Business Briefs: Major Donations, Stock Exchange Glitches, and Corporate Takeovers

Strategic Insights -

Executives from Dell Computer Corp. donated $13 million to the Austin Museum of Art, the largest single cash gift to the arts in Central Texas. Meanwhile, the New York Stock Exchange experienced equipment problems, halting trading for nearly an hour. Additionally, SBC Communications Inc. completed its takeover of Southern New England Telephone, creating a company with $27.1 billion in annual revenues.

Key Takeaways:

  • Dell Computer Corp. executives and their spouses donated $13 million to the Austin Museum of Art, the largest single cash gift to the arts in Central Texas.
  • The New York Stock Exchange experienced equipment problems, causing trading to be halted for about an hour on Monday afternoon.
  • Traders reported that the exchange began experiencing equipment problems around 12:35 p.m. and trading was halted by 1:16 p.m.
  • SBC Communications Inc.'s acquisition of Southern New England Telephone creates a company with 129,000 employees and 36.9 million telephone lines.
  • SBC's acquisition of SNET will give it a foothold along the East Coast, adding to its $27.1 billion in annual revenues.
  • Intel Corp. has started cutting prices on some of its chips for personal computers, with prices falling by tens of dollars in the last month.
  • AMD Inc., a rival to Intel, is expected to respond with its own price cuts, citing a 25% price difference between similar Intel and AMD chips.
  • The federal government sued Time Warner Inc., Time Inc., and its subsidiaries for allegedly denying health and pension benefits to hundreds of eligible workers.

Statistics:

  • $13 million: The amount donated by Dell Computer Corp. executives and their spouses to the Austin Museum of Art.
  • 12:35 p.m.: The time when the New York Stock Exchange began experiencing equipment problems leading to trading halts.
  • 1:16 p.m.: The time when trading was halted due to equipment problems.
  • 2:15 p.m.: The time when trading resumed after the equipment glitch was resolved.
  • $27.1 billion: The annual revenues of the company created by SBC Communications Inc.'s acquisition of Southern New England Telephone.
  • 129,000: The number of employees of the company created by SBC Communications Inc.'s acquisition of Southern New England Telephone.
  • 36.9 million: The number of telephone lines of the company created by SBC Communications Inc.'s acquisition of Southern New England Telephone.

Sources:

  • Time Warner Inc.
  • Dell Computer Corp.
  • The New York Stock Exchange
  • SBC Communications Inc.
  • Southern New England Telephone (SNET)
  • Intel Corp.
  • AMD Inc.
  • The federal government (Labor Department)
  • Internet Corporation for Assigned Names and Numbers (ICANN)