Business Briefs

Reported by Star-Bulletin staff & wire

Thursday, November 11, 1999

Dell's earnings match estimates

ROUND ROCK, Texas -- Dell Computer Corp., the world's biggest direct seller of personal computers, said fiscal third-quarter net income fell 17 percent because of costs from acquisitions. Net income for the quarter ended Oct. 29 dropped to $289 million, or 11 cents a share, from $348 million, or 14 cents, a year ago. Dell said it would have earned $483 million, or 18 cents a share, without costs from its purchase of ConvergeNet Technologies Inc. The average estimate of Wall Street analysts who follow the company was 18 cents without the acquisition costs, according to Bloomberg News.

30-year mortgages average 7.67%

WASHINGTON -- The average interest rate on 30-year, fixed-rate mortgages fell to 7.67 percent this week, down from 7.84 percent last week and the lowest level since late July, according to Freddie Mac, the mortgage company.

Mortgages rates had been on an upward climb this year. The average rates on a 30-year mortgage have hit a low of 6.74 percent set at the end of January and a high of 8.15 percent set in mid August. Fifteen-year mortgages averaged 7.30 percent this week, down from 7.45 percent last week. One-year, adjustable-rate mortgages averaged an initial rate of 6.30 percent, down from 6.34 percent last week.

UPS stock climbs on 2nd day of trading

ATLANTA -- United Parcel Service Inc. shares rose as much as 13 percent, gaining for a second day after the world's biggest package delivery company raised $5.47 billion in the largest U.S. initial stock sale.

UPS rose $5.56, or 8 percent, to $73.69 in late trading after earlier touching $76.94. Volume was 28 million shares, making UPS the fifth most-active stock on U.S. exchanges. Today's gain followed a 35 percent rise yesterday, the first trading day after the company sold 109.4 million Class B shares at $50 each, a 9 percent stake. About 81 million shares traded yesterday as investors sought a piece of a large, profitable company with nine decades of history behind it.

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