Compaq Computer confirmed it is in talks over a possible sale of a controlling stake in AltaVista, its Internet search engine, to CMGI. According to Compaq, the talks also involve the establishment of strategic relationship between the two companies to advance Compaq's Internet strategy.
GTE said it will sell its unit that provides in-flight phone services to Oak Hill Capital Partners, an investment group founded by Texas billionaire Robert Bass. Terms were not disclosed.
Coca-Cola Enterprises, the world's biggest bottler, distributor and marketer of Coca-Cola products, estimated that the recall of 14 million cases of beverages in Belgium cost the company at least $60 million.
California gun manufacturer Davis Industries filed for bankruptcy protection after being named as a defendant in lawsuits by cities across the country seeking to recoup the costs of gun-related crime and violence.
House leaders decided only two big floor fights will be permitted next week when a bill to overhaul financial services law comes up for a full House vote: one on how much privacy protection consumers will have on financial and medical information, and another on whether both the Treasury Department and Federal Reserve Board should regulate banks or the Fed should be the lead regulator.
A federal judge approved a payment plan that splits $34 million among 486 current and former female auto workers at Mitsubishi Motors, which settled a sexual harassment case last year.
A textile union claimed victory in its 25-year campaign to organize about 5,100 Fieldcrest Cannon workers in North Carolina. The narrow apparent win would be labor's biggest textile industry victory in the South. The vote by the Union of Needletrades, Industrial and Textile Employees (UNITE) came in the fifth union representation election since 1974 at Fieldcrest Cannon's six towel- and sheet-producing mills that were bought by Dallas-based Pillowtex in late 1997.
CompUSA, the nation's biggest computer retailer, said it may close up to 14 of its 211 stores and cut up 1,500 jobs as it changes its focus away from low-margin desktop personal computers. CompUSA expects to take charges of about $40 million to $50 million, or 43 cents to 54 cents a share.
BellSouth agreed to buy at least $5 billion of equipment and services from Nortel Networks.
Ford has offered at least $20 million to avoid lawsuits from the families of six workers killed and 14 workers injured in a plant explosion in February.
The Federal Trade Commission announced it had settled complaints against four companies that used the Internet to claim products such as magnets, beef tallow and a Peruvian plant derivative could cure diseases including arthritis, cancer and AIDS.
Durable goods orders jumped a solid 1.4 percent in May to a seasonally adjusted $197.6 billion, led by big gains in aircraft, autos and other transportation products, the Commerce Department said.
Financier William Rainer has been nominated by President Clinton as the next chairman of the Commodity Futures Trading Commission.
Steel imports jumped 30 percent in May, the Commerce Department said, two days after the Senate rejected a quota bill partly on grounds that imports were declining. Commerce Secretary William Daley, who argued that quotas could start a trade war, said the figures should not be cause for worry.
The Consumer Product Safety Commission and Hasbro voluntarily recalled its "Star Wars" Lightsaber toys to repair the battery springs because they can dislodge, causing batteries to overheat or rupture and burn consumers. The CSPC and Evenflos and Hufco-Dealare also recalled about 327,000 Snugli Front and Back soft infant carriers, Model Nos. 075 and 090, because infants can slip through the leg openings.
Morgan Stanley Dean Witter said second-quarter earnings rose 35 percent, to $1.15 billion.
Goodyear Tire and Rubber said it expects second-quarter earnings to drop by as much as 68 percent, to between $64 million and $80 million.