Originally created 01/12/00

Business briefs: Dow, Nasdaq take fall after AOL deal

NEW YORK -- The Dow Jones industrial average fell 61.12 Tuesday to 11,511.08, dipping below the new closing high set Monday.

The Nasdaq fell 128.48, to 3,921.19. America Online dropped $8.25 a share, to $64.37 1/2 , as of 5 p.m. EST. Analysts said investors were struggling with the notion that AOL now will behave more like a traditional media company.

Apple Homes resolves stock issue

The Securities and Exchange Commission and Apple Homes Corp. have resolved filing issues, the company announced Tuesday.

Stock in the Augusta-based manufactured housing retailer, which was removed from the bulletin board in September pending completion of a financial filing, is expected to be back on the bulletin board by Jan. 18, company officials said.

Paper giant posts large gains

The world's largest paper company, International Paper Co., said fiscal fourth-quarter earnings were $277 million, or 55 cents a share, before extraordinary items that included costs associated with its acquisition of Union Camp Corp. That's up from fourth-quarter earnings of $58 million, or 14 cents a share, in 1999.

The company, which has operations in Augusta, said it will cut 2,000 jobs, or about 2 percent of its work force. A company spokesman said the cuts will be "across the board," both in the United States and overseas.


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