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March 30, 2000 - Image 5

Resource type:
The Michigan Daily, 2000-03-30

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The Michigan Daily - Thursday, March 30, 2000-- 54

Dow Jones Industrial Average, NASDAQ and S&P 500
Composite for Week Mar. 23 - Mar. 29
Close Change Close DChange Close Change
3/23 11,119.86 +253.16 4,940.61 +75.86 1,527.35 +26.71
3/24 11,112.72 -7.14 4,963.03 +22.42 1,527.46 +0.11
p3/27 11,025.85 -86.87 4,958.56 -4.47 1,523.86 -3.60
3/28 10,936.11 -89.74 4,833.89 -124.67 1,507.73 -16.13
3/29 11,018.72 +82.61 4,644.68 -189.21 1,508.52 +0.79
HIGHLIGHTS FROM THE WEEK: The NASDAQ has seen substantial losses during the last two days,
stemming from investors cashing in some profits in the technology sector during the fiscal first quarter.
Many believe this profit-taking was accelerated when Goldman Sachs' Chief Analyst Abby Joseph Cohen
warned investors that the NASDAQ market was ripe for a 50 percent to 90 percent correction. The usual
leaders of the NASDAQ market, Cisco, Sun Microsystems, and Oracle have led the fall downward. Last
Thursday the Dow closed above 11,000 for the first time in six weeks, responding positively to the news,
that Microsoft's anti-trust case is close to being resolved. The total gain for the Dow last week was a
healthy 517.49 points while the S&P also set closing records consecutively from Tuesday through Friday.
WHAT IS THE DOW JONES INDUSTRIAL AVERAGE? The DJIA represents 30 stocks traded on the
New York Stock Exchange (NYSE) and NASDAQ. They are all major factors in their respective
industries. These stocks are widely held by individuals and institutional investors. Many financial
advisers think of it as a good indicator in telling whether the NYSE is doing well or poorly.
WHAT IS THE NASDAQ COMPOSITE? The NASDAQ is the fastest growing stock market in the
United States due to it being a screen-based stock market, compared to a trading floor market like the
NYSE. It also has almost all of the technological stocks available for trading, which has proved to be a
very volatile industry in the last couple of years.
IWHAT IS THE S&P 500? The S&P 500 is a marketvalue weighted index composed of 400
industrial stocks, 20 transportation, 40 financial, and 40 utility. It is a far broader measure than the
DJIA because it takes into account 500 different stocks traded on the two main exchanges (NYSE
and NASDAQ-AMEX) compared to the DJIA's 30 all traded on the NYSE and NASDAQ.
- Compiled by Daily Staff Reporter Kevin Magnuson fom wire reports.

Attorney requests $14M
settlement for 3 smokers

MIAMI (AP) - Three smokers with
cancer deserve $14.4 million from the
the five biggest tobacco companies for
their decades of deceit about the dan-
gers of cigarettes, the smokers' lawyer
told a jury yesterday.
"Let them now reap the conse-
quences for the harm they have caused
good, decent people," attorney Stanley
Rosenblatt said in closing arguments in
a landmark lawsuit that could be the
gravest threat to the tobacco industry
This is the nation's first class-action
lawsuit by smokers to reach trial, cover-

ing an estimated 500,000 sick Floridi-
The jury already has ruled that the
industry makes a dangerous product. In
the current phase, it is deciding whether
to award compensatory damages to
three sick smokers. Later, there will
have to be mini-trials for each smoker
who signs on as part of the class.
If the jury awards any compensatory
damages, it will then be asked to award
punitive damages, which are intended
to punish. The industry fears a ruinous
verdict of S300 billion.
Tobacco attorney Dan Webb gave 25

minutes of what he said would be a 13-
hour industry reponse to the smokers'
claims, promising what he called "reali-
ty checks" to Rosenblatt's three days of
closing arguments.
The jury is expected to begin delib
ating next week.
For now, the jury will be asked t'
assess the medical bills, lost income.
pain and suffering for the three smokers
- Mary Farnan, who has lung cancer;
Angie Della Vecchia, who died of lung
cancer; and Frank Amodeo, who hay
throat cancer. Their doctors testified
their cancer was caused by smoking.

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Ben &Jeriy s stock
soars amid rumors

MONTPELIER, Vt. (AP) -- Deny-
ing reports of frosty relations that
might add a Ben & Jerry's Split to
their quirky ice cream lineup, Ben
Cohen and Jerry Greenfield say they
are better friends than ever amid talk
that Cohen is taking the company pri-
ewithout Greenfield.
hares of the company that makes
flavors like Cherry Garcia, Phish Food
and Chunky Monkey soared almost 15
percent yesterday as Ben & Jerry's
Homemade Inc. confirmed it has
receivd a takeover offer but denied its
board had approved a deal.
The company's statement followed a
report yesterday in The New York
Times that Ben & Jerry's would go
private in a $260 million deal that
Sild pay stockholders S38 a share.
Beq & Jerry's stock surged 54.40 to
close at $34.37 1/2 a share on the Nas-
daq Stock Market, almost S3 above its
previous 52-week high.
Ben & Jerry's stock has traded as
low as S15 a share in the past year.

"If I were a shareholder, I would
jump at it," said financial analyst
Lewis Alton of L.H. Alton & Co. in
San Francisco.
The report said Cohen, who current-
ly controls about one million shares of
Ben & Jerry's, would take a 36 percent
stake in the company. It said Meadow-
brook Lane Capital, an investors group
describing itself as socially responsi-
ble, would get a similar share and
Unilever, a British-Dutch company
that owns Breyer's ice cream and Good
Humor bars, would take 28 percent.
None of the principals in the report-
ed deal would discuss it yesterday. Ben
& Jerry's confirmed that a proposed
deal involving Cohen, Meadowbrook
and Unilever had been presented to its
board last Thursday.
"There are a number of unresolved
issues that would need to be agreed
upon before such a transaction could
be presented for its definitive
approval," the company's statement

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