August 28, 1998

Economic Woes in Russia Send Global Markets Down Investors around the world sold stocks yesterday. In this country, the Dow Jones industrial average fell 4.19 percent, to 8,165.99, a loss of 357.36 points. The technology-heavy Nasdaq composite index dropped 4.62 percent, or 81.72 points, to 1,686.41, and the Standard & Poor's 500-stock index declined 3.81 percent, or 41.60 points, to 1,042.59. With the Dow average now 12.5 percent below its July 17 high of 9,337.97, investors are into what Wall Street calls a correction.

Tellabs Inc is expected to announce it has renegotiated its agreement to acquire Ciena Corp; under new terms, Ciena shareholders are expected to receive eight-tenths of share of Tellabs for each Ciena share they own; this would value deal at more than $4.8 billion; previous value of deal, based on one-for-one swap, was estimated at $7.1 billion, but that was before two setbacks: on Aug 14, Ciena said its third-quarter profit would be less than half of expectations, and then AT&T Corp said it changed its mind and would not buy Ciena's technology for expanding capacity of fiber optic networks (M)

Michelle Krebs Autos on Friday column about Cadillac's new Night Vivsion system, which uses infrared sensors to extend driver's vision further down road at night; drawings (S)

Market Place column examines falling commodity prices, which could prove more worrisome for investors in long run than plunging stock markets; major index of commodity prices has fallen to its lowest level in 21 years; each tick down in price of oil, copper, cotton and gold puts more economic pressure on nations where they are produced; many of major producers are emerging-market countries experiencing deep financial crisis; commodity prices have fallen 20 percent in last year; for American investor, lower prices for commodities from abroad have lowered corporate costs in United States and spurred consumer spending; damage done to commodity producers within US has not had big impact on economy; photo; graph (M)

Khalid Abdul Muhammad, chief organizer of Million Youth March, derides Mayor Rudolph W Giuliani for trying to block event, calling him 'ordinary cracker' who 'chose to ignore the law'; says march will be show of 'love and unity among black people'; city asks US appeals court to overturn Federal District Judge Lewis A Kaplan's decision permitting march to proceed in Harlem on Sept 5; photos (M)