispanic and Asian women are underrepresented in corporate
management ranks and underpaid when they are promoted, according to
a new study. It's a situation that must be remedied as the
demographics of the workforce change and fewer white men enter the
labor pool, said Katherine Giscombe, author of the study released
yesterday by Catalyst, a research organization that works to
advance women in the business world.
Germany Leaves Rates Unchanged
FRANKFURT, Germany (AP) - Germany's central bank left key
interest rates unchanged today. The central bank left the discount
rate at 2.5 percent and the Lombard rate at 4.5 percent. Those
rates have been at those historic lows since April 18, 1996. It
also left the securities repurchase rate at 3.3 percent for the
next two weekly issues, after raising it from 3 percent on Oct. 9
as an anti-inflation measure.
Economic Reports
WASHINGTON (AP) - Economic reports:
Jobless claims: up 8,000 to 315,000 |
