text
stringlengths 0
9.69k
| target
stringlengths 0
137
|
|---|---|
Shr 67 cts vs 65 cts Net 18.9 mln vs 18.6 mln Revs 399.0 mln vs 391 mln Nine mths Shr 1.70 dlrs vs 1.98 dlrs Net 48.2 mln vs 56.9 mln Revs 1.18 billion vs 1.2 billion Reuter | GENERAL SIGNAL CORP <GSX> 3RD QTR NET |
Domtar Inc said it is withdrawing a previously-announced issue of five mln common shares due to unfavourable conditions in the financial markets. Domtar said its capital expenditure program will not be affected by the issues withdrawal as other sources of financing are currently available. Underwriters were Nesbitt Thomson Deacon Ltd Levesque Beaubien Inc and McLeod Young Weir Ltd. Reuter | DOMTAR <DTC> WITHDRAWS STOCK OFFERING |
Sears Roebuck and Co said it remains optimistic about the fourth quarter and year ahead. The company said it expects gains in disposable personal income to accelerate in the quarter with general merchandise industry sales increasing about 5.0 pct with nondurables registering a larger gain than durables. For the third quarter Sears posted earnings of 409.0 mln dlrs or 1.09 dlrs a share up from the prior years 328.1 mln dlrs or 88 cts a share. Revenues rose 9.1 pct to 12.19 billion dlrs. Sears said net after-tax realized capital gains and other income in the quarter totaled 90.6 mln dlrs compared with 40.7 mln dlrs last year. For the nine months it said net after-tax realized capital gains and other income totaled 290.5 mln dlrs compared with 155.2 mln dlrs a year ago. It said the Merchandise Groups quarterly income of 170.4 mln dlrs compared with 170.0 mln dlrs the previous year. Sears said its Allstate Insurance Group reported quarterly income of 240.5 mln dlrs up 19.7 pct from 200.9 mln dlrs a year ago and benefited from a 33.3 mln dlr fresh start adjustment. Sears said its Dean Witter Financial Services Group reported a loss of 4.2 mln dlrs in the quarter compared to a year-ago loss of 8.0 mln dlrs. It said Discover Card operations reported a loss of 29.4 mln dlrs compared to a loss of 28.4 mln dlrs a year ago. The company said its Coldwell Banker Real Estate Group reported third-quarter income of 47.8 mln dlrs compared with 7.8 mln dlrs last year. Reuter | SEARS <S> OPTIMISTIC OVER 4TH QUARTER |
Shr profit 47 cts vs profit 1.78 dlrs Net profit 16 mln vs profit 53 mln Avg shrs 27.7 mln vs 27.4 mln Nine mths Shr loss 22.51 dlrs vs profit 5.78 dlrs Net loss 610 mln vs profit 168 mln Avg shrs 217.6 mln vs 27.3 mln Assets 33.14 billion vs 33.89 billion Deposits 22.01 billion vs 19.86 billion Loans 21.76 billion vs 22.70 billion NOTE: Net includes loan loss provisions of 40 mln dlrs vs 48 mln dlrs in quarter and 748 mln dlrs vs 217 mln dlrs in nine mths. Net includes pretax gains on sale of securities of 11 mln dlrs vs 29 mln dlrs in quarter and 13 mln dlrs vs 130 mln dlrs in nine mths. Reuter | MELLON BANK CORP <MEL> 3RD QTR NET |
DOMINION RESOURCES INC 3RD QTR SHR 1.52 DLRS VS 1.37 DLRS |
|
Shr 28 cts vs 14 cts Net 3110000 vs 1286000 Sales 112.7 mln vs 93.8 mln Avg shrs 11.2 mln vs 9.1 mln Nine Mths Shr 58 cts vs 15 cts Net 6377000 vs 1332000 Sales 307.8 mln vs 233.8 mln Avg shrs 10.9 mln vs 9.1 mln NOTE: Effective September 25 1987 Primerica Corp <PA> owned 81.4 pct of Musiclands common shares. Reuter | MUSICLAND GROUP INC <TMG> 3RD QTR NET SEPT 25 |
COMMODORE INTERNATIONAL LTD SAID ITS MAJOR CREDIT FACILITIES HAVE BEEN RESTORED |
|
President Reagan sent the five-year International Natural Rubber Agreement to the Senate for approval. Reagan said the accord is designed to stabilize rubber prices without disturbing long-term market trends and to foster expanded natural rubber supplies at reasonable prices. It continues a buffer stock of not more than 550000 tonnes established by a 197agreement. This will be used to defend a regularly adjusted price range and will be financed equally by importing and exporting members of the agreement. Reuter | REAGAN SENDS INT'L RUBBER AGREEMENT TO SENATE |
The Soviets have not indicated an urgent need for a U.S. wheat subsidy offer and it is unlikely that such an offer will be ma during the U.S./Soviet summit expected to be held next month Agriculture Secretary Richard Lyng told Reuters. In an exclusive interview with Reuters Lyng said he did not know if the United States will offer Moscow another wheat subsidy offer this year or when that offer will be made. Last year it was well into the year before we offered it. Theres been nothing thats taken place to indicate to me that theres a pressing need on their part for that sort of deal (a wheat subsidy). When asked if a subsidy would be offered at a U.S./Soviet summit Lyng said No I dont think so. I dont think that. The Agriculture Secretary said a U.S. wheat subsidy deal to Moscow would not be the kind of topic appropriate for discussion at a summit. It would not be the kind of issue that the President or the Chairman would get into specific negotiations or discussions about Lyng said. When Mr. Nikonov (communist party secretary for agriculture) was here ... he indicated that trade in wheat was not something that would be discussed with the President of the United States. He said its not presidential Lyng said. Lyng said uncertainties about wheat quality in some major producing areas of the world volatile wheat prices and the still unfinished Soviet grain harvest could delay any final decision on the timing of another wheat subsidy to Moscow. The future of the U.S./Soviet long-term grains agreement will be discussed the first of next year Lyng said but the Agriculture Secretary questioned the benefits of the long-standing agreement. Weve had three years in a row in which the Soviets have failed to live up to their end of the agreement ... We would love to continue to keep doing busines with the Soviet Union but do we need a long-term agreement. Who benefits from that. These are some of the questions we need to discuss. When asked if he felt the United States has benefitted from the agreement Lyng said I dont know. It certainly hasnt been what we had hoped it would be. For three years running theyve (Moscow) failed to live up to what we considered was an agreement. Reuter | NO PRESSING NEED FOR SOVIET WHEAT SUBSIDY - LYNG |
The United States and India have not yet agreed on a food aid package to help the drought-stricken Asian country Agriculture Secretary Richard Lyng said. Lyng told Reuters in an interview that the two countries have been discussing a package but that he did not expect the specifics of the offer to be announced during Indian Prime Minister Rajiv Gandhis visit here this week. We have been talking about the potential needs that India might have for both their commercial market and purchases needs as well as the possibilities of assistance Lyng said. At this point there is no detailed plan or program. The amounts of what commodities are uncertain. But we have indicated to the Indians that we stand ready to assist in whatever way they deem most valuable he said. There has been speculation in trade circles that USDA would offer India subsidized vegetable oil under the export enhancement program and donate surplus corn under Section 419 of an amended 1949 law. Lyng indicated the two countries have been unable to agree on the mix of concessional and commercial aid and that Washington would prefer the package include something other than donated food. The Indians are capable of purchasing a lot of taking care of themselves. India is a country that has come a long way in its ability to produce food and they have a great pride in that Lyng said. We (the United States) obviously with the surpluses we still have of many commodities... would like to share in the import business the Indians do and then we have some as we always do compassion for the people of India and would like to cooperate with them he said. Lyng said he had no plans to meet with Indian officials during Gandhis visit here adding I just dont know of anything that might be announced specifically. Asked if the ball was in the Indians court he said Yes. Gandhi is to leave Washington Tuesday evening. Reuter | LYNG SAYS INDIA FOOD AID PACKAGE NOT READY |
Shr 95 cts vs 87 cts Net 51.6 mln vs 47.3 mln Revs 1.39 billion vs 1.26 billion Nine mths Shr 2.27 dlrs vs 1.93 dlrs Net 123.5 mln vs 104.6 mln Revs 3.92 billion vs 3.53 billion Reuter | MELVILLE CORP <MES> 3RD QTR NET |
ended sept 30 Shr 22 cts vs 18 cts Net 4127000 vs 3177000 Sales 70.2 mln vs 48.6 mln NOTE: Share adjusted for July 1987 two-for-one stock split. Reuter | BOLT BERANEK AND NEWMAN INC <BBN> 1ST QTR NET |
Shr 1.52 dlrs vs 1.37 dlrs Net 144.5 mln vs 127.3 mln Revs 909.8 mln vs 824.7 mln Avg shrs 95.1 mln vs 92.9 mln 12 mths Shr 4.62 dlrs vs 4.05 dlrs Net 435.9 mln vs 372.1 mln Revs 3.28 billion vs 2.94 billion Avg shrs 94.3 mln vs 91.8 mln Reuter | DOMINION RESOURCES INC <D> 3RD QTR NET |
Southwest Airlines Co said it intends to repurchase up to 500000 common shares in the open market from time to time. The company also said it is expanding its air freight service to Dallas Amarillo Houston Austin Lubbock San Antonio and Midland/Odessa Texas and San Francisco. Reuter | SOUTHWEST AIRLINES <LUV> TO REPURCHASE SHARES |
Oper shr 30 cts vs 26 cts Oper net 2360000 vs 2018000 Revs 74.4 mln vs 70.1 mln Nine mths Oper shr 92 cts vs 92 cts Oper net 7101000 vs 7116000 Revs 218.8 mln vs 209.2 mln NOTE: Earnings exclude a gain from utilization of tax loss carryforwards of 978000 dlrs or 13 cts a share vs a loss of 4967000 dlrs or 66 cts a share in the quarter and gains of 2895000 dlrs or 37 cts a share vs 4944000 dlrs or 64 cts a share in the nine months 1986 earnings exclude losses from discontinued operations of 9000000 dlrs or 1.19 dlrs a share in the quarter and 387000 dlrs or five cts a share in the nine months Reuter | INTER-REGIONAL FINANCIAL<IFG> 3RD QTR OPER NET |
An E.F. Hutton Group Inc spokesman said he stuck by a statement made yesterday that the firm was not having liquidity problems. The statement was made by Hutton Chief Financial Officer Edward Lill. Sources at Hutton said senior management was meeting and that a statement would be made to employees when the meeting ended. Sources said they assumed the statement would pertain to market rumors the firms having liquidity problems and that it is considering bankruptcy. Huttons stock tumbled amid market rumors that it was ready to file bankruptcy. Rumors that several big firms have had problems circulated world markets. Hutton stock hit a low of 11 and was trading at 19-1/4. The stock opened at 24-1/2. Reuter | HUTTON <EFH> REITERATES STATEMENT OF SOLVENCY |
Indications are that USDA accepted Algerias bid for 75000 tonnes of hard red winter wheat but rejected bids for the remaining 225000 tonnes under its export bonus tender U.S. exporters said. USDA accepted Algerias bid of 94.00 dlrs per tonne c and f for 50000 tonnes for Nov 10-25 shipment and 25000 for Nov 20-Dec 10 the sources said. It rejected bids for wheat for later shipment dates they said. Reuter | ALGERIA BUYS 75,000 TONNES EEP WHEAT - TRADE |
UNITED TELECOMMUNICATIONS INC 3RD QTR SHR 23 CTS VS 49 CTS |
|
Shr 86 cts vs 96 cts Net 297 mln vs 325 mln Revs 2.95 billion vs 2.86 billion Nine mths Shr 2.30 dlrs vs 2.74 dlrs Net 785 mln vs 916 mln Revs 11.3 billion vs 11.1 billion NOTE: 1986 share results restated for 3-for-2 stock split in January 1987 1987 net in both periods includes business repositioning gains of 16 mln dlrs or five cts a share and gains from early retirement programs of 65 mln dlrs or 20 cts a share 1987 nine months net also includes pre-tax charge of 175 mln dlrs for GTEs share of a special write-off at U.S. Sprint which reduced after tax net by 104 mln dlrs or 31 cts a share 1986 net in both periods includes business repositioning gains of 32 mln dlrs or 10 cts per share Reuter | GTE CORP <GTE> 3RD QTR NET |
Qtly div 24 cts vs 24 cts prior Pay November 10 Record October 30 Reuter | CITIZENS BANKING CORP <CBCF.O> REG QTLY DIV |
The Swiss governments proposed 1988 budget projects a 1.3 billion franc surplus the Finance Ministry announced. Income is expected to rise 11.6 mln francs to 27.22 billion while expenditure is seen increasing 7.1 mln to 25.95 billion next year. After internal transfers net income was planned to total 637 mln francs. The ministry also announced that higher than expected income during 1987 would likely boost this years surplus significantly higher than the 171 mln francs budgeted. The ministry said the encouraging development of Switzerlands finances was due to steady economic growth since 1983 and the governments conservative fiscal policy. Although the dollars weakness is likely to dampen economic growth slightly in 1988 by depressing exports domestic investment and consumer demand were expected to remain strong. Real gross national product growth was seen rising two pct while annual inflation was also projected to reach two pct. REUTER | SWISS 1988 BUDGET HAS 1.3 BILLION FRANC SURPLUS |
LOUISIANA-PACIFIC CORP 3RD QTR SHR 1.11 DLRS VS 59 CTS |
|
The plunge in stock market prices should have its biggest impact on the middle range of the car market but have less impact on cheap cars as well as luxury vehicles the president of <Saab-Scania of America Inc> said. Robert Sinclair head of the U.S. subsidiary of Saab-Scania AB <SABS.ST> of Sweden told reporters Were much better off than the middle of the market -- those buyers will wait to see what happens. Sinclair said the greatest impact would come on buyers of cars in the 14000 dlr to 18000 dlr range which has been targeted for a new product assault by General Motors Corp <GM> and is the segment where Ford Motor Co <F> has had considerable success with its mid-sized cars. Reuter | SAAB U.S. UNIT SEES LIMITED IMPACT ON ITS CARS |
BRISTOL-MYERS CO 3RD QTR SHR 70 CTS VS 61 CTS |
|
South African year-on-year consumer price inflation in September fell to 15.5 pct from 16.3 pct in August Central Statistics Office figures show. The monthly rise in the all items index (base 1980) was 1.3 pct to 273.4 in September after edging up to 270.0 in August. A year ago the index stood at 236.7 and year-on-year consumer price inflation at 19.7 pct. REUTER | S. AFRICAN CONSUMER INFLATION FALLS IN SEPTEMBER |
 SHULTZ SAYS U.S. ECONOMY IS STRONG LONDON Oct 20 - U.S. Secretary of State George Shultz after discussing Mondays record selling spree on the worlds stock markets with British Foreign Secretary Sir Geoffrey Howe said the American economy is in very strong shape. Shultz a former economics professor and former Treasury Secretary said the underlying fact ... If you look at the U.S. Economy is that we continue to have a very strong economic performance. He cited as positive factors declining U.S. Unemployment and low inflation. Shultz said he did not know to what extent the stock selling frenzy reflected concerns about U.S. Trade and budget deficits. REUTER  | |
Shr 1.46 dlrs vs 1.41 dlrs Net 277.5 mln vs 268.3 mln dlrs Revs 2.13 billion vs 2.14 billion Nine Mths Shr 3.95 dlrs vs 3.78 dlrs Net 750.5 mln vs 718.4 mln Revs 6.28 billion vs 6.22 billion Reuter | U S WEST <USW> 3RD QTR NET |
Mexico has decided to close its border to imports of fresh fruit from San Diego and Orange Counties in California the U.S. Agriculture Departments officer in Mexico City said in a field report. The report dated October 14 said the border closing became effective September 25 and also includes the surrounding 70-mile area of the two counties. While the ban applies specifically to Orange County fruits that are hosts of the Mediterranean fruit fly and San Diego County fruits that are hosts of the Oriental fruit fly the Mexican Government will stop all fresh fruit shipments from the counties until proof of non-infestation is provided the report said. Reuter | MEXICO CLOSES BORDER TO SOME U.S. FRUIT |
Shr 44 cts vs 1.23 dlrs Net 2889010 vs 8105462 Sales 105.8 mln vs 119.6 mln Reuter | KELSEY-HAYES CANADA LTD <KEL.TO> NINE MTHS NET |
Shr 30 cts vs 31 cts Net 11.3 mln vs 11.7 mln Revs 26.5 mln vs 26.3 mln Nine mths Shr 92 cts vs 95 cts Net 34.3 mln vs 35.5 mln Revs 78.8 mln vs 78.2 mln Reuter | ROCKEFELLER CENTER PROPERTIES INC <RCP> 3RD QTR |
Manor Care Inc said it has raised its share repurchase program to include four mln additional shares raising the total number under the program to five mln. It said it h already repurchased the first one mln shares outhorized. Manor Care now has about 40 mln shares outstanding. Reuter | MANOR CARE <MNR> RAISES SHARE REPURCHASE |
BANKERS TRUST NEW YORK CORP 3RD QTR SHR 2.03 DLRS VS 1.53 DLRS |
|
Shr 34 cts vs 33 cts Net 1031000 vs 972000 Revs 27.9 mln vs 26.9 mln Nine mths Shr 93 cts vs 76 cts Net 2802000 vs 2267000 Revs 86.1 mln vs 77.7 mln NOTE: 1987 3rd qtr and nine mths revs includes sales to ADT Inc of 3.0 mln dlrs and 10.9 mln dlrs. 1986 3rd qtr and nine mths includes sales of 3.5 mln dlrs and 10.7 mln dlrs. Reuter | ARITECH CORP <ARIT.O> 3RD QTR OCT TWO |
Shr 50 cts Net 2751000 vs 2094000 Nine mths Net 6993000 vs 5577000 Assets 603.1 mln vs 504.3 mln Loans 448.5 mln vs 358.1 mln Deposits 467.9 mln vs 447.7 mln NOTE: Per share figures for 1986 and 1987 nine mths not available as bank converted to stock form of company in April 1987. Reuter | SOUTHOLD SAVINGS BANK <SDSB.O> 3RD QTR NET |
Shr 78 cts vs 61 cts Net 4774000 vs 3683000 Nine mths Shr 2.14 dlrs vs 1.77 dlrs Net 13.1 mln vs 10.7 mln Reuter | CONSTELLATION BANCORP <CSTL.O> 3RD QTR NET |
Sri Lanka has postponed until November its tender for 75000 tonnes of wheat under the export bonus program originally scheduled for today U.S. exporters said. Reuter | SRI LANKA POSTPONES EEP WHEAT TENDER - TRADE |
U.S. And West German reaffirmation of support for the Louvre Accord cannot cure the fundamental problems bedevilling the world economy which lie behind the current collapse in stock markets London economists said. Theres going to have to be some acknowledgement that the dollar is going to be allowed to slip said Richard Jeffrey of Hoare Govett. If not there is going to be continued fear that when pressure emerges on the dollar the Fed will be forced to tighten. This throws up the economic abyss of recession in the U.S. With obvious knock on effects on the rest of the world. But some economists added that Wall Streets crash which dragged other major markets down with it may help curb the very problems that sparked the turmoil - namely world inflation fears and the massive and persistent U.S. Trade deficits. If there is a benefit from a 23 pct fall in Wall Street ...Its some sort of resistance to inflation worldwide said Geoffrey Dennis of brokers James Capel echoing comments from other London and Tokyo analysts. Lower personal wealth from lower stock prices and fears of further falls should dampen credit growth curbing inflationary pressures and import demand in the U.S. They say. Such considerations may be helping bond markets resist the equity crash according to Mike Osborne of Kleinwort Grieveson. It would be suicidal for any government in the context of what happened in the last couple of days to jack up their interest rates he added. Stocks surged after news Chemical Bank cut its prime lending rate half a point to 9.25 pct Tuesday and U.S. Fed chairman Alan Greenspan pledged support for the financial system. The news eroded the most immediate fears that the stock collapse would spill over into the economy via a banking crisis for example thus precipitating recession. It also helped the dollar rally sharply to a high of 1.8200 marks from a European low of 1.7880. But economists said todays whiplash moves do not have long term significance and that markets should try to keep the underlying fundamentals in mind. The United States has been able to live on borrowed time. If the effect of this (crash) is to produce slower economic growth not recession...It contains good news (and) provides a more realistic assessment of the U.S. Economy said Capels Dennis. But he added that markets are still very much in danger. The liquidity doesnt disappear...All its doing is disappearing from the equity markets Dennis noted. David Morrison of Goldman Sachs International said world market turbulence will be exacerbated if the Group of Seven (G-7) leading western nations confirms a base for the dollar as implied by West German Finance Minister Gerhard Stoltenbergs remarks that intervention to support currencies is still on. Last weeks dollar fall was partly triggered by expectations that the Germans were more worried about the money supply impact of such intervention than maintaining currency stability. But rigid adherence to dollar ranges would be bad said Morrison. The Louvre Accord is fundamentally misconceived. To stabilise the dollar at too high a level is wrong he said. Reuter | LOUVRE REAFFIRMATION NOT ENOUGH - U.K. ANALYSTS |
CANADIAN MINISTER SAYS G-7 HAD NUMBER OF TALKS ON PROVIDING LIQUIDITY |
|
Two large container cranes donated by the Danish International Development Agency (DANIDA) have arrived in Dar es Salaam where they will help to increase the ports cargo handling capacity port officials said. The two new container cranes join one Danish container crane already installed in the port which is an important trade outlet for Tanzania Zambia Malawi and eastern Zaire. Five more cranes from Finland are due to arrive soon increasing the container terminals handling capacity to 120000 units per year from 30000 at present the officials said. Reuter | NEW CONTAINER CRANES ARRIVE AT TANZANIA PORT |
An unexpectedly heavy 4.4 billion stg surge in U.K. September sterling bank lending is unlikely to nudge the Bank of England towards tightening monetary policy as long as sterling remains in its present robust state economists said. An acute crisis of confidence in equity markets over the past two days will in any case subdue personal consumer credit demand which has largely been behind growth in lending. In the normal course of events the markets would have been extremely worried about that figure noted Peter Spencer U.K. Economist with Credit Suisse First Boston. After an initial dip in reaction to the bank lending data which compared won stg August rise U.K. Government bonds (gilts) soared as investors continued to flee from plummetting equities into the relative security of government securities. Equity markets dropped sharply on the news touching a days low of 1766.7 on the FTSE 100 index after the data before staging a recovery. Sterling held its buoyant tone throughout. U.K. Money market rates in a similarly calm response resumed the slightly easier trend of earlier in the morning after little more than a token blip as the figures came out. Noting that such a huge rise in credit extended by banks would under other circumstances have prompted market fears of a rise in clearing bank base rates from the current 10 pct With the financial markets doing what theyre doing thats the last thing the Bank of England would want to do Spencer said. The monetary situation is clearly very bad but as long as sterling is firm the authorities are unlikely to put rates up said Kevin Boakes chief U.K. Economist at Greenwell Montagu Gilt Edged. Boakes pointed to a rise in the narrow money measure M0 to 5.2 pct year-on-year from Augusts 4.5 pct growth which he said must cause some concern at the Treasury. But The fact that overall broad money growth has slowed down is a rather encouraging sign noted Paul Temperton U.K. Economist with Merrill Lynch Capital Markets. He pointed to a fall in the year-on-year growth rate of the M3 broad money aggregate to 19.5 pct in September from Augusts 22 pct. It was concern about credit growth which prompted the Bank of England to engineer a one point rise in U.K. Bank base rates to 10 pct in early August caution endorsed subsequently by news of a massive 4.9 billion stg July rise in bank lending. Temperton noted that a particular focus of bank worry in that period had been the behaviour of U.K. Asset markets. Housing and equities were the key two asset markets in influencing consumer behaviour he said. In the light of the precipitous falls on U.K. Equity markets in the past few days There will almost certainly be a straightforward impact on consumer spending and on retail sales Temperton said. Almost certainly we can look forward to slower growth in consumer borrowing if the equity shakeout continues he added. I think the stock market has decided that the bank lending figure is a thing of the past...We are talking about a very serious panic and a flight to quality Spencer said. A U.K. Treasury official said that it was important to look at all the monetary information not just the bank lending adding that monetary aggregates were growing much more slowly than bank lending. Senior banking sources noted that the surge in bank lending was evidence of the continuing recent trend of fairly heavy personal sector borrowing. Figures from the Banking Information Service showed personal sector lending by U.K. Clearing banks rose by 1.66 billion stg in September after a 978 mln stg August rise. Much of the rise reflected quarterly interest payments. REUTER | U.K. CREDIT POLICY SEEN STEADY, DESPITE BANK DATA |
The Federal Reserve is expected to enter the government securities market to add reserves via customer repurchase agreements economists said. They expected the amount to total around 1.5 billion to two billion dlrs. Economists added that the low rate on federal funds indicates the Fed is unlikely to add funds agressively through overnight system repurchases unless it feels the need to calm volatile financial markets. Federal funds were trading at 7-1/8 pct down from yesterdays average of 7.61 pct. Reuter | FED EXPECTED TO ADD RESERVES VIA CUSTOMER RPS |
Taiwans foreign exchange reserves bouyed by rising exports have hit a record high and are likely to soar to 72 billion U.S. Dlrs by the year end central bank officials said Tuesday. Central Bank Governor Chang Chi-cheng told reporters the reserves totalled about 69 billion U.S. Dlrs compared with about 42 billion at the same time last year and 68 billion on October 5. He declined to elaborate. A senior bank official who declined to be named told Reuters the reserves were likely to reach 72 billion dlrs at the end of the year. The surge in reserves is the result of our trade surplus and recent purchases of U.S. Dollars on the local interbank market Chang said. Taiwans trade surplus hit a record 14.95 billion U.S. Dlrs in the first nine months of 1987 compared with 11.05 billion a year earlier official figures show. Vice Economic Minister Wang Chien-hsien said the surplus will rise to about 20 billion dlrs by the end of the year. About 80 pct of the surplus will come from the islands trade with the United States. Chien said Taiwans trade will reach 80 billion U.S. Dlrs this year compared with 63.96 billion last year. Its exports are expected to total 50 billion and imports 30 billion against exports of 39.79 billion and imports of 24.17 billion last year. REUTER | TAIWAN FOREIGN EXCHANGE RESERVES HIT RECORD HIGH |
Bank of France says it leaves intervention rate unchanged at 7-1/2 pct |
|
Shr 1.11 dlrs vs 59 cts Net 42.6 mln vs 22.2 mln Sales 531.8 mln vs 407.4 mln Nine mths Shr 2.45 dlrs vs 1.27 dlrs Net 93.7 mln vs 48.1 mln Sales 1.44 billion vs 1.12 billion Reuter | LOUISIANA-PACIFIC CORP <LPX> 3RD QTR NET |
Scrap crepe prices firmed on good shortcovering demand at the Colombo rubber auction brokers said. One-X brown was traded at 19.75 rupees per kg up 15 cents from last rates while other grades also showed improvements. The rise was attributed to a shortage of rubber available to manufacture this type. Latex crepe prices were unchanged with the best one-X selling at 20.92 rupees. Crepe one was traded at 20.68 and crepe two at 20.45 rupees. Sheet was firm as in previous weeks with RSS1 averaging 22.05 rupees against 22 previously. The total quantity of rubber offered at the sale was 320 tonnes. REUTER | SCRAP CREPE RUBBER PRICES FIRAT COLOMBO AUCTION |
Commodore International Ltd said it agreed with its major lending banks to renew the companys credit agreement of about 79 mln dlrs. In fiscal 1987 ended June 30 Commodore said it repaid about 68 mln dlrs to this lending group. Commodore said the renewal of the companys major bank facilities together with the 60 mln dlr long-term financing completed this past May with <Prudential Insurance Co of America> provide a sound financial basis for the company. Reuter | COMMODORE <CBU> RENEWS MAJOR CREDIT FACILITIES. |
Shr 64 cts vs 40 cts Net 14.9 mln vs 8600000 Revs 468.5 mln vs 411.7 mln Nine mths Shr 2.64 dlrs vs 2.96 dlrs Net 61.6 mln vs 67.0 mln Revs 1.43 billion vs 1.32 billion Reuter | OLIN CORP <OLN> 3RD QTR NET |
Norways September oil output rose by 22.2 pct to 1.07 mln barrels per day (bpd) from 830492 bpd in August according to a Reuter survey of firms operating here. Operators said the sharp rise reflected higher output at several of Norways biggest fields and resumed production at fields shut down for 27 days in August for the Ekofisk field rescue project. Industry analysts said the increase did not exceed Norways voluntary move to curb by 7.5 pct planned growth in its oil output a move designed to back OPEC-led efforts to stabilise oil prices by limiting supplies to world crude markets. Norway not an OPEC member decided in June to extend the production restraints enforced since February 1 1987 on all its North Sea fields for the rest of the year. Oil Minister Arne Oeien said last month he expected Norway would extend into 1988 its policy of slowed production growth. The biggest increase was seen on the Ekofisk field which pumped 168023 bpd in September against 48195 bpd in August field operator Phillips Petroleum Norway Inc said. Ekofisk and the nearby Valhall and Ula fields which use the Ekofisk pipeline were shut down for most of August while Phillips raised Ekofisk platforms to counter seabed subsidence. BP Petroleum Development Norway Ltd operator of the Ula field said September output rose to 86727 bpd after dropping to 27237 bpd in August because of the shutdown. Valhall operated by Amoco Norway A/S flowed 74694 bpd last month compared with 69748 bpd in August the company said. September production was also sharply higher at the Statfjord field. Norways 84 pct share of Statfjord which extends into the British North Sea sector was 611138 bpd against 552646 bpd in August operator Den Norske Stats Oljeselskap A/S (Statoil) said. Norways 22.2 pct share of the Murchison field which like Statfjord extends into the British sector yielded 15388 bpd in September a slight 920 bpd decrease from the previous month Norwegian partners on the British-operated field said. Statoil boosted output at its Gullfaks field to 109670 bpd in September compared with 100188 in August. Norsk Hydro operator of the Oseberg field said test output at the field from the mobile production ship Petro Jarl totalled 1719 bpd last month down sharply from 16170 bpd in August. Hydro said the drop was caused by failure to bring on stream a second well cutting September production to just two days. REUTER | NORWAY BOOSTS OIL OUTPUT BY 22 PCT IN SEPTEMBER |
COCA-COLA ENTERPRISES INC 3RD QTR SHR 23 CTS VS 23 CTS |
|
Pirelli Spa <PIRI.MI> said its full-year results for 1987 would depend on the world economic situation now clouded by the possibility of a recession. It said strong demand in the cable and tire sectors contributed to improved sales and profits in the first six months of 1987. The group said in a statement that the cable sector showed sustained demand in the first six months of the year particularly in Italy Spain and Argentina. It said cable sales in the U.S. Market remained weak however. Reuter | PIRELLI SAYS YEAR RESULT CLOUDED BY WORLD OUTLOOK |
Shr 70 cts vs 61 cts Net 200.2 mln vs 173.9 mln Sales 1.38 billion vs 1.26 billion Nine mths Shr 1.87 dlrs vs 1.54 dlrs Net 535.6 mln vs 437.8 mln Sales 4.04 billion vs 3.63 billion NOTE: Share adjusted for two-for-one stock split. Reuter | BRISTOL-MYERS CO <BMY> 3RD QTR NET |
Shr 14 cts vs 15 cts Net 867000 vs 956000 Revs 9203000 vs 5304000 Six mths Shr 18 cts vs 34 cts Net 1111000 vs 1747000 Revs 16.7 mln vs 10.4 mln NOTE: 1987 2nd qtr and six mths net includes 279000 dlrs and 432000 dlrs for tax credits. 1986 2nd qtr and six mths net includes 361000 dlrs and 1747000 dlrs for tax credits. Reuter | XYVISION INC <XYVI.O> 2ND QTR SEPTEMBER 26 |
FIRST REPUBLIC BANK DALLAS CUTS PRIME RATE TO 9.25 PCT FROM 9.75 PCT, EFFECTIVE TODAY |
|
Mellon Bank Corp said a number of actions taken in the third quarter including an eight pct reduction in its staff are expected to improve its earnings potential. The company which had posted a net loss of 626 mln dlrs in the first six months of the year today reported earnings of 16 mln dlrs or 47 cts per share compared with net of 53 mln dlrs or 1.78 dlrs in the third quarter 1986. The company also said it had raised 420 mln dlrs in capital in the third quarter and that its eight pct staff reduction will reduce staff expense in future periods. Reuter | MELLON <MEL> EXPECTS EARNINGS POWER TO IMPROVE |
MANUFACTURERS HANOVER CORP 3RD QTR SHR 2.73 DLRS VS 2.29 DLRS |
|
Shr 30 cts vs 12 cts Net 3059000 vs 1258000 Revs 36.2 mln vs 29.1 mln Nine mths Shr 67 cts vs 24 cts Net 6855000 vs 2442000 Revs 100.9 mln vs 77.8 mln Reuter | PERKINS FAMILY RESTAURANTS LP <PFR> 3RD QTR |
Shr 35 cts vs 30 cts Net 3997000 vs 3442000 Nine mths Shr 1.04 dlrs vs not given Net 12.0 mln vs 8161000 NOTE: Company went public in July 1986. Net includes loan loss provisions of 500000 dlrs vs 105000 dlrs in quarter and 1100000 dlrs vs 105000 dlrs in nine mths. Net includes pretax gains on sale of assets of 162000 dlrs vs 400000 dlrs in quarter and 877000 dlrs vs 1229000 dlrs in nine mths. Reuter | FIRST AMERICAN BANK FOR SAVINGS <FAMB.O> 3RD QTR |
E.F. HUTTON GROUP 3RD QTR SHR 26 CTS VS 11 CTS |
|
NYSE ASKS MEMBERS TO REFRAIN FROM USING ORDER SYSTEM FOR PROGRAM TRADING |
|
Canadian Finance Minister Michael Wilson says the leading industrial nations have held a number of discussions on providing liquidity to the financial system after Mondays record stock market decline. There have been a number of discussions between G-7 participants (Canada the United States Japan Britain West Germany France and Italy) he told reporters after emerging from a cabinet meeting. There is an intent to make sure there is sufficient liquidity in the system. Clearly this is one of the reasons why the bond markets have been firmer interest rates have been dropping Wilson said. The level of interest rates had been one of the factors that had concerned the equity markets. I have been in touch with my G-7 colleagues in a number of countries Wilson said. This has been going on during the course of yesterday through the evening and this morning and this will continue he said. What we have all agreed on is (that) the basic strengths of our economies...looks good Wilson said. Reuter | CANADA'S WILSON SAYS G-7 DISCUSSED LIQUIDITY |
Assets of Offshore Banking Units (OBUs) in Bahrain rose 11 pct in the second quarter of 1987 to reach the highest level since early 1985 Bahrain Monetary Agency (BMA) figures show. The BMAs quarterly statistical bulletin gave no reason for the sharp rise but economists said banks appeared to be staying liquid because of the escalation of the Gulf crisis. They said banks are parking funds in interbank markets outside Bahrain. Despite the rise in assets banks in Bahrain have been retrenching operations considerably. At the end of 1986 there were 68 OBUs compared with 74 at the end of 1985. BMA figures show OBU assets rose to 58.30 billion dlrs at the end of June from 52.53 billion at the end of March and 55.68 billion at the end of 1986. The mid-1987 figure was the highest since early 1985 when assets topped 61 billion. The second quarter rise came almost entirely in OBU assets outside Bahrain. The volume of loans to the non-bank sector declined slightly indicating a still sluggish economy in the region economists said. Assets of commercial banks in Bahrain were slightly lower at the end of the second quarter at 2.05 billion dinars compared with 2.10 billion at the end of the first quarter. REUTER | BAHRAIN OFFSHORE BANKING ASSETS RISE IN 2ND QTR |
Shr diluted 31 cts vs 60 cts Net 3276776 vs 6846367 Revs 187.7 mln vs 181.3 mln Nine mths Shr diluted 52 cts vs 1.51 dlrs Net 5301876 vs 16.4 mln Revs 535.7 mln vs 513.0 mln Reuter | ARKANSAS BEST CORP <ABZ> 3RD QTR NET |
Tribune Co said a pre-tax charge of 16.7 mln dlrs or 11 cts a share in employee severance costs at the New York Daily News led to a 73 pct decline in the companys 1987 third-quarter earnings. Tribune reported net income of 33085000 dlrs or 42 cts a share down from 123450000 dlrs or 1.53 dlrs in the 1986 third quarter. The company also said its 1986 third-quarter results were boosted by a one-time pre-tax gain of 145 mln dlrs or 1.11 dlrs a share from sale of its cable television systems. After adjusting for these extraordinary items Tribune President Stanton Cook said 1987 year-end should be strong. Overall we expect Tribune companys earnings before non-recurring factors to show solid improvement for 1987 Cook said. A 14 pct increase in newsprint prices since the 1986 third quarter depressed newspaper publishing operating profits the company said. They were up only slightly at 46.1 mln dlrs after adjusting for Daily News severance costs from 45 mln dlrs in the 1986 quarter it said. Increased efficiency at the Tribunes two paper mills however contributed to a 56 pct gain in newsprint operating profits to 21.8 mln dlrs from 14 mln dlrs it said. Reuter | TRIBUNE <TRB> SAYS LAYOFF COSTS HURT EARNINGS |
Shr 3.71 dlrs vs 95 cts Net 233.8 mln vs 62.8 mln Revs 997.8 mln vs 938.0 mln Nine mths Shr 5.06 dlrs vs 2.24 dlrs Net 327.2 mln vs 148.0 mln Revs 3.00 billion vs 2.70 billion NOTE: Realized investment gains net of taxes for 1987 3rd qtr and nine mths were 147.0 mln dlrs and 271.0 mln dlrs respectively. Realized investment gains for 1986 3rd qtr and nine mths were 18.6 mln dlrs and 33.6 mln dlrs respectively. Company repurchased 1.2 mln shares of its stock during the 1987 3rd qtr. Reuter | FIREMAN'S FUND CORP <FFC> 3RD QTR NET |
Switzerland will use most of its budget surplus projected for 1988 to redeem its debt the Finance Ministry said. The governments plan calls for income to exceed expenditure by 1.3 billion Swiss francs next year. After internal transfers net income was seen reaching 637 mln francs. The ministry said in a press release the surplus would be used for the most part for redeeming debt but also help finance environmental protection public transport and research and development projects. Thanks to the favourable liquidity situation debt will be able to be repaid the ministry said. That will reduce the net interest burden to 2.2 pct of net income the lowest point since 1974. Finance Minister Otto Strich said the government plans to continue its tight fiscal policy as it moves toward its goal of reducing taxes. In the meantime it will concentrate on redeeming its debt he said in a statement. In that way the interest payment burden on state finances can be reduced and the governments ability to set policy broadened he said. REUTER | SWISS PLAN TO USE BUDGET SURPLUS TO REDEEM DEBT |
Salomon Inc said it offered to clear transactions faster than normal for its mutual fund clients. Robert Salomon managing director in response to a question would not say whether the firm has committed to lend capital to mutal funds as has Goldman Sachs and Co. Goldman said it would lend up to one billion dlrs to mutual funds to enable them to sell securities for cash if they need to do so. We are certainly working to meet the need of our clients Salomon said. We have offered the mutual fund industry to clear transactions faster than normal settlement if that accommodates their need he said. Reuter | SALOMON <SB> OFFERS FASTER MUTUAL FUND CLEARING |
The New York Stock Exchange said it has asked members and member firms to refrain from using the NYSE order delivery system for purposes of executing index arbitrage related transactions or any other aspect of program trading after todays opening. The request came in a letter issued by the NYSE earlier this morning. The Exchange said the order delivery system allows member firms to directly route orders to the specialist on the trading floor via computer. Reuter | NYSE ASKS FOR NO PROGRAMS ON DELIVERY SYSTEM |
BALLADUR HAS HAD CONTACT WITH G7 MINISTERS, INC STOLTENBERG -MINISTRY SOURCES |
|
Shr 26 cts vs 11 cts Net 8700000 vs 3600000 Revs 988.9 mln vs 674.5 mln Nine mths Shr 3.65 dlrs vs 1.38 dlrs Net 120.6 mln vs 43.6 mln Revs 2.7 billion vs 2.1 billion NOTE: Net for 1987 includes 4.4 mln from discontinued opers 51.6 mln after tax gain on sale of E.F. Hutton Insurance Group and 36.6 mln on extraordinary gains from utiliazation of loss carryforward. Net in 1986 included 10.8 mln from discontinued opers and an extraordinary credit of 5.2 mln from utilization of loss carryforwards. Reuter | E.F. HUTTON GROUP INC <EFH> 3RD QTR NET |
GTE Corp said it is encouraged by the considerable decline in US Sprints operating loss in the third quarter when compared with the three previous quarters. The company said its 50 pct pre-tax share of the loss in the latest quarter was 82.5 mln. The other 50 pct of Sprint is owned by United Telecommunications Inc <UT>. GTE said this improvement reflects higher revenues and gradual elimination of redundant costs ofts old network as traffic migrates to new digital fiber-optic network. GTE said we expect US Sprints results to continue to improve in the fourth quarter and beyond. It said US Springs third quarter revenues totaled 685 mln dlrs an increase of 24 pct from 552 mln dlrs in the year earlier quarter GTE said its 82.5 mln dlr share of the latest quarters loss compares with a loss of 79 mln dlrs in the year ago quarter. Reuter | GTE <GTE> ENCOURAGED BY US SPRINT'S SMALLER LOSS |
BALLADUR HAS HAD CONTACT WITH G7 MINISTERS, INCLUDING STOLTENBERG -MINISTRY SOURCES |
|
Leading senators told investors Congress should take swift action on reducing the federal budget deficit to calm nervousness in the stock market which has been hit by record setting losses. Speaking to an American Stock Exchange-sponsored investors conference Senator Bob Packwood said the best thing Congress can do about the panic on Wall Street is to continue working on its deficit reduction scheme. I hope the Congress does not respond to a one-or two-day phenomenon the Oregon Republican said. Reuter | SENATORS URGE ACTION ON DEFICIT TO CALM FEARS |
Avon Products Inc which earlier reported lower third quarter profits said its fourth quarter and full year earnings will exceed the year ago results due to strong sales in its domestic cosmetics business and an improved economic situtation in Brazil. Last year Avon earned 158.7 mln dlrs or 2.23 dlrs a share on sales of 2.9 billion dlrs. In the current third quarter Avon said its earnings dropped 12 pct to 37 cts a share because of a wage and price freeze in Brazil one of the companys four major operating areas. Themance of the domestic beauty business in the fourth quarter should more than offset the impact of Brazil on earnings said Hicks Waldron Avons chairman and chief executive in a statement. John Cox Avons spokesman told Reuters that Brazils economic problems costs the company 10 cts a share or about seven mln dlrs in profits in the third quarter. He said that about half of that loss was offset by the strong performance of the companys domestic cosmetics business. For the nine month period Avons earnings were flat. Avon also said in a statement that an initial public offering in Japan for up to 40 pct of its Japanese subsidiary which is expected to exceed 200 mln dlrs may not take place as scheduled in November. Avon said the offering will depend on world stock market conditions. Reuter | AVON <AVP> SEES HIGHER 4TH QTR, 1987 EARNINGS |
NO CRISIS ATMOSPHERE IN WHITE HOUSE, NO MARKET ACTION PLANNED, SPOKESMAN SAYS |
|
BASTIAN TECHNOLOGIES SAYS IT HAS FIVE PCT OF COSMO COMMUNICATIONS, MAY SEEK CONTROL |
|
Service Corp International said its Investment Capital Corp unit sold its entire 14.8 pct stake in Capital Southwest Corp <CSWC.O> common stock and no longer holds any Capital Southwest shares. In a filing with the Securities and Exchange Commission Investment Capital said it sold 280000 shares of Capital Southwest common stock since September 21 at 19.56 dlrs to 21.50 dlrs a share. No reason was given for the recent sales. Reuter | SERVICE CORP <SRV> DUMPS CAPITAL SOUTHWEST STAKE |
shr profit 2.73 dlrs vs 2.29 dlrs net 129.1 mln vs 105.8 mln nine mths shr loss 28.33 dlrs vs profit 6.42 dlrs net loss 1.16 billion vs profit 301.8 mln NOTE: 3rd qtr includes previously reported gain of 55.0 mln dlrs or 29.4 mln after-tax by capturing excess pension funds. Nine mths include 1.7 billion dlr addition to loan loss reserves in 2nd qtr mostly for shaky LDC debts. Reuter | MANUFACTURERS HANOVER CORP <MHC> 3RD QTR NET |
Shr 23 cts vs 23 cts Net 31.9 mln vs 15.7 mln Revs 876.9 mln vs 401.2 mln Avg shrs 140.1 mln vs 68.6 mln Nine mths Shr 53 cts vs 42 cts Net 74.0 mln vs 28.9 mln Revs 2.55 billion vs 1.17 billion Avg shrs 140.1 mln vs 68.6 mln NOTE: Results include acquired bottling companies from dates of acquisition. On pro forma basis as if all acquisitions had been in place from the start of the period company earned 5704000 dlrs or four cts per share on 140.0 mln shares outstanding with revenues of 826.2 mln dlrs for quarter and earned 14.1 mln dlrs or 10 cts per share on same number of shares and revenues of 2.41 billion dlrs for nine mths. Reuter | COCA COLA ENTERPRISES INC <CCE> 3RD QTR NET |
CBI Industries Inc said it may repurchase up to 500000 of its common shares which will be used for employee stock ownership plans and other business purposes. The company has 21.8 mln common shares outstanding. Reuter | CBI <CBH> MAY BUY UP TO 500,000 OF ITS SHARES |
Shr 80 cts vs 72 cts Net 18900000 vs 17100000 Sales 267.4 mln vs 288.6 mln Nine mths Shr 2.26 dlrs vs 2.04 dlrs Net 53600000 vs 48200000 Sales 839.3 mln vs 836.3 mln Reuter | BALL CORP <BLL> 3RD QTR NET |
WHITE HOUSE AGAIN RULES OUT TAX INCREASE, SAYS WOULD HURT ECONOMY |
|
Shr 2.03 dlrs vs 1.53 dlrs Net 146.4 mln vs 110.3 mln Nine months shr loss 3.99 dlrs vs profit 4.62 dlrs net loss 283.3 mln vs profit 330.5 mln Avg shrs 71.08 mln vs 69.26 mln Assets 56.9 billion vs 50.7 billion Deposits 30.4 billion vs 25.9 billion Loans 26.3 billion vs 25.7 billion Note : Nine month loss reflects 700 mln dlr increase in loan loss provisions. Without the tax benefit third-quarter net income would have been 127.6 mln dlrs up 16 pct or 17.4 mln dlrs from the third quarter of 1986. Non-interest income totaled 342.6 mln dlrs in the third quarter up 47 pct or 109.7 mln dlrs largely due to increased income from foreign exchange trading fees and commissions. Foreign exchange trading income totaled 71.3 mln dlrs up 44.3 mln from a year ago. Provision for loan losses in the third quarter was 20 mln dlrs versis 40 mln a year previously. At September 30 the provision for loan losses jumped to 1.30 billion dlrs from 455 mln at the same time last year. Reuter | BANKERS TRUST <BT> 3RD QTR NET |
Stock markets in Asias economic little dragons seen as hot tips for global investors reeled today as share prices crashed in the U.S. The regions main trading partner. Panic spread through Taiwan Hong Kong Singapore and South Korea following the collapse on Wall Street. Officials in Hong Kong worried that the notoriously volatile market would go wild suspended trading until next Monday. Markets in Taiwan and South Korea sheltered from swings on the worlds big bourses were battered this time. Taipeis weighted index fell almost by its full permitted level shedding 172.9 points to close at 3492.9. Seouls composite index lost over 11 points by late morning to 505.28 with investors worried about a possible rise in oil prices after U.S. Attacks on Iranian oil platforms in the Gulf. When the U.S. Catches cold Taiwan sneezes said general manager Blair Pickerell of Jardine Fleming Taiwan Limited. In this case Taiwan has got pneumonia. Blue chips in Singapore were hit by selling. The Straits Times Industrial Index lost 190.12 points in late afternoon trading to 1033.16 breaking Mondays fall of 169.14 points. Reuter | ASIAN SMALL MARKETS REEL FROM WALL STREET |
TRANS WORLD AIRLINES SAID CARL ICAHN WITHDRAWS ACQUISITION OFFER |
|
International Business Machines Corp said it announced a series of price actions relating to its System/38 line of computers. The company said it introduced price reductions ranging from four pct to 20 pct for models 200 to 700 of the System/38 computer. IBM said memory purchase prices would be reduced from 5000 dlrs to 3500 dlrs per megabyte. Additionally the company said it introduced a special price offering that provides savings for customers with selected models of installed System/38 computers who upgrade to a model 600 or 700. The value of the offering was undisclosed. Reuter | IBM <IBM> ANNOUNCES PRICE CHANGES FOR SYSTEM/38 |
Shr profit 23 cts vs profit 49 cts Net profit 24.1 mln vs profit 49.6 mln Revs 755.4 mln vs 708.3 mln Nine mths Shr loss 84 cts vs profit 1.53 dlrs Net loss 80.7 mln vs profit 152.3 mln Revs 1.19 billion vs 2.32 billion NOTE: Per shr reflects payment of preferred dividends. Results include loss of 7435000 or eight cts shr in prior nine mths from discontinued operations. Latest nine month results include one-time charge of 1.09 dlrs share relating to US Sprint. Revenues exclude those for US Sprint a joint venture with GTE Corp <GTE>. Reuter | U.S. TELECOMMUNICATIONS INC <UT> 3RD QTR NET |
Shr 70 cts vs 61 cts Net 200.2 mln vs 173.9 mln Sales 1.38 billion vs 1.26 billion Nine mths Shr 1.87 dlrs vs 1.54 dlrs Net 535.6 mln vs 437.8 mln Sales 4.04 billion vs 3.63 billion NOTE: Share adjusted for two-for-one stock split. REUTER | BRISTOL-MYERS CO <BMY> 3RD QTR NET |
Shr 25 cts vs 19 cts Net 687000 vs 514000 Sales 20.7 mln vs 13.2 mln Reuter | GANDER MOUNTAIN INC <GNDR.O> 1ST QTR SEPT 30 NET |
New York-based Bastian Technologies Corp said it acquired a five pct stake in Cosmo Communications Corp and is considering a move to seek control of the company or to secure a role in its affairs. Bastian Technologies believes that with the appropriate management policies and business strategies the company can once again become profitable and maximize for all shareholders the underlying value of their company Bastian said in a filing with the Securities and Exchange Commission. Bastian said alternatives being considered include an attempt to acquire Cosmo through a merger tender or exchange offer seeking to influence the companys management and policies and seeking representation on Cosmos board of directors through a proxy contest or otherwise. Bastian said it may contact third parties regarding its intentions toward Cosmo adding it intends to request a meeting with Cosmo representatives to discuss its investment in Cosmo stock. Bastian currently holds 253700 Cosmo common shares or five pct of the total outstanding. The shares were purchased from Nasta International Inc <NAS> on October 16 for about 1.15 mln dlrs Bastia said. Reuter | BASTIAN TECHNOLOGIES MULLING COSMO <CSMO.O> BID |
National Distillers and Chemical corp said it intends to repurchase up to three mln of its 32.8 mln common shares in the open market or privately from time to time. Reuter | NATIONAL DISTILLERS <DR> REPURCHASING SHARES |
Qtly div 21-1/2 cts vs 20 cts prior Pay December 15 Record November 16 Reuter | OLD KENT FINANCIAL CORP <OKEN.O> RAISES PAYOUT |
Shr 53 cts vs 38 cts Net 22249000 vs 15356000 Sales 189.1 mln vs 166.5 mln Nine mths Shr 1.56 dlrs vs 1.21 dlrs Net 64707000 vs 49603000 Sales 559.2 mln vs 492.4 mln Reuter | SNAP-ON TOOLS CORP <SNA> 3RD QTR NET |
WARNER COMMUNICATIONS 3RD QTR SHR 41 CTS VS 28 CTS |
|
Whirlpool Corp said it is having joint venture discussions with <Vitro S.A.> of Monterrey Nuevo Leon Mexico on the formation of a Mexican venture for the manufacture and sale of major home appliances. It said Vitro has consolidated sales projected at 1.0 billion dlrs (U.S.) for 1987. Reuter | WHIRLPOOL <WHR> DISCUSSING JOINT VENTURE |
WASHINGTON POST CO 3RD QTR SHR 4.77 DLRS VS 1.65 DLRS |
|
BETHLEHEM STEEL SAYS IT IS RAISING STEEL SHEET PRICES BY UP TO 30 DLRS/short ton |
|
Shr loss two cts vs profit two cts Net profit 253000 vs profit 356000 Revs 17.5 mln vs 12.3 mln Nine mths Shr profit one cent vs profit 21 cts Net profit 628000 vs profit 2921000 Revs 54.9 mln vs 36.0 mln NOTE: 1987 qtr and nine mths includes gain 106000 dlrs or one cent per share and 846000 dlrs or six cts per share respectively from utilization of tax loss carryforward. 1986 qtr and nine mths includes gain 178000 dlrs or one cent per share and gain 810000 dlrs or six cts per share respectively from utilization of tax loss carryforward. 1987 nine mths includes loss 1519000 dlrs or 11 cts per share from early extinguishment of debt. Reuter | NYCOR INC <NYCO.O> 3RD QTR NET |
Bankers Trust New York Corp said tax benefits as a result of an increase in loan loss provisions boosted earnings to a record 146.4 mln dlrs in the third quarter from 110.3 mln a year ago. During the third quarter the firm realized 18.8 mln dlrs in tax benefits related to the special addition of 700 mln dlrs to the allowance for loan losses taken in the second quarter of 1987. For the first nine months the increase in loan loss provisions resulted in a net loss of 283.3 mln dlrs versus a 330.5 mln dlr profit in the same 1986 period. Reuter | BANKERS TRUST <BT> NET BOOSTED BY TAX BENEFIT |
Trans World Airlines Inc said chairman Carl C. Icahn has withdrawn his proposal to acquire the TWA shares he does not already own due to the deterioration in market conditions. Under the proposal Icahn would have paid for each TWA share 20 dlrs in cash and 25 dlrs face amount of 12 pct subordinated debentures due 2007. TWA said Icahn reserves the right to make a subsequent proposal at some future date on the same terms or different terms. Reuter | ICAHN DROPS BID FOR TWA <TWA> |
Carnival Cruise Lines said it may repourchase up to five mln of its Class A common shares subject to market conditions. It said the decline in the market has made the stock an attractive investment. Carnival has about 132.2 mln shares outstanding. Reuter | CARNIVAL CRUISE <CCL> TO REPURCHASE COMMON |
Subsets and Splits
No saved queries yet
Save your SQL queries to embed, download, and access them later. Queries will appear here once saved.