Reported by Star-Bulletin staff & wire
Wednesday, September 29, 1999
Speculation boosts stock of Excite
REDWOOD CITY, Calif. -- Excite At Home Corp. shares rose as much as 24 percent today on speculation that the high-speed Internet access provider and its biggest shareholder AT&T Corp. will be involved in a transaction with America Online Inc.Excite At Home shares climbed $5.06 to $43.44 on trading of more than 35 million, making it the second most active U.S. stock. Earlier, the shares touched $47.50.
Investors and analysts have speculated that Excite At Home will be acquired or involved in various partnerships so Internet companies can gain access to its high-speed network through cable-TV lines.
Factory orders rise more than expected
WASHINGTON -- Orders to U.S. factories for big-ticket manufactured goods unexpectedly rose 0.9 percent in August, led by an increase in demand for airplanes, automobiles and other transportation equipment.The Commerce Department reported today that orders for durable goods -- items expected to last at least three years -- grew last month to a seasonally adjusted $206.9 billion.
GM, union agree on U.S. contract
DETROIT -- General Motors Corp., the world's largest automaker, and the United Auto Workers union agreed on a new U.S. national contract, concluding cordial talks after 19 factory-level strikes since 1993.The UAW also signed a contract with Delphi Automotive Systems, the world's largest parts company. The two contracts, covering 198,000 workers, follow terms of a pattern-setting settlement reached two weeks ago with DaimlerChrysler AG and ratified by UAW members. That four-year contract provides base-wage increases of 3 percent each year and a $1,350 signing bonus.
Disney to build 2nd park in Europe
PARIS -- Euro Disney SCA today said it will open a second theme park next to Disneyland Paris, Europe's No. 1 tourist destination.The movie and television theme park is scheduled to open in the spring of 2002. Disney said it will sell shares and take a loan to pay for the park, which will cost about $644 million.