VS. JAPANESE YEN (N.Y.)
- 0.88 YEN
China.com stock rose threefold in its first day of trading in New York, giving the Hong Kong-based Internet gateway an instant market value of $1.38 billion. Shares soared from $20 to close at $67.11 on the Nasdaq Stock Market.
Stuart Eizenstat was unanimously confirmed by the Senate as the Treasury Department's deputy secretary. Eizenstat was a top economic affairs official at the State Department when President Clinton nominated him to succeed Lawrence Summers at Treasury. Summers, a former Harvard economist, became Treasury secretary on July 2, when he was sworn in to replace Robert Rubin, who resigned.
Motorola's second-quarter earnings beat Wall Street expectations as it continued to benefit from a rebound in its semiconductor business and strong sales of digital cellular phones. For the period ending July 3, the company said it had earnings from operations of $273 million, or 44 cents a share, compared with $6 million, or 1 cent a share, in the same period a year ago. Analysts had predicted 41 cents a share.
Merrill Lynch and Paine Webber beat analysts' expectations with robust second-quarter earnings. Merrill Lynch said profit rose 30 percent, to $664 million, from the same quarter last year; Paine Webber's profit rose 27.5 percent, to $157.6 million.
Dow Jones & Co. said its second-quarter profit from operations rose 7.7 percent on higher advertising revenue at the Wall Street Journal. The company, which also owns Dow Jones Newswires, said it earned $58.9 million before a $1.6 million charge during the quarter, up from a year-earlier profit of $54.7 million that excluded losses from the sale of its Telerate unit.
MBNA, the world's biggest independent issuer of credit cards, said second-quarter earnings rose 32 percent, to $227.2 million, as it added new customers through marketing agreements with various membership groups.
SunTrust Banks said its second-quarter net income rose 8 percent, to $293.7 million, as trust, deposit and other fees rose and as the Atlanta-based bank benefited from its $8 billion purchase of Crestar Financial. The results included a $14.8 million after-tax charge for the acquisition of Richmond-based Crestar, completed in January.
FCNB Corp., which operates 32 FCNB Banks in the D.C. area, reported $3.06 million in earnings for the second quarter, up 5.4 percent from $2.89 million.
America Online of Dulles praised a decision by Broward County, Fla., to require cable TV companies to sell competing Internet service providers access on their high-bandwidth lines. Regulators in Portland, Ore., in the spring came to a similar decision, which was upheld by a federal judge.