News In Brief
Whether this is the week that the Dow Jones Industrial Average finally crosses the 10000 threshold to stay will depend largely on the flow of corporate "pre-announcements," analysts said. Pre-announcements are early acknowledgments that a company's quarterly earnings will either match or fail to meet Wall Street forecasts - usually the latter. The first quarter ends March 30. The Dow rose above 10000 twice last week, but fell back each time.
The cable TV industry will tighten further if a $60 billion acquisition announced yesterday is approved by stockholders and federal regulators. Comcast Corp., the fourth-largest cable provider, said it will buy No. 3 MediaOne Group in a stock deal. The combined company will serve 11 million customers, with annual revenues of $8 billion. Under the deal, Englewood, Colo.-based MediaOne may not solicit more generous offers, but has 45 days to accept if one should be proposed. Comcast, which is based in Philadelphia, also owns electronic retailer QVC.