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BUSINESS
March 3, 2007 | From Bloomberg News
Qwest Communications International Inc. founder Philip Anschutz agreed to sell 20.6 million shares of the company, completing plans to unload nearly all of his stake. He now directly owns four shares. Anschutz, 67, will keep control of the 20.6 million shares until 2010 under a forward-sale contract. That lets him receive an upfront payment while retaining voting rights at Denver-based Qwest, the fourth-largest U.S. telephone company. The sale will generate an initial payment of $150.
BUSINESS
April 20, 2002 | From Times Wire Services
Blue-chip stocks rose Friday on upbeat earnings from International Paper, but an FBI warning of possible attacks against U.S. financial institutions sucked wind out of the rally and left the broad market flat and high-tech issues down. The damage ultimately was limited, much like Thursday when the market recovered from midday declines after an airplane crashed into a skyscraper in Milan, Italy. By day's end, major indexes had posted their first weekly gains in at least a month.
BUSINESS
February 20, 2004 | Roger Vincent, Times Staff Writer
In a surprising move, billionaire Philip Anschutz announced Thursday that he was buying the San Francisco Examiner, two other small Bay Area papers and a printing plant, adding publishing to a burgeoning portfolio of holdings that includes telecommunications, sports teams, real estate and movie theaters.
BUSINESS
January 10, 2001 | From Times Staff and Wire Reports
Technology stocks rose Tuesday as investors snapped up bargains in the beleaguered sector, despite news of lackluster sales from Nokia, the world's No. 1 maker of mobile phones. The Nasdaq composite index closed up 45.38 points, or 1.9%, at 2,441.30, ending a three-session losing streak. Internet gear maker Cisco Systems, software giant Microsoft and telecommunications company Worldcom rose as investors bet on good long-term prospects for these high-tech bellwethers.
BUSINESS
February 10, 2001 | From Times Staff and Wire Services
So much for the January Bounce. Two weeks ago, the Nasdaq Stock Market was up 16% for the year, basking in the glow of the buying that often buoys the stock market in January and taking some of the sting out of last year's debacle. After yet another sell-off of tech stocks Friday, that glow has now officially faded. The Nasdaq composite index tumbled 91.09 points, or 3.6%, to close at 2,470.97 and trimmed its year-to-date gain to a microscopic 0.02%.
BUSINESS
May 12, 1998 | TOM PETRUNO, TIMES STAFF WRITER
The phone is finally ringing for telecom mutual fund investors. After suffering through subpar returns in 1995 and 1996, telecom fund shareholders have reaped a bonanza over the last 12 months. The telecom fund sector has been the top domestic stock fund category so far this year, with a 22% average total return through Friday, according to fund tracker Morningstar Inc. That handily beat the 14.7% return on the blue-chip Standard & Poor's 500 index in the same period.
BUSINESS
January 12, 2008 | Thomas S. Mulligan, Times Staff Writer
Increasing fears that the nation is headed for a recession -- or, indeed, may already be in one -- drove the stock market sharply lower Friday, closing out a third straight losing week. Investors pushed aside the prospect of more interest rate cuts by the Federal Reserve, as well as news of Bank of America's proposed rescue of Countrywide Financial.
BUSINESS
May 13, 2003 | From Times Staff and Wire Reports
Stocks climbed sharply Monday as investors betting on better economic times ahead ignored the tumbling dollar and snapped up shares of Cisco Systems and other technology companies. The rally pulled the tech-laden Nasdaq composite index to its highest level in about 11 months and hoisted the Standard & Poor's 500 index to its highest close since August. "The overall tone has certainly improved for the market," Eric Wiegand of Credit Suisse Private Client Group told Bloomberg News.
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