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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Apr 22, 1999
Page
7
Goodyear Tire & Rubber Co reports a 25 percent drop in earnings amid weaker demand. Excluding one time restructuring charges, the company earned 141.5 million dollars or 90 cents a share, down from 1996 first quarter profits of 176.8 million or 1.11 per share.
The White House warns of serious international Y2K failures especially at 65 Russian designed nuclear plants in nine countries. John Koskinen, head of the Year 2000 Conversion Council, says reliability is uncertain for plants including one near eastern Russia close to Alaska amid economic strains.
Telecom Italia SpA formally accepts a merger with Deutsche Telekom AG to thwart Olivetti take over efforts. The deal, prompted by government concerns, would create the world’s second largest telecom firm with a market value near 200 billion dollars and uncertain ownership shares.
HOLLSOPPLE Pa AP FirstMiss Steel Inc will cease operations and lay off 140 workers by June 30 the result of reduced orders from cheap imports. The plant has operated since 1989 and will complete all current backlog shipments.
General Electric Chairman John F Welch Jr defended his pay as competitive while a shareholder proposal urged a set ratio between CEO compensation and lowest paid workers. The meeting drew about 1,000 shareholders at the International Exposition Center, marking GE’s first Cleveland gathering in 40 years.
The Dow Jones Industrial Average closes above 10,500 for the first time as late buying lifts the index 132.87 points to 10,581.42. Nasdaq climbs 78.65 to 2,488.29 and the S&P 500 adds 29.95 to 1,536.12 amid a two day advance led by Internet semiconductors and pharma.
Early trading on the New York Stock Exchange shows widespread interest as numerous listed companies post notable moves. The unruly OCR list highlights names like AmExp and Motorola amid varied price shifts, with several firms notching gains and others slipping.
An early quotation backed by Akin Investment is listed as secured through Walnut Street Securities Inc, a member NASD SIPC. AISG Asset Managers operate independently of WSS to handle related financial matters with BF Goodrich Guest Supply Invacare and Keycorp.
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