 |
Related quotes
| AK |
13.40 |
+ 2.40 |
|
| AMR |
21.20 |
+ 0.34 |
|
| AWE |
15.60 |
- 0.52 |
|
| BAB |
23.95 |
- 0.50 |
|
| CCU |
39.30 |
- 1.01 |
|
| DAL |
27.51 |
+ 0.23 |
|
| ENE |
33.47 |
+ 1.74 |
|
| LMT |
49.11 |
+ 1.38 |
|
| NWN |
22.99 |
- 0.42 |
|
| RTN |
36.30 |
+ 1.33 |
|
| TLCP |
13.54 |
+ 3.50 |
|
| UAL |
18.34 |
+ 0.24 |
|
| 10/8/01 4:03:00 PM ET |
|
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News Scan: Oct. 8, 2001
Edited by Todd Jatras, Forbes.com, 10.08.01, 1:21 PM ET
NEW YORK - Business, technology and wealth news:
-
AT&T Wireless
(nyse: AWE - news - people) will buy TeleCorp PCS
(nasdaq: TLCP - news - people) for $4.7 billion in stock. AT&T Wireless will snap up 77% of the firm it doesn't already own for $2.4 billion and assume $2.1 billion in debt and about $221 million in preferred securities. The boards of both companies have approved the deal, which is expected to close in the first half of next year. TeleCorp is AT&T Wireless' largest affiliate, with licenses covering approximately 37 million people from the Great Lakes to the Gulf of Mexico. The company provides its SunCom digital wireless services in 14 states, plus the Commonwealth of Puerto Rico, encompassing eight of the top 50 markets and 16 of the top 100 markets. TeleCorp is headquartered in Arlington, Va., and employs more than 2,800 people. More...
- U.S. and British forces struck targets in Afghanistan on Monday, the second day of a campaign to weaken the Taliban military and disrupt guerrilla training in the country. U.S. Defense Secretary Donald Rumsfeld said the attacks and humanitarian air drops would continue throughout the day. Air and sea attacks last night, which included missions carried out by the B-1 bomber, the B-2 stealth bomber and the B-52 bombers, as well as the launch of at least 50 Tomahawk cruise missiles, were intended to take out air defense installations, airfields, planes and tanks in areas held by the Taliban regime, and also to aid an expected offensive by the Northern Alliance militia forces in the northeast section of the country. More...
- U.S. defense stocks were broadly higher following weekend air and sea-based strikes in Afghanistan by the U.S. and Britain. Raytheon
(nyse: RTN - news - people), maker of the Tomahawk missiles used by both the U.S. and the British, was the biggest gainer. Lockheed Martin
(nyse: LMT - news - people), which produces the F-16 fighter jet and also makes ballistic missiles that may be launched from submarines, was also trading higher. Analysts cautioned that shares of defense contractors have already risen significantly since the Sept. 11 terrorist attacks and that the current rally may be short-lived. More...
- Shares of major U.S. airlines opened lower but rebounded quickly in the first trading session since the U.S. began bombings in Afghanistan and federal rules for industry loans were released. Shares of the top three airlines, AMR Corp.
(nyse: AMR - news - people), UAL Corp.
(nyse: UAL - news - people) and Delta
(nyse: DAL - news - people), were higher in midday trading after opening lower. Most other airlines failed to rebound from the dip at the opening. European airlines were trading significantly lower, with British Airways
(nyse: BAB - news - people) trading off more that 8%. Contributing to the gloom in Europe was the crash of a Scandinavian Airlines System plane at Milan's Linate airport when a airliner rammed into an airport hangar after colliding with a small plane in heavy fog. At least 114 people died. Terrorism is not believed to have been a factor. More...
-
Oil prices moved modestly higher after the U.S, and Britain launched retaliatory strikes on Afghanistan. London Brent blend crude added 32 cents to $21.95 a barrel and U.S. light crude rose 10 cents to $22.49. Dealers said the market reaction was muted because the allied strikes avenging the terrorist attacks in New York and Washington did not threaten Middle East oil supplies. More...
- Houston-based energy energy group Enron
(nyse: ENE - news - people) has confirmed the sale of wholly-owned subsidiary Portland General Electric to Northwest Natural Gas
(nyse: NWN - news - people) for $1.8 billion and the assumption debt of $1.1 billion in debt. Northwest agreed to pay $1.55 billion in cash, $200 million in NW Natural preferred stock, $50 million in NW Natural common stock, in addition to the assumption of Enron's $75 million balance on its customer benefits obligation. The deal is expected to close by the fourth quarter of 2002.
- Radio broadcaster Clear Channel
(nyse: CCU - news - people) has agreed to acquire outdoor advertising and broadcasting firm Ackerley Group
(nyse: AK - news - people) in a stock deal worth about $800 million, plus the assumption of $294 million in debt. The move will increase Clear Channel's presence in several major urban markets, including Boston, Seattle and Portland, Ore. It already has some 1,200 radio stations nationwide. More...
News items can be submitted to Todd Jatras at tjatras@forbes.net or by calling him at (212) 366-8939.
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