Last-minute trading lessens stock decline
NEW YORK - Bargain hunters saved the market from another big tech selloff Monday, rescuing the Dow Jones industrials and the Nasdaq composite index from losses of more than 100 points each in the last hour of trading.
The Dow closed down 40.66 at 10,621.35.
Advancing issues outnumbered decliners 13 to 11 on the New York Stock Exchange, where volume was 1.1 billion, down from 1.4 billion at the same time Friday.
Morning, afternoon papers to merge
ATHENS - The Athens Banner-Herald's final edition will be published April 30 as it merges with the morning Athens Daily News, Publisher Jeff Wilson said Monday.
He cited economic reasons for discontinuing the afternoon paper, a presence in Athens for 168 years. Mr. Wilson heads both Morris Communication Corp. papers. Morris Communication also owns The Augusta Chronicle.
The Banner-Herald is delivered in Athens-Clarke County and in parts of Oconee and Madison counties. Its circulation is currently 9,943 newspapers, while circulation of the Daily News is 19,127 Monday through Friday, Mr. Wilson said.
Audit: Hacker didn't get accounts
MENLO PARK, Calif. - Online retailer Egghead.com said Monday that a pre-Christmas hacker attack on its database didn't infiltrate the credit card accounts of its customers.
An extensive audit indicated that Egghead's own internal safeguards disrupted the attempted heist before the credit card numbers could be lifted, the company said.
The Dec. 21 computer break-in exposed more than 3 million credit card accounts to possible fraud. Credit card companies have informed Egghead that just 7,500 accounts, or about 0.2 percent of the total contained in its database, have encountered potentially fraudulent activity.
Executive moves to Rubbermaid
CHICAGO - Joseph Galli, the former Black & Decker executive who moved on to top jobs with Amazon.com and VerticalNet Inc., is abandoning the Internet sector and returning to the Old Economy to head Newell Rubbermaid Inc.
The housewares maker, which announced Mr. Galli's hiring Monday as its president and chief executive, said it hopes his reputation for marketing savvy and business discipline can help turn around a company whose fortunes have declined in the past two years.
Wall Street applauded the Galli hiring. Newell Rubbermaid stock rose 56 cents to $24.44 on the New York Stock Exchange.
Mr. Galli said he was "coming home" to a traditional company because of his love of consumer products and marketing.
He said he plans to employ more Internet marketing and procurement strategies at Newell Rubbermaid, where a growing percentage of sales have been coming from new products. The company makes Rubbermaid containers, Levolor blinds, Wearever cookware and other housewares.