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The European Community (EC) has effectively given Japan six weeks to take moves to open its market to imports before it decides on possible tough retaliatory trade measures EC diplomats said. They said EC foreign ministers will meet on May 25 and 26 to review the state of trade relations between the two sides. The EC executive commission was asked by representatives of member states on Friday to propose a renunciation of some EC pledges to the world trade body GATT unless there are adequate and early measures to open the Japanese market. Such a renunciation would be the first step to imposing stiff increases in duties or quantitative limits on Japanese exports. The diplomats said it was unlikely that the issue would be discussed in detail at the next meeting of EC foreign ministers on April 27 and 28 in Luxembourg as time was needed to prepare proposals for possible retaliatory action. They said the commission has powers to take some limited action before getting ministerial approval to prevent Japanese exports of electrical photographic and other goods being diverted to Europe following of possible U.S. Tariff moves. In May the ministers are also likely to discuss how to prevent Japan from getting an extra trading advantage as a result of Spain and Portugal joining the bloc which obliges them gradually to reduce tariffs on many industrial goods. Japans trade surplus with the Community has grown steadily registering a record 2.13 billion dlrs in March. Reuter | EC COULD DECIDE ON JAPAN TRADE MOVES IN LATE MAY |
P.H. Glatfelter Co said it has reached an agreement to acquire all the capital stock of <Ecusta Corp> for 149177857 dlrs in cash. Glatfelter a printing and writing paper maker said Ecusta operates an uncoded three sheet and light-weight specialty paper mill in Pisgah Forest N.C. The mill produces and converts paper products used by the doemstic and foreign tobacco industry. Glatfelter said it expects to close the deal by May 31. Reuter | P.H. GLATFELTER <GLT> ACQUIRING ECUSTA |
Greenwhich Pharmaceuticals Inc <GRPI.O> said it has completed a private placement of its common stock generating more than eight mln dlrs in net proceeds. These funds together with the two mln dlrs in cash currently held by the company will be used to complete its Therafectin rheumatoid arthritis drug development program and to develop other drugs the company said. Reuter | GREENWICH PHARMACEUTICALS COMPLETES PLACEMENT |
NCR CORP 1ST QTR SHR 65 CTS VS 51 CTS |
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CECOS International Inc a subsidiary of Browning-Ferris Industries Inc said it expects the U.S. Environmental Protection Agency to sue the company claiming non-compliance with regulatory requirements at CECOS Livingston Louisiana hazardous waste treatment plant. CECOS said the EPA advised the company it intendend to seek a penalty in the range of five mln dlrs to 10 mln dlrs. CECOS said it considered the proposed penalty to be grossly excessive and has offered 125000 dlrs in earlier negotiations to settle the disputed issues. CECOS said it believes strongly that the EPAs claims and proposed remedies concerning the Livingston waste disposal site are unreasonable. The company also said its 125000 dlr settlement offer was consistent with monetary penalties previously accepted by the EPA concerning disputes over other hazardous waste treatment storage and disposal operations. CECOS said major issues of the dispute include the Livingston waste sites analysis and operation plans inspection records and freeboard limits of rainwawater holding impoundments. Reuter | BROWNING-FERRIS <BFI> UNIT SEES EPA LAWSUIT |
First Marathon Inc said it planned a two-for-one stock split to be effective on shareholders approval at the June 4 annual meeting. The financial services company said it also completed the previously reported 29.6 mln dlr private placement of 1.5 mln non-voting preferred shares convertible one-for-one into non-voting class A shares. Reuter | FIRST MARATHON <FMS.A.TO> PLANS STOCK SPLIT |
Shr 66 cts vs 57 cts Net 20.0 mln vs 17.1 mln Avg shrs 30.3 mln vs 30.0 mln Reuter | U.S. BANCORP <USBC> 1ST QTR NET |
International Business Machines Corp said shipments and revenues were higher in the first quarter but net earnings fell 22.8 pct in part due to higher expenses. IBM said net income fell to 785 mln dlrs or 1.30 dlrs a share from 1.02 billion dlrs or 1.65 dlrs on about 1.8 pct fewer shares outstanding. While total sales and income rose 5.5 pct to 10.68 billion dlrs from 10.13 billion dlrs costs and expenses rose 12.1 pct to 9.61 billion dlrs from 8.57 billion in the quarter the computer maker said. The company said it continues to take actions to make it more competitive including cost and expense reduction measures. Although the worldwide economic situation remains unsettled there are some encouraging signs in our business IBM said in a statement. In addition to the increase in first quarter shipments we have announced new offerings in our large processor and personal computing product lines it said. We have yet to fully benefit from our recent product announcements retirement incentives and other resource balancing measures and we expect these actions will have a more significant impact as 1987 progresses the company added. It said it expects more than 12000 U.S. employees to take advantage of the retirement incentives announced last year. Pretax earnings fell 27 pct to 1.34 billion dlrs from 1.83 billion IBM said. Pretax margins slipped to 12.5 pct in 1987 from 18.1 pct in 1986 it said. Reuter | IBM <IBM> HAS HIGHER SHIPMENTS, COSTS IN QTR |
Graan Elevator Mij GEM said its balance in port of grains oilseeds and derivatives rose to 146000 tonnes on April 11 from 111000 a week earlier after arrivals of 404000 tonnes and discharges of 369000 tonnes last week. The balance comprised 21000 tonnes of grains plus oilseeds and 125000 tonnes of derivatives. This weeks estimated arrivals total 274000 tonnes of which 71000 are grains/oilseeds and 203000 derivatives. The figures cover around 95 pct of Rotterdam traffic in the products concerned. Reuter | ROTTERDAM GRAIN HANDLER SAYS PORT BALANCE ROSE |
Shr 15 cts vs 15 cts Net 689561 vs 784088 Sales 19.2 mln vs 19.8 mln Avg shrs 4.7 mln vs 5.3 mln NOTE: 1986 net includes a gain of 108000 dlrs or two cts a share from proceeds from the sale of property. Reuter | LINDBERG CORP <LIND> 1ST QTR NET |
Belgelectric Finance BV is raising 300 mln Luxembourg francs through a five year non-callable bullet bond carrying a 7-1/4 pct coupon at par lead manager Banque Internationale a Luxembourg SA (BIL) said. The private placement for the Belgian utilities finance company is for payment on May 26 and coupon payments are annually on May 27. Fees total 1-3/4 pct and the issue is guaranteed by the Belgian utilities Intercom Ebes and Unerg. REUTER | BELGELECTRIC RAISES 300 MLN LUXEMBOURG FRANCS |
Four of West Germanys five leading economic research institutes warned that excessive monetary growth threatened a resurgence of inflation. But in a dissenting view the DIW institute in West Berlin echoing recent statements by leading Bundesbank officials said the expansion seen over the last 1-1/2 years did not necessarily threaten stability. The five institutes issued a joint spring report in which three -- Kiel Hamburg and Essen -- forecast a two pct rise in GNP in 1987 while West Berlin and Munich predicted one pct. The four institutes said an expansive policy was welcome in view of the slowdown in economic activity. But experience has shown that strong monetary growth eventually leads to a price rise which undoes the beneficial effects of monetary policy. Given virtual zero inflation in West Germany such fears may seem exaggerated they said. But it has often turned out in the past that the price climate can quickly deteriorate forcing the central bank into a restrictive policy they said. The economic costs of a preventive stability policy are less than fighting inflation once it has taken hold they said. The four institutes disputed the view that monetary expansion would slow of its own accord in 1987 as domestic investors switch liquidity into longer term capital market investments following lower interest rates. Such redispositions may temporarily dampen the expansion of central bank money stock but do not automatically lead to a smaller expansion of money supply they said. A return to growth and stability did not require spectacular central bank moves but could be done quietly with open market operations and repurchase pacts which would avoid an interest rate rise by dampening inflationary expectations. The DIW institute said monetary policy should not be focused simply on growth of production potential. Because of uncertainty about exchange rate developments and economic weakness other factors should be taken into account. Monetary policy should aim for further interest rate cuts and avoid rises to boost the economy and discourage revaluation speculation. Recent strong monetary expansion was not a threat in itself to price stability. The 1979/81 inflation following strong 1977/78 money growth reflected other causes such as rising oil prices and the falling mark. REUTER | GERMAN INSTITUTES WARN ON MONEY SUPPLY |
Shr 65 cts vs 51 cts Net 61.5 mln vs 50.2 mln Revs 1.12 billion vs 960.8 mln Avg shrs 95.3 mln vs 99.4 mln Reuter | NCR CORP <NCR> 1ST QTR NET |
West German producer prices fell 0.1 pct in March compared with February to stand 3.9 pct lower than in March last year the Federal Statistics Office said. In February producer prices fell 0.3 pct from January and dropped 4.2 pct from their levels a year earlier. The Statistics Office said producer prices for natural gas had fallen 3.0 pct in March against February heavy heating oil prices were 3.2 pct down liquefied gas prices fell 14 pct and coffee was 7.4 pct cheaper. REUTER | GERMAN PRODUCER PRICES FALL 0.1 PCT IN MARCH |
The U.S. Agriculture Department has lowered its ASCS terminal prices for low protein hard red winter and hard red spring wheat at a number of locations a senior USDA official said. USDA reduced the price of hard red winter wheat at Kansas City and Texas by six cents at Minneapolis and Duluth by 32 cents and at St Louis by nine cents Ralph Klopfenstein deputy administrator of commodity operations at the Agricultural Stabilization and Conservation Service said. The department also lowered the terminal price of hard red spring wheat at Minneapolis and Duluth by 32 cents he said. In addition USDA cut the Pacific Northwest price of hard red spring wheat by 31 cents USDA officials who asked not to be identified said. The officials said hard red spring wheat prices at Chicago Denver and Toledo were adjusted by about the same amount as at Pacific Northwest Duluth and Minneapolis. The price changes should lead to a pickup of PIK and roll activity Klopfenstein said. The price change was decided upon last week and will be effective today he said. Klopfenstein also said the department raised the premiums on high protein wheat to offset the drop in low protein wheat prices meaning the net price on any wheat commanding a protein premium would remain unchanged. Reuter | USDA CHANGES LOW PROTEIN WHEAT TERMINAL PRICES |
Alcide Corp said preliminary experimental results obtained using a formulation it has developed for the disinfection of blood platelets indicate feasibility for the approach. The company notes there have been recent increases in reports of transmission of microbial infections in recipients of platelets which are used in blood transfusions in patients undergoing cancer therapy. The company said related whole blood tests with baboon blood showed no significant loss of in vitro activities or survival. The company said as a followup to the studies on thje bacterial disinfection of platelets it is planning to evaluate the system for the inactivation of several viruses in the presence of platelets. The viruses include Herpes Simplex Virus Type I cytomegalovirus and Human Immunodeficiency Virus which is responsible for AIDS. Reuter | ALCIDE <ALCD.O> SAYS TESTS ENCOURAGING |
Texaco Canada Inc said its business operations its plans and financial integrity are unaffected by yesterdays move by 78 pct-owner Texaco Inc <TX> to file for protection under U.S. bankruptcy law. Texaco Canada chief executive Peter Bijur said in a statement that it is business as usual for us on Monday morning. Texaco Inc added in a statement that it has never operated outside the U.S. and relations with all foreign governments and activities of interest to them and their citizens are not affected by its legal dispute with Pennzoil Co <PZL>. Reuter | TEXACO CANADA <TXC> UNAFFECTED BY LEGAL MOVE |
The Federal Home Loan Bank Board adjusted the rates on its short-term discount notes as follows: MATURITY NEW RATE OLD RATE MATURITY 30-140 days 5.00 pct 5.00 pct 30-179 days 141-160 days 6.13 pct 6.08 pct 180-200 days 161-182 days 5.00 pct 5.00 pct 201-274 days 183-200 days 6.17 pct 6.18 pct 275-290 days 201-360 days 5.00 pct 5.00 pct 291-360 days Reuter | FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES |
Shr 51 cts vs 40 cts Net 1.4 mln vs 851000 Revs 9.8 mln vs 6.5 mln Six months Shr 74 cts vs 50 cts Net 2.0 mln vs 1.1 mln Revs 17.7 mln vs 11.3 mln Avg shrs 2.7 mln vs 2.1 mln NOTE:Quarter ended March 31. 1987 six months includes charge of 115000 dlrs due to reversal of investment tax credits. Reuter | GALILEO ELECTRO-OPTICS CORP <GAEO> 2ND QTR |
GREAT LAKES FOREST PLANS 390 MLN DLR ONTARIO EXPANSION |
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Boston Five Cents Savings Bank said it and Neworld Bank for Savings have agreed to merge forming a new holding company Boston Five Bancorp. Boston Five said the proposal calls for its holders to receive 1.163 shares of the new companys stock for each share now held and for Neworld Bank holders to recieve one share for each share held in a tax free exchange. Boston Five said the planned merger with Newworld Bank for Savings Will create the largest savings bank in Massachusetts and the third largest in New England with combined assets of 3.1 billion dlrs. Boston Five chairman Robert J. Spiller said There is a natural fit between both banks. We consider this to be a merger of equals. Spiller will become Chairman of Boston Five Bancorp and Neworld president James M. Oates will be president and chief executive officer. Boston Five said its President Peter J. Blampied will become vice chairman and chief operating officer of the holding company. The board of the holding company will have an equal number of directors from each institution. Unlike many recent combinations this merger has no acquisition premium associated with it Blampied said. Boston Five has assetsof 1.9 billion dlrs and 35 officers. Neworld has assets of 1.2 billion dlrs and 24 officers in Massachusetts. It also has a loan center in New Hampshire. Reuter | BOSTON FIVE <BFCS.O>, NEWORLD <NWOR.O> TO MERGE |
Coopervision Inc said it is preparing a recapitalization plan which includes a common stock repurchase program and an exchange of debt securities for common stock. The plan along with a proposal to change its name to Cooper Cos Inc will be submitted for shareholders approval at the companys annual meeting on June 22. The meeting had been postponed from its original date of May 14 in order to let management review recapitalization options it said. In addition Coopervision said operating income in its current fiscal quarter ending April 30 is expected to show an improvement over its prior fiscal quarters 82.5 mln dlrs and its year ago quarter. Income from continuing operations was not immediately availalbe for the prior years second quarter in which it reported a net loss of 14.9 mln dlrs. At a Drexel Burnham Lambert Investor Conference Coopervision chairman Parker Montgomery said as previously announced he will listen to any bid that makes sense for shareholders. He also said Coopervisions stock fell in 1986 due to its second quarter loss rumors of a liquidation at 30 dlrs and 35 dlrs a share and Ivan Boeskys subsequent sale of his position. The stock dropped six dlrs in three days after Boesky sold his position and has never recovered Montgomery said. The companys stock is currently trading at 19-1/4. Montgomery further told the conference Dont be an investor in the stock on the basis of any short term recovery in operating or net income in 1987 and 1988. Our concentration is on maintaining or increasing market share in our core businesses this year and next regardless of the impact to the bottom line he said. Reuter | COOPERVISION <EYE> FORMS RECAPITALIZATION PLAN |
Colombia has opened coffee registrations for June shipment with no limit set for private exporters as in April and May a National Coffee Growers Federation official said. Colombia has sold an average of 900000 bags per month since the beginning of the calendar year. Reuter | COLOMBIA JUNE COFFEE REGISTRATIONS OPENED |
U.S. FEDERAL HOME LOAN BANKS SET OFFERING TOTALING 2.135 BILLION DLRS |
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CANADA LEADING INDICATOR UP 0.4 PCT IN JANUARY AFTER 0.4 PCT DECEMBER RISE - OFFICIAL |
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Spains principal measure of money supply the broad-based liquid assets in public hands (ALP) grew at an annualised rate of 17.6 pct in March against 16.6 pct in February and 19.6 pct in March last year provisional Bank of Spain figures show. The banks target range for this year is 6.5 to 9.5 pct and Bank of Spain Governor Mariano Rubio said this month he was aiming for the lower end of that range. ALP grew by 11.4 pct during 1986. REUTER | SPANISH MONEY SUPPLY GROWING AT DOUBLE TARGET PACE |
Shr 72 cts vs 52 cts Net 38.6 mln vs 25 mln Revs 281.8 mln vs 174.5 mln Avg shrs 53.5 mln vs 48.2 mln NOTE: 1987 1st quarter amounts do not includes sales of AVIA Group International Inc acquired at the end of the first quarter. 1987 1st quarter revenues include Rockport revenues of 31 mln dlrs. 1986 1st quarter amounts do not include Rockport as Reebok acuqired that company in October 1986. Reuter | REEBOK INTERNATIONAL LIMITED <RBK> 1ST QTR |
Oper shr 16 cts vs three cts Oper net 1930000 vs 391000 Revs 313.9 mln vs 308.9 mln Avg shrs 11.9 mln vs 12.0 mln Year Oper shr 60 cts vs 27 cts Oper net 7215000 vs 3340000 Revs 1.23 billion vs 1.16 billion Avg shrs 11.9 mln vs 12.0 mln NOTE: Prior year net excludes gains 4896000 dlrs in quarter and 8873000 dlrs in year from termination of overfunded pension plans. Backlog 1.0 billion dlrs vs 942 mln dlrs. Reuter | BLOUNT INC <BLT> 4TH QTR NET |
The Bank of England said it gave the market late assistance of around 210 mln stg bringing its total help on the day to some 353 mln stg. This compares with the Banks estimate of the liquidity shortage of around 450 mln stg raised from its early forecast of 400 mln stg. REUTER | U.K. MONEY MARKET GIVEN LATE HELP OF 210 MLN STG |
Giant Bay Resources Ltd said it signed an agreement in principle with Hecla Mining Co for an operating joint venture on Heclas Stibnite Idaho gold deposit. Giant Bay said if its bioleaching technology is used for ore processing it will have the right to acquire a working interest in the property. It said it may spend as much as three mln U.S. dlrs excluding capital costs to bring the mine into production. It said drilling has indicated substantial sulphide reserves with a gold grade of about 0.1 ounce a ton and early tests show the gold ore responds to bioleaching. Reuter | GIANT BAY <GBYLF> IN IDAHO GOLD VENTURE |
Blue Arrow PLC said it signed an agreement to acquire Richards Consultants Ltd for 29 mln dlrs in cash and securities. Richards is a privately-owned New York-based executive recruitment firm. As part of the agreement Blue Arrow said the four principal shareholders who manage Richards will enter into long-term service contracts with it. The agreement is subject to approval of Blue Arrow shareholders. Reuter | BLUE ARROW TO ACQUIRE RICHARDS CONSULTANTS |
Merry-Go-Round Enterprises Inc said its board declared a three-for-two stock split payable May One to holders of record April 17. Reuter | MERRY-GO-ROUND <MGRE> SETS STOCK SPLIT |
Asarco Inc said it is increasing its base spot sales price for refined lead by one-half cent to 27.0 cents a lb FOB delivered in carload lots effective immediately. Reuter | ASARCO UPS U.S. LEAD PRICE 0.50 CT TO 27 CTS |
Italys state-owned Ente Nazionale per lEnergia Elettrica (ENEL) is issuing a 15 billion yen eurobond due May 27 1994 paying 4-3/4 pct and priced at 101-7/8 pct joint-lead bookrunner IBJ International Ltd said. Morgan Stanley International is the other joint-lead bookrunner and appears on the left in documentation. The non-callable bond is available in denominations of one mln yen and will be listed in Luxembourg. The selling concession is 1-1/4 pct while management and underwriting combined pays 5/8 pct. The payment date is May 27. REUTER | ENEL ISSUES 15 BILLION YEN EUROBOND |
IRVING BANK CORP 1ST QTR SHR 1.51 DLRS VS 1.62 DLRs |
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Saudi Arabia has speeded up reform of its financial system with a package of measures designed to boost the economy and open up the Kingdom to the lucrative world of investment banking. Bankers in Saudi Arabia detect a fundamental shift in policy stemming from a need to tackle the underlying contradiction between an Islamic legal framework and western banking system. One senior banker in Jeddah said: There is a new wind blowing... Saudi Arabia is moving on many fronts in a manner that is extraordinarily aggressive. The speed of reform begun last year but now gathering pace has surprised bankers who have had to contend with a financial system that restricted internationalisation of the riyal and a religious court system that made debt collecting difficult. Saudi banks once the most profitable in the world have generally reported falling profits for 1986 -- the fourth successive year of decline -- as loan loss provisions ate into already dwindling earnings. Bankers say the Saudi Finance Ministry and Saudi Arabian Monetary Agency (SAMA) seem to have developed a new strategy although it remains to be seen how it will be implemented. Reform started in 1986 with measures to boost previously dormant stock trading but took off in earnest this year. -- From January 1 SAMA liberalised the money market giving banks greater access to liquidity aid via repurchase agreements. -- From March 22 the Finance Ministry abolished withholding tax on funds borrowed by Saudi banks abroad. -- From the same date banks were notified of a new committee to be set up under the auspices of SAMA to hear bank disputes with creditors over non-payment of loans. -- Also from the same date banks were allowed to use mortgages as collateral for lending banned since 1981. -- Within a few weeks the Kingdoms first stock market trading floor is expected to be opened. Housed in central Riyadh in the building of the Saudi Industrial Development Fund the floor will initially be used to trade shares on an auction system. Staff from each of the 11 commercial banks have been trained ahead of the launch and a new computer network has been set up. One banker said: The abolition of withholding tax will give banks the opportunity to participate in new instruments such as interest rate or currency swaps. At last SAMA and the Finance Ministry are opening up markets for investment banking. Bankers say Saudi authorities appear to have been shocked into reform by pressure from banks and alarm at bank reluctance to extend further loans to the private sector. Banks have lobbied hard for change arguing that the religious or Sharia legal framework was inconsistent with the Kingdoms western banking system and made it nigh impossible for them to collect interest on bad loans through the courts. As a result many banks had virtually stopped new lending but found themselves cut off from world investment banking by a series of restrictions. Withholding tax made it punitively expensive to take part in interest rate or currency swaps. The private sectors frustration at the virtual standstill in bank lending overflowed at a businessmens conference in the mountain resort in Abha last month and some powerful merchant families also called for change bankers said. Banks lobbied hard and had the ultimate weapon to force change -- they stopped lending another banker said. That was stifling growth of the economy. It is still unclear whether the new committee that will be set up to hear bank disputes with creditors will prove any more efficient than another non-Sharia system already in force the Committees for the Settlement of Commercial Disputes (CSCDs). Some bankers believe the new committee yet to be formed will simply delay pending cases and force banks into a series of private deals with creditors. Nor is it clear what stance the new committee will take on interest payments generally not recognised under Islamic law. But other bankers say the move is clear recognition by SAMA and the Finance Ministry that Sharia courts and the CSCDs were not the correct bodies for hearing bank disputes. Other reforms have been taken or are in the pipeline. Finance Minister Mohammed Ali Abal-Khail said in March that a new body would examine late government payments to contractors. In addition further moves are under way to align business life to the Gregorian calendar year with companies being urged to adopt it as their financial year. A black list of borrowers started more than two years ago by banks has recently been effectively sanctioned by SAMA bankers say. Banks are now not permitted to lend or engage in securities transactions with any party on the list. REUTER | SAUDI ARABIA LIBERALISES BANKING SYSTEM |
GENERAL NUTRITION FILES FOR SECONDARY OFFERING OF EIGHT MLN COMMON SHARES |
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Shr 1.51 dlr vs 1.62 dlr Net 28.6 mln vs 30.4 mln Assets 23.8 billion vs 20.9 billion Deposits 15.5 billion vs 14 billion Loans 13.8 billion vs 12 billion Reuter | IRVING BANK CORP <V> 1ST QTR NET |
General Nutrition Inc filed a registration statement with the Securities and Exchange Commission for a secondary offering of eight mln common shares. All the shares are being sold by the estate of David Shakarian the founder of the company. Kidder Peabody and Co Inc will be the sole manager of the underwriting. The Shakarian estate owns 25.6 mln shares of General Nutrition. There are 33.1 mln shares outstanding. Reuter | GENERAL NUTRITION <GNC> FILES FOR OFFERING |
TEXACO NOT REQUIRED TO POST BOND IN APPEAL OF PENNZOIL JUDGMENT, COURT SAYS |
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Shr 28 cts vs 32 cts Net 2823000 vs 3216000 Rev 47.9 mln vs 42.9 mln NOTE: The 1986 earnings per share adjusted for a four for three stock distribution paid May 1986. Reuter | O'SULLIVAN CORP <OSL> 1ST QTR NET |
FRENCH 13-WEEK T-BILL AVERAGE RATE RISES TO 7.39 PCT FROM 7.36 PCT - OFFICIAL |
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Shr 15 cts vs 14 cts Net 2028000 vs 1879000 Revs 32.1 mln vs 29.5 mln Reuter | PARK COMMUNICATIONS INC <PARC> 1ST QTR NET |
NVHomes LP said April 30 will be the distribution date for new units as a result of its previously-announced two-for-one split to unitholders of record April 20. Reuter | NVHOMES <NVH> SETS SPLIT PAYMENT DATE |
 BERKEY INC <BKY> 4TH QTR NET GREENWICH Conn. April 13 Oper shr profit one cent vs loss 32 cts Oper net profit 64000 vs loss 1496000 Revs 47.1 mln vs 60.4 mln 12 mths Oper shr loss 2.87 dlrs vs loss 70 cts Oper Net loss 13.5 mln vs loss 3267000 Revs 166.6 mln vs 159.8 mln NOTE: qtr 1985 excludes profit 663000 dlrs or 14 cts per share from discontinued operations; and excludes loss 900000 dlrs or 19 cts per share for net operating loss carryforward. 12 mths 1986 excludes discontinued operations loss 129000 dlrs or three cts per share. 12 mths 1985 excludes discontinued operations gain 9837000 dlrs or 2.12 dlrs per share; and excludes gain 813000 dlrs or 17 cts per share for net operating loss carryforward. Reuter  | |
DILLARD DEPARTMENT STORES AGREES TO BUY TWO ALLIED STORES UNITS FOR 255 MLN DLRS CASH |
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CHEMICAL NEW YORK CORP 1ST QTR SHR 1.58 DLRS VS 1.93 DLRS |
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Bankers Trust Co said it is raising its broker loan rate to 7-1/2 pct from 7-1/4 pct effective immediately. U.S. Trust Co the only other bank to publicize its broker rate was already posting 7-1/2 pct. Reuter | BANKERS TRUST <BT> RAISES BROKER LOAN RATE |
MOODY'S MAY DOWNGRADE IRVING BANK CORP, AFFECTS 950 MLN DLRS OF DEBT |
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Pennzoil Co lawyers said they plan to file documents challenging Texaco Incs Chapter 11 bankruptcy proceedings in the Southern District of New York. John Jeffers a Houston lawyer representing Pennzoil in its 10.53 billion dlr dispute with Texaco over the acquisition of Getty Oil Co said he expected the challenge to be filed sometime this week. Well challenge it as a bad faith filing Jeffers told Reuters following a brief hearing before a Texas State Court of Appeals. The court had been scheduled to hear arguments on a Texaco motion to reduce the amount of bond required for it to appeal the judgement. Instead the court agreed with Texaco lawyers that the issue was moot because of Texacos bankruptcy petition filed yesterday that stays all of its debts and obligations. We think they abused the process Jeffers said referring to Texacos bankruptcy filing. D. J. Baker a lawyer representing Texaco told reporters that the nations third largest oil company was forced to seek bankruptcy protection because of its precarious fianncial condition and problems with suplliers and bankers stemming from the 10.53 billion dlr judgement. All activity after the filing can be conducted on normal business terms Baker said. He said Texaco would seek permission from the court to continue its appeal in Texas courts of the Pennzoil judgement. There will be no bond required because all state court litigation has been stayed Baker said. When asked whether Texacos reorganization plan would include major restructuring of the company Baker declined to say what the eventual plan might include. I think Texaco will succesfully complete its Chapter 11 proceedings and have a reorganization plan approved by the court he said. Baker said Texaco expected Pennzoil to seek a seat on a creditors committee to be appointed by the bankruptcy courts but added he did not know whether Texaco would oppose such an attempt. Lawyers for both sides also said that each company continued to be interested in a possible settlement but declined to say whether any negotiations were scheduled between the two companies. Texaco has tried to settle and will continue and try and settle Baker said. The two companies reportedly remain far apart in what each considers to be a fair settlement with Pennzoil seeking between three and five billion dlrs while Texaco has maintained it cannot pay more than about one billion dlrs according to analysts. Reuter | PENNZOIL<PZL> TO CONTEST TEXACO <QTX> BANKRUPTCY |
Pentland Industries PLC said it report a substantial capital gain from the sale of part of its holdings in Reebok International Limited which will cut its stake in Reebok to 32.2 pct from 36.7 pct. It said Reebok filed a registration statement with the Securities and Exchange Commission for the offering of six mln shares of Reebok common. Reebok will sell three mln shares and Pentland will sell 1404866 shares reducing its stake in Reebok to 18.1 mln from 19.5 mln shares. After the offering Reebok will have 56.1 mln shares shares outstanding. Pentland said the amount of the capital gain from the sale depends on the offering price for the Reebok shares to be negotiated between it Reebok and the other selling stockholders who will offer about 1.6 mln shares of Reebok common and the underwriters. Pentland said proceeds from the offering will be used by Reebok to retire bank debt incurred in its acquisition of AVIA Group for about 180 mln dlrs. Is said that afterwards Reebok will have bank credit lines available for general corporate purposes including possible acquisitions. Reeboks stock was selling at 45-1/2 up 1/8. At that price the 1.4 mln Reebok shares Pentland will sell are worth about 64 mln dlrs and the three mln shares Reebok will sell are worth about 136.5 mln dlrs. Pentland said it will use proceeds to fund growth and possible acquisitions. Pentland said 4500000 shares of Rebbok will be offered in the U.S. by a syndicate led by Kidder Peabody and Co Inc and 1500000 shares will be offered outside the U.S. by an international syndicate led by Kidder. It said the U.S. underwriters have been granted an option to buy from certain selling stockholders up to an additional 900000 shares to cover overallotments. Pentland said it has not chosen to participate in this over allotment. Pentland said that as soon as the date and price of the offering have been determined it will release further details. It said it expects the offering to close in May. Reuter | PENTLAND TO REDUCE REEBOK <RBK> HOLDINGS |
SEARS ROEBUCK SAID IT WILL REDEEM ALL ADJUSTABLE RATE PREFERRED SHARES, FIRST SERIES |
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The Office of Finance of the Federal Home Loan Banks announced a debt offering totalling 2.135 billion dlrs consisting of three issues. The issues are 1.2 billion dlrs maturing April 25 1989; 635 mln dlrs maturing April 27 1992; and 300 mln dlrs maturing April 25 1994. The office said the issues will be priced and offered for sale tomorrow. Secondary trading will occur April 15. The issues are for settlement April 27 the office said. The office said 120 mln dlrs of the 1989 issue 63.5 mln dlrs of the 1992 issue and 30 mln dlrs of the 1994 issue will be reserved for the Federal Reserve System for its own or customer accounts. It said the bonds are available in book entry form only in increments of 10000 dlrs and 5000 dlrs thereafter. No definitive bonds will be available. Reuter | U.S. HOME LOAN BANKS SET 2.135 BILLION DLR OFFER |
Canadas leading composite indicator rose 0.4 pct in January with eight of the 10 major components posting gains the most widespread monthly advance in the past year Statistics Canada said. The index also gained 0.4 pct in the preceeding month. The unfiltered index however fell 0.1 pct in January after rising 1.0 pct in December. The gain was led by the residential construction index while the manufacturing groups continued to improve and the stock market index turned up the federal agency reported. Reuter | CANADA JANUARY LEADING INDICATOR UP 0.4 PCT |
Net 17.7 mln vs 15.3 mln NOTE: <National Westminster Bank PLC> subsidiary. Loan loss provision 13.8 mln vs 13.0 mln Investment securitiesd gaons 2003000 dlrs vs 169000 dlrs. Figures in dollars. Reuter | <NATIONAL WESTMINSTER BANK PLC> 1ST QTR NET |
Irving Bank Corp said the decline in its first quarter earnings to 28.6 mln dlrs from 30.4 mln dlrs in the year-ago period were due to the placement on a non-accrual basis of 215 mln dlrs and 33 mln dlrs of medium and long-term loans to borrowers in Brazil and Equador. Excluding the impact of the non-accrual loans Irving said its first quarter net income would have rose 8.4 pct to 32.9 mln and per share amounts would have risen eight pct to 1.75 dlr. In the first quarter the bank reported earnings per share of 1.51 dlr compared to 1.62 dlr in the same period last year. Reuter | IRVING BANK <V> CITES LOANS IN EARNING DECLINE |
Sears Roebuck and Co said it will redeem all its outstanding adjustable rate preferred shares first series. The redemption price is 103.79 dlrs a share which includes accrued and unpaid dividends from April 1 1987 to the date of redemption of 79 cts a share. Of the 50 mln shares authorized 2.5 mln were issued the company said. It said no dividends will accrue on the shares after May 15 1987. Reuter | SEARS <S> TO REDEEM ADJUSTABLE RATE PREFERRED |
Global Petroleum corp said today it lowered the posted cargo prices for number six fuel in the new york harbor 45 to 75 cts a barrel effective today. The decrease brings the prices for one pct sulphur to 20.75 dlrs down 45 cts two pct sulphur 20.10 dlrs down 75 cts 2.2 pct sulphur 19.75 dlrs down 75 cts and 2.5 pct sulphur 19.50 dlrs down 75 cts. Prices for 0.3 pct and 0.5 pct sulphur remained unchanged at 22.50 and 21.85 dlrs it said. Reuter | GLOBAL LOWERS HEAVY FUELS PRICES |
shr 1.58 dlrs vs 1.93 dlrs net 86220000 vs 102629000 avg shrs 50831512 vs 49156828 assets 61.04 billion vs 57.95 billion loans 38.76 billion vs 39.68 billion deposits 38.20 billion vs 33.14 billion return on assets 0.57 pct vs 0.71 pct return on common equity 11.47 pct vs 15.19 pct NOTE: 1987 qtr net reduced by 12 mln dlrs because 1.04 billion dlrs of Brazil loans were placed on non-accrual Reuter | CHEMICAL NEW YORK CORP <CHL> 1ST QTR NET |
The Commodity Credit Corporation (CCC) has accepted a bid for an export bonus to cover the sale of 2750 head of dairy cattle to the Canary Islands the U.S. Agriculture Department said. The cattle are for delivery May 1987-October 1988 it said. The bonus was 1379.00 dlrs per head and was made to Holstein-Friesian Inc and will be paid in the form of commodities from the CCC inventory. An additional 175 headed of dairy cattle for still available to the Canary Islands under the Export Enhancement Program initiative announced July 28 1986 it said. Reuter | CCC ACCEPTS BONUS ON CATTLE TO CANARY ISLANDS |
Shr primary 54 cts vs 41 cts Shr diluted 51 cts vs 38 cts Net 9098000 vs 5.924000 Revs 111.7 mln vs 85.0 mln Avg shrs primary 16889254 vs 14500737 Reuter | AFG INDUSTRIES INC <AFG> 1ST QTR NET |
Preparatory work for construction of a 450 mln dlr alumina plant near the village of Aghia Efthymia in the Greek province of Fokida will begin at the end of next month and the plant will be operational by 1992 Industry Undersecretary George Petsos said. Greece yesterday signed contracts with the Soviet Union for the joint venture project the biggest investment in the country for 20 years. Petsos said the Soviet Union which had initially agreed to buy 380000 tonnes would now purchase the plants entire output of 600000 tonnes a year. Reuter | WORK ON GREEK ALUMINA PLANT TO START END MAY |
Shr 62 cts vs 26 cts Net 2312000 vs 944000 NOTE: 1987 includes five ct shr charge from loan loss provision. Reuter | <NEW MILFORD SAVINGS BANK> 1ST QTR NET |
Commonwealth Aluminum (Comalco) said it put its Goldendale Wash. smelter back on the market after would-be buyer Columbia Aluminum Corp of Hermiston Ore. failed to pull together financing by an April one deadline. The plant which has an asking price of 18.7 mln dlrs plus several mln more dlrs for inventory it said. Commonwealth said it is continuing talks with Columbia but has also opened talks with other interested parties. Commonwealth bought the plant in January 1985 and closed it Feb 15 1987 leaving about 400 workers jobless. Reuter | COMMONWEALTH ALUMINUM PUTS PLANT ON THE BLOCK |
Alza Corp <AZA> a U.S. Pharmaceutical products concern is issuing a 75 mln dlr convertible eurobond due May 8 2002 with an indicated coupon of 5-1/2 to 5-3/4 pct and par pricing lead manager Merrill Lynch Capital Markets said. The bond is available in denominations of 1000 and 10000 dlrs and will be listed in Luxembourg. Fees comprise 1-1/2 pct selling concession and 1/2 pct management and underwriting combined. The conversion premium is indicated at 17 to 22 pct. Final terms will be fixed before April 21. REUTER | ALZA CORP ISSUES 75 MLN DLR CONVERTIBLE BOND |
Interfinco S.A. Of Luxembourg is launching a 50 mln Swiss franc five-year convertible bond with an indicated coupon of 2-1/2 pct lead manager S.G. Warburg Soditic SA said. The issue guaranteed by Cofide-Compagnia Finanziaria de Benedetti SpA of Turin Italy is convertible into shares of <CIR SpA - Compagnie Industriali Riunite> at an indicated premium of five pct. REUTER | INTERFINCO SETS 50 MLN SFR FIVE-YEAR CONVERTIBLE |
Standard and Poors Corp said it downgraded to D about 8.4 billion dlrs of debt of Texaco Inc and the oil companys subsidiaries. The rating agency cited Texacos filing over the weekend for protection under Chapter 11 of the Bankruptcy Code while Texaco seeks judicial relief from an 8.5 billion dlr plus interest and costs judgement against it in the suit brought by Pennzoil Co <PZL>. S and P uses the D rating grade for securities issued by companies in Chapter 11 reorganization the agency said. Reduced to D from B were the senior debt of Texaco Getty Oil Co Getty Oil International (Caribbean) N.V. Pembroke Capital Co Inc Reserve Oil and Gas Co Texaco Capital Inc Texaco Capital N.V. Texaco Convent Refining Inc Tidewater Oil Co and Loop Inc. Cut to D from C were MAGEC Finance Co and from CCC the subordinated debt of Texaco Capital N.V. Reuter | S/P DOWNGRADES TEXACO'S <TX> DEBT TO 'D' |
Shr 84 cts vs 80 cts Net 82416000 vs 67819000 Revs 703.9 mln vs 759.7 mln Avg shrs 98369307 vs 84807498 Loans 19.06 billion vs 19.51 billion Deposits 21.60 billion vs 19.86 billion Assets 27.16 billion vs 27.15 billion Note: Prior qtr per shr figure adjusted for three-for-one stock split of May 1986. Reuter | H.F. AHMANSON AND CO <AHM> 1ST QTR NET |
Du Pont Overseas Capital N.V. a unit of Du Pont Co said it will redeem on May 15 all 189 mln dlrs of its outstanding 13-3/4 pct guaranteed retractable notes due 1997. It will buy back the notes at par value plus accrued interest Du Pont Overseas said. Reuter | DU PONT <DD> UNIT TO REDEEM NOTES |
Berkey Inc said it elected Jonathan Taplin as its chairman replacing A. Michael Victory who will remain as a company director. Taplin was formerly a director of the company Berkey said. In addition the company said it will raise four mln dlrs through a privately-placed convertible preferred stock offering and other securities. It said the offering will give holders upon exercise the right to acquire approximately 1.5 mln shares of the companys common stock. Reuter | BERKEY <BKY> ELECTS CHAIRMAN, RAISES 4 MLN DLRS |
Pakistan is reported to have bought 100000 tonnes of white sugar at its weekend tender from a North Korean operator traders said. The purchase believed priced around 210 dlrs a tonne cost and freight for fine/medium grain was due to be shipped for arrival in May (30000 tonnes) in June (45000) and in July (25000 tonnes) they said. Reuter | PAKISTAN REPORTEDLY BOUGHT WHITE SUGAR AT TENDER |
bank of england to auction up to 3.25 billion stg in gilts, first auction in mid-may |
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EKN Bank of Nidwalden is launching a 25 mln Swiss franc 2-1/2 pct 10-year bond with warrants at par lead manager Bank Leu AG said. Each 1000-franc bond carries a warrant entitling the holder to buy one 200-franc nominal EKN bearer share for 510 francs. Subscriptions close April 24. REUTER | EKN BANK SETS 25 MLN SWISS FRANC WARRANT BOND |
Moodys Investors Service Inc said it may downgrade the top-flight Aaa ratings of Societe Generale Banque Nationale de Paris and Credit Lyonnais. The rating agency cited the ongoing deregulation of the French banking industry and financial markets. Moodys said it anticipates increasing competition and reduced profitability of the banks core businesses. The senior debt and certificates of deposit of the three banks are rated Aaa. However their Prime-1 commercial paper ratings are not under review. Issues supported by long-term letters of credit of the banks may also be affected. Reuter | MOODY'S MAY DOWNGRADE THREE FRENCH BANKS |
The Federal Reserve is expected to enter the U.S. Government securities market to add temporary reserves directly by arranging three-day System repurchase agreements economists said. They said the Fed may add the reserves indirectly instead via a large round two billion dlrs or more of customer repurchase agreements. Federal funds which averaged a high 6.35 pct on Friday opened at 6-7/16 pct and traded between there and 6-1/2 pct. Reuter | FED EXPECTED TO SET THREE-DAY REPURCHASE PACTS |
Dillard Department Stores Inc based in Little Rock Ark. and Allied Stores Corp jointly said they entered a definitive purchase agreement for the sale to Dillard of the Joskes and the Cain-Sloan divisions of Allied for 255 mln dlrs cash subject to certain closing adjustments. The sale excludes certain real estate assets of Joskes and Cain-Sloan which Allied estimates have an aggregate value of 30 mln dlrs based on current market conditions. Joskes has 26 stores in Texas and one in Arizona. Cain-Sloan has four stores in Nashville. Joskes is the largest unit Allied has slated for sale in its restructuring. Allied Stores Corp a subsidiary of Campeau Corp was acquired by acquired by the Canadian developer last year. Robert Campeau chairman of Allied said this is a terrific start to our disposition program which is proceeding well ahead of schedule. This sale will fulfill the requirements under our bank agreements to sell certain assets by June 30 and give us additional flexibility in the disposal of the remaining divisions being sold. Allied Stores is required to pay 200 mln dlrs in bank debt by June 30. There had been some doubts on Wall Street that the company could meet the payment. A Campeau source said We believe this cash sale puts us in a very strong negotiating position to maximize the proceeds Allied can receive from its other divisions. Allied was able to put itself in a position where it knows it will be able to meet the June 30 payment schedules the source said. About 1.1 bilion dlrs in Allied assets had been targeted for sale by Dec. 31 1988 to pay for the aquisition of Allied by Campeau. Allied will be taking bids for its other divisions. Targeted for sale are Bonwit Tellers Garfinckels Deys Donaldsons Herpolsheimers Heers Millers Miller and Rhoads Pomeroys Catherines Plymouth Shops and Jerry Leonard. The divisions provided 38.4 pct of Allied net sales and 11.8 pct of store profit in fiscal 1985. Reuter | ALLIED STORES <ALS> SELLS DILLARD <DDS> TWO UNITS |
A Texas State Court of Appeal agreed that Texaco Incs bankruptcy petition effectively stays the companys obligation under Texas law to post a bond in its 10.53 billion dlr litigation against Pennzoil Co <PZL>. In a brief hearing before a three-judge appeals court Texaco attorney James Sales said the companys motion to reduce the amount of bond required to appeal the case was moot because Texacos Chapter 11 petition protects the company from all previously existing debts and obligations. Lawyers for Pennzoil which won the 10.53 billion dlr judgment in a struggle over Texacos acquisition of Getty Oil Co did not object. Texaco lawyers said they planned to pursue the appeal in Texas courts and in Federal courts if necessary. The Texaco lawyers said the company would seek permission from the bankruptcy court in the Southern District of New York to pursue the Pennzoil litigation. Reuter | TEXACO <QTX> NOT REQUIRED TO POST BOND |
The Chicago Board of Trades (CBT) April Major Market Index (MMI) stock index futures will expire 1515 CDT Thursday instead of Friday because of the Good Friday holiday the exchange said. The Chicago Board Options Exchange said April options on the Standard and Poors 100 and 500 stock indexes currency options and about one-third of the listed individual equity options will expire at their normal time Saturday April 18 although the last day of trading will be Thursday in those contracts. Reuter | CBT MMI STOCK INDEX FUTURES TO EXPIRE THURSDAY |
U.S. drilling activity slowed marginally in the week ended today as the number of active rotary rigs fell by three to 749 against 917 one year ago Hughes Tool Co said. The latest total included 662 working land rigs 70 offshore rigs and 17 in inland waters. Among individual states California dropped by three Colorado by six Wyoming by one West Virginia by six. Drilling increases were reported in Kansas where five rigs were added in Michigan three in Louisiana one and Oklahoma 11. Rig counts were unchanged in New Mexico and Texas. Reuter | HUGHES' U.S. RIG COUNT DOWN THREE THIS WEEK |
NCR Corp earlier reporting higher first quarter profit said it continues to expect that it will report record earnings and revenue for all of 1987. Our optimism is based on our incoming order rates and the strength of our product lines the company said. NCR Corp plans additional new product announcements this year it said without elaborating. NCR earlier said first quarter profit increased to 61.5 mln dlrs or 65 cts share from 50.2 mln dlrs or 51 cts share in the prior year. NCRs 1986 full-year earnings rose to 336.5 mln dlrs from 315.2 mln dlrs in the prior year. NCR said the increase in first quarter profit resulted from strong revenue growth which was particularly strong in Europe and Pacific marketing groups. Growth in U.S. revenues also improved the company said. First quarter revenues increased to 1.12 billion dlrs from 960.8 mln dlrs in the prior year. NCRs U.S. dollar value of 1987 first quarter worldwide incoming orders posted a very substantial gain over the prior year first quarter NCR also said without giving specific figures. Order growth was broad based across NCRs product lines with the greatest growth coming from U.S. it said. Reuter | NCR <NCR> CONTINUES TO EXPECT EARNINGS GROWTH |
Period ended February 28 Shr loss 11 cts vs loss 11 cts Net loss 1309000 vs loss 937000 Revs 5271000 vs 4417000 Avg shrs 11690000 vs 8724000 Reuter | GENETICS INSTITUTE INC <GENI.O> 1ST QTR LOSS |
Prime Computer Inc said tomorrow it will introduce two new high-end superminicomputers. The company said the machines will significantly expand the performance of its 50 Series product line. It gave no further details. Reuter | PRIME COMPUTER <PRM> TO INTRODUCE NEW MACHINES |
Entre Computer Centers Inc said it is discontinuing its European and Australian operations. The company today reported a loss for the second quarter ended February 28 of 2733000 dlrs after a 6705000 dlr pretax provision for the shutdown of the overseas units and a 2511000 dlr tax credit. A year earlier it earned 911000 dlrs. It said the overseas operations lost 400000 dlrs in the second quarter and did not appear strong enough to provide for future growth. Reuter | ENTRE COMPUTER <ETRE.O> CLOSING OVERSEAS UNITS |
Moodys Investors Service Inc said it may downgrade 950 mln dlrs of debt of Irving Bank Corp and lead bank Irving Trust Co. The rating agency said it will assess Irvings ability to substantially improve operating results in increasingly competitive markets. The review will also focus on Irvings shifting risk profile in light of its modest capital base. Moodys cited the banks significant exposure to less developed countries. Under review are the parents Aa-3 senior debt A-1 subordinated debt and Aa-3 preferred stock and Irving Trusts Aa-1 long-term desposits and letters of credit. Reuter | MOODY'S MAY DOWNGRADE IRVING <V> DEBT |
State bank Banca Commerciale Italiana (BCI) said it is launching a 50 billion lire eurobond on behalf of Merrill Lynch & Co. Due May 26 1992 paying 10 pct and priced at 100 -1/2 pct. BCI said in a statement that it is leading an international underwriting consortium of 25 banks and financial institutions. The bank said Merrill Lynch International and Co is co-lead manager. The non-callable bond is available in denominations of two mln lire and will be listed in Luxembourg BCI said. REUTER | ITALY'S BANCA COMMERCIALE TO LAUNCH EUROLIRE BONDS |
Shr loss 29 cts vs profit 10 cts Net loss 2733000 vs profit 911000 Revs 21.5 mln vs 18.5 mln 1st half Shr loss 23 cts vs profit 26 cts Net loss 2154000 vs profit 2445000 Revs 37.8 mln vs 37.7 mln NOTE: Current year net both periods includes 6705000 dlr pretax provision for closing overseas operations and tax credits 2511000 dlrs in quarter and 1977000 dlrs in half. Reuter | ENTRE COMPUTER CENTERS INC <ETRE> 2ND QTR LOSS |
Merrill Lynch and Co said investment banking revenues were strong in the first quarter rising to 257.4 mln dlrs from 152.9 mln in the first quarter 1986. We have made steady progress in a period of market activity which has been marked by unprecedented activity William Schreyer chairman and cheif executive officer and Daniel Tully president and chief operating officer said. Earlier the company reported first quarter net income of 108.6 mln dlrs or one dlr per share up from 86.8 mln dlrs or 85 cts per share in 1986s first quarter. Merrill Lynch said its insurance revenues made the biggest gains in the first quarter rising to 242.3 mln dlrs in the this first quarter from 68.3 mln dlrs in last years first quarter. Reuter | MERRILL LYNCH <MER> INVESTMENT REVENUES UP |
DSC Communications Corp said it amended an existing long term supply contract with MCI Communications Corp <MCIC> for deliveries of a new tandem switch. Deliveries of the switch the DEX 600E are scheduled to begin in third quarter of 1988 and end by year-end 1989 the telecommunications systems company said. The new switch increases the port capacity of DSCs existing 600 switches it said. Under the amended agreement DSC will also deliver signal point transfer products to MCI. Reuter | DSC COMMUNICATIONS <DISI.O> AMENDS SUPPLY PACT |
Woodward and Lothrop Inc said president David Mullen resigned and will be replaced by Tom Roach effective April 20 1987. Woodward and Lothrop a privately held retailer said Mullen has stated his desire to pursure other business interests. Roach joined J.W. Robinson Inc of Los Angeles as chairman in March 1986 resigning shortly after parent company Associated Dry Goods was acquired by May Co. Reuter | WOODWARD AND LOTHROP PRESIDENT RESIGNS |
Feb 28 end Shr profit four cts vs loss nil Net profit 448000 vs loss 28000 Revs 15.1 mln vs 11.5 mln Avg shrs 11.2 mln vs 11.1 mln Year Shr profit four cts vs profit nil Net profit 459000 vs profit 51000 Revs 53.2 mln vs 44.5 mln Avg shrs 11.2 mln vs 11.1 mln NOTE: Net includes tax credits of 53000 dlrs vs 1023000 dlrs in quarter and 48000 dlrs vs 2557000 dlrs in year. Reuter | STANDARD MICROSYSTEMS CORP <SMSC.O> 4TH QTR NET |
Oper shr 39 cts vs 47 cts Oper net 2104462 vs 2452420 Revs 4675904 vs 4744248 Avg shrs 5427561 vs 5139415 1st half Oper shr 82 cts vs 93 cts Oper net 4418718 vs 4609613 Revs 9346483 vs 9338590 Avg shrs 5427486 vs 4943966 NOTE: Current year net excludes gains on sale of real estate of 470778 dlrs in quarter and 1533273 dlrs in half. Period ended February 28. Reuter | PENNSYLVANIA REAL ESTATE INVESTMENT TRUST <PEI> |
Shr profit four cts vs loss one cts Net profit 172000 vs loss 180000 Revs 4.2 mln vs 883000 Six months Shr profit nine cts vs loss four cts Net profit 315000 vs loss 107000 Revs 7.4 mln vs 1.8 mln Avg shrs 4.4 mln vs 2.6 mln Reuter | ALLWASTE INC <ALWS.O> 2ND QTR FEB 28 |
Combustion Engineering Inc said its C-E Environmental Systems and Services Inc unit agreed to work with Keeler/Dorr-Oliver a unit of Standard Oil Co <SRD> to develop systems to destroy hazardous wastes. Under the teaming arrangement Keeler/Dorr-Oliver will supply fluid bed technology equipment and services. C-E Environmental will provide environmental consulting and site investigations engineering and construction services and operation maintenance and training services. Reuter | COMBUSTION ENGINEERING <CSP> IN SYSTEMS PACT |
Shr 37 cts vs 37 cts Net 687888 vs 441659 Revs 7.9 mln vs 6.8 mln Nine months Shr 1.12 dlrs vs 1.07 dlrs Net 1.8 mln vs 1.3 mln Revs 23.2 mln vs 19.7 mln Avg shrs 1.6 mln vs 1.2 mln NOTE:Full name is Scott and Stringfellow Financial Corp. Reuter | SCOTT AND STRINGFELLOW <SCOT.O> 3RD QTR MAR 31 |
General Nutrition Inc said it has filed for a secondary offering of eight mln common shares. It said all the shares are being sold by the estate of founder David B. Shakarian. Lead underwriter will be Kidder Peabody and Co Inc. General Nutrition has about 33.0 mln shares outstanding. Reuter | GENERAL NUTRITION <GNC> SHARES TO BE SOLD |
Texaco Incs decision to file for protection under the bankruptcy code had a chilling effect on its stock and sent Pennzoil Cos shares sharply lower as well traders said. Texaco dropped 3-1/2 to 28-3/8 and Pennzoil fell 12-7/8 to 79-3/8. A lot of people had bid up Pennzoil expecting a settlement of two to five billion dlrs in this case energy analyst Rosario Ilacqua of L.F. Rothschild said and now nobody knows where this is going to settle out. It seems to me that the hope of an out of court settlement in this long running court case had a greater relative impact on Pennzoils stock then on Texacos analyst Sanford Margoshes of Shearson Lehman Brothers said citing the sharper decline in Pennzoil this morning. The litigation arose when Pennzoil sued Texaco for interfering in its 1984 agreement to acquire Getty Oil. In 1985 a Texas state court ruled in favor of Pennzoil and ordered Texaco to pay 10.53 billion dlrs in damages. Citing the burden of the court case and a Supreme Court ruling last week in favor of Pennzoil concerning the amount Texaco must put up as a bond while appealing the case Texaco filed for the Chapter 11 protection on Sunday. That decision puts Pennzoil in the unsecured creditor catagory and that means they have lost their preferred position which is causing the most damage to the stock today Margoshes said. They will only be able to collect payment after secured creditors have collected he said. From the standpoint of the attractiveness of Texacos stock Margoshes said I have turned quite bullish. I think there is an overreaction in the downside of the (Texaco) stock today with some investors believing that Texaco cannot effectively conduct its business. But only Texaco Inc and two subsidiaries are under protection and there is no indication that they will not be able to proceed adequately Margoshes said. In addition he noted there are insitutions that just cannot legally--according to their own regulations--hold a stock that is in bankruptcy. That caused much of the selling at the opening he said. L.F. Rothschilds Ilacqua said you have to wonder if an interim settlement can be reached between the two or if this thing is going to go the full legal route and that is what investment decisions hinge on. He said if this whole thing settles with Texaco owing a lot less than the 10 billion dlrs speculating in Texaco stock could be quite interesting. He expects the stock to trade 25 dlr to 30 dlr a share range for as long as it takes for a decision to made in the case. Reuter | WALL STREET STOCKS/TEXACO <QTX>, PENNZOIL <PZL> |
John Mowlem Plc the U.K. Building and construction company has arranged a 50 mln stg commercial paper program with an option to issue notes in U.S. Dollars Mowlem treasurer Philip Ridal said. He said the company hopes to make the first drawings in May to take advantage of lower borrowing costs and the greater flexibility afforded by this program. It also should increase the companys arbitrage opportunities he added. The program was arranged by Kleinwort Benson Ltd which will act as a dealer along with Morgan Grenfell and Co Ltd and Swiss Bank Corp International Ltd. The sterling notes will be sold in denominations of one mln and 500000 stg and will have maturities of seven to 364 days. Ridal said the new program will complement a note issuance facility the company arranged last year and also increase the investor base. REUTER | JOHN MOWLEM ARRANGES 50 MLN STERLING CP PROGRAM |
Foster Wheeler Corp <FWC> said an audit of its Stearns Airport Equiment Co Inc unit revealed substantial discrepancies in Stearns accounts that may require material adjustments to previously announce consolidated results of the company and its subsidiaries. Foster said certain Stearn officers and senior management made Stearns operations appear more profitable than they were by improperly recording job costs. It said Stearns president and controller had resigned. A Foster spokesman said he did not know the names of the president and controller and could not immediately comment on the release. Foster said the amount involved in the discrepancy is about 13.7 mln dlrs before taxes or about 8.2 mln dlrs net after tax due to an improper recording of job costs over a period of several years and continuing through part of the first quarter of 1987. Stearns is a unit of Fosters Conergic Corp subsidiary. The company said the impact on its results for 1987 was not likely to be significant but the amount to be charged to prior periods had not been determined. Foster reported after tax earnings of 28 mln dlrs 26 mln dlrs and 35.4 mln dlrs for 1986 1985 and 1984 respectively. Stearns based in Crowley Texas makes airport baggage conveyor equipment and passenger loading bridges. Foster a diversified international concern with 27 subsidiaries operating worldwide is based in Livingston New Jersey. Its reported revenues for the period ended December 26 1986 of 1.3 billion dlrs. The company said a detailed audit and investigation is continuing. A company spokesman declined to comment further on the investigation. Reuter | FOSTER <FWC> UNIT AUDIT REVEALS DISCREPANCIES |
Bank Mees en Hope NV a fully-owned subsidiary of Algemene Bank Nederland NV said it launched the second tranche of a 100 mln guilders commercial paper program for the city of The Hague. Mees en Hope declined to comment on the size of the second tranche but said the first tranche ended March 10 was for 50 mln guilders. The second tranche is for the period April 14 to July 14. Denominations are one mln guilders and the issue price on a discount to yield basis is to be set tomorrow at 1000 hours local. Clearing and delivery of the program will be via the short term paper clearing institute of the Dutch Central Bank. The Hague was the first Dutch city to start a commercial paper program allowed on the Dutch capital markets since January 1986. Rotterdam and Amsterdam have since followed with programs of 400 mln and 300 mln guilders respectively. REUTER | THE HAGUE LAUNCHES SECOND TRANCHE OF CP PROGRAM |
Drilling activity slowed down substantially in Canada. The number of active rotary rigs fell by 19 in the week ended today Hughes Tool Co reported. A total of 66 rigs were working during the week compared with 71 one year ago it said. Reuter | HUGHES' CANADA RIG COUNT DOWN 19 THIS WEEK |
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