Executive Business Briefing 12:44:56 EST
UPI
Executive Business Briefing
Here's a look at the hour's top business stories:
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Honeywell has signed an agreement to acquire Westinghouse Security
Electronics, a subsidiary of CBS, formerly Westinghouse Electric. The
terms of the deal have not been disclosed. Westinghouse Security
Electronics designs, manufactures and sells electronic access control
systems. It will become part of Honeywell's Home and Building Control
Products unit.
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Shares of Merrill Lynch are sharply higher on persistent market
rumors of a possible merger between the brokerage house and Chase
Manhattan. The rumors resurfaced after Citicorp and Travelers Group
announced plans to merge in what would be the largest corporate merger
in history. At 1:25 p.m. Eastern time, Merrill Lynch was up 9 1/8 at 95
5/8.
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Lucent Technologies and ARIS Technologies have agreed to
cooperatively market each other's digital watermarking technologies. The
technologies enable broadcasters and Internet audio and video Webcasters
to embed copyright and other information to help identify program
material. The terms of the agreement have not been disclosed.
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Compaq Computer has announced Microsoft's selection of Compaq's new
high-performance Armada 7800 notebook as the platform of choice for its
North American sales, engineering and consulting groups. The Armada 7800
features Intel's 266-MHz Mobile Pentium II processor and Compaq's
cutting-edge Accelerated Graphics Port implementation.
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At midday on New York's Comex, a 100-troy-ounce gold futures contract
for April delivery was trading at $309.70 an ounce, up $1.70 from
Friday's close. A 5,000-troy-ounce silver futures contract for May
delivery was trading at $6.34 an ounce, down 23.5 cents.
In London, gold closed at $312.75 an ounce, up $6.25 from Friday's
close. In Zurich, gold closed at $309.75, up $3.40.
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Market Statistics at 1:25 p.m. Eastern time:
DJIA 9041.95 up 58.54
NYSE Composite Index 584.27 up 1.19
S&P 500 Index 1123.72 up 1.02
AMEX Composite Index 744.33 off 2.86
NMS Composite Index 833.63 off 8.84
NASDAQ Composite Index 1835.75 off 19.65
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By Ed Silk (UPI)
Financial-Update
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