Tech stock bargains push Nasdaq higher
NEW YORK - The lure of cheaper technology stocks brought buyers back to Wall Street on Tuesday, sending the Nasdaq composite index higher but punishing the Dow industrials.
The Nasdaq closed up 45.38 at 2,441.30, while the Dow fell 48.80 to 10,572.55, its losses curbed by tech components including Microsoft.
Advancing issues narrowly led decliners on the New York Stock Exchange, where volume was 1.19 billion, compared with nearly 1.10 billion at the same time Monday.
Carpet president joins Southwire
CARROLLTON, Ga. - Stuart Thorn, president of Beaulieu of America, is leaving the carpet maker to assume that position at Southwire Co., a cable and wire manufacturer.
Mr. Thorn, 44, joined Dalton-based Beaulieu four years ago after executive positions at Campbell Soup and SC Johnson.
Family-owned Southwire, with 4,400 employees and annual sales of $1.4 billion, had wanted to "professionalize the leadership for some time," said Roy Richards Jr., who will remain Southwire's chairman and chief executive.
"I believe we will benefit from the addition of Stu's fresh, objective thinking," Mr. Richards said.
Carrollton-based Southwire has been selling its copper and aluminum smelting operations during the past two years as it seeks to focus on its wire and cable business.
Mr. Thorn, a Connecticut native, will begin his new job Jan. 29.
Sonoco Products buys back shares
HARTSVILLE, S.C. - Packaging maker Sonoco Products Co. has announced the repurchase of 4.7 million shares of common stock, completing the bulk of an authorized 5 million share repurchase.
The average price was $19.67 per share, the company said Tuesday. The repurchase was authorized in October.
Sonoco said that during 2000, it repurchased about 7.1 million shares at an average price of $19.35, leaving about 95 million shares outstanding at the end of the year.
At midday Tuesday, Sonoco shares were trading at $22.125, down about 19 cents, on the New York Stock Exchange.