Computer firm woes push stocks down
NEW YORK -- Stocks fell Thursday, but only modestly, as a profit warning by Hewlett-Packard yanked the Dow Jones industrial average lower, but failed to rattle the technology sector or the broad market.
The Dow fell 39.61 to 9,172.23 after recovering from an opening plunge of nearly 100 points and briefly flirting with Wednesday's record close of 9,211.84.
If not for the equivalent of a 45-point plunge by Hewlett-Packard, the Dow would have posted a small gain and edged further into record territory.
Declining issues outnumbered advancers by a 7-to-5 margin on the New York Stock Exchange, where volume totaled 578.38 million shares, down from 602.45 million on Wednesday.State gives honor to
ALLTELState officials recently named
ALLTEL Georgia Communications Inc. as a winner of a 1998 Governor's Existing Industry Appreciation Award.
ALLTEL, a Little Rock, Ark.-based company, was recognized for its investment in Georgia and through the development of its digital telecommunications network in 132 Georgia communities.
The award was presented by the Georgia Economic Developers Association, Mr. Miller and Randy Cardoza, the director of the Georgia Department of Industry, Trade and Tourism.
ALLTEL plans to build a $70.5 million office building in north Fulton County. The new offices will house the 1,200 employees and be the state headquarters for the company's wireless communications business.
Quincy's parent sells steakhouses
SPARTANBURG, S.C. -- Advantica Restaurant Group Inc. announced Thursday it plans to sell its Quincy's Family Steakhouse division for $85.7 million to an Atlanta-based acquisition firm.
Buckley Acquisition Corp. will pay $81.5 million in cash for the 125-store chain and assume $4.2 million in leases and other liabilities. The deal is expected to close in the next few weeks.
Flagstar Cos. changed its name to Advantica after emerging from bankruptcy reorganization in January.
Advantica also owns the Denny's, Carrows, Coco's and El Pollo Loco chains. The company also was the largest franchisee of the Hardee's fast-food chain, but sold all of its holdings in April to CKE Restaurants Inc., for $427 million.