Technology stocks bring market down
NEW YORK - Technology stocks led the market lower Tuesday as investors locked in some gains.
The Dow Jones industrial average fell 64.35 to close at 10,739.92, and the Nasdaq composite index fell 97.73, to 4,176.94.
Declining issues outnumbered advancers by about a 3-to-2 margin on the New York Stock Exchange and the Nasdaq.
Georgia-Pacific may sell timber firm
Seattle-based Plum Creek Timber Co. offered $4 billion Tuesday for The Timber Co., a separate operating group of Georgia-Pacific Corp. Plum Creek will become the second-largest private timberland owner in the United States.
Under the agreement, The Timber Co. shareholders will receive 1.37 shares of Plum Creek for each share of Timber Co. stock. Based on Monday's closing price, the deal is valued at $4 billion, including $1 billion in debt assumption. The deal is subject to shareholder approval.
Microsoft profits defy flat sales
SEATTLE - Fourth-quarter profits at Microsoft Corp. were up 10 percent despite flat sales, helping the software giant beat Wall Street's expectations.
For the three months ended June 30, Microsoft made $2.41 billion, or 44 cents per share, on sales of $5.80 billion. In the same period a year ago, Microsoft made $2.20 billion, or 40 cents per share, on sales of $5.76 billion.