Daily News (New York, NY) articles from July 2001

Daily News (New York, NY) archives from July 2001

Nasdaq Closes Quarter with A Gain amid Hopes of Recovery.
July 2, 2001... Byline: Judith Schoolman Jul. 2--The Nasdaq closed out the quarter yesterday with the first gain since the first three months last year amid hopes an economic recovery is just around the corner. At the same time, consumers' grew more...

Editor of Boston Newspaper Retires.
July 3, 2001... Byline: Paul D. Colford Jul. 3--An era at The Boston Globe marked by several major embarrassments was ending yesterday as the paper announced that Matthew Storin, editor since 1993, is retiring and will be succeeded by Martin Baron, now...

Daily News, New York, Publishing Column.
July 3, 2001... Byline: Paul D. Colford Jul. 3--DAVID MAYS WAS A STUDENT at Harvard University when he and a friend launched a two-page newsletter for hip-hop fans. Now, 13 years later, Mays' The Source -- subtitled The Magazine of Hip-Hop Music,...

British Parent Company Considers Bids for American Men's Clothing Subsidiary.
July 3, 2001... Byline: Judith Schoolman Jul. 3--Discount haberdasher Men's Warehouse is hot in pursuit of preppy clothier Brooks Brothers. So is Lord & Taylor's parent, May Department Stores, according to fashion industry sources. The...

Business Booms for New York Fireworks Display Company.
July 4, 2001... Byline: Nancy Dillon Jul. 4--Operating on just three hours of sleep, Bob Yale helped stuff some 200 mortar shells into black plastic pipes outside Shea Stadium. "This is by far our most stressful time of year," Yale said, a cell phone...

Europeans Veto GE Merger with Honeywell.
July 4, 2001... Byline: Rachel Scheier Jul. 4--General Electric's $45 billion bid to buy industrial conglomerate Honeywell was rejected by European anti-trust regulators yesterday, marking the first time such a deal between two American companies was...

Profit Warnings, Unemployment Spurs Wall Street Selling.
July 6, 2001... Byline: Judith Schoolman Jul. 6--A spate of high-profile profit warnings, coupled with unsettling news on the employment front, put nervous Wall Street investors in a selling mood. In a sign some workers are having trouble finding jobs...

Daily News, New York, Media Column.
July 6, 2001... Byline: Paul D. Colford Jul. 6--MANY STAFFERS AT THE NEW YORK TIMES say they expected to know by now who the next managing editor will be -- and they expected it to be Gerald Boyd. But on W. 43rd Street, the mystery deepens. More than...

Macy's Parent Issues Sales Warning.
July 6, 2001... Byline: Nancy Dillon Jul. 6--Department store giant Federated, parent of Macy's and Bloomingdale's, hung some bad news on the rack yesterday, warning a combination of weak sales and heavy markdowns are adding up to a disappointing year....

New York Newspaper Increases Sunday Charge.
July 7, 2001... Byline: Paul D. Colford Jul. 7--Ten months after the New York Post cut its newsstand price in half to a quarter in New York City, the paper is returning to 50 cents on Saturdays, starting today. Though the Post reported yesterday the...

Stocks Fall amid Profit Warnings, Jobless Numbers.
July 7, 2001... Byline: Judith Schoolman Jul. 7--The economy shed 114,000 jobs last month, capping the biggest three-month decline since the nation's last recession a decade ago. Combined with more warnings from key high-tech firms, stocks fell to...

AT&T Gives a Cool Reception to Comcast's Bid for Its Broadband Unit.
July 10, 2001... Byline: Rachel Scheier Jul. 10--AT&T played hard to get yesterday, with a cool reception to a $44.5 billion overture from suitor Comcast, reiterating that it had no plans to sell its broadband cable unit. AT&T, suffering from weak...

Editorial Director of Time Inc. Magazines Now Chairman of CNN.
July 10, 2001... Byline: Paul D. Colford Jul. 10--For 25 years, Walter Seff Isaacson has soared from one choice editorial job to another, impressing colleagues with his talent, force of ambition and schmoozing skills. As colleagues and media observers...

AOL Time Warner Picks Veteran Journalist to Lead CNN.
July 10, 2001... Byline: Phyllis Furman Jul. 10--AOL Time Warner tapped veteran Time newsman Walter Isaacson to lead its ailing 24-hour news network CNN. Isaacson, 49, who reinvigorated Time magazine, replaces CNN's longtime chairman Tom Johnson, who...

California-Based Online Grocer Webvan Is Finally out of Business.
July 10, 2001... Byline: Nancy Dillon Jul. 10--Wilted online grocer Webvan finally went out of business yesterday, throwing into doubt the fate of former CEO George Shaheen's notorious $375,000-a-year-for-life severance package. California-based...

Magazine Industry Slumps Again, Stoking Fears that It Hasn't Hit Bottom Yet.
July 11, 2001... Byline: Nancy Dillon Jul. 11--The slumping magazine market lagged last year's performance for the seventh straight month in June, deepening fears that many badly hemorrhaging glossies have yet to hit bottom. Total June ad pages dropped...

Merrill Lynch to Keep Its Analysts from Buying Shares in Stock They Plug.
July 11, 2001... Byline: Judith Schoolman Jul. 11--Merrill Lynch put a freeze on its stock analysts yesterday: they can't buy shares in any company they're telling others to buy. In the face of growing pressure from regulators and lawmakers seeking to...

New York-Based Oil Company Buys Dallas Exploration Business.
July 11, 2001... Byline: Rachel Scheier Jul. 11--Amerada Hess, known for its green-and-while gas stations and little toy trucks, will buy Triton Energy for about $2.7 billion, the two companies said yesterday. The purchase is part of New York-based...

Home Owners Waiting to Refinance until Rates Fall Again.
July 12, 2001... Byline: Judith Schoolman Jul. 12--Home owners, believing interest rates won't fall much more, have slowed the pace of mortgage refinancing to its lowest level so far this year. The average rate of a 30-year fixed-rate mortgage rose to...

Judge Grants Random House Injunction against Tiny Firm's Selling Books on Web.
July 12, 2001... Byline: Paul D. Colford Jul. 12--A Manhattan federal judge yesterday denied Random House Inc. an injunction seeking to block tiny RosettaBooks from selling E-book editions of titles the conglomerate has issued in print form. The...

Borders Founder Dumped 45 Million Shares Before Webvan Went Bust.
July 12, 2001... Byline: Nancy Dillon Jul. 12--High-powered financier Louis Borders, founder of both Borders bookstores and online grocery service Webvan, is raising some eyebrows after dumping 45 million shares of Webvan stock just two weeks before the...

Woodbury, N.Y.-Based Telecommunications Firm's Profits Won't Meet Predictions.
July 12, 2001... Byline: Rachel Scheier Jul. 12--Comverse Technology became the latest telecom to break bad news to Wall Street yesterday, saying its profits would fall short of expectations. The Woodbury, L.I. company, a major maker of phone messaging...

Former Morgan Stanley Executive Named CEO at Credit Suisse First Boston.
July 13, 2001... Byline: Judith Schoolman Jul. 13--Mack the Knife is back. John Mack, whose dramatic exit from Morgan Stanley four months ago marked him as the loser in a bitter power struggle, won the CEO spot at rival Credit Suisse First Boston...

Murdoch Considers Launching Financial News Network.
July 13, 2001... Byline: Phyllis Furman Jul. 13--Rupert Murdoch wants his own stocks and bonds channel. Looking to compete with CNBC, CNNfn, and Bloomberg Television, the media mogul is considering the launch of his own financial news network to be run...

General Electric Chairman to Step Down in September.
July 13, 2001... Byline: Rachel Scheier Jul. 13--With the derailment of the $41 billion merger that was to have capped his distinguished career, General Electric chairman Jack Welch said yesterday he would step down Sept. 7. Welch, 65, was supposed to...

Daily News, New York, Publishing Column.
July 13, 2001... Byline: Paul D. Colford Jul. 13--Newsweek may be going in for a tuneup. When Dorothy Kalins joined the magazine as executive editor in April, the new No. 3 brought a reputation for producing two of the prettiest magazines around,...

Microsoft, General Electric Help Lead Biggest Stock Gains in Two Months.
July 13, 2001... Byline: Nancy Dillon Jul. 13--Stocks staged their biggest gains in more than two months yesterday after positive news from Microsoft and GE persuaded many investors that corporate earnings are rebounding. Unable to put a damper on the...

Wall Street Journal's Finance Editor Takes Job with British Marketing Firm.
July 14, 2001... Byline: Paul D. Colford Jul. 14--A top gun at The Wall Street Journal is leaving the news business for a job in public relations, becoming a big hire for a British firm. Finance editor Steven Lipin -- whose big exclusives on the...

U.S. Companies Take Lead Role in Beijing's Successful Bid for 2008 Olympics.
July 14, 2001... Byline: Nancy Dillon Jul. 14--American business is carrying a torch for the 2008 Beijing-hosted Olympics. Auto giant General Motors and consumer products maker Procter & Gamble have taken the lead, going so far as to help bankroll...

Retail Sales Rise Slim 0.2 Percent in June, Commerce Department Says.
July 14, 2001... Byline: Judith Schoolman Jul. 14--Shoppers were in a cautious mood again last month, keeping a tight grip on consumer spending that fuels two-thirds of the U.S. economy Retail sales rose a slim 0.2 percent following a jump of 0.4...

Daily News, New York, Guerrilla Investing Column.
July 16, 2001... Byline: Peter Siris Jul. 16--When people lose a few trillion dollars, someone has to take the fall. This time, it is the not-so-poor Wall Street analysts. Most people knew their ratings were a sham. They knew "Market Perform" meant, "we...

New York's Hispanic Media Looks to Grab Share of Advertising Money.
July 16, 2001... Byline: Phyllis Furman Jul. 16--New York's Hispanic TV thinks it's time to be noticed. With the city's Hispanic population on the rise and two Latino candidates locked in tough mayoral primaries, local Spanish media are hoping to grab...

Goldman Sachs Buys Online Investment Bank.
July 16, 2001... Byline: Judith Schoolman Jul. 16--Goldman Sachs wants you. The investment bank that for generations was broker to the rich and famous is going down-market -- in its own way. A year after the peak of the IPO frenzy, Goldman has...

AT&T May Answer Calls from Others on Cable Business.
July 17, 2001... Byline: Rachel Scheier Jul. 17--AT&T's cable business appears to be very much in play, even if its top guns are playing it cool. That's the Wall Street consensus a week after the nation's leading long-distance phone company received an...

Citigroup Posts 14 Percent Jump in Profits.
July 17, 2001... Byline: Nancy Dillon Jul. 17--Citigroup, the nation's No. 1 financial services company, posted a 14 percent jump in profits yesterday, thanks to a boom in consumer banking and a boost from the Fed's interest rate cuts. Bank of America,...

Dow Climbs on Profits of Big Drug Companies.
July 17, 2001... Byline: David Andelman Jul. 17--The Dow surged 134 points, largely on profits posted by some of the big drug companies. The Nasdaq had a good day as well, jumping 38. Both Pfizer and Johnson & Johnson posted big profit increases for...

USA Networks Makes Deal for Internet Travel Service Expedia.
July 17, 2001... Byline: Phyllis Furman Jul. 17--Barry Diller's bought himself a first-class ticket to the online travel business. In a deal that makes him the biggest player in the Internet travel industry, Diller's empire, USA Networks, agreed to pay...

Absolut Vodka to Move into Headquarters in New York.
July 17, 2001... Byline: Eric Herman Jul. 17--Absolut Vodka -- whose slick ads of bizarre bottles have made it one of the world's most popular brands -- is breaking out on its own. Its first big step is a Sixth Avenue headquarters for its newly formed...

Merrill Lynch, Charles Schwab Earnings Drop Sharply.
July 18, 2001... Byline: Nancy Dillon Jul. 18--Blaming nervous investors who've reined in their trading, brokerage giants Merrill Lynch and Charles Schwab reported sharp profit declines yesterday. And both bellwethers warned their slump may carry...

Apartment Prices Booming in Manhattan.
July 18, 2001... Byline: Eric Herman Jul. 18--Manhattan apartment prices are booming, even while buyers are getting more cautious. Average sale prices for co-ops and condos hit all-time highs in the last three months, according to a new report. ...

Daily News, New York, Media Column.
July 18, 2001... Byline: Phyllis Furman Jul. 18--IT'S SHOW TIME FOR FORMER SEC CHAIRMAN ARTHUR LEVITT. The Securities and Exchange Commission's longtime watchdog, who stepped down from the post in February, will step in front of a TV camera today,...

Donald Trump May Buy Headquarters of Chicago Newspaper, Build New Development.
July 18, 2001... Byline: Eric Herman Jul. 18--Donald Trump could be headed for Chicago. The developer has entered into talks with the Chicago Sun-Times to buy the newspaper's headquarters, the Chicago Tribune reported. A funky gray structure, the...

AOL Time Warner Shares Decline After Firm Fails to Meet Revenue Expectations.
July 19, 2001... Byline: Phyllis Furman Jul. 19--AOL Time Warner to "Harry Potter": work a miracle. The stakes have never been higher for the upcoming Warner Bros. flick, following word yesterday that AOL Time Warner is finally falling prey to the...

Wall Street Journal to Get New Editorial Page Editor.
July 19, 2001... Byline: Eric Herman Jul. 19--Wall Street Journal's orchestra of conservative editorial writers is about to get a new conductor. Paul Gigot, Pulitzer Prize-winning columnist and fixture on political talk shows, will become the Journal's...

Greenspan Warns that Economy Is Still Wounded, Hints at another Rate Cut.
July 19, 2001... Byline: Nancy Dillon Jul. 19--Fed chairman Alan Greenspan warned yesterday the economy has yet to turn the corner and hinted he may pull yet another interest rate cut from his famous briefcase before summer's end. "The uncertainties...

Accenture Debuts on New York Stock Exchange.
July 20, 2001... Byline: Rachel Scheier Jul. 20--Global consulting giant Accenture debuted on the New York Stock Exchange yesterday with a $1.67 billion initial offering, one of the year's biggest. Still, despite the anticipation, in its first day of...

New York-Based Group Reports Increase in Index of Economic Indicators.
July 20, 2001... Byline: Eric Herman Jul. 20--The economy yesterday showed the first glimmer of a recovery that may still be very far in the future. The Conference Board, a New York-based group, said its index of Leading Economic Indicators rose 0.3...

Financial Services Firm to Take Two Floors of New Jersey Center.
July 20, 2001... Byline: Eric Herman Jul. 20--Another financial manager has picked New Jersey over Manhattan. SunAmerica, a financial services company owned by the Manhattan-based American International Group (AIG), just inked a deal to take two...

Group Protests The New York Times' Treatment of Freelance Writers.
July 20, 2001... Byline: Nancy Dillon Jul. 20--About 200 demonstrators, best-selling author Erica Jong and a 12-foot inflatable rat gathered outside The New York Times yesterday to protest treatment of freelance writers. The loud but peaceful bunch...

Second-Quarter Earnings Reports Disappoint Many Investors.
July 21, 2001... Byline: Nancy Dillon Jul. 21--Disappointed investors packed up the champagne yesterday after the biggest week of second-quarter profit reports ended with a loud thud. In terms of earnings growth over last year, the current quarter "is...

FCC to Give Murdoch Right to Buy New York Television Stations.
July 21, 2001... Byline: David Andelman Jul. 21--The Federal Communications Commission is about to give Rupert Murdoch just what he wanted -- the right to own the New York Post plus Channels 5 and 9. The FCC is expected to clear early next week the...

Universal Looks for Crushing Weekend from `Jurassic Park III'.
July 21, 2001... Byline: Phyllis Furman Jul. 21--Universal is expected to rip its rivals to shreds again this weekend with "Jurassic Park III." With a dinosaur-size $19 million opening Wednesday -- the second biggest midweek debut ever behind "Star...

Old-Line Wall Street Financial House Moves to New, Modern Headquarters.
July 21, 2001... Byline: Eric Herman Jul. 21--Brown Brothers Harriman, one of the last of the old-line financial houses and a Wall Street fixture for more than a century, is heading for a new glass-and-steel world headquarters just blocks away. In a...

Disney to Beef Up Its Empire.
July 24, 2001... Byline: Phyllis Furman Jul. 24--Michael Eisner finally answered critics who've charged him with a Mickey Mouse investment strategy. He's beefing up his Disney empire with a $5.3 billion deal to acquire kids cable and programing empire...

Daily News, New York, Publishing Column.
July 24, 2001... Byline: Paul D. Colford Jul. 24--Bill Kristol, editor and publisher of The Weekly Standard, said he and his staff were amused to read that their parent News Corp. was quitting the magazine business. True, News Corp. plans to sell...

Radio Newsletter Publisher Files Suit against Clear Channel Communications.
July 24, 2001... Byline: Robert Gearty Jul. 24--Turning up the volume on a bitter feud, a small radio industry newsletter claimed it's being hammered out of business by the owner of Jammin-105 and 1,200 other stations, after detailing the on-air killing of...

Credit Suisse First Boston Forbids Analysts to Own Stock in Firms They Cover.
July 24, 2001... Byline: Judith Schoolman Jul. 24--Wall Street powerhouse Credit Suisse First Boston put the brakes on analysts' ownership of stocks they cover, just weeks after a similar groundbreaking move by the largest U.S. brokerage, Merrill Lynch....

Wall Street Hit with Rash of Disappointing Earnings Reports.
July 24, 2001... Byline: Judith Schoolman Jul. 24--Evidence of the sagging economy hit Wall Street full force yesterday. Disappointing earnings and outlooks from some of the country's biggest companies kicked off the second big week of profit reports....

Telecommunications Giant Lucent to Slash 20,000 Jobs.
July 25, 2001... Byline: Rachel Scheier Jul. 25--Lucent, the troubled telecom manufacturer that's shed nearly half its workforce in the past year, is cutting up to 20,000 more jobs in an effort to turn itself around. Once a blue-chip among tech...

Daily News, New York, Media Column.
July 25, 2001... Byline: Phyllis Furman Jul. 25--In a strange twist of fate, David Bohrman -- ex-boss of financial news net CNNfn who was led away from CNN's New York offices by guards when he got sacked two years ago -- has returned to CNN with a plum...

Investors Don't Respond to Greenspan's Positive Predictions on Capitol Hill.
July 25, 2001... Byline: Judith Schoolman Jul. 25--Federal Reserve chairman Alan Greenspan tried to offer some reassurance to nervous investors, but it didn't work. In his second trip to Capitol Hill in two weeks, Greenspan predicted an improvement in...

New York Developer to Control World Trade Center Offices.
July 25, 2001... Byline: Eric Herman Jul. 25--With several strokes of a pen, developer Larry Silverstein became the city's largest commercial landlord yesterday. After weeks of negotiation, Silverstein took control of the gleaming 110-story Twin Towers...

AT&T Looks for Potential Buyers for Cable Business.
July 26, 2001... Byline: Phyllis Furman Jul. 26--AT&T, making its best effort to whip up a bidding war for its cable business, is parading its wares before a host of potential suitors from AOL Time Warner to Disney. After rejecting an unsolicited $40...

FCC Votes to Allow News Corp. Purchase of New York Television Station.
July 26, 2001... Byline: Paul D. Colford Jul. 26--The Federal Communications Commission's ruling yesterday allowing Rupert Murdoch to buy WWOR/Ch. 9 appeared likely to leave the News Corp. mogul in permanent control of the New York Post and two TV stations...

Stock Market Rebounds Amid Bargain-Hunting Investors.
July 26, 2001... Byline: Judith Schoolman Jul. 26--A late-day swarm of bargain-hunting investors broke Wall Street's three-day losing streak yesterday, as the residue of stream of dismal corporate earnings evaporated for the moment. Positive comments...

Real Estate Investor Eyes Buying New York Apartment Complex.
July 27, 2001... Byline: Eric Herman Jul. 27--The Fresh Meadows Apartments -- the massive residential development alongside the Long Island Expressway in Queens -- is about to get a new landlord. Rubin Schron, a real estate investor and Fresh Meadows...

Hewlett-Packard to Cut 6,000 More Jobs.
July 27, 2001... Byline: Rachel Scheier Jul. 27--Silicon Valley mainstay Hewlett-Packard, maker of computers and printers, announced 6,000 more job cuts yesterday, blaming dismal sales with no improvement in sight. The lay-offs, more than 6 percent of...

Massive New York-Based Insurance Company Posts Strong Quarterly Profits.
July 27, 2001... Byline: Eric Herman Jul. 27--American International Group, the world's largest insurance company, posted strong quarterly profits that even storms couldn't sink. The New York-based company met investor expectations, thanks in large...

Nasdaq Chief to Step Down from Post.
July 27, 2001... Byline: Judith Schoolman Jul. 27--Nasdaq chief Frank Zarb, whose four-year career at the exchange spanned the meteoric tech stock boom and bust, will step down as the head of the country's second biggest stock market in September. At...

New York Times Names New Managing Editor.
July 27, 2001... Byline: Paul D. Colford Jul. 27--The third member of The New York Times' new power trio will be Gerald Boyd, named yesterday to the No. 2 job of managing editor. Now a deputy managing editor, Boyd is also the highest-ranking...

Viacom Stock Leaps 8 Percent with Strong Expected Quarterly Profits.
July 27, 2001... Byline: Phyllis Furman Jul. 27--"Survivor"-pumped Viacom was a big hit on Wall Street yesterday, enjoying a nearly 8 percent jump in its stock price after posting better than expected second-quarter profits. Viacom -- the home of CBS'...

U.S. Economy Posts Slim Growth, Avoids Recession.
July 28, 2001... Byline: Judith Schoolman Jul. 28--The U.S. economy racked up its weakest performance in eight years over the past three months but narrowly skirted the territory that could be called recession. With a slim 0.7 percent growth, it was...

Economists Say Crushing Consumer Debt May Hobble U.S. Economic Recovery.
July 30, 2001... Byline: Nancy Dillon Jul. 30--In the decade since the last time the U.S. stumbled into a recession, the average household credit card debt has nearly tripled. The crushing $700 billion in credit card debt carried by American consumers...

Daily News, New York, Guerrilla Investing Column.
July 30, 2001... Byline: Peter Siris Jul. 30--I love to watch the formerly hot portfolio managers on CNBC and CNN talk about the market. They still wear the fancy shirts with the white collars, use the right jargon, and try to sound like the geniuses they...

US Polo Association Files Countersuit against Ralph Lauren.
July 30, 2001... Byline: Judith Schoolman Jul. 30--Divots are flying and nostrils are flaring in the slow-to-boil, upper-crust world of the United States Polo Association. The reason: Designer Ralph Lauren, the Bronx boy who forged a $1.7 billion clothing...

Strategists Point Finger at Economic Weakness for Poor Results.
July 31, 2001... Byline: Judith Schoolman Jul. 31--A trio of influential Wall Street strategists blamed ongoing economic weakness for distressing company results, and reduced outlooks for year-end corporate profits yesterday. This put a negative spin...

Legendary Motown Songwriters Sue New York's Celebrity Bond Maker.
July 31, 2001... Byline: Phyllis Furman Jul. 31--David Pullman, fast-talking creator of the David Bowie Bond, has been sued by one of his biggest clients -- and another music luminary is closely monitoring the case. Pullman, whose innovative Bowie bond...

Eli Lilly to Begin Offering Generic Form of Prozac.
July 31, 2001... Byline: Nancy Dillon Jul. 31--Prozac, the little green-and-white pill that became a pop culture icon while giving new hope to the clinically depressed, is getting a discounted clone starting Thursday. The 20 mg capsule from Barr...

Daily News, New York, Publishing Column.
July 31, 2001... Byline: Paul D. Colford Jul. 31--As Warner Books prepares to release Jack Welch's "Jack: Straight From the Gut" on Sept. 11, the betting was that AOL Time Warner would go for that much-sought synergy by running an excerpt in one of its...