Dow sinks 53.4 as Nasdaq endures historic one-day drop
Markets tumbled with the Nasdaq losing 138.43 points or 5.6 percent to 2345.60 as tech shares swooned. The Dow Jones fell 534.00 to 10,440.65 after trading up earlier, marking a $292 billion portfolio hit and the second-worst Nasdaq day on record.
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Dungeon York
Menor
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Dow
Lary Wedel
New York Stock Exchange
American Stock Exchange
Wachtel
Standard & Poor
Stocks Turn Lower As Tech Losses Lead Broad Decline
Area stock values slipped with the NYSE hit by weak tech and internet shares while industrials clawed higher on strong earnings and merger news. IBM fell about four percent and AOL plunged near twenty percent, as Compaq retreated after dismal earnings and a top executive exit. Dow components International Paper, 3M, and United Technologies advanced with solid reports. Bank of America and Citigroup rose on better than expected results. The NYSE composite slid to 613.88, Amex down to 735.11, and the Russell 2000 declined to 412.44 amid overseas losses and mixed European moves.
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Europe
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Germany
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Aetna Accused Of Misleading HMO Members In Lawsuit
Philadelphia report states a class action claims Aetna lured nearly 6 million HMO members from July 1996 to present with false quality care claims. The suit seeks damages and an order stopping alleged misrepresentations while highlighting incentives to doctors and contract changes. Attorneys say this may be first RICO case against an HMO.
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Iap
Aetna
Jamie Court
Foundation For Taxpayer and Consumer Rights
Santa Monica
Calif
Hartford
Conn
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Supreme Court
Han
Prudential Health Care
T bills rise on week auction totals and rates
U S Treasury sold 7.52 billion in three month bills at 4.30 percent, up from 4.19 percent, and 7.51 billion in six month bills at 4.37 percent, up from 4.32 percent. The one year bill yield rose to 4.67 percent from 4.66 percent, as the Fed notes the higher short term rates.
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Washington
Treasury
Treasury Department
Federal Reserve
ProNet Scholarships Open for Frederick County Women
ProNet Frederick announces a $1,000 scholarship for women 25 or older who live or work in Frederick County and show financial need. Applications for the 1999/2000 year must be postmarked by May 28 and will be awarded at the June 29 ProNet meeting. Contact Renee Stambaugh at 301-663-6015 or mail to ProNet 1080 W Patrick St 11-201 Frederick MD 21703.
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ProNet
Frederick
Frederick County
Renee Stambaugh
W. Patrick St
Tilghman by Glen Eagle Homes opens in Frederick
Glen Eagle Homes unveils Tilghman off Bowers Road in Frederick a 44 home single family development. Prices start at 159 900 with two models Braddock and Sugarloaf. Model hours are 11 am to 6 pm Fri Tue. Call Sasha Bauer at 301 473 4004 for details.
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Glen Eagle Homes
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Frederick
Milton Hendrickson
Nadene Moser
Gregg Herpst
Sasha Bauer
Milton Hendrckson
Hendrickson
Braddock
Marriott reports stronger first quarter 1999 results
Marriott International reports diluted earnings per share of 34 cents for the 1999 first quarter ended March 26, up 15 percent from 33 cents a year earlier. Net income rose to 1 million from 89 million, with sales at 1.9 billion, up 10 percent. Excluding year 2000 readiness costs and preopening expenses, EPS rose 18 percent. Lodging segment posted 18 percent operating profit growth and 15 percent sales gain driven by higher occupancy and rates, resort interval sales, and new properties worldwide.
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Marrott International
Marriott Lodging
U.S
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