CBS MarketWatch: Morning Wrap

TV Correspondent Betsy Karetnick:

GOOD MORNING. THE ON AGAIN, OFF AGAIN BATTLE BETWEEN MICROSOFT AND THE GOVERNMENT IS ON AGAIN.

Microsoft
THE JUSTICE DEPARTMENT AND AT LEAST 20 STATES ARE EXPECTED TO FILE SEPARATE BUT SIMILAR ANTI-TRUST SUITS AGAINST THE SOFTWARE GIANT THIS MORNING. OVER THE WEEKEND, SETTLEMENT TALKS BETWEEN GOVERNMENT OFFICIALS AND MICROSOFT BROKE DOWN. MICROSOFT OFFICIALS SAID THE COMPANY COULD NOT MEET SOME OF THE GOVERNMENT'S DEMANDS, SUCH AS INCLUDING A RIVAL'S INTERNET BROWSER ON MICROSOFT SOFTWARE. MICROSOFT HAS SAID IT PLANS TO SHIP WINDOWS 98 TO COMPUTER MAKERS TODAY.

AT&T
IN OTHER HEADLINES, AT&T IS MAKING INROADS INTO THE LOCAL MARKET. IN FEDERAL COURT IN CALIFORNIA, A JUDGE SAID REGIONAL PHONE COMPANY PACIFIC BELL CANNOT TACK ON ACCESS CHARGES WHEN LONG DISTANCE COMPANIES WANT TO OFFER LOCAL SERVICE.

Simon & Schuster
AND THE BRITISH ARE COMING...MOST OF SIMON AND SCHUSTER'S OPERATIONS, INCLUDING ITS EDUCATION LINE, ARE BEING SOLD TO BRITISH MEDIA GROUP PEARSON.

Greenspan
WHAT WILL ALAN GREESPAN DO? IN THE MOST WIDELY ANTICIPATED ECONOMIC EVENT OF THE WEEK, HE AND OTHER FEDERAL RESERVE OFFICIALS MEET TO DETERMINE THE DIRECTION OF INTEREST RATES. MOST ECONOMISTS BELIEVE THE CENTRAL BANK IS POISED TO DO...NOTHING.

Markets
BUT FEAR OF HIGHER RATES AND UNREST IN ASIA HELPED PUSH THE DOW 76 POINTS LOWER FRIDAY.

WEAKNESS IN TECHNOLOGY STOCKS HIT THE NASDAQ WITH AN 18 AND A HALF POINT LOSS.

IN TODAY'S SESSION IN JAPAN, THE NIKKEI GAINED MORE THAN 141.

THAT'S A WRAP OF THE LATEST BUSINESS HEADLINES.