BIZWATCH\MARKETS.MIXED BAG: Technology stocks retreated early in the day from spectacular run-ups earlier this week, but finished mixed. On the Big Board, Micron Technologies fell 1-1/8 to 37-5/8 in leading volume. Hewlett-Packard ended up -1/4 at 103-3/8 after dropping more than 2 points when Salomon Brothers
Salomon Brothers was a Wall Street investment bank. downgraded it. IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) continued to climb, finishing up 1-1/2 at 125-5/8. Compaq rose -5/8 to 51-7/8 after settling a lawsuit with closely held A phrase used to describe the ownership, management, and operation of a corporation by a small group of people. In a closely held corporation, the same people often act as shareholders, directors, and officers, and no outside investors exist. Packard Bell See Packard Bell NEC. . LAWSUITS SETTLED: Compaq Computer Corp. and Packard Bell Electronics Inc. settled unfair competition lawsuits that had been scheduled to go to trial in federal court Monday. No money changed hands in the settlement reached Friday. Compaq accused Packard Bell in April of violating federal law by failing to tell buyers that its machines might contain parts from models that have been returned. Packard Bell countersued for unfair competition and defamation. HYBRID CAR hybrid car, hybrid vehicle hybrid n → Hybridfahrzeug nt or -auto nt PROJECT: Chrysler Corp. and the Department of Energy on Friday announced an $84 million research program to develop high-tech "hybrid" propulsion systems for cars of the future. A hybrid vehicle combines two or more power sources - such as fuel cells, batteries, flywheels or combustion engines - to achieve greater efficiency and lower emissions of pollution than conventional cars. The Chrysler research, with costs shared between the government and Chrysler and its suppliers, will focus on technologies that include direct-injection diesel engines, electric motors, ultracapacitors and high-powered batteries, said Peter Rosenfeld, director of new generation vehicle programs. HOME CONSTRUCTION UP: Builders ignored bad weather and a weak economy to boost new-home construction in January, but the gain failed to erase a December loss that contributed to the first annual decline since the last recession. The Commerce Department said Friday that new construction of homes and apartments rose 4.4 percent last month, to a 1.45 million seasonally adjusted Seasonally adjusted Mathematically adjusted by moderating a macroeconomic indicator (e.g., oil prices/imports) so that relative comparisons can be drawn from month to month all year. annual rate, after falling 5 percent in December, to 1.39 million. TAKEOVER BID REJECTED: Alumax Inc. rejected Kaiser Aluminum Corp.'s hostile takeover Hostile Takeover A takeover attempt that is strongly resisted by the target firm. Notes: Hostile takeovers are usually bad news, as the employee moral of the target firm can quickly turn to animosity against the acquiring firm. bid valued between $2.2 billion and $2.5 billion and adopted a "poison pill A defensive strategy based on issuing special stock that is used to deter aggressors in corporate takeover attempts. The poison pill is a defensive strategy used against corporate takeovers. " to discourage another unfriendly buyout attempt. CAPTION(S): PHOTO Chart (1) DOW INDUSTRIALS (2) HOUSING STARTS (3) BIZ FACTS SAFETY NET? Percent of users surveyed who trust the security of these financial transactions Photo (color) no caption (automobile dealer) |
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