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COLOMBIA TO SELL SUGAR, LONDON TRADERS SAY
| Colombia is holding a snap selling tender
tonight for one cargo of world market raw sugar, traders said.
The sugar is for March 15/April 15 shipment and bids are
being sought based on the New York May delivery futures
contract, they added.
| Financial Reports |
HEAVY RAINS DAMAGE ARGENTINE COARSE GRAINS CROP
| Fresh, heavy rains caused further
damage to the Argentine 1986/87 coarse grains crop in the week
to yesterday, particularly in Buenos Aires province, trade
sources said.
They said the sunflower, maize, soybean and sorghum crops
were damaged and yield estimates affected. New production
forecasts were made for all these crops.
The rains over the weekend and up to yesterday registered
more than 200 mm on average in western Buenos Aires and
worsened the flooding in various parts of the province.
The weather bureau said the rains, which in Buenos Aires
have surpassed 750 mm in the last 30 days, could continue.
The northeast of the country was also hit by heavy rains.
In Corrientes province the rains also passed an average of
200 mm in some parts, notably the Paso de los Libres area
bordering on Uruguay.
In Santa Fe and Entre Rios provinces they were over 100 mm
in places, in Misiones and San Luis 90 mm and in Cordoba 80 mm.
The rains were less intense in Chaco and Formosa.
Harvesting in areas not actually under water could also be
further delayed due to dampness in the earth, the sources said.
The excessive humidity might also produce rotting of the
crops, further dimishing the yield, the sources added.
Sunflower harvesting before the weekend rains reached 26 to
30 pct of the area sown in Santa Fe, Cordoba, La Pampa and
Buenos Aires provinces.
The production forecast for 1986/87 sunflowerseed has been
lowered to between 2.2 and 2.4 mln tonnes, against 2.3 to 2.6
mln tonnes the previous week, making it 41.5 to 46.3 pct lower
than the record 4.1 mln tonnes produced last season.
The area sown was two to 2.2 mln hectares, down 29.9 to
36.3 pct on the record 3.14 mln hectares in 1985/86.
The maize harvest advanced to within 26 to 28 pct of the
area sown in Cordoba, Santa Fe and northern Buenos Aires. It
will begin in La Pampa within about 10 days, weather
permitting.
Maize yield this season is now estimated at 9.6 to 9.9 mln
tonnes, against last week's 9.9 to 10.1 mln tonnes, down 21.4
to 22.6 pct on the 12.4 to 12.6 mln tonnes at which private
producers put 1985/86 production.
The new forecast is 22.7 to 25 pct down on the official
figure of 12.8 mln tonnes for last season's production.
The grain sorghum harvest reached 17 to 19 pct of growers'
targets, against 14 to 16 pct the previous week.
The production forecast was reduced to between three and
3.3 mln tonnes, against 3.2 to 3.5 mln tonnes last week, 21.4
to 26.8 pct down on last season's 4.1 to 4.2 mln tonnes.
The area sown with sorghum in 1986/87 was 1.23 to 1.30 mln
hectares, down 10.3 to 15.2 pct on the 1.45 mln in 1985/86.
The forecast for soybean yield this season was the least
changed in relation to last week. It was put at a record 7.5 to
7.7 mln tonnes, against the previous 7.5 to 7.8 mln tonnes.
These figures are 4.2 to 5.5 pct higher than last season's
record of 7.2 to 7.3 mln tonnes, according to private sources,
and 5.6 to 8.5 pct up on the official 7.1 mln tonnes.
The adjustment to the production forecast is due to the
rains and overcast conditions which have greatly reduced the
sunlight needed for this crop, sources said.
Producers fear estimates may yet have to be adjusted down
further.
The humidity could induce rotting and growers are still
finding more empty pods due to excessively dry weather earlier
in the season.
Soybean harvesting is due to start in mid-April in southern
Cordoba and Santa Fe and northern Buenos Aires.
| Corporate News |
LONDON GRAIN FREIGHT ENQUIRIES
| Rio Grande/Azores and Leixoes 26,000 mt
hss 14 dlrs basis one to two 4,000/1,500 Azores and 3,500
Leixoes 25/4-5/5.
Paranagua/one-two ports Spanish Med 35,000 mt hss 11.50
dlrs basis one to one 10 days all purposes 20-30/4.
USG/Taiwan 54,000 mt hss 10,000 shex/4,000 shex 20/4-5/5.
USG/ARA-Ghent option Seaforth 40,000/45,000 long tons hss
10 days all purposes 9-15/4 try later.
Dieppe/one-two ports Italian Adriatic 9,500/11,000 mt bulk
wheat 3,000/2,000 6-12/4.
St Lawrence/one-three ports Marseilles-Manfredonia range
20,000/35,000 mt bulk wheat 5,000/222,500 10-15/4.
Chimbote/Kaohsiung 9,500 mt bulk/bagged fishmeal 250 ph/200
ph 20/4-5/5.
Immingham or Foynes/Red Sea 25,000 mt bulk barley
4,000/3,000 10-15/4 alternatively try t/c.
USG/Maracaibo 10,000 mt wheat (three grades) three
days/1,000 1-15/4.
| Financial Reports |
LONDON METAL FREIGHTS
| Rotterdam/Karachi
20,000/21,000 mt shredded scrap 7,000/1,100 15-30/4.
Bin Qasim/Shanghai 25,000 mt pig iron 1,500 fhex/1,200 shex
1-10/4.
Chungjin/Manila 4,200 mt steel coils 800/liner discharge
23-30/4.
Bilbao/one port Vietnam 5,000 mt steels fio 1,000/500 end
April
Singapore/Mizushima 6,000/10,000 mt steel scrap fiot
1,200/3,00 2-12/4.
| Financial Reports |
CIRO INC <CIRI> YEAR
| Shr loss three cts vs profit 16 cts
Net loss 119,000 vs profit 637,000
Revs 17.5 mln vs 15.8 mln
| Financial Reports |
LONDON ORE ENQUIRIES/FIXTURES
| South Africa/Salvador, Brazil
15,000 long tons manganese ore 2,500/1,500 end April.
Callao/Crotone 5,000 mt minerals 4,000/2,000 spot.
Geraldton/Tampico 13,500 mt bulk mineral sands fio
10,000/2,000 1-10/5.
Itea/Dunkirk 20,000 mt bauxite seven days all purposes
10-13/4.
Tampico/North Spain 15,000 mt ore two days shinc/3,000 shex
5-25/4.
One port German North Sea/USG 10,500 mt bulk ore
2,500/4,000 7-13/4.
| Financial Reports |
HELM RESOURCES INC <H> 4TH QTR LOSS
| Oper shr loss two cts vs loss 13 cts
Oper net loss 236,000 vs loss 1,131,000
Revs 26.6 mln vs 26.3 mln
Year
Oper shr profit two cts vs loss 15 cts
Oper net profit 286,000 vs loss 1,292,000
Revs 105.3 mln vs 95.3 mln
NOTE: Net excludes discontinued operations gain 20,000 dlrs
vs loss 1,291,000 dlrs in quarter and gain 60,000 dlrs vs loss
1,590,000 dlrs in year.
Net excludes extraordinary loss 38,000 dlrs vs gain
1,941,000 dlrs in quarter and gains 162,000 dlrs vs 1,941,000
dlrs in year.
1986 net both periods includes writedowns of 290,000 dlrs
of oil-related seismic data.
| Financial Reports |
<SASCO PRODUCTS INC> YEAR LOSS
| Shr loss eight cts vs profit four cts
Net loss 365,430 vs profit 165,508
Revs 5,577,244 vs 4,643,803
NOTE: 1986 net includes nonrecurring expenses of 408,518
dlrs.
| Corporate News |
VARIAN <VAR> IN TALKS WITH PHILIPS ELECTRONICS
| Varian Associates Inc said it
is holding discussions with Philips Electronics regarding the
purchase of Philips' broadcast transmission unit in the United
Kingdom, Pye TVT Limited.
Pye TVT designs and manufactures broadcast transmission
equimpment, specializing in television frequencies.
| Financial Reports |
AUSIMONT COMPO <AUS> SELLS UNIT
| Ausimont Compo NV said it has
sold the assets of its Equipment and Machinery Division for
about six mln dlrs to an investment group including the unit's
management, resulting in a modest pretax gain that will be
included in first quarter results.
The unit had sales of five mln dlrs in 1986.
| Financial Reports |
ATLANTIC RESEARCH <ATRC> COMPLETES ACQUISITION
| Atlantic Research corp said it
has completed the acquisition of professional services firm ORI
Group for 1,414,313 common shares on a pooling of interests
basis.
| Corporate News |
PEABODY HOLDING COMPLETES ACQUISITION
| <Peabody Holding Co Inc> said it has
completed its acquisition of substantially all Eastern Gas and
Fuel Associate's <EFU> coal properties for 15.01 pct of Peabody
Holding's stock.
Peabody said the purchase includes seven underground mines
and seven coal preparation plants currently operated by
Eastern, as well as coal properties being mined by several
contractors in West Virginia.
The acquisition also involves about 800 mln tons of coal
reserves, mostly in West Va., and includes Eastern's coal
reserves and inactive Powderhorn operations near Palisade,
Colo, Peabody said.
Peabody added that it expects to announce within the next
week how it will staff and operate the properties and offices
it has acquired from Eastern.
| Industrial and Sector News |
LONDON SUGAR FREIGHTS
| Delfzyl/India 14,700 mt
bagged sugar about 30 dlrs 750/1,000 ppt a/c Benham.
Antwerp/Lagos 12,000 mt bagged sugar 750/750 try liner
discharge 5-20/4 a/c E D and F Man.
T/C single or tweendecker 16,000/19,000 tonnes dw del
Queensland mid-April/early-May for trip with bulk sugar redel
China duration about 30 to 40 days a/c Kawasaki.
One port A-H range/Dubai 6,800 mt bagged sugar 750/750
10-15/4 a/c unnamed charterer.
enquiries - Rouen-Hamburg/India 14,000 mt bagged sugar
750/1,000 15-25/4 a/c Woodhouse, Drake and Carey.
Flushing/Hodeidah and Mokha 16,800 mt bagged sugar 750/750
9-15/4 Genoc.
Santos/Hodeidah 10,000 mt bagged sugar about 30 dlrs
750/750 20-30/4 a/c Dutch charterer.
Cargill is reported to have withdrawn its enquiries for
cargoes from South Korea to India, from Constanza to India and
from Buenaventura to the U.S.
| Corporate News |
PENTA SYSTEMS INTERNATIONAL INC <PSLI> 4TH QTR
| Shr loss six cts vs loss 76 cts
Net loss 343,748 vs loss 4.0 mln
Revs 5.1 mln vs 4.8 mln
Year
Shr profit 12 cts vs loss 1.45 dlr
Net profit 611,784 vs loss 7.7 mln
Revs 21.6 mln vs 19.7 mln
| Market and Economy |
FED SAYS IT BUYS 550 MLN DLRS OF BILLS FOR CUSTOMER, MAY
| THROUGH SEPT 24 MATURITY
FED SAYS IT BUYS 550 MLN DLRS OF BILLS FOR CUSTOMER, MAY
THROUGH SEPT 24 MATURITY
| Financial Reports |
CHIRAC SEES QUICK DECISION ON CGCT
| French Prime Minister Jacques Chirac
told U.S. congressmen France would announce a decision in two
to three weeks on which group is to control its second largest
communications firm, Compagnie Generale de Construction
Telphoniques, French sources said.
They said Chirac promised that France's decision would be
based on financial, economic and technical criteria, and not on
political grounds.
U.S. and German companies are the leading contenders to
take control of CGCT.
The Reagan administration has warned France and Germany
that it may retaliate if control of the company is awarded on
political grounds.
Jacques Delors, President of the European Community's
Executive Commission, called last month for control to go to
West Germany's Siemens AG in order to strengthen European
industry.
The other leading contender is a consortium of American
Telephone and Telegraph Co <T> with Philips NV of the
Netherlands.
Chirac said France would make public its reasons for
awarding control, the sources said. He was asked about the
company's fate on two occasions, in meetings with leaders of
the Senate and House of Representatives.
| Commodities and Trade |
AGENCY REPORTS 41 SHIPS WAITING AT PANAMA CANAL
| The Panama Canal Commission, a U.S.
government agency, said in its daily operations report that
there was a backlog of 41 ships waiting to enter the canal
early today. Over the next two days it expects --
4/01 4/02
Due: 34 34
Scheduled to Transit: 41 39
End-Day Backlog: 34 29
Average waiting time tomorrow --
Super Tankers Regular Vessels
North End: 25 hrs 11 hrs
South End: 24 hrs 31 hrs
| Financial Reports |
CONTROL RESOURCE INDUSTRIES INC <CRIX> 4TH QTR
| Shr loss five cts vs profit eight cts
Net loss 152,000 vs profit 214,000
Revs 6.2 mln vs 2.4 mln
Year
Shr profit 22 cts vs profit 33 cts
Net profit 809,000 vs 853,000
Revs 22.4 mln vs 7.9 mln
| Financial Reports |
FED BUYS 550 MLN DLRS OF BILLS FOR CUSTOMER
| The Federal Reserve bought about 550
mln dlrs of U.S. Treasury bills for a customer, a spokeswoman
said.
She said the Fed bought bills maturing from May through
September 24 for regular delivery tomorrow.
Federal funds were trading at 6-3/16 pct when the Fed
announced the operation.
| Financial Reports |
AMERICAN WATER WORKS CO INC <AWK> SETS PAYOUT
| Qtly div 32 cts vs 32 cts prior
Pay May 15
Record May One
| Other |
HUNT MANUFACTURING CO <HUN> SETS PAYOUT
| Qtrly div 11 cts vs 11 cts
Pay April 21
Record April 10
| Financial Reports |
ITEL <ITEL> BUYS CASTLE/COOKE <CKE> UNIT ASSETS
| Itel Corp said it has completed the
previously-announced acquisition of the container fleet and
related assets of Castle and Cooke Inc's Flexi-Van Leasing Inc
subsidiary for about 130 mln dlrs in cash and marketable
securities, 30 mln dlrs in notes, three mln common shares and
the assumption of liabilities.
The company said it has obtained 150 mln dlrs in financing
from a bank group for the deal, and the common shares are
subject to a 10-year restriction on their sale and voting.
| Corporate News |
PITTSBURGH AND WEST VIRGINIA RAILROAD <PW> NET
| 4th qtr
Shr 14 cts vs 14 cts
Net 210,000 vs 211,000
Revs 230,000 vs 229,000
Year
Shr 56 cts vs 56 cts
Net 838,000 vs 841,000
Revs 919,000 vs 919,000
| Financial Reports |
DYNALECTRON <DYN> BUYS AVIATION FACILITY
| Dynalectron Corp said it purchased
certain assets of Standard Aero Inc including leasehold rights
to its aircraft modification and maintenance facility in
Phoenix, Ariz.
Terms were not released.
The facility consists of 285,000 square feet of hangar and
shop space. Dynalectron will operate the plan as Dynair Tech
Inc and is offering continued employment to about 460 former
standard Aero employees.
| Financial Reports |
U.S. FARM REORGANIZATIONS PROVING COSTLY - GAO
| U.S. farmers who reorganize their
operations to circumvent a cap on federal payments could add
2.3 billion dlrs to the cost of the government's agricultural
programs by 1989, the General Accounting Office, GAO, said.
"We estimate that should the trend in farm reorganizations
continue, reorganizations since 1984 could be adding almost 900
mln dlrs annually to program costs by 1989," GAO Senior
Associate Director Brian Crowley said.
"Cumulative costs for the six-year period, 1984 to 1989,
could approach 2.3 billion dlrs," he said.
Between 1984 and 1986, reorganizations added almost 9,000
new persons to U.S. Agriculture Department payment rolls,
Crowley told the House Agriculture Subcommittee on Wheat,
Soybeans and Feedgrains.
| Financial Reports |
TALKING POINT/PUROLATOR COURIER <PCC>
| Emery Air Freight Corp topped a
leveraged buyout offer for Purolator Courier Corp by about 40
mln dlrs, but Wall Street is reacting as though another offer
may surface.
Purolator's stock climbed 5-3/8 today, to 40-1/8, 1/4 over
Emery's 40 dlr per share offer. Emery topped a 35 dlr per share
or 268 mln dlr offer from E.F. Hutton LBO Inc.
Some analysts said the latest, 306 mln dlr offer for
Purolator exceeded their expectations.
Several analysts previously had said they saw takeover
values for the package delivery company in the 35 dlr per share
range. At least one, however, estimated the company could be
taken over in a range of 38 to 42 dlrs per share.
Analysts today would not venture to say whether another
offer could be made, but some arbitragers still held to the
belief that the bidding could go higher.
"They have no choice to seek out the best possible offer.
Emery has shown the courage to go forth," said one arbitrager,
who speculated other courier companies may also emerge as
bidders.
"It makes sense," said James Parker of Robinson Humphrey.
But "It won't make out as well as they think. They won't get a
100 pct of the synergies."
Analysts said the acquisition could cost Emery earnings in
the short term, but long term, after eliminating redundancies
and selling other Purolator assets, it should boost Emery's
profitability.
Parker said a combined Purolator and Emery would rival
United Parcel Service as the second largest U.S. package
delivery company after Federal Express Corp <FDX>, which has 47
pct of the market.
Parker speculated that the combined Emery-Purolator would
have about 24 pct of the six to seven billion dlr delivery
business.
"This will make Emery a bigger factor in the light weight
(delivery) business, but it will not make them a power house,"
said Douglas Arthur of Kidder, Peabody and Co.
Purolator today declined comment on the Emery offer, and
its chairman Nicholas Brady did not return a phone call.
E.F.Hutton LBO also declined comment on the Emery offer,
but said it extended the expiration and withdrawal period on
its offer to April six at midnight from today at midnight EST.
One analyst speculated the extension makes it more likely
Hutton will attempt another offer. However, he was skeptical a
company outside the package delivery industry would want to
outbid 40 dlrs per share because it would not have the same
synergies as a courier company.
Since Purolator agreed in late February to a buyout by some
of its management and the E.F. Hutton Group <EFH> subsidiary,
speculation has arisen that more bidding was to come.
The buyout was surrounded by controversy since a Purolator
board member, Doresy Gardner resigned in March. Gardner said he
believed a better offer could be made by another entity.
A spokesman for Gardner today said the former director had
no contact with Emery, nor did he have any other buyers lined
up for Purolator.
Purolator's deal with Hutton was also called into question
by a shareholder suit filed earlier this week, which attempted
to stop the tender offer to allow another bidder to come forth.
Hearings in a New York state court were delayed until Monday.
Arbitragers had said they believed the Hutton offer could
be bettered because the Wall Street firm was not planning to
keep its cash tied up in Purolator. Hutton is providing a 279
mln dlr "bridge" loan that would later be replaced with other
debt. Hutton would maintain a majority interest in Purolator.
Hutton sources have said the firm was in fact facing risk n
its investment since it did not know when it could reclaim its
279 mln dlr loan.
Emery last year lost 5.4 mln dlrs on revenues of 887.5 mln
dlrs. Purolator lost 57.6 mln dlrs on 841.4 mln dlrs in
revenues.
| Financial Reports |
CANADIAN IMPERIAL BANK LOWERING VISA RATES
| <Canadian Imperial Bank of Commerce>
said it was lowering the interest rate on its Visa credit card
to 15.9 pct from 18.6 pct, effective with the May billing
statement.
The bank said it was also halving its yearly Visa card user
fee to six dlrs, but would retain its 15 ct fee for each
transaction.
A bank spokesman said the previously reported call by the
Canadian Parliament's finance committee on March 20 for a
substantial cut in credit card rates "was a factor" in the
move, but he would not elaborate.
Canada's minister of state for finance Thomas Hockin had
threatened legislation to reduce the rates, which apply to
unpaid balances, if the financial institutions did not
voluntarily act.
The Canadian Imperial Bank spokesman said "the bank card
market is a very competitive one and we have to move to stay
competitive."
Canadian Imperial's new rates match those of <Toronto
Dominion Bank>, which lowered its rates before the finance
committee report.
Canadian Imperial Bank added that cardholders will be
allowed to choose between the 15 ct transaction fee or the six
dlr yearly card fee.
It will also eliminate the 50 ct minimum monthly
transaction fee, it said.
Minister of State for Finance, Tom Hockin, said in the
House of Commons today he was "delighted" with the bank's cut
in its credit card rate.
"I would hope retail stores and other financial
institutions will look to their rates as well," Hockin said
during the daily question period.
| Corporate News |
BUTLER <BTLR> TO SELL PART OF UNIT
| Butler Manufacturing Co said it
agreed in principal to sell part of its controls division to
Enercon Data Corp of Minneapolis.
Terms of the sale were not disclosed.
The transaction, expected to be closed in March, involves
the controls division's energy management and power line
carrier product lines.
Butler said costs associated with the sale were included in
its restructuring charge taken in last year's fourth quarter,
and will have no effect on its 1987 earnings.
| Financial Reports |
NISSAN MOTOR <NSANY> SEES SECOND HALF PROFIT
| Nissan Motor Co Ltd of Japan said it
expects that it was profitable in the second half ended
yesterday after a first half operating loss of 17 billion yen.
Nissan chief financial officer Atsushi Muramatsu, in a
speech before an automotive seminar, said he attributed the
improvement to cost reductions and rationalizations of
operations.
He said if exchange rates stabilize, Nissan will have a
strong profit recovery in fiscal 1988 and profits for fiscal
1989 better than those before the yen started advancing.
Muramatsu said Nissan is studying the possibility of
setting up its own finance company to improve access to U.S.
and European capital markets.
| Financial Reports |
GEOFFRION LECLERC FORECASTS RESULTS
| (Geoffrion Leclerc Inc), in reporting
sharply higher earnings for the six months ended February 28,
said it expects third quarter results to continue at a strong
pace and approximate the preceding quarters.
The brokerage firm earlier reported six month profit rose
to 3.5 mln dlrs from 1.9 mln dlrs last year. It did not detail
second quarter profit.
| Financial Reports |
WALL STREET STOCKS/POLAROID <PRD>
| Rumors that New York investor Asher
Edelman has acquired a stake in Polaroid Corp and optimism
about tomorrow's status hearing on the patent infringement suit
pending with Eastman Kodak Co <EK> sent Polaroid's stock
higher, traders said.
Polaroid rose 1-1/8 to 74-1/2.
"Speculation that Edelman was going to take a stake in
Polaroid was kicking around a few months ago, and resurfaced
today," one trader said.
Edelman had no comment on the rumors.
A spokesman for Polaroid said the company had not been
contacted by Edelman and no filing had been made with the
Securities and Exchange Commission about a stake in the
company.
"There is some hope among investors that there will some
progress in the status hearing tomorrow on the patent
infringement suit with Kodak," analyst Michael Ellmann of
Wertheim and Co said.
Traders said it is conceivable that a trial date could be
set or some progress made on an out-of-court settlement.
The suit, filed by Polaroid in April 1976, charges that
Kodak infringed upon Polaroid's instant camera patent. In
October 1985, the court barred Kodak from selling cameras or
film that infringe upon the patent, the Polaroid spokesman
said.
Ellmann said he feels it is highly unlikely that any
progress will be made in tomorrow's hearing.
Ellmann said the stock may have also gotten a boost today
from some optimism concerning new products the company is
currently working on.
"Polaroid's announcement that a particularly senior company
executive had been chosen to work on a major unidentified new
product spurred some speculation about their products," he
said. "I am speculating that the new product could be an
electronic still camera," referring to a camera that records
its images on magnetic disks as opposed to conventional film.
Ellmann said the stock may have also gotten a boost today
from some optimism concerning new products the company is
currently working on.
"Polaroid's announcement that a particularly senior company
executive had been chosen to work on a major unidentified new
product spurred some speculation about their products," he
said. "I am speculating that the new product could be an
electronic still camera," referring to a camera that records
its images on magnetic disks as opposed to conventional film.
| Financial Reports |
KAUFMAN AND BROAD INC <KB> 1ST QTR FEB 28 NET
| Shr 41 cts vs 17 cts
Net 8,824,000 vs 4,555,000
Revs 301.9 mln vs 196.4 mln
Avg shrs 17,644,000 vs 16,085,000
| Financial Reports |
ITEL <ITEL> COMPLETES FLEXI-VAN ACQUISITION
| Itel Corp said it completed the
previously announced purchase of the container fleet and
certain related assets of Flexi-Van Leasing Inc for about 130
mln dlrs cash and marketable securities, 30 mln dlrs in notes,
three mln shares of newly issued Itel common and assumption of
certain liabilities.
The company said it obtained financing from a syndicate of
major banks for 150 mln dlrs.
| Commodities and Trade |
KAUFMAN AND BROAD INC <KB> 1ST QTR FEB 28 NET
| Shr 41 cts vs 17 cts
Net 8,824,000 vs 4,555,000
Revs 301.9 mln vs 196.4 mln
NOTE: Housing backlog 135 mln dlrs, up over 33 pct from a
year earlier.
| Corporate News |
NY ANALYSTS SEE COFFEE FUTURES FALLING FURTHER
| New York coffee futures prices will
probably fall to about 85 cents a lb in the next month before a
consolidation trend sets in, according to market analysts.
Yesterday, prices for the spot May contract fell below 1.00
dlr a lb for the first time since August 1981 after the
International Coffee Organization did not place new export
quota discussions on its current agenda.
Talks aimed at renegotiating ICO export quotas, after five
years of price-supporting agreements, broke down in February.
"Short-term, it looks like a definite test of 90 cents,
perhaps 85 cents," said William O'Neill, coffee analyst with
Elders Futures. "But the additional downside may not be all
that great from current levels."
"At this price level the market is very vulnerable to
bullish developments," O'Neill added. "Rather than us having a
market that will plummet we'll kind of see prices erode --
probably to around 85 cents."
"I definitely see 90 cents and would not rule out a brief
drop to 85 cents," said Debra Tropp, a coffee analyst with
Prudential Bache. But she said by June worries about a freeze
in Brazil growing areas will become more of a market factor,
with prices likely to consolidate ahead of that time.
A trader at a major international trade house, who asked
not to be named, said he expects a 10 cent drop near term but
believes if Brazil opens May registrations at a relatively high
export price and requires a high contribution quota from
exporters the market could steady at the lower levels.
Longer term, he added, producer pressure will mount on
Brazil to agree to consumers' export quota terms, and a new
international agreement could come into force next fall.
Since the February talks broke down, the market has fallen
from about 130.00 cents a lb to a low of 98.10 cents a lb
today, as buyers and sellers sought to reassess supply and
demand.
Generally, analysts say, producers have a large buildup of
stocks, but U.S. roasters have drawn down supplies and will
need to do some buying soon.
"Most producing nations have just completed or are about to
complete their annual harvests and exportable supplies are at
their seasonal peak. Exports remain behind year ago and
warehouses in producer nations are becoming increasingly
overburdened," said Sandra Kaul, coffee analyst for Shearson
Lehman, in that firm's forthcoming quarterly coffee report.
Kaul said producers' need to procure hard currency to
service foreign debt will put further pressure on them to sell,
and "this should keep substantial pressure on exporters to
undertake sales despite the drop in prices to six year lows."
Kaul believes the market will drop to 80 cents a lb before
Brazil's frost season begins in June.
Accurate assessments of roaster demand are hard to come by,
though analysts note the peak winter consumption period is
passed and demand usually slows this time of year.
Shearson's Kaul estimated U.S. roaster ending stocks as of
January 31, including soluble and roasted, at 6.3 mln bags
compared with 6.9 mln at end-September 1986, a small drawdown
for the usually busy winter roasting season.
But Elders O'Neill said, "The roasters are not overstocked
by any means."
Analysts said picking a bottom to the market is difficult,
given the fact prices have fallen into uncharted territory
below the long-term support at 1.00 dlr per lb, and several
traders said the sidelines might be preferable for the short
term.
| Financial Reports |
ENERGY/U.S. REFINING
| U.S. refiners said they are worried
that growing supplies of imports, proposed federal
environmental regulations, and the marketing of a third grade
of unleaded gasoline would cost them dearly and at a time when
the industry is recovering from a recent slump.
"We have to look at national security and cut the amount
of products and crude coming into the country if it hurts the
industry," said Archie Dunham, vice president of petroleum
products at Conoco, subsidiary of DuPont Corp (DD).
U.S. oil imports account for about 38 pct of U.S.
consumption but are expected to rise to 50 pct by the mid
1990s, according to the Department of Energy.
"Can we afford to import 60 or 70 pct of our oil
requirements 15 or so years from now?" asked John Swearingen,
chairman of the board of Continental Illinois Corp <CIL> and
former chief executive of Amoco Corp <AN>. "If your answer to
that question raises doubt, then it behooves us to do all that
we can now to cope with this situation and improve our
position."
But Swearingen said he opposed the idea of an import fee, a
view echoed by others attending this week's National Petroleum
Refiners Association meeting in San Antonio, Texas.
"Talk of an import surcharge or controls is not encouraging
because those things won't solve our problems and could well
compound them," said Swearingen. "Once the government affects
values, once an import quota or license has value, it's going
to be subverted by government," he added.
William Martin, deputy Energy Secretary, said the costs of
an import fee outweigh its benefits and suggested, as Energy
Secretary John Herrington has, depletion tax credits to
encourage domestic production and limit oil imports. He also
said altnerative energy sources should be encouraged.
Restoration of the depletion allowance for a 27 pct
deduction from the taxable income of oil companies is
controversal but might work, said Dunham.
Dunham and other officials opposed the idea of a fee on oil
imports but said if one is enacted it must tax crude and
product imports.
"Why would companies import crude when they could import
products for a smaller cost if there were only a fee on crude?"
asked Henry Rosenberg, chairman of Crown Central Petroleum
<CNP>.
An import fee would raise the costs of U.S. petrochemical
products and make them noncompetive on the world market, Dunham
said.
"The energy security issue should be considered when
environmental issues are considered," Martin said.
"The level of investment for the proposed lowering of
sulfur level of diesel to 0.05 pct by weight, for example, is
unacceptable," Dunham said. "Most companies cannot afford it."
George Unzelman, president of HyOx, Inc., said these
proposals "will place pressure on small refining operations and
promote further industry consolidation."
An NPRA survey of of 139 refineries, which was released at
the conference, said reducing sulphur content to 0.05 pct
weight and aromatics to 20 volume pct aromatics in highway
diesel fuel would cost refiners 6.65 billion dlrs.
The national average diesel fuel sulfur content in 1986
for the survey respondents was 0.27 weight pct while the
average aromatics content was 32 pct.
Another possible cost to refiners is the upgrading of
facilities to produce a third grade of unleaded gasoline which
is beginning to be marketed by some companies.
"What will be the standard octane level in various grades
of unleaded gasoline?" asked Dunham. "A midlevel grade of
unleaded gasoline with an octane level of 89 means an
investment has to be made," Dunham said.
This grade is not warranted, said Crown's Rosenberg.
Despite these concerns, refiners are expecting margins to
move higher in the next few months.
"We are beginning to see a return in wholesale margins,"
said Roger Hemminghaus, chairman of the refining and marketing
company that is to spin off from Diamond Shamrock Corp <DIA>.
Margins are higher because the OPEC pact is holding, U.S.
stocks of gasoline and heating oil are declining, and gasoline
demand is rising as the driving season approaches, he said.
"This summer could be a good season for selling gasoline,"
Hemminghaus said, adding that the new company will be primarily
a gasoline producer.
| Corporate News |
CSX CORP <CSX> 1ST QTR NET
| Shr 47 cts vs 56 cts
Net 73.0 mln vs 85.0 mln
Revs 1.89 billion vs 1.69 billion
NOTE: figures reflect the merger of Sea-Land Corp completed
Feb 11, 1987.
| Commodities and Trade |
WALL STREET STOCKS/LORAL CORP <LOR>
| Loral Corp climbed 3-3/4 to 48-3/4 amid
rumors the company might be a takeover target of General
Electric Co <GE>. However, analysts said they were skeptical.
"Jack Welch doesn't want any more exposure to defense
markets," said one analyst who heard the rumors but doubted
their accuracy. The reference was to GE's chairman.
The analyst, who requested anonymity, said, "I wouldn't
believe this one unless there's a deal on the table."
Loral Corp officials were not immediately available for
comment.
| Financial Reports |
MAGMA LOWERS COPPER PRICE 0.25 CT TO 65.50 CTS
| Magma Copper Co, a subsidiary of
Newmont Mining Corp, said it is lowering its copper cathode
price by 0.25 cent to 65.50 cents a lb, effective immediately.
| Market and Economy |
SNET <SNG> SEES GOOD 1987 EARNINGS
| Southern New England Telecommunications
Corp, SNET, said it expects to have good earnings in 1987
against 4.46 dlrs per share or 139.2 mln dlrs in 1986.
The company also said it expects capital spending to rise
to about 355 mln dlrs in 1987, up from 289 mln dlrs a year ago.
However, senior vice president of finance Daniel Miglio
told a meeting of analysts that there was some uncertainty in
its earnings outlook because SNET is currently involved in
negotiations with state regulators on its rate of return on
equity which currently stands at 16.2 pct.
The company also said it expects its SNET Systems business,
which is composed of some of its non-regulated businesses, to
be profitable by the end of the year.
| Market and Economy |
STRYKER <STRY> ACQUIRES HEXCEL <HXL> UNIT
| Stryker Corp said it acquired
Hexcel Medical Corp, a wholly owned subsidiary of Hexcel Corp.
The terms of the transaction were not disclosed.
The sale completes Hexcel's plan to sell all its medical
products businesses, Hexcel said.
| Other |
OLD STONE <OSTN> COMPLETES ACQUISITION
| Old Stone Corp said it
completed the previously announced acquisition of First Federal
Savings Bank of North Carolina, a Shelby, N.C., savings bank,
for common stock.
The final purchase price, expected to be between seven mln
and 7.5 mln dlrs, will be based on an exchange of common stock
valued at 1.5 times the book value of First Federal as of the
March 31 closing date, the company said.
At February 28, First Federal had 129 mln dlrs in assets
and 120 mln dlrs in deposits. Old Stone is a Rhode Island-based
financial services company with assets of 3.9 billion dlrs.
| Commodities and Trade |
MOORE MEDICAL CORP <MMD> TO MAKE ACQUISITION
| Moore Medical Corp said it
plans to acquire privately-held Penta Products, a wholesale
distributor of generic durgs, for undisclosed terms.
| Financial Reports |
INSPIRATION LOWERS COPPER PRICE TO 66.50 CTS/LB
| Inspiration Consolidated Copper Co, a
subsidiary of Inspiration Resources Corp, said it is lowering
its base price for full-plate copper cathodes one-half cent to
66.50 cents a lb, effective immediately.
| Commodities and Trade |
ARGENTINE VEGETABLE OIL SHIPMENTS IN 1986
| Argentine vegetable oils shipments
during January/December 1986 totalled 1,796,121 tonnes, against
1,577,722 tonnes in the same period of 1985, the Argentine
Grain Board said.
Breakdown was as follows: cotton 9,000 (27,900), sunflower
954,303 (840,440), linseed 119,954 (138,944), groundnutseed
26,248 (26,246), soybean 669,094 (524,715), tung 9,047
(11,363), olive 2,417 (4,125), maize 6,058 (3,989), rape nil
(nil) , grape nil (nil), the board added.
Shipments during December 1986 amounted to 102,870 tonnes,
against 108,514 tonnes in the same month of 1985.
The breakdown, was as follows, in tonnes:
Cotton 5,000 (nil), sunflower 25,156 (23,713), linseed
6,127 (5,990), groundnutseed nil (738), soybean 65,759
(76,371), tung 645 (730), olive 183 (660), maize nil (312),
rape nil (nil), grape nil (nil), the board said.
The ten principal destinations during January/December
1986, with comparative figures for the same period of 1985 in
brackets, were as follows, in tonnes:
Iran 212,043 (209,177), Holland 204,558 (215,784), Soviet
Union 173,060 (266,389), Egypt 163,119 (164,252), Algeria
116,330 (11,492), South Africa 105,230 (110,064), Brazil
101,599 (103,142), Cuba 89,957 (98,740), United States 80,109
(44,826), India 67,182 (17,403), the board said.
| Financial Reports |
UPLAND MINERALS ACQUIRES BRAZIL MINING FIRM
| Upland Minerals and Chemicals Corp said
it agreed to acquire Consolidated Brazilian Mines International
Inc, a public company with one mln acres of diamond and gold
properties in Brazil.
Terms were not disclosed.
Consolidated owns 42 mining concessions in three regions of
eastern and northern Brazil -- Gammara, Santo Antonio and
Diamazon, the company said.
Upland also said the previously announced acquisition of
Aslaminas Aslambeck Mining Corp, a Minas Gerais, Brazil, mining
concern, will produce revenues of 9.6 mln dlrs a year for the
next 25 years.
New York-based Upland is traded over-the-counter.
| Financial Reports |
INSPEECH <INSP> BUYS NORMA BORK, BORK MEDICAL
| Inspeech Inc said it acquired
Norma Bork Associates Inc and Bork Medical Services Inc for
undisclosed terms.
These firms, with combined revenues of about one mln dlrs,
are providers of speech pathology, physical therapy and
occupational therapy services.
| Financial Reports |
NOLAND CO <NOLD> SETS QUARTERLY
| Qtly div 10 cts vs 10 cts prior
Pay April 24
Record April 14
| Financial Reports |
BANK OF NEW YORK <BK> RAISES PRIME TO 7-3/4 PCT
| Bank of New York said it raised its
prime lending rate a quarter point to 7-3/4 pct.
It said the move is effective immediately.
| Financial Reports |
HARTMARX CORP <HMX> 1ST QTR FEB 28 NET
| Shr 54 cts vs 40 cts
Net 11,105,000 vs 8,310,000
Sales 282.7 mln vs 290.3 mln
Avg shrs 20,599,000 vs 20,760,000
NOTE: Per-share results restated for May 1986 three-for-two
stock split
| Financial Reports |
MANUFACTURERS NATIONAL <MNTL> RAISES PRIME
| Manufacturers National Bank of Detroit
said it increased its prime rate to 7-3/4 pct from 7-1/2 pct,
effective immediately.
| Commodities and Trade |
UPLAND MINERALS ACQUIRES BRAZIL MINING FIRM
| Upland Minerals and Chemicals Corp said
it agreed to acquire Consolidated Brazilian Mines International
Inc, a public company with one mln acres of diamond and gold
properties in Brazil.
Terms were not disclosed.
Consolidated owns 42 mining concessions in three regions of
eastern and northern Brazil -- Gammara, Santo Antonio and
Diamazon, the company said.
Upland also said the previously announced acquisition of
Aslaminas Aslambeck Mining Corp, a Minas Gerais, Brazil, mining
concern, will produce revenues of 9.6 mln dlrs a year for the
next 25 years.
| Financial Reports |
TOLL <TOL> IN STOCK SPLIT, PUBLIC OFFERING
| Toll Brothers Inc said it
declared a two-for-one split of its common stock and said it
filed a registration statement with the Securities and Exchange
Commission for a proposed public offering of 5,700,000 shares
of common as adjusted for the split.
The record date for the split is April 10, and certificates
representing the additional shares will be mailed April 20.
The company said its stock price will be adjusted to
reflect the split on April 21.
| Commodities and Trade |
NATIONAL ROYALTY CORP <NROC> 4TH QTR LOSS
| Shr loss 22 cts vs loss 20 cts
Net loss 2,127,334 vs loss 1,629,432
Revs 1,306,658 vs 1,091,023
Avg shrs 9.7 mln vs 8 mln
Year
Shr loss 36 cts vs loss 35 cts
Net loss 3,519,251 vs loss 2,805,569
Revs 5,081,953 vs 4,410,954
Avg shrs 9.8 mln vs 8.1 mln
| Corporate News |
HI-PORT INDUSTRIES INC <HIPT> 4TH QTR NET
| Oper shr 29 cts vs eight cts
Oper net 222,143 vs 76,605
Revs 4,872,279 vs 3,276,404
12 mths
Oper shr 17 cts vs 28 cts
Oper net 111,280 vs 301,623
Revs 13.9 mln vs 11.1 mln
NOTE: 1986 yr figures excludes extraordinary item of
574,363 dlrs, or 60 cts per share, for termination of its non
contributory pension plan.
1985 yr figures excludes 537,950 dlrs, or 42 cts per share,
representing insurance proceeds from a fire that occurrred in
1983.
| Other |
COMEX RAISES MARGINS FOR SILVER FUTURES
| The Commodity Exchange Inc said it is
increasing the minimum margins for silver futures contracts,
effective at the opening of business Thursday, April 2.
The margins for speculative trading will be increased to
2,000 dlrs per contract from 1,300 dlrs and trade hedge margins
will rise to 1,400 dlrs from 900 dlrs, the Comex said.
Margins are unchanged for gold, copper, and aluminum
contracts, it said.
| Corporate News |
<SYSTEMS FOR HEALTH CARE INC> YEAR LOSS
| Shr loss 33 cts vs nil
Net loss 603,430 vs profit 4,295
Revs 748,628 vs 5,730
NOTE: Per-share results give retroactive effect to
one-for-50 reverse stock split in March 1987
1986 loss includes recurring expenses of 317,062 dlrs
related to acquisitions and initial advertising campaigns
| Commodities and Trade |
MELLON <MEL>, REPUBLIC <RPT> LIFT PRIME RATES
| Mellon Bank NA of Pittsburgh and
Republic Bank of Dallas have both raised their prime lending
rates to 7-3/4 pct from 7-1/2, effective immediately.
| Corporate News |
GULF BARGE FREIGHT HIGHER IN NEARBYS ON CALL
| Gulf barge freight rates continued to
show a firmer tone in the nearbys on the assumption that
changes in the Gulf posted prices will encourage increases in
both PIK-and-roll activity and barges shipments, with a total
of 21 barges traded this morning on the ST Louis Merchants'
Exchange call session, versus nine yesterday, dealers said.
Quotes included -
- This week Mississippi River (Granite City, MLA if P/O)
traded at 175 pct of tariff, five percentage points above
yesterday's bid.
- Next week Mississippi (Alton/Granite City, MLA if P/O) bid
five points higher at 175 pct, offered at 190.
- Five barges each week April MidMississippi River
(Dubuque/south) traded at yesterday's bid of 170 pct.
- April Illinois River (ex Chicago) 160 pct bid, offered 10
points higher at 170.
- May same section 140 pct bid, offered five lower at 145.
- May MidMississippi River (Dubuque/south) bid 2-1/2 points
higher at 142-1/2 pct, offered at 145.
- June/July lower Mississippi River (Memphis/Cairo) offered at
120 pct, no bids.
- June/Aug upper Mississippi River (Lacrosse/Savage) offered
at 150 pct, no bids.
- Oct/Nov MidMississippi (Dubuque/south, L/H Nov
Clinton/south) 170 pct bid/177-1/2 offered - no comparison.
- December Illinois River (ex Chicago) 122-1/2 pct bid/127-1/2
offered - down 2-1/2 points on offer.
| Corporate News |
FERTILITY AND GENETICS RESEARCH <BABY> 1ST QTR
| Periods ended December 31
Shr loss 10 cts vs loss seven cts
Net loss 316,289 vs loss 189,140
Revs 61,762 vs 8,934
| Financial Reports |
<CRIME CONTROL> ASSETS TO BE SOLD TO HAWLEY
| Crime Control Inc said it reached a
definitive agreement under which a subsidiary of Hawley Group
Ltd will buy assets and assume certain liabilities of Crime
Control for 51.3 mln dlrs.
Of this amount, it said about 47 mln dlrs would be
available for distribution to the company's banks, debenture
holders and shareholders. The balance would be used to pay
various state taxes and other expenses relating to the
transaction, and to establish reserves to provide for certain
unassumed obligations of the company.
Crime Control said it would use proceeds to pay its bank
lenders approximately 28.6 mln dlrs, representing about 87 pct
of the principal amount of all its indebtedness to bank
lenders.
It also said it would propose to acquire all of its 20 mln
dlrs worth of outstanding 10 pct convertible subordinated
debentures for an aggregate of approximately 15.4 mln dlrs and
propose liquidation of the company with shareholders receiving
an estimated 54 cts a share.
As reported earlier, Crime Control is in default on
approximately 33 mln dlrs of bank debt and in default under the
indenture governing its convertible subordinated debentures.
On January 19, 1987, Crime Control, which installs,
services and monitors electronic surveillance systems, said it
retained Rothschild Inc to arrange for the sale of the company.
| Financial Reports |
ROYAL/BANK CANADA UPS U.S. BASE RATE 1/4 PCT TO 8-1/4 PCT
|
ROYAL/BANK CANADA UPS U.S. BASE RATE 1/4 PCT TO 8-1/4 PCT
| Financial Reports |
ARGENTINE SUBPRODUCTS SHIPMENTS IN 1986
| Argentine subproducts shipments
during January/December 1986 totalled 5,618,315 tonnes, against
4,815,188 tonnes in the same period of 1985, the Argentine
Grain Board said.
Breakdown was as follows: cotton 26,992 (41,933), sunflower
1,403,230 (1,190,862), linseed 261,600 (309,191), groundnutseed
23,595 (22,809), soybean 3,275,225 (2,415,492), bran/pollards
wheat 606,352 (659,271), fiber cotton 3,256 (107,752), wheat
flour 18,065 (67,878), rape nil (nil), the board added.
Shipments during December 1986 amounted to 418,755 tonnes,
against 257,844 tonnes in the same month of 1985.
The breakdown, was as follows, in tonnes:
Cotton 3,002 (6,234), sunflower 86,612 (38,347), linseed
23,954 (38,290), groundnutseed nil (nil), soybean 264,650
(104,571), bran/polards wheat 37,724 (49,946), fiber cotton 987
(2,121), wheat flour 1,826 (18,335), rapeseed nil (nil), the
board said.
The ten principal destinations during January/December
1986, with comparative figures for the same period of 1985 in
brackets, were as follows, in tonnes:
Holland 2,444,260 (2,234,049), Belgium 546,423 (595,635),
Italy 430,029 (338,766), Czechoslovakia 365,897 (236,836), Cuba
253,067 (222,842), Iran 250,646 (192,430), West Germany
232,049) (158,491), Bulgaria 207,030 (300,488), Spain and
Canary Islands 176,287 (113,751), Corea 163,304 (37,416), the
board added.
| Commodities and Trade |
LE PEEP RESTAURANTS INC <LPEP> 4TH QTR LOSS
| Shr loss 27 cts vs loss 81 cts
Net loss 998,764 vs loss 1,491,590
Revs 2,712,614 vs 1,237,850
Avg shrs 3,727,063 vs 1,838,294
Year
Shr loss 1.79 dlr vs loss 2.11 dlrs
Net loss 4,559,004 vs loss 3,882,235
Revs 8,510,004 vs 3,720,640
Avg shrs 2,544,271 vs 1,838,294
| Commodities and Trade |
ESTIMATED U.S. POULTRY SLAUGHTER
| The United States department of
agriculture estimated live poultry slaughter for the week
ending April 1 as follows, in thousands -
Current Previous
Class week week
Bro/Fry 92,552 95,563
Lt Fowl 2,840 3,354
Hvy Fowl 651 789
Check Total 96,043 99,706
| Financial Reports |
TOWLE MANUFACTURING CO <QTOW> 4TH QTR OPER LOSS
| Oper shr loss 1.10 dlrs vs loss 8.63 dlrs
Oper net loss 5.1 mln vs loss 42.1 mln
Revs 23.1 mln vs 63.3 mln
Year
Oper shr loss 4.71 dlrs vs loss 14.09 dlrs
Oper net loss 22.0 mln vs loss 67.2 mln
Revs 114.6 mln vs 221.8 mln
Avg shrs 4,910,330 vs 4,851,650
NOTE: Current year excludes gain of 12.1 mln dlrs from
disposal of discontinued operations.
Shr figures after preferred dividend requirements.
| Financial Reports |
ROYAL BANK/CANADA UPS U.S. BASE RATE
| <Royal Bank of Canada> said it is
raising its U.S. base lending rate by 1/4 pct to 8-1/4 pct,
effective tomorrow.
The move is the first change in the bank's U.S. dollar base
lending rate since last August, when it lowered the rate 1/2
point.
It follows the announcement yesterday of a 1/4 point rise
to 7-3/4 pct of two of the largest U.S. banks' prime rates.
| Commodities and Trade |
ROSTENKOWSKI RELUCTANT TO BACK TAX HIKE
| House Ways and Means Committee
Chairman Dan Rostenkowski said he would be reluctant to back
the tax increase if it did not have President Reagan's support.
He told a National Press Club luncheon there would be a
number of tax proposals that could be debated if Reagan sought
a tax increase to help balance the budget.
However, he said he would prefer to leave the tax rates
enacted in last year's tax reform bill unchanged.
There have been calls in Congress to hold the rates at the
1987 level rather than allow them to fall next year.
Reagan proposed 22 billion dlrs in revenue as part of his
1988 budget proposal, but it did not include general tax
increases.
On trade issues, Rostenkowski said he did not expect the
major trade bill this year would single out any U.S. industry
for special protection.
"To go after individual items in a trade bill is suicide,"
he said.
This apparently ruled out congressional approval of another
textile trade bill to limit quotas on textile imports, as was
proposed again this year.
| Corporate News |
HARRIS BANK INCREASES ITS PRIME RATE
| <The Harris Trust and Savings Bank> said
it has increased its prime rate to 7-3/4 from 7-1/2 effective
immediately.
| Corporate News |
ANALYSTS SAY USSR MAY PREFER NEW CROP U.S. WHEAT
| The Soviet Union would likely be more
interested in purchasing new crop wheat than in booking any
grain for immediate shipment if offered a subsidy on U.S.
wheat, an executive with a major grain export company said.
Lower prices and the desire to delay any big purchases
until the condition of winter and spring crops is better known
make new crop wheat more attractive, said George Hoffman,
director of commodity analysis for The Pillsbury Company.
"Pillsbury is assuming that they (Soviets) will be offered
a subsidy and that it will be a subsidy that they can respond
to," Hoffman told Reuters in an interview at an agribusiness
education conference here. But if there are too many
constraints placed on a subsidy offer, the USSR will take less
than an anticipated four mln tonnes, he said.
Hoffman said Pillsbury's internal statistics put Soviet
Union wheat purchases at only two mln tonnes under a subsidy
offer. However, if a subsidy is offered at competitive levels,
Moscow would likely buy more, he said.
"If we give the Soviets the same deal as the Chinese, I
expect they'll take it," said Vernon McMinimy, director of
commodity research for A.E. Staley Manufacturing Co.
McMinimy told Reuters spring weather and its impact on
crops will determine how much wheat Moscow would buy under a
subsidy offer.
Soviet winter crops did not get off to a good start because
of a dry autumn last year, and because of the severe winter
"they probably have had more damage due to winter weather than
normal," McMinimy said.
| Commodities and Trade |
STRAWBRIDGE AND CLOTHIER <STRW> 4TH QTR NET
| Shr 2.02 dlrs vs 1.94 dlrs
Net 14.7 mln vs 13.9 mln
Revs 265.6 mln vs 235.1 mln
Year
Shr 2.83 dlrs vs 3.36 dlrs
Net 20.7 mln vs 24.1 mln
Revs 739.1 mln vs 686.9 mln
NOTE: Current year includes loss equal to 12 cts/shr from
takeover defense and loss of 13 cts from loss of investment tax
credits.
| Financial Reports |
MOBIL RAISES WEST COAST CRUDE PRICES BETWEEN ONE DLR AND
| 1.75 DLRS/BBL TODAY
MOBIL RAISES WEST COAST CRUDE PRICES BETWEEN ONE DLR AND
1.75 DLRS/BBL TODAY
| Financial Reports |
EGYPT AUTHORIZED TO BUY PL 480 WHEAT FLOUR-USDA
| Egypt has been authorized to purchase
about 125,000 tonnes of U.S. wheat flour under an existing PL
480 agreement, the U.S. Agriculture Department said.
It may buy the wheat flour, valued at 23.0 mln dlrs between
April 8 and August 31, 1987 and ship it by September 30, the
department said.
| Corporate News |
TUGS TO ATTEMPT REFLOATING KOREAN BULK CARRIER
| Seven tugs will attempt to refloat the
South Korean motor bulk carrier Hyundai New World tonight,
Lloyds shipping intelligence service said in its latest update.
The vessel grounded close to Itaqui port in Brazil last
night after undocking from Ponta da Madeira terminal.
Lloyds said the 200,000 dwt vessel is carrying about
180,000 tons of ore.
Five holds are partially flooded and there is some leakage
of bunkers from double bottom tanks. At low water tide the
vessel has a list of five degrees to port and the list
increases as the tide rises.
| Financial Reports |
ROBERT BRUCE INDUSTRIES INC <BRUCA> YEAR LOSS
| Shr loss 3.31 dlrs vs profit 94 cts
Net loss 6,073,000 vs profit 1,823,000
Revs 58.9 mln vs 69.2 mln
| Other |
TCF BANKING AND SAVINGS HIKES PRIME RATE
| TCF Banking and Savings FA said it
is raising its prime rate to 7-3/4 pct from 7-1/2 pct effective
today.
| Corporate News |
CCC SELLS FARMERS STOCK PEANUTS, OFFERS MORE
| The U.S. Commodity Credit Corporation
(CCC) sold 6,034 short tons of 1986-crop farmers stock peanuts
for domestic crushing, the U.S. Agriculture Department said.
The peanuts were from the Southwest area and were sold at
between 8.05 cts per lb (total kernel content), and 11.7225 cts
per lb, the department said.
The CCC will offering additional 1986-peanuts for sale at a
later date, the department said.
| Financial Reports |
CAMPEAU AND EDWARD DEBARTOLO COMPLETE PURCHASE
| <Campeau Corp> and the <Edward J.
DeBartolo Corp> have closed on their previously-announced
purchase of five of the regional shopping centers of Allied
Stores Corp.
Campeau said it and the DeBartolo Association will each
hold a 50 pct ownership interest in the shopping centers.
Campeau separately announced that, as required by a bank
agreement, it has contributed an additional 50 mln dlrs of
capital to Allied.
Campeau acquired Allied Stores Corp earlier this year, the
company said.
| Corporate News |
CCC INTEREST RATE FOR APRIL IS SIX PCT -- USDA
| The Commodity Credit Corporation
(CCC) interest rate on loans disbursed in April will carry a
six pct ionterest rate, the U.S. Agriculture Department said.
The April rate is up from March's 5-7/8 pct and reflects
the interest rate charged CCC by the U.S. Treasury, the
department said.
| Corporate News |
<MAGELLAN CORP> SETS MERGER WITH BALZAC
| Magellan Corp said it has entered into a
letter of intent to acquire Balzac Investments Inc in a
transaction that will result in former Balzac shareholders
owning about 83 pct of the combined company.
The company said on completion of the merger, the combined
company wopuld be known as Power-Cell Inc and be engaged in the
development of Balzac technology related to its Quick Charge
product for charging auto batteries.
The transaction is subject to approval by shareholders of
both companies.
| Financial Reports |
STANDARD OIL <SRD> COMMITTEE TRIED TO DELAY BID
| A committee of independent directors of
the Standard Oil Co unsuccessfully sought a delay in a tender
offer for Standard shares by British Petroleum Co plc,
according to offering documents.
BP's offering document for its 70 dlr per share offer
describes discussions with Douglas Danforth, who chairs a
special committee of independent directors responsible for
monitoring relations with BP. BP has been owner of a 55 pct
stake in Standard for several years.
According to the document, the committee's counsel said it
needed one to two months to evaluate the offering price.
Danforth, who is chairman of the Westinghouse Electric Co
<WX>, first learned of BP's interest in acquiring the rest of
Standard in a telephone call March five from Sir Peter Walters,
chairman of BP.
At a meeting march nine, Danforth informed BP that the
special committee had hired First Boston Corp <FBC> as its
financial adviser and also retained independent counsel.
Danforth's concerns that the special committee did not have
sufficient time were expressed to Walters in a telephone
conversation and reiterated in a letter from counsel on Monday
of this week.
| Financial Reports |
BANKAMERICA SAYS 1ST QTR NET TO BE CUT BY 40 MLN DLRS DUE
| TO BRAZILIAN LOANS
BANKAMERICA SAYS 1ST QTR NET TO BE CUT BY 40 MLN DLRS DUE
TO BRAZILIAN LOANS
| Corporate News |
BANKAMERICA SAYS IT EXPECTS TO REPORT A PROFIT FOR
| FIRST-QUARTER 1987
BANKAMERICA SAYS IT EXPECTS TO REPORT A PROFIT FOR
FIRST-QUARTER 1987
| Financial Reports |
MOBIL <MOB> RAISES WEST COAST CRUDE POSTINGS
| Mobil Corp said it raised its west
coast crude postings, effective today.
The Buena Vista light grade, at 26 degrees api gravity, was
raised 1.35 dlrs a barrel to 15.55 dlrs/bbl, while the
Huntington Beach light grade, at 16 degrees, was raised about
1.75 dlrs/bbl to 14.10 dlrs/bbl.
The heavier Wilmington grade, at 17 degrees, was increased
1.20 dlrs to 14.30 dlrs/bbl. Kern River crude, at 13 degrees,
was increased 1.00 dlr to 13.00 dlrs/bbl.
Mobil also said that effective today it changed its
gravity adjustment scale as follows: From 20 degrees to 34
degrees API, Mobil will adjust its price 0.015 of a ct per
one-tenth of an API degree. Below 20 degrees API, the company
will adjust its price 0.020 ct per one-tenth of a degree. Crude
grades from 34 degrees API to above 40 degrees are unaffected.
| Financial Reports |
STRAWBRIDGE <STRW> DECLARES STOCK DIVIDEND
| Strawbridge and Clothier said its
board declared a seven pct stock dividend, payable May 14 to
holders of record April 14.
Earlier, the company reported net income of 20.7 mln dlrs.
| Financial Reports |
UNITED COS FINANCIAL CORP <UNCF> 4TH QTR NET
| Shr 68 cts vs 78 cts
Net 2,432,179 vs 2,236,471
Revs 50.8 mln vs 35.1 mln
Avg shrs 3,600,000 vs 2,850,000
Year
Shr 2.82 dlrs vs 3.35 dlrs
Net 10.0 mln vs 9,554,658
Revs 177.5 mln vs 138.1 mln
Avg shrs 3,567,123 vs 2,850,000
| Financial Reports |
LAIDLAW DECLARES THREE FOR TWO SPLIT, BOOSTS PAYOUT to
| 5-1/4 CTS/SHR FROM FOUR CTS
LAIDLAW DECLARES THREE FOR TWO SPLIT, BOOSTS PAYOUT to
5-1/4 CTS/SHR FROM FOUR CTS
| Corporate News |
TRANSDUCER SYSTEMS INC YEAR
| Shr profit 12 cts vs loss 49 cts
Net profit 117,000 vs loss 506,000
Revs 1.1 mln vs 1.2 mln
Year
Shr profit seven cts vs loss 89 cts
Net profit 66,000 vs loss 921,000
Revs 4.4 mln vs 3.9 mln
NOTE:1986 reflects tax benefit of 24,000. 1985 reflects tax
benefit of 186,000 for quarter and 573,000 for year.
| Corporate News |
LAIDLAW TRANSPORTATION LTD <LDMFA> 2ND QTR NET
| period ended February 28
Shr 26 cts vs 14 cts
Net 28.4 mln vs 15.2 mln
Revs 305.7 mln vs 179.6 mln
Six mths
Shr 50 cts vs 28 cts
Net 54.6 mln vs 30.3 mln
Revs 586.2 mln vs 359.8 mln
Avg shrs 100,362,000 vs 91,360,000
| Corporate News |
CENTURY BUSINESS CREDIT <CTY> GETS OFFER
| Century Business Credit Corp said it
received an offer from Stanley Tananbaum, chairman and chief
executive officer, to take the company private in a transaction
giveing shareholders 24.40 dlrs per share in cash.
There were 603,106 shares outstanding as of December 31.
The independent directors said they will engage an expert
to evaluate the fairness of the offer.
| Corporate News |
IVACO SEES MINIMAL FIRST QUARTER EARNINGS
| (Ivaco Inc) said price pressure on steel
products, particularly in the U.S., and the recent increase in
the value of the Canadian dollar is expected to result in
"minimal" first quarter earnings.
It said subsequent quarters should show substantial
improvement from first quarter levels but 1987 earnings will
not reach 1986 levels as long as those conditions continue.
Ivaco earlier reported 1986 profit rose to 44.1 mln dlrs,
after a one mln dlr extraordinary gain, from 35.1 mln dlrs the
previous year. It said demand for the company's products are
continuing at high levels and sales are expected to show
further growth. Revenues last year rose to 1.94 billion dlrs
from 1.34 billion dlrs in 1985.
| Corporate News |
LAIDLAW <LDMFA> SPLITS STOCK, HIKES PAYOUT
| Three for two stock split
Pay and record date subject to shareholder confirmation May
four
Qtly dividend 5-1/4 cts vs four cts
Pay May 15
Record May one
Note: dividends declared on pre-split shares.
Laidlaw Transportation Ltd
| Industrial and Sector News |
SECURITY PACIFIC, PROVIDENT NATIONAL LIFT PRIME
| Security Pacific National Bank and
Provident National Bank said they increased their prime lending
rates a quarter point to 7-3/4 pct.
They said the move is effective immediately.
| Financial Reports |
J.P. MORGAN SAYS BRAZIL ACTION WILL REDUCE FIRST QUARTER
| NET BY ABOUT 20 MLN DLRS
J.P. MORGAN SAYS BRAZIL ACTION WILL REDUCE FIRST QUARTER
NET BY ABOUT 20 MLN DLRS
| Financial Reports |
HOUSTON INDUSTRIES INC <HII> INCREASES DIV
| Qtly div 72 cts vs 70 cts prior
Payable June 10
Record May 15
| Financial Reports |
EMERY <EAF> PLANS PUROLATOR <PCC> ASSET SALES
| Emery Air Frieght Corp, which has
launched a 40 dlr a share tender offer for 83 pct of Purolator
Courier Corp, said it would sell some Purolator assets to help
pay the estimated 265 mln dlr cost of the stock purchase deal.
In a filing with the Securities and Exchange Commission,
Emery said it would sell or lease Purolator's air hub in
Indianapolis, Ind., which is currently under construction, and
would divest Purolator's Stant Inc subsidiary.
No indications of interest for the assets have been
received so far, Emery said.
Emery said it would operate Purolator as a subsidiary if it
succeeded in the takever, but would integrate its air hub.
It said it plans to finance its stock purchases with
borrowings from Chemical Bank, Morgan Guaranty Trust Co of New
York, Bankers Trust Co and Salomon Brothers Holding Co Inc, the
parent of Salmon Brothers Inc, Emery's financial advisor.
Emery said it already has a commitment letter from its
banks for up to 129.9 mln dlrs for the stock purchases. An
unspecified amount of internally generated funds would also be
used for the stock purchases, it added.
| Financial Reports |
CENTURY BUSINESS CREDIT CORP <CTY> 4TH QTR
| Shr 39 cts vs 31 cts
Net 232,991 vs 198,185
Revs 2.9 mln vs 2.3 mln
Year
Shr 2.20 dlrs vs 1.12 dlrs
Net 1.3 mln vs 715,113
Revs 11.3 mln vs 10.1 mln
NOTE:1986 revs includes 260,000 dlr finder's fee , net
includes 112,000 gain from sale of securities, 115,000
dividends, 78,000 dlrs from lease recalculations.
1985 revs includes 700,000 finder's fee and 75,000 gain
from sale of asset.
| Industrial and Sector News |
IC INDUSTRIES<ICX> UNIT TO SELL OFF MORE TRACK
| Illinois Central Gulf Railroad, a
subsidiary of IC Industries Inc, said it will complete the sale
to the Chicago, Missouri and Western Railway of its 631-mile
line from Joliet, Ill., to St. Louis by April 30.
The Chicago, Missouri is a wholly owned subsidiary of the
Venango River Corp, a transportation holding company.
It said the purchase price of the line is 81 mln dlrs.
The Chicago, Missouri will employ 625 workers and start
operation immediately upon closing of the transaction.
| Corporate News |
STRONG DEMAND FOR U.S. CORN IN JAPAN -- USDA
| Japan appears to be relying less on
corn from China, Argentina and South Africa and more on
supplies from the United States, the U.S. Agriculture
Department said.
In its World Production and Trade report, the department
said in the past seven weeks reported U.S. corn sales of nearly
three mln tonnes to Japan are about three times the level
during this period last year.
Reports of short Argentine supplies and the apparent
unwillingness of the Chinese to sell at current world prices
may have caused Japanese buyers to turn to the United States
for corn supplies, the department said.
| Financial Reports |
BRITISH PETROLEUM RAISES NORTH SEA BUTANE PRICES BY 15.50
| DLRS A TONNE TODAY
BRITISH PETROLEUM RAISES NORTH SEA BUTANE PRICES BY 15.50
DLRS A TONNE TODAY
| Financial Reports |