Executive Business Briefing 11:42:34 EST
UPI
Executive Business Briefing
Here's a look at the hour's top business stories:
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Stock prices are mixed, with blue chips having retreated from their
session highs, following the announcement of the planned mega merger of
Citicorp and Travelers Group. At noon Eastern time, the Dow Jones
industrial average was up 37.86 points to 9021.27. Declines led advances
by 15-13, in active trading.
The New York Stock Exchange composite index was up 0.70 point to 583.
78 and Standard & Poor's 500-stock index was down 0.01 to 1122.69.
Among the most active stocks: Travelers Group, up 6 3/4 to 68 1/2;
Lucent Technologies, down 7/8 to 72; Citicorp, up 24 7/8 to 167 3/4;
Sunbeam, down 1 5/8 to 32 3/4; Philip Morris, down 3/8 to 39 5/8; Compaq
Computer, down 5/8 to 25 3/16; Eli Lilly, up 1/2 to 59 1/8 and Merrill
Lynch, up 7 3/8 to 93 7/8.
The Nasdaq composite index was down 19.07 points to 1836.33 and the
Amex composite index was down 1.79 to 745.40.
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Share prices rose to record levels for the fourth straight session in
moderate trading on the London Stock Exchange, boosted by takeover
speculation the financial sector. The blue-chip Financial Times 100-
stock index rose 41.6 points to a record 6,105.8. The narrower top 30
industrial average lost 16.2 to 3,869.6. The closely-watched FTSE-250
index slipped 9.8 points to 5,547.8.
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In Germany, share prices rose to their fourth straight record on the
Frankfurt Stock Exchange in moderate trading. The closely-watched DAX
German Stock Index gained 48.13 points to a record 5,271.65, boosted by
strength in the auto sector. The DAX 100 closed up 19.37 at 2,595.99.
The composite DAX rose 3.20 to 455.2.
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In France, stock prices ended higher in moderate trading on the Paris
Bourse. The blue-chip CAC-40 Index gained 32.67 points to 3,964.69,
supported by the strong opening on Wall Street.
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Microsoft reportedly could face new charges from the Justice
Department. The Wall Street Journal reports investigators believe they
have enough new evidence to move quickly with charges Microsoft has been
illegally seeking to extend a monopoly on personal computer operating
software. At 12:25 p.m. Eastern time, shares of Microsoft were down 2
7/8 at 90 1/8.
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200 International Longshoreman's Union members have walked off their
jobs at a Port of New Orleans terminal on the Mississippi River. The
union members took the action rather than cross a picket line set up by
striking river pilots. A spokesman says only a small part of the port
operation is affected, but the pilots say they expect to shut down 80
percent of the work by Tuesday.
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Market Statistics at 12:25 p.m. Eastern time:
DJIA 9021.27 up 37.86
NYSE Composite Index 583.78 up 0.70
S&P 500 Index 1122.69 off 0.01
AMEX Composite Index 745.40 off 1.79
NMS Composite Index 833.63 off 8.84
NASDAQ Composite Index 1836.33 off 19.07
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By Ed Silk (UPI)
Financial-Update
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