Technology stocks push down market
NEW YORK - A selloff in technology shares, triggered by an announcement of delays in the rollout of Microsoft's Windows 98 software, undermined a rising stock market Monday as sentiment turned bearish in the final hour of trading.
The Dow Jones industrial average fell 21.83 to 7,721.14, erasing the nearly 52-point gain from earlier in the day. Broad-market indexes also weakened late in the day.
Coke CEO taking chemotherapy
ATLANTA - Coca-Cola chairman Roberto C. Goizueta is undergoing chemotherapy and radiation treatment for his cancerous lung tumor, a company spokesman said Monday.
Chemotherapy was added to Mr. Goizueta's regimen over the weekend, said spokesman Randy Donaldson.
"His spirits are good," Mr. Donaldson said. "The chemotherapy has already begun and he still feels fine."
Mr. Goizueta, 65, Coca-Cola's chief executive officer for 16 years, was admitted Sept. 6 to Emory University Hospital for cancer treatment.
Westinghouse sells subsidiary
PITTSBURGH - Westinghouse Electric Corp. plans to use some of the proceeds from the $2.56 billion sale of its refrigeration business, Thermo King, to reduce the $6.2 billion worth of debt it took on to buy CBS and radio stations.
Some of the money may also be used to fund employee pensions or buy more media companies, Westinghouse spokesman Jack Bergen said Monday.
Ingersoll-Rand Co., which is paying cash for the business, expects to benefit from Thermo King's large overseas network as it seeks to diversify its equipment-making operations.
Westinghouse plans to split this fall into two companies - CBS Corp., based in New York, and Welco, an electric-power systems company in Pittsburgh. If Thermo King had not been sold before the split, it would have been attached to CBS.
© 2016. All Rights Reserved. | Contact Us