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Great American Management and Investment Inc said it formed a new subsidiary Eagle Industries Inc and secured a 125 mln dlr credit facility for the unit from Heller Financial Inc. It said Eagle consists of eight subsidiaries which primarily serve the electric utility building products and process industries. The financing will be used to repay existing debt for working capital and for ongoing acquisition programs. Great American said all of the Eagle Industries businesses previously were units of the company and its subsidiaries. It said Eagles projected sales for the year ending July 31 1987 are 282 mln dlrs and projected operating income is 28 mln dlrs. Now based in Purchase N.Y. Eagle Industries is setting up headquarters in Chicago with a move scheduled for midyear. Reuter | GREAT AMERICAN <GAMI> FORMS NEW SUBSIDIARY |
Scott Instruments Corp said its independent public accountants qualified the report on Scotts 1986 financial statements because of its weak financial condition. The report indicates the realization of the companys assets is dependent on it obtaining enough working capital to finance operations and additional funds to meet other liabilities among other things. These factors indicate the company may be unable to continue its existence. Earlier Scott reported a 1986 loss of 1.9 mln dlrs compared to a loss of almost 2.2 mln dlrs in 1985. Total assets were nearly 1.1 mln dlrs at year end down from 1.2 mln dlrs the prior year. Reuter | SCOTT INSTRUMENTS <SCTI> GETS QUALIFIED AUDIT |
The U.S. Treasury said it issued calls on its tax and loan accounts covering class C depositaries. The C call was for 25 pct of the uncalled balances of open-ended note accounts as of close of business yesterday for payment today. In addition the call was for 92 pct of the book balances in open-ended note accounts as of close of business today for payment Monday. The total of the calls for today and yesterday was 2.704 billion dlrs. Reuter | U.S. TREASURY ANNOUNCES TAX AND LOAN CALLS |
Shr loss 1.64 dlrs vs loss 2.08 dlrs Net loss 9761000 vs loss 10977000 Revs 4409000 vs 2697000 Reuter | <THORATEC LABORATORIES CORP> YEAR LOSS |
Bayou International Ltd said it acquired 19.9 pct of <Amalgamated Equities Ltd> of Australia for 710000 dlrs. Bayou is 55.2 pct owned by <Australia Wide Industries Ltd>. Reuter | BAYOU INTERNATIONAL GETS STAKE IN AMALGAMATED |
Wall Street scored its biggest one session gain ever climbing to a record in extremely active trading. A strong bond market triggering arbitrage related buy programs and drawing many short sellers in to even up positions propelled stocks sharply higher. This was a startling performance in a week that began with a nervous selloff and growing anxiety about inflation interest rates and trade friction Alan Ackerman of Gruntal and Co said. The Dow Jones Industrial Average soared 70 points to 2390. Outdistancing the previous one day record gain of 54 points set on February 17. Reuter | WALL STREET AT RECORD IN BIGGEST ONE DAY GAIN |
Network Control Corp said it intends to take a 250000 dlr charge against earnings for the third quarter ended March 31 and said sales for the quarter would be about 400000 dlrs about 50 pct below sales in the same year-ago quarter. Network said it is taking the charge due to the significant increase in accounts receivable which remain uncollected for more than 90 days after billing. It said it ultimately will collect most of those accounts. It attributed the sales decline to a transition period for its new products and a delay in a major order. Reuter | NETWORK <NETW> TO TAKE 3RD QTR CHARGE |
Brazils state oil company Petrobras is pledging to export 4.6 mln cubic meters of fuel or 28.9 mln barrels in 1987 a company spokesman said. He said that represents a total sale worth 600 mln dlrs. The volume is 27 pct higher over 1986 sales which totalled 3.6 mln cubic meters or 22.6 mln barrels. The United States Africa and Latin American are Brazils main fuel buyers the spokesman said. Reuter | PETROBRAS SEES RAISING EXPORT OF FUEL IN 1987 |
U.S. BUSINESS LOANS FELL 822 MLN DLRS IN MARCH 25 WEEK, FED SAYS |
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Treasury Secretary James Baker reiterated his hope that this weeks rise in prime rates would be a temporary blip upwards. I would hope that it would simply be a temporary blip upward as weve seen in the past Baker said in television interview with the Cable News Network. The interview airs tomorrow but CNN released extracts from his remarks today. Baker also repeated his position that the reaction of financial markets to U.S. tariffs on Japanese electronic goods showed the importance of the United States not going protectionist. The markets were telling us...be careful. reuter | BAKER REPEATS HE HOPES PRIME HIKE TEMPORARY |
Delta Dental Plan of San Francisco has been awarded a 121.0 mln dlr contract to provide dental services to 100000 families of military personnel in the United States Puerto Rico and the Virgin Islands the Defense Department said. The plan is a private non-profit health organization which operates in 48 states. The contract is the first let by the Office of Civilian Health and Medical Program of the Uniformed Services (CHAMPUS) in a move to provide more cost-effective and efficient health care for dependents of U.S. military personnel. REUTER | DELTA DENTAL GETS 121.0 MLN DLR PENTAGON CONTRACT |
Kenai Corp said its shareholders approved of a reorganization to avoid a chapter 11 filing under the U.S. bankruptcy code. Shareholders approved an increase in authorized shares to two billion common and two mln preferred with a par value of 0.001 dlrs per share. A portion of the new shares will be issued to holders of 57.5 mln dlrs of subordinated debentures all of which are in default. The company which was also merged into a subsidiary said its 35.7 mln outstanding shares will be exchanged for shares in the new company on a one-for-one basis. According to the exchange offer each 1000 dlrs principle of subordinated debentures will be exchanged for 1000 shares of common stock 500 dlrs principal of a variable interest subordinated debenture and 24 shares of convertible preferred stock the company said. It said the offer will result in the issue of 57.5 mln common shares 28.85 mln dlrs principle of variable rate subordinated debentures and 1.38 mln shares of convertible preferred stock. The company said two holders of 29.9 mln dlrs of debentures who have already exchanged their holdings for 20.8 mln common shares and 23.5 mln dlrs principle amount of notes will resubmit the securities to meet the terms of the current exchange offer. It said the offer is dependent on filings with the Securities and Exchange Commission. The company also said that upon completion of the exchange offer it may issue warrants to buy 100 mln shares of common stock to current shareholders and warrants for 75 mln shares to employees. Reuter | KENAI <KEN> SETS NOTE OFFER, AVOIDS CHAPTER 11 |
Perini Corp said a joint venture of <Tuto-Saliba Corp> of Sylmar Calif. and Perinis Western division have been awarded a 117.8 mln dlrs contract to build San Diego-s waterfront convention center. Reuter | PERINI <PCR> VENTURE WINS 117.8 MLN CONTRACT |
 E AND B MARINE <EBMI> 4TH QTR NET EDISON N.J. April 3 Shr loss 1.65 dlrs vs loss 24 cts Net loss 3259000 vs loss 470000 Revs 16.0 mln vs 9510000 12 mths Shr loss 84 cts vs gain 63 cts Net loss 1661000 vs gain 1301000 Revs 80.5 mln vs 56.4 mln Reuter  | |
Four U.S. meat processors have asked the federal government to relax a labelling requirement which they said discourages the use of mechanically separated meat the U.S. Agriculture Department said. The petition filed by Bob Evans Farms Odom Sausage Co Sara Lee Corp and Owens Country Sausage asks USDA to allow mechanically separated meat to be listed on product labels as the species from which it was derived. For example pork would be listed on the ingredients statement instead of mechanically separated pork. Under the petition the calcium content of the meat product would have to be stated on the label and the mechanically separated meat could constitute no more than 10 pct of the meat and poultry portion of the product. Mechanically separated meat is a high-protein low-cost product that has been approved for use since 1978 USDA said. Current regulations allow use of mechanically separated ingredients at levels up to 20 pct of the meat and poultry product but require it to be listed in the ingredient statement as mechanically separated (species) USDA said. USDA said the petitioning firms claimed companies avoid using mechanically separated meat in their products because the term carries an unwarranted negative connotation in the minds of many consumers. The petitioners also noted that no similar regulation exists for poultry products. Mechanically separated meat is made by placing carcass parts which usually have been hand-trimmed but still have some remaining meat into specialized processing equipment. Reuter | U.S. MEAT PROCESSORS ASK FOR LABELLING CHANGE |
Assistant Treasury Secretary Roger Mentz said the administration supported continuing a tax credit for business research expenses after the current 20 pct credit expires at the end of next year. Mentz in testimony before the Senate Finance subcommittee on taxation said the administration was not ready yet to make a recommendation to Congress on the appropriate structure rate or duration of the credit. The subcommittee is considering a plan to make the credit permanent and raise it to 25 pct. Reuter | ADMINISTRATION SUPPORTS RESEARCH TAX CREDIT IDEA |
Iroquois Brands Ltd said it has been sued by Lyon Food Cos Inc which is seeking 2.3 mln dlrs in damages in connection with the April 1986 nine mln dlrs purchase of Iroquois former specialty food products segment. Iroquois said that based upon the defenses it will assert it does not believe that any charge against income is required as a result of the claim. Reuter | IROQUOIS BRANDS <IBL> REBUFFS LYON FOODS CLAIMS |
General Motors Corps Pontiac Division said it is introducing a summer lease merchandising program that will run from April Six through August Three. It said the plan features a special GMAC 50-month retail schedule with low lease payments on selected Pontiacs. Participating dealers will offer monthly payments starting at 179 dlrs for a Pontiac Sunbird it said. Reuter | GM<GM> PONTIAC DIVISION SETS SUMMER LEASE PLAN |
FOMC BRIEFED ON PARIS ACCORD AT FEBRUARY 23 TELEPHONE MEETING, FED SAYS |
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FEBRUARY FOMC VOTED NINE-ONE FOR STEADY POLICY, ASYMMETRIC INTER-MEETING DIRECTIVE |
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FEBRUARY FOMC SET SIX TO SEVEN PCT JAN-MARCH M-2 AND M-3 TARGET, NONE FOR M-1 |
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FEBRUARY FOMC MAINTAINED FOUR TO EIGHT PCT FEDERAL FUNDS RATE REFERENCE RANGE |
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The Federal Open Market Committee at its February 10-11 meeting voted nine to one to maintain the then-existing degree of reserve restraint minutes showed. The FOMC issued an asymmetric inter-meeting policy directive which gave greater possibility to firmer rather than easier policy. The Committee set a six to seven pct January through March annualized growth target for M-2 and M-3 and no M-1 goal. At the prior meeting in mid-December the FOMC set a seven pct target for M-2 and M-3 for November through March. The February FOMC kept the four to eight pct Federal funds rate reference range for policy as in other recent meetings. At a telephone conference on February 23 committee members discussed the possible implications of the decisions reached in Paris for U.S. intervention in foreign exchange markets. No conclusions were contained in the minutes. In its inter-meeting policy directive the February FOMC said that somewhat greater reserve restraint would or slightly lesser reserve restraint might be acceptable depending on the behavior of the aggregates taking into account the strength of the business expansion developments in foreign exchange markets progress against inflation and conditions in domestic and international credit markets. The February FOMC voted nine to one for an unchanged policy. Thomas Melzer St Louis Federal Reserve Bank president favored some tightening of reserve conditions. He noted the strong growth in bank loans in November through January and the firm federal funds rate that had prevailed despite the extraordinary pace of reserve growth. He also cited the recent declines in the dollars value. Finally looking ahead Melzer pointed out the potential for a further rise in inflationary expectations. He believed that prompt restraints might avert the need for more substantial tightening later. Regarding inter-meeting policy adjustments the FOMC minutes showed the members generally felt that policy implementation should be especially alert to the potential need for some firming of reserve conditions. In this view the FOMC said somewhat greater reserve restraint would be warranted if monetary growth did not slow in line with current expectations and there were concurrent indications of intensifying inflationary pressures against the background of stronger economic data. One indication of potential price pressure might be a further tendency for the dollar to weaken. The minutes showed that one member presumably Melzer preferred a directive that did not contemplate any easing during the weeks ahead. However most of the members did not want to rule out the possibility of some slight easing during the inter-meeting period although they did not view the conditions for such a move as likely to emerge. The FOMC members assumed that future fluctuations in the dollars value would not be of sufficient magnitude to have any significant effect on the Feds economic projections. In addition they anticipated that considerable progress would be made in reducing the federal budget deficit. Reuter | FEBRUARY FOMC VOTES UNCHANGED MONETARY POLICY |
 FEDERAL RESERVE BUSINESS LOAN DATA - APRIL 3 One week ended March 25 daily avgs-mlns U.S. Business Loans......280220 down......971 Excluding Acceptances....277940 down......822 Govt agency securities..112852 down.......95 CDs/major time deposits..158226 down......175 Trading accounts .........17156 down... 1058 U.S. commercial paper....338816 down......210 Includes financial cos...261819 down......880 New York business loans...64615 down......122 Excluding acceptances.....64005 down.......41 CDs/major time deposits...35633 down......540 Reuter  | |
Business loans on the books of major U.S. banks excluding acceptances fell 822 mln dlrs to 277.94 billion dlrs in the week ended March 25 the Federal Reserve Board said. The Fed said that business loans including acceptances fell 971 mln dlrs to 280.22 billion dlrs. Reuter | U.S. BUSINESS LOANS FELL 822 MLN DLRS |
 DRUG COMPANIES =6 NEW YORK Hyman said cosmetics used to be more appealing to drug companies but product lines have matured and competition became more fierce. At one time the profit margins in these businesses were more attractive. The businesses were small and had a lot of opportunity to grow she said. Analysts said drugs while ultimately subject to patent expirations can be marketed for years without competition from generic products. Cosmetics however are fad related and there are no barriers to competition. Saks said pharmaceutical companies in the last two years have been selling non-strategic assets among them the once alluring cosmetics businesses. Pfizer Inc <PFE> and Schering-Plough Corp <SGP> remain among the only two drug companies with cosmetics concerns. Schering is committed to its Maybelline cosmetics unit. Weve made a strategic determination as a company that cosmetics is a main line business for us and we want to develop it aggressively the spokesman said. The spokesman would not comment on whether Schering would want to add by acquisition to that line. Pfizer had no comment but analyst Ronald Nordmann of PaineWebber said he does not believe Pfizer would want to sell off its Coty business. Analysts said Elizabeth Arden is one of the more attractive cosmetics concerns. Hyman said the companys performance should be in line with the expectations for the U.S. industry. She predicts the U.S. industry in 1987 will have unit growth of three pct and sales growth of six pct. She estimated U.S. cosmetic sales to amount to about two billion dlrs annually. Arden had operating profits of 32.6 mln dlrs in 1986 on sales of 397.9 mln dlrs. Reuter  | |
Canadas state-run Export Development Corp said it arranged a 15 billion yen offering of 4-1/2 pct notes due Aug 28 1992 its first Euro-Yen offering. The redeemable notes priced at 101-7/8 pct is being offered through Bank of Tokyo International Ltd Daiwa Europe Ltd Nomura International Ltd Credit Suisse First Boston Ltd Morgan Stanley International and 19 other institutions. Net proceeds which have been swapped to U.S. dlrs for undislcosed terms will used to fund loan commitments and other purposes. Reuter | CANADA AGENCY SETS FIRST EURO-YEN OFFERING |
The Argentine Grain Board issued the following figures covering shipments of major export grains in the week to April 1 in tonnes with comparisons for the previous week and the same week in 1986. Bread wheat 235800 205700 115500 Maize 158400 189000 272700 Sorghum 26500 18700 39900 Soybean nil nil nil Sunflowerseed 1800 18800 nil Cumulative figures for April 1 and this calendar year with the previous years figures in brackets are as follows in thousands of tonnes: Bread wheat 64.3 (44.5) 3074.4 (2851.4) Maize 48.3 (107.7) 486.1 (922.4) Sorghum 5.1 (22.2) 108.1 (188.8) Soybean nil (nil) nil (nil) Sunflowerseed 0.9 (nil) 43.2 (nil) REUTER | ARGENTINE GRAIN SHIPMENTS IN THE WEEK TO APRIL 1 |
Texas American Bancshares Inc said three of its Texas American banks will be merged into Texas American Bank/Galleria. The corporation said the Spring Branch Fonderen and Gulfway Texas American banks will become separate banking offices of TAB/Galleria. Reuter | TEXAS AMERICAN <TXA> BANKS TO BE MERGED |
Illinois Power Co said it filed a shelf registration to issue up to 50 mln dlrs principal amount of debt securities. No date for an offering was announced. It said at the time the shelf is issued the net proceeds from this registration and a previous registration together totaling 75 mln dlrs will be used in part to refund a portion of the companys outstanding first mortgage bonds and in part to reimburse a part of the funds required in earlier refunding activities. Reuter | ILLINOIS POWER <IPC> FILES 50 MLN DLR SHELF |
Shr loss 1.50 dlrs vs loss 14 cts Net loss 3395933 vs loss 318225 Revs 8963097 vs 12.6 mln Year Shr loss 2.93 dlrs vs profit two cts Net loss 6613327 vs profit 49421 Revs 44.4 mln vs 48.7 mln NOTE: Current periods include 2.2 mln dlr charge for possible obsolete inventory and provision of 356000 dlrs for consolidation of cable manufacturing plant. Reuter | BIW CABLE SYSTEMS INC <BIWC> 4TH QTR LOSS |
President Reagan set the Export-Import Banks direct loan ceiling in fiscal year 1987 at 800 mln dlrs a decrease of 100 mln dlrs. In a letter to Congress Reagan also said he was not seeking any additional legislation to rescind any authority of the bank which aids U.S. exports. Reagan said he had concluded that the statutory 1987 limit for Eximbank loan guarantee commitments should not be changed noting that continued growth in the U.S. economy and global recovery could create unexpected demand for guarantees and insurance. Reuter | EXIMBANK LOAN CEILING SET |
Treasury balances at the Federal Reserve fell on April 2 to 3.775 billion dlrs from 4.602 billion dlrs on the previous business day the Treasury said in its latest budget statement. Balances in tax and loan note accounts fell to 6.493 billion dlrs from 6.495 billion dlrs on the same respective days. The Treasurys operating cash balance totaled 10.268 billion dlrs on April 2 compared with 11.097 billion dlrs on April 1. Reuter | TREASURY BALANCES AT FED FELL ON APRIL 2 |
The U.S. Energy Department issued a request for proposals to buy the Snettisham Hydroelectric project a major part of the Alaska Power Administration. It said invitations were sent to two Alaskan electric utilities the city and borough of Anchorage and the state of Alaska. It did not cite a possible purchase prices. The requests were limited to Alaskan entities because the purpose of privatization of the administration was to put the local utility into the hands of a local body the DOE said. It added that proposals are due back by August three. The DOE said it then had 120 days to select a proposal that it would recommend to Congress which then would vote the recommendation up or down. Proposals to buy the other major part of the Alaska Power Administration the Eklutna project was expected to be issued in early June it said. reuter | DOE ISSUES OFFER TO BUY ALASKA POWER UNIT |
U.S. output of bituminous coal and lignite in the week ended March 28 was estimated at 17.05 mln short tons off 1.6 pct from 17.33 mln in the previous week and vs 17.54 mln a year earlier the Energy Information Administration said. In its weekly coal production report the Energy Department agency said year-to-date output was 209.61 mln short tons down 7.1 pct from corresponding 1986 output of 225.60 mln. Production of Pennsylvania anthracite was estimated at 86000 tons down 7.5 pct from 93000 tons a week earlier and compared to 59000 tons in the year-ago week it said. Year-to-date anthracite output was one mln tons up 35.8 pct from the corresponding output of 755000 tons last year the EIA said. Reuter | U.S. COAL PRODUCTION FELL IN LATEST WEEK |
The Brazilian Coffee Institute (IBC) could close May export registrations tonight following extremely heavy sales today exporters said. They estimated registrations today at between 1.0 mln and 1.2 mln 60 kilo bags. Yesterday 645000 bags were registered. The exporters said over 1.0 mln bags of total registrations could have been the declaration of sales made in the six weeks during which books were closed. The rest would be new sales. When the IBC opened May registrations from yesterday it did not set any volume limit. April registrations opened and closed on February 16 when a daily record 1.68 mln bags were declared. Reuter | IBC COULD CLOSE MAY EXPORT REGISTRATIONS TONIGHT |
ConAgra Inc said it will buy 500000 shares of the companys common stock in the open market. This continues Conagras program of acquiring treasury stock to meet stock option incentive plan and preferred stock conversion obligations it said. Conagra said its purpose is to use treasury shares for these purposes rather than issuing new shares so that earnings per share wont be diluted. The company said this is not a buy-back program to reduce shares and common equity. Conagra said it has 67.4 common shares outstanding. Reuter | CONAGRA <CAG> TO PURCHASE 500,000 COMMON SHARES |
perus consuemr price index rose 5.3 pct last month to 13914.4 (base 100) following a 5.3 pct increase in february and 5.3 pct rise in march 1986 the national statistics institute said. It said that the accumulated inflation for the first three months of 1987 was 18.5 pct compared to 15.4 pct for the same period last year. Inflation for the 12-month period ending march 1987 was 67.4 pct compared to 120.8 pct for the 12-month period ending march 1986. Reuter | PERU CONSUMER PRICES RISE 5.3 PCT IN MARCH |
The Argentine Grain Board adjusted minimum export prices of grain and oilseed products in dlrs per tonne FOB previous in brackets as follows: Maize 71 (72) grain sorghum 65 (66). Roasted groundnutseed according to grain size 510 (520) 400 (410) 375 (385) 355 (365). Soybean pellets for shipments through May 164 (162) and June onwards 161 (159). REUTER | ARGENTINE GRAIN/OILSEED EXPORT PRICES ADJUSTED |
Warehouse Club Inc said it expects to take a one-time charge of about five mln dlrs on its June 30 third quarter results from closing of two unprofitable Chicago area units. The company said it will continue to operate 12 warehouses in Illinois Indiana Michigan Ohio and Pennsylvania. It added that it expects future operating results to be improved because of the closing of the two warehouses. Reuter | WAREHOUSE CLUB <WCLB> TO TAKE CHARGE |
Fortune Systems Corp and SCI Systems Inc said they signed a letter of intent covering the purchase of Fortunes microcomputer business assets for an unspecified amount of cash. Fortune Systems makes a desktop computer systems. Reuter | SCI <SCIS> BUYS FORTUNE <FSYS> COMPUTER ASSETS |
Residential Mortgage Investments Incs Mortgage Acceptance Inc unit said it is offering a 54.3 mln dlrs collaterized mortgage obligation using mortgage pass-through certificates evidencing undivided interests in pools of conventional mortgage loans on single-family residential properties as collateral. It is expected the issue will close on April 28. Reuter | RESIDENTIAL <RMI> ISSUES 54.3 MLN MORTGAGE |
the central bank began signing contracts by which it will provide dollars at a preferential rate for the payment of 7.8 billion dlrs of foreign debt under a new plan announced last december. A statement from the bank said twelve companies have already been called to sign the agreements and the process is expected to continue in the coming weeks. Under the new eight-year repayment plan private sector debtors may obtain dollars at the preferential 7.50 bolivar rate by paying a premium of of 3 bolivars on principal and up to 1.50 bolivars on interest. Reuter | venezuelan bank begins signing debt contracts |
Standard and Poors Corp said that the credit quality of most U.S. cable television companies is unlikely to improve in the near term. S and P said that after two years and many delays and disappointments the cable television industry has firmly established a net cash generating position. However rather than using their improved position to decrease the leverage of current capital structures the companies cash flows are being fully leveraged to finance a wave of consolidations S and P said. Many cable television companies exhibit greater financial risk because of their asset growth aspirations and debt-financed consolidation. That delays a lower risk profile for many of them Standard and Poors said. The acquisition and financial growth policies of many company executives heavily influenced the ratings outlook. Citing aggressive capital structures acquisitions and cash flow coverages of interest expense of between 1.0 and 1.5 times S and P noted that the companies are more debt intensive now than in their building phase. These factors keep their ratings at speculative grades the agency concluded. Reuter | U.S. CABLE TV CREDIT UNLIKELY TO IMPROVE, SAYS S/P |
Grain and oilseed complex export business reported since yesterday by government agencies and private exporters - Japanese crushers bought 4000 to 5000 tonnes of Canadian rapeseed in export business overnight for May shipment...Greece has agreed to buy 27000 to 33000 tonnes of Spanish corn for spot shipment with Italy buying 6000 to 7000 tonnes of Spanish corn for last/half April shipment a spokesman for cargills spanish unit said...Taiwan bought 54000 tonnes of U.S. soybeans for April 20/May 5 delivery C and F... (Continued) - The India State Trading Corp bought 20000 tonnes of optional origin soybean oil for May 20/June 20 shipment and 6000 tonnes of RBD palm olein for April 25/May 25 shipment at its import tender yesterday...Pakistan rejected offers at its tender for 12000 tonnes of RBD palm oil but is expected to retender next week...The U.S. Department of Agriculture (USDA) said it has accepted a bid for an export bonus to cover the sale of 50000 tonnes of U.S. hard red winter wehat to Sri Lanka for April 8/16 shipment with an additional 10000 tonnes of wheat still available to Sri Lanka under the Export Enhancement Program (EEP)... (Continued) - The USDA said it has accepted a bid for an export bonus to cover the sale of 18000 tonnes of U.S. durum wheat to Algeria for June 20/30 shipment with an additional 228000 tonnes still available to Algeria under the EEP. Tenders - Jordan will tender Monday April 6 for 225000 tonnes of U.S. hard and soft wheats for various April/Nov shipments under the EEP. Market talk and comment - The USDA said Turkey has been made eligible for the sale of up to 70000 tonnes of medium grain milled rice under the EEP... Market talk and comment (continued) - The USDA announced Colombia has been made eligible for sale of up to 15000 tonnes of U.S. barley malt under the EEP...The Canadian Grain Commission reported Canadian wheat exports in the week ended March 29 totalled 447200 tonnes compared with 277700 the previous week with 1986/87 season exports so far up to 10228600 tonnes versus 10637500 for the 1985/86 season with barley exports 38800 tonnes 106700 tonnes 4804500 and 1892600 respectively rapeseed 43900 tonnes 50700 tonnes 1292600 and 920000 respectively and flaxseed 20700 tonnes 13600 tonens 450900 and 392600 respectively... Market talk and comment (continued) - Pakistan is not emerging as a major wheat exporter as World market prospects are not good enough a government official said...Active timecharter fixing by Soviet operators to cover USSR grain imprts featured the ocean freight market this morning ship brokers said...Dry cargo futures on the BIFFEX extended yesterdays strong advance with sharp gains of 22 to 17 points in response to rumors of higher rates for grain business from the U.S. Gulf to Japan dealers said. Reuter | EXPORT BUSINESS - GRAINS/OILSEEDS COMPLEX |
Cullen/Frost Bankers Inc said it will defer paying a cash dividend for the next 12 months due to the economic slump in the Texas economy. It previously paid a five cents a share dividend in recent quarters. It also said its first quarter earnings ended March 31 which it said it will release later this month will be similar to its fourth quarter earnings last year. In 1986 the company reported a loss of 6565000 dlrs or 91 cts a share. Reuter | CULLEN/FROST <CFBI> TO OMIT DIVIDEND |
<Nelson Holdings International Ltd> said it plans to expand the marketing of its video vending machines which have been tested successfully in Toronto. The machines which can contain up to 400 videocassettes have been placed in convenience stores and gas stations for the past nine months. Nelson said it now has machines in about 50 locations in Toronto and will expand its sales effort across Canada this year. The vending machines allow customers to rent a videocassette using a credit card and return the cassette to the same machine. Reuter | NELSON TO EXPAND VIDEO VENDING |
A group of New York investors said it lowered its stake in Rospatch Corp to 170250 shares or 7.0 pct of the total outstanding common stock from 202108 shares or 8.3 pct. In a filing with the Securities and Exchange Commission the group said it sold a net 31858 shares of Rospatch common stock between February 2 and March 31 at prices ranging from 21.50 to 25.13 dlrs a share. The group includes Brookehill Equities Inc a brokerage firm and Moore Grossman and deRose Inc an investment advisor. Reuter | INVESTOR GROUP CUTS ROSPATCH <RPCH> STAKE |
Canadian bonds closed slightly lower on market jitters amplified by rumors that a big holder of domestic bonds was selling early in the day dealers said. The market had opened 1/4 to 3/8 point stronger on news of unexpectedly weak U.S. employment data for March but the advance sparked profit-taking which forced prices down about 1/4 point on the day. Rumors of a major seller were not confirmed but some traders felt limited potential for further Canadian dollar gains might be taking some of the shine off domestic bonds. The benchmark Canada 9-1/2 pct of 2001 ended at 106-1/4 3/8 and the 8-1/2 pct of 2011 at 97-1/4 1/2. Reuter | CANADIAN BONDS CLOSE SLIGHTLY LOWER |
State-run oil company Ecopetrol said Colombias main oil pipeline was bombed again and pumping of 170000 barrels per day was suspended. A spokeswoman for the company said that the early morning dynamite attack was the 31st in the last nine months on the Cano Limon-Covenas pipeline which links Colombias biggest oilfied at Cravo Norte to the Caribbean. She said about 2000 barrels of crude were spilled and could not indicate when pumping would resume. The attack was near Magangue in northeastern Bolivar province. Ecopetrol is exploiting Cravo Norte in association with Occidental Petroleum Corp <OXY> and Shell Petroleum N.V. a unit of the Royal Dutch/Shell Group <RD> <ST>. Ecopetrol said in a communique that bombings since last July led to a loss of more than 110000 barrels of crude or the equivalent of 10 mln dlrs. Reuter | COLOMBIA'S MAIN OIL PIPELINE ATTACKED |
The United States defended its sales of stockpiled tin in 1986 in reaction to criticism from Malaysian miners who have said it violated an agreement with southeast Asian producers. The United States has continued to abide by the spirit of the memorandum of understanding and has consulted with the ASEAN states on GSA tin disposals a State Department spokesman said in a statement. The views of the ASEAN governments have been taken into account in determining disposal levels the statement said. The United States and the ASEAN countries signed a memorandum of understanding concerning tin disposals by the U.S. General Services Administration (GSA) in December 1983. In its latest annual report the States of Malaya Chamber of Mines said the GSA sold 5490 tonnes of tin in 1986 well above an agreed upon annual limit of 3000 tonnes. The United States appears to have lost sight of the U.S./ASEAN Memorandum of Understanding it said. The State Department statement said GSA tin disposals increased in calendar year 1986 due to changed market conditions. During the first quarter of calendar year 1987 they have been running at a lower rate compared to 1986. The spokesman declined to say how much stockpiled tin the GSA sold last year however. Reuter | U.S. DEFENDS STOCKPILED TIN SALES IN 1986 |
Loctite Corp said it expects third quarter earnings to be higher than security analysts forecasts of 75 to 80 cts a share. Last year the company earned 53 cts per share in the third quarter. It attributed its better than expected forecast to sales growth which it said were particularly strong overseas. It also said it will have a lower effective tax rate. Reuter | LOCTITE <LOC> SEES BETTER THAN EXPECTED NET |
Time Inc said the acquisition of Scott Foresman and Co last year will dilute earnings per share by about 17 cts a share for the full year in 1987. For the first quarter the acquisition will have a negative impact of about 20 cts per share chief financial officer Thayer Bigelow told security analysts. He said Scott Foresman a textbook publisher will contribute more than 50 mln dlrs in operating income before depreciation and amortization for the full year. N.J. Nicholas president and chief operating officer said Soctt Foresman will have over 200 mln dlrs in revenue in 1987. Bigelow said the textbook business which normally has its highest profit in the third quarter and incurs a loss in the first quarter will have an adverse impact of 15 mln dlrs on book publishing income for the first quarter. First quarter performance for the rest of Time Inc will be better than last year Bigelow said. The dilution of 17 cts per share for 1987 includes the effects of financing the acquisition. Bigelow also said the company is comfortable with estimates that earnings will be between 3.75 dlrs and 4.25 dlrs per share for the year. Reuter | TIME <TL> SEES DILUTION FROM SCOTT, FORESMAN |
CYACQ Corp said it terminated its February six tender offer for Cyclops Corp. CYACQ was unsuccessfully bid against Dixons Group Plc for control of Cyclops. As of March 27 Dixons Group Plc had acquired more than 80 pct the stock under an increased tender offer. Reuter | CYACQ TERMINATES TENDER FOR CYLCOPS <CLY> |
Leonard Chavin a Chicago real estate developer who has said he is considering seeking control of L.E. Myers Co Group said he raised his stake in the company to 273100 shares or 12.1 pct from 219600 or 9.7 pct. In a filing with the Securities and Exchange Commission Chavin said he bought 53500 Myers common shares between March 10 and 31 at prices ranging from 5-1/2 to six dlrs a share. Last January Chavin said he retained investment banker R.G. Dickinson and Co to advise him on his Myers stock dealings. He has also said he would be unable to seek control of Myers unless he gets financing. Reuter | INVESTOR LIFTS MYERS <MYR> STAKE TO 12.1 PCT |
The Brazilian Coffee Institute today registered 1.4 mln 60 kilo bags of green coffee for May shipment an IBC statement said. This brings the total in the two days registrations have been open to 2.05 mln including 4868 bags of soluble. Todays registrations comprised 1076226 bags to members and 326259 to non-members of the International Coffee Organisation. No soluble sales were registered today. Reuter | IBC REGISTERS 1.4 MLN BAGS OF EXPORT SALES |
First Quarter Anchor Financial Corp shr 31 cts vs 31 Nine Months Biomet Inc shr 49 cts vs 36 Federal Co shr 3.55 dlrs vs 1.66 Richardson Electronics shr 59 cts vs 53 Year Eac Industries Inc oper shr loss 65 cts vs loss 97 cts Fine Art Acquisitions shr 15 cts vs 10 Mangood Corp oper shr loss 6.07 dlrs vs loss 7.64 Reuter | U.S. COMPANY EARNINGS HIGHLIGHTS |
Shr loss 31.09 dlrs vs loss 1.86 dlrs Net loss 112.7 mln vs loss 5.5 mln NOTE: 1986 loss includes operating loss of 109.4 mln dlrs or 30.21 dlrs a share including an additional loan loss provision of 68 mln dlrs write downs in the value of real estate of 13 mln dlrs and an extraordinary loss of 3.3 mln dlrs for early retirement of long-term debt. Reuter | FREEDOM SAVINGS AND LOAN ASS'N <FRDM> YEAR END |
Baker International Corp and Hughes Tool Co said they signed a consent decree with the U.S. department of justice resolving the departments objections to their merger. The companies also said the signing cleared the way for their merger completed today. In the decree Baker agreed to sell certain rock bit and electric submersible pump assets to resolve the Departments complaints. The new company will be called Baker Hughes Inc. On monday April 6 it will begin trading under the symbol <BHI> they said. Reuter | BAKER <BKO>, HUGHES TOOL <HT> SIGN U.S. DECREE |
Michael Krupp a Golden Colo. businessman and major shareholder of Kappa Networks Inc said he and Kappas management are considering seeking a merger between Kappa and Radiation Systems Inc. In a filing with the Securities and Exchange Commission Krupp said companies he controls and Kappa acquired a combined 292000 Radiation System shares or 5.25 pct of the total. Krupp who has a 24.4 pct stake in Kappa said he and Kappa management believe a Kappa-Radiation Systems combination would be good for both companies. But no decision has been made on whether or how to proceed with a merger attempt he added. Reuter | INVESTOR MULLS KAPPA<KPA>-RADIATION<RADS> MERGER |
Olin Corps Olin Hunt Specialty Products Inc said it acquired Image Technology Corp for undisclosed terms. Image Technology makes chemicals for the semiconductor industry. Reuter | OLIN <OLN> UNIT ACQUIRES IMAGE TECHNOLOGY |
Key Centurion Bancshares Inc said it reached an agreement in principle to acquire Central National Bank of Buckhannon in W. Virginia. Terms call for an exchange of 2.75 shares of Centurion shares for each share of Central National. The transaction is valued at 16.2 mln dlrs. Reuter | KEY CENTURION <KEYC> TO BUY BANK OF BUCKHANNON |
Sturm Ruger and Co Inc said it submitted a bid in excess of 60 mln dlrs for Smith and Wesson a manufacturer of law enforcement firearms and a unit of Lear Siegler. Smith and wesson is among a number of companies being sold by Forstman and Little after its recent acquisition of Lear Siegler. Reuter | STURM, RUGER SUBMITS BID FOR SMITH AND WESSON |
RIO DE JANEIRO - IBC closes export registrations - exporters. |
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Freedom Savings and Loan Association said it may seek a possible sale or merger of the association as it reported a net loss of 112.7 mln dlrs or 31.09 dlrs a share for 1986. The loss included a number of charges including additions to its loan loss provision of 68 mln dlrs and write-downs on the value of its real estate of 13 mln dlrs. It said it is continuing to work with investment bankers to find sources of new capital return its non-performing assets to earning status and reduce operating expenses and liabilities among other things. Reuter | FREEDOM SAVINGS <FRDM> MAY SEEK SALE OR MERGER |
The Brazilian state oil company Petrobras has made a second oil discovery in the Amazon region President Jose Sarney said. He said the well had an initial flow of 150000 cubic meters of gas and 220 barrels of oil per day. It is situated 14 kilometres from the first well to be discovered in the region last year which is currently yielding 500000 cubic meters of gas and 900 barrels of oil daily. The wells the biggest onshore well in the country are on the banks of the river Uruc in the Amazon basin 3600 kilometres (2250 miles) north of Brasilia. Reuter | BRAZIL MAKES SECOND AMAZON OIL DISCOVERY |
The Brazilian Coffee Institute (IBC) tonight closed export registrations exporters said. They said they heard of the closure from IBC officials but no officials could be reached immediately for confirmation. Earlier an IBC statement said registrations for May the only month which was open today totalled 1.4 mln bags of 60 kilos to bring the total registered for the month to 2.05 mln. Reuter | IBC CLOSES EXPORT REGISTRATIONS - EXPORTERS |
Arden Group Inc said stockholders approved the redesignation of its common stock as Class A and the issuance of a new class B common stock. The class B has super-voting rights it said. Reuter | ARDEN GROUP <ARDN> AMENDS CERTIFICATE |
Shr loss 10 cts vs loss 13 cts Net loss 197779 vs loss 245190 Revs 4.0 mln vs 3.1 mln Reuter | TELEBYTE TECHNOLOGY INC <TBTI> YEAR |
MONTHLY dist 2.1 cts vs 2.1 cts prior Payable April 25 Record April 15 Reuter | HOUSTON OIL ROYALTY TRUST <RTH> DISTRIBUTION |
Publishers Equipment Corp said it reached an agreement to incorporate flexo printing technology into The Tentonian an Ingersoll newspaper in Trenton N.J. It said that mid-1988 will be the target date for start-up for the new equipment which will double the size of its present press. Reuter | PUBLISHERS EQUIPMENT <PECN>, TRENTONIAN IN DEAL |
A group led by New York investor Mario Gabelli told the Securities and Exchange Commission it cut its stake in Gencorp Inc to 1410184 shares or 6.3 pct of the total from 1626233 shares or 7.3 pct. The Gabelli group said it sold 216049 Gencorp common shares between March 20 and 30 at prices ranging from 108.75 to 114.75 dlrs a share. Reuter | GABELLI GROUP CUTS GENCORP <GY> STAKE TO 6.3 PCT |
INternational Telecharge INc said it filed a registration statement with the Securities and Exchange Commission for a public offering of one mln shares of common stock. Proceeds will be used for general purposes. Reuter | INTERNATIONAL TELECHARGE IN PUBLIC OFFERING |
The U.S. Treasury market ended sharply higher reassured by news that the Federal Open Market Committee voted in February to maintain the then-existing degree of restraint on bank reserves dealers said. News of a weaker-than-expected March employment report and a minor bounce back in the dollar prompted short-covering that pushed coupon issues higher while an easing in the Federal funds rate below six pct helped short-dated issues. The key 7-1/2 pct 30-year Treasury bond price finished 3/4 higher at 95-27/32 pushing the yield down to 7.86 pct from 7.93 pct yesterday. Danuta Zielonka of Wertheim Schroder Co Inc said that recent slowing in the growth of the monetary aggregates is a another factor arguing against firmer Fed policy. Money growth has been slowing perceptibly in March which should give them more room to not tighten she said. Both M2 and M3 are will be at the low end of their target ranges in March. The FOMC minutes are neutral for the bond market Zielonka said. Dollar considerations will prevent them from easing anytime soon but they cant tighten with the economy weak and the banks having to deal with Brazil. Doubts on the economys strength were underscored not only by a smaller-than-expected 164000 gain in March non-farm payrolls but also by a downward revision in Februarys gain to 236000 from a previously reported 337000. The markets initial reaction to the data was restrained by fears the employment news would undermine the dollar but when the dollar maintained a firm tone the bond market extended its gains. Profit-taking pulled bond prices down from the days highs but a record close in the U.S. stock market stimulated buying late in the day that offset this somewhat. Still coupon issues were unable to recover completely from this weeks steep losses as trade tensions between the U.S. and Japan pressured the dollar and discouraged Japanese investors from buying U.S. Treasury bonds. The current 7-1/2 pct Treasury bond traded down to 94-11/32 in Tokyo this week pushing the yield to 7.98 pct. This capped the U.S. 1987 high yield on the 30-year bond of 7.93 pct seen yesterday. Treasury bills advanced on the week. The six-month bills rose one basis point but three-month bills fell 17 basis points and the year bill fell two basis points. Dealers said that the sharp drop in three-month bills resulted in part from recent outright bill purchases for a customer believed to be related to heavy intervention by foreign central banks to support the dollar. A drop in the Fed funds rate to 5-15/16 today underpinned a decline in bill rates. It traded at this level throughout the session down from yesterdays 6.14 pct average. Three-month bills closed two basis points lower at 5.48 pct bid. Six- and 12-month bills both dropped nine basis points to respective bids of 5.70 pct and 5.75 pct. Reuter | U.S. TREASURY MARKET ENDS SHARPLY HIGHER |
Kenner Parker Toys Incs Parker Brothers said it obtained injunctions in two trademark infringement cases. One action was brought against Kits Games which planned to market a game called Worldopoly which was very similar to Kenners Monopoly. The second case was brought against Citigames of America Inc which marketed a game called Hometown Monopoly. Reuter | KENNER PARKER <KPT> CONCLUDES TWO SUITS |
Mario Gabelli head of New York investment firm Mario Gabelli and Co said he sold some shares of GenCorp Inc <GY> as part of a portfolio rebalancing process to meet the needs of his more than 600 clients. He said as the stock moved up following acquisition proposals from a group formed by AFG Industries Inc <AFG> and Wagner and Brown some of his clients were overweighted. Regarding the companys shareholders meeting Tuesday Gabelli told Reuters there was nothing said that caused me to sell or buy. He still thinks values are 140 dlrs per share or more and has clients that asked to buy more. Gabelli said he amended certain filings with the Securities and Exchange Commission because his clients are now passive investors. We wanted to remove our clients from the process unfolding between GenCorp and Wagner and Brown he said. He said he was pleased that chairman A. William Reynolds stated at the meeting that he found the concept of greenmail to be repugnant. Greenmail refers to a corporation buying out a shareholder at a premium not available to others. Reuter | GABELLI EXPLAINS SALE OF GENCORP <GY> SHARES |
Poul Erik Moller a Santa Monica Calif. investor said he raised his stake in First Western Financial Corp to 412000 shares or 6.5 pct of the total outstanding common stock from 347000 shares or 5.5 pct. In a filing with the Securities and Exchange Commission Moller said he bought 65000 First Western common shares between Jan 20 and March 26 at prices ranging from 10.000 to 10.625 dlrs a share. Moller said he bought the stock as a long-term investment and may buy more but has no plans to seek control of the company. Reuter | INVESTOR BOOSTS FIRST WESTERN <FWES> STAKE |
Poul Erik Moller a Santa Monica Calif. investor said he raised his stake in First Western Financial Corp to 412000 shares or 6.5 pct of the total outstanding common stock from 347000 shares or 5.5 pct. In a filing with the Securities and Exchange Commission Moller said he bought 65000 First Western common shares between January 20 and March 26 at prices ranging from 10.000 to 10.625 dlrs a share. Moller said he bought the stock as a long-term investment and may buy more but has no plans to seek control of the company. Reuter | INVESTOR BOOSTS FIRST WESTERN <FWES> STAKE |
The World Bank said it approved a 90 mln dlr loan to Yugoslavias third largest bank to support a project promoting energy conservation and substituting lower-cost energy sources for present sources. It said the loan consists of a credit line to Ljubljanska Banka Ljubljana (LBL) to finance a project expected to improve industrial competitiveness and reduce energy imports easing the countrys current balance-of-payments difficulties. The loan will also support development of technical capabilities for energy audit work and strengthen the financial and institutional capability of LBL the Bank said. The Bank said the project will benefit small and medium-sized industries primarily in Yugoslavias Republic of Slovenia. It said 600000 dlrs of the loan will cover the foreign exchange costs of consultancy services equipment and training abroad for technical and financial personnel. Reuter | YUGOSLAVIAN BANK GETS 90 MLN DLR WORLD BANK LOAN |
Oper shr loss 30 cts vs profit eight cts Oper net loss 5887996 vs profit 1620312 Revs 32.4 mln vs 48.5 mln Note: 1987 net excludes extraordinary gain of 2.7 mln dlrs or 14 cts shr from settlement of provision for discontinued operations vs yr-ago tax gain of 562248 dlrs or three cts shr. Reuter | <COMTERM INC> YEAR JAN 31 LOSS |
Capital Blue Cross and Pennsylvania Blue Shield said they will pay for diagnostic testing for their subscribers who may be infected with the AIDS virus because they received blood transfusions before 1985. The Blue Cross Blue Shield Association a coordinating body for the insurers plans said it had no nationwide policy towards AIDS testing for transfusion recipients concerned they were infected with the AIDS virus. An association spokesperson said routine screening for AIDS was not covered by Blue Cross/Blue Shield. Blue Cross and Blue Shield cover about 75 mln people nationwide. Reuter | PENNSYLVANIA BLUE CROSS TO PAY FOR AIDS TESTING |
Sales of U.S.-built new cars surged during the last 10 days of March to the second highest levels of 1987 indicating that car buying may have fully rebounded from its January slump. Sales of imports meanwhile fell for the first time in years succumbing to price hikes by foreign carmakers. For the ten-day March 21-31 period domestic automakers sold 282358 new cars up 19.3 pct from late March 1986 giving the industry an annualized sales rate of 8.1 mln cars. That rate a year ago was 6.9 mln cars. The last 10 days of March was the second strongest 10-day period weve had this year said David Healy at Drexel Burnham Lambert. Weve had a slow recovery since January and these latest figures build on that. This lends some encouragement to the idea that were looking at a pretty strong year he said. In early February sales were up briefly to 8.3 mln units on an annual basis before dropping again. Car buyers had rushed to dealer showrooms in December to take advantage of expiring tax deductions taking away from normal January selling. But a slowly expanding economy an exploding stock market and a growing array of incentives have lured customers to dealers showrooms analysts said. Ford Motor Co <F> sales jumped 29.5 pct in the period to 79249 cars from 61169 a year ago. For the month the nations second largest carmaker said sales increased 17.8 pct to 197328 compared to 167490. Chrysler Corp <C> reported a 20.2 pct sales jump to 40454 compared with 33669. In all of March it sold 96649 up 6.3 pct from 90945. Industry giant General Motorss sales rose a more modest 6.2 pct for late March to 140522 verses 132298 last year. But sales for the full month dropped 5.6 pct to 349578 from 370390. Also helping the U.S.-based industry analysts said is the slackening demand for imports which suffered the first sales decline in memory. Imports will need more and more sales incentives a phenomenon unheard of two years ago said Scott Merlis at Morgan Stanley. Import prices have risen 17 pct on average so theyve become more sensitive to weaker demand in general. General Motors market share for the period fell to 48.2 pct below the 51 pct for the first three months of the year and far below the 56 pct of most of last year. Fords market share was 28.1 pct up from 27.7 pct for the first three months while Chryslers share was 14.3 pct a rise from 13.7 pct since the start of the year. Falling market share at General Motors apparently prompted the company to decide this week to close six plants for a week to bring supply into line with demand. But Ronald Glantz at Montgomery Securities said further production cuts might be necessary. While GM has just taken 10000 units out of second quarter production already because of weak sales the continuation of this weakening market share suggests another production cutback is likely Glantz said. Other carmakers with U.S plants posted these results during the March 21 to 31 period -- American Motors Corp <AMC> 1198 down 50 pct Volkswagen 2145 down from 3342 American Honda 16635 up from 6358 and Nissan 4635 up from 2536. Reuter | U.S. CAR SALES RECOVER FROM JANUARY BLAHS |
The World Bank said it approved a 90 mln dlr loan to Yugoslavias third largest bank to support a project promoting energy conservation and substituting lower-cost energy sources for present sources. It said the loan consists of a credit line to Ljubljanska Banka Ljubljana (LBL) to finance a project expected to improve industrial competitiveness and reduce energy imports easing the countrys current balance-of-payments difficulties. The Bank said the project will benefit small and medium-sized industries primarily in Yugoslavias Republic of Slovenia. It said 600000 dlrs of the loan will cover the foreign exchange costs of consultancy services equipment and training abroad for technical and financial personnel. Reuter | YUGOSLAVIAN BANK GETS 90 MLN DLR WORLD BANK LOAN |
The following proposed securities offerings were filed recently with the Securities and Exchange Commission: Uno Restaurant Corp - Initial public offering of one mln shares of common stock including 250000 by current holders at an estimated eight to nine dlrs each through A.G. Edwards and Sons Inc. Federal Express Corp <FDX> - Offering of 200 mln dlrs of senior debentures due 2017 through Kidder Peabody and Co Inc. Reuter | PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC |
 CORRECTION - PRAXIS <PRAX> AIDS DRUG In New York item titled PRAXIS <PRAX> AIDS DRUG TO GO INTO WIDER TESTS please read April 3 as date. Also please read in third paragraph...Lippa said the firm has about one mln dlrs left from its public offering in January 1985...correcting amount. Also please read in first paragraph of PRAXIS <PRAX> =2 NEW YORK ... the Beverly-Hills Calif.-based company is considering a private offering ... to help finance the cost of the trials...corrects to read that company considering private offering from preparing a private offering. Reuter  | |
Sales of U.S.-built new cars surged during the last 10 days of March to the second highest levels of 1987 indicating car buying may have fully rebounded from its January slump. Sales of imports meanwhile fell for the first time in years succumbing to price hikes by foreign carmakers. For the ten-day March 21-31 period domestic automakers sold 282358 new cars up 19.3 pct from late March 1986 giving the industry an annualized sales rate of 8.1 mln cars. That rate a year ago was 6.9 mln cars. The last 10 days of March was the second strongest 10-day period weve had this year said David Healy at Drexel Burnham Lambert. Reuter | U.S. CAR SALES RECOVER IN LATE MARCH |
Mellon Bank Corp said that an earlier announced shareholder class action suit was totally without merit and that it would vigorously defend it. Earlier an attorney for shareholder John Paul Decker said he filed suit due to the precipitous decline in Mellons stock since reporting on Thursday that it would be posting a first quarter loss of 55-65 mln dlrs. Mellons stock fell 3-5/8 to 40-3/4 today after plunging 6-1/4 yesterday. The shareholders attorney said he charges that Mellon failed to disclose its true financial condition between February 1 1985 and April 2 1987. Reuter | MELLON <MEL> SAYS SUIT IS WITHOUT MERIT |
Houston Lighting and Power Co a unit of Houston Industries Inc said it will redeem on May 4 at par plus accrued interest about 140 mln dlrs of first mortgage bonds. The utility expects the redemption will save it nearly three mln dlrs annually in interest expenses. Houston Lighting recently exchanged 390 mln dlrs of high coupon bonds for nine pct bonds saving about 11 mln dlrs in annual interest costs. Houston Lighting plans to buy back its outstanding 11-1/4 pct bonds of 2009 12s due 2010 12-3/8s of 2013 and 11-5/8s due 2015 and part of its 10-1/8s of 2004. Reuter | HOUSTON INDUSTRIES <HOU> UNIT TO BUY BACK BONDS |
Cash distribution 13.3 cts vs 8.4 cts prior Pay April 29 Record April 15 Reuter | SABINE ROYALTY TRUST <SBR> SETS MONTHLY PAYOUT |
Qtly div 45 cts vs 45 cts prior Pay May 15 Record April 24 Reuter | PROVIDENCE ENERGY CORP <PVY> REGULAR DIVIDEND |
Gulf States Utilities Co said its condition has significantly deteriorated and that its operating cash reserves will be inadequate by May 1987 unless it receives additional financing or rate relief from state public utilities commissions in Texas and Louisiana. In the companys newly-released annual report and 10-K filing Gulf States said its bank lenders had notified the utility last month that no additional credit would be granted. Gulf States said the banks had requested the utility to begin making prepayments by the end of April of 45 mln dlrs more than the estimated 1987 lease payments of 40 mln dlrs. The circumstances increase the likelihood that the company may have to seek protection from its creditors under the bankruptcy code Gulf States said. The utility had previously said it might be forced to consider filing for bankruptcy because of limited rate increases granted by state regulators in connection with Gulf States 4.3 billion dlr River Bend nuclear plant in Louisiana. If the regulatory commissions approve the companys proposed rate moderation plan and grant the increases provided for in such plan during the initial three-year phase-in period the company believes it could achieve financial stability Gulf States said. In February the Texas Public Utilities Commission granted Gulf States an interim rate increase of 39.9 mln dlrs contingent upon the utility obtaining a new 250 mln dlr line of credit to pay operating expenses. The utility had sought 144.1 mln dlrs in rate hikes in Texas. Gulf States has appealed a decision by Louisiana state regulators rejecting its application for 100 mln dlrs in emergency rate relief. In 1986 Gulf States earned 244.9 mln dlrs on revenues of 1.47 billion dlrs compared to profits of 265.4 mln dlrs on sales of 1.85 billion in the previous year. Reuter | GULF STATES (GSU) SEES END TO CASH BY MAY |
Hudson Foods Inc said April 13 has been set as the record date for eligibility of stockholders and debentureholders to participate in its previously announced stock and debt exchange offers. Reuter | HUDSON FOODS <HFI> SETS EXCHANGE RECORD DATE |
Standard and Poors said that currently 17 finance units benefit from parent relationships by receiving higher ratings than their financial performance alone would merit. By drawing on its parent companys strength a weaker finance subsidiary can achieve a credit rating as high as its parent. An independent finance company on the other hand must operate within more stringent guidelines than a unit and is at a competitive disadvantage S and P said. The agency rates a finance unit on its creditworthiness as well as the support agreement it has with its parent. Standard and Poors said that some finance subsidiaries have formal support agreements with the parent company which obligate the parent to maintain the units net worth. The agreement assures that the unit meets its obligations on time and requires it to operate within specific guidelines. Others have less formal agreements with the parent like General Electric Credit Corp <GE> whose AAA rating reflects its parents General Electric Co. But GE injected sizeable equity into the unit at timely intervals S and P noted. These agreements are being tested as finance firms expand and S and P said it will review a unit that violates the pact. Reuter | FINANCE UNITS GAIN FROM PARENT COMPANY, SAYS S/P |
ST Systems Corp said it was awarded a two-year contract with three one-year options valued at nearly 30 mln dlrs to provide support services for atmospheric science research at the National Aeronautics and Space Administrations Langley Research Center. The company said it has supported Langleys atmospheric science research program for 12 years and will integrate its past work into the new contract. Reuter | ST SYSTEMS <STX> WINS NASA CONTRACT |
<Boddie-Noell Restaurant Properties Inc> said it filed a registration statement with the Securities and Exchange Commission covering its initial public offering of 3100000 shares of common stock. The company said it plans to qualify as a real estate investment trust and buy 53 existing Hardees restaurant properties located in Virginia and North Carolina. Reuter | BODDIE-NOELL FILES FOR INITIAL PUBLIC OFFERING |
HK SHANGHAI BANK, STANDARD CHARTERED BANK RAISE PRIME ONE-HALF POINT TO 6.5 PCT. |
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Hongkong and Shanghai Banking Corp and Standard Chartered Bank raised their prime rate one-half point to 6.5 pct effective Tuesday the Association of Banks said. The association said in a statement deposit rates have also been increased by 1/4 to 1/2 percentage point. The banks last announced an adjustment on February 28 when they raised the prime rate by one point to six pct. The deposit interest rates are now savings and 24 hours two pct seven-day call one week and two weeks 2-1/4 pct one month and two months 2-3/4 pct three and six months 3-1/4 pct nine months 3-1/2 pct and 12 months four pct. REUTER | HONG KONG BANKS RAISE PRIME ONE-HALF POINT TO 6.5 PCT |
South Koreas wholesale price index base 1980 rose 0.2 pct to 125.1 in March after a 0.2 pct rise in February but was 0.6 pct lower than its March 1986 level the Bank of Korea said. The March consumer price index same base rose 0.5 pct to 146.0 after a 0.1 pct gain in February for a year-on-year rise of 1.7 pct. REUTER | SOUTH KOREAN WHOLESALE PRICES UP 0.2 PCT IN MARCH |
The Tahoe Savings and Loan Association of South Lake Tahoe Cal. Was placed in receivership yesterday because it was insolvent unsafe and unsound the Federal Home Loan Bank Board (FHLBB) said. Its 84.4 mln dlrs of assets -- as well as its deposits and liabilities -- were transferred to a newly chartered federal mutual association Tahoe Savings and Loan the FHLBB said. A management contract to operate it was awarded to First Federal Savings of Nebraska it added. REUTER | INSOLVENT CALIFORNIA THRIFT IN RECEIVERSHIP |
Production in the manufactured goods industry has been falling since mid-1986 and will decline by between one and two pct this year after a 2.5 pct increase in 1986 the Ifo economic institute said. An Ifo report said recessionary influences were affecting the engineering industry particularly. It saw a decline of two to three pct in this sector after a 5.2 pct rise in 1986. Orders especially from abroad were also falling sharply for capital goods in the electronics sector it added. Ifo also predicted stagnation in the automobile industry in 1987 after a particularly successful 1986 when production rose 5.1 pct. Chemical industry production which fell by 0.9 pct last year was likely to stagnate or decline by one pct in 1987. This sector suffered from slack demand from abroad and from low domestic consumption. REUTER | INSTITUTE SEES W.GERMAN OUTPUT FALL IN 1987 |
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