Technology stocks give Nasdaq boost
NEW YORK -- Technology shares boosted the Nasdaq market to a ninth-straight record, but most stocks fell Monday amid some profit-taking before this week's report to Congress by Federal Reserve Chairman Alan Greenspan.
The Dow Jones industrial average fell 42.22, to 9,295.75, after retreating from an early 30-point foray into record terrain.
Declining issues outnumbered advancers by a 7-to-5 margin on the New York Stock Exchange, where composite volume totaled 691.07 million shares, down from Friday's brisk pace.Georgia-Pacific posts incomeGeorgia-Pacific Group reported net income of $29 million, or 32 cents per share, for the second quarter ending June 30, a big gain over the net loss of $10 million, or 11 cents per share, it reported during second quarter 1997.
The company, which is the umbrella organization for the pulp, paper and building product businesses of Georgia-Pacific Corp., reported second-quarter sales of $3.3 billion.
Debt for the company at the end of the quarter was $4.9 billion, which includes approximately $250 million associated with the acquisition of CeCorr Inc. on June 30.Timber Co. reports net increaseTimber Co. reported pro forma net income of $51 million, or 55 cents per share, for the second quarter ending June 30, up from $37 million in the second quarter of 1997.
Pro forma net income includes earnings from timber deeds sold and paid for by Georgia-Pacific Group but not harvested as of the end of the quarter. Timber Co. is a separate operating group of Georgia-Pacific.