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Qtly div 25 cts vs 25 cts prior Payable May 6 Record April 24 Reuter | MELLON PARTICIPATING MORTGAGE TRUST <MPMTS> DIV |
A Treasury official said there are no plans to try to reduce the U.S. budget deficit by issuing yen-denominated bonds that would become known as Reagan bonds. It simply isnt something that we are planning to do the official said. He added the Treasury was aware of Japanese news reports suggesting the Reagan administration might issue such bonds as the former Carter administration did when it sold Carter bonds denominated in West German marks. But he said the situation was greatly different now. If you look at the differences between the treasury market now and in the Carter administration years it is a much more global market now the official said. There was not the same ease then for the holder of another currency to buy other countries securities he added But there is no difficulty now for them to purchase dollars and buy U.S. securities. The United States needs dollars not Japanese yen to pay its debts and reduce the deficit and so has no plans to issue yen-denominated bonds he emphasized. Reuter | U.S. TREASURY SAYS NO PLANS FOR SPECIAL BONDS |
Public Service Co of Colorado said it has reached a preliminary agreement to resolve a territorial dispute with Union Rural Electric Association of Brighton Colo. The company said The tentative agreement protects Unions boundaries and also would set in motion a vote of Unions membership which could lead to acquisition of Union by Public Service Co. Union provides electrical service to about 14000 members in cities and rural areas north of Denver. The company said the settlement which is pending before the Colorado Public Utilities Commission is under review by the Tri-State Generation and Transmission Association which supplies power to Union and is subject to approval by the Public Service Colorado board and Unions membership. It also will be discussed with the Colorado Rural Electric Association. It said legislation that would halt the acquisition of electric utility service territories by annexation will remain active in the Colorado House of Representatives until Union and Public Service assure legislators they are in agreement. Reuter | PUBLIC SERVICE COLORADO <PSR> IN SETTLEMENT |
Advanced Micro Devices Inc said it is developing a set of five computer chips for use in digital communications systems. The company said the new chips support the integrated services digital network or ISDN the international standard for digital voice and data communications. Advanced Micro also said it has signed a licensing agreement with American Telephone and Telegraph Co <T> under which ATT has provided it with certain digital communications specifications. Todays announcement follows the companys introduction last week of a 32-bit microprocessor. We have now reached a key point in the development of communications devices that implement a worldwide ISDN standard said John East group vice president for Advanced Micros logic businesses. He said the companys new computer chips to be available by the end of this year should boost the acceptance and implementation of ISDN services. The chip set includes five separate devices in 100 unit quantities. The devices are priced from 7.25 dlrs to 29.25 dlrs. Similar chip sets for ISDN communications are already being sold by a number of companies including INTEL Corp <INTC> ATT Rockwell International <ROK> and a joint venture between Northern Telecom LTd <NT> and Motorola Inc <MOT>. The ISDN standard portions of which are still being defined will provide for the simultaneous transmission of voice data and video. Advanced Micro chip sets will be used in equipment such as private branch exchanges and desktop computers. The company also said it is developing an ISDN protocol controller. It said the controller will connect directly with its current line of ISDN devices. The device supports several digital communications protocols including ones from International Business Machines Corp <IBM> and ATT. Reuter | ADVANCED MICRO <AMD> UNVEILS COMPUTER CHIPS |
General Electric Co Plc <GECL.L> (GEC) declined comment on rumours on the London stock market that it is planning another purchase in the U.S. Medical equipment field in addition to its existing U.S. Subsidiary <Picker International Inc>. A GEC spokesman said that it is company policy not to comment on acquisition rumours. Stock Exchange traders said the rumour helped GECs share price to rise 5p to a final 206p from yesterdays closing price of 201p. Reuter | U.K. GEC DECLINES COMMENT ON U.S. PURCHASE RUMOUR |
Preston corp said it expects to report a loss of about 300000 dlrs or five cts per share for the first quarter compared with a profit of 1081000 dlrs or 19 cts per share a year before. The trucking company attributed the loss to the continued rate of discounted in its primary markets flat revenues and increased costs including uninsured claims expense resulting from adverse weather conditions during the last three months. It said results outside the Northeast were strong and it expects to show improved results for the rest of the year. Reuter | PRESTON CORP <PTRK> SEES FIRST QUARTER LOSS |
The Federal Reserve entered the U.S. Government securities market and offered to buy all maturities of Treasury notes and bonds a Fed spokesman said. He said this coupon pass which adds permanent reserves to the banking system was for regular delivery tomorrow. Dealers said that Federal funds were trading at 6-7/16 pct when the Fed announced the operation. Economists had been expecting the Fed to do this because of the need to offset seasonal factors expected to drain reserves heavily over the next few weeks. The Fed had previously offered to buy all coupon issues on March 31. Reuter | FED SAYS IT OFFERS TO BUY ALL COUPON ISSUES |
Synergen Inc said it has filed for an offering of 1500000 common shares through underwriters led by Alex. Brown Inc <ABSB> Hambrecht and Quist Inc and Boettcher and Co Inc. It said proceeds will be used to fund research and testing and for other general corporate purposes. Reuter | SYNERGEN <SYGN> FILES TO OFFER SHARES |
The U.S. Senate Budget Committee ended its stalemate over a budget plan and approved by a single vote a revised 1988 budget proposed by chairman Lawton Chiles to cut the deficit to 133.7 billion next year. The new plan broke last weeks gridlock in which the committee failed to approve a similar Chiles plan on a tie vote. Today the measure was sent to the Senate 13 to 11. Among a series of changes to get the extra vote Chiles added about 400 mln dlrs for additional unspecified agricultural spending programs to be paid with partly with higher user fees. Reuter | U.S. SENATE BUDGET COMMITTEE APPROVES PLAN |
Quebec mines minister Raymond Savoie said the province is prepared to offer money to help re-open (Noranda Inc)s Murdochville Quebec copper mine shut down by fire last week but said he could not give a specific figure until damage estimates have been completed. Federal member of parliament for the region Charles-Eugene Marin said last week the federal government is also prepared to provide financial help to restart operations as soon as possible. Noranda has estimated damage from the fire at about 10 mln dlrs and a company spokesman said it should have a more specific estimate by the end of the month. Noranda said it had hoped to have an estimate sooner but has found that it will take longer than expected to gain access to the burned-out area. Noranda said the mine was not insured. We decided many years ago...that the costs of insuring all of Norandas underground operations would have been prohibitive Larry Taylor Norandas risk management and insurance director said. Taylor said before last weeks fire the company had only had one previous mine accident many years ago. Last weeks fire killed one miner and trapped 52 other underground some for up to 24 hours. It was believed to have started on a new conveyor system. Noranda has said it would take four to five months to return the mine to normal operating capacity. It produced 720000 tons of copper anode last year Coffin said. Reuter | QUEBEC GOVERNMENT TO OFFER HELP TO NORANDA MINE |
Western Digital Corp said its 47 mln dlrs of 6-3/4 pct convertible debentures due 2011 which had been called for redemption were converted into 2685142 common shares. Reuter | WESTERN DIGITAL <WDC> DEBENTURES CONVERTED |
Eastman Kodak Co is raising 25 mln dlrs through an offering of notes due 1997 said sole underwriter Morgan Stanley and Co Inc. The notes have a 7-1/2 pct coupon and an initial offering price of 99.625 to yield 7.34 pct or 20 basis points over five-year Treasury notes. Morgan said the notes will be reoffered to investors at variable prices. Non-callable for life the issue is rated Aaa by Moodys Investors Service Inc and AA by Standard and Poors Corp. Investors can sell the notes back to the company in 1992. Reuter | EASTMAN KODAK <EK> SELLS 25 MLN DLRS OF NOTES |
<Le Peep Restaurants Inc> said it is suing an Ohio company charging it copied its restaurant from its menu to its design. The action is being taken against <Shellys Inc> operator of three restaurants in Columbus Ohio the company said. The suit alleges copyright infringement and unfair competition it said. The suit was filed in U.S. District Court of the Southern District in Ohio and seeks damages in excess of 2250000 the company said. Reuter | LE PEEP RESTAURANTS SUES OHIO COMPANY |
The <American Stock Exchange> said it has listed Red Lion Inns LP which went public today. The initial trade of the partnership units was at 19.75 dlrs it said. Reuter | AMEX LISTS RED LION INNS <RED> |
Presidential spokesman Marlin Fitzwater said U.S. trade sanctions against Japan were likely take effect on April 17 in spite of a full court press by Japanese officials to avoid them. All indications are they will take effect he said. I would say Japan is applying the full court press ... They certainly are putting both feet forward in terms of explaining their position Fitzwater told reporters. He noted high level meetings on the trade dispute are underway here but said I dont think theres anything I can report and I dont believe theres been any official movement. REUTER | WHITE HOUSE STANDING FIRM ON JAPANESE SANCTIONS |
DOW JONES AND CO INC FIRST QUARTER SHR 69 CTS VS 64 CTS |
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Stanford Telecommunications Inc said it was awarded a three-year contract for 2945052 dlrs to support the National Aeronautics and Space Administrations Goddard Space Flight Center. The company said its tasks will include mission modeling ground system specific task assignements ground system architecture/operations studies transition planning frequency management support radio frequency interference development and system engineering. Reuter | STANFORD TELECOMMUNICATIONS <STII> WINS CONTRACT |
Sir Norman Macfarlane non-executive chairman of <Guinness PLC> has agreed to remain in his post for two more years the company said. The company said its board asked Macfarlane to continue in his capacity. Macfarlane has been in his post since January. Reuter | GUINNESS PLC NON-EXEC CHAIRMAN TO REMAIN |
Shr 30 cts vs 28 cts Net 5000000 vs 4600000 Revs 125.2 mln vs 123.9 mln Note: 52 pct-owned by Dana Corp <DCN>. Reuter | <HAYES-DANA INC> 1ST QTR NET |
The following proposed securities offerings were filed recently with the Securities and Exchange Commission: Stone Container Corp <STO> - Secondary offering of 1633453 shares of common stock and offering of 300000 shares of common stock both through Morgan Stanley and Co Inc and Goldman Sachs and Co. American Continental Corp <AMCC> - Shelf offering of up to 250000 shares of 100 dlr cumulative convertible preferred stock through Offerman and Co Inc. Reuter | PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC |
Western Digital Corp said it has completed the redemption of its 47 mln dlrs of 6-3/4 pct convertible subordinated debentures due 2011. The debt was surrendered for conversion into comon stock resulting in 2685142 shares being issued. Reuter | WESTERN DIGITAL <WDC> REDEEMS DEBT |
CopyTele Inc said the U.S. Patent Office has issued a structure patent for its high resolution charged particle flat panel display screen. The company said it has successfully developed an experimental model with a 4.5 inch image area measured diagonally and is continuing development on panels with larger image areas. Reuter | COPYTELE <COPY> GETS FLAT PANEL PATENT |
The basic deposit on cocoa futures contracts will be reduced by 25 pct as from Friday April 10 taking the required deposit for one 10 tonne lot to 300 stg from 400 previously a spokesman for the International Commodity Clearing House (ICCH) said. The deposit for spread contracts will be similarly cut to 150 stg for a one 10 tonne lot from 200 previously he said. The ICCH had been looking at cocoa market fluctuations over a period of weeks he said adding the markets basic stability had warranted a cut in deposit rates. The decision to cut deposits was taken by the ICCH after consultation with the London Cocoa Terminal Market the spokesman said. The cuts were likely to attract more business to the market he said. Reuter | COCOA TERMINAL DEPOSITS TO BE CUT 25 PCT - ICCH |
Shr 20 cts vs 32 cts Net 1358000 vs 2476000 Revs 27.1 mln vs 26.2 mln Nine Mths Shr 68 cts vs 1.05 dlrs Net 4957000 vs 8129000 Revs 82.6 mln vs 78.8 mln Reuter | ELECTRO RENT CORP <ELRC> 3RD QTR FEB 28 NET |
Munson Geothermal Inc said it received the necessary financing to complete construction work at its Brady Hot Springs facility and begin commercial delivery of geothermally produced electricity to Sierra Pacific Resouces Corp <SRP> by July this year. Munson has a 30-year contract which calls for it to supply Sierra Pacific with about 23.5 megawatts of electricity per year a spokesman said. Munson a wholesale electric utility said the financing consists of a 1.25 mln dlr credit agreement with a division of Foster Oilfield Co of Houston. Trading in Munsons stock was halted earlier news pending. It last traded at a bid of 2-3/8 and an offer of 2-1/2. In addition Munson said that since closing its 1.2 mln dlr limited partnership at Brady in December 1986 the company has raised about 500000 dlrs through private placements with qualified investors. The funds will be used to help finance commercial startup of the Brady facility Munson also said. Reuter | MUNSON <MGEO> GETS PROJECT FINANCING |
Arvin Industries Inc said it and Sango Co Ltd of Japan have started building a new 119000 square foot joint venture auto exhaust plant in Madison Wis. The company said the 15.2 mln dlr plant of its Arvin Sango Inc venture with Sango is scheduled to be in operation early in 1988. Reuter | ARVIN <ARV>, SANGO START BUILDING PLANT |
Washington Energy Co said it plans to file a registration statement later this month covering a planned public offering of 1.2 mln common shares. Proceeds from the offering will be used to reduce short-term bank borrowings incurred to finance capital expenditures the company said. Reuter | WASHINGTON ENERGY <WECO> PLANS PUBLIC OFFERING |
<Whonnock Industries Ltd> said it agreed to sell two mln class A subordinate voting shares to investment dealers Dominion Securities Inc and Pemberton Houston Willoughby Bell Gouinlock Inc for resale to the public at 7.75 dlrs each. Whonnock said <Toronto Dominion Bank> agreed to sell 500000 of its Whonnock class A subordinate voting shares to the same investment dealers as part of the public offer. Reuter | WHONNOCK PLANS SHARE ISSUE |
WALGREEN CO 2ND QTR SHR 62 CTS VS 58 CTS |
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A third Marine has been arrested on suspicion of espionage in a growing sex-spy scandal involving security at both the U.S. Embassy in Moscow and the American Consulate in Leningrad the Pentagon said. Sgt. John Joseph Weirick 26 was arrested yesterday in California and jailed for questioning on suspicion of espionage while he served as a guard at the U.S. consulate in Leningrad for a year beginning in October 1981 Pentagon spokesman Robert Sims said. Two other Marines were earlier charged with espionage at the Moscow Embassy and a third Marine Staff Sgt. Robert Stufflebeam was charged yesterday with failure to report contacts with Soviet women in Moscow Sims told reporters. Reuter | THIRD U.S. MARINE ARRESTED IN SPY SCANDAL |
Philadelphia Electric Co will have to spend an average of about five mln dlrs a day to replace the electricity which would have been generated by the Peach Bottom nuclear power plant Chairman J. Lee Everett said. The Nuclear Regulatory Commission ordered the utility to close the plant early last week. This is the first time an operating plant has been shut down by the NRC specifically because of plant operator problems Everett told the companys annual meeting. He did not say who would pay for the replacement power -- rate payers or shareholders. Everett told the meeting Philadelphia Electric can not give a definitive answer on the cost of the shutdown until it gets Peach Bottom back in service. He said the utility had been aware for some time it had attitude problems among the operating forces at Peach Bottom and thought it had been making progress toward improvement. While the attitude of operating personnel at Peach Bottom has been rated poor the attitudes or our personnel at Limerick our other nuclear plant have been rated excellent. We have asked ourselves over and over how two plants managed by the same company can be so different. Everett said Limerick has been the model for improvements we set out to accomplish at Peach Bottom and remains so. He said a special committee composed of Philadelphia Electrics outside directors will monitor and direct the companys investigation of the problem. Reuter | PHILADELPHIA ELECTRIC <PE> NUCLEAR COST ESTIMATE |
Shr loss two cts vs profit nine cts Net loss 74000 vs profit 418000 Sales 18.2 mln vs 17.5 mln Year Shr profit nine cts vs profit 26 cts Net profit 426000 vs profit 1170000 Sales 58.7 mln vs 56.7 mln Reuter | JUDY'S INC <JUDY> 4TH QTR JAN 31 LOSS |
Shr profit 2.26 dlrs vs loss 81 cts Net profit 9785000 vs loss 3422000 Revs 26.0 mln vs 18.9 mln Avg shrs 4316000 vs 4207000 1st half Shr profit 2.75 dlrs vs loss 1.07 dlrs Net profit 11.9 mln vs loss 4486000 Revs 39.0 mln vs 37.2 mln Avg shrs 4318000 vs 4181000 NOTE: Current year net both periods includes gain 9500000 dlrs from sale of Orange-Co of Florida subsidiary to American Agrnomics Corp <AGR>. Net includes pretax real estate disposition loss 920000 dlrs vs gain 52000 dlrs in quarter and loss 863000 dlrs vs gain 117000 dlrs in half. Prior year net includes tax credits of 2132000 dlrs in quarter and 3039000 dlres in half. Current half net includes 2051000 dlr pretax gain 2051000 dlrs from change in accounting. Reuter | ORANGE-CO INC <OJ> 2ND QTR FEB 28 NET |
Shr 69 cts vs 64 cts Net 66719000 vs 61773000 Rev 285.6 mln vs 259.7 mln NOTE: Earnings include after-tax gain of 29.4 mln dlrs or 30 cts a share versus after-tax gain of 31.4 mln dlrs or 32 cts a share for 1986 first quarter. Earnings per share reflects a 50 pct stock dividend in the form of a class B common stock distribution on June 30 1986. Reuter | DOW JONES AND CO INC <DJ> 1ST QTR NET |
Standard and Poors Corp said it cut to CCC-plus from B-minus Lanesborough Corps 50 mln dlrs of senior subordinated notes. S and P said the downgrade reflected Lanesboroughs planned purchase of Ampex Corp from Allied-Signal Inc <ALD> for 479 mln dlrs. The acquisition represents a dramatic departure from managements stated financial policies S and P said. It also said that Lanesborough is making a major investment in a venture with extremely high financial risk. The companys implied senior debt rating is B. Reuter | LANESBOROUGH'S SUBORDINATED NOTES LOWERED BY S/P |
United Airlines a subsidiary of UAL Inc said its load factor in March rose to 70.6 pct from 66.2 pct in the same period a year ago. United said its March traffic jumped 23.2 pct to 6.05 billion revenue passenger miles from 4.91 billion revenue passenger miles in the same month last year. Available seat miles for the month increased 15.4 pct to 8.56 billion from 7.42 billion available seat miles it said. Total cargo ton miles for March were up 22 pct to 104.4 mln from 85.6 mln cargo ton miles in March 1986 it said. For the January through March period in 1987 United said its load factor advanced to 63.8 pct from 59.9 pct last year. Traffic for the period through March soared 32.7 pct to 15.57 billion revenue passenger miles from 11.73 billion revenue passenger miles in the 1986 period it said. Available seat miles were ahead by 24.6 pct to 24.42 billion from 19.60 billion available seat miles in the comparable period last year United said. Total cargo ton miles for the 1987 first quarter rose 30.6 pct to 275.7 mln from 211.1 mln cargo ton miles in the 1986 period the airline said. Reuter | UAL'S (UAL) UNITED AIR MARCH LOAD FACTOR RISES |
LORD ABBETT BOND DEBENTURE FUND Qtly div 28 cts vs 29 cts prior Pay May 5 Record April 9 --- LORD ABBETT U.S. GOVERNMENT SECURITIES FUND Daily div 2.9 cts vs 2.9 cts prior Pay May 15 Record May 15 LORD ABBETT TAX FREE INCOME FUND NATIONAL SERIES Daily div 6.7 cts vs 6.7 cts prior Pay May 15 Record May 15 --- LORD ABBETT TAX FREE INCOME NEW YORK SERIES Daily div 6.7 cts vs 6.7 cts prior Pay May 15 Record May 15 LORD ABBETT TAX FREE INCOME TEXAS SERIES Daily div 5.9 cts vs 5.9 cts prior Pay May 15 Record May 15 --- LORD ABBETT CALIFORNIA TAX FREE INCOME Daily div of 6.2 cts vs 6.2 cts prior Pay May 15 Record May 15 Reuter | LORD ABBETT AND CO MUTUAL FUND DIVIDENDS |
Dutch brewer Heineken NV said it hoped to maintain for a number of years a similar earnings growth to the 7.5 pct increase in net profit achieved in 1986 despite continuing investments in a reorganization program and efforts to extend world penetration. Heineken last month reported a 1986 net profit of 285 mln guilders after 265 mln in 1985. Chairman Freddie Heineken said the company Europes leading beer producer with six pct of market share in 1986 said sales increased by 6.3 pct to 42.1 mln hectoliters. The volume increase was due mainly to a rise in the U.S. Where the brand Amstel Lite saw great demand and in Europe where sales accounted for 25.5 pct of the total. Turnover despite losses in guilder terms due to weaker foreign currencies rose by 4.4 pct to 6.7 billion guilders. Further consolidation of foreign companies including the increase of its stake in leading Spanish brewery <El Aguila S.A.> to 51.2 pct new ventures and modernization particularly in French and Spanish interests eroded profit margins. The company still planned to invest 700 mln guilders this year in restructuring and marketing Heineken said. Heinekens Spanish activities should start yielding profit next year Heineken said adding that its French operations had already turned to profit after vast rationalization last year. Vice Chairman Gerard van Schaik said the decision by the European Court of Justice in Luxembourg to allow foreign beer into the closed West German market -- Europes biggest beer market -- offered interesting possibilities for Heineken. We have the beer but distribution and sales is the important point van Schaik said adding that since the ruling Heineken had been inundated by German traders seeking joint ventures. The question is not if we want to penetrate the German market but how we are to do it van Schaik said adding that while the widely traveled Germans seemed to be developing a taste for foreign beer the internal structure was very regionalized. Heineken board member Hans Coebergh responsible for African operations said he saw Africa as one of the most important beer growth markets in the long term. He said the company present in Africa since 1932 and with majority stakes in six breweries and interests in 25 was hampered by the lack of hard currencies there. Africa where beer consumption averages only nine liters per head per year and sales are limited by import restrictions and currency risks nonetheless accounted for 6.5 pct of total 1986 sales. On-site production is rendered expensive by the high price of imports of essential ingredients. But Heineken scientists have been looking at other possibilities. To balance the costs of imported malt Heinken launched on the Nigerian market a new beer made of 50 pct sorghum which had sold successfully Coebergh said. Heineken is urging farmers to grow the traditional raw materials but Coebergh noted that banana and palm beer were popular in Rwanda . This is a possibility but we could not possibly achieve the Heineken flavor Coebergh said. Chairman Heineken said the companys seven year efforts to penetrate the Soviet market had finally resulted this week in a contract that relaxed some of the restrictions they faced. But again a lack of hard currencies limited Heinekens market potential. Heineken now has seven bars in Moscow that are enjoying good sales but the bars only accept western money. Reuter | HEINEKEN SEES HIGHER PROFITS, WIDER PENETRATION |
Research Industries Corp said it is introducing three additions to its line of cardiovascular specialty products. The company said the products are a patented drainage bicaval cannula for open heart surgery a proprietary catheter for neonatal thoracic surgery and a line of specialized baloon catheter shunts for carotid artery surgery. Reuter | RESEARCH INDUSTRIES <REIC> UNVEILS NEW PRODUCTS |
Orange-Co Inc said shareholders at the annual meeting approved a name change to Stoneridge Resources Inc. The company said yesterday shareholders of American Agronomics Corp <AGR> which acquired Orange-Cos Orange-Co of Florida subsidiary late in 1986 approved a name change to Orange-Co Inc. Reuter | ORANGE-CO <OJ> HOLDERS APPROVE NAME CHANGE |
Qtly div 13-1/2 cts vs 12-1/2 cts prior qtr Pay 12 June Record 21 May Reuter | WALGREEN CO <WAG> VOTES QUARTERLY DIVIDEND |
A Colombia government trade official has urged the business community to aggressively diversify its activities and stop relying so heavily on coffee. Samuel Alberto Yohai director of the Foreign Trade Institute INCOMEX said private businessmen should not become what he called mental hostages to coffee traditionally Colombias major export. The National Planning Department forecast that in 1987 coffee will account for only one-third of total exports or about 1.5 billion dlrs with oil and energy products making up another third and non-traditional exports the remainder. Reuter | COLOMBIA BUSINESS ASKED TO DIVERSIFY FROM COFFEE |
GM SETS MAY 29 SHUTDOWN OF MICHIGAN TRUCK LINE, 2,000 COULD BE LAID OFF |
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Turkey said today its disputes with Greece including rights on the continental shelf in the Aegean Sea should be solved through negotiations. A Foreign Ministry statement said the latest crisis between the two NATO members stemmed from the continental shelf dispute and an agreement on this issue would effect the security economy and other rights of both countries. As the issue is basicly political a solution can only be found by bilateral negotiations the statement said. Greece has repeatedly said the issue was legal and could be solved at the International Court of Justice. The two countries approached armed confrontation last month after Greece announced it planned oil exploration work in the Aegean and Turkey said it would also search for oil. A face-off was averted when Turkey confined its research to territorrial waters. The latest crises created an historic opportunity to solve the disputes between the two countries the Foreign Ministry statement said. Turkeys ambassador in Athens Nazmi Akiman was due to meet Prime Minister Andreas Papandreou today for the Greek reply to a message sent last week by Turkish Prime Minister Turgut Ozal. The contents of the message were not disclosed. Reuter | TURKEY CALLS FOR DIALOGUE TO SOLVE DISPUTE |
GM SAYS ST. LOUIS TRUCK PLANT TO BE SHUT AUGUST SEVEN |
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Digilog Inc said revenues for the second quarter ended MArch 31 were about 4300000 dlrs up from 3065000 dlrs a year earlier. Reuter | DIGILOG <DILO> SAYS 2ND QTR REVENUES ROSE |
Cuba will continue to develop its economy despite the need to cut imports from hard currency nations by half this year President Fidel Castro said. The Cuban economy is going through a difficult period due mainly to two years of drought low sugar prices a fall in the price of petroleum and the fall in the value of the dollar Castro said in a published weekend speech delivered to a young communists union congress. Castro said cuba will continue to prospect for oil build thermo-electric generating stations a large petroleum refinery and a nuclear power plant in 1987. He said work would also continue this year in developing the chemical and mining industries. Among the main projects in mining are two nickel processing plants built with Soviet and Comecon aid . REUTER | CUBA TO STIMULATE ECONOMY DESPITE IMPORT CUTS |
Frontier Insurance Group Inc said it is currently negotiating to acquire the business of Medical Quadrangle Inc formerly its largest medical malpractice insurance producer and the business of its other malpractice producer Medical Professional Liability Agency Inc. It gave no details. Reuter | FRONTIER INSURANCE <FRTR> IN ACQUISITION TALKS |
Oper shr 25 cts vs six cts Oper net 840000 vs 139000 Revs 8290000 vs 4743000 Avg shrs 3335029 vs 2400000 Year Oper shr 97 cts vs 53 cts Oper net 2546000 vs 1275000 Revs 28.8 mln vs 18.5 mln Avg shrs 2635665 vs 2400000 NOTE: Net excludes investment gain four cts shr vs loss six cts in quarter and gain five cts vs loss six cts in year. Reuter | FRONTIER INSURANCE GROUP INC <FRTR> 4TH QTR NET |
The official in charge of agricultural matters in the new round of global trade talks is in Washington today and tomorrow to meet with congressional and Reagan administration officials. Aart de Zeeuw chairman of the General Agreement on Tariffs and Trades negotiating group on agriculture met this morning with members of the House Agriculture Committee. Committee sources said De Zeeuw expressed concern over protectionism and high farm price supports. House lawmakers noted that in 1985 the United States took steps to reduce loan rates committee staff said. Members told him (De Zeeuw) that we lowered our (U.S.) loan rates and cant eliminate subsidies unilaterally one source said. De Zeeuw was told of the U.S. lawmakers frustration with Japans restrictive rice import policy and members defended the U.S. dairy policy which aims to cut surplus production by subsidizing producers to trim herds sources said. Later today De Zeeuw will meet the Senate Agriculture members and Undersecretary of State Affairs Allen Wallis. Tomorrow De Zeeuw is to meet the House Ways and Means Trade Subcommittee and the Senate Finance Committee before visiting Agriculture Secretary Richard Lyng. De Zeeuw goes to Canada later this week. His trip to North America is part of his attempt to meet farm policy leaders in the key GATT member states. The negotiating group on agriculture held its first meeting in February and is expected to meet again in May. Reuter | GATT OFFICIAL MEETS WITH U.S. FARM LEADERS |
Shr 39 cts vs not given Net 707000 vs 505000 NOTE: Company went public in July 1986. Reuter | SOUTHINGTON SAVINGS BANK <SSBB> 1ST QTR NET |
Qtly div 12-1/2 cts vs 12-1/2 cts prior qtr Pay 20 May Record 20 April Reuter | CATERPILLAR INC <CAT> VOTES QUARTERLY DIVIDEND |
Walgreen Co said preliminary figures show that its sales for March will be up 11.2 pct over March 1986 when it had 313.4 mln dlrs in sales. Final March retail figures are expected Thursday April 9. It also said it expects a strong Easter selling season. Reuter | WALGREEN <WAG> SEES MARCH SALES UP 11.2 PCT |
Datron Corp said it agreed to merge with GGHF Inc a Florida-based company formed by the four top officers of the company. According to terms of the proposed transaction each share of Datron common stock excluding those shares owned by the four officers will be converted into six dlrs a share it said. Datrons officers hold about 73 pct of the total 896000 Datron common shares outstanding it said. (corrects company name GGHF in first paragraph) REUTER | CORRECTED - DATRON <DATR> AGREES TO BUYOUT |
Shr 62 cts vs 58 cts Qtly div 13-1/2 cts vs 13-1/2 cts prior Net 38.8 mln vs 35.7 mln Revs 1.18 billion vs one billion Six mths Shr 84 cts vs 86 cts Net 52 mln vs 52.9 mln Revs 2.14 billion vs 1.82 billion NOTE: Results include charge of four cts shr for latest six mths vs credit of five cts shr for prior six mths from investment tax credit Dividend payable June 12 record May 21 Reuter | WALGREEN CO <WAG> 2ND QTR FEB 28 NET |
The relatively high level of real U.S. interest rates suggests that there is scope for further declines in money market rates but the Federal Reserve is unlikely to promote such a drop as long as the dollar remains volatile said J.P. Morgan and Co Inc chairman Lewis Preston. He said in response to a reporters question after the banks annual meeting that money market rates could decline further but I dont think the Fed is going to encourage that as long as the exchange markets are as volatile as they are. On the other hand he said that barring a collapse of the dollar he did not see rates going much higher. He said that Morgans recent rise in its prime lending rate was purely a reflection of an increase in a whole spectrum of rates. Preston reiterated earlier company forecasts that the U.S. economy should show roughly 2.5 to three pct real growth this year. He also said that as a consequence of the dollars decline and oil price rises inflation would rise moderately to a 3.5 to four pct rate in 1987. Reuter | J.P. MORGAN<JPM> SAYS DLR MAY PREVENT FED EASING |
Medtronic Inc said it sees 15 pct growth in sales and earnings for the year ending April 30 1988. At an analysts meeting here the company said that for the year ending April 30 1987 it will earn about 73 mln dlrs or about 5.15-5.35 dlrs a share on sales of about 500 mln dlrs. In the year ago period the company earned 53.4 mln dlrs or 3.65 dlrs a share on sales of 402.8 mln dlrs. Winston Wallin Medtronic chairman said the company will improve market share in fiscal 1988 in cardiac pacemakers and expand its cardiovascular therapeutic product line. Wallin cautioned analysts not to quickly change their per share estimates for the company as he said Medtronic will have heavy sales and marketing expenses in fiscal 1988. He said the company intends to reinvest its earnings in its businesses and not in its dividends. Shareholders are better off if we grow the business rather than reinvest in dividends or share repurchases he said. Wallin said he sees Medtronics share of the total worldwide pacemaker market increasing to 42 pct in fiscal 1988 from 40 pct in fiscal 1987. He said the worldwide market for cardiovascualr therapeutic products which includes pacemakers valves catheters and lasers will be valued at about 2.5 billion dlrs 1990 and will double that by 1995. Wallin said Our objective is to get a hold of new products and start building market share if we have to beg borrow or steal to get into new markets. In the past Medtronics pacemakers have been plagued with a number of problems leading to product recalls. Regulators also have criticized the industry citing quality problems and a needless overprescription of pacemakers. We have no knowledge of any major problems in our pacemakers or leads Wallin said. We intend to re-establish our company as the quality leader in the industry. Glen Nelson executive vice president for Medtronics said the company intends to diversify internally and through acquisitions of companies in areas of Medtronics expertise such as drug delivery systems. Wallin said the 15 pct earnings growth for fiscal 1988 does not include dilutions from acquisitions. We hope to have some safety provisions so that we wont have any major dilutions from an acquisition. Wallin also said the company will have virtual exclusivity in rate responsive pacemakers for all of fiscal 1988. The company markets Activitrax the first single chamber pacemaker that varies heartrate in response to physical activity. Siemens AG a West German company is also developing a rate responsive pacemaker. Reuter | MEDTRONIC <MDT> SEES 15 PCT EARNINGS GROWTH |
International Business Machines Corp said IBM vice president Ray S. AbuZayyad has been named president of its ROLM Corp subsidiary succeeding Dennis D. Paboojian who remains with IBM as a consultant. The company said IBM vice president Paul R. Low has been named president of the IBM General Products Division succeeding AbuZayyad and IBM vice president Michael J. Attardo has been named president of IBMs General Technology Division succeeding Low. A Rolm spokeswoman said Paboojian decided to step down for personal reasons. His decision she said was not related to IBMs move last month to merge Rolms sales and service organization into its own marketing corps. That merger was viewed by some analysts as reducing Rolms independence and relegating it to a role as a manufacturing and product development site within IBM. He wanted to take some personal time off she said adding that Paboojian had taken part in the merger decision. Scores of Rolm veterans have left the company which makes telephone exchanges and other communications equipment since it was acquired by IBM in 1984. Rolms highly respected founder Ken Oshman left more than a year ago. Rolm and IBM customers have complained about a lack of coordination between Rolm and IBM and analysts estimate the unit lost money last year. But the spokeswoman said Paboojian was happy with the way things are going with Rolm. She said the unit posted its best fourth quarter revenues ever in the 1986 fourth quarter. Reuter | IBM <IBM> NAMES NEW PRESIDENT FOR ROLM UNIT |
Capital spending in the U.K. Chemical industry is expected to rise to 1.4 billion stg this year a three pct increase on the 1986 level after inflation the Chemical Industry Association said. A further increase to 1.52 billion stg is expected in 1988 but there will be a decline to 1.38 billion in 1989 the association found in its latest investment intentions survey. Even so the estimated total fixed capital spending for the 1987-89 period of 4.3 billion is a real spending increase of six pct on the previous three years the report said. Eighty-one firms took part in the survey. Reuter | U.K. CHEMICAL INDUSTRY CAPITAL SPENDING SEEN UP |
Southern California Edison said it signed a 30-year contract with the federal government for hydroelectric power from Hoover Dam. Southern California Edison said it would receive some 277.5 megawatts of electrical power under the contract enough to serve about 160000 homes. Terms of the contract were not disclosed. The original 50-year contracts for Hoover Dam hydroelectric power are scheduled to expire at the end of May the company said. Reuter | SOCAL EDISON <SCE> SIGNS HOOVER DAM POWER PACT |
Construction group <Spie Batignolles> is negotiating to increase its holding in U.S. Engineering and electrical installations firm <Comstock>. Spie Batignolles a subsidiary of Schneider SA <SCHN.PA> said in a statement it was negotiating to invest 20 mln dlrs in Comstock in the form of bonds convertible into shares. Spie Batignolles has held a 20 pct stake in Comstock since February 1986. A spokesman said if Spie Batignolles converted all the new bonds it could open the way for the French company to take control of Comstock but he gave no other details. Reuter | SPIE BATIGNOLLES COULD INCREASE COMSTOCK HOLDING |
General Motors Corp said it set dates to shut down two of its truck and bus facilities that had been slated for closure. General Motors said its number one line at its Flint Mich. truck and bus assembly plant will be closed May 29. The company said the closing was in line with its announcement last November that it would close 11 plants. At that time General Motors said the line would be closed by August. At Flint layoffs could reach 2000 the automaker said. Some 1400 workers on the line will be transferred to other locations or put in a job placement program. The second line at the plant is not affected. General Motors also said it will close the truck and bus plant in St. Louis on August seven. General Motors did not specify how many of the 2200 workers at the facility would be laid off but said many of those employees will be transferring toother General Motors operations in the area. In the automakers previous announcement it said the facility would be closed by mid-1987. General Motors said the full-size pickup trucks currently being built of Flints Line One are being replaced by a new full-size pickup truck being assembled at Fort Wayne Ind. and at renovated plants in Pontiac Mich. and Oshawa Ont. The St. Louis plant makes full-size pickup trucks including crew cab models. The production is being phased out as the Fort Wayne Pontiac and Oshawa plant begin to produce General Motors new redesigned 1988 full-size pickup. Crew cab truck output is being shifted to Janesvile Wis. Reuter | GENERAL MOTORS <GM> SETS SHUTDOWN DATES |
Discussions on the possible extension of the sixth International Tin Agreement (ITA) began at the quarterly session of the International Tin Council (ITC) but the Council is still waiting for decisions from various member states. A number of producer governments in particular have not decided their final position on whether the ITA should be extended for up to two years or wound down after it expires on June 30 according to delegate sources. Earlier today European Community (EC) members decided to back an extension with the exception of Britain which undertook to communicate its decision to its EC partners later. Delegates said it could be Friday before all the member countries declare their positions on the possible extension. Todays full Council session started shortly before 1500 GMT after the scheduled 1330 start was delayed by an EC coordination meeting. The council reconvenes at 0930 GMT tomorrow although delegates said the morning is likely to be taken up with minor technical matters and the main issue will probably not be discussed before the afternoon session. Reuter | TALKS CONTINUE ON TIN AGREEMENT EXTENSION |
Pakistan is likely to produce a record 7.6 mln bales (375 lbs each) of cotton from the current 1986/87 crop exceeding a target of 7.2 mln bales Food and Agriculture Minister Mohammad Ibrahim Baluch said. He told a Pakistan Central Cotton Committee meeting here the present was the third consecutive poroduction record-setting year and said the momentum would be accelerated in the future the official APP news agency reported. Baluch said indications were that Pakistan is to attain a record cotton production of 7.6 mln bales compared to the 1985/86 crop of 7.2 mln bales which also represented the target earlier set by authorities for this years production. Reuter | PAKISTAN COTTON CROP SEEN RECORD 7.6 MLN BALES |
Shr 54 cts vs 24 cts Net 633300 vs 300859 Sales 15.2 mln vs 13.0 mln Avg shrs 1165047 vs 1224982 Year Shr two dlrs vs 1.64 dlrs Net 2379400 vs 2011924 Sales 58.6 mln vs 54.0 mln Avg shrs 1187828 vs 1223511 Reuter | TRANZONIC COS <TNZ> 4TH QTR FEB 28 NET |
SECURITY PACIFIC EXPECTS BRAZIL LOAN ACTION TO CUT NET BY 7.2 MLN DLRS |
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The White House said high U.S. Tariffs on Japanese electronic goods would likely be imposed as scheduled on April 17 despite an all-out effort by Japan to avoid them. Presidential spokesman Marlin Fitzwater made the remark one day before U.S. And Japanese officials are to meet under the emergency provisions of a July 1986 semiconductor pact to discuss trade and the punitive tariffs. Fitzwater said: I would say Japan is applying the full-court press...They certainly are putting both feet forward in terms of explaining their position. But he added that all indications are they (the tariffs) will take effect. Reuter | WHITE HOUSE SAYS JAPANESE TARRIFFS LIKELY |
Controversial plans to pay Western Europes surplus-producing farmers generous cash grants to leave the land ran into problems at todays weekly meeting of the European Community (EC) Commission officials said. They said the 17-member Commission which effectively runs the Community on a day-to-day basis appeared divided over the proposals which some people argue could lead to national capitals having too much say in EC farm policies. EC Farm Commissioner Frans Andriessen is proposing paying farmers as much as 2800 dlrs a year over five years to leave the land. EC member states would be permitted to top up payments to the poorest farmers to 80 pct of the average national farm income. The package would also include an early retirement scheme details of which have yet to be unveiled. Andriessens aim is to make a restrictive price policy -- the centre-piece of a current battle to curb unwanted food production -- more acceptable to countries with large farming communities. With two-thirds of the ECs entire 39 billion dlr budget swallowed up by EC farm supports he argues that in the long-run the payments would lead to considerable savings. Reuter | EC PLANS FOR CASH PAYMENTS TO FARMERS IMPEDED |
Electrospace Systems Inc said it won two follow up contracts from the U.S. Defense Communications Agency worth 10.7 mln dlrs. The company said the three year contracts are for scientific and technical support at the Center for Command and Control Communications systems. The company has provided the services since 1972. Reuter | ELECTROSPACE <ELE> WINS U.S. DEFENSE CONTRACTS |
Showboat Inc will take a charge of 19 to 20 mln dlrs pretax against results for the third quarter ended March 31 director and assistant to the president J. Kell Houssels III told Reuters. He said the charge results from pre-operating expenses of its recently-opened Atlantic City N.J. Showboat Hotel Casino and Bowling Center and will cause a loss for the third quarter and probably for all of fiscal 1987 as well. But Houssels said Showboats earnings for fiscal 1988 should show a sharp increase from fiscal 1986 levels due to the contribution of the new Atlantic City facility. Showboat earned 1753000 dlrs in last years third quarter. For all of fiscal 1986 it earned 5769000 dlrs. Houssels said Showboat since the opening of the Atlantic City hotel/casino Showboat has had to start charging interest expenses connected with debt it sold to finance the facility directly against income rather than capitalizing the interest as it had been able to do previously. Showboat opened the hotel during its third quarter and gaming began last Thursday on a regular basis after test gaming was completed earlier in the week. Reuter | SHOWBOAT <SBO> TO TAKE CHARGE, SEES 3RD QTR LOSS |
Security Pacific Corp said it is placing medium and long-term loans to Brazil and Ecuador on a non-accrual basis as of March 31 a move that will reduce first quarter earnings by 7.2 mln dlrs or nine cts per share after taxes. Despite the anticipated reduction to quarterly earnings Security Pacific said it still expects to report first quarter earnings higher than the 88 mln dlrs or 1.11 dlrs per share reported for the first quarter of 1986. The bank holding company said the action affects 401 mln dlrs of loans to Brazil and 73 mln of loans to Ecuador. Brazil suspended interest payments on its 68 billion dlrs of medium- and long-term debt on February 20. Ecuador which has foreign debt of roughly eight billion dlrs has not paid any interest to foreign banks since February. In March Ecuador said it would suspend interest payments for the rest of the year because of an earthquake which halted the export of oil which accounts for about 75 pct the countrys export revenues. In its announcement Security Pacific said it will record interest income only as it is received in cash. The company also said it believes that Brazil will reach an agreement with its banks and that interest payments will resume later in 1987. The Brazilian negotiations resume on Friday in New York when Central Bank Governor Francisco Gros is expected to ask banks for a 90-day roll-over of some 9.5 billion dlrs of term debt that matures on April 15. Reuter | SECURITY PACIFIC <SPC> LOANS PUT ON NON-ACCRUAL |
A British opinion poll showed the ruling Conservative party was still ahead of Labour and the Liberal-Social Democratic Alliance but support appeared to be declining raising the spectre of an inconclusive election result. The Marplan poll to be published in tomorrows Guardian newspaper showed support for the Conservative party stood at 38 pct against 32 pct for Labour and 27 pct for the Alliance. Reuter | CONSERVATIVE LEAD DROPS IN NEW U.K. OPINION POLL |
GROUP OF FIVE MEETING CONCLUDES, LAWSON, STOLTENBERG DECLINE COMMENT |
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Iraq said today its troops were pushing Iranian forces out of positions they had initially occupied when they launched a new offensive near the southern port of Basra early yesterday. A High Command communique said Iraqi troops had won a significant victory and were continuing to advance. Iraq said it had foiled a three-pronged thrust some 10 km (six miles) from Basra but admitted the Iranians had occupied ground held by the Mohammed al-Qassem unit one of three divisions attacked. The communique said Iranian Revolutionary Guards were under assault from warplanes helicopter gunships heavy artillery and tanks. Our forces are continuing their advance until they purge the last foothold occupied by the Iranians it said. (Iran said its troops had killed or wounded more than 4000 Iraqis and were stabilising their new positions.) The Baghdad communique said Iraqi planes also destroyed oil installations at Irans southwestern Ahvaz field during a raid today. It denied an Iranian report that an Iraqi jet was shot down. Iraq also reported a naval battle at the northern tip of the Gulf. Iraqi naval units and forces defending an offshore terminal sank six Iranian out of 28 Iranian boats attempting to attack an offshore terminal the communique said. Reuter | IRAQI TROOPS REPORTED PUSHING BACK IRANIANS |
UAL RISES ON RUMORS THAT CONISTON PARTNERS IS TAKING POSITION IN STOCK, TRADERS SAY |
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Ashton-Tate Corp said it appointed Harry Wong to the newly created position of senior scientist. Wong formerly of the University of Californias Lawrence Berkeley Laboratory will provide technical direction in advanced database architectures and structured query language SQL a computer language. The company also said it is acquiring technology to develop a future database product that incorporates SQL. Reuter | ASHTON-TATE <TATE> NAMES SENIOR SCIENTIST |
Shr 15 cts vs nine cts Qtly div six cts vs six cts in prior qtr Net 2002261 vs 1168638 Revs 29.2 mln vs 29.3 mln Avg shrs 13.1 mln vs 13.0 mln Nine mths Shr 49 cts vs 36 cts Net 6404536 vs 4623295 Revs 92.2 mln vs 88.2 mln Avg shrs 13.1 mln vs 13.0 mln NOTE: Dividend is payable April 30 to holders of record April 20 Reuter | GOLDEN ENTERPRISES INC <GLDC> 3RD QTR FEB 28 NET |
A meeting of finance ministers and central bankers of the Group of Five ended after nearly three and a half hours. West German Finance Minister Gerhard Stoltenberg and British Chancellor of the Exchequer Nigel Lawson declined to comment on the meeting as they emerged from the U.S. Treasury. A European monetary official said the ministers of the Group of Seven countries would gather at about three p.m. local (1900 GMT) at the Treasury. Reuter | GROUP OF FIVE MEETING ENDS |
Siemens Information Systems Inc a unit of <Siemens AG> of West Germany has reached an agreement in principle with NEC America Inc a unit of NEC Corp of Japan allowing Siemens Informations Tel Plus Communications Inc subsidiary to continue distributing NECs NEAX2400 Information Management System. Siemens Information said the three year agreement will allow TPC to market all current and future NEAX2400 models over the contracts term. Reuter | SIEMENS AG UNIT AND NEC <NIPNY> UNIT IN PACT |
The National Association of Securities Dealers Inc said it set April 15 as the deadline for government securities brokers and dealers to submit applications for registration under new rules. It said the rules apply to unregulated brokers and dealers who must be registered with the Securities and Exchange Commission by July 25. NASD said it could guarantee brokers and dealers would meet the July 25 deadline if it received application materials by April 15. After April 15 it said it will make every effort to meet the July 25 deadline but could not guarantee it. Reuter | NASD SETS FILING DEADLINES FOR BROKERS/DEALERS |
The U.S. Agriculture Department is preparing a proposal that would require all foreign meat products to be inspected at their point of arrival in the United States a USDA official said. Donald Houston administrator of USDAs Food Safety and Inspection Service FSIS told a House Agriculture subcommittee USDA was developing a proposed change in regulations that would put an end to the current practice of permitting foreign meat products to be unloaded at one port and inspected at another port. Houston said the requirement would be phased in over several years to avoid disruptions and economic hardship. Reuter | USDA TO PROPOSE FOREIGN MEAT INSPECTION RULE |
Union Texas Petroleum said its worldwide proved reserves fell to 511 mln barrels of oil equivalent at the end of 1986 from 555 mln barrels reported in 1985. In its newly released annual report Union Texas said it replaced about 71 pct of its production of 56 mln barrels of oil equivalent last year after taking into account the sale of 27 mln barrels of U.S. reserves. Union Texas the nations largest independent oil and gas producer based on revenues is a privately-held company owned by Kohlberg Kravis Roberts and Co and Allied-Signal Inc <ALD>. The Houston-based company said it lost 57.5 mln dlrs on 1.26 billion dlrs in sales last year compared to profits of 165 mln dlrs on 2.04 billion dlrs in sales in 1985. Union Texas said it received an average of 13.35 dlrs per barrel for its international oil production and 2.99 dlrs per mcf for its foreign natural gas sales. The majority of the companys total energy production is in the United Kingdom Indonesia and Pakistan. In the United States Union Texas said it completed evaluation work on its oil find in Alaskas Colville Delta area. Although significant oil reserves were confirmed development of this discovery will not be economical without substantially higher prices the company said. Union Texas said it planned to spend about 42 mln dlrs over the next two years to develop its Eugene Island Block 371 in the Gulf of Mexico. In 1987 the company said it budgeted 178 mln dlrs for capital spending less than half of the amount spent in 1985 and down from 199 mln dlrs budgeted last year. Union Texas also said it would seek acquisitions of oil and gas properties as well as petrochemical-related businesses. Reuter | UNION TEXAS OIL RESERVES DROPPED IN 1986 |
UAL Inc may have a response this afternoon to the pilots union proposal to buy its United Airlines unit a UAL spokesman said. Obviously we have a lot of movement in our stock and we need to get a clarification out the spokesman said adding that there was a 50-50 chance a statement would be released today. The pilots earlier this week offered to buy the airline for 2.3 billion dlrs and assume 2.2 billion dlrs of existing debt. Takeover speculation has driven UALs stock for several weeks. UAL last month said New York Real estate developer Donald Trump held a position in its stock and that he also held discussions with its chairman. The developer indicated in those talks that he took the position as an investment but he revealed no other plans. Today rumors circulated that Coniston Partners were buying UAL stock. UAL jumped five to 70-3/4 on volume of more than 3.2 mln shares. United has got to consider this proposal. I think the pilots proposal is realistic. I dont exptect them to take it but it could put some interesting options in front of UAL management said Timothy Pettee Bear Stearns and co analyst. Analysts have said UAL made itself vulnerable to attack when it diversified away from its core airline. It added Hertz rental cars Westin and Hilton International hotels in a strategy to become a travel service company. The strategy left its stock in a slump and its pilots union concerned that the company was not focussing enough attention on its airline. UAL has stood firm on its strategy. It is emphasizing its new focus by changing its name to Allegis as of May one. But takeover speculation has escalated and Wall Street has been busy calculating break up values well in excess of 100 dlrs per share. Traders today described the buying in UAL as widespread indicative to them that big institutions believe the stock is in play. Market sources have said that although Trump attracted attention to the stock the pilots proposal acted as a catalyst kicking off a new round of speculation and perhaps throwing the company into the hands of another buyer. The first domino is you have an investor with a considerable stake. the second domino is the union. That type of attitude has been a precursor to airline deals in the past said Pettee. Whats interesting is the values are there. Theres something for everybody he said. Reuter | UAL <UAL> MAY RESPOND TO PILOTS TODAY |
Hartmarx Corp following a year of restructuring continues to target record earnings for fiscal 1987 Chairman John Meinert told the annual meeting. Meinert reiterated an earlier comment that earnings for the remainder of the year must double the 1986 level to meet that goal. In fiscal 1986 ended November 30 1986 Hartmarx reported earnings of 24.8 mln dlrs or 1.20 dlrs a share down from the prior years 42.7 mln dlrs or 2.25 dlrs a share. The 110-year-old apparel manufacturer recently posted first-quarter earnings of 54 cts a share up from 40 cts a year ago. Meinert told shareholders Hartmarx has no plans to sell any of its divisions. He added We have the financial capacity to take advantage of acquisitions. In 1987 Meinert said the company will open five new and 10 redesigned Kuppenheimer direct-to-consumer stores in Atlanta Detroit St. Louis Washington D.C. and San Francisco. He said the companys womens apparel continues to grow and Hartmarx has on the drawing board a Briar concept store which will feature ties shirts and some tailored clothing. Reuter | HARTMARX <HMX> TARGETS EARNINGS GROWTH |
Analysts at Salomon Brothers Inc say the outlook for stock markets worldwide is postivie although total returns in the U.S. stock market are not expected to exceed 10 pct over the next 12 months. The report by Robert Salomon Jr and Caroline Davenport said that after a strong first quarter which saw U.S. stock market indices rise more than 20 pct the direction of the market is still upward because slower economic growth will stretch out the recovery period. The firm expects profits for companies in the Standard and Poors 500 stock index to rise 17 pct in 1987 and 18 pct in 1988. The bullish global outlook is underpinned by continued but subdued economic growth fiscal restraint good liquidity and increasing profits Salomon said. The Salomon analysts say potential risks which must be monitored include any shift toward protectionism and foreign buying of U.S. stocks particularly by the Japanese. A sharp run-up in stock prices in secondary stocks would be a warning sign as would a big increase in enthusiasm for the initial public offering market Salomon said. Salomon said global diversification of equity markets has reached a new peak. Reuter | SALOMON <SB> SEES MORE STOCK GAINS WORLDWIDE |
FED'S HELLER SEES RETURN TO SLOWER MONEY SUPPLY GROWTH |
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GENERAL ELECTRIC CO 1ST QTR SHR 1.37 DLRS VS 1.18 DLRS |
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Ghana will import 15000 tonnes of crude oil annually from Iran under an agreement reached in Tehran today the Iranian news agency IRNA reported. The agency received in London said the accord was reached between Iranian Oil Minister Gholamreza Aqazadeh and a visiting Ghanaian delegation headed by Foreign Minister Obed Asamoah. IRNA said that under the agreement Iran will also provide technical and scientific assistance in manpower training and oil exploitation production and refining. Reuter | GHANA TO BUY CRUDE OIL FROM IRAN |
<New Hampshire Yankee> said it will submit to the Nuclear Regulatory Commission emergency response plans for the six Massachusetts communities within a 10-mile radius of the Seabrook Station. New Hampshire Yankee a consortium of utility companies said it is filing the plans because it claimed Massachusetts refuses to cooperate with it in emergency planning. It said the 26-volume emergency plan was originally prepared for Massachusetts by the state Civil Defense Agency and emergency planning consultants. New Hampshire Yankee said submitting the plans was done in an effort to keep the Seabrook licensing process moving forward. Reuter | NEW HAMPSHIRE YANKEE TO SUBMIT EMERGENCY PLANS |
Robert Heller a member of the Federal Reserve Board said he expects more modest levels of growth in the money supply this year. In my view this would not only be a logical but also a most desireable development he said in a speech prepared for delivery to an economic forum at Chapman College in Orange Calif. A text was released in Washington. He said the effect of lower inflation and financial deregulation on monetary aggregates was now largely finished. Consequently monetary growth may return to more modest levels Heller said. He noted growth in the money supply slowed after mid-January. I would not be surprised at all if the monetary aggregates were to grow rather slowly during the balance of the year as well he added. Heller said there was a danger of renewed price inflation. The pricing behavior of American producers in response to price increases of their foreign competitors will be crucial for our economic future he said. Widespread domestic price rises in response to rising import prices would generalize the inflationary forces emanating from the foreign trade sector and might not gain more market share for U.S. producers. A return to the stagflation of the late 1970s may well be the result of such a behavior pattern Heller warned. He said we at the Federal Reserve will have to be disciplined in our conduct of monetary policy. Heller said said the government should also exercise fiscal discipline and cut the deficit by spending restraint rather than new taxes. The imposition of new taxes would tend to rekindle inflation and certainly would not make us more competitive in international markets Heller said. He said the U.S. economy should expand by nearly three pct during 1987 aided by higher exports to Europe and Canada. A free trade agreement currently being negotiated with Canada would be exceedingly helpful in allowing American producers to compete more effectively in that country Heller said. Reuter | FED'S HELLER SAYS MONETARY GROWTH TO BE SLOWER |
Shr 1.37 dlrs vs 1.18 dlrs Net 624 mln vs 537 mln Sales 8.32 billion vs 5.88 billion NOTE: Prior year does not include results of RCA Corp. Reuter | GENERAL ELECTRIC CO <GE> 1ST QTR NET |
CHRYSLER, RENAULT EXTEND BY UP TO 2 WEEKS TIME FOR AMERICAN MOTORS ACCORD |
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NSA Inc said in an attempt to go private and repurchase its shares it is offering to exchange a five year subordinated investment note for each share held by shareholders with more than 600 shares. NSA said the investment note will carry a face value of one dlr and will pay five annual principal installments as well as quarterly interest payments on the outstanding principal amount at an eight pct annual rate. NSA added that for shareholders with less than 600 shares it is offering to purchase their shares for cash at one dlr per share. Reuter | <NSA INC> OFFERS TO REPURCHASE OWN SHARES |
Energy Development Partners Ltd said it had an operating loss for the year ended December 31 of 2.4 mln dlrs or 40 cts per share. But it said a 41.5 mln dlr non-cash writeoff of oil and gas properties taken in the first quarter resulted in a net loss of 43.9 mln dlrs or 7.21 dlrs per share. Energy Development Partners is a limited partnership which began operating in September 1985. Full year revenues totaled 23.7 mln dlrs the company also said. It said proved reserves at December 31 totaled 4.8 mln barrels of oil and 88 mln cubic feet of natural gas. Reuter | ENERGY DEVELOPMENT <EDP> HAD YEAR LOSS |
Kaufman and Broad Inc said it registered with the Securities and Exchange Commission to offer up to two mln shares of common stock. First Boston Corp and Merrill Lynch Capital Markets will be the underwriters for the offering. Reuter | KAUFMAN AND BROAD <KB> FILE STOCK OFFER |
INDUSTRIAL NATIONS RECONVENE AT U.S. TREASURY FOR FURTHER TALKS |
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Financial ministers and central bankers of leading industrial nations reconvened here this afternoon. Canadian Finance Minister Michael Wilson said on entering the meeting the ministers would review the Paris agreement. Asked if he was satisfied with West German and Japanese stimulus Wilson replied They could do a little more. French Finance Minister Edouard Balladur meanwhile confirmed there would be a communique at the end of the meeting. Finance ministers and central bankers of Britain FRance Canada and West Germany were seen by Reuter correspondents returning to a Treasury building. Japanese officials and Bundesbank President Karl Otto Poehl did not appear to have left the building at the end of earlier Group of Five talks which broke up around 2 p.m. local time (1800 gmt). There was no sign however of the Italian delegation whose position was thrown into question this morning by the resignation of the Christian Democratic wing of Italys Socialist-led government. European monetary officials said later that the Italian delegation was inside the building. This meant that a full blown meeting of the Group of Seven was in progress. Reuter | INDUSTRIAL NATIONS RECONVENE FOR TALKS |
The U.S. meat and poultry inspection programs are incapable of protecting consumers from contaminated products groups representing inspectors and consumers charged. The whole trend of inspection for the last 10 years has been to corrupt and to degrade the system where today the public is at constant risk to contaminated and adulterated meat Kenneth Blaylock president of the American Federation of Government Employees told a House Agriculture subcommittee. The American consumer has little reason to feel confident about the safety of meat and poultry being offered to him today said Rodney Leonard executive director of the Community Nutrition Institute. Company management is less concerned about the risk to health than about raising plant output and company profits Leonard told a hearing of the House Agriculture Subcommittee on Livestock Dairy and Poultry. Kenneth Morrison staff associate at the Government Accountability Project said inspectors consistently disclose violations of federal law demonstrating a serious breakdown in the entire inspection system. Morrison told of chicken fat for flavoring being contaminated by intestines dragging in a water trough used to flush away the condemned product fecal material human spit chewing gum and paper towels used by plant employees to blow their noses. Donald Houston administrator of the U.S. Agriculture Departments Food Safety and Inspection Service FSIS defended the governments program calling it one of the most respected public health programs in the world. FSIS inspects an estimated 127 mln head of cattle and 4.5 billion chicken and turkeys every year. Houston said inspection programs have kept pace with change but conceded that the danger of chemical residues in the meat and poultry supply has increased. He also said that although he was confident the bacterium salmonella eventually could be eradicated it would take time and much money to contain the growing problem. Salmonella which in extreme cases can cause death is found in approximately 37 pct of U.S. broilers 12 pct of raw pork and three to five pct of raw beef Houston said. The number of reported cases has doubled over the past 20 years he said to 40000 cases annually. We certainly really have not found an effective means of turning this disease around said Rep. James Olin (D-Va.) The National Research Council recommended in 1985 that FSIS intensify efforts to develop rapid diagnostic procedures for detecting microoganisms. But the meat and poultry industries have said such controls would cost too much. Hopefully we will not overreact by installing unnecessarily complicated procedures that may become obstacles to the real goal of providing an increasingly safer more nutritious and economical meat supply for consumers Stanley Emerling executive vice president of the National Association of Meat Purveyors said. Blaylock speaking on behalf of food inspectors said a new program allowing elimination of USDA inspection functions at certain plants voids the law in letter and spirit and must be repealed or we will see rising consumer fraud and an epidemic of death and illness for which there will be no prevention nor legal recourse. Subcommittee Chairman Charles Stenholm (D-Tex.) said the panel would hold a hearing on salmonella June 2. Reuter | U.S. MEAT, POULTRY INSPECTION CALLED FAULTY |
Chrysler Corp and Regie Natiionale des Usines Renault said they agreed to extend by up to two weeks the period for reaching definitive agreement on Chryslers proposed 1.5 billion dlr takeover of American Motors Corp. The letter of intent signed by Chrysler and Renault on March nine set April nine as the target date for completing negotiations. However the letter also allowed room for an extension of that date to April 23 if an agreement could not be reached. The two companies said they now plan to complete work by April 23. Chrysler and Renault said Given the complex nature of the deal the need for additional time was to be expected. The March letter of intent between the two companies says that Chrysler could ask Renault to extend the agreement date in the event that prior to April 9 1987 Chrysler discovers an unforeseen problem in the course of its due diligence investigation of the company referring to American Motors. A Chrysler spokeswoman would not say whether some problem had cropped up in the talks. She stuck by the companys statement that more time was needed because the talks are complex. That is our definition of the delay she said. Under the previous agreement between Chrysler and Renault their letter of intent would be terminated on April nine or when an agreement was reached. But the letter could be amendend by a written agreement by both companies. The Chrysler spokeswoman said We are still working toward a definitive agreement. Said another Chrysler official who is not part of the talks but who would be told if the deal were in trouble: There are no glitches. Analysts also downplayed the significance of the delay. I cant visualize where they wouldnt want it to be done said Donaldson Lufkin Jenrette analyst Richard Henderson. Reuter | CHRYSLER <C> RENAULT DELAY AM MOTORS <AMO> PACT |
GM EXTENDS CASH REBATES ON THREE CARS TO APRIL 30 FROM APRIL SIX |
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