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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Oct 26, 2000
Page
5
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New York AP reports AT&T Corp will break into four distinct entities ending the one stop shop vision. An independent cable company and an independent wireless unit join a core AT&T Corp. network and a separate long distance subsidiary. Shares drop over 14 percent on disclosure.
Washington AP economists say Americans bought fewer existing homes in September as stock market turbulence and higher oil prices cooled demand. Sales fell 2.7 percent to a seasonally adjusted annual rate of 5.14 million, though year over year rates remain near 0.2 percent lower. Experts note volatility and higher mortgage costs tempered activity, yet housing still contributes to a robust economy with a healthy outlook and potential for continued consumer spending.
New York stocks fell sharply with the Nasdaq composite sinking 190 points to 3229.59 amid disappointing Nortel Networks revenue. Dow lost 66.59 to 10326.48 and the S&P 500 slipped to 1364.90 as investors remained uneasy about earnings, energy prices, and a slowing economy. Nortel tumbled 18.38 to 45.00, blamed on slower optical sales growth and customer inventory glut.
Dow finished at 10326.48 up 66.59 while S&P 500 slipped 33.23 to 1364.90 and Nasdaq fell 190.22 to 3229.57. Volume on the NYSE totaled 1.57 billion shares with 970 issues higher and 1904 lower. Arthur Hogan of Jeffries cited broad weakness in the sector as the main drag. Ciena dropped 27 to 108.38 and JDS Uniphase fell 24.06 to 71.00.
The Brookings Institution analysis argues federal downsizing is unlikely as promises by Bush and Gore require expanding government. It notes 1990s job cuts hide growth in off-budget, military, postal, contractor and local government work, totaling 16.8 million federal-related jobs in 1999.
Canton lawmaker says Nissan plans a new manufacturing plant near Canton that could create up to 4000 jobs and bring a billion-dollar boost to the state. Details are undisclosed but the site is expected to span about 1000 acres between U S 51 and Interstate 55.
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