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Stoltenberg says he assumes monetary cooperation will continue |
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Shr eight cts vs six cts Net 22 mln vs 18 mln Revs 994 mln vs 910 mln Nine mths Shr 19 cts vs 20 cts Net 55 mln vs 54 mln Revs 2.9 billion vs 2.7 billion NOTE: 1987 3rd qtr and nine mths include pre-tax gains of from antitrust settlement of 2000000 dlrs and 6000000 dlrs respectively. 3rd qtr 1986 includes pre-tax gain of 65 mln dlrs from sale of MCI Airsignal subsidiary and after-tax extraordinary loss of 17 mln dlrs from early redemption of 9-1/2 pct subordinated notes. Reuter | MCI COMMUNICATIONS CORP <MCIC.O> 3RD QTR NET |
Shr 1.03 dlrs vs 88 cts Net 59.5 mln vs 51.9 mln Revs 641.7 mln vs 557.8 mln Avg shrs 57.4 mln vs 59.0 mln Nine mths Shr 2.51 dlrs vs 2.14 dlrs Net 145.2 mln vs 126.4 mln Revs 1.71 billion vs 1.47 billion Avg shrs 57.8 mln vs 59.0 mln NOTE: 1986 figures restated to reflected change in accounting methods related to pension expenses. Reuter | STERLING DRUG INC <STY> 3RD QTR NET |
CAE Electronics Inc wholly-owned by Cae Industries Ltd said it received a contract worth nine mln Canadian dlrs to design and manufacture an A-320 aircraft flight simulator for Lufthansa German Airlines. It said the simulator is scheduled for delivery in late 1989. Reuter | CAE <CAE.TO> UNIT WINS LUFTHANSA CONTRACT |
Phelps Dodge Corp said net earnings nearly tripled in the third quarter on sharply higher copper prices increased sales and strong earnings from a new chemicals business. The company also recorded a gain of 21.3 mln dlrs or 57 cents a diluted share from a tax loss carryforward and gain on early debt retirement. Copper prices averaged 78 cents a pound on the New York Commodity Exchange up from 59 cents in the year-ago quarter. Net earnings rose to 58.2 mln dlrs or 1.77 dlrs a share from 19.4 mln dlrs or 60 cents a share. Copper sales rose 10 pct to 112900 tons in the quarter and operating earnings from primary metals mostly copper grew to 54.2 mln dlrs from 11.1 mln dlrs the company said. Manufacturing and specialty chemicals had operating earnings of 17.9 mln dlrs including Columbian Chemicals acquired at the end of 1986. In the 1986 quarter the groups operating earnings were 5.2 mln dlrs. Total sales in the quarter more than doubled to 377.4 mln dlrs from 188 mln dlrs. Nine month net rose 98 pct to 100.3 mln dlrs or 2.80 a diluted share as sales grew 72.8 pct to 1.11 billion dlrs. Reuter | PHELPS DODGE <PD> NET RISES ON COPPER STRENGTH |
Qtly div 42 cts vs 42 cts prior Pay December 10 Record November 20 Reuter | JOHNSON AND JOHNSON <JNJ> SETS QTLY DIVIDEND |
NEIMAN-MARCUS GROUP 2ND QTR NET LOSS 69.0 MLN VS PROFIT 3,682,000 |
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Shr 1.16 dlrs vs 1.19 dlrs Net 151.4 mln vs 152.4 mln Revs 1.31 billion vs 1.17 billion Avg shrs 130.0 mln vs 127.6 mln 12 mths Shr 3.03 dlrs vs 2.85 dlrs Net 392.7 mln vs 353.0 mln Revs 4.32 billion vs 4.14 billion Avg shrs 129.8 mln vs 123.9 mln Reuter | FPL GROUP INC <FPL> 3RD QTR NET |
French 13-week T-Bill rate rises to 8.54 pct from 7.65 -- Bank of France |
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Wang Laboratories Inc expects revenues for the year ending June 30 1988 to increase 12 to 15 pct over fiscal 1987 to 3.2 billion dlrs President Frederick Wang said. He told a news conference after-tax profit for the year should increase by three to five pct. Earlier Wang said first quarter revenues increased 16 to 693 mln dlrs and profits totaled 22.5 mln dlrs or 14 cts a share vs a loss of 30 mln dlrs or 19 cts a share in the September quarter last year. Wang told the news conference the companys orders were particularly strong for the high end of its line of VS minicomputers. For the past six months the high end really surged while the companys entry level computers dipped slightly senior vice president of U.S. operations Ian Diery said. For the past six months earnings for both large and entry level systems in the U.S. increased by 20 pct he said.. Wang said the company has seen an overall resurgance in its business in the U.S. He said the companys business in Europe remains fairly firm. Reuter | WANG LABS <WAN> BETTER NET ON INCREASED REVENUES |
International Multifoods Corp said it filed a suit charging Bregman Partners and its affiliates unlawfully planned to acquire control of the company. In a suit filed in U.S. District Court International Multifoods said Bregman Partners and its affiliates who reportedly hold 7.4 pct of the companys shares tried to induce Multifoods management to join them in an effort to take the company private and give controlling interest to Bregman Partners. Bregman Partners include the interests of the Belzberg families of Canada. The complaint also discloses that on each occasion Multifoods management rejected the groups overtures. Multifoods is asking Bregmans group to divest its shares in open market sales in a manner not to further disrupt the market place according to the suit. The suit seeks compensatory and punitive damages in an amount to be determined. In addition Multifoods is seeking to stop Bregman Partners from acquiring any more stock or voting the shares it reportedly owns the suit said. According to Multifoods the actions proposed by Bregman Partners would prevent shareholders from realizing the full benefits of the companys restructuring. In the past three years Multifoods has substantially altered its domestic business mix by divesting its U.S. consumere foods operations and emphasizing growth in selected segments of the U.S. foodservice industry. Reuter | MULTIFOODS <IMC> FILES SUIT AGAINST BREGMAN |
STERLING DRUG INC 3RD QTR SHR 1.03 DLRS VS 88 CTS |
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<Salomon Brothers Inc> is not withdrawing as a market maker in euroyen bonds contrary to strong market rumours circulating in London a London-based spokeswoman for the companys New York headquarters said. Earlier a spokesman for Salomon Brothers London operations declined to comment at all on rumours that have been circulating here. Euroyen bond traders had said they were informally contacted by their counterparts at Salomon and told that they would no longer be market makers in those securities. The traders said that Salomon had not notified the Association of International Bond Dealers (AIBD) of its plans to withdraw as a market maker. Under new rules recently adopted by the AIBD notification would be required if the firm decided it no longer wished to make two-way prices at all times in euroyen bonds. According to dealers at several Japanese banks Salomons euroyen bond traders have been in a meeting and unavailable to make prices. Market sources said that Salomon had offered the traders a chance to remain with the firm if they were willing to trade eurobonds denominated in other currencies. Dealers noted that at one point this year euroyen bond issuance had actually outpaced that of eurodollar denominated bonds the first time the U.S. Unit has been eclipsed as the currency of choice for international borrowers. Dealers said that given the dollars recent weakness the yen could once again top the eurobond issuance tables. Last week Salomon Brothers announced it would trim its worldwide staff by 800 and withdraw from several areas of business most specifically short term bank lending. REUTER | SALOMON NOT PULLING OUT OF EUROYEN BONDS |
Shr 47 cts vs 48 cts Net 505.0 mln vs 533.0 mln Revs 8.47 billion vs 8.43 billion Nine mths. Shr 1.42 dlrs vs 1.16 dlrs Net 1.55 billion vs 1.31 billlion Revs 25.0 billion vs 25.56 billion NOTE: Full name is American Telephone and Telegraph Co. NOTE: Prior quarter and nine mth net reduced by 25 mln dlrs or two cts per share for estimated costs to reduce workforce and consolidate various facilities. Prior qtr and nine mths include pretax gain of 73 mln dlrs from damages paid by Republic of Iran and pretax gain of 40 mln dlrs from change in companys ownership in ING C. Olivetti SpA. After tax these gains added 68 mln dlrs or six cts per shr to net income. Prior qtr and nine mth results were previously restated to reflect a change in depreciation methods that reduced net income by 175 mln dlrs or 16 cts per share. Reuter | AT AND T <T> 3RD QTR NET |
Shr loss 13 cts vs loss 20 cts Net loss 1343266 vs loss 2086086 Revs 82.3 mln vs 80.3 mln Year Shr loss 1.83 dlrs vs profit 1.24 dlrs Net loss 19.2 mln vs profit 13.4 mln Revs 388.1 mln vs 370.3 mln NOTE: 1987 year includes charge 15.0 mln dlrs pre-tax for inventory valuation allowance. 1987 year also includes charge 12.8 mln dlrs from discontinued operations. Reuter | GORDON JEWELRY CORP <GOR> 4TH QTR AUG 31 LOSS |
The Canadian division of General Motors Corp will make its first economic offer later Monday in contract negotiations with 40000 members of the Canadian Auto Workers the union said. The union is seeking the same contract pattern it has reached at the Canadian units of Ford Motor Co and Chrysler Corp including partial pension indexation and wage increases in each year of a three-year pact. The union hareatened to strike at 10 a.m. EDT on Thursday unless General Motors of Canada Ltd meets the pattern and settles a host of local issues at 11 plants in Quebec and Ontario. Reuter | GM CANADA TO MAKE CONTRACT OFFER TO UNION |
West German government sources said Bonn remained committed to the Louvre Accord to stabilise currencies which was struck by leading western democracies in Paris last February. Over the weekend U.S. Treasury Secretary James Baker criticised recent rises in West German short-term interest rates and said such developments were not in the spirit of the Louvre pact. He said the agreement may have to be re-examined. The sources said the West German interest rate rises had to be seen in the context of interest rate developments worldwide. Reuter | WEST GERMANY STILL COMMITTED TO LOUVRE ACCORD |
The recent sharp rise in U.S. interest rates sparked turmoil in the fixed-income markets but underwriters said they doubt company treasurers will rush to borrow before rates increase further. Corporate treasurers will continue to issue new debt when they believe they are borrowing at an attractive rate said an underwriter with a major Wall Street house. Said another We will not see a flood of new offerings. Treasurers are reassessing the market. We will not see new issuance dry up either. Still the pace of corporate borrowing in the public finance market has slowed according to a Reuter tabulation. Last week which was shortened by the Columbus Day holiday saw issuance of 1.3 billion dlrs of new debt. That was down from the prior weeks tally of slightly more than two billion dlrs of new debt. In contrast a year ago it was not unusual to see those amounts of new offerings in a single day as companies took advantage of the then decline in interest rates to refinance old higher-cost debt or to expand operations via financings at low attractive rates underwriters noted. Companies will conduct financings that they believe are essential said an underwriter with a medium-sized Wall Street firm. But we will not see much more than that until the market stabilizes. In the meantime treasurers will probably prefer shorter term issues analysts said. For instance of last weeks nine issues only one had a maturity of more than 10 years. The other offerings had maturities of two to seven years with most clustered in the two to three year area according to a Reuter tabulation. That is because single-digit interest rates were had last week only among two-year securities. If people think that interest rates will continue to head higher then we could see treasurers rushing to market said a trader with a medium-sized securities house. But if people think last weeks sharp interest rate rise is a fluke treasurers will sit back and wait for rates to decline before issuing new debt hoping of course that they are not missing the boat by doing so she added. Another impediment to new issuance is the lukewarm reception to new issues by institutional and retail investors in recent weeks traders pointed out. Many investors refrained from buying because they believed rate would rise further. We saw a lot of buying interest last week but people are not yet willing to pull the trigger a broker said. They would rather wait and see if the recent rate increase can be sustained. Conflicting forecasts on the likely direction of interest rates did not help analysts said. For instance Henry Kaufman chief economist with Salomon Brothers Inc said in his weekly Comments on Credit that the yields of U.S. Treasury bonds would probably rise further because the marketplace expects inflation to rise and the dollar to continue to decline. In contrast Standard and Poors Corp said on Friday that prices of debt securities in the fixed-income markets would recover. The rating agency said neither the economy nor the dollar justify current high yields. Meanwhile the Chicago Board of Trade is slated to hold a press briefing on Tuesday in New York about its plans to list a futures contract based on a corporate bond index. That follows last weeks announcement by Commodity Exchange Inc Comex that it plans to list on October 29 a new futures contract based on the investment-grade corporate bond index of Moodys Investors Service Inc. Reuter | U.S. CORPORATE FINANCE - COMPANIES ON SIDELINES |
The Canadian division of General Motors Corp will make its first economic offer later today in contract negotiations with 40000 members of the Canadian Auto Workers the union said. The union is seeking the same contract pattern it has reached at the Canadian units of Ford Motor Co <F> and Chrysler Corp <C> including partial pension indexation and wage increases in each year of a three-year pact. The union has said it will strike on 1000 EDT/1400 GMT on Thursday unless General Motors of Canada Ltd meets the pattern and settles local issues at 11 plants in Quebec and Ontario. Reuter | GM <GM> CANADA TO MAKE CONTRACT OFFER TO UNION |
Federal Deposit Insurance Corp Chairman William Seidman said he would be concerned about the impact on banks of a further sharp rise in interest rates. However Seidman attending the American Bankers Association convention said he did not expect rates to rise much higher and said the outlook for the U.S. economy and for banking was sound. The potential for greater interest rate rises gives us concern. We see nothing right now in the outlook that causes us to believe rates are going much higher or that the economy is not sound Seidman told a news conference. Reuter | FDIC'S SEIDMAN SAYS HIGHER RATES COULD HARM BANKS |
The Federal Reserve is expected to enter the government securities market to supply reserves to the banking system via system repurchase agreements economists said. Most economists said the Fed would execute three-day system repurchases to meet a substantial need to add reserves in the current maintenance period although some said a more aggressive add via overnight system repos was possible. Federal funds opened at 7-5/8 pct and remained at that level late this morning compared with an average effective rate of 7.55 pct Friday. Reuter | FED SEEN ADDING RESERVES VIA SYSTEM REPOS |
MCI COMMUNICATIONS CORP 3RD QTR PER SHR EIGHT CTS VS SIX CTS |
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Inland Steel Co said it and the USS Division of USX Corp <X> are continuing to pursue plans for construction of a state-of-the-art line for continuous prepainting of steel coils. It said the proposed line will primarily serve the appliance market. It said a location for the new plant has yet to be selected. Reuter | INLAND <IAD> PLANS TO PROCEED WITH PLANT |
Shr 40 cts vs 54 cts Net 4442000 vs 6375000 Sales 102.8 mln vs 102.5 mln Avg shrs 11.1 mln vs 11.6 mln NOTE: Share adjusted for August 1987 five-for-four split. Reuter | STANDARD PRODUCTS CO <SPD> 1ST QTR SEPT 30 NET |
Financial Corp of America in reporting a third quarter loss said gains on the sale of loans and mortgage-backed securities which has been the companys main source of profit during the past two years fell to 12.4 mln dlrs as compared to a 93.4 mln in the third quarter last year. It said the income was reduced by adverse interest rate fluctuations during the quarter. The company also said it made an additional provision of 70.4 mln dlrs to its reserve for losses on loans and real estate compared with 76.2 mln dlrs a year ago. Financial Corp said its reserve totaled 1.00 billion dlrs at September 30 1987 compared with a total of 580.4 mln at the same time a year ago. Financial Corp the nations largest thrift reported a third quarter loss of 75.8 mln dlrs or 2.20 dlrs per share compared with an 11.6 mln dlr profit last year. At the end of the quarter scheduled items or non- or under-performing assets were 1.34 billion dlrs or 4.01 pct of total regulatory assets down from 1.77 billion or 5.20 pct of assets at the end of the 1986 third quarter the company said. In reporting third quarter results the company also said its highest priority is to raise capital and strengthen its financial base. We are responsible to our shareholders and therefore are exploring several alternatives for achieving value while raising capital. Any proposal to acquire or restructure the company will be viewed by management from this perspective Financial Corp chairman William Popejoy said in a statement. Last month Financial Corp executives and Federal Home Loan Bank Board members met to discuss a restructuring of FCA with help from the Federal Savings and Loan Insurance Corp as a possible solution to the companys financial difficulties. In addition Ford Motor Cos <F> First Nationwide Financial Corp has acknowledged that it is interested in acquiring the company. Financial Corp has said it needs about one billion dlrs to bring its regulatory net worth up to Federal Government requirements. In addition Financial Corp said its real estate group sold properties totaling 154.8 mln dlrs in book value before reserves during the quarter and 435.5 mln dlrs of real estate for the nine months to September 30. The company also said it had a net deposit decrease of 415.4 mln dlrs during the quarter resulting mainly from institutional deposits reacting to the companys pricing strategy and to its efforts to manage the cost of funds. Reuter | FINANCIAL CORP <FIN> LOAN SALES DOWN IN QTR |
Rorer Group Incs Armour Pharmaceutical Co said it received Food and Drug Administration approval for a blood clotting drug for hemophiliacs. The company said the drug monoclate antihemophilic factor will treat hemophilia A the most common form of hereditary blood clotting disorder. Monoclate is 99 pct free of unwanted contaminants compared to other blood products which are less than one pct pure Armour said. Reuter | RORER <ROR> UNIT CLOTTING DRUG APPROVED |
AMERICAN TELEPHONE AND TELEGRAPH CO 3RD QTR SHR 47 CTS VS 48 CTS |
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Shr 17 cts vs 37 cts Net 1783000 vs 4028000 Nine mths Shr 52 cts vs 1.03 dlrs Net 5587000 vs 11.1 mln Reuter | BANKEAST CORP <BENH.O> 3RD QTR NET |
LONDON'S FTSE 100 SHARE INDEX DROPS RECORD 301.5 POINTS TO 2000.4 at 1457 GMT |
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Shr 30 cts vs 12 cts Net 2191000 vs 852000 Sales 106.6 mln vs 102.9 mln Nine mths Shr 44 cts vs 40 cts Net 3236000 vs 2919000 Sales 297.9 mln vs 297.9 mln Reuter | DALLAS CORP <DLS> 3RD QTR NET |
SALOMON BROS SAYS IT IS NOT WITHDRAWING FROM EUROYEN BOND MARKET |
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Shr 34 cts vs 62 cts Net 4717000 vs 8277000 Revs 213.4 mln vs 158.7 mln Nine mths Oper shr 1.18 dlrs vs 1.54 dlrs Oper net 16.2 mln vs 17.8 mln Revs 517.2 mln vs 451.4 mln Avg shrs 13.7 mln vs 11.6 mln NOTE: 1986 nine mths net exclude204000 dlr gain from reversion of pension assets. 1987 net both periods includes pretax charge 692000 dlrs from amortization of goodwill. Reuter | ANCHOR GLASS CONTAINER CORP <ANC> 3RD QTR NET |
SALOMON BROS SAYS IT IS NOT RPT NOT WITHDRAWING FROM EUROYEN BOND MARKET |
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Shr 90 cts vs 84 cts Net 185.5 mln vs 171.5 mln Revs 1.08 billion vs 1.07 billion Nine mths Shr 1.85 dlrs vs 1.90 dlrs Net 378.9 mln vs 389.5 mln Revs 2.67 billion vs 2.69 billion 12 mths Shr 2.15 dlrs vs 1.87 dlrs Net 440.7 mln vs 382.0 mln Revs 3.47 billion vs 3.47 billion Reuter | MIDDLE SOUTH UTILITIES INC <MSU> 3RD QTR NET |
Industrial Equity (Pacific) Ltd a Hong Kong-based investment firm leading a group holding 19.1 pct of Calmat Cos common stock said it intends to submit to Calmat a proposal for a possible business combination. In a filing with the Securities and Exchange Commission Industrial Equity (Pacific) did not disclose details of the proposal but said it would be delivered to Calmat in the near future. Industrial Equity (Pacific) does not intend to remain a passive investor in Calmat the firm told the SEC. In its SEC filing Industrial Equity (Pacific) said its president of North American operations Ronald Langley met with Calmat officials on October 14 to discuss an acquisition of the company at a premium over the market price of Calmat stock. Industrial Equity (Pacific) added it is considering launching a tender offer for Calmat stock or making a merger proposal to the company but said it has not decided whether it will pursue a Calmat acquisition on a non-negotiated basis. Industrial Equity (Pacific) which currently holds 5.83 mln Calmat common shares said it is also evaluating the companys recently adopted shareholder rights plan and its potential effect on Calmat and on possible acquisition proposals made to the company. Between October 2 and 14 Industrial Equity (Pacific) bought 918900 shares of Calmat common stock at 33 dlrs to 37.55 dlrs a share or a total of about 33.8 mln dlrs. Reuter | INDUSTRIAL EQUITY TO MAKE PROPOSAL TO CALMAT<CZM> |
Kaiser Steel Corps plant in Napa Calif has been purchased by Oregon Steel Mills for 16 mln dlrs the privately owned Portland company said. The transaction was approved by the U.S. bankruptcy judge in Denver who is hearing Kaiser Steels Chapter 11 reorganization case. James Mccaughey former vice president of sales for Kaiser has been named general manager for the plant which will be called Napa Pipe Corp Oregon Steel said. Reuter | OREGON STEEL BUYS KAISER'S NAPA VALLEY PLANT |
Shr primary 68 cts vs 34 cts Shr diluted 65 cts vs 34 cts Net 129.7 mln vs 52.9 mln Revs 2.22 billlion vs 2.42 billion Avg shrs primary 152.1 mln vs 147.1 mln Avg shrs diluted 199.8 mln vs 147.1 mln Nine mths Shr primary 1.89 dlrs vs 1.00 dlrs Shr diluted 1.84 dlrs vs 1.00 dlrs Net 361.1 mln vs 145.1 mln Revs 6.91 billion vs 4.90 billion Avg shrs primary 151.0 mln vs 146.4 mln Avg shrs diluted 198.7 mln vs 146.4 mln NOTE: Earnings per share for 1986 have been restated to reflect 3-for-1 split effective July 8 1987. Results for three and nine mths 1986 includes results from July 1 1986 of Sperry Corp acquired on Sept 16 1986 with net income reflecting ownership in Sperry of about 51 pct for the months of July and August and 100 pct for the month of Sept 1986. Revenue for 1986 periods reflects reclassification of revenue of divested Sperry operations to other income with no effect on net income. Reuter | UNISYS CORP <UIS> 3RD QTR NET |
Shr 24 cts vs 26 cts Net 959000 vs 1033000 Assets 273.6 mln vs 236.3 mln Deposits 183.6 mln vs 173.9 mln Loans 133.3 mln vs 104.9 mln NOTE: Full name of company is Woburn Five Cents Savings Bank. Reuter | WOBURN FIVE CENTS SAVINGS <WOBS.O> 1ST QTR NET |
Semi div 12 cts vs 12 cts prior Pay Nov 10 Record Oct 27 Reuter | GOTAAS-LARSEN SHIPPING CORP <GOTLF.O> IN PAYOUT |
Shr 59 cts Qtly div eight cts vs eight cts prior Net 1675000 vs 1302000 Assets 613.3 mln vs 603.5 mln Deposits 523.7 mln vs 517.8 mln Loans 469.2 mln vs 449.5 mln NOTE: 1986 per share figures not available because bank converted to stock ownership Dec 18 1986. Dividend payable Dec 11 to shareholders of record Nov 13. Full name of company is First Federal Savings and Loan Association of Chattanooga. Reuter | FIRST FEDERAL SAVINGS <FCHT.O> 1ST QTR NET |
Coastal Corp said that effective October 16 it had raised posted prices for crude oil by 50 cts a barrel. The increase brings West Texas Intermediate to 9.00 dlrs a barrel and West Texas Sour to 18.10 dlrs a barrel. Sun Co <SUN> announced that it would make a 50 cts a barrel increase late Friday bringing WTI to 19.00 dlrs a barrel and traders said that other oil companies could be expected to increase prices. Reuter | COASTAL <CGP> RAISES OIL POSTED PRICES |
SALOMON BROTHERS INT'L PULLS OUT OF EUROYEN BOND MARKET - DEALERS |
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SALOMON BROTHERS INT'L PULLS OUT OF EUROYEN BOND MARKET - DEALERS |
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DOW JONES INDUSTRIAL AVERAGE FALLS 200 POINTS |
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An Iowa State University study showed pork contains considerably less fat than indicated by long-established U.S. Department of Agriculture statistics the National Pork Producers Council (NPPC) said. Six of the seven muscle cuts evaluated in the study averaged 4.3 pct fat or less well below American Heart Association guidelines for recommended foods. Eighty pct of all the raw boneless rib chops evaluated in the study contained less than six pct fat the NPPC said. Meanwhile USDA Handbook 8-10 - long used as the established authority on nutrient composition indicates a fat content for center loin pork of 7.3 pct the NPPC said. Robin Kline a dietitian and Director of Consumer Affairs for the NPPC said he was not surprised at the wide discrepancy between the study and the USDA handbook. Handbook 8-10 is based to a certain extent on information that has been accumulated over the past 30 years. The statistics in it about pork do not reflect the hog of today which is about 50 pct leaner than it was 20 or 30 years ago thanks to genetic improvements and better feeding practices Kline said. The study funded by NPPC with producer checkoff money evaluated pork carcasses from 47 Iowa producers in categories from 0.7 to 1.3 inches of backfat. Researchers measured the fat content of the seven muscles before cooking and the fat moisture and tenderness of cooked boneless rib chops. Reuter | STUDY SAYS PORK LEANER THAN USDA FIGURES SHOW |
The Soviet Union outlined its economic targets for 1988 on Monday stressing the need to improve standards in the countrys sluggish engineering industry. Planning chief Nikolai Talyzin told the Supreme Soviet industrial output should rise by 4.5 pct in 1988 up from a planned 4.4 pct in 1987. It rose 3.6 pct in Jan-Sept 1987. Talyzin said national income the nearest Soviet equivalent to gross national product should rise by 4.3 pct against a planned 4.1 pct this year. Gross national product measures the output of a countrys goods and services. He said the Kremlin planned to produce 235 mln tonnes of grain in 1988 versus a planned 232 mln this year. Moscow produced 210 mln tonnes in 1986. Kremlin leader Mikhail Gorbachev has described machine-builing as a sector whose rapid modernization is essential if the Soviet Union is to compete effectively on world markets. Certain difficulties have arisen this year in the machine-building industry. The economy is not receiving a considerable amount of the equipment that it requires said Talyzin who heads the state planning committee GOSPLAN. Soviet data show the machine-building industry which makes machine tools instruments and other engineering goods increased output by 3.3 pct in the first nine months of 1987 compared with the same period last year. However this was far below the 7.3 pct increase planned for the industry for the whole of 1988. Talyzin said the ruling Politburo had concluded at a recent meeting that an improvement in economic performance depended to a large extent on conserving resources better. Large-scale measures are planned to save resources he said. Finance Minister Boris Gostev told the Supreme Soviet that defense spending in 1988 would total 32 billion dlrs the same figure as was announced last year. Western governments view official Soviet estimates for defense spending as highly understated but say the real figure is hard to calculate because Soviet military industries are intertwined with the civilian economy. Talyzin said the Kremlin also decided to increase spending next year on medical services education pensions and social insurance schemes. Reuter | SOVIETS OUTLINE 1988 ECONOMIC TARGETS |
The official Soviet news agency Tass denounced a U.S. Attack on an Iranian oil-drilling platform in the Gulf on Monday as military adventurism and said it would bring no dividends to the Reagan administration. Tass commentator Mikhail Krutikhin said the administration had embarked on an adventurist path in order to deflect attention from the scandal in which the United States sold arms to Iran and the profits were diverted to Nicaraguan rebels. The confrontation is a fact now. What is obvious is that the latest military adventure will not bring political dividends to the American administration Krutikhin said. Soviet leader Mikhail Gorbachev and Foreign Minister Eduard Shevardnadze abruptly left a parliamentary session earlier on Monday sparking diplomatic speculation that they were concerned with an urgent matter of foreign affairs. Soviet officials have previously criticized the United States for sending naval forces into the Gulf saying their presence serves to increase tension. Moscow is officially neutral in the war between Iran and Iraq. It is a major arms supplier to Iraq but has also sought broader contacts with Iran in the last year. Krutikhin said: The United States has undertaken an act of armed aggression against Iran the probability of which has long been spoken of by Washington officials. Reuter | TASS DENOUNCES U.S. ATTACK ON IRAN AS ADVENTURISM |
U.S. Energy Secretary John Herrington arrived in Rabat on Monday after a tour of the Gulf and the Middle East. Herrington who is scheduled to meet King Hassan during his 24-hour official visit said on arrival he would discuss regional and international issues with Moroccan leaders. Morocco is the last stop of a tour that has taken Herrington to Iraq Kuwait Qatar Bahrain Saudi Arabia and Egypt. REUTER | U.S. ENERGY SECRETARY IN MOROCCO AFTER GULF TOUR |
The International Telecommunications Union which regulates communications worldwide decided at the end of a five-week conference to allow mobile phone systems to be linked with satellites telecommunications officials said. Until now car phones have been linked with land stations and have been limited mainly to urban areas. The new ruling will make it easier for calls to be made from remote regions. The meeting which finished over the weekend also decided to allow a radio determination satellite system which would enable fleet owners to trace to within about 15 metres the movements of their lorries or cars or ships around the world. Reuter | WORLD TELECOMS WATCHDOG RELAXES CAR PHONE RULES |
Qtly div nine cts vs nine cts prior qtr Pay Nov 25 Record Nov 13 Note: Full name is International Research and Development Corp Reuter | INTERNATIONAL RESEARCH <IRDV.O> 3RD QTR PAYOUT |
Shr 57 cts vs 54 cts Net 39.3 mln vs 37.3 mln Sales 540.9 mln vs 488.5 mln Nine mths Shr 2.30 dlrs vs 1.58 dlrs Net 158.8 mln vs 108.7 mln Sales 1.67 billion vs 1.60 billion Reuter | ROHM AND HAAS CO <ROH> 3RD QTR NET |
Georgia Gulf Corp said on December One it plans to retire all 50 mln dlrs of its subordinated notes due through 1998 resulting in a charge of about 9900000 dlrs against fourth quarter results. The company also said its common stock which now traded on the NASDAQ system has been approved for New York Stock Exchange listing and NYSE trading is to start November Two. Reuter | GEORGIA GULF <GGLF.O> TO TAKE REDEMPTION CHARGE |
INDUSTRIAL EQUITY TELLS SEC IT WILL SEND CALMAT PROPOSAL FOR BUSINESS COMBINATION |
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IDC Services Inc said a new company will begin a cash tender offer by October 26 to acquire all of IDCs outstanding common for 16 dlrs a share. The company said the offer is being made under a definitive agreement reached with the new company IDC Acquisition Corp formed by Apollo Partners Ltd and investment clients of <Equitable Capital Management Inc>. The agreement calls for the acquisition of IDC for about 62.4 mln dlrs. IDC Acquisition will also tender for all of IDCs outstanding nine pct convertible subordinated debentures. IDC said the merger agreement also provides for payment of an equivalent amount in respect of employee stock options to be cancelled in the merger. As part of the transaction the company said it granted IDC Acquisition an option to acquire up to 20 pct of the companys outstanding shares for 16 dlrs per share. It said the planned tender offer is subject to several conditions including the tendering of over 50 pct of the companys outstanding stock. MIM Holdings Ltd <MIMA.S> a substantial shareholder in IDC has agreed it will not buy any additional IDC shares until February seven and has granted IDC Acquisition a right of first refusal on any IDC shares it sells during that period the company said. It said Apollo Partners was recently organized by three former senior Viacom Inc <VIA> executives Terrence A. Elkes George C. Catell and Kenneth F. Gorman. Reuter | IDC SERVICES <IDCS.O> HOLDERS OFFERED 16 DLRS |
INTERNATIONAL MULTIFOODS SAID IT FILED SUIT AGAINST BREGMAN PARTNERS |
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Shr 1.30 dlrs vs 1.85 dlrs Net 100000000 vs 144000000 Sales 1.90 billion vs 1.69 billion Nine mths Shr 5.01 dlrs vs 5.27 dlrs Net 392000000 vs 410000000 Sales 5.79 billion vs 5.31 billion Note: 1986 figures include 63 mln dlrs or 81 cts a share of net gains from facilities and businesses sold shut down or impaired and other non-recurring income and expenses Reuter | MONSANTO CO <MTC> 3RD QTR NET |
CalFed Inc said strong loan volume and higher net increase income at its principal subsidiary the California Federal Savings and Loan Association contributed to the best third-quarter and nine-month results in the companys history. On a per-share basis CalFeds fully diluted earnings were 1.80 dlrs for the third quarter of 1987 and 4.87 dlrs for the nine months ended Sept 30 1987 compared with 1.75 dlrs and 4.76 dlrs in the comparable 1986 period. CalFed is a 23.1 bln dlr diversified financial-services company. Key factors leading to the companys higher earnings were continued strong loan volume an increase in net interest income and higher earnings from non-real estate sources said George Rutland president and chief executive officer of the firm of CalFed Inc. Net earnings in the third quarter of 1987 were 50 mln dlrs a 3.1 pct gain over 48.5 mln in the same period last year. They increased 3.9 pct in the first nine months of this year compared with last year totalling 134.6 mln dlrs against 129.6 mln. California Federal Savings and Loan Association contributed net earnings of 44.5 mln dlrs for the third quarter of 1987 compared with 43.4 mln for the third quarter of 1986. For the nine-month period ended Sept 30 it had net earnings of 116.3 mln dlrs against 114.9 mln in the comparable 1986 period. California Federals net interest income for the third quarter of 1987 rose 18.1 pct to 131.6 mln dlrs up from 111.4 mln for the third quarter of 1986. For the first nine months of 1987 it totalled 383 mln dlrs a 13.9 pct increase over 336.2 mln in the comparable 1986 period. CalFed Inc said that the increase in its subsidiarys net interest income was a result of higher average balances of interest-earning assets for the savings and loan operations. CalFed said the savings and loan units loan originations were unchanged in the third quarter of 1987 compared with last year at 1.8 billion dlrs. But for the first nine months of 1987 they rose to 5.4 billion dlrs from 4.9 billion in 1996. California Federals provision for loan losses rose to 19.4 mln dlrs in the 1987 third quarter compared with 15.5 mln last year and to 63.3 mln for first the nine months of 1987 compared with 30.6 mln. Reuter | CALFED <CAL> POSTS RECORD THIRD QUARTER RESULTS |
COASTAL SAID RAISED OIL POSTINGS 50 CTS A BARREL OCTOBER 16. WTI NOW 19.00 DLRS. |
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Security Pacific Corp <SPC> said growth in its third-quarter earnings was slowed by the purchase of Rainier Bancorp and the suspension of interest payments on Brazilian and Ecuadorian loans that were placed on a non-accrual status earlier this year. The bank said it earned 128.1 mln dlrs in the third quarter up from 118.3 mln a year earlier. On a per-share basis income was 1.16 dlrs a share up from 1.09 dlrs. The bank said non-recurring costs of 10.1 mln dlrs associated with the acquisition of Rainier a 9.5-billion-dlr Seattle-based concern cut earnings per share by nine cents. Security Pacific also said the suspension of interest payments on the Brazilian and Ecuadorian debt reduced net income by 8.1 mln dlrs or seven cents a share. Security Pacific completed its acquisition of Rainier on August 31. Security Pacifics results have been restated to reflect the pooling-of-interests acquisition. Our third-quarter performance was strong clearly demonstrating the stability and balance in our earnings streams said Richard Flamson chairman and chief executive officer. The addition of Rainier he continued adds very significantly to the strength of our western banking network. The inclusion of Orbanco and Arizona Bancwest earnings affected comparison of most financial categories. Fully-taxable equivalent net interest income was 602.4 mln dlrs up from 538.6 mln. The suspension of interest payments on Brazilizan and Ecuadorian debt reduced net interest income by 41.9 mln dlrs. Non-interest income rose to 471.6 mln dlrs from 412.1 mln. Third-quarter provision for credit losses was 89.6 mln dlrs down 17.9 mln dlrs. As a percentage of average loans and lease financing net credit losses were 0.68 pct down from 0.79 pct a year earlier. Non-performing loans and leases were 2.038 billion dlrs at the end of the quarter or 3.96 pct of loans and leases up from 1.377 billion a year ago. Other non-interest expense composed of staff and other expenses was 757.6 mln dlrs up from 616.2 mln. The rise included an increase in staff expenses to 379.7 mln dlrs from 313.0 mln dlrs. Excluding Orbanco and Arizona Bancwest average loans grew 11 pct. Real estate and international loan growth had the greatest rises of 16 pct and 15 pct respectively. Shareholders equity was 3.486 billion dlrs at the end of the third quarter up from 3.381 billion. The primary capital ratio was 7.41 pct based on period-end capital and quarterly average assets up from 7.01 pct a year earlier. Reuter | BANK PURCHASE SLOWS SECURITY PACIFIC <SPC> NET |
IC Industries Inc said its board approved a second major step in the reorganization and restructuring of the company. To implement the plan of sharpening its strategic focus on consumer goods and services the company will give serious consideration to the sale of its Pneumo Abex its aerospace and defense company if it can realize a price which will return maximum value to shareholders. In 1986 Pneumo Abex had operating income of 118.1 mln dlrs on sales of 900.5 mln dlrs. IC said it will use the proceeds of any asset sale to invest in new high-return businesses in the consumer goods and services field. The company said it authorized a program to repurchase between 500 mln dlrs and 1.0 billion dlrs of ICs common stock from time to time when conditions warrant. It also said it will begin an immediate cost-reduction program to cust annual operating expenses by 50 mln dlrs. An IC spokesman said the cost-reduction program involved across-the-board cuts rather than specific about targeted areas. ICs board earlier approved a plan to spin off the companys Illinois Central Gulf Railroad to shareholders. The companys other major subsidiaries are Pet Inc Pepsi-Cola General Bottlers Midas International Corp and Hussmann Corp. Reuter | IC INDUSTRIES <ICX> MAY SELL AEROSPACE UNIT |
MIDDLE SOUTH UTILITIES INC 3RD QTR SHR 90 CTS VS 84 CTS |
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DOW STOCK MARKET DROPS OVER 100 POINTS |
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Shr 1.92 dlrs vs 58 cts Net 27.9 mln vs 9480000 Sales 176.4 mln vs 137.9 mln Nine mths Shr 3.87 dlrs vs 1.69 dlrs Net 56.7 mln vs 27.6 mln Sales 505.6 mln vs 438.5 mln Reuter | GEORGIA GULF CORP <GGLF.O> 3RD QTR NET |
Shr loss 2.20 dlrs vs profit 24 cts Net loss 75.8 mln vs profit 11.6 mln Avg shrs primary 35.9 mln vs 36.5 mln Avg shrs diluted 39.3 mln vs 39.9 mln Nine mths Shr primary loss 7.04 dlrs vs profit 1.69 dlrs Shr diluted loss 7.04 dlrs vs profit 1.64 dlrs Avg shrs primary 35.9 mln vs 37.2 mln Avg shrs diluted 39.3 mln vs 46.6 mln Net loss 243.4 mln vs profit 72.2 mln Assets 33.4 billion vs 34.1 billion Loans 10.8 billion vs 12.0 billion Deposits 16.9 billion vs 17.0 billion NOTE: Net includes FSLIC sepcial assessment loss of 5429000 vs 5193000 in qtr 1987 vs 1986 and 16.3 mln vs 16.0 mln in nine mths 1987 vs 1986. Net includes gain from sale of mortgage-backed securities and loans of 12.4 mln vs 93.4 mln and 139.7 mln vs 264.0 mln in nine mths 1987 vs 1986. Net includes gain from sale of investments of 64000 in qtr 1987 and 157000 vs 1231000 in nine mths 1987 vs 1986. Net includes provision for losses and discounts of 70.4 mln vs 76.2 mln in qtr 1987 vs 1986 and 315.7 mln vs 161.7 mln in nine mths 1987 vs 1986. Nine mths 1987 included write off of FSLIC secondary reserve of 22.7 mln. Reuter | FINANCIAL CORP OF AMERICA <FIN> 3RD QTR LOSS |
Arnox Corp said a special committee of its board is continuing talks with <TXL Corp> on the terms of TXLs offer to acquire Arnox at 10 dlrs per share. It said TXL has arranged preliminary financing. Reuter | ARNOX <ARNX.O> STILL IN MERGER TALKS WITH TXL |
shr profit 1.18 dlrs vs profit 1.15 dlrs net profit 219.2 mln vs profit 211.5 mln nine mths shr loss 84 cts vs profit 3.72 dlrs net loss 140.8 mln vs profit 682.4 mln assets 79.69 billion vs 71.99 billion loans 33.93 billion vs 35.33 billion deposits 45.68 billion vs 41.22 billion NOTE: 1987 nine mths include previously reported 875 mln dlr addition to loan loss reserve in 2nd qtr for ldc debts Reuter | J.P. MORGAN AND CO INC <JPM> 3RD QTR NET |
ROHM AND HAAS CO 3RD QTR SHR 57 CTS VS 54 CTS |
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MONSANTO CO 3RD QTR SHR 1.30 DLRS VS 1.85 DLRS |
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Australian Minister for Trade Negotiations Michael Duffy said his country and Third World commodity producers have formed an effective lobby group against farm export subsidies and market access restrictions. Duffy told a press conference the Cairns Group of 14 major agricultural producers to which Australia and Thailand belong has emerged as an important third force in any multilateral trade talks. Theres no doubt that the Cairns Group is being seen as a third force to be reckoned with both inside the General Agreement on Tariffs and Trade and in other international trade negotiations he said. Duffy here on a three-day visit after talks in the United States The European Community (EC) and Latin America said considerable progress has been made by the group towards fighting costly protectionist policies pursued by developed countries. The minister said the EC Commissions new farm trade paper will recognise the heavy financial burdens imposed by its Common Agricultural Policy and its future expansion. He said the Reagan Administration has also displayed a determination to resist the currently strong protectionist sentiment in the U.S. Congress. Reuter | CAIRNS GROUP SAID INFLUENTIAL IN TRADE TALKS |
Turkeys current account deficit widened in July to 674 mln dlrs from 454 mln in June but fell from 1.22 billion in July last year the State Statistics Institute said. The cumulative trade position in July showed a 1.85 billion dlr deficit after 1.33 billion in June and 1.89 billion a year earlier with exports at 4.91 billion and imports both FOB at 6.76 billion. The government aims to narrow the current account deficit for the whole of 1987 to 975 mln dlrs compared with 1.52 billion last year up from 1.01 billion in 1985. Bankers forecast the 1987 deficit will exceed one billion dlrs because a spurt in exports is expected to slow considerably in the last five months following a massive drawdown of inventories. REUTER | TURKEY CURRENT ACCOUNT DEFICIT WIDENS IN JULY |
IBC Acquisition Corp said it received about 8857807 Interstate Bakeries Corp shares in response to its tender offer for up to 8053181 shares that expired October 16 and it will purchase about 90.9 pct of the shares tendered. It said a final proration factor should be announced and payment for shares start October 26. IBC is made up of Interstate management First Boston Inc <FBC> and George K. Braun and Co. Reuter | IBC'S INTERSTATE BAKERIES<IBC>BID OVERSUBSCRIBED |
<Kaiser Steel Corp>s plant in Napa Calif. has been purchased by Oregon Steel Mills for 16 mln dlrs the privately owned Portland company said. The transaction was approved by the U.S. bankruptcy judge in Denver who is hearing Kaiser Steels Chapter 11 reorganization case. James Mccaughey former vice president of sales for Kaiser has been named general manager for the plant which will be called Napa Pipe Corp Oregon Steel said. Reuter | OREGON STEEL BUYS KAISER'S NAPA VALLEY PLANT |
American Vision Centers Inc said Michael C. Barlerin has been elected president and chief operating officer of the company replacing Robert S. Cohen who will remain a member of the companys board. Barlerin was previously senior vice president and director of marketing for Zale Corp. American Vision also said two Kay Corp <KAY> officers Anthonie C. van Ekris and Thomas E. Hitselberger and John C. Belknap chief financial officer of Seligman and Latz Inc were elected to American Visions board. Kay last week completed the acqusition of 52 pct of American Visions outstding shares. The new members will succeed Alan R. Cohen Edward M. Cohen and Robert Gertler. Separately American Vision said its board has approved a proposal to borrow up to 2.5 mln dlrs from Kay Acquisition Corp a unit of Kay Corp for additional working capital. The loan which is subject to a number of conditions would include a market rate of interest and would be in the form of a senior convertible debt instrument. American Vision owns and franchises retail eyecare stores. Reuter | AMERICAN VISION <AMVC.O> ELECTS NEW PRESIDENT |
Millipore Corp filed with the Securities and Exchange Commission for a proposed offering of up to 75 mln dlrs of convertible subordinated debentures due November 15 2012. First Boston Corp and Alex. Brown and Sons Inc will act as underwriters for the proposed offering. Millipore said it will use proceeds from the offering to repay debt and for general corporate purposes. Reuter | MILLIPORE <MILI> FILES FOR DEBENTURE OFFERING |
Xidex Corp said Lester L. Colbert Jr. will be succeeded as president and chief executive officer by executive vice president and chief operating officer Bert Zaccaria but will remain chairman. The company said Colbert has decided to take a less active role in management. Reuter | XIDEX <XIDX.O> NAMES NEW CHIEF EXECUTIVE |
CMS Energy Corp parent of Consumers Power Co said the fivefold improvement in its third quarter earnings was the result of higher electric sales. The company also cited its ongoing refinancing program which it said significantly reduced high-cost debt and preference stock and capitalized interest on assets which will be used in the companys Midland cogeneration venture. CMS reported quarterly earnings of 56.0 mln dlrs or 65 cts a share up from 8.8 mln dlrs or 10 cts a share a year earlier. It said electric sales were up 4.6 pct due to continued economic growth and warmer than normal weather. Reuter | CMS <CMS> CITES HIGHER ELECTRIC SALES |
Dahlberg Inc said it completed a previously announced agreement with Sears Roebuck and Co to operate hearing aid centers in sears stores on a national basis. Dahlberg currently operates some 142 hearing aid centers on a concession basis in Sears stores. In connection with the program the company said it granted Sears an option to buy up to 300000 shares of Dahlberg stock at 12 dlrs a share. Reuter | DAHLBERG <DAHL.O> COMPLETES SEARS<S> AGREEMENT |
Alliant Computer Systems Corp <ALNT.O> said it introduced a parallel vector minisupercomputer priced at less than 100000 dlrs. The company said the new FX/4 makes multi-user supercomputing affordable for the first time to workgroups in industrial and commercial markets. The company said it also introduced high-performance compiler and algorithm products for the FX/Series systems. Alliant said it achieved the low price for the FX/4 through a combination of new packaging technology and cost decreases due to semiconductor price improvements and manufacturing efficiencies. The company also released the FX/C compiler which it said can double the performance of C programs. The company said its newly released algorithm products the FX/Linpack and FX/Eispack libraries are collections of mathematical subroutines that programmers can call from all Alliant languages. Reuter | ALLIANT COMPUTER INTRODUCES MINISUPERCOMUPTER |
Carson Pirie Scott and Co said it plans to start mailing proxy materials to stockholders in connection to a November 16 special meeting at which holders will be asked to consider a previously announced agreement with Greyhound Corp <G>. Under the agreement Greyhound will acquire in a merger three of the companys foodservice operations - Dobbs International Services Dobbs Houses and Carson international. If the transaction is approved Carsons said its stockholders will receive 30 dlrs cash and one share of common in the new Carson Pirie Scott and Co for each share held. Reuter | CARSON PIRIE <CRN> TO START PROXY MAILING |
The Philippine Senate approved a proposal to repay loans owed by a private company to speed up the signing of a 13.2 billion dlr rescheduling agreement with foreign banks. It concerns a Barclays Bank managed loan to fertilizer company Planter Products Inc said Teofisto Paterno chairman of the foreign debt committee. President Corazon Aquino had accused some creditor banks of non-too-subtle coercion in threatening to refuse to sign the rescheduling accord until the loan problem was settled. Over 30 of Philippines 483 creditor banks still have to sign the agreement before the November 15 deadline. REUTER | PHILIPPINE SENATE ACTS TO SPEED DEBT PACT |
Shr 57 cts Net 6889000 vs 10.7 mln Nine mths Shr 1.67 dlrs Net 20.1 mln vs 22.9 mln Assets 1.63 billion vs 1.47 billion Deposits 1.17 billion vs 1.19 billion Loans 1.25 billion vs 936.5 mln NOTE: 3rd qtr and nine mths 1986 per share figures not available because bank converted to stock form Nov 28 1986. Reuter | HOME SAVINGS BANK <HMSB.O> 3RD QTR NET |
FW Woolworth and Co said that 2223996 shares of Armel Incs <AML> common stock were tendered to and accepted for payment by Woolworth under the terms of the previosuly announced cash tender offer which expired at 2400 midnight EDT on October 16. In addition Woolowrth said 137367 Armel shares have been tendered subject to guaranteed delivery. Woolowrth said as a result of the tender offer and options which it has exercised to purchase Armel stock FWW Acquisiton Corp a Woolworth unit today expects to own about 91.75 pct of Amrels outstanding stock. Woolworth said the percent it owns does not include 583650 Class A shares of Armel which were tendered or will be purchased pursuant to the options. As previuosly announced FWW will now proceed with the cash merger in which all shares of Armel other than those held by FWW or Woolworth will be entitled to receive 7.75 dlrs per share. Woolworth said it expects to consummate the deal later this year. Armel is a specialty retailer of a broad line of athletic and leisure footwear accessories and other sportswear. Reuter | WOOLWORTH <Z> COMPLETING TENDER OFFER |
Shr 15 cts vs 13 cts Net 1352000 vs 1210000 Revs 5953000 vs 3309000 Nine mths Shr 36 cts vs 27 cts Net 3257000 vs 2416000 Revs 16.6 mln vs 9705000 NOTE: If FASB adopts accounting changes then 1987 3rd qtr per share results will be restated to 22 cts and 54 cts a share for 1987 nine mths. Reuter | PLAINS PETROLEUM CO <PLP> 3RD QTR NET |
Shr profit three cts vs loss two cts Net profit 107000 vs 87000 loss Revs 6769000 vs 4992000 Nine mths Shr profit 21 cts vs loss nine cts Net profit 778000 vs loss 314000 Revs 21.9 mln vs 13.9 mln Reuter | WELLS-GARDNER CORP <WGA> 3RD QTR NET |
Sun Microsystems Cos TOPS subsidiary said it will have upgraded versions of its NetPrint and LAN -- local area network -- software packages available early next month. The company said version 2.0 of its NetPrint will be available November 10 at a suggested retail price of 189 dlrs. NetPrint is software that enables International Business Machines Corp <IBM> personal computers and compatibles print directly to Apple Computer Inc <AAPL.O> LaserWriters or other PostScript compatible printers on an AppleTalk network. TOPS said it will begin shipping version 2.0 of its LAN software packages providing file sharing among Apple macintosh computers IBM PCs and compatibles and UNIX-based systems to retailers November six. It said the TOPS/DOS version 2.0 which will have a suggested retail price of 189 dlrs allows PCs on the network to access dedicated printers fomerly availabe to only one user. The TOPS/Macintosh version 2.0 also listed at 189 dlrs introduces a remember function that allows users to make files available to the network and access remote files automatically. In addition the software is now fully compatible with all Apple File Protocol applications. Both LANs include FlashTalk a recently announced PC-to-PC communications architecture that operates at three-times TOPS AppleTalk speed and is slated to sell for 239 dlrs. Reuter | SUN MICRO'S <SUNW.O> TOPS UPGRADES SOFTWARE |
New York-based Prospect Group Inc <PROSZ.O> said it acquired 527000 shares of Brinkmann Instruments Inc common stock or 14.3 pct of the scientific instrument makers common stock outstanding. In a filing with the Securities and Exchange Commission Prospect Group said it bought the 527000 Brinkmann shares in open market transactions between August 12 and October 16 at 9.62 dlrs to 11.50 dlrs or a total of 5.69 mln dlrs. Prospect Group said it bought the stock to establish a significant minority equity interest in the company but does not intend to seek control of Brinkmann at the present time. Prospect Group said it will review its investment objectives regarding Brinkmann as warranted by market conditions the companys performance and other factors including discussions with Brinkmann management. Reuter | PROSPECT GROUP HAS 14.3 PCT OF BRINKMANN<BRIK.O> |
IC INDUSTRIES AUTHORIZES REPURCHASE OF 500 MLN DLRS TO 1.0 BILLION DLRS OF ITS STOCK |
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IC INDUSTRIES SAYS IT WILL CONSIDER POSSIBLE SALE OF ITS AEROSPACE BUSINESS |
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Warner Communications Inc said its Warner Communications Investors Inc unit acquired stock and warrants representing 416668 shares of Berkey Inc common stock or the equivalent of 8.2 pct of the companys common stock outstanding. In a filing with the Securities and Exchange Commission Warner Communications Investors said it paid about one mln dlrs to Berkey on September 23 to acquire 104167 shares of Berkey Series B convertible preferred stock. The preferred stock is convertible into 208334 Berkey common shares and warrants to buy another 208334 shares. Warner Communications and its subsidiary said the Berkey stock is held as an investment which they will review and evaluate from time to time. Reuter | WARNER <WCI> HAS 8.2 PCT BERKEY INC <BKY> STAKE |
Oper shr 59 cts vs 49 cts Oper net 54.7 mln vs 44.8 mln Sales 1.04 billion vs 921.4 mln Nine mths Oper shr 2.22 dlrs vs 1.62 dlrs Oper net 203.8 mln vs 150.4 mln Sales 3.14 billion vs 2.87 billion Avg shrs 91.6 mln vs 93.1 mln NOTE: 1986 share data restated to reflect 100 pct stock dividend distributed June 12 1987 operating net in both periods excludes additional gain of 11.6 mln dlrs or 13 cts a share associated with 1985 sale of Formica Brand Products Group business 1987 nine month operating net includes pre-tax gain of 12.0 mln dlrs equal to about 13 cts a share from sale of Jacqueline Cochran businesses Reuter | AMERICAN CYANAMID CO <ACY> 3RD QTR NET |
Shr 71 cts vs 49 cts Net 64.3 mln vs 43.7 mln Revs 838.2 mln vs 742.6 mln Avg shrs 89.9 mln vs 89.9 mln Reuter | TANDY CORP <TAN> 1ST QTR SEPT 30 NET |
Shr 1.62 dlrs vs 1.49 dlrs Net 321.8 mln vs 297.9 mln Revs 2.59 billion vs 2.49 billion Avg shrs 198.8 mln vs 199.5 mln Nine mths Shr 2.80 dlrs vs 4.48 dlrs Net 955.4 mln vs 895.2 mln Revs 7.70 billion vs 7.32 billion Avg shrs 199.0 mln vs 199.7 mln Reuter | BELL ATLANTIC CORP <BEL> 3RD QTR NET |
Shr profit 14 cts vs loss 19 cts Net profit 22.5 mln vs loss 30.0 mln Revs 693.0 mln vs 597.9 mln Avg shrs 166.0 mln vs 154.2 mln NOTE: Prior year net includes five mln dlr tax credit. Reuter | WANG LABORATORIES INC <WANB> 1ST QTR SEPT 30 |
Shr 98 cts vs 70 cts Net 12.3 mln vs 8699000 Sales 284.7 mln vs 280.7 mln Nine mths Shr 2.83 dlrs vs 2.23 dlrs Net 35.3 mln vs 27.6 mln Sales 824.6 mln vs 818.4 mln NOTE: Share adjusted for December 1986 three-for-two split. Reuter | BROCKWAY INC <BRK> 3RD QTR NET |
NUI Corp said it is studying the feasibility of spinning off nonutility subsidiaries to shareholders. The company said its propane disution natural gas spot marketing data processing oil and natural gas exploration and production natural gas gathering and underground pipe replacement businesses had sales for the year ended September 30 of about 74 mln dlrs or about 25 pct of total company sales. NUIs major subsidiary is utility Elizabethtown Gas. Reuter | NUI <NUI> MAY SPIN OFF NONUTILITY OPERATIONS |
UNISYS CORP 3RD QTR SHR 65 CTS VS 34 CTS |
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Telex Corp said its board has directed management and financial advisor Drexel Burnham Lambert Inc to investigate possible alternatives to the tender offer of Asher Edelmans TLX Partners for all Telex shares that may include seeking other purchasers for Telex. The company said the board at an October 16 meeting decided to defer until a board meeting later this week a recommendation on the Edelman offer and said the board expects to make a recommendation by October 23. Reuter | TELEX <TC> MAY SEEK OTHER PURCHASERS |
FINANCIAL CORP OF AMERICA 3RD QTR SHR LOSS 2.20 DLRS VS PROFIT 24 CTS |
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IBC ACQUISITION GETS 8,857,807 SHARES IN TENDER, TO BUY 90.9 PCT |
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Todays sharp sell-off of Swiss stocks and matching falls around Europe may have been overdone but the mood on financial markets is precarious Swiss securities analysts and economists said. Panic selling took Swiss shares down six pct at the opening on enormous volume triggered by the slide on Wall Street and the threat of renewed currency instability. I have never experienced anything like this and Ive been in the business for 20 years said Bernhard Wyttenbach head of European research at Union Bank of Switzerland. The analysts blamed the sell-off in Europe on U.S. Monetary authorities. This weekend U.S. Treasury Secretary James Baker publicly voiced his displeasure with West German monetary policy. He said the eight-month-old Louvre accord to stabilise currencies was still working but added: On the other hand we will not sit back and watch surplus countries jack up interest rates and squeeze growth on the expectation that the United States will raise rates. Hans Peter Ast of Societe Generale Alsacienne (Sogenal) in Zurich said: The situation is very dangerous. Statements by the U.S. Authorities have fuelled anxiety about interest rates. Herbert Fritschi director of Zurich Cantonal Banks financial research department called the sell-off overdone but warned that the situation could worsen unless central banks loosen their monetary policy. I think the trend toward higher interest rates is over he said. The Federal Reserve and the Bundesbank have to step in with an easy money policy or else there is going to be an economic catastrophe. They have to act quickly. Wyttenbach said the Black Monday sell-off was clearly exaggerated with Swiss Reinsurance Co participation certificates falling 20 pct in value at one point. But Wyttenbach said he did not believe that a correction would come soon. First the bad news will reach small investors only in time for tomorrows market when there could be another smaller selling wave. As soon as the dollar stabilises -- and thats the key -- then well get a strong movement upward Wyttenbach said. But that may not come soon. People are simply worried that in America where the market has now fallen by 18 pct since August the bull market is over he said. People are afraid that well have a recession in 1988. Baker was wrong to blame the West Germans for the current problems and the weak dollar Wyttenbach said. We do not have a mark problem we have a dollar problem he added but said the biggest culprit was the new chairman of the U.S. Federal Reserve Board Alan Greenspan. Wyttenbach recalled that Greenspan had suggested that the dollar might be too high in the medium term and that interest rates might have to rise. As a central banker he shouldnt do that Wyttenbach said. There is a danger that we will fall back into the 1970s he said. We have a real crisis of confidence in Greenspan. I would much rather have a Volcker. Paul Volcker retired as Fed chairman on August 11. Cantonal Banks Fritschi said: Im relatively optimistic because the situation looks too bad. The Fed certainly has to intervene. He said he did not expect the Swiss National Bank to take any significant steps adding that the focus of attention remains on the United States. The panic started in New York it has to end there. The Cantonal Bank sent an advisory to customers suggesting they not sell into a panicked market but wait a while before deciding what to do. REUTER | SWISS ANALYSTS SAY MOOD ON MARKETS PRECARIOUS |