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NATIONAL BANC OF COMMERCE CO <NBCC> SETS PAYOUT
| Qtly div 14 cts vs 14 cts prior
Pay April Eight
Record March 26
| Financial Reports |
HARSCO CORP <HSC> SETS REGULAR PAYOUT
| Qtrly div 25 cts vs 25 cts
Pay May 15
Record April 15
| Industrial and Sector News |
MADAGASCAR COCOA PRODUCTION ESTIMATED HIGHER
| Madagascar's cocoa production is
estimated 13 pct higher this year at 2,720 tonnes, up from
2,400 in 1986, Agriculture Ministry officials said.
This improvement reflects the government's efforts over the
last seven years to extend existing cocoa plantations and plant
new higher yielding varieties, particularly at the northern tip
of the island, they said.
Last year, Madagascar exported 2,189 tonnes of high quality
cocoa, up from 1,624 in 1985, the Trade Ministry said.
This year's exports are estimated at 2,400 tonnes.
| Financial Reports |
COMPUTER ASSOCIATES <CA> SETS TWO FOR ONE SPLIT
| Computer Associates
International Inc said its board has declared a two-for-one
stock split, payable May Seven, record April Seven.
| Financial Reports |
SWISS NET CAPITAL EXPORTS RISE IN 1986
| Increased activity by Switzerland's
banks pushed net capital exports to a provisional 11.7 billion
francs last year from 10.0 billion in 1985, the National Bank
said in a pre-publication copy of its annual report.
It also said the current account surplus of the Swiss
balance of payments reached a provisional 13.5 billion francs
last year, from 12.8 billion in 1985.
The National Bank's currency reserves rose by 1.8 billion
francs, against a 2.8 billion rise in 1985. However, taking
into accounts effects of the shift in exchange rates, reserves
actually fell in value by 1.9 billion.
The banks' net capital exports climbed to 5.4 billion
francs, from 5.1 billion in 1985, while capital exports by
domestic non-banks fell to 5.0 billion from 9.1 billion.
The National Bank gave the following figures (1985 in
brackets)
Current Account +13.5 billion (+12.8 in 1985), made up of:
Goods -7.1 (-8.7)
Services +10.1 (+9.8)
Factor Income +12.5 (+13.7)
Transfers -2.0 (-2.0)
Capital Account -11.7 billion (-10.0 in 1985) made up of
Direct Investment N/A (-6.3)
Portfolio Investment N/A (-2.8)
Capital Traffic of Banks -10.4 (-14.2)
Other Capital Traffic Included N/A (+5.6)
Traffic not Included and Statistical Error N/A (+7.7)
Change in Currency Reserves of the National Bank +1.8
(+2.8)
Interest Income on Foreign Currency +2.4 (+3.4)
Foreign Currency Transactions -0.6 (-0.6)
| Corporate News |
ST LAWRENCE SEAWAY OPENING STILL MARCH 31
| The St Lawrence Seaway between Lake
Ontario and Montreal is still scheduled to open for the
shipping season on March 31, a Seaway official said.
The Great Lakes could have been open for traffic earlier
this month due to the mild Winter, but scheduled repairs to the
Welland Canal joining Lake Erie with Lake Ontario will keep
that section closed until the April 1 opening, she said.
One lock system in the four-lock Soo Canal joining Lake
Superior with Huron was opened on the morning of March 22, but
only three commercial vessels have been locked through so far,
according to an U.S. Army Corps of Engineers official.
The Soo Canal is currently only open for daylight vessel
movement, with 24 hour movement allowed beginning March 29, she
added.
| Financial Reports |
DUTCH GRAIN LEVY TEST CASE TO START IN APRIL
| A large Dutch animal feed compounder
will begin formal legal proceedings early next month as a test
case on the way the EC grain co-responsibility levy is applied,
a spokesman for Dutch grain and feed trade association, Het
Comite, told Reuters.
Het Comite has been co-ordinating national actions against
alleged distortions caused by currency factors in the levy and,
since December, has lodged more than 80 individual cases with
the Business Appeal Court in The Hague.
The basic complaint is that the levy does not take account
of currency cross-rates of exchange and therefore compounders
in countries with strong currencies may have to pay more in
their own currency than is paid to them by producers in another
country.
Het Comite has obtained a temporary agreement that
companies can pay the amount they receive toward the levy
rather than paying a full guilder amount to the Dutch grain
commodity board.
The spokesman said Het Comite will provide financial and
legal backing to the test case in the Business Administration
Court in the Hague. Oral proceedings are to begin on April 10.
The spokesman said Het Comite finally selected the company
for the test case from among the 80 lodged "because the bill
(the firm) received from the commodity board for payment of the
levy contained significant currency distortions and involved
grain from a wide variety of origins." The name of the company
is not being made public.
The Administration Court is not expected to make a final
ruling on the case in the near future. The Het Comite spokesman
said it was very likely it would refer questions to the Appeal
Court in Luxembourg, and "as a result it could easily be another
nine to 12 months before the matter is finally resolved."
Meanwhile, the actions by Dutch animal feed compounders are
putting pressure on the commodity board to urge the Dutch
government to follow through on earlier statements and seek a
complete review in Brussels of the way in which the levy is
collected, the spokesman said.
Het Comite, as a member of FEFAC, the association of
European animal feed manufacturers, is also a party to actions
protesting the whole levy in the Luxembourg appeal court.
| Financial Reports |
Z-SEVEN FUND SEES HIGHER 1987 NET
| <Z-Seven Fund Inc> said it expects to
earn six dlrs a share in 1987, up from 4.20 dlrs a share in
1986.
The company said the 1986 net earnings were up 30 pct from
3.22 dlrs in 1985. Net asset value in 1986 rose 35 pct to 16.09
dlrs a share from 11.89 a year earlier, adjusted for a
three-for-two stock split.
| Financial Reports |
U.S. ASKS JAPAN END AGRICULTURE IMPORT CONTROLS
| The U.S. Wants Japan to eliminate import
controls on agricultural products within three years, visiting
U.S. Under-Secretary of State for Economic Affairs Allen Wallis
told Eishiro Saito, Chairman of the Federation of Economic
Organisations (Keidanren), a spokesman for Keidanren said.
The spokesman quoted Wallis as saying drastic measures
would be needed to stave off protectionist legislation by
Congress.
Wallis, who is attending a sub-cabinet-level bilateral
trade meeting, made the remark yesterday in talks with Saito.
Wallis was quoted as saying the Reagan Administration wants
Japanese cooperation so the White House can ensure any U.S.
Trade bill is a moderate one, rather than containing
retaliatory measures or antagonising any particular country.
He was also quoted as saying the U.S. Would be pleased were
Japan to halve restrictions on agricultural imports within five
years if the country cannot cope with abolition within three,
the spokesman said.
Japan currently restricts imports of 22 agricultural
products. A ban on rice imports triggered recent U.S.
Complaints about Japan's agricultural policy.
| Financial Reports |
SPANISH REFINER PLANS GASOLINE ADDITIVE PLANT
| Spain's state refiner Empresa Nacional
de Petroleo S.A. (EMP) plans to build its second unit for
production of methyl tertiary butyl ether (MTBE), a gasoline
additive replacing lead, company sources said.
The Coruna-based plant, with an annual capacity of 27,000
tonnes, and a 55,000-tonnes-per-year facility that EMP will
start up in Tarragona next year, will make the state refiner
Spain's biggest producer of MTBE.
Petroleos del Norte S.A. (Petronor) runs a 45,000 tonne a
year plant in Bilbao and Cia Espanola de Petroleos S.A. (Cepsa)
plans to put a similar unit onstream next year in Algeciras.
| Financial Reports |
WALL STREET STOCKS/U.S. OIL COMPANIES
| British Petroleum Co PLC's
announcement that its U.S. subsidiary intends to tender for the
45 pct of Standard Oil Co <SRD> it does not already own,
catapulted U.S. oil stocks sharply higher this morning, traders
and analysts said.
"It raises the specter of additional consolidation in the
industry and that is what is boosting the other oils," analyst
Rosario Ilacqua of L.F. Rothschild said.
Sanford Margoshes of Shearson Lehman Brothers said "this
deal shows that British Petroleum, a conservative investor that
knows the oil business, is clearly confident in the U.S. oil
industry, and that shines well on the U.S. companies."
More
| Financial Reports |
ROY F. WESTON INC <WSTNA> 4TH QTR NET
| Shr 15 cts vs 11 cts
Net 900,334 vs 482,705
Revs 28.7 mln vs 18.8 mln
Avg shrs 6,195,527 vs 4,551,105
Shr 51 cts vs 31 cts
Net 2,713,912 vs 1,402,696
Revs 98.7 mln vs 67.9 mln
Avg shrs 5,369,833 vs 4,551,105
NOTE: Share adjusted for three-for-two stock split
effecitive March 2, 1987.
Weston said earnings for the firstg quarter will be about
flat due to the recent substantial addition of management and
technical staff and an expansion in the Southeastern and
Northwestern U.S.
The company said full-year earnings and revenues are
expected to be higher. The company today reported 1986
earnings of 2,713,912 dlrs, up from 1,402,696 dlrs in 1985, and
revenues of 98.7 mln dlrs, up from 67.9 mln dlrs.
Weston earned 492,000 dlrs in last year's first quarter.
| Other |
MOBIL <MOB> TO UPGRADE REFINERY UNIT
| Mobil Corp said it will spend over 30
mln dlrs to upgrade a gasoline-producing unit at its Beaumont,
Texas, refinery.
It said the unit is a catalytic reformer, which converts
low-octane components of gasoline into high-octane components
for use in Super Unleaded gasoline.
The company said the modernization will allow the unit to
regenerate catalysts on a continuous basis without shutdown.
Currently, it must be shut twice a year. The unit produces
46,000 barrels of gasoline components a year. Construction
will start late this year, with completion set for mid-1989.
| Corporate News |
BLOCKBUSTER <BBEC> TO ACQUIRE LICENSEE
| Blockbuster Entertainment Corp said it
agreed to buy <Southern Video>, a Blockbuster licensee in San
Antonio.
Blockbuster said it will issue 80,460 shares of its common
stock for all the net assets of Southern Video.
The company said after the acquisition is complete, it
intends to open additional Blockbuster Video Superstores in the
San Antonio market.
| Other |
BRAZIL SOY HARVEST 13 PCT COMPLETE - NEWSLETTER
| Brazil's soybean harvest was 13
pct complete by March 20, the Safras e Mercado newsletter said.
This compares with an historic average for this time of
year of 20 pct.
The newsletter gave the following figures for the progress
of the harvest in the main producer states:
Parana: 40 pct
Mato Grosso do Sul: 15 pct
Mato Grosso: five pct
Rio Grande do Sul: two pct
| Financial Reports |
CONTEL <CTC> TO BUY WALKER COUNTY TELEPHONE
| Contel Corp said it has agreed in
principle to acquire <Walker County Telephone Co> of LaFayette,
Ga., for an undisclosed amount of common stock.
Walker has 7,600 customers in northeast Georgia.
The company said the agreement is subject to approval by
regulatory agencies, both boards and Walker shareholders.
| Commodities and Trade |
MULFORD SAYS G-6 WANTS STABILITY
| Treasury Assistant Secretary David
Mulford said the Paris agreement among leading industrial
nations is intended to produce "reasonable stability" in exchange
markets over the next few months.
He told a Senate Banking subcommittee the Group of Five
nations and Canada agreed in Paris to "see if there can't be a
period of reasonable stability instead of volatility" to give
time for the committments in Paris to take place.
Asked by Sen Phil Gramm (R-Tex) whether U.S. intervention
was not in fact overvaluing the dollar, Mulford replied that
the administration judged that after economic adjustments,
current exchange rates reflect underlying economic
fundamentals.
In particular, the stability sought by the nations would
allow West Germany and Japan to stimulate their economies
domestically and the U.S. to cut its budget deficit, Mulford
said in his testimony.
He stressed that a further sharp fall in the dollar would
hurt the ability of Germany and Japan to boost growth.
Mulford noted that half of West Germany's economy was
affected by international developments.
He also said increased Japanese domestic growth would
result in more U.S. exports to Japan and would not necessarily
lead to greater Japanese capital flows to the U.S., as Gramm
asserted, if Japan reformed its domestic capital market.
Commenting on the Paris agreement, Mulford said, "I think
exchange rates ought to be stabilized so (Germany's and
Japan's) efforts can be carried out.
Mulford rejected Gramm's argument that faster domestic
growth in Germany and Japan would result in an even lower
dollar.
Mulford said the administration wanted to achieve a pattern
of higher growth overseas as a way of improving the U.S. trade
deficit.
Otherwise, he said, the trade deficit would be resolved
either through a much lower dollar or a U.S. recession, both
alternatives he termed unacceptable and undesirable.
| Market and Economy |
THERMO PROCESS <TPSI> COMPLETES ACQUSITION
| Thermo Process Systems Inc said
it completed its purchase of Thermo Process Services Inc, a
subsidiary of Thermo Electron Corp <TMO>.
Thermo Process Systems said it issued 2,590,000 shares of
its common stock to Thermo Electron in connection with the
sale.
| Corporate News |
SIEMENS RAISES STAKE IN TELECOM PLUS OF U.S.
| Siemens AG's <SIEG.F>
fully-owned subsidiary Siemens Informations Systems Inc. Has
raised its stake in Telecom Plus Communications Inc. By 65 pct
to 100 pct, a Siemens spokesman said.
He added that Telecom Plus Communications was the largest
independent supplier of telephone exchange systems in the U.S.
And had achieved a turnover of 234 mln dlrs in 1986.
The stake had been acquired from Telecom Plus International
Inc. The spokesman declined to comment on U.S. Newspaper
reports that the purchase price of the remaining stake totalled
173 mln dlrs.
| Financial Reports |
FRUEHAUF POSTS 20.3 MLN DLR 1986 LOSS
| Fruehauf Corp, which went private in
December through a leveraged buyout, said the predecessor
company had a 1986 loss of 60.9 mln dlrs compared to earnings
of 70.5 mln dlrs in 1985.
Sales of the predecessor company were 2.68 billion dlrs
compared to 2.56 billion dlrs in 1985, including the sales by
the operations which are divestiture candidates.
Fruehauf said in connection with the buyout acquisition,
the predecessor company incurred about 97 mln dlrs in expenses
charged against 1986 operations.
In addition to the direct expenses, Fruehauf said operating
results were adversely affected by an unquantifiable amount due
to the disruption related to a proxy contest and attempted
hostile takeover which started in early 1986.
Fruehauf said its board rescheduled the annual meeting to
June 18 from May 7 to allow for completion and distribution of
the 1986 results to shareholders.
| Corporate News |
MICHIGAN GENERAL <MGL> TO SELL KRESTMARK UNIT
| Michigan General Corp said
it agreed to sell substantially all of the assets and certain
liabilities of its Krestmark subsidiaries to LCB Holdings Inc
for 6.5 mln dlrs cash.
Sale of Texas-based Krestmark, a maker of doors, door
frames and other products, will allow Michigan General to
concentrate on retailing through its Diamond Lumber and
Savannah Wholesale units.
Proceeds of the sale will be used to reduce debt. The deal
is subject to execution of a definitive agreement.
Krestmark had revenues of about 40 mln dlrs and operating
losses of three mln dlrs in 1986, the company said. It has been
accounted for as a discontinued operation since last September.
Dallas-based LCB is a privately-held maker of structural
steel joists and rack and storage handling systems.
Michigan General also said its Diamond Lumber homebuilding
products retail unit closed nine unprofitable stores in the
first quarter and reduced its headquarters staff by 10 pct. The
nine closed stores, which had pretax operating losses of 1.7
mln dlrs in 1986, are being sold to provide cash for
operations.
About 4.5 mln dlrs of inventory from the stores is being
transferred to other locations, the company said.
| Other |
RABBIT SOFTWARE <RABT> TO MERGE WITH CTI DATA
| Rabbit Software Corp said it
agreed in principle to merge with <CTI Data Inc>, a privately
owned communications company.
According to terms, CTI holders and employees will receive
200,000 shares of Rabbit stock and royalties on sales of CTI
Products. CTI will become a wholly owned subsidiary of Rabbit.
The deal is subject to completion of a definitive merger
agreement, receipt of third party approvals and other
conditions, the company said.
| Corporate News |
COMSTOCK GROUP INC <CSTK> 4TH QTR LOSS
| Shr loss 60 cts vs loss 43 cts
Net loss 3,012,000 vs loss 2,114,000
Revs 102.8 mln vs 134.9 mln
Year
Shr loss 1.48 dlr vs loss four cts
Net loss 7,338,000 vs loss 180,000
Revs 354.9 mln vs 469.2 mln
NOTE: 1986 4th qtr and year net includes a loss of 623,000
dlrs and a gain 1,910,000 dlrs or 39 cts per share for an
extraordinary item.
| Other |
U.S. SENATE HITS EC OILS TAX, VOWS RETALIATION
| The Senate voted to condemn the
proposed European common market tax on vegetable and marine
fats and oils and said it would result in retaliation.
The non-binding Senate resolution, a sense of Senate
sentiment, was approved on a 99 to 0 vote.
"The administration should communicate to the European
Community the message that the United States will view the
establishment of such a tax as inconsistent with the European
Community's obligations under the General Agreement on Tariffs
and Trade that will result in the adoption of strong and
immediate countermeasures," the resolution stated.
The resolution said the European Community Commission has
proposed establishing a consumption tax on vegetable and fish
oils and fats in conjunction with the setting of farm prices
for the 1987/1988 EC marketing year.
The Senate said the tax would amount to almost 90 pct of
the current price of soyoil and "have a restrictive effect" on
U.S. exports of soybeans and vegetable oils to the EC.
It would be "blatantly inconsistent" with obligations of the
EC under the General Agreement on Tariffs and Trade, GATT, the
resolution said, and "constitute another egregious attempt" to
impose EC agricultural costs on trading partners.
| Corporate News |
HEALTHMATE INC SAYS AUDITORS INTEND TO QUALIFY ITS FINANCIAL STATEMENTS
|
HEALTHMATE INC SAYS AUDITORS INTEND TO QUALIFY ITS FINANCIAL STATEMENTS
| Financial Reports |
HARSCO CORP <HSC> SETS QUARTERLY
| Qtly div 25 cts vs 25 cts prior
Pay May 15
Record April 15
| Corporate News |
MILASTAR CORP <MILA> 3RD QTR JAN 31 LOSS
| Shr loss two cts vs loss four cts
Net loss 44,000 vs loss 85,000
Sales 370,000 vs 299,000
Nine mths
Shr loss seven cts vs loss three cts
Net loss 134,000 vs loss 56,000
Sales 1,211,000 vs 1,069,000
NOTE: Prior nine mths net includes 10,000 dlr loss on sale
of marketable securities.
Prior quarter net includes 1,000 dlr tax credit.
Current year net includes provisions for loss on investment
in preferred stock of 4,000 dlrs in quarter and 15,000 dlrs in
nine mths.
| Corporate News |
BANK OF BOSTON EXPECTS 1ST QTR EARNINGS FROM 90 CTS TO 1.00 DLRS/SHR VS 79 CTS
|
BANK OF BOSTON EXPECTS 1ST QTR EARNINGS FROM 90 CTS TO 1.00 DLRS/SHR VS 79 CTS
| Financial Reports |
BANK OF BOSTON <BKB> SEES IMPROVED 1ST QUARTER
| Bank of Boston Corp expects first
quarter earnings will range between 90 cts and one dlr a share,
up from 79 cts a share last year, Chairman William Brown said.
He told shareholders the company has a 190 mln dlr exposure
in loans to Brazil if that country defaults on its debt
payments. If a default does occur, it would first quarter
earnings by about five cts a share, which would bring the
bank's in the lower level of the estimated range, he added.
Brown noted the 1986 first quarter net included a 17 cts
gain from loan restructurings which will not appear this year.
Brown said the bank's other nonperforming assets, not
including its Brazilian exposure, could rise to over 700 mln
dlrs at the end of this quarter compared with 669 mln dlrs a
year earlier and 614 mln dlrs at the end of 1986.
He said the increase includes all of its Equadorian loans
which he expects will be ultimately repaid after the company
recovers from an earthquake earlier this year.
Brown said the increase also includes some Mexican and
Venezuelan loans as those nations are also facing credit
problems.
Brown said the Bank of Boston remains "cautiously optimitic
about the full year even if our Brazilian exposure were to be
on nonaccural all year." In 1986, the bank earned 3.69 dlrs a
share, or 232.8 mln dlrs on net interest revenues of 1.08
billion dlrs.
President Ira Stepanian told the shareholders's meeting the
bank's total loans to Argentina, Brazil and Mexico totaled 875
mln dlrs at the end of 1986, 37 pct of its primary capital.
Brazil loans total 300 mln dlrs, of which about two-thirds are
affected by its suspension of interest payments on its medium
and long term foreign debt.
| Financial Reports |
LIBYA REPORTEDLY BOUGHT WHITE SUGAR
| Libya is reported to have recently
bought two cargoes of white sugar from operators at around
229/230 dlrs a tonne cost and freight, traders said.
The shipment period required was not specified.
| Financial Reports |
USAIR GETS APPROVAL TO BUY 9,309,394 PIEDMONT SHARES IN TENDER
|
USAIR GETS APPROVAL TO BUY 9,309,394 PIEDMONT SHARES IN TENDER
| Financial Reports |
FED EXPECTED TO ADD RESERVES
| The Federal Reserve is expected to
enter the U.S. government securities market to add reserves
during its usual intervention period today, economists said.
With federal funds trading at a steady 6-3/16 pct, most
economists expect an indirect injection of temporary reserves
via a medium-sized round of customer repurchase agreements.
However, some economists said the Fed may arrange more
aggressive system repurchase agreements.
Economists would also not rule out an outright bill pass
early this afternoon. Such action had been widely anticipated
yesterday but failed to materialize.
| Corporate News |
DOLLAR/YEN INTERVENTION RESPONDS TO PRESSURE
| The Bank of France intervened to buy
small amounts of dollars and sell yen in Paris today to
stabilise the exchange rates agreed at last month's meeting of
Finance Ministers of the Group of Five and Canada, foreign
exchange dealers said.
But they said recent central bank intervention in the
foreign exchange markets appeared to be a limited reaction to
temporary pressures rather than a major defence operation.
A Bank of France spokesman declined all comment but sources
close to the central bank said it had also intervened
yesterday.
Dealers said the earlier intervention was in concert with
the Bundesbank and Bank of Japan.
The sources said the French central bank could have been in
the market again today in two-way operations, not necessarily
on its own account, but to counter short-term pressures arising
from the end of the Japanese financial year on March 31.
One major French bank said it bought between five and 15
mln dlrs for the central bank and sold yen at 149.28 to the
dollar.
Another bank said it had been asked by the Bank of France
to say it was in the market, a departure from the central
bank's usual insistence on confidentiality.
But other banks said they had seen no sign of intervention,
which they said appeared to be on a very limited scale.
"Even if 10 banks were buying five to 15 mln dlrs, you would
still be talking of a small overall amount," said one dealer.
Recent intervention by the Bank of Japan appeared mainly to
have been required to meet year-end window dressing demand for
yen. "This is a specific short term phenomenon rather than a
wider trend," the dealer said.
Operators have been extremely cautious about testing the
dollar's trading ranges against the West German mark and
Japanese yen.
These ranges were set in February's stabilisation agreement
reached here by U.S. Treasury Secretary James Baker and the
Finance Ministers of Japan, Germany, France, Britain and
Canada.
But speculative pressures started to build again this week
after Baker was quoted on British television at the weekend as
repeating earlier statements that Washington had no target for
the dollar.
Baker yesterday moved to defuse speculation he was talking
the dollar down, telling a Cable News Network interviewer and a
Senate committee he stood by the Paris agreement. Foreign
exchange markets had been misreading his comments, he said.
| Financial Reports |
WALL STREET STOCKS/U.S. OIL COMPANIES
| British Petroleum Co PLC's
announcement that its U.S. subsidiary intends to tender for the
45 pct of Standard Oil Co <SRD> it does not already own,
catapulted U.S. oil stocks sharply higher this morning, traders
and analysts said.
"It raises the specter of additional consolidation in the
industry and that is what is boosting the other oils," analyst
Rosario Ilacqua of L.F. Rothschild said.
Sanford Margoshes of Shearson Lehman Brothers said "this
deal shows that British Petroleum, a conservative investor that
knows the oil business, is clearly confident in the U.S. oil
industry, and that shines well on the U.S. companies."
Philips Petroleum <P> gained 3/4 to 15-7/8, Occidental
Petroleum <OXY> one to 34-5/8, USX Corp <X>, with its Marathon
Oil Co unit, rose 1/2 to 28-3/8. Exxon <XON> climbed one to
88-3/8, Mobil <MOB> one to 50-1/4, Atlantic Richfield <ARC>
3-1/8 to 80-1/2, Amoco <AN> 1-7/8 to 84-1/8, and Amerada Hess
one to 33-5/8. BP gained 2-3/8 to 59-3/4.
Both analysts said the rise in Standard's price this
morning to above the proposed tender price of 70 dlrs a share,
is an indication that investors expect the bid to be sweetened.
Standard gained 6-3/4 to 71-5/8.
The analysts cited Royal Dutch/Shell Group's <RD> <SC> bid
for Shell Oil Co, which was sweetened before its successful
conclusion.
Margoshes said the BP action "is an articulation of the
underlying value of oil companies in the marketplace." But he
expressed skepticism that this will necessarily lead to
heightened merger or buyout activity in the oil group.
| Financial Reports |
FIRSTCORP <FCR> SEES GAIN ON CONDEMNATION
| Firstcorp Inc said it weill report
an after-tax gain of 1,827,000 dlrs or 56 cts per share primary
and 42 cts fully diluted from the proposed condemnation and
acquisition of a parking deck it operates by Wake County.
The company said if it reinvested proceeds in a similar
property within 24 months, the gain on the sale would be
deferred for tax purposes.
| Corporate News |
NORCEN SEES IMPROVEMENT IN 1987 EARNINGS
| <Norcen Energy Resources Ltd>,
41 pct owned by <Hees International Corp>, said earnings and
cash flow will improve in 1987, even if oil and gas prices
remain at 1986 levels.
The improvement will result from production increases,
lower taxes and royalties, reduced financing costs and from
operating efficiencies and downsizing put into place during
1986, the company said in the annual report.
Norcen previously reported 1986 earnings, excluding a 20.1
mln dlr writeoff, declined by 58 pct to 50.0 mln dlrs from
119.7 mln dlrs in in 1985.
Norcen's 1986 cash flow fell 10 pct to 204.9 mln dlrs from
228.9 mln dlrs in the prior year.
It said the sharp decline in oil prices during 1986 was the
most significant factor for Norcen's reduced performance.
"While financial results are far from the previous year's
record levels, it is clear that Norcen has withstood declining
prices and remains financially and operationally strong," Norcen
said. It did not give a specific 1987 profit forecast.
The company said it is well positioned to capitalize on
profitable opportunities in its core business areas, and will
continue to invest to increase revenue and asset values.
| Commodities and Trade |
COCOA COUNCIL HEAD TO PRESENT BUFFER COMPROMISE
| International Cocoa Organization, ICCO,
council chairman Denis Bra Kanon will present a compromise
proposal on buffer stock rules to producer and consumer
delegates either later today or tomorrow morning, delegates
said.
Bra Kanon held private bilateral consultations with major
producers and consumers this morning to resolve outstanding
differences, mostly on the issues of how much non-member cocoa
the buffer stock can purchase and price differentials for
different varieties.
Delegates were fairly confident the differences could be
worked out in time to reach agreement tomorrow.
Some consuming member nations, including Britain and
Belgium, favour the buffer stock buying more than 10 pct
non-member cocoa, delegates have said.
The consumers argue that buying cheaper, lower quality
non-member cocoas, particularly Malaysian, will most
effectively support prices because that low quality cocoa is
currently pressuring the market.
Producers, meanwhile, say non-member cocoa should make up
at most a very small percentage of the buffer. They say
Malaysia should not be able to benefit from the ICCO unless it
is a member, and if the buffer stock bought Malaysian cocoa
Malaysia would have no incentive to join, delegates said.
As to differentials, Ghana apparently wanted a higher
differential for its cocoa than is outlined in the most recent
proposal, so it would have a better chance of having its cocoa
bought for the buffer stock, producer delegates said.
Some consumers wanted differentials to be adjusted in a way
that would not promote buffer stock purchases of the more
expensive cocoas, such as Ghanaian and Brazilian, they said.
Other technical points need to be sorted out, including
limits on how much cocoa the buffer stock manager can buy in
nearby, intermediate and forward positions and the consequent
effect on prices in the various deliveries, delegates said.
| Corporate News |
SIEMENS REBUTTS U.S. CRITICISM ON CGCT OFFER
| Siemens AG <SIEG.F> rebutted U.S.
Criticism it is blocking American Telephone and Telegraph
Corp's <T.N>, AT and T, entry into French telecommunications
firm <Compagnie Generale Constructions Telephoniques>, CGCT.
Management board member Hans Baur told journalists that the
acquisition of a joint 20 pct stake in CGCT by AT and T and
Philips Gloeilampenfabrieken NV <PGLO.AS> had not been decided
on two years ago as claimed by AT and T.
The French government, which owns CGCT, had asked Siemens
at the start of 1986 to submit an offer for the stake in CGCT.
The result of the negotiations was still open.
Baur said Siemens had first made an offer last summer.
The Handelsblatt newspaper today quoted AT and T chairman
James E. Olson as saying that Siemens' attempt to stop AT and T
and Philips could lead to a resurgence of protectionism in the
U.S.
Baur said he expected the French government to decide on
the winning bid by the end of April. CGCT's share of the French
switchboard market amounts to around 16 pct.
The French government has limited CGCT participation by
foreign companies to 20 pct and set a price of 500 mln francs
for the whole company.
Bauer said the 20 pct limitation would only apply to the
initial stake. He did not rule out a stake increase later but
said Siemens' aim was to introduce its technology.
Bauer said Siemens and French telecommunications firm
<Jeumont-Schneider SA> submitted a joint offer at the start of
March because of the 20 pct limitation. Both companies will
form a joint venture to take over the whole of CGCT.
Siemens will have a 20 pct stake in the new company while
Jeumont-Schneider will own 80 pct. Apart from investing 100 mln
francs for the modernisation of CGCT, a new research centre
with was also being planned.
| Commodities and Trade |
MULFORD DISAPPOINTED IN NEWLY INDUSTRIALIZED (NICS) EFFORTS TO STRENGTHEN CURRENCIES
|
MULFORD DISAPPOINTED IN NEWLY INDUSTRIALIZED (NICS) EFFORTS TO STRENGTHEN CURRENCIES
| Other |
FORD <F> NEARS GM <GM> IN EXECUTIVE BONUSES
| Ford Motor Co neared General Motors
Corp last year in executive bonuses, while it topped the larger
automaker in profit sharing payments to workers.
Ford, which outstripped GM in earnings last year, said its
1986 incentive bonuses totaled 167 mln dlrs, slightly behind
General Motors' 169.1 mln.
General Motors, however, did not make any profit-sharing
payments to its workers, while Ford made a profit-sharing
distribution of 372 mln dlrs, or 2,100 dlrs per worker.
General Motors, which saw its earnings drop to 2.94 billion
dlrs from 1985's 3.99 billion, said the 1986 profit was "not
sufficient to generate a payout under the profit-sharing
formula."
Ford, which earned 3.28 billion dlrs in 1986, up from 2.51
billion in 1985, said it "recognizes employees' efforts and
fulfills its commitment to them in many ways, including
profit-sharing."
| Financial Reports |
MULFORD SAYS GERMANY, JAPAN SHOULD DO MORE
| Treasury Assistant Secretary David
Mulford said he did not believe that West Germany and Japan
have yet carried out their international responsibilities.
"I do not believe they have up to this time," Mulford told
a Senate banking subcommittee.
He said that for the U.S. trade deficit to continue
improving in the next two years, "We need more policy actions"
across the entire front of U.S. trade relations, including
Canada and the newly-industrialized countries (NICS).
In particular, he said, efforts by South Korea and Taiwan
to strengthen their currencies were still disappointing.
Mulford also said that OECD nations need to grow an average
three pct to help resolve the international debt crisis.
He noted that Japanese and European imports from Latin
nations were significantly smaller than imports into the U.S.
He stressed both Germany and Japan must continue to take
economic and structural measures to ensure stronger sustained
economic growth.
| Commodities and Trade |
EC GRANTS EXPORT LICENCES 197,000 TONNES FREE MARKET MAIZE, ZERO BARLEY - PARIS TRADERS
|
EC GRANTS EXPORT LICENCES 197,000 TONNES FREE MARKET MAIZE, ZERO BARLEY - PARIS TRADERS
| Commodities and Trade |
PIER 1 IMPORTS <PIR> DECLARES STOCK SPLIT
| Pier 1 Imports Inc said its
board declared a three-for-two split of its common stock and
its 25 cents preferred stock, and declared a regular quarterly
dividend of two cents per share on the pre-split shares of
common stock outstanding.
Pier 1 also declared a 12.5 pct annual dividend increase
for the post-split common shares. The split will be effected in
the form of a 50 pct stock dividend on both classes.
The company said shareholder approval is required for an
increase in authorized shares of common stock to 100 mln from
25 mln.
It said approval is also needed for an increase in
authorized shares of preferred stock from one million to five
million. It said voting will be conducted at its annual
shareholder meeting on June 24.
Pier 1 said there are currently 19.1 million shares of
common stock and 960,000 shares of 25 cts preferred stock
outstanding.
The split shares will be distributed on June 29 to
shareholders of record May 13. The two cts per share quarterly
cash dividend will be payable May 29 to shareholders of record
May 13.
"The increase in shares outstanding will broaden the base
of stock ownership in the company, and the dividend increase
reflects the directors' positive outlook for the future
prospects of Pier 1 Imports," said Clark Johnson, president and
chief executive officer.
| Other |
LANCER CORP <LACR> 4TH QTR NET
| Shr 12 cts vs 15 cts
Net 282,000 vs 360,000
Revs 5,261,000 vs 5,348,000
Avg shrs 2,336,000 vs 2,335,000
Year
Shr 91 cts vs 1.04 dlrs
Net 2,149,000 vs 2,075,000
Revs 28.2 mln vs 28.3 mln
Avg shrs 2,356,000 vs 2,001,000
NOTE: 1986 quarter net includes 72,000 dlr charge from
repal of investment tax credit.
| Commodities and Trade |
MACNEAL-SCHWENDLER CORP <MNS> 4TH QTR JAN 31 NET
| Shr 16 cts vs 11 cts
Net 1,888,000 vs 1,307,000
Revs 7,365,000 vs 5,877,000
Year
Oper shr 58 cts vs 40 cts
Oper net 7,005,000 vs 4,866,000
Revs 27.1 mln vs 21.1 mln
NOTE: Prior year net excludes 263,000 dlr loss from
discontinued operations and 2,073,000 dlrs on disposal.
Share adjusted for stock dividends.
| Industrial and Sector News |
NICHOLS INSTITUTE <LAB> 1ST QTR FEB 28 NET
| Shr two cts vs one ct
Net 83,000 vs 32,000
Revs 11.2 mln vs 7,625,000
| Corporate News |
FIRST MEDICAL DEVICES CORP <FMDC> YEAR LOSS
| Shr loss 97 cts
Net loss 1,364,453
Sales 737,971
NOTE: Company in development stage.
| Commodities and Trade |
HEALTHMATE <HMTE> EXPECTS QUALIFIED OPINION
| HealthMate Inc said its
auditors, Laventhol and Horwath, indicated they will issue a
qualified opinion on the company's financial statements.
The company, which went public in March 1985, earlier
reported losses for the fourth quarter.
It said the auditor's statement, known as a "subject to"
opinion, cautions that, because of continuing operating losses
and negative cash flow, it must achieve profitable operations
or acquire additional equity capital or other financing to
continue in existence.
HealthMate reported a loss for the year of 1,512,534 dlrs,
or 17 cts a share on revenues of 1.4 mln dlrs. A year ago, it
had a loss of 1,553,592 dlrs, or 20 cts a share on revenues of
515,225 dlrs.
It said the increased sales reflect initial shipments of
its FluoroScan Imaging Systems, low radiation X-ray imaging
devices that recently were classified by Underwriters
Laboratories Inc.
| Other |
HEALTHMATE INC <HMTE> 4TH QTR LOSS
| Shr loss five cts vs loss six cts
Net loss 473,784 vs loss 489,257
Revs 268,797 vs 81,725
Avg shrs 9,245,247 vs 8,035,326
Year
Shr loss 17 cts vs loss 20 cts
Net 1,512,534 vs loss 1,553,592
Revs 1,448,310 vs 515,225
Avg shrs 8,745,132 vs 7,619,863
| Commodities and Trade |
USAIR <U> CLEARED TO BUY PIEDMONT <PIE> SHARES
| USAir Group Inc said the U.S.
Department of Transportation has issued an order allowing it to
purchase and hold in a voting trust the 9,309,394 Piedmont
Aviation Inc shares USAir is seeking in its current 69 dlr per
share tender offer.
The company said the new order supersedes an order issued
by the department last Friday that would have required USAir to
sell within one week of expiration of the tender any Piedmont
shares it held in excess of 51 pct of the Piedmont stock then
outstanding.
The company said the 9,309,394 Piedmont shares, together
with the 2,292,599 Piedmont shares already owned by USAir,
constitute about 50.1 pct of Piedmont's shares on a
fully-diluted basius but about 61.0 pct of shares currently
outstanding.
The shares are to be held in a voting trust pending the
department's review of USAir's application to obtain control of
Piedmont.
| Commodities and Trade |
FED SETS TWO BILLION DLR CUSTOMER REPURCHASE, FED SAYS
|
FED SETS TWO BILLION DLR CUSTOMER REPURCHASE, FED SAYS
| Financial Reports |
HOUSE OF FABRICS INC <HF> 4TH QTR JAN 31 NET
| Shr 34 cts vs 20 cts
Net 2,253,000 vs 1,332,000
Sales 89.7 mln vs 85.9 mln
Year
Shr 94 cts vs 64 cts
Net 6,191,000 vs 4,257,000
Sales 316.4 mln vs 286.7 mln
NOTE: Prior year net both periods includes 2,100,000 dlr
charge from sale of Craft Showcase stores.
| Other |
GERMAN RETAILERS EXPECT GOOD 1987
| West German retailers expect another good
year in 1987 even though they will not be able to repeat the
sharp increase in turnover they enjoyed in 1986, the General
Association of the German Retail Trade (HDE) said.
HDE President Wolfgang Hinrichs said retailers would be
satisfied with a real turnover increase of between 2.5 pct to
three pct in 1987 after last year's steep 3.7 pct rise.
Hinrichs said the 1986 turnover increase had brought the
first hesitant signs of improvement in earnings in the West
German retail sector.
| Corporate News |
GERMAN WAGE ROUND SAID TO LIMIT MONETARY OPTIONS
| The Bundesbank's options for West
Germany monetary policy are limited for the foreseeable future
by the delicate stage of wage negotiations between unions and
employers, economists and money market dealers said.
Call money fell in quite active trading today, dropping to
3.40/50 pct from 3.55/65 pct yesterday, and below the 3.50 pct
treasury bill rate as a difficult month-end approached.
But dealers and economists said the Bundesbank was unlikely
to encourage lower rates in the foreseeable future largely for
fear of upsetting the current wage round.
One money market dealer for a major foreign bank said, "I
don't think the Bundesbank wants rates to go up whatever
happens. But it also does not want them to fall. Above all it
wants to wait to see how the unions wage round goes."
In West Germany, unions and employers prepare the ground
for triennial wage negotiations based on detailed assessments
of growth and inflation, economists said.
Ute Geipel, economist with Citibank AG, said if the
Bundesbank became more accommodating in monetary policy,
raising fears in some quarters of a return in inflation in the
medium term, unions would be obliged to curtail wage demands.
As a result the Bundesbank was concerned to make no move
that would interfere in the negotiating process, Geipel said.
In the current round, the country's most powerful union,
the IG Metall representing metalworkers and engineers, is
demanding a shortening of the working week to 35 hours from the
present 38-1/2 and an accompanying five pct increase in wages.
The engineering employers' association, Gesamtmetall, is
offering to bring in a 38-hour-week from July 1, 1988, and give
a two stage wage increase -- a 2.7 pct rise from April 1 this
year and another 1.5 pct from July 1, 1988.
The agreement forged by IG Metall -- Europe's largest
union, with 2.5 mln members -- and the employers would set the
benchmark for settlements in other industries such as the
public sector, banks and federal post office. Negotiations
began in December and unions are hopeful they may conclude by
early April, ahead of the traditional holiday period in June.
Though many economists said the unions' current warning
strikes and rhetoric were part of the negotiating strategy and
would not lead to a repeat of 1984's damaging seven-week
strikes, others said unions would not compromise greatly on
their positions and there could still be conflict.
This could extend the length of time in which the
Bundesbank would keep its activity low-key, economists said.
The money market head said the unions' humiliation by the
protracted financial problems of the Neue Heimat cooperative
housing venture would contribute to union obstinacy.
"The unions haven't forgotten that and they will put this
squarely onto the account in the negotiations," he said.
In addition, the newly-elected chairman of the IG Metall
union, Franz Steinkuehler, was more radical and determined than
his predecessor Hans Meyer and may be set for a longer battle
to achieve the best possible settlement for his membership.
More than 16,000 engineering workers at 45 firms, mainly in
south Germany, held warning strikes lasting up to two hours
yesterday. Firms hit included Zahnradfabrik Passau GmbH and
aerospace group Messerschmitt-Boelkow-Blohm GmbH.
Today, 28,000 employees from 110 companies came out in
warning strikes, a statement from IG Metall said.
Money market dealers said that overnight call money rates
would rise in the near future in any case and did not depend on
a politically-inhibited Bundesbank.
About eight billion marks were coming into the market
tomorrow from salary payments by the federal government.
As a result, some banks fell back on the Bundesbank's offer
to mop up liquidity via the sale of three-day treasury bills,
anticipating still lower rates before the month-end.
But a pension payment date by banks on behalf of customers
was due on Monday, other dealers noted. If banks were short of
liquidity until the bills matured on Tuesday, rates could soar,
perhaps to the 5.50 pct Lombard ceiling.
Banks were well stocked up with funds, having an average
52.1 billion marks in Bundesbank minimum reserves in the first
24 days of March, well above the 50.7 billion requirement.
| Market and Economy |
FOREIGN FIRMS HOPE TO JOIN JAPAN TELECOM COMPANY
| President Nobuo Ito of International
Telecom Japan Inc (ITJ), one of two rival firms seeking to
enter Japan's international telecommunications market, said it
will offer a stake in the company to 10 foreign firms.
But he declined to specify what share the firms would
take, and told Reuters they would not participate in its
management.
ITJ and International Digital Communications Planning Inc
(IDC), in which both Cable and Wireless Plc and Pacific Telesis
Group own 20 pct stakes, are set to merge into a new entity to
compete against Kokusai Denshin Denwa Co Ltd.
| Financial Reports |
SIEMENS RAISES STAKE IN TELECOM PLUS OF U.S.
| Siemens AG's <SIEG.F>
fully-owned subsidiary Siemens Informations Systems Inc. Has
raised its stake in <Telecom Plus Communications Inc.> by 65
pct to 100 pct, a Siemens spokesman said.
He added that Telecom Plus Communications was the largest
independent supplier of telephone exchange systems in the U.S.
And had turnover of 234 mln dlrs in 1986.
The stake had been acquired from Telecom Plus International
Inc. The spokesman declined to comment on U.S. Newspaper
reports that the purchase price totalled 173 mln dlrs.
| Financial Reports |
FIRST INTERSTATE SEEKS ACQUISITION
| Less than two months after First
Interstate Bancorp withdrew its bold attempt to buy BankAmerica
Corp, Chairman Joseph Pinola is still looking for a good buy,
but he is also looking at ways to avoid being bought.
In a wide-ranging interview, Pinola said he's looking for
ways to improve profitability and capital between now and 1991,
"so as to resist any potential look at us...to maintain our
independence, if possible."
In 1991 federal regulatory changes will allow the major
East Coast banks to buy banks in California.
First Interstate, the fourth largest California bank, and
the nineth largest nationwide, owns 24 banks in 12 western
states and has franchise operations in four additional states.
Bank industry sources say it is an attractive target for
large U.S. or foreign banks, looking to quickly move into the
lucrative California market and the West Coast region.
While declining specifics on his corporate strategy, when
asked if acquisitions will be part of the plan, Pinola replied,
"That's undoubtedly a fair statement...it would be almost naive
not to think that."
Pinola characterized his acquisition strategy as
"opportunistic".
He said he will look for banks in management trouble that
he can get at a bargain, then add management to restore
profitability, or for banks in states where First Interstate
already operates, then cut costs by combining resources.
The exception, he said, would be Texas, where he said most
of the banks are already well managed, but might be purchased
at a discount because of the depressed regional economy.
Pinola declined comment on what circumstances might move
him to rekindle his bid for BankAmerica, saying only, "We
continue to monitor and look at a lot of things and a lot of
people continue to monitor and look at us."
Banking analysts, however, consider another First
Interstate bid at BankAmerica a long shot, not likely to happen
any time soon.
Pinola called his decision last month to withdraw his 3.25
billion dlr bid at the nation's second largest bank, "a very,
very difficult decision."
With that decision made, however, he acknowledged First
Interstate may now have a difficult time keeping its number
four position in the California banking community.
"The competition in this state is tough," he said, noting
CityBank's recent purchase of 50 financial service branches
from Sears Roebuck company. "CityBank is moving rapidly to move
us down to fifth and Wells Fargo down to fourth," he said.
Outside California, Pinola acknowledged that Security
Pacific Corp, with its recent acquisitions in Arizona,
Washington and Oregon, is quickly becoming a regional
competitor in areas where First Interstate has long dominated.
"Security is, has been and continues to be a highly
profitable and obviously well managed company," he said.
He added, however, First Interstate, at the moment, has the
advantages of having owned and managed regional banks longer
and has the recognition advantage of having given its regional
banks a common name.
Pinola said while its coastal state banks are in good
financial condition, First Interstate continues to sustain
serious loan losses in its Rocky Mountain states, where energy,
real estate and agriculture dominate the economy.
Asked if he thought loan losses in those areas had peaked,
he said, "I don't think it has bottomed out, because I think
most of the problems are real estate-related and the real
estate problems are going to be with us for several years."
Pinola said another failing economic sector, agriculture in
the Midwest, has slowed expansion of First Interstate's
franchise operation.
First Interstate has 42 franchise banks that offer First
Interstate financial services in ten states.
While a year ago he was considering taking his franchise
operation east of the Mississippi River, Pinola said because
most of the franchise banks are now in the West, expansion into
the Midwest must come first.
Calling the franchise system, "moderately profitable,"
Pinola said, "It is going to take a rejuvenation of the
agriculture sector for us to commence franchising at the speed
we were generating before the last year or two."
On the banking industry in general, Pinola said he thinks
1987 will be another bad year for loan losses, with only banks
with minimal holdings in real estate able to improve profits.
| Financial Reports |
<NATIONAL SEA PRODUCTS LTD> 4TH QTR NET
| Oper shr 43 cts vs 21 cts
Oper net 6,846,000 vs 3,386,000
Revs 137.1 mln vs 107.6 mln
Year
Oper shr 1.36 dlrs vs 42 cts
Oper net 21,764,000 vs 7,239,000
Revs 516.4 mln vs 454.7 mln
Note: 1986 qtr excludes extraordinary gain of 784,000 dlrs
or five cts share, versus extraordinary loss of 110,000 dlrs or
shr nil in 1985 qtr
Note continued: 1986 year excludes extraordinary gain of
14,360,000 dlrs or 94 cts share, versus extraordinary gain of
2,883,000 dlrs or 19 cts share in prior year
| Financial Reports |
HOUSE OF FABRICS <HF> SEES RESULTS IMPROVING
| House of Fabrics Inc said
it expects growth in earnings and revenues as the current
fiscal year progresses.
It said it will open about 50 super stores this year.
House of Fabrics now operates 703 stores.
The company today reported earnings for the year ended
January 31 of 6,191,000 dlrs on sales of 316.4 mln dlrs, up
from prior year earnings of 4,257,000 dlrs on sales of 286.7
mln dlrs. The prior year earnings included a 2,100,000 dlr
charge for the disposition of Craft Showcase stores.
| Corporate News |
U.S. SENATE HITS EC OILS TAX, VOWS RETALIATION
| The Senate voted to condemn the
proposed European common market tax on vegetable and fish fats
and oils and said it would result in retaliation.
The non binding Senate resolution, a sense of Senate
sentiment, was approved on a 99 to 0 vote.
"The administration should communciate to the European
Community the message that the United States will view the
establishment of such a tax as inconsistent with the European
Community's obligations under the General Agreement on Tariffs
and Trade that will result in the adoption of strong and
immediate countermeasures," the resolution stated.
| Financial Reports |
KODAK <EK> BUYS STAKE IN BIOTECHNOLOGY COMPANY
| Eastman Kodak Co said it has
reached an agreement to acquire new stock representing a 16 pct
interest in industrial biotechnology company <Genencor Inc> for
undisclosed terms.
Other Genencor shareholders include Staley Continental Inc
<STA>, Corning Glass Works <GLW> and Genentech Inc <GENE>.
The company said it has been granted options to increase
its equity stake during 1987. It said it has agreed to make a
multiyear, multimillion dollar commitment to Genecor research
products related to food additivies and pharmaceutical
intermediates.
| Corporate News |
AVERY <AVY> 1ST QTR FEB 28 NET
| Shr 33 cts vs 30 cts
Net 13.0 mln vs 11.9 mln
Sales 330.8 mln vs 249.7 mln
| Other |
FED SETS TWO BILLION DLR CUSTOMER REPURCHASE
| The Federal Reserve entered the U.S.
government securities market to arrange two billion dlrs of
customer repurchase agreements, a spokeswoman for the New York
Fed said.
Federal funds were trading at 6-3/16 pct at the time of the
indirect injection of temporary reserves.
| Other |
SENATE SEEKS U.S. PROBE OF CANADIAN CORN LEVY
| The Senate voted unanimously to seek
an expedited U.S. probe of Canadian tariffs on corn imports to
determine if the United States should retaliate.
By 99 to 0, the Senate went on record against the 84.9
cents per bushel tariff approved by the Canadian Import
Tribunal.
The non binding measure asked for a probe by the U.S. Trade
Representative to determine within 30 days whether the tariff
violates the General Agreement on Tariffs and Trade, and if so
recommend within 60 days to President Reagan retaliatory action
against Canada.
| Other |
U.K. MONEY MARKET SHORTAGE FORECAST REVISED DOWN
| The Bank of England said it had revised
its forecast of the shortage in the money market down to 450
mln stg before taking account of its morning operations. At
noon the bank had estimated the shortfall at 500 mln stg.
| Other |
KNIGHT-RIDDER INC <KRN> SETS QUARTERLY
| Qtly div 25 cts vs 25 cts prior
Pay April 13
Record April Six
| Other |
TECHNITROL INC <TNL> SETS QUARTERLY
| Qtly div 12 cts vs 12 cts prior
Pay April 21
Record April Seven
| Corporate News |
NATIONWIDE CELLULAR SERVICE INC <NCEL> 4TH QTR
| Shr loss six cts vs loss 18 cts
Net loss 89,478 vs loss 178,507
Revs 3,894,844 vs 1,964,141
Avg shrs 1,582,790 vs one mln
Year
Shr loss 43 cts vs loss 81 cts
Net loss 534,099 vs loss 811,836
Revs 12.2 mln vs 5,167,573
Avg shrs 1,251,337 vs one mln
| Other |
<A.H.A. AUTOMOTIVE TECHNOLOGIES CORP> YEAR NET
| Shr 43 cts vs 52 cts
Shr diluted 41 cts vs 49 cts
Net 1,916,000 vs 2,281,000
Revs 32.6 mln vs 22.6 mln
| Industrial and Sector News |