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Argentine meat exports during Jan/Dec 1986 totalled 220911 tonnes against 223204 tonnes shipped in the same 1985 period the National Meat board said. Shipments in tonnes with comparative figures for the 1985 period in brackets included: beef 120184 (137686) horse meat 25651 (33892) and beef offal 50100 (47745). Argentinas meat exports totalled 20481 tonnes in December 1986 against 15801 tonnes in the same 1985 month. Shipments in tonnes with comparative figures for December 1985 in brackets included: beef 14384 (10339) horse meat 1609 (1539) and beef offal 3388 (3098) the board said. Main destinations for refrigerated beef (bone in equivalent) were as follows in tonnes with comparative figures for 1985 in brackets: E.C. 46300 (49700) Israel 16200 (17600) Brazil 18100 (unavailable) Peru 8100 (2300) Angola 4800 (12100) Chile 3400 (8200) Switzerland 3000 (3000) Canary Islands 2400 (3700) Singapore 1900 (1700) Aruba/Curazao 1600 (1700). Main destinations for canned meat and cooked beef (bone in equivalent) in tonnes with figures for 1985 in brackets were: United States 88300 (102900) E.C. 30700 (24100). Reuter | ARGENTINE MEAT EXPORTS LOWER IN 1986 |
South Korean Trade Minister Rha Woong Bae said his nation would maintain a trading surplus for three to five years as a way to cut its foreign debt. He said in an interview with Reuter that after a few years it was likely South Korea would drop barriers to foreign goods and move toward a more balanced trade position. He said the present trade surplus was vital if his nation was to reduce its 44.5 billion dlr foreign debt. Rha said that 1986 was the first year South Korea had a trade surplus - 4.5 billion dlrs against a 1985 deficit of 900 mln dlrs. Rha made his remarks at the end of a two-week trade mission here during which a team he led agreed to buy U.S. products valued at 1.8 billion dlrs. About 800 mln dlrs of the purchases here were in goods of the type South Korea normally bought from Japan. Rha leaves today for Ottawa for trade talks with Canadian officials and businessmen. Asked if South Korea would retaliate against U.S. goods if Congress closed U.S. markets to its products he said at this moment we have no thought of retaliation. South Korea is a major exporter to the U.S. of textiles and apparel and electronic goods such as television sets video cassette records and personal computers. Its purchases from the United States include electronic testing equipment grains and cotton. Reuter | SOUTH KOREA TO KEEP TRADE SURPLUS 3-5 YEARS |
Shr 26 cts vs 36 cts Shr diluted 25 cts vs 36 cts Net 1389000 vs 1412000 Revs 56.9 mln vs 35.1 mln Avg shrs 5412000 vs 3962000 Year Shr 90 cts vs 75 cts Shr diluted 86 cts vs 75 cts Net 4692000 vs 2961000 Revs 201.4 mln vs 140.0 mln Avg shrs 5234000 vs 3954000 NOTE: Results for 14 and 53 week periods ended January 3 1987 vs 13 and 52 week periods ended December 28 1985 1985 net in both periods includes gain of 99000 dlrs from tax loss carryforward Spokeswoman said average shares outstanding on a diluted basis were not available Reuter | RESTURANT ASSOCIATES INDUSTRIES INC <RAA>4TH QTR |
The Commodity Credit Corp (CCC) has accepted bids for export bonuses to cover sales of 340000 tonnes of hard red winter wheat and 210000 tonnes of soft red winter wheat to China the U.S. Agriculture Department said. The bonuses awarded averaged 36.22 dlrs per tonne and the wheat is scheduled for delivery during May-Oct 1987. The bonus awards were made to Cargill Inc (305000 tonnes) Continental Grain Co (155000 tonnes) Mitsubishi International Corp (60000 tonnes) and Richco Grain Co (30000 tonnes). Bonuses will be paid to the exporters in the form of commodities from CCC stocks. The purchases complete the Export Enhancement Program initiative for China announced Jan 26. Reuter | USDA ACCEPTS BONUS WHEAT OFFERS FOR CHINA |
Qtly div 72 cts vs 72 cts prior Pay April 15 Record March 23 NOTE: Companys full name is Southern New England Telecommunications Corp. Reuter | SOUTHERN NEW ENGLAND TELECOM <SNG> DECLARES DIV |
the council of ministers approved petroleos de venezuelas planned purchase of a half interest in the champlin petroleum refinery at corpus christi texas government sources said. The cabinet authorized energy and mines minister arturo hernandez grisanti to approve the purchase in the shareholders assembly of the state oil company petroleos de venezuela (pdvsa). Pdvsa last april 14 signed a letter of intent to buy a half interest in champlins corpus christi refinery for an undisclosed sum. Under the terms of the provisional agreement venezuela would supply up to 160000 barrels a day to the plant through a new company which would be jointly owned by the pdvsa and champlin a subsidiary of the union pacific corp <unp>. The deal would also allow pdvsa a joint share in champlins refinery and distribution network. The purhcase is one of a series of overseas joint ventures by which venezuela has managed to assure markets for some 400000 barrels of its approximately 1.5 mln bpd exports. Hernandez grisanti told reporters after the cabinet meeting that pdvsa will pay 93 mln dlrs for its half ownership in the champlin refinery - 33 mln dlrs in cash and 60 mln dlrs crude oil and products. Through the deal he said venezuela will be assured the sale of at least 140000 bpd of crude and products. Hernandez said pdsva has entered similar joint ventures with veba oel of west germany nynas petroelum in sweden and citgo in the united states. Reuter | VENEZUELA MOVES CLOSER TO CHAMPLIN PURCHASE |
Amoskeag Co said its board voted to seek shareholder approval at its April 27 annual meeting of a recapitalization plan calling for the distribution of one Class B common share for each common share now held. The company said the Class B common would have 10 votes per share and the common one vote per share. Each common share would be entitled to at least the same dividend as each Class B share which would not be freely transferrable for five years but could be converted share-for-share into common at any time. Amoskeag said the proposed recapitalization would increase total authorized stock to 26.0 mln shares from 2.2 mln. The board has proposed a total of 20.0 mln authorized common shares and 6.0 mln authorized Class B shares. Reuter | AMOSKEAG <AMOS> PROPOSES CLASS B SHARES |
Shr 71 cts vs 15 cts Net 4234000 dlrs vs 803000 dlrs Revs 15.4 mln dlrs vs 10.3 mln dlrs 12 mths Shr 1.26 dlrs vs 67 cts Net 7299000 dlrs vs 3607000 dlrs Revs 52.5 mln dlrs vs 40.7 mln dlrs NOTE: Empires investment in the Deltona Corp is reported on the equity method beginning the fourth qtr of 1986. Amounts for 1985 and the first three qtrs of 1986 have been restated to reflect the retroactive application. During 1986 the 17-1/2 pct debentures and 9-7/8 dlrs preferred stock were redeemed or converted resulting in 6028755 common shares outstanding at December 31 1986 as compared to 2408766 common shares outstanding at December 31 1985. Reuter | EMPIRE OF CAROLINA INC <EMP> 4TH QTR NET |
Oper shr loss six cts vs profit seven cts Oper net loss 481517 vs profit 487432 Revs 7492686 vs 5575043 Avg shrs 8.5 mln vs 7.2 mln Year Oper shr loss six cts vs profit 34 cts Oper net loss 465043 vs profit 2283811 Revs 29.5 mln vs 19.8 mln Avg shrs 7.8 mln vs 6.7 mln NOTE: Excludes extraordinary credit of four cts a share in fourth quarter 1986 and 15 cts in year. Reuter | ENSECO INC <NCCO> 4TH QTR LOSS |
Rexnord Inc said it signed a definitive agreement to sell its Railway Maintenance Equipment Co subsidiary to Oak Industries Inc. Terms were withheld. Also participating in the agreement was Banner Industries Inc which previously agreed to acquire Rexnord. Railway Maintenance had 1986 sales of 16 mln dlrs. Rexnord said the sale is part of a major program to divest several of its businesses representing about 200 mln dlrs in net assets. Still to be divested are the Process Machinery Division with sales of 137 mln dlrs and Mathews Conveyer Co with sales of 83 mln dlrs. -- Corrects mame of purchaser Reuter | CORRECTED - REXNORD <REX> TO SELL RAILWAY UNIT |
DOW JONES DROPS OWENS-ILLINOIS, INCO FROM INDUSTRIAL AVERAGE, ADDS COCA-COLA, BOEING |
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Dart Group Corp <DARTA> which wants to acquire Supermarkets General Corp for 1.62 billion dlrs is not likely to give up without a fight if its target seeks another buyer arbitrageurs said. Speculation that Darts offer of 41.75 dlrs per share could be just the beginning of a bidding contest helped Supermarkets shares gain one to 42-1/8 on 2.3 mln shares. One rumor had Federated Department Stores Inc <FDS> taking a look at Supermarkets General. Our policy is that we do not comment on any rumors or speculation of this nature a Federated spokeswoman said. An arbitrageur noted that Dart controlled by chairman Herbert H. Haft and his son Robert last year raised its initial bid for Safeway Stores by approximately 10 pct when Safeway resisted. However that company was later sold to a buyout group that topped the Hafts. If history repeats itself the Hafts could raise their bid to 46 dlrs if they are rebuffed by Supermarkets General the arbitrageur said. But another arbitrageur said the Hafts present bid seemed quite fair. He said the offer amounts to 10 times after-tax-cash flow which is probably fully priced. Reuter | WALL STREET STOCKS/SUPERMARKETS GENERAL <SGL> |
U.S. EXPORTERS REPORT 455,000 TONNES OF WHEAT SOLD TO CHINA FOR 1986/87 AND 1987/88 |
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<Russo Securities Inc> said in a statement it acted as a broker executing unsolicited orders for an individual named in a Securities and Exchange Commission civil suit alleging insider trading violations. Russo filled orders for David Sofer an Israeli citizen who allegedly traded on inside information from Nahum Vaskevitch head of Merrill Lynch and Cos <MER> London mergers office. Vaskevitch was suspended by Merrill which said it was cooperating with the probe. Russo said it had no knowledge or reason to believe that any of these transactions were based on the improper use of inside information. Reuter | RUSSO SAYS IT ACTED AS BROKER FOR SOFER |
Home Shopping Network Inc filed with the Securities and Exchange Commission for an offering of 400 mln dlrs of convertible subordinated debentures due April 1 2002. Proceeds from the offering will be used to build and equip enlarged broadcast and order processing facilities to redeem some of the companys 11-3/4 pct senior notes due Oct 15 1996 and for general corporate purposes the company said. Drexel Burnham Lambert Inc will underwrite the sale. Reuter | HOME SHOPPING <HSN> FILES 400 MLN DEBT OFFERING |
American Motors Corp said its directors met Wednesday to review the takeover proposal which the corporation received Monday from Chrysler Corp <C>. AMC said its board has retained independent investment and legal advisers and expects to meet periodically over the next several weeks on the proposal. Reuter | AMERICAN MOTORS <AMO> WEIGHS TAKEOVER PROPOSAL |
Qtly div 25 cts vs 25 cts Pay April 20 Record March 31 Reuter | BANGOR HYDRO-ELECTRIC CO <BANG> SETS DIVIDEND |
Kansas City Southern Industries Inc said an attempt by Santa Fe Southern Pacific Co <SFX> to reopen the proposed merger of the Atchison Topeka and Santa Fe Railway Co and the Southern Pacific Transportation Co offers nothing truly new. In a letter to shippers Kansas City Chairman Landon Rowland stated This proposed merger is plainly anti-competitive as found by the ICC and urged by the Department of Justice. Nothing has changed. Landon said Kansas City Southern is continuing its efforts to acquire the transportation operation of Santa Fe Railway. Reuter | KANSAS CITY SOUTHERN <KSU> MERGER RESPONSE |
Roses Stores Inc reported February sales of 92.7 mln dlrs an increase of 18.1 mln dlrs or 24.2 pct from sales of 74.6 mln dlrs in the comparable period the year prior. The company said identical stores sales increased 15 pct for the month of February. Roses operates 224 discount stores as of February 1987 compared to 208 stores a year ago in 13 southeastern states. Reuter | ROSE'S STORES INC <RSTO> REPORTS HIGHER SALES |
De Laurentiis Entertainment Group Inc said Embassy Communications a Californai general partnership affiliated with Coca-Cola Co <KO> plans to sell its 10.1 pct stake in the company. In a filing with the Securities and Exchange Commission for a secondary offering De Laurentiis said Embassy will offer its entire stake in the company of 964936 shares of common stock in the public sale. De Laurentiis said it has 9.6 mln shares outstanding. PaineWebber Inc will underwrite the offering. Reuter | COKE AFFILIATE TO SELL DELAURENTIIS <DEG> STAKE |
Robert Halmi Inc said it obtained a five mln dlr line of revolving credit from Wells Fargo Bank available through February 29 1988. Halmi said the funds will be used for the development and production of television programming and for regular company business. Halmi said it reported earnings of 2800000 dlrs in fiscal year 1986 ended May 1986 on sales of 17.2 mln dlrs. Reuter | ROBERT HALMI INC <RHI> OBTAINS REVOLVING CREDIT |
Shr nine cts vs 17 cts Net 275000 vs 490000 Rev 2.4 mln vs four mln Six months Shr 29 cts vs 31 cts Net 885000 vs 884000 Rev 6.1 mln vs 7.1 mln NOTE: Companys full name is Herley Microwave Systems Inc. Reuter | HERLEY MICROWAVE <HRLY> 2ND QTR JAN 31 NET |
Rockwell International Corp is raising 200 mln dlrs through an offering of notes due 1997 yielding 7.682 pct said lead underwriter Daiwa Securities America Inc. An officer on Daiwas corporate syndicate desk said he believed this was Rockwells first debt offering since 1984 when the company tapped the Euromarkets. Daiwa the U.S. unit of Daiwa Securities Co Ltd of Japan has become the first foreign bookrunner in the U.S. corporate debt market this year. The firm is sustaining a trend that first emerged in early 1986 investment bankers said. Daiwa headed a syndicate that won the Rockwell notes in competitive bidding. Rockwell has a net interest charge of 7.722 pct for the issue the Daiwa officer said. The Japanese firm bid the notes at 98.473 and set a coupon of 7-1/2 pct and reoffering price of 98.75 to yield 46 basis points more than comparable Treasury securities. Underwriters away from the syndicate said they believed the 46 basis point spread over Treasuries was aggressive. They said a premium of 50 basis points or more would have been more appropriate. It looks like Daiwa submitted a kamikaze bid just to get the business said one competitor. However the Daiwa officer defended his firms pricing of the deal. Because Rockwell has not floated debt since 1984 the companys note issue is a museum piece he said. The officer said he believed the Rockwell paper would sell quickly mostly because the company is well known and has not tapped the debt market in three years. Investors are hungry for high-grade debt issued by household names agreed one corporate bond trader. Non-callable for seven years the issue is rated Aa-2 by Moodys and AA by Standard and Poors. Daiwa became the second foreign firm to manage an offering in the domestic debt market in September 1986 when it won in competitive bidding 125 mln dlrs of 10-year first mortgage bonds of General Telephone Co of California a unit of GTE Corp <GTE>. It followed the lead of UBS Securities Inc the U.S. unit of Union Bank of Switzerland. UBS won its first deal in June 1986 when it bid for and won 100 mln dlrs of Allied-Signal Inc <ALD> debentures due 2016. UBS brought two negotiated deals to the marketplace after that. UBS led in late June an offering of 100 mln dlrs of five-year notes issued by Transamerica Financial Corp a subsidiary of Transamerica Corp <TA>. That following September UBS priced as sole underwriter 100 mln dlrs of Borg-Warner Corp <BOR> notes due 1991. In early December Nomura Securities International Inc became the third and so far last foreign securities firm to manage a U.S. offering. The U.S. unit of Nomura Securities Co Ltd of Japan acting as sole underwriter won in competitive bidding 250 mln dlrs of extendible notes of General Electric Credit Corp a subsidiary of General Electric Co <GE>. The Rockwell deal is Daiwas second as lead underwriter. Last December Daiwa and Nomura were named primary dealers by the Federal Reserve along with L.F. Rothschild Unterberg Towbin Inc and Security Pacific National Bank. UBS Nikko Securities Co International Inc and Yamaichi International (America) Inc have also applied to the Fed for primary dealership status. Primary dealers are considered an elite group of firms because they are approved to purchase U.S. Treasury securities directly from the Feds agent the Federal Reserve Bank of New York investment bankers explained. Reuter | ROCKWELL INTERNATIONAL <ROK> SELLS 10-YEAR NOTES |
The Wall Street Journal said the stocks of Owens-Illinois Inc <OI> and Inco Ltd <N> will be dropped as components of the 30 stock Dow Jones Industrial aveage effective with the start of trading on the New York Stock Exchange tomorrow. They will be replaced with Coca-Cola Co <KO> and Boeing Co <BA>. The paper which is published by Dow Jones and Co Inc <DJ> said the change in components will require revision of the divisors used to calculate the industrial average and the related 65 stock composite index to maintain the statistical continuity of the indices. The new divisors will be published in tommorws editon it added. It explained that Owens-Illinois which has been one of the Dow 30 since 1959 is the object of a leveraged buyout. The tender offer is set to expire March 16. The Journal said Inco is being dropped to substitute a stock that will make the index more representative of the market. Previously named International Nickel Co Inco is one of the original components of the index established in 1928. While the Owens-Illinois deletion was forced the Inco substitution is being made solely to improve the market-sector weighting of the index not because of any change in the company the paper stated. Such substitutions are made from time to time most recently with the addition of McDonalds Corp <MCD> in October 1985 to reflect long-run changes in the economy and the market it added. Reuter | CHANGES SET IN DOW JONES INDUSTRIAL AVERAGE |
Panhandle Eastern Corp said it had made steady progress in reducing its natural gas take-or-pay exposure from 4.9 billion dlrs to 1.7 billion dlrs worth of potential claims. Panhandle Eastern chairman R.L. OShields said settlement payments of 247 mln dlrs plus releases and waivers of gas purchase obligations since 1982 had reduced the companys take-or-pay exposure. While substantial we believe the unresolved take-or-pay exposure will remain manageable he said in a letter to shareholders that appeared in the companys new annual report. Panhandle Eastern also said it had budgeted 78 mln dlrs for its 1987 capital spending program an increase from 65 mln dlrs spent last year. The company said its primary focus of 1987 spending would be to modernize and automate its pipelines for greater efficiency. Houston-based Panhandle Eastern earned 133.5 mln in 1986 on revenues of 2.0 billion compared to net income of 113.1 mln on sales of 2.5 billion in 1985. Reuter | PANHANDLE <PEL> TRIMS TAKE-OR-PAY EXPOSURE |
Williams Cos said it completed the sale of its Agrico Chemical Co unit to Freeport-McMoRan Resource Partners L.P. <FRP> for an initial 250 mln dlrs cash. The company said it will also receive an additional 100 to 250 mln dlrs in five years based on the operating performance of the unit. It said the cash proceeds will be used to lower its debt costs. Reuter | WILLIAMS COS <WMB> COMPLETES SALE OF UNIT |
The U.S. Austin Co and Japans Kawasaki Heavy Industries Inc said they have joined to compete for contacts for a new Japanese airport at Kansai near Osaka. Austin a design engineering and construction firm said in a statement that it and Kawasaki would bid for support facility work worth 200-250 mln dlrs. The Kansai project is to cost about eight billion dls. U.S. officials have complained to Japan that American firms are being squeezed out of work on Kansai and threatened to restrict Japanese construction firms in the United States if Kansai is not opened to U.S. companies. reuter | U.S., JAPANESE JOIN TO BID ON KANSAI AIRPORT |
The European Community Commission has told EC member states that it is not prepared to discuss EC sugar prices while sugar traders threaten to make a huge sale into intervention stocks to protest against its policies Commission sources said. Our position is that we are not willing to discuss the problems of market prices at a time when traders are making threats one source said. The sources said the Commissions view was made clear at a meeting of its sugar management committee today. They said French West German and Dutch officials had informed the committee that traders in their countries intended to sell just over 850000 tonnes of sugar into EC intervention stocks. The Commission riposted by signalling that it would sell the sugar sold into intervention back onto the EC market by tender a move that would push down prices. The sources said French traders planned to sell 775000 tonnes into intervention stocks West German traders 7500 tonnes and Dutch traders 2500. Reuter | EC COMMISSION REJECTS SUGAR THREATS - SOURCES |
Senate Republican leader Robert Dole (R-Kan.) said he and a group of Republican lawmakers are considering introducing legislation to extend the ethanol tax exemption through the year 2000. Dole addressing the National Corn Growers Association board said the proposal was under consideration by a rural task force of Republican members of Congress and governors. Gasoline containing at least 10 pct ethanol now receives a six cts per gallon exemption from a nine cts federal excise tax. The exemption is to expire at the end of 1992. Ethanol is produced primarily by a few large agribusiness firms including Archer Daniels Midland (ADM) and A.E. Staley. The tax exemption has helped helped bolster ethanol production despite a sharp drop in the prices of competing crude oil. Reuter | BILL TO EXTEND ETHANOL EXEMPTION CONSIDERED |
Treasury balances at the Federal Reserve fell on March 10 to 2.842 billion dlrs from 3.073 billion dlrs the previous business day the Treasury said in its latest budget statement. Balances in tax and loan note accounts fell to 9.828 billion dlrs from 11.418 billion dlrs on the same respective days. The Treasurys operating cash balance totaled 12.670 billion dlrs on March 10 compared with 14.490 billion dlrs on March 9. Reuter | TREASURY BALANCES AT FED FELL ON MARCH 10 |
South Korean Trade Minister Rha Woong Bae said his nation would maintain a trading surplus for three to five years as a way to cut its foreign debt. He said in an interview with Reuters that after a few years it was likely South Korea would drop barriers to foreign goods and move toward a more balanced trade position. He said the present trade surplus was vital if his nation was to reduce its 44.5 billion dlr foreign debt. Rha said that 1986 was the first year South Korea had a trade surplus - 4.5 billion dlrs against a 1985 deficit of 900 mln dlrs. Asked if South Korea would drop its trade barriers once its foreign debt was substantially reduced he said yes I think so. Rha made his remarks at the end of a two-week trade mission here during which a team he led agreed to buy U.S. products valued at 1.8 billion dlrs. About 800 mln dlrs of the purchases are in goods of the type South Korea normally bought from Japan. Rha was to leave later today for Ottawa for trade talks with Canadian officials and businessmen. He said in the interview the U.S. purchases were to reduce his countrys 7.1 billion dlr surplus with the United States and also to cut its 5.6 billion dlr shortfall with Japan. Rha said it was also due to a shift in exchange rates between the U.S. dollar and the yen that made it cheaper to buy U.S. goods than Japanese goods. He said South Korea heavily relied on foreign trade and he hoped the leaders of major trading nations could find a way to resolve the growing trend toward protectionist legislation. Rha said I hope the leaders can get together to find a solution by making some mutually satisfactory concessions. But he added the leaders seem hesitant to make concessions because of domestic political reasons. Speaking of his own country he said We have made a lot of concessions already. He cited regulations permitting foreign investment in industrial firms allowing increased foreign banking activity and cracking down on piracy of intellectual property by strengthening protection of copyrights and patents. Rha said South Korea had also lowered many of its tariffs. Asked if South Korea would retaliate against U.S. goods if Congress closed U.S. markets to its products he said at this moment we have no thought of retaliation. South Korea is a major exporter to the United States of textiles and apparel and electronic goods such as television sets video cassette records and personal computers. Its puchases from the United States include electronic testing equipment and grains and cotton. The trade missions purchases here included three Boeing passenger planes for 400 mln dlrs four McDonnell Douglas planes for 300 mln dlrs; and machinery worth 725 mln dlrs. Reuter | SOUTH KOREA TO MAINTAIN TRADE SURPLUS 3-5 YEARS |
Standard and Poors said it may lower its BBB-minus rating of Clark Equipment Cos 108 mln dlrs of long-term debt because of weak industry fundamentals and the companys plan to repurchase 70 mln dlrs worth of common stock. Despite a dramatic rationalization of its fork-lift truck axle and transmission and construction equipment operations continuing intense competitive pressures are limiting Clarks growth and profit potential S and P said. The company may be forced to increase debt to achieve its strategic acquisition goals the rating agency added. Reuter | S/P MAY DOWNGRADE CLARK EQUIPMENT <CKL> |
Industrial Equity (Pacific) Ltd a Hong Kong investment firm said it raised its stake in Calmat Co to 1480830 shares or 9.8 pct of the total outstanding common stock from 1217230 shares or 8.0 pct. In a filing with the Securities and Exchange Commission Industrial Equity which is principally owned by Brierley Investments Ltd a publicly held New Zealand firm said it bought 263600 Calmat common shares between Feb 17 and March 9 for 13.1 mln dlrs. It has said it bought the stock for investment purposes but may raise its stake to 15 pct. Reuter | HONG KONG FIRM UPS CALMAT <CZM> STAKE TO 9.8 PCT |
Paralax Video Enterprises Inc said it signed a definitive agreement to buy <American Video Group Inc> for stock. According to the merger proposal American Video shareholders will receive about 287700 restricted Paralax shares and warrants to buy another 318600 restricted shares at six dlrs a share. The warrants run for three years. In addition it said holders of American Video convertible debentures agreed to exchange their holdings for about 380000 dlrs worth of Paralax stock. American Video operates stores in U.S. military bases. Reuter | PARALAX VIDEO <VIDO> TO BUY AMERICAN VIDEO |
International Business Machines Corp said it formed a new business group to sell and support telecommunications products. Called the Telecommunications Marketing and Service organization IBM said the group combines the U.S. direct sales service and support operations of its Rolm Corp unit with the marketing support operations of its Information Systems Group. IBM said the new group is responsible for direct sales installation and service of the Rolm product line as well as other IBM telecommunications products. IBM acquired Rolm a Santa Clara Calif.-based maker of telephone swichboards and other telecommunications equipment in 1984. Analysts in the past have criticized IBM for not moving faster to integrate Rolms telecommunications products with its computer systems. But Edward E. Lucente an IBM vice president and group executive of the Information Systems Group said in a statement This is an important step toward providing a single IBM marketing and service organization to increase our focus on our customers telecommunications products needs. IBM said Jack W. Blumenstein a Rolm vice president and head of its Business Communications Group will take charge of the new telecommunications organization which will operate as a unit within the Information Systems Group. Blumenstein was named an assistant group executive of the Information Systems Group and he will report to Lucente IBM said. IBM said the new organization will oversee the technical and marketing support of Rolm and IBM telecommunications products but will not be responsible for sales and marketing of IBM gear. IBM said Rolm will retain responsibility for the worldwide manufacture and development of Rolm products. Rolm will also continue to direct the sale of its products by Rolm distributors in the United States and overseas. At the same time IBM said its Communications Products Division will continue to direct the worldwide development and U.S. manufacture of IBMs non-Rolm telecommunications products. Dennis D. Paboojian Rolms president will continue to report to IBM senior vice president Allen J. Krowe IBM said. Reuter | IBM <IBM> FORMS TELECOMMUNICATIONS GROUP |
Detroit Edison Co said it has nearly completed the 50 pct power level testing of its Fermi 2 nuclear power plant near Monroe Mich. The company said it is preparing to ask the Nuclear Regulatory Commission for the go-ahead to enter the next series of tests at up to the 75 pct power level. Detroit Edison also said because of a decision to modify Fermis reheating apparatus the company has set back the schedule for the plants commercial operation run to early June from May One. Detroit Edison said with interest and other charges running about 1.0 mln dlrs a day the delay caused by reheater modifications will add approximately 30 mln dlrs to the plants cost raising the estimated total cost to 4.26 billion dlrs from 4.23 billion dlrs. Reuter | DETROIT EDISON <DTE> HALF COMPLETES POWER TEST |
Lamson and Sessions Co said it has decided to discontinue operations of Youngstown Steel Door a maker of components and equipment for railroad freight cars. The company said the unit is to be sold sometime this year so was included as discontinued operations in its 1986 results announced earlier today. The company reported a loss from continuing operations of 2.5 mln dlrs for the year against a 1985 profit of 1.2 mln dlrs. For discontinued operations it reported a loss of 9.5 mln dlrs compared to a year earlier loss of 922000 dlrs. Reuter | LAMSON/SESSIONS <LMS>DROPS RAIL PARTS OPERATIONS |
Two U.S. government agencies are in dispute over a proposal for U.S. firms to sell computers to Iran officials said. The Commerce Department said it intends to approve export licenses for two firms to sell computers and related equipment to the Islamic Republic of Iran News Agency and the Iran Power Generation Transmission spokesman B. Jay Cooper said. The export companies were not identified but the sales included computers made by Digital Equipment Co <DEC> of Maynard Mass. High-technology exports must be approved by the departments of Commerce Defense and State. The Pentagon will appeal Commerces approval of the sales because the technology could be turned against U.S. national security Commander Bob Prucha a Pentagon spokesman said. The Pentagon will ask the National Security Council in the White House to prohibit the sales. Cooper said the State Department did not object to the sales but Secretary of State George Shultz indicated he may weigh in against the deal. Under questioning by Rep. Jack Kemp (R-NY) at a hearing Shultz said he was unaware that the Commerce Department was preparing to grant export licenses for the sale of computers. Im not in favor of sales to Iran of advanced U.S. technology Shultz said. The Commerce Department has argued that excessive restrictions hurt U.S. companies that compete with foreign exporters. Cooper said the technology in the Iranian sales was available elsewhere and that foreign companies would get the Iran business if the U.S. export licenses were not approved. Reuter | U.S. AGENCIES DISAGREE OVER IRAN COMPUTER SALES |
Rochester Telephone Corp said it agreed to buy <Canton Telephone Co> for undisclosed terms. Canton serves customers in northeastern Penn. In 1986 it had operating revenues of about 1.3 mln dlrs the company said. Reuter | ROCHESTER TELEPHONE <RTC> TO BUY CANTON PHONE |
ecuador is considering measures for dealing with its foreign debt following the earthquake that killed 300 people left 4000 homeless and cost the country close to a billion dollars information minister marco lara told reuters. the governments position ... is to honour the (debt) commitments but without sacrificing the country because first we have to survive and later we can comply lara said. He said the nation would later announce plans to deal with the countrys 8.16-billion-dlr foreign debt. The government has estimated the economic cost of the earthquake last thursday night at nearly one billion dlrs including oil revenues lost because an oil pipeline was damaged. The president of the ecuadorean Red Cross hugo merino told reuters the official toll of 300 dead and 4000 missing could rise as rescue workers inspect stricken sites from helicopters and wade through mud to reach victims in the four northeastern provinces hardest hit. Reuter | ECUADOR MINISTER RAISES QUESTIONS ABOUT DEBT |
International Lease Finance Corp filed with the Securities and Exchange Commission for a shelf offering of up to 500 mln dlrs of debt securities in addition to 15.75 mln dlrs of debt securities already registered with the SEC but unsold. Proceeds will be used for general corporate purposes including the acquisition of aircraft the company said. It said underwriters may include Merrill Lynch Pierce Fenner and Smith Inc Salomon Brothers Inc Dean Witter Reynolds Inc or Shearson Lehman Brothers Inc. Reuter | INT'L LEASE <ILFC> FILES 500 MLN DLRS OFFERING |
A Portland-based wood products company has signed a 13 mln dlr contract with the Iraqi government to supply finished softwood lumber to Iraq Edward Niedermeyer president of Niedermeyer-Martin Co said yesterday. Niedermeyer told the House Foreign Affairs sub-committee on International Economic Policy and Trade in Washington that the sales agreement contains an option that could make lumber exported worth more than 20 mln dlrs. The delivery of about 8.0 mln dlrs worth of plywood in addition to lumber hinges on whether the U.S. Department of Agriculture will interpret plywood as an agricultural commodity under the credit guarantee program he said. Niedermeyer said the government export credit guarantee program (GSM-102) administered by the USDA was the key to opening the Iraqi market which up to now had been captured by Scandinavian lumber producers. This is the first time we have been able to sell wood products in Iraq he said. Without the USDA program it would not have been possible. We hope this will lead to a long term export market for U.S. lumber products. He said the contract calls for supplying 21 mln board feet to 30 mln board feet of softwood lumber for housing construction and furniture manufacturing. He estimated the profit potential for his company on the sale at five to six pct. Niedermeyer spent two weeks in Baghdad negotiating the sale late last month and early March. He is a member of the United States-Iraq Business Forum a non-profit group designed to promote commerce with Iraq. The forum members include Westinghouse and General Electric but Niedermeyers company is the only wood products firm on the membership roster. Reuter | OREGON LUMBER COMPANY TO SELL WOOD TO IRAQ |
The following proposed securities offerings were filed recently with the Securities and Exchange Commission: On-Line Software International Inc <OSII> - Offering of 30 mln dlrs of convertible subordinated debentures due March 15 2002 through Drexel Burnham Lambert Inc and Donaldson Lufkin and Jenrette Securities Corp. Covenant Corp - Initial public offering of two mln shares of common stock including 1543916 being sold by current holders at an estimated 11.00 to 12.50 dlrs each through First Boston Corp. Marine Midland Banks Inc <MM> - Offering of 125 mln dlrs of subordinated capital notes due March 1 1997 through underwriters led by First Boston Corp. Pentair Inc <PNTA> - Offering of two mln shares cumulative convertible preferred stock series 1987 through Kidder Peabody and Co Inc and Piper Jaffray and Hopwood Inc. SunGard Data Systems Inc <SNDT> - Offering of 1.2 mln shares of common stock through Alex. Brown and Sons Inc and L.F. Rothschild Unterberg Towbin Inc. Weyerhaeuser Co <WY> - Shelf offering of up to 250 mln dlrs of debt securities in addition to another 100 mln dlrs of debt securities already registered with the SEC but unsold. Xicor Inc <XICO> - Offering of 1.8 mln shares of common stock through Montgomery Securities and Smith Barney Harris Upham and Co Inc. LyphoMed Inc <LMED> - Offering of 70 mln dlrs of convertible subordinated debentures due March 15 2012 through Alex. Brown and Sons Inc and Montgomery Securities. Reuter | PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC |
Qtly div 15 cts vs 15 cts previously Pay June 19 Record June One Reuter | WALLACE COMPUTER SERVICES INC <WCS> DIVIDEND |
Canadian Utilities Ltd said it will redeem all its 14.5 pct cumulative redeemable second preferred shares series G on May 1 1987. Redemption price is 26 dlrs per share the company said. Reuter | <CANADIAN UTILITIES LTD> TO REDEEM PREFERRED SERIES |
Oper shr loss 97 cts vs loss 73 cts Oper net loss 883000 vs loss 659000 Revs 19.4 mln vs 16.7 mln 12 mths Oper shr loss 2.37 dlrs vs loss 1.97 dlrs Oper net loss 2228000 vs loss 2145000 Revs 72.4 mln vs 63.8 mln NOTE: Excludes gain 3.41 dlrs a share versus gain 41 cts in the quarter and gain 5.68 dlrs a share versus gain 1.99 dlrs in the year from discontinued and disposed operations. Reuter | IROQUOIS BRANDS LTD <IBL> 4TH QTR LOSS |
Giant Food Inc reported sales on a 52-week basis ended last month increased 10.4 pct to 2.48 billion dlrs compared to 2.25 billion dlrs for the prior 52-week period. Reuter | GIANT FOOD <GFS A> RECORDS 10.4 PCT SALES HIKE |
Donaldson Bramham Lee an investor from Birmingham Alabama said he raised his stake in Penobscot Shoe Co to 40500 shares or 6.6 pct of the total outstanding common stock from 33500 shares or 5.5 pct. In a filing with the Securities and Exchange Commission Lee said he bought 7000 Penobscot common shares between Feb 12 and March 2 at prices ranging from 13.75 to 16.25 dlrs a share. Lee has said he bought the Penobscot stock for investment purposes only and has no plans to seek control of the company although he may buy more stock. Reuter | ALABAMA INVESTOR UPS PENOBSCOT SHOE <PSO> STAKE |
The recent purchase of 1.5 mln tonnes of U.S. corn by Japan and 600000 tonnes by South Korea suggests that the two countries demand for reliable supplies of corn is increasing the U.S. Agriculture Department said. In its World Production and Trade Report the department said that view is reinforced by the expectation of a decline in exportable supplies of Argentine corn and uncertainty over the availability of South African and Chinese corn. With these corn purchases Japan is committed to buying 7.7 mln tonnes of U.S. corn in 1986/87 (Sept-Aug) nearly 400000 tonnes greater than year-ago figures to date. South Koreas cumulative commitments amount to 2.5 mln tonnes up 1.5 mln compared to last year it said. Reuter | U.S. CORN DEMAND GROWING IN JAPAN, SOUTH KOREA |
The Mexican Secretariat of Commerce has told the U.S. that recent implementation of a 10 pct ad valorem tariff for fixed vegetable oils fluid or solid crude refined or purified was not targeted at sunflower oil the U.S. Agriculture Department said. In its World Production and Trade Report the department said the increase in tariffs on this category which includes sunflower corn and rapeseed oils was a reaction to importers using basket categories to avoid paying tariffs on specific high-tariff products. Reuter | MEXICO VEG OIL TAX NOT AIMED AT SUNFLOWER--USDA |
Aero Services International Inc said it expects to achieve improvements in overall operations in the year ending September 30 1987. Earlier Aero reported a 1986 year end net loss of 3.0 mln dlrs compared to a profit of 483000 dlrs in 1985. The company said the loss was attributable to costs associated with its acquisition costs and operating losses of nine Beckett Aviation fixed base operations purchased in August 1985 and discontinued weather service and flight simulator segments. Reuter | AERO SERVICES <AEROE> SEES BETTER 1987 |
Shr loss 63 cts vs profit 10 cts Net loss 3.0 mln vs profit 483000 Revs 61.9 mln vs 43.7 mln NOTE:1986 net loss includes loss of 1.4 mln dlrs or 28 cts a share from discontinued operations. 1986 revenues include revenues for the last eight months of Beckett Aviation acquired in September of 1985. Year ended September 30 1986. Reuter | AERO SERVICES INTERNATIONAL INC <AEROE> YEAR |
<Franco Nevada Mining Corp Ltd> said the gain in its stock price today is related to deep drilling being conducted by American Barrick Resources Corp <ABXFF> at the Goldstrike claims in the Carlin camp in northern Nevada. Franco Nevada stock is up two at seven dlrs per share on the Toronto Stock Exchange. Franco Nevada said American Barrick announced on March nine that the drilling indicated a number of significant intersections of sulfide gold mineralization below a depth of about 1000 feet. One vertical drill hole intersected gold continuously from 1100 feet to 1730 feet averaging 0.30 ounces per ton the announcement said. Extensive drilling continues at Goldstrike the company said adding that the full economic value of the property cannot be assessed until further results are available. Franco Nevada said it has a four pct royalty plus a five pct net profit interest on the acreage. Those holdings are part of more than 3400 acres of mineral rights held by Franco Nevada in the Carlin gold belt. Reuter | FRANCO NEVADA SAYS STOCK RISE DUE TO DRILLING |
Shr 1.36 dlrs vs one dlr Net 1010249 vs 750856 Revs 15.2 mln vs 11.9 mln 12 mths Shr 3.24 dlrs vs 2.18 dlrs Net 2407186 vs 1627250 Revs 57 mln vs 53.1 mln Reuter | VISTA RESOURCES INC <VIST> 4TH QTR NET |
An 11-day-old strike by Brazilian seamen is affecting coffee shipments and could lead to a short term supply squeeze abroad exporters said. They could not quantify how much coffee has been delayed but said at least 40 pct of coffee exports are carried by Brazilian ships and movement of foreign vessels has also been disrupted by port congestion caused by the strike. A series of labor disputes and bad weather has meant Brazils coffee exports have been running at an average two weeks behind schedule since the start of the year one source added. By the end of February shipments had fallen 800000 bags behind registrations leaving around 2.4 mln bags to be shipped during March. By March 10 only 230000 bags had been shipped the sources said. Given Brazils port loading capacity of around 100000 bags a day even if normal operations were resumed immediately and not interrupted by bad weather some March registered coffee will inevitably be shipped during April they added. Reuter | BRAZIL COFFEE EXPORTS DISRUPTED BY STRIKE |
Cleaver Brooks a subsidiary of <Aqua Chem> which is owned by the French firm Societe Lyonnaise DesEaux Et de LEclairage said it plans to build a manufacturing plant near Tulsa. The company said it entered into a 90-day option effective March 9 to purchase a 20.7 acre lot with a vacant 143000 square foot building located in Sapula Okla. No price was disclosed by the company. Reuter | AQUA CHEM UNIT SET TO BUILD SITE NEAR TULSA |
Alcoa officials acknowledged the possibility that they may have a position in the off-exchange aluminum options market but declined specific comment on trade speculation that the company is holding a large outstanding position. An Alcoa (Aluminum Company of America) source involved in terminal trading for the company said: We use all means available to manage our business so its a possibility were trading options. We wont go into specifics about what were doing. But when youre dealing in un-alloyed ingot its a commodity business where there are a lot of tools available (for hedging) and Alcoa is using all of those tools said Al Posti Alcoas manager of corporate news. Trade sources have said Alcoa is long call options equal to 30000 to 50000 tonnes of aluminum due to mature in April and May. However some New York-based aluminium traders said they believe the size of Alcoas position has been exaggerated. The possibility that Alcoa may be long call options is one factor indicating that supply tightness may worsen in the second quarter traders said. If they decide to exercise their right to buy it would mean really squeezing the market one New York trader said noting that aluminum stocks on the London Metal Exchange were 90500 tonnes at the end of last week. Reuter | ALCOA DECLINES SPECIFIC COMMENT ON OPTIONS TRADE |
Shr loss 1.32 dlrs vs profit two cts Net loss 5666000 vs profit 84000 Revs 12.0 mln vs 21.7 mln Nine mths Shr loss 1.87 dlrs vs loss 71 cts Net loss 8030000 vs loss 3062000 Revs 40.9 mln vs 53.0 mln Note: includes losses from discontinued operations of 190000 dlrs vs loss 185000 dlrs in 3rd qtr and 731000 dlrs loss vs 815000 dlrs loss in nine mths. Reuter | BRAE CORP <BRAE> 3RD QTR DEC 31 LOSS |
MARATHON TO RAISE CRUDE PRICES 50 CTS/BBL TOMORROW WTI TO 17.50 DLRS |
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General Electric Cos GE Semiconductor Business said it agreed to sell its Datel unit to a group led by the units president Nicolas Tagaris. Terms were not disclosed. Tagaris founded the company which produces precision data acquisition conversion and control components and subsystems in 1970. He sold it to GE in 1979. Reuter | GENERAL ELECTRIC <GE> TO SELL DATEL UNIT |
Trico Industries Inc said it set March 31 as the date for a special shareholders meeting for a vote on the proposed acquisition of the company by Paccar Inc <PCAR>. In January the two companies announced an agreement covering a proposed acquisition by Paccar of Tricos approximately 8.2 mln shares outstanding for eight dlrs per share in cash. Reuter | TRICO <TRO> SETS DATE FOR ACQUISITION VOTE |
The federal governments transfer payments to seven provinces will rise by five pct over the next two years the finance department announced. The payments used by poorer provinces to fund various public services will rise to 5.6 billion dlrs next year from 5.3 billion dlrs in the fiscal year ending March 31 1987. In fiscal 1989 payments will rise to 5.9 billion dlrs. Payments are being made to Newfoundland Prince Edward Island Nova Scotia New Brunswick Quebec Manitoba and Saskatchewan. The department also said another 270 mln dlrs owed to Ottawa by the four Atlantic provinces Quebec and Saskatchewan will be forgiven. The debt arose from overpayments in previous years. Reuter | CANADA TRANSFER PAYMENTS TO PROVINCES UP FIVE PCT |
<Nelson Holdings International Ltds> Nelson Entertainment Inc unit said it has entered an agreement to co-finance ten motion pictures with Hemdale Releasing Corp. Under the pact Nelson will have domestic home video rights and Hemdale will be responsible for distribution in all other media. Reuter | NELSON HOLDINGS UNIT IN FILM PACT |
HUGHES TOOL SHAREHOLDERS APPROVE MERGER WITH BAKER INTERNATIONAL |
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Wall Street market analysts said two changes in the components of the Dow Jones Industrial Average were part of a shift away from smokestack industries that have long dominated the 30-stock index. It strengthens the Dow said William LeFevre analyst at Advest Inc. He said Coca-Cola Co <KO> one of the two additions is a genuine consumer stock as opposed to a smokestack. He applauded the decision to drop Inco Ltd <N> a super stock at one time that hasnt done much lately. The editors of the Wall Street Journal also decided to add Boeing Co <BA> and dropping Owens-Illinois Inc <OI>. Charles Jensen of MKI Securities said Inco was a stodgy number. But he noted that putting two new stocks in an average of 30 is a relatively minor change. This will distinctly make the index more useful said Frank Korth of Shearson Lehman Brothers Inc. The movement of the market to the upside will be enhanced by the shift to Coke. But he said Shearsons aerospace analyst today removed Boeing from the firms recommended list taking it from a buy to a hold. Korth said Boeings business appeared to be leaning too heavily to the military side as opposed to commercial. Prior to tomorrows market opening the Wall Street Journal will publish a new divisor to be used in calculating the index. LeFevre said the divisor will probably go up a bit but will probably be lower than its current level of 0.889 later in the year due to forthcoming splits in components such as International Paper Co <IP>. The divisor which is adjusted whenver stocks are split dropped below one for the first time in May of last year. The 0.889 divisor means that a change of 1/8 (12.5 cts) in the price of a component produces a change of about 14 cts in the index. Reuter | ANALYSTS SAY NEW DOW COMPONENTS AID AVERAGE |
Turner Broadcasting System Incs CNN said it reached an agreement with China Central Television to air its news programming in China. It said China Central TV will use CNN reports during its daily newscasts on two channels reaching an audience of about 300 mln viewers. The company said the agreement also gives CNN the right to sell advertising spots on China Central TV. CNN also said it reached an agreement with Televerket Kabel TV of Sweden to broadcast 24-hour news on its cable TV network. The program will reach an initial 118000 viewers. Reuter | TURNER BROADCASTING'S <TBS> CNN TO AIR IN CHINA |
Thomas and Betts Corp said the U.S. Court of Appeals for the Federal Circuit affirmed an earlier judgment by the U.S. District Court for the District of Delaware directing a unit of Litton Industries <LIT> to pay it 5781711 dlrs in damages for patent violations. Thomas and Betts said the court upheld the May 26 1986 award plus interest to be paid by Winchester Electronics a division of Litton Systems Inc which is a subsidiary of Litton Industries. The company explained the judgment was in regard to a lawsuit first filed in 1978 for patent violations on the manufacture and sale of transition d subminiature IDC connectors. Reuter | THOMAS AND BETTS CO <TNB> WINS PATENT APPEAL |
Shr 3.13 dlrs vs 2.02 dlrs Net 39.1 mln vs 26.9 mln Revs 203.2 mln vs 173.8 mln Reuter | <CANADIAN GYPSUM CO LTD> YEAR NET |
(Power Corp of Canada) said it received subscriptions for 252223 shares of its recent issue of participating preferred shares for total proceeds of 4.3 mln dlrs. Reuter | POWER CORP DETAILS PREFERRED SHARE SUBSCRIPTION |
Pacific Southwest Airlines said it reached an agreement with the Southwest Crew Controllers Association needed to satisfy conditions of USAir Groups <U> proposed acquisition of PSA. PSA said this is the third of four unions agreement is needed with for USAirs acquisition to be consummated. Under the agreement PSA crew controllers received assurances they will be provided with labor protective provisions and a seniority integration process. Reuter | CREW UNION SETS PACT WITH PACIFIC SOUTHWEST <PSG> |
Shr 32 cts vs four cts Net 3370000 vs 353000 Revs 27.8 mln vs 20.2 mln Year Shr 35 cts vs 67 cts Net 3543000 vs 3845000 Revs 103.6 mln vs 74.8 mln Reuter | SOUTHERNNET INC <SOUT> 4TH QTR NET |
Southwest Bancorp said it will commence an exchange offer for all of its 108710 issued and outstanding shares of 2.50-dlr cumulative convertible preferred stock on March 12. Southwest said it will issue 11 shares of its no par value common stock in exchange for each preferred share. Reuter | SOUTHWEST BANCORP <SWB> TO EXCHANGE PREFERRED |
The senior Republican on the U.S. Senate Agriculture Committee Richard Lugar of Indiana called for repeal of the cargo preference law that aids the American shipping industry but which he said hurts farmers. Cargo preference is a costly special interest operated at the expense of American farmers and dockworkers Lugar said in signing on as a co-sponsor or cargo preference repeal legislation. The law requires shipment of U.S. goods on American ships rather than foreign vessels which are less costly. Reuter | SENATOR LUGAR CALLS FOR CARGO PREFERENCE REPEAL |
Reliance Electric Co said its Reliance Industrial Co unit will redeem on April 10 all outstanding 7-1/4 pct debentures due 1996 and 9-5/8 pct debentures due 1994. Reliance Industrial will buy back the 7-1/4s at 101 plus accrued interest and the 9-5/8s at 102.344 plus accrued interest. Reliance Electric was a unit of Exxon Corp <XON> until December 30 1986 when a group of investors took the company private in a leveraged buyout a Reliance spokesman said. Reuter | RELIANCE ELECTRIC UNIT TO REDEEM DEBENTURES |
S/P DOWNGRADES BAKER INTERNATIONAL CORP, UPGRADES HUGHES TOOL CO, AFFECTS 840 MLN DLRS OF DEBT |
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EIA SAYS DISTILLATE STOCKS OFF 8.8 MLN, GASOLINE OFF 500,000, CRUDE OFF 1.2 MLN |
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Shr loss 43 cts vs profit eight cts Net loss 3.1 mln vs profit 502896 Revs 5.6 mln vs 4.2 mln NOTE:1986 net includes negative effect of accounting change of 354650 or five cts a share. Reuter | SYLVAN LEARNING CORP <SLVN> NINE MONTHS DEC 31 |
Democrats on the House Budget Committee meeting behind closed doors to draft the outlines of next years federal budget say their work is proceeding at a snails pace. In a series of interviews panel members conceded that the budget panels drafting sessions which began yesterday and were initially expected to end late tomorrow will now extend into next week. Weve a long ways to go Rep. Martin Frost (D-Tex.). told Reuters. We are not making the progress that we should said Rep. Vic Fazio (D-Calif.). Members also acknowledged that the panels preliminary goal for spending cuts and new revenues would not be enough to enable the government to meet the 108 billion dlr deficit ceiling set for the coming year by federal law. Budget Commitee Chairman William Gray (D-Pa.) interviewed during a break in the lawmakers secret deliberations said the committee was still debating the shape of the overall budget and had come to no agreement on the size or precise form of the new revenues or spending cuts to be pursued. But the lawmakers said the House Democratic leadership has asked the panel to come up with a package of 36 billion dlrs in deficit-reducing measures. The package would include 18 billion dlrs in new revenues nine billion dlrs in military spending cuts and nine billion dlrs in domestic spending reductions they said. The Democratic lawmakers said they were still trying to meet those goals but had made no firm decisions. In particular the legislators said they were having trouble coming up with the nine billion dlrs in military spending cuts. Were talking in the range of 15-20 billion dlrs in new revenues but if we cant come up with the full amount of defense cuts we would have to raise more in new revenues Fazio said. The particular manner in which new revenues would be raised also has not been decided the lawmakers said. House Speaker Jim Wright (D-Texas) has urged passage of a tax on securities transactions to bring an estimated 20 billion dlrs in new revenues into the U.S. Treasury. But the administration is totally opposed to such a tax a top official told Reuters yesterday. The official who spoke on condition he not be identified said the administration also opposed another suggestion by Wright that the administration delay next years cut in the top tax rate called for in the recent tax overhaul law. The Congressional Democrats first hinted about two weeks ago that they would seek to reduce the deficit by about 36 billion dlrs and put aside the question of whether the effort would meet the 108 billion dlr deficit target set for fiscal year 1988 by the new federal balanced budget law. The administration has predicted that approval of 42 billion dlrs in deficit reductions would meet the target. Its budget plan submitted in January called for 1.024 trillion dlrs in spending on revenues of 916 billion dlrs. But the Congressional Budget Office has said the administration forecast was based on overly optimistic assumptions about the economy. The nonpartisan office said the administrations budget plan if adopted would yield a deficit of 134 billion dlrs missing the deficit target by 26 billion dlrs and. Reuter | HOUSE DEMOCRATS DRAFTING BUDGET AT SNAIL'S PACE |
Enrollment in the U.S. Agriculture Departments fourth conservation signup is expected to be announced tomorrow and USDA officials said the figure may be higher than total enrollment for the first three signups. Enrollment will be in the range of seven to 12 mln acres USDA conservation specialists said. Total enrollment so far in the 10-year conservation program is 8.9 mln acres. Producers submitted bids to enter 11 to 12 mln acres into the program Milton Hertz administrator for USDAs Agricultural Stabilization and Conservation Service said at a congressional hearing yesterday. Not all the bids will be accepted Hertz said but enrollment is expected to be high. As in the first three signups the Great Plains area is expected to attract the greatest enrollment. The Great Plains area will be the predominate area which well get signup in a USDA conservation specialist said. Marginal corn acreage will likely be the bulk of the acreage pulled from that area he said. Fringe soybean acres in the southeast and some bean acreage in the midwest are also expected to be taken out of production but the USDA source said this would be a relatively small percent of the total. A special two dlr bonus to corn producers who enroll part of their corn base acreage into the program has sparked more interest in this latest signup USDA officials said. Under the program USDA pays farmers annual rents to take land out of production for 10 years. The average rent payment accepted in the first three signups was 43.50 dlrs per acre. Reuter | BIG U.S. CONSERVATION ENROLLMENT EXPECTED |
Distillate fuel stocks held in primary storage fell by 8.8 mln barrels in the week ended March six to 119.6 mln barrels the Energy Information Administration (EIA) said. In its weekly petroleum status report the Department of Energy agency said gasoline stocks were off 500000 barrels in the week to 251.0 mln barrels and refinery crude oil stocks fell 1.2 mln barrels to 331.8 mln. The EIA said residual fuel stocks fell 1.5 mln barrels to 36.4 mln barrels and crude oil stocks in the Strategic Petroleum Reserve (SPR) rose 200000 barrels to 516.7 mln. The total of all crude refined product and SPR stocks fell 10.3 mln barrels to 1564.8 it said. Reuter | EIA SAYS DISTILLATE, GAS STOCKS OFF IN WEEK |
Heavy rains fell again in Argentinas main grain growing areas in the week to yesterday trade sources said. Rains fell heaviest early in the week and in particularly high volume in Buenos Aires province Cordoba La Pampa and Santa Fe provinces. Rainfall totalled between 20 and 290 mm in Buenos Aires heaviest in western sectors of the province 20 to 145 mm in La Pampa 25 to 120 mm in Cordoba and 10 to 75 mm in Santa Fe. Rainfall was lighter in other provinces. Rainfall totalled from five to 50 mm in Corrientes five to 31 mm in San Luis five to 30 mm in Entre Rios three to 20 mm in Misiones 11 to 17 mm in Formosa and one to eight mm in Chaco. Growers said it was still too early to tell whether the rains had damaged crops though they said maize and sunflower crops may have suffered. Harvesting of both those crops and sorghum was paralysed by the bad weather. For harvesting to resume as normal the rains would have to stop long enough for the soil to dry and allow farm machinery to operate. The rains caused flooding in western and northwestern Buenos Aires as more than 750 mm have fallen in some areas there since February 23 while the annual average is 1200 mm. Flooded areas total between 1.2 and 1.5 mln hectares Buenos Aires province governor Alejandro Armendariz said after flying over the flooded area. Agriculture Secretary Ernesto Figueras said only 500000 hectares of the area now flooded had been planted and that 200000 to 300000 hectares could be lost. Growers said large parts of the flooded areas were not planted because they are low-lying and flood easily. Trade sources said it was certain crops were damaged by the heavy rains but it was too early to tell the exact extent of the damage. They said it was likely rain combined with high winds uprooted many sunflower and maize plants. The sunflower harvest moved forward in the centre and south of Cordoba and Santa Fe and got underway in a few isolated areas of northern Buenos Aires. Growers have harvested between 15 and 18 pct of total planted area up from seven to nine pct a week ago. Estimates of the total volume of the sunflower crop were revised downward in light of the bad weather. Estimates for total crop ranged from 2.3 to 2.6 mln tonnes down from 2.4 to 2.7 mln tonnes estimated last week and down 34.1 to 41.5 pct from last years record harvest of 4.1 mln tonnes. Maize harvesting also advanced reaching between 13 and 15 pct of total planted area compared to seven to nine pct a week ago. The maize harvest is expected to total between 10 and 10.2 mln tonnes down from the 10 to 10.4 mln tonnes estimated a week ago. Last years maize harvest totalled 12.8 mln tonnes according to official figures. Soybean production estimates were revised downward to 7.8 to 8.2 mln tonnes compared to estimates of eight to 8.4 mln tonnes a week ago. Last years soybean harvest totalled 7.1 mln tonnes according to official figures. Sorghum harvesting moved slowly forward reaching between four and six pct of total planted area compared to two to four pct a week ago. Sorghum production estimates remained steady at 3.2 to 3.5 mln tonnes down 16.7 to 22 pct from the 4.1 to 4.2 mln tonnes produced in the last harvest. Reuter | MORE HEAVY RAINS IN ARGENTINE GRAIN AREAS |
Todays debt rescheduling talks between the Philippines government and its bank advisory committee were postponed until Thursday to give the banks more time to consider Manilas novel proposal for paying part of its interest bill in notes instead of cash bankers said. The committee banks met briefly earlier today and decided that they needed more time in particular to consider a news report which quoted a Reagan Administration official as urging that the proposal be given serious consideration. The banks felt that this was new information and that further consultation was called for one banker said. In a despatch yesterday from Washington Reuters quoted the official as saying Manilas plan to pay some interest with notes that could be converted into equity investments in the Philippines was fully consistent with the Reagan Administration strategy for handling developing country debt. The Philippine proposal is very interesting its quite unique and I dont think its something that should be categorically rejected out of hand the official said. Because of the key role the U.S. plays in the debt crisis foreign banks in particular wanted time to analyze the significance of the policymakers comments bankers said. Reuter | PHILIPPINE DEBT TALKS DELAYED FOR CONSULTATIONS |
HARPER AND ROW GETS BID FROM HARCOURT BRACE JOVANOVICH FOR 50 DLRS/SHR |
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An overwhelming majority of Hughes Tool Co shareholders approved a merger agreement with Baker International Corp based on revised terms that allow the companies additional time to sell a drilling bit business as required by the U.S. Justice Department. Hughes chairman William Kistler said the revised terms of the proposed consent decree also set a 10 mln dlr cap on how much funding the newly combined companies will have to spend on the disputed drilling bit business until it is sold. An earlier proposed consent decree did not establish a funding limit. The Baker-Hughes merger which would would create a 1.2 billion dlr oilfield services company almost fell through earlier this month when Hughes balked at terms of a proposed Justice Department consent decree that would have given the companies only three months to find a buyer for the Reed business. Baker said today it would withdraw the one billion dlr lawsuit it had filed to force Hughes to follow through with the merger. Hughes Kistler speaking to reporters after 85 pct of Hughes shareholders approved the merger said the revised terms of the agreement give the companies six months to find a buyer for the Reed drilling bit business. The previous agreement had proposed a three-month period. Kistler said the the government had also indicated it would consider granting if necessary an additional three-month extension to complete the sale. He said there were several people looking at the domestic drilling bit business. The companies Kistler said have also decided to voluntarily sell a Reed plant in Singapore. Kistler estimated that the merger which should be completed in about two weeks will result in annual cost savings of about 50 mln dlrs. He said he expects substantial cutbacks in the 20000-member workforce at Baker-Hughes Inc the name the merged company will take. Kistler said the cost savings and greater efficiencies should put the company on a profitable course. We think that in the third or fourth quarter after the merger we should see something close to breakeven he said. In the fourth quarter of 1986 Hughes earned 31.7 mln dlrs on sales of 215.7 mln dlrs. Baker in its first fiscal quarter ended December 31 lost 34.2 mln dlrs on revenues of 297.7 mln dlrs. Reuter | HUGHES <HT> APPROVES MERGER WITH BAKER <BKO> |
USXs subsidiary Marathon Petroleum Co said it will raise its contract prices for eleven grades of crude oil 50 cts a barrel effective tomorrow. The increase brings Marathons posted price for West Texas Intermediate and West Texas Sour grades to 17.50 dlrs a barrel. The Light Louisiana grade was also raised 50 cts to 17.85 dlrs a barrel. Reuter | USX <X> UNIT TO RAISE MOST CRUDE POSTINGS |
Standard and Poors Corp said it downgraded Baker International Corp and upgraded Hughes Tool Co to reflect the companies merger into Baker Hughes Inc. The action affected About 840 mln dlrs of debt securities. S and P said that depressed market conditions would continue to constrain the new companys operating earnings and cash flow for several years despite dominant positions in the oil services industry. Nonetheless pro forma debt leverage of about 40 pct should decline within a year to about 35 pct because of proceeds from asset sales S and P said. Cut were Baker Internationals senior debt to A-minus from A and commercial paper to A-2 from A-1. The unit Baker International Finance NVs senior debt guaranteed by Baker was reduced to A-minus from A. S and P raised Hughes Tools senior debt to A-minus from B-plus subordinated debt BBB-plus from B-minus and commercial paper to A-2 from C. Reuter | S/P DOWNGRADES BAKER <BKO>, UPGRADES HUGHES <HT> |
Inco Ltd said it did not expect its earlier reported removal from the Dow Jones industrial index to make a major impact on the companys stock. We dont think that individuals or institutions buy our shares because we were one of the Dow Jones industrials spokesman Ken Cherney said in reply to a query. Inco closed 1-3/8 lower at 19-3/8 in second most active trading on the Toronto Stock Exchange. Cherney asked about the stock price slide said: I dont think we can speculate. It appears to be a reaction but we have no control over the content of the Dow Jones. The Wall Street Journal which selects the index said Inco was dropped to make the index more representative of the market. Inco the non-Communist worlds largest nickel producer was a member of the index since 1928. Cherney said Inco did not view the move as a blow to its prestige. I dont see any change in that area. We havent used that factor (Dow membership) as part of our promotional material he said. Replacing Inco and Owens-Illinois Inc <OI> will be Coca-Cola Co <KO> and Boeing Co <BA> effective tomorrow. Nickel analyst Ilmar Martens at Walwyn Stodgell Cochran Murray Ltd said Incos removal from the index would likely spark short-term selling pressure on the stock. Some investors who have Inco may suddenly say Well because its not now a Dow stock we should eliminate that investment said Martens although he added the move was unlikely to have a serious long-term impact on Inco stock. Inco has struggled in recent years against sharply lower nickel prices. Its net earnings fell to 200000 U.S. dlrs in 1986 from 52.2 mln dlrs the previous year. Reuter | INCO <N> SEES NO MAJOR IMPACT FROM DOW REMOVAL |
(Nationair) said it plans to begin service between Montreals Mirabel airport and Brussels three times a week for an unrestricted one-way fare of 299 Canadian dollars. The fare will rise to 379 dlrs in high season beginning June to September and compares with a regular unrestricted one-way economy fare of 944 dlrs on Canadas major airlines Nationair said. The airlines said it sees the service as an option for business travellers. Reuter | NATIONAIR SETS 299 DLR FLIGHT TO BRUSSELS |
Shr 13 cts vs 40 cts Net 2509000 vs 7582000 Revs 186.2 mln vs 182.1 mln Year Shr 23 cts vs 95 cts Net 4318000 vs 17.8 mln Revs 564.8 mln vs 584.4 mln Reuter | DOLLAR GENERAL CORP <DOLR> 4TH QTR NET |
Broad Corp said it acquired the construction activities of Vogt and Conant Co of Cleveland. The combined companies to be called Broad Vogt and Conant INc will be the largest structural steel erection company in the U.S. Combined sales of the two operations were more than 40 mln dlrs in 1986. Reuter | <BROAD> ACQUIRES <VOGT AND CONANT> UNIT |
Harper and Row Publishers Inc said it received an acquisition offer from Harcourt Brace Jovanovich INc to acquire all of Harper and Rows shares at 50 dlrs a share in cash. Harper said it will consider the proposal including such possible concerns as anti-trust and other legal considerations. On Monday Harper and Row received a surprise 34 dlr-a- share bid from investor Theodore Cross owner of six pct of the shares for the stock he does not own. Harcourt made clear in its offer that it will step aside if Harpers directors and shareholders reject the bid Harper said. Harper said the board has previously expressed a strong determination to remain an independent publishing enterprise. Harper also said that New World Pictures a shareholder has requested a copy of Harpers shareholder list to be used in soliciting proxies. New World has 30800 shares of the total 4.4 mln shares. Harper and Rows stock closed off 3/4 to 33-1/2 after rising 9-1/4 points yesterday. Shareholders are due to vote April 2 on a shareholders rights plan designed to thwart hostile takeovers. Ivan Obolensky an analyst with the investment banking for of Sterling Grace and Co said Harper and Row is one of the few remaining independent publishers with a back list of authors stretching back 200 years. He said as long as the company maintains copyrights with the estates of deceased authors it controls all motion picture and television rights to the stories. And he said new printing technologies make new editions a profitable business. Harcourt Brace needs a back list of that nature and is willing to pay up for it Obolensky said. But he said Harper and Row has plenty of beef to warrant a 50 dlr bid. Reuter | HARPER <HPR> GETS BID FROM HARCOURT <HBJ> |
The Department of Transportation (DOT) said it would go ahead at seven airports with a controversial plan to reduce airline delays by enabling competing companies to coordinate their schedules. Under the plan the DOT will grant the airlines immunity from the antitrust laws so they can redistribute their flight times over the day and avoid the clustering of flights that typically occurs at the most desirable travel times. Transportation Secretary Elizabeth Dole said she had decided to grant unconditional immunity to the carriers serving Atlantas Hartsfield and Chicagos OHare airports. At five other airports--Dallas-Fort Worth Boston Denver Newark and Philadelphia--Dole said she would grant conditional immunity to enable further government study. Under this part of the plan the carriers serving these five airports have been asked to give DOT their summer 1987 schedules by the end of the week. The agency will then review the schedules and decide by Monday whether they threaten to cause delays. If so those airports would be added to the list of those granted wider immunity to enable scheduling talks. Dole said she was confident no anticompetitive effects would result from the talks which she said would be monitored by U.S. officials and would be open to the public. Flight delays at the nations 22 busiest airports soared in 1986 to 367000 from 295000 in 1985. The government believes most delays are caused by weather. The DOT first proposed the immunity plan in late January and said it might be granted for a total of 13 airports. Dropped from the final plan were the Minneapolis-St. Paul New York-LaGuardia New York-J.F. Kennedy San Francisco St. Louis and Washington-Dulles airports. Reuter | PLAN TO CUT DELAYS ADVANCES AT SEVEN AIRPORTS |
Goldman Sachs and Co told the Securities and Exchange Commission it sold nearly its entire stake in First Pennsylvania Corp of 2450598 shares or 5.2 pct of the total outstanding common stock. Goldman Sachs said it has about 17800 First Pennsylvania common shares remaining. On February 26 the company redeemed convertible debentures with common stock which at once increased Goldmans stock holding and the total outstanding. Goldman Sachs said it originally bought the stake as part of its arbitrage business. Marine Midland Banks <MM> has an agreement in principal to acquire First Pennsylvania. Reuter | GOLDMAN SELLS MOST 1ST PENNSYLVANIA <FPA> STOCK |
Oper shr 1.05 dlr vs 51 cts Oper net 14.1 mln vs 5669000 Revs 163.2 mln vs 133.2 mln Avg shrs 13.5 mln vs 11.5 mln Year Oper shr 65 cts vs 26 cts Oper net 8664000 vs 1906000 Revs 287.8 mln vs 251 mln Avg shrs 13.4 mln vs 8403562 NOTE: Prior year 4th qtr and year oper net excludes 13.1 mln dlrs and 17.4 mln dlrs respectively for income from discontinued operations. Prior year 4th qtr and year oper net also excludes 19.2 mln dlrs and 20.3 mln dlrs respectively for operating loss carryforwards and other reogranization items. Prior year 4th qtr and year ended January 25 1986. Reuter | LIONEL CORP <LIO> 4TH QTR JAN 31 OPER NET |
U.S. oil demand as measured by products supplied rose 1.9 pct in the four weeks ended March six to 16.39 mln barrels per day from 16.08 mln in the same period a year ago the Energy Information Administration (EIA) said. In its weekly petroleum status report the Energy Department agency said distillate demand was down 2.2 pct in the period to 3.33 mln bpd from 3.40 mln a year earlier. Gasoline demand averaged 6.75 mln bpd up 3.3 pct from 6.53 mln last year while residual fuel demand was 1.40 mln bpd off 2.7 pct from 1.43 mln the EIA said. Domestic crude oil production was estimated at 8.38 mln bpd down 8.5 pct from 9.15 mln a year ago and gross daily crude imports (excluding those for the SPR) averaged 3.67 mln bpd up 23 pct from 2.97 mln the EIA said. Refinery crude runs in the four weeks were 12.05 mln bpd up 1.5 pct from 11.87 mln a year earlier it said. Year-to-date figures will not become available until March 26 when EIAs Petroleum Supply Monthly data for January 1987 becomes available the agency said. Reuter | RECENT U.S. OIL DEMAND UP 1.9 PCT FROM YEAR AGO |
Shr 33 cts vs 24 cts Net 6.2 mln vs 4.9 mln Loans not given Deposits not given Assets 3.8 billion vs not given Note: full name Montreal City and District Savings Bank Period ended January 31 Reuter | (MONTREAL CITY, DISTRICT SAVINGS BANK) 1ST QTR |
Franco Nevada Mining Corp Ltd said the gain in its stock price today is related to deep drilling being conducted by American Barrick Resources Corp at the Goldstrike claims in the Carlin camp in northern Nevada. Franco Nevada stock is up two at seven dlrs per share on the Toronto Stock Exchange. Franco Nevada said American Barrick announced on March nine that the drilling indicated a number of significant intersections of sulfide gold mineralization below a depth of about 1000 feet. One vertical drill hole intersected gold continuously from 1100 feet to 1730 feet averaging 0.30 ounces per short ton the announcement said. Reuter | FRANCO NEVADA SAYS STOCK RISE DUE TO DRILLING |
The United States charged that a Soviet nuclear test last month blew radioactive debris outside the Soviet Union in violation of a test ban treaty. The State Department which made the charge in a statement gave no details of where the debris had landed or what level of radioactivity had been measured. It said Moscow had been told of U.S. concern over the incident. U.S. officials refused to give details of the fall-out saying it would reveal how the intelligence had been gathered. The Soviet test took place near the Siberia Kazakhstan boarder according to Swedish monitors. REUTER | U.S. SAYS NUCLEAR TEST BLEW DEBRIS OUTSIDE USSR |
John Cotton an Arizona businessman told the Securities and Exchange Commission he has acquired the equivalent of 213500 shares of Class A common shares in Del E. Webb Investment Properties or 8.9 pct of the total. Cotton president of Finalco Group Inc a Paradise Valley Ariz. data processing equipment maker said he bought the stake which includes warrants to buy 186300 shares for 266958 dlrs. The warrants are exerciseable at 9.50 dlrs a share he said. Cotton said it bought the stock for investment purposes only. Reuter | BUSINESSMAN HAS 8.9 PCT OF DEL E. WEBB <DWP.A> |
Shr loss nine cts vs profit 22 cts Net loss 278949 vs profit 346368 Revs 11.9 mln vs 10.4 mln Year Shr profit 49 cts vs profit 49 cts Net profit 1.2 mln vs profit 949626 Revs 61.7 mln vs 52.7 mln NOTE:1985 net includes loss of three cts or 49.1 mln dlrs in 4th qtr and loss of 13 cts or 258720 dlrs in year from discontinued operations. Reuter | ASTEC INDUSTRIES INC <ASTE> 4TH QTR DEC 31 |
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