Dow Slides as Greenspan Hints on Rate Hikes Rise
U S stock markets end mixed amid Greenspan testimony with the Dow down 8.26 to 9,544.42 and Nasdaq up 34.34 to 2,377.35. S&P 500 falls 0.96 to 1,271.18 while NYSE composite volume tops 769.36 million shares. Tech shares lead gains, while drug and consumer stocks lag.
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Mary
Country music faces lean times with layoffs hit Nashville
Country music faces a downturn as album sales slide from 1995 peak. SoundScan shows 1998 gains driven by Garth Brooks while many labels and publishers cut staff, delaying new acts. Industry executives warn of further consolidations, with job losses among executives, writers, and personnel across Arista Nashville, Sony ATV Tree, Mercury, MCA, PolyGram, and more.
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PolyGram
MCA
Joe Galante
RCA Records
Mr. Brooks
America
Warner Brothers
del Bryant
BMI
Bryant
Crown American trims top executives salaries
Crown American Realty Trust which runs the Francis Scott Key Mall and 27 other malls across several states cut senior management pay to reduce costs. Frank J. Pasquerilla said performance remains strong, but moves aim to boost funds from operations in 1999 and beyond.
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Crown Amerian Realty Trust
Francis Scott Key
Frank J. Pasquerilla
Pasquerilla
Johnstown
Hechinger Reports Decline in Quarter Losses Rise
Hechinger Co posted a first quarter loss of 76.2 million and a 29 percent sales drop to 658.3 million for the quarter ended Jan 2. The Laredo based home improvement retailer cited intensified competition from Home Depot and Lowe's, store closings, a shorter quarter, and higher costs as key factors.
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Hechinger Co
Home Depot Inc
Lowe's Cos
Federal agency probes fires in Ford Explorers and GM S-10 trucks
The National Highway Traffic Safety Administration investigates 135 complaints of fires and heavy smoke from 1992 to 1994 Ford Explorers and also examines reports of throttle sticking and unintended acceleration in 1997 and 1998 Explorers. Separately, NHTSA probes rear tire detachment in 1991 to 1996 GM S-10 pickups.
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National Highway Traffic Safety Administration
Ford Motor Co
NHTSA
Ford
Karen Shaughnessy
General Motors
Mia Walton
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