Advertisement

Archive for Tuesday, May 4, 1999

BUSINESS BRIEFCASE FOR TUESDAY

May 4, 1999

Advertisement

Dow surges past

11,000 threshold

The Dow Jones industrial average sped past 11,000, shattering the record for the fastest rise between 1,000-point milestones.

The Dow closed at 11,014.69, up 225.65, a new record high and the fastest move between 1,000-point milestones in history. It took just 24 trading days for Dow to move from 10,000 to 11,000.

On Friday, the Dow ended 89.34 lower at 10,789.04, after coming within 39 points of 11,000 and setting three record highs last week. The Dow closed Thursday at a then-record 10,878.38.

SBC and TelMex to buy

Puerto Rican cellular

SBC Communications Inc. and Telefonos de Mexico S.A. said they have agreed to jointly acquire Cellular Communications of Puerto Rico Inc. for $814 million, including debt.

The $29.50-a-share purchase price represents a 24 percent premium to the $23.75 closing price of Cellular Communications' shares Friday on the Nasdaq stock market. The deal includes $350 million of assumed debt.

SBC, a San Antonio-based Baby Bell, already owns a 10 percent stake in Mexican phone giant TelMex and the two companies work together in Mexico. It also owns Southwestern Bell, which provides local phone service in Lawrence.

UtiliCorp earnings

rise despite weather

In spite of mild weather, UtiliCorp United Inc.'s first-quarter earnings are up from a year ago, boosted by strong growth in its international operations, the company said.

First-quarter earnings available for common shares were $51.9 million, or 57 cents a share, compared with $43.4 million, or 53 cents, for the same period last year.

Sprint buys Videotron's

stake for $180 million

Long-distance giant Sprint Corp. has agreed to purchase interests in wireless-cable companies Wireless Holdings Inc. and Videotron Bay Area Inc. from the Canadian telecommunications concern Groupe Videotron Ltd. for $180 million.

The deal, expected to close late this year, makes Kansas City, Mo.-based Sprint the latest long-distance company to invest in the wireless technology called Multipoint Multichannel Distribution Service, or MMDS, which offers high-speed Internet access and video transmission.

Commenting has been disabled for this item.