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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Dec 31, 1998
Page
10
The Dow fell 46.34 to 9274.64 ending an eight session winning streak and dimming hopes for a 1998 year end gain. S&P 500 slid 9.88 to 1231.93 while the Nasdaq dropped 14.82 to 2166.95 amid profit taking in Internet stocks and mixed domestic data.
The FTC voted 4 to 0 to approve BP and Amoco’s 53 billion merger after they agreed to sell 134 gas stations and nine terminals and let owners of over 1 600 stations in 30 cities terminate contracts. The deal aims to close today at 4 p.m. New record for speed noted by BP and Amoco chiefs.
Readable stock report shows assorted figures including ough SS 442 59 percent 401 percent and 26.2 percent. Additional lines list TV 194 554 967 percent 61 percent and dates 19/4 32/4 with 25 percent 58 percent None of the data forms a clear single stock or market trend, but indicates a jumble of percentages and codes.
The Justice Department approved the 40 billion merger of AT&T and TCI on conditions. TCI must divest its Sprint PCS holdings to a trustee within five years and ensure competition with Sprint pending full divestiture. AT&T and TCI will transfer Sprint PCS stock to a trustee before closing, as regulators seek to preserve wireless competition and lower prices for about 60 million mobile subscribers.
USS Kobe Steel says the raw material supply transition after leaving Lake Terminal Railroad was largely smooth with some fine tuning needed for safety. Tim Smith of United Transportation Union reports a Wednesday early shutdown at the bar mill due to billet transport problems under the new International Rail Switching Services. Lake Terminal and union officials criticize the change while Kobe says the shift aims to cut costs and improve efficiency.
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