BIZWATCH : MARKETS.MARKET LOGIC: Stocks shot higher Thursday, as a sharp retreat in interest rates sparked the second-biggest point gain ever for the Dow Jones industrial average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. . The market was led by consumer and financial issues, as bond prices were driven sharply higher. MEMO SMALLER BONUSES: Walt Disney Noun 1. Walt Disney - United States film maker who pioneered animated cartoons and created such characters as Mickey Mouse and Donald Duck; founded Disneyland (1901-1966) Disney, Walter Elias Disney Co. executives at Burbank headquarters could see this year's bonuses cut by 10 percent while executives at its slumping ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. network are preparing for reductions of 20 to 40 percent, the Wall Street Journal reported. The newspaper, citing unidentified sources inside Disney, said the entertainment giant is making the reductions due to the probability that its growth will slow from the impressive pace of recent years. Disney had no comment on the disclosure, which comes a week after it reportedly agreed to a widely criticized $90 million severance package A severance package is pay and benefits an employee receives when they leave employment at a company. In addition to the employee's remaining regular pay, it may include some of the following:
SHOPPING MALL: Macerich Co. of Santa Monica announced it has acquired Ventura's Buenaventura Plaza shopping mall as part of a $125 million purchase of three shopping malls in California. The Ventura mall has 808,000 square feet and is anchored by J.C. Penney and Macy's, along with a freestanding Montgomery Ward's. Plans are under way to expand with two new department stores. The other properties are the Fresno Fashion Fair and the Huntington Center in Huntington Beach. MICROSOFT SHARES: Microsoft Corp. directors and executives sold 2.84 million shares last month, with the company's co-founder Paul Allen raising at least $270 million and chairman Bill Gates reaping $110 million. Allen sold 1.9 million shares between Nov. 8 and Nov. 22 at prices ranging from $142 to $157.50 a share. Allen retains 51 million shares and Gates holds 139.1 million shares. The Securities and Exchange Commission filings didn't indicate a reason for the sale, but Microsoft spokesman Mark Murray said Gates' activity was ``a very normal, periodic sale.'' GE STOCK SPLIT: General Electric Co. said it plans to split its stock 2-for-1, increase its dividend and buy back more shares because it's churning out record amounts of cash. GE shares have risen 40 percent so far this year, outpacing the Dow's 25 percent increase, and the company made more money than any other U.S. company so far this year. In the third quarter, GE's net income rose to $1.79 billion, or $1.08 a share, from $1.61 billion, or 96 cents, a year ago. Revenue rose to a record $20 billion. VIDEO GAMES: Calabasas-based T-HQ Inc. reached agreements with Walt Disney Co. to develop and publish a variety of video games based on Disney characters. The pacts cover ``The Hunchback hunchback, abnormal outward curvature of the spine in the thoracic region. It is also known as kyphosis and humpback, and in its severe form a noticeable hump is evident on the back. of Notre Dame'' Topsy Turvy Games and ``Hercules'' for the Nintendo Game Boy and Timon & Pumbaa's Jungle Games for Super Nintendo. It will also distribute Disney's ``Pinocchio'' for Sega Genesis systems in the United States. RAIL DEAL: Norfolk Southern raised its hostile all-cash bid for Conrail to $10.5 billion, wasting little time in widening the gap from a sweetened sweet·en v. sweet·ened, sweet·en·ing, sweet·ens v.tr. 1. To make sweet or sweeter by adding sugar, honey, saccharin, or another sweet substance. 2. To make more pleasant or agreeable. but smaller offer by rival suitor SUITOR. One who is a party to a suit or action in court. One who is a party to an action. In its ancient sense, suitor meant one Who was bound to attend the county court, also, one who formed part of the secta. (q.v.) CSX CSX Chessie Seaboard Multiplier (railroad transportation company) CSX Cayman Islands Stock Exchange CSX Changsha, China (Airport Code) CSX Cardiac-Specific Homeobox CSX Seaboard Coastline Railroad . Early Thursday, CSX Corp. added $870 million to its cash-and-stock bid for Conrail, a collection of Northeast freight railroads. CSX, with its $9.35 billion offer, had been looking to dissuade shareholders from siding with what was then a $10 billion all-cash Norfolk Southern offer. Norfolk Southern kept the pressure on Conrail and CSX by raising the stakes at nightfall. CAPTION(S): 2 Charts Chart: (1) Dow Industrials (2) FARM LABOR Decline in number of farm workers 1950: 9.9 million 1994: 2.8 million |
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