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ARGENTINE 1986/87 GRAIN/OILSEED REGISTRATIONS | Argentine grain board figures show
crop registrations of grains, oilseeds and their products to
February 11, in thousands of tonnes, showing those for futurE
shipments month, 1986/87 total and 1985/86 total to February
12, 1986, in brackets:
Bread wheat prev 1,655.8, Feb 872.0, March 164.6, total
2,692.4 (4,161.0).
Maize Mar 48.0, total 48.0 (nil).
Sorghum nil (nil)
Oilseed export registrations were:
Sunflowerseed total 15.0 (7.9)
Soybean May 20.0, total 20.0 (nil)
The board also detailed export registrations for
subproducts, as follows,
SUBPRODUCTS
Wheat prev 39.9, Feb 48.7, March 13.2, Apr 10.0, total
111.8 (82.7) .
Linseed prev 34.8, Feb 32.9, Mar 6.8, Apr 6.3, total 80.8
(87.4).
Soybean prev 100.9, Feb 45.1, MAr nil, Apr nil, May 20.0,
total 166.1 (218.5).
Sunflowerseed prev 48.6, Feb 61.5, Mar 25.1, Apr 14.5,
total 149.8 (145.3).
Vegetable oil registrations were :
Sunoil prev 37.4, Feb 107.3, Mar 24.5, Apr 3.2, May nil,
Jun 10.0, total 182.4 (117.6).
Linoil prev 15.9, Feb 23.6, Mar 20.4, Apr 2.0, total 61.8,
(76.1).
Soybean oil prev 3.7, Feb 21.1, Mar nil, Apr 2.0, May 9.0,
Jun 13.0, Jul 7.0, total 55.8 (33.7). REUTER
|
RED LION INNS FILES PLANS OFFERING | Red Lion Inns Limited Partnership
said it filed a registration statement with the Securities and
Exchange Commission covering a proposed offering of 4,790,000
units of limited partnership interests.
The company said it expects the offering to be priced at 20
dlrs per unit.
It said proceeds from the offering, along with a 102.5 mln
dlr mortgage loan, will be used to finance its planned
acquisition of 10 Red Lion hotels.
Reuter
|
USX <X> DEBT DOWGRADED BY MOODY'S | Moody's Investors Service Inc said it
lowered the debt and preferred stock ratings of USX Corp and
its units. About seven billion dlrs of securities is affected.
Moody's said Marathon Oil Co's recent establishment of up
to one billion dlrs in production payment facilities on its
prolific Yates Field has significant negative implications for
USX's unsecured creditors.
The company appears to have positioned its steel segment
for a return to profit by late 1987, Moody's added.
Ratings lowered include those on USX's senior debt to BA-1
from BAA-3.
Reuter
|
CHAMPION PRODUCTS <CH> APPROVES STOCK SPLIT | Champion Products Inc said its
board of directors approved a two-for-one stock split of its
common shares for shareholders of record as of April 1, 1987.
The company also said its board voted to recommend to
shareholders at the annual meeting April 23 an increase in the
authorized capital stock from five mln to 25 mln shares.
Reuter
|
COMPUTER TERMINAL SYSTEMS <CPML> COMPLETES SALE | Computer Terminal Systems Inc said
it has completed the sale of 200,000 shares of its common
stock, and warrants to acquire an additional one mln shares, to
<Sedio N.V.> of Lugano, Switzerland for 50,000 dlrs.
The company said the warrants are exercisable for five
years at a purchase price of .125 dlrs per share.
Computer Terminal said Sedio also has the right to buy
additional shares and increase its total holdings up to 40 pct
of the Computer Terminal's outstanding common stock under
certain circumstances involving change of control at the
company.
The company said if the conditions occur the warrants would
be exercisable at a price equal to 75 pct of its common stock's
market price at the time, not to exceed 1.50 dlrs per share.
Computer Terminal also said it sold the technolgy rights to
its Dot Matrix impact technology, including any future
improvements, to <Woodco Inc> of Houston, Tex. for 200,000
dlrs. But, it said it would continue to be the exclusive
worldwide licensee of the technology for Woodco.
The company said the moves were part of its reorganization
plan and would help pay current operation costs and ensure
product delivery.
Computer Terminal makes computer generated labels, forms,
tags and ticket printers and terminals.
Reuter
|
COBANCO INC <CBCO> YEAR NET | Shr 34 cts vs 1.19 dlrs
Net 807,000 vs 2,858,000
Assets 510.2 mln vs 479.7 mln
Deposits 472.3 mln vs 440.3 mln
Loans 299.2 mln vs 327.2 mln
Note: 4th qtr not available. Year includes 1985
extraordinary gain from tax carry forward of 132,000 dlrs, or
five cts per shr.
Reuter
|
OHIO MATTRESS <OMT> MAY HAVE LOWER 1ST QTR NET | Ohio Mattress Co said its first
quarter, ending February 28, profits may be below the 2.4 mln
dlrs, or 15 cts a share, earned in the first quarter of fiscal
1986.
The company said any decline would be due to expenses
related to the acquisitions in the middle of the current
quarter of seven licensees of Sealy Inc, as well as 82 pct of
the outstanding capital stock of Sealy.
Because of these acquisitions, it said, first quarter sales
will be substantially higher than last year's 67.1 mln dlrs.
Noting that it typically reports first quarter results in
late march, said the report is likely to be issued in early
April this year.
It said the delay is due to administrative considerations,
including conducting appraisals, in connection with the
acquisitions.
Reuter
|
AM INTERNATIONAL INC <AM> 2ND QTR JAN 31 | Oper shr loss two cts vs profit seven cts
Oper shr profit 442,000 vs profit 2,986,000
Revs 291.8 mln vs 151.1 mln
Avg shrs 51.7 mln vs 43.4 mln
Six mths
Oper shr profit nil vs profit 12 cts
Oper net profit 3,376,000 vs profit 5,086,000
Revs 569.3 mln vs 298.5 mln
Avg shrs 51.6 mln vs 41.1 mln
NOTE: Per shr calculated after payment of preferred
dividends.
Results exclude credits of 2,227,000 or four cts and
4,841,000 or nine cts for 1986 qtr and six mths vs 2,285,000 or
six cts and 4,104,000 or 11 cts for prior periods from
operating loss carryforwards.
Reuter
|
BROWN-FORMAN INC <BFD> 4TH QTR NET | Shr one dlr vs 73 cts
Net 12.6 mln vs 15.8 mln
Revs 337.3 mln vs 315.2 mln
Nine mths
Shr 3.07 dlrs vs 3.08 dlrs
Net 66 mln vs 66.2 mln
Revs 1.59 billion vs 997.1 mln
Reuter
|
NATIONAL INTERGROUP<NII> TO OFFER PERMIAN UNITS | National Intergroup Inc said it plans
to file a registration statement with the securities and
exchange commission for an offering of cumulative convertible
preferred partnership units in Permian Partners L.P.
The Permian Partners L.P. was recently formed by National
Intergroup to continue to business of Permian Corp, acquired by
the company in 1985.
The company said Permian will continue to manage the
business as a general partner, retaining a 35 pct stake in the
partnership in the form of common and general partnership
units.
It did not say how many units would be offered or what the
price would be.
Reuter
|
ECONOMIC SPOTLIGHT - BANKAMERICA <BAC> | BankAmerica Corp is not under
pressure to act quickly on its proposed equity offering and
would do well to delay it because of the stock's recent poor
performance, banking analysts said.
Some analysts said they have recommended BankAmerica delay
its up to one-billion-dlr equity offering, which has yet to be
approved by the Securities and Exchange Commission.
BankAmerica stock fell this week, along with other banking
issues, on the news that Brazil has suspended interest payments
on a large portion of its foreign debt.
The stock traded around 12, down 1/8, this afternoon,
after falling to 11-1/2 earlier this week on the news.
Banking analysts said that with the immediate threat of the
First Interstate Bancorp <I> takeover bid gone, BankAmerica is
under no pressure to sell the securities into a market that
will be nervous on bank stocks in the near term.
BankAmerica filed the offer on January 26. It was seen as
one of the major factors leading the First Interstate
withdrawing its takeover bid on February 9.
A BankAmerica spokesman said SEC approval is taking longer
than expected and market conditions must now be re-evaluated.
"The circumstances at the time will determine what we do,"
said Arthur Miller, BankAmerica's Vice President for Financial
Communications, when asked if BankAmerica would proceed with
the offer immediately after it receives SEC approval.
"I'd put it off as long as they conceivably could," said
Lawrence Cohn, analyst with Merrill Lynch, Pierce, Fenner and
Smith.
Cohn said the longer BankAmerica waits, the longer they
have to show the market an improved financial outlook.
Although BankAmerica has yet to specify the types of
equities it would offer, most analysts believed a convertible
preferred stock would encompass at least part of it.
Such an offering at a depressed stock price would mean a
lower conversion price and more dilution to BankAmerica stock
holders, noted Daniel Williams, analyst with Sutro Group.
Several analysts said that while they believe the Brazilian
debt problem will continue to hang over the banking industry
through the quarter, the initial shock reaction is likely to
ease over the coming weeks.
Nevertheless, BankAmerica, which holds about 2.70 billion
dlrs in Brazilian loans, stands to lose 15-20 mln dlrs if the
interest rate is reduced on the debt, and as much as 200 mln
dlrs if Brazil pays no interest for a year, said Joseph
Arsenio, analyst with Birr, Wilson and Co.
He noted, however, that any potential losses would not show
up in the current quarter.
With other major banks standing to lose even more than
BankAmerica if Brazil fails to service its debt, the analysts
said they expect the debt will be restructured, similar to way
Mexico's debt was, minimizing losses to the creditor banks.
Reuter
|
NATIONAL HEALTH ENHANCEMENT <NHES> NEW PROGRAM | National Health Enhancement
Systems Inc said it is offering a new health evaluation system
to its line of fitness assessment programs.
The company said the program, called The Health Test, will
be available in 60 days.
Customers who use the program will receive a
computer-generated report and recommendations for implementing
a program to improve their physical condition.
Reuter
|
DEAN FOODS <DF> SEES STRONG 4TH QTR EARNINGS | Dean Foods Co expects earnings for the
fourth quarter ending May 30 to exceed those of the same
year-ago period, Chairman Kenneth Douglas told analysts.
In the fiscal 1986 fourth quarter the food processor
reported earnings of 40 cts a share.
Douglas also said the year's sales should exceed 1.4
billion dlrs, up from 1.27 billion dlrs the prior year.
He repeated an earlier projection that third-quarter
earnings "will probably be off slightly" from last year's 40
cts a share, falling in the range of 34 cts to 36 cts a share.
Douglas said it was too early to project whether the
anticipated fourth quarter performance would be "enough for us
to exceed the prior year's overall earnings" of 1.53 dlrs a
share.
In 1988, Douglas said Dean should experience "a 20 pct
improvement in our bottom line from effects of the tax reform
act alone."
President Howard Dean said in fiscal 1988 the company will
derive benefits of various dairy and frozen vegetable
acquisitions from Ryan Milk to the Larsen Co.
Dean also said the company will benefit from its
acquisition in late December of Elgin Blenders Inc, West
Chicago.
He said the company is a major shareholder of E.B.I. Foods
Ltd, a United Kingdom blender, and has licensing arrangements
in Australia, Canada, Brazil and Japan.
"It provides ann entry to McDonalds Corp <MCD> we've been
after for years," Douglas told analysts.
Reuter
|
BONUS WHEAT FLOUR FOR NORTH YEMEN -- USDA | The Commodity Credit Corporation, CCC,
has accepted an export bonus offer to cover the sale of 37,000
long tons of wheat flour to North Yemen, the U.S. Agriculture
Department said.
The wheat four is for shipment March-May and the bonus
awarded was 119.05 dlrs per tonnes and will be paid in the form
of commodities from the CCC inventory.
The bonus was awarded to the Pillsbury Company.
The wheat flour purchases complete the Export Enhancement
Program initiative announced in April, 1986, it said.
Reuter
|
CREDIT CARD DISCLOSURE BILLS INTRODUCED | Legislation to require disclosure of
credit card fees and interest rates before the cards are issued
have been introduced in the Senate and House.
Sen. Chris Dodd, D-Conn, a co-sponsor of the bill, said
many banks and financial institutions do not disclose all the
information about terms of their cards in promotional material
sent to prospective customers.
"By requiring card issuers to disclose the terms and
conditions of their cards at the time of solicitation, the
legislation is intended to arm consumers with enough
information to shop around for the best deal," Dodd said in a
statement.
Reuter
|
HUGHES CAPITAL UNIT SIGNS PACT WITH BEAR STEARNS | Hughes/Conserdyne Corp, a
unit of <Hughes Capital Corp> said it made Bear Stearns and Co
Inc <BSC> its exclusive investment banker to develop and market
financing for the design and installation of its micro-utility
systems for municipalities.
The company said these systems are self-contained
electrical generating facilities using alternate power sources,
such as photovoltaic cells, to replace public utility power
sources.
Reuter
|
MAGMA LOWERS COPPER 0.75 CENT TO 66 CTS | Magma Copper Co, a subsidiary of Newmont
Mining Corp, said it is cutting its copper cathode price by
0.75 cent to 66 cents a lb, effective immediately.
Reuter
|
BROWN-FORMAN <BFDB> SETS STOCK SPLIT, UPS PAYOUT | Brown-Forman Inc said its board
has approved a three-for-two stock split and a 35 pct increase
in the company cash dividend.
The company cited its improved earnings outlook and
continued strong cash flow as reasons for raising the dividend.
Brown-Forman said the split of its Class A and Class B
common shares would be effective March 13.
The company said directors declared a quarterly cash
dividend on each new share of both classes of 28 cts, payable
April one to holders of record March 20. Prior to the split,
the company had paid 31 cts quarterly.
Brown-Forman today reported a 37 pct increase in third
quarter profits to 21.6 mln dlrs, or 1.00 dlr a share, on a
seven pct increase in sales to a record 337 mln dlrs.
Brown-Forman said nine month profits declined a bit to 66.0
mln dlrs, or 3.07 dlrs a share, from 66.2 mln dlrs, or 3.08
dlrs a share, a year earlier due to a second quarter charge of
37 cts a share for restructuring its beverage operations.
The company said lower corporate tax rates and the
restructuring "are expected to substantially improve
Brown-Forman's earnings and cash flow in fiscal 1988."
Reuter
|
ESQUIRE RADIO AND ELECTRONICS INC <EE> 4TH QTR | Shr profit 15 cts vs profit four cts
Annual div 72 cts vs 72 cts prior yr
Net profit 72,000 vs profit 16,000
Revs 7,075,000 vs 2,330,000
12 mths
Shr profit 42 cts vs loss 11 cts
Net profit 203,000 vs loss 55,000
Revs 16.1 mln vs 3,971,000
NOTE: annual dividend payable April 10, 1987, to
stockholders of record on March 27, 1987.
Reuter
|
SHEARSON LEHMAN NAMES NEW MANAGING DIRECTOR | Shearson Lehman Brothers, a unit of
American Express Co <AXP>, said Robert Stearns has joined the
company as managing director of its merger and acquisition
department.
Shearson said Stearns formerly was part of Merrill Lynch
Pierce, Fenner and Smith Inc's <MER> merger and acquisitions
department.
Reuter
|
BANKERS REPORT BREAKTHROUGH ON VENEZUELAN DEBT | Venezuela and its bank advisory
committee have agreed in principle on revisions to the terms of
a 21 billion dlr debt-rescheduling package signed last
February, bankers said.
They declined to disclose details because two or three
representatives on the panel have still to obtain the approval
of their senior management for the new terms.
The committee was meeting in New York this afternoon and
could put its final stamp of approval of the deal later today,
the bankers said.
"A number of details have still to be finalized, but the
broad details of the new amortization schedules and interest
rates are in place," one senior banker said.
The interest rate on the rescheduling was originally set at
1-1/8 pct over Eurodollar rates, but Venezuela requested easier
terms because of a 40 pct drop in oil income last year.
It also asked for a reduction in the repayments it was due
to make in 1987, 1988 and 1989 - after an earlier request that
it make no amortizations at all in those years was rebuffed -
and sought a commitment from the banks to finance new
investment in Venezuela.
The breakthrough in the Venezuelan talks, which have been
going on intermittently for several months, follows the
announcement earlier today of a 10.6 billion dlr debt
rescheduling pact between Chile and its bank advisory panel.
And last night Citibank said Mexico's financing package,
including a 7.7 billion dlr loan, will be signed on March 20.
While the sudden progress is to some extent coincidental,
bankers acknowledge a desire to chalk up some quick successes
after the shock of Brazil's unilateral interest suspension last
Friday. By striking swift deals, banks hope to reduce the
incentive for other debtors to emulate Brazil.
Reuter
|
UNITED PRESIDENTIAL CORP <UPCO> 4TH QTR NET | Shr 39 cts vs 50 cts
Net 1,545,160 vs 2,188,933
Revs 25.2 mln vs 19.5 mln
Year
Shr 1.53 dlrs vs 1.21 dlrs
Net 6,635,318 vs 5,050,044
Revs 92.2 mln vs 77.4 mln
NOTE: Results include adjustment of 848,600 dlrs or 20 cts
shr for 1986 year and both 1985 periods from improvement in
results of its universal life business than first estimated.
Reuter
|
TOWER REPORT DIMINISHES REAGAN'S HOPES OF REBOUND | The Tower Commission report, which
says President Reagan was ignorant about much of the Iran arms
deal, just about ends his prospects of regaining political
dominance in Washington, political analysts said.
"This is certification of incompetence," private political
analyst Stephen Hess told Reuters in commenting on the Tower
report made public today.
"It's as if he went before a professional licensing board
and was denied credentials."
In one of the most direct criticisms, board chairman John
Tower, a longtime Reagan supporter and former Republican
senator from Texas, told a press conference, "The president
clearly did not understand the nature of this operation."
The report, which lent credence to widespread opinion in
Washington that Reagan is not in full command of the
government, was particularly damaging because it was prepared
by a board of the Republican president's own choosing.
The three-member panel made up of Tower, former National
Security Adviser Brent Scowcroft and former Secretary of State
Edmund Muskie, does not carry the partisan taint of criticism
from a Congress controlled by the Democratic party.
"We're falling by our own hand," said one Republican
political strategist. "What can we say except 'we're sorry, we
won't do it again'?"
The strategist, who works for one of his party's top 1988
presidential contenders and asked not to be identified, said
the report was like "an anvil falling on us."
Hess, with the Brookings Institution public policy study
group, said the report is the final blow to Reagan's hopes of
regaining the upper hand he once had in dealings with Congress,
the press and the Washington bureaucracy.
The report may also undermine the standing of Defense
Secretary Caspar Weinberger and Secretary of State George
Shultz, who the report suggests were more interested in keeping
their own skirts clean than supporting the president.
"They protected the record as to their own positions on this
issue. They were not energetic in attempting to protect the
president from the consequences," it said.
White House chief of staff Donald Regan and former Central
Intelligence Agency Director William Casey also received strong
criticism, but the blows were expected in their cases.
Regan, expected to resign or be fired shortly, was savaged
for allegedly failing both to help Reagan conduct the Iran
initiative and to avoid "chaos" in the disclosure process.
Casey, who underwent surgery for removal of a cancerous
brain tumor in December, had already resigned for health
reasons last month.
"This is a story about people who came up somewhat short of
being heroes," Tower told reporters.
While Reagan retains considerable constitutional powers,
including command of the armed forces and the right to veto
legislation, analysts say it will be difficult for him to
retake control of the country's policy agenda -- particularly
with Congress controlled by the Democrats.
The crucial remaining question, they said, is whether the
man in the street will forsake Reagan over the affair.
Although his job approval rating has fallen as much as
twenty percentage points in some opinion polls since the arms
deal with Iran became public last November, his personal
popularity is still relatively high.
A Los Angeles Times poll released earlier this week showed
that just 37 pct of those surveyed thought Reagan was in
control of the government, but 55 pct still thought he was
doing a good job as president.
American Enterprise Institute analyst William Schneider, a
Democrat, says Reagan's loss of support among Washington power
brokers could be offset by continued backing of the public.
"In the past, he has been able to go around the power elite
by appealing directly to the public," Schneider said.
Reagan will again plead his case that way in a televised
address next week.
But one top Republican strategist warned against expecting
a dramatic turnaround.
"The White House has to avoid building expectations that
cannot be met," said the strategist, who requested anonymity.
"They have to recognize there is no quick fix."
Analysts also point out that Reagan's personal popularity
has not always translated into public backing for his policies.
They note he was dramatically rebuffed in last November's
elections when voters rejected his appeals and restored control
of the Senate to the Democrats.
Reuter
|
JANUARY HOUSING SALES DROP, REALTY GROUP SAYS | Sales of previously owned homes
dropped 14.5 pct in January to a seasonally adjusted annual
rate of 3.47 mln units, the National Association of Realtors
(NAR) said.
But the December rate of 4.06 mln units had been the
highest since the record 4.15 mln unit sales rate set in
November 1978, the group said.
"The drop in January is not surprising considering that a
significant portion of December's near-record pace was made up
of sellers seeking to get favorable capital gains treatment
under the old tax laws," said the NAR's John Tuccillo.
Reuter
|
ASSETS OF MONEY MARKET MUTUAL FUNDS ROSE 720.4 MLN DLRS IN LATEST WEEK
| |
U.S. TAX WRITERS SEEK ESTATE TAX CURBS, RAISING 6.7 BILLION DLRS THRU 1991
| |
SENATORS INTRODUCE EXPORT LICENSING REFORM BILL | Sens. Alan Cranston (D-Cal.) and
Daniel Evans (R-Wash.) said they introduced export licensing
reform legislation that could save U.S. companies hundreds of
thousands of dollars annually.
"Our emphasis is two-fold: Decontrol and de-license items
where such actions will not endanger our national security, and
eliminate the Department of Defense's de facto veto authority
over the licensing process," Cranston said.
"Our reforms should reduce licensing requirements by 65 to
70 pct," he told reporters. "I am convinced that a more
rational...licensing process will boost exports."
U.S. export controls are intended to deny Eastern bloc
countries access to technology that could further their
military capabilities.
"By refocusing our control resources on higher levels of
technology, technology that is truly critical, we will do a
better job of preventing diversion of critical technology to
our adversaries while promoting more exports," Cranston said.
"We cannot expect to continue to play a leading role in new
technology development in the future if we unduly restrict the
activities of U.S. firms in the world market-place," Evans told
reporters.
Reuter
|
EXCELAN INC SETS INITIAL STOCK OFFER | Excelan Inc said it is making an
initial public offering of 2,129,300 shares of common stock at
12 dlrs per share.
Excelan said 1.6 mln of the shares are being sold by the
company and 529,300 shares are being sold by stockholders.
Excelan designs and manufactures computer-related products.
Reuter
|
CCX NETWORK <CCXN> SECONDARY OFFERING UNDERWAY | CCX Network Inc said it was offering
220,838 shares of stock at 15.75 dlrs a share though
underwriters Stephens Inc and Cazenove Inc.
The company said it was selling the stock on behalf of some
shareholders, including those who recently received shares
in the company in exchange for their businesses.
The company said it was receiving no proceeds from the
offering.
Reuter
|
FIRST UNION <FUNC> FILES 100 MLN DLR NOTES ISSUE | First Union Corp said it has filed with
the Securities and Exchange Commission for a proposed offering
of 100 mln dlrs of fixed rate subordinated notes due 1997.
The notes will be sold nationwide through underwriters
managed by Shearson Lehman Brothers Inc.
Reuter
|
BAHIA COCOA REVIEW | Showers continued throughout the week in
the Bahia cocoa zone, alleviating the drought since early
January and improving prospects for the coming temporao,
although normal humidity levels have not been restored,
Comissaria Smith said in its weekly review.
The dry period means the temporao will be late this year.
Arrivals for the week ended February 22 were 155,221 bags
of 60 kilos making a cumulative total for the season of 5.93
mln against 5.81 at the same stage last year. Again it seems
that cocoa delivered earlier on consignment was included in the
arrivals figures.
Comissaria Smith said there is still some doubt as to how
much old crop cocoa is still available as harvesting has
practically come to an end. With total Bahia crop estimates
around 6.4 mln bags and sales standing at almost 6.2 mln there
are a few hundred thousand bags still in the hands of farmers,
middlemen, exporters and processors.
There are doubts as to how much of this cocoa would be fit
for export as shippers are now experiencing dificulties in
obtaining +Bahia superior+ certificates.
In view of the lower quality over recent weeks farmers have
sold a good part of their cocoa held on consignment.
Comissaria Smith said spot bean prices rose to 340 to 350
cruzados per arroba of 15 kilos.
Bean shippers were reluctant to offer nearby shipment and
only limited sales were booked for March shipment at 1,750 to
1,780 dlrs per tonne to ports to be named.
New crop sales were also light and all to open ports with
June/July going at 1,850 and 1,880 dlrs and at 35 and 45 dlrs
under New York july, Aug/Sept at 1,870, 1,875 and 1,880 dlrs
per tonne FOB.
Routine sales of butter were made. March/April sold at
4,340, 4,345 and 4,350 dlrs.
April/May butter went at 2.27 times New York May, June/July
at 4,400 and 4,415 dlrs, Aug/Sept at 4,351 to 4,450 dlrs and at
2.27 and 2.28 times New York Sept and Oct/Dec at 4,480 dlrs and
2.27 times New York Dec, Comissaria Smith said.
Destinations were the U.S., Covertible currency areas,
Uruguay and open ports.
Cake sales were registered at 785 to 995 dlrs for
March/April, 785 dlrs for May, 753 dlrs for Aug and 0.39 times
New York Dec for Oct/Dec.
Buyers were the U.S., Argentina, Uruguay and convertible
currency areas.
Liquor sales were limited with March/April selling at 2,325
and 2,380 dlrs, June/July at 2,375 dlrs and at 1.25 times New
York July, Aug/Sept at 2,400 dlrs and at 1.25 times New York
Sept and Oct/Dec at 1.25 times New York Dec, Comissaria Smith
said.
Total Bahia sales are currently estimated at 6.13 mln bags
against the 1986/87 crop and 1.06 mln bags against the 1987/88
crop.
Final figures for the period to February 28 are expected to
be published by the Brazilian Cocoa Trade Commission after
carnival which ends midday on February 27.
Reuter
|
STANDARD OIL <SRD> TO FORM FINANCIAL UNIT | Standard Oil Co and BP North America
Inc said they plan to form a venture to manage the money market
borrowing and investment activities of both companies.
BP North America is a subsidiary of British Petroleum Co
Plc <BP>, which also owns a 55 pct interest in Standard Oil.
The venture will be called BP/Standard Financial Trading
and will be operated by Standard Oil under the oversight of a
joint management committee.
Reuter
|
TEXAS COMMERCE BANCSHARES <TCB> FILES PLAN | Texas Commerce Bancshares Inc's Texas
Commerce Bank-Houston said it filed an application with the
Comptroller of the Currency in an effort to create the largest
banking network in Harris County.
The bank said the network would link 31 banks having
13.5 billion dlrs in assets and 7.5 billion dlrs in deposits.
Reuter
|
TALKING POINT/BANKAMERICA <BAC> EQUITY OFFER | BankAmerica Corp is not under
pressure to act quickly on its proposed equity offering and
would do well to delay it because of the stock's recent poor
performance, banking analysts said.
Some analysts said they have recommended BankAmerica delay
its up to one-billion-dlr equity offering, which has yet to be
approved by the Securities and Exchange Commission.
BankAmerica stock fell this week, along with other banking
issues, on the news that Brazil has suspended interest payments
on a large portion of its foreign debt.
The stock traded around 12, down 1/8, this afternoon,
after falling to 11-1/2 earlier this week on the news.
Banking analysts said that with the immediate threat of the
First Interstate Bancorp <I> takeover bid gone, BankAmerica is
under no pressure to sell the securities into a market that
will be nervous on bank stocks in the near term.
BankAmerica filed the offer on January 26. It was seen as
one of the major factors leading the First Interstate
withdrawing its takeover bid on February 9.
A BankAmerica spokesman said SEC approval is taking longer
than expected and market conditions must now be re-evaluated.
"The circumstances at the time will determine what we do,"
said Arthur Miller, BankAmerica's Vice President for Financial
Communications, when asked if BankAmerica would proceed with
the offer immediately after it receives SEC approval.
"I'd put it off as long as they conceivably could," said
Lawrence Cohn, analyst with Merrill Lynch, Pierce, Fenner and
Smith.
Cohn said the longer BankAmerica waits, the longer they
have to show the market an improved financial outlook.
Although BankAmerica has yet to specify the types of
equities it would offer, most analysts believed a convertible
preferred stock would encompass at least part of it.
Such an offering at a depressed stock price would mean a
lower conversion price and more dilution to BankAmerica stock
holders, noted Daniel Williams, analyst with Sutro Group.
Several analysts said that while they believe the Brazilian
debt problem will continue to hang over the banking industry
through the quarter, the initial shock reaction is likely to
ease over the coming weeks.
Nevertheless, BankAmerica, which holds about 2.70 billion
dlrs in Brazilian loans, stands to lose 15-20 mln dlrs if the
interest rate is reduced on the debt, and as much as 200 mln
dlrs if Brazil pays no interest for a year, said Joseph
Arsenio, analyst with Birr, Wilson and Co.
He noted, however, that any potential losses would not show
up in the current quarter.
With other major banks standing to lose even more than
BankAmerica if Brazil fails to service its debt, the analysts
said they expect the debt will be restructured, similar to way
Mexico's debt was, minimizing losses to the creditor banks.
Reuter
|
NATIONAL AVERAGE PRICES FOR FARMER-OWNED RESERVE | The U.S. Agriculture Department
reported the farmer-owned reserve national five-day average
price through February 25 as follows (Dlrs/Bu-Sorghum Cwt) -
Natl Loan Release Call
Avge Rate-X Level Price Price
Wheat 2.55 2.40 IV 4.65 --
V 4.65 --
VI 4.45 --
Corn 1.35 1.92 IV 3.15 3.15
V 3.25 --
X - 1986 Rates.
Natl Loan Release Call
Avge Rate-X Level Price Price
Oats 1.24 0.99 V 1.65 --
Barley n.a. 1.56 IV 2.55 2.55
V 2.65 --
Sorghum 2.34 3.25-Y IV 5.36 5.36
V 5.54 --
Reserves I, II and III have matured. Level IV reflects
grain entered after Oct 6, 1981 for feedgrain and after July
23, 1981 for wheat. Level V wheat/barley after 5/14/82,
corn/sorghum after 7/1/82. Level VI covers wheat entered after
January 19, 1984. X-1986 rates. Y-dlrs per CWT (100 lbs).
n.a.-not available.
Reuter
|
ARGENTINE 1986/87 GRAIN/OILSEED REGISTRATIONS | Argentine grain board figures show
crop registrations of grains, oilseeds and their products to
February 11, in thousands of tonnes, showing those for futurE
shipments month, 1986/87 total and 1985/86 total to February
12, 1986, in brackets:
Bread wheat prev 1,655.8, Feb 872.0, March 164.6, total
2,692.4 (4,161.0).
Maize Mar 48.0, total 48.0 (nil).
Sorghum nil (nil)
Oilseed export registrations were:
Sunflowerseed total 15.0 (7.9)
Soybean May 20.0, total 20.0 (nil)
The board also detailed export registrations for
subproducts, as follows,
SUBPRODUCTS
Wheat prev 39.9, Feb 48.7, March 13.2, Apr 10.0, total
111.8 (82.7) .
Linseed prev 34.8, Feb 32.9, Mar 6.8, Apr 6.3, total 80.8
(87.4).
Soybean prev 100.9, Feb 45.1, MAr nil, Apr nil, May 20.0,
total 166.1 (218.5).
Sunflowerseed prev 48.6, Feb 61.5, Mar 25.1, Apr 14.5,
total 149.8 (145.3).
Vegetable oil registrations were :
Sunoil prev 37.4, Feb 107.3, Mar 24.5, Apr 3.2, May nil,
Jun 10.0, total 182.4 (117.6).
Linoil prev 15.9, Feb 23.6, Mar 20.4, Apr 2.0, total 61.8,
(76.1).
Soybean oil prev 3.7, Feb 21.1, Mar nil, Apr 2.0, May 9.0,
Jun 13.0, Jul 7.0, total 55.8 (33.7). REUTER
|
RED LION INNS FILES PLANS OFFERING | Red Lion Inns Limited Partnership
said it filed a registration statement with the Securities and
Exchange Commission covering a proposed offering of 4,790,000
units of limited partnership interests.
The company said it expects the offering to be priced at 20
dlrs per unit.
It said proceeds from the offering, along with a 102.5 mln
dlr mortgage loan, will be used to finance its planned
acquisition of 10 Red Lion hotels.
Reuter
|
USX <X> DEBT DOWGRADED BY MOODY'S | Moody's Investors Service Inc said it
lowered the debt and preferred stock ratings of USX Corp and
its units. About seven billion dlrs of securities is affected.
Moody's said Marathon Oil Co's recent establishment of up
to one billion dlrs in production payment facilities on its
prolific Yates Field has significant negative implications for
USX's unsecured creditors.
The company appears to have positioned its steel segment
for a return to profit by late 1987, Moody's added.
Ratings lowered include those on USX's senior debt to BA-1
from BAA-3.
Reuter
|
CHAMPION PRODUCTS <CH> APPROVES STOCK SPLIT | Champion Products Inc said its
board of directors approved a two-for-one stock split of its
common shares for shareholders of record as of April 1, 1987.
The company also said its board voted to recommend to
shareholders at the annual meeting April 23 an increase in the
authorized capital stock from five mln to 25 mln shares.
Reuter
|
COMPUTER TERMINAL SYSTEMS <CPML> COMPLETES SALE | Computer Terminal Systems Inc said
it has completed the sale of 200,000 shares of its common
stock, and warrants to acquire an additional one mln shares, to
<Sedio N.V.> of Lugano, Switzerland for 50,000 dlrs.
The company said the warrants are exercisable for five
years at a purchase price of .125 dlrs per share.
Computer Terminal said Sedio also has the right to buy
additional shares and increase its total holdings up to 40 pct
of the Computer Terminal's outstanding common stock under
certain circumstances involving change of control at the
company.
The company said if the conditions occur the warrants would
be exercisable at a price equal to 75 pct of its common stock's
market price at the time, not to exceed 1.50 dlrs per share.
Computer Terminal also said it sold the technolgy rights to
its Dot Matrix impact technology, including any future
improvements, to <Woodco Inc> of Houston, Tex. for 200,000
dlrs. But, it said it would continue to be the exclusive
worldwide licensee of the technology for Woodco.
The company said the moves were part of its reorganization
plan and would help pay current operation costs and ensure
product delivery.
Computer Terminal makes computer generated labels, forms,
tags and ticket printers and terminals.
Reuter
|
COBANCO INC <CBCO> YEAR NET | Shr 34 cts vs 1.19 dlrs
Net 807,000 vs 2,858,000
Assets 510.2 mln vs 479.7 mln
Deposits 472.3 mln vs 440.3 mln
Loans 299.2 mln vs 327.2 mln
Note: 4th qtr not available. Year includes 1985
extraordinary gain from tax carry forward of 132,000 dlrs, or
five cts per shr.
Reuter
|
OHIO MATTRESS <OMT> MAY HAVE LOWER 1ST QTR NET | Ohio Mattress Co said its first
quarter, ending February 28, profits may be below the 2.4 mln
dlrs, or 15 cts a share, earned in the first quarter of fiscal
1986.
The company said any decline would be due to expenses
related to the acquisitions in the middle of the current
quarter of seven licensees of Sealy Inc, as well as 82 pct of
the outstanding capital stock of Sealy.
Because of these acquisitions, it said, first quarter sales
will be substantially higher than last year's 67.1 mln dlrs.
Noting that it typically reports first quarter results in
late march, said the report is likely to be issued in early
April this year.
It said the delay is due to administrative considerations,
including conducting appraisals, in connection with the
acquisitions.
Reuter
|
AM INTERNATIONAL INC <AM> 2ND QTR JAN 31 | Oper shr loss two cts vs profit seven cts
Oper shr profit 442,000 vs profit 2,986,000
Revs 291.8 mln vs 151.1 mln
Avg shrs 51.7 mln vs 43.4 mln
Six mths
Oper shr profit nil vs profit 12 cts
Oper net profit 3,376,000 vs profit 5,086,000
Revs 569.3 mln vs 298.5 mln
Avg shrs 51.6 mln vs 41.1 mln
NOTE: Per shr calculated after payment of preferred
dividends.
Results exclude credits of 2,227,000 or four cts and
4,841,000 or nine cts for 1986 qtr and six mths vs 2,285,000 or
six cts and 4,104,000 or 11 cts for prior periods from
operating loss carryforwards.
Reuter
|
BROWN-FORMAN INC <BFD> 4TH QTR NET | Shr one dlr vs 73 cts
Net 12.6 mln vs 15.8 mln
Revs 337.3 mln vs 315.2 mln
Nine mths
Shr 3.07 dlrs vs 3.08 dlrs
Net 66 mln vs 66.2 mln
Revs 1.59 billion vs 997.1 mln
Reuter
|
NATIONAL INTERGROUP<NII> TO OFFER PERMIAN UNITS | National Intergroup Inc said it plans
to file a registration statement with the securities and
exchange commission for an offering of cumulative convertible
preferred partnership units in Permian Partners L.P.
The Permian Partners L.P. was recently formed by National
Intergroup to continue to business of Permian Corp, acquired by
the company in 1985.
The company said Permian will continue to manage the
business as a general partner, retaining a 35 pct stake in the
partnership in the form of common and general partnership
units.
It did not say how many units would be offered or what the
price would be.
Reuter
|
ECONOMIC SPOTLIGHT - BANKAMERICA <BAC> | BankAmerica Corp is not under
pressure to act quickly on its proposed equity offering and
would do well to delay it because of the stock's recent poor
performance, banking analysts said.
Some analysts said they have recommended BankAmerica delay
its up to one-billion-dlr equity offering, which has yet to be
approved by the Securities and Exchange Commission.
BankAmerica stock fell this week, along with other banking
issues, on the news that Brazil has suspended interest payments
on a large portion of its foreign debt.
The stock traded around 12, down 1/8, this afternoon,
after falling to 11-1/2 earlier this week on the news.
Banking analysts said that with the immediate threat of the
First Interstate Bancorp <I> takeover bid gone, BankAmerica is
under no pressure to sell the securities into a market that
will be nervous on bank stocks in the near term.
BankAmerica filed the offer on January 26. It was seen as
one of the major factors leading the First Interstate
withdrawing its takeover bid on February 9.
A BankAmerica spokesman said SEC approval is taking longer
than expected and market conditions must now be re-evaluated.
"The circumstances at the time will determine what we do,"
said Arthur Miller, BankAmerica's Vice President for Financial
Communications, when asked if BankAmerica would proceed with
the offer immediately after it receives SEC approval.
"I'd put it off as long as they conceivably could," said
Lawrence Cohn, analyst with Merrill Lynch, Pierce, Fenner and
Smith.
Cohn said the longer BankAmerica waits, the longer they
have to show the market an improved financial outlook.
Although BankAmerica has yet to specify the types of
equities it would offer, most analysts believed a convertible
preferred stock would encompass at least part of it.
Such an offering at a depressed stock price would mean a
lower conversion price and more dilution to BankAmerica stock
holders, noted Daniel Williams, analyst with Sutro Group.
Several analysts said that while they believe the Brazilian
debt problem will continue to hang over the banking industry
through the quarter, the initial shock reaction is likely to
ease over the coming weeks.
Nevertheless, BankAmerica, which holds about 2.70 billion
dlrs in Brazilian loans, stands to lose 15-20 mln dlrs if the
interest rate is reduced on the debt, and as much as 200 mln
dlrs if Brazil pays no interest for a year, said Joseph
Arsenio, analyst with Birr, Wilson and Co.
He noted, however, that any potential losses would not show
up in the current quarter.
With other major banks standing to lose even more than
BankAmerica if Brazil fails to service its debt, the analysts
said they expect the debt will be restructured, similar to way
Mexico's debt was, minimizing losses to the creditor banks.
Reuter
|
NATIONAL HEALTH ENHANCEMENT <NHES> NEW PROGRAM | National Health Enhancement
Systems Inc said it is offering a new health evaluation system
to its line of fitness assessment programs.
The company said the program, called The Health Test, will
be available in 60 days.
Customers who use the program will receive a
computer-generated report and recommendations for implementing
a program to improve their physical condition.
Reuter
|
DEAN FOODS <DF> SEES STRONG 4TH QTR EARNINGS | Dean Foods Co expects earnings for the
fourth quarter ending May 30 to exceed those of the same
year-ago period, Chairman Kenneth Douglas told analysts.
In the fiscal 1986 fourth quarter the food processor
reported earnings of 40 cts a share.
Douglas also said the year's sales should exceed 1.4
billion dlrs, up from 1.27 billion dlrs the prior year.
He repeated an earlier projection that third-quarter
earnings "will probably be off slightly" from last year's 40
cts a share, falling in the range of 34 cts to 36 cts a share.
Douglas said it was too early to project whether the
anticipated fourth quarter performance would be "enough for us
to exceed the prior year's overall earnings" of 1.53 dlrs a
share.
In 1988, Douglas said Dean should experience "a 20 pct
improvement in our bottom line from effects of the tax reform
act alone."
President Howard Dean said in fiscal 1988 the company will
derive benefits of various dairy and frozen vegetable
acquisitions from Ryan Milk to the Larsen Co.
Dean also said the company will benefit from its
acquisition in late December of Elgin Blenders Inc, West
Chicago.
He said the company is a major shareholder of E.B.I. Foods
Ltd, a United Kingdom blender, and has licensing arrangements
in Australia, Canada, Brazil and Japan.
"It provides ann entry to McDonalds Corp <MCD> we've been
after for years," Douglas told analysts.
Reuter
|
BONUS WHEAT FLOUR FOR NORTH YEMEN -- USDA | The Commodity Credit Corporation, CCC,
has accepted an export bonus offer to cover the sale of 37,000
long tons of wheat flour to North Yemen, the U.S. Agriculture
Department said.
The wheat four is for shipment March-May and the bonus
awarded was 119.05 dlrs per tonnes and will be paid in the form
of commodities from the CCC inventory.
The bonus was awarded to the Pillsbury Company.
The wheat flour purchases complete the Export Enhancement
Program initiative announced in April, 1986, it said.
Reuter
|
CREDIT CARD DISCLOSURE BILLS INTRODUCED | Legislation to require disclosure of
credit card fees and interest rates before the cards are issued
have been introduced in the Senate and House.
Sen. Chris Dodd, D-Conn, a co-sponsor of the bill, said
many banks and financial institutions do not disclose all the
information about terms of their cards in promotional material
sent to prospective customers.
"By requiring card issuers to disclose the terms and
conditions of their cards at the time of solicitation, the
legislation is intended to arm consumers with enough
information to shop around for the best deal," Dodd said in a
statement.
Reuter
|
HUGHES CAPITAL UNIT SIGNS PACT WITH BEAR STEARNS | Hughes/Conserdyne Corp, a
unit of <Hughes Capital Corp> said it made Bear Stearns and Co
Inc <BSC> its exclusive investment banker to develop and market
financing for the design and installation of its micro-utility
systems for municipalities.
The company said these systems are self-contained
electrical generating facilities using alternate power sources,
such as photovoltaic cells, to replace public utility power
sources.
Reuter
|
MAGMA LOWERS COPPER 0.75 CENT TO 66 CTS | Magma Copper Co, a subsidiary of Newmont
Mining Corp, said it is cutting its copper cathode price by
0.75 cent to 66 cents a lb, effective immediately.
Reuter
|
BROWN-FORMAN <BFDB> SETS STOCK SPLIT, UPS PAYOUT | Brown-Forman Inc said its board
has approved a three-for-two stock split and a 35 pct increase
in the company cash dividend.
The company cited its improved earnings outlook and
continued strong cash flow as reasons for raising the dividend.
Brown-Forman said the split of its Class A and Class B
common shares would be effective March 13.
The company said directors declared a quarterly cash
dividend on each new share of both classes of 28 cts, payable
April one to holders of record March 20. Prior to the split,
the company had paid 31 cts quarterly.
Brown-Forman today reported a 37 pct increase in third
quarter profits to 21.6 mln dlrs, or 1.00 dlr a share, on a
seven pct increase in sales to a record 337 mln dlrs.
Brown-Forman said nine month profits declined a bit to 66.0
mln dlrs, or 3.07 dlrs a share, from 66.2 mln dlrs, or 3.08
dlrs a share, a year earlier due to a second quarter charge of
37 cts a share for restructuring its beverage operations.
The company said lower corporate tax rates and the
restructuring "are expected to substantially improve
Brown-Forman's earnings and cash flow in fiscal 1988."
Reuter
|
ESQUIRE RADIO AND ELECTRONICS INC <EE> 4TH QTR | Shr profit 15 cts vs profit four cts
Annual div 72 cts vs 72 cts prior yr
Net profit 72,000 vs profit 16,000
Revs 7,075,000 vs 2,330,000
12 mths
Shr profit 42 cts vs loss 11 cts
Net profit 203,000 vs loss 55,000
Revs 16.1 mln vs 3,971,000
NOTE: annual dividend payable April 10, 1987, to
stockholders of record on March 27, 1987.
Reuter
|
SHEARSON LEHMAN NAMES NEW MANAGING DIRECTOR | Shearson Lehman Brothers, a unit of
American Express Co <AXP>, said Robert Stearns has joined the
company as managing director of its merger and acquisition
department.
Shearson said Stearns formerly was part of Merrill Lynch
Pierce, Fenner and Smith Inc's <MER> merger and acquisitions
department.
Reuter
|
BANKERS REPORT BREAKTHROUGH ON VENEZUELAN DEBT | Venezuela and its bank advisory
committee have agreed in principle on revisions to the terms of
a 21 billion dlr debt-rescheduling package signed last
February, bankers said.
They declined to disclose details because two or three
representatives on the panel have still to obtain the approval
of their senior management for the new terms.
The committee was meeting in New York this afternoon and
could put its final stamp of approval of the deal later today,
the bankers said.
"A number of details have still to be finalized, but the
broad details of the new amortization schedules and interest
rates are in place," one senior banker said.
The interest rate on the rescheduling was originally set at
1-1/8 pct over Eurodollar rates, but Venezuela requested easier
terms because of a 40 pct drop in oil income last year.
It also asked for a reduction in the repayments it was due
to make in 1987, 1988 and 1989 - after an earlier request that
it make no amortizations at all in those years was rebuffed -
and sought a commitment from the banks to finance new
investment in Venezuela.
The breakthrough in the Venezuelan talks, which have been
going on intermittently for several months, follows the
announcement earlier today of a 10.6 billion dlr debt
rescheduling pact between Chile and its bank advisory panel.
And last night Citibank said Mexico's financing package,
including a 7.7 billion dlr loan, will be signed on March 20.
While the sudden progress is to some extent coincidental,
bankers acknowledge a desire to chalk up some quick successes
after the shock of Brazil's unilateral interest suspension last
Friday. By striking swift deals, banks hope to reduce the
incentive for other debtors to emulate Brazil.
Reuter
|
UNITED PRESIDENTIAL CORP <UPCO> 4TH QTR NET | Shr 39 cts vs 50 cts
Net 1,545,160 vs 2,188,933
Revs 25.2 mln vs 19.5 mln
Year
Shr 1.53 dlrs vs 1.21 dlrs
Net 6,635,318 vs 5,050,044
Revs 92.2 mln vs 77.4 mln
NOTE: Results include adjustment of 848,600 dlrs or 20 cts
shr for 1986 year and both 1985 periods from improvement in
results of its universal life business than first estimated.
Reuter
|
TOWER REPORT DIMINISHES REAGAN'S HOPES OF REBOUND | The Tower Commission report, which
says President Reagan was ignorant about much of the Iran arms
deal, just about ends his prospects of regaining political
dominance in Washington, political analysts said.
"This is certification of incompetence," private political
analyst Stephen Hess told Reuters in commenting on the Tower
report made public today.
"It's as if he went before a professional licensing board
and was denied credentials."
In one of the most direct criticisms, board chairman John
Tower, a longtime Reagan supporter and former Republican
senator from Texas, told a press conference, "The president
clearly did not understand the nature of this operation."
The report, which lent credence to widespread opinion in
Washington that Reagan is not in full command of the
government, was particularly damaging because it was prepared
by a board of the Republican president's own choosing.
The three-member panel made up of Tower, former National
Security Adviser Brent Scowcroft and former Secretary of State
Edmund Muskie, does not carry the partisan taint of criticism
from a Congress controlled by the Democratic party.
"We're falling by our own hand," said one Republican
political strategist. "What can we say except 'we're sorry, we
won't do it again'?"
The strategist, who works for one of his party's top 1988
presidential contenders and asked not to be identified, said
the report was like "an anvil falling on us."
Hess, with the Brookings Institution public policy study
group, said the report is the final blow to Reagan's hopes of
regaining the upper hand he once had in dealings with Congress,
the press and the Washington bureaucracy.
The report may also undermine the standing of Defense
Secretary Caspar Weinberger and Secretary of State George
Shultz, who the report suggests were more interested in keeping
their own skirts clean than supporting the president.
"They protected the record as to their own positions on this
issue. They were not energetic in attempting to protect the
president from the consequences," it said.
White House chief of staff Donald Regan and former Central
Intelligence Agency Director William Casey also received strong
criticism, but the blows were expected in their cases.
Regan, expected to resign or be fired shortly, was savaged
for allegedly failing both to help Reagan conduct the Iran
initiative and to avoid "chaos" in the disclosure process.
Casey, who underwent surgery for removal of a cancerous
brain tumor in December, had already resigned for health
reasons last month.
"This is a story about people who came up somewhat short of
being heroes," Tower told reporters.
While Reagan retains considerable constitutional powers,
including command of the armed forces and the right to veto
legislation, analysts say it will be difficult for him to
retake control of the country's policy agenda -- particularly
with Congress controlled by the Democrats.
The crucial remaining question, they said, is whether the
man in the street will forsake Reagan over the affair.
Although his job approval rating has fallen as much as
twenty percentage points in some opinion polls since the arms
deal with Iran became public last November, his personal
popularity is still relatively high.
A Los Angeles Times poll released earlier this week showed
that just 37 pct of those surveyed thought Reagan was in
control of the government, but 55 pct still thought he was
doing a good job as president.
American Enterprise Institute analyst William Schneider, a
Democrat, says Reagan's loss of support among Washington power
brokers could be offset by continued backing of the public.
"In the past, he has been able to go around the power elite
by appealing directly to the public," Schneider said.
Reagan will again plead his case that way in a televised
address next week.
But one top Republican strategist warned against expecting
a dramatic turnaround.
"The White House has to avoid building expectations that
cannot be met," said the strategist, who requested anonymity.
"They have to recognize there is no quick fix."
Analysts also point out that Reagan's personal popularity
has not always translated into public backing for his policies.
They note he was dramatically rebuffed in last November's
elections when voters rejected his appeals and restored control
of the Senate to the Democrats.
Reuter
|
JANUARY HOUSING SALES DROP, REALTY GROUP SAYS | Sales of previously owned homes
dropped 14.5 pct in January to a seasonally adjusted annual
rate of 3.47 mln units, the National Association of Realtors
(NAR) said.
But the December rate of 4.06 mln units had been the
highest since the record 4.15 mln unit sales rate set in
November 1978, the group said.
"The drop in January is not surprising considering that a
significant portion of December's near-record pace was made up
of sellers seeking to get favorable capital gains treatment
under the old tax laws," said the NAR's John Tuccillo.
Reuter
|
ASSETS OF MONEY MARKET MUTUAL FUNDS ROSE 720.4 MLN DLRS IN LATEST WEEK
| |
U.S. TAX WRITERS SEEK ESTATE TAX CURBS, RAISING 6.7 BILLION DLRS THRU 1991
| |
SENATORS INTRODUCE EXPORT LICENSING REFORM BILL | Sens. Alan Cranston (D-Cal.) and
Daniel Evans (R-Wash.) said they introduced export licensing
reform legislation that could save U.S. companies hundreds of
thousands of dollars annually.
"Our emphasis is two-fold: Decontrol and de-license items
where such actions will not endanger our national security, and
eliminate the Department of Defense's de facto veto authority
over the licensing process," Cranston said.
"Our reforms should reduce licensing requirements by 65 to
70 pct," he told reporters. "I am convinced that a more
rational...licensing process will boost exports."
U.S. export controls are intended to deny Eastern bloc
countries access to technology that could further their
military capabilities.
"By refocusing our control resources on higher levels of
technology, technology that is truly critical, we will do a
better job of preventing diversion of critical technology to
our adversaries while promoting more exports," Cranston said.
"We cannot expect to continue to play a leading role in new
technology development in the future if we unduly restrict the
activities of U.S. firms in the world market-place," Evans told
reporters.
Reuter
|
EXCELAN INC SETS INITIAL STOCK OFFER | Excelan Inc said it is making an
initial public offering of 2,129,300 shares of common stock at
12 dlrs per share.
Excelan said 1.6 mln of the shares are being sold by the
company and 529,300 shares are being sold by stockholders.
Excelan designs and manufactures computer-related products.
Reuter
|
CCX NETWORK <CCXN> SECONDARY OFFERING UNDERWAY | CCX Network Inc said it was offering
220,838 shares of stock at 15.75 dlrs a share though
underwriters Stephens Inc and Cazenove Inc.
The company said it was selling the stock on behalf of some
shareholders, including those who recently received shares
in the company in exchange for their businesses.
The company said it was receiving no proceeds from the
offering.
Reuter
|
FIRST UNION <FUNC> FILES 100 MLN DLR NOTES ISSUE | First Union Corp said it has filed with
the Securities and Exchange Commission for a proposed offering
of 100 mln dlrs of fixed rate subordinated notes due 1997.
The notes will be sold nationwide through underwriters
managed by Shearson Lehman Brothers Inc.
Reuter
|
OWENS AND MINOR INC <OBOD> RAISES QTLY DIVIDEND | Qtly div eights cts vs 7.5 cts prior
Pay March 31
Record March 13
Reuter
|
BAHIA COCOA REVIEW | Showers continued throughout the week in
the Bahia cocoa zone, alleviating the drought since early
January and improving prospects for the coming temporao,
although normal humidity levels have not been restored,
Comissaria Smith said in its weekly review.
The dry period means the temporao will be late this year.
Arrivals for the week ended February 22 were 155,221 bags
of 60 kilos making a cumulative total for the season of 5.93
mln against 5.81 at the same stage last year. Again it seems
that cocoa delivered earlier on consignment was included in the
arrivals figures.
Comissaria Smith said there is still some doubt as to how
much old crop cocoa is still available as harvesting has
practically come to an end. With total Bahia crop estimates
around 6.4 mln bags and sales standing at almost 6.2 mln there
are a few hundred thousand bags still in the hands of farmers,
middlemen, exporters and processors.
There are doubts as to how much of this cocoa would be fit
for export as shippers are now experiencing dificulties in
obtaining +Bahia superior+ certificates.
In view of the lower quality over recent weeks farmers have
sold a good part of their cocoa held on consignment.
Comissaria Smith said spot bean prices rose to 340 to 350
cruzados per arroba of 15 kilos.
Bean shippers were reluctant to offer nearby shipment and
only limited sales were booked for March shipment at 1,750 to
1,780 dlrs per tonne to ports to be named.
New crop sales were also light and all to open ports with
June/July going at 1,850 and 1,880 dlrs and at 35 and 45 dlrs
under New York july, Aug/Sept at 1,870, 1,875 and 1,880 dlrs
per tonne FOB.
Routine sales of butter were made. March/April sold at
4,340, 4,345 and 4,350 dlrs.
April/May butter went at 2.27 times New York May, June/July
at 4,400 and 4,415 dlrs, Aug/Sept at 4,351 to 4,450 dlrs and at
2.27 and 2.28 times New York Sept and Oct/Dec at 4,480 dlrs and
2.27 times New York Dec, Comissaria Smith said.
Destinations were the U.S., Covertible currency areas,
Uruguay and open ports.
Cake sales were registered at 785 to 995 dlrs for
March/April, 785 dlrs for May, 753 dlrs for Aug and 0.39 times
New York Dec for Oct/Dec.
Buyers were the U.S., Argentina, Uruguay and convertible
currency areas.
Liquor sales were limited with March/April selling at 2,325
and 2,380 dlrs, June/July at 2,375 dlrs and at 1.25 times New
York July, Aug/Sept at 2,400 dlrs and at 1.25 times New York
Sept and Oct/Dec at 1.25 times New York Dec, Comissaria Smith
said.
Total Bahia sales are currently estimated at 6.13 mln bags
against the 1986/87 crop and 1.06 mln bags against the 1987/88
crop.
Final figures for the period to February 28 are expected to
be published by the Brazilian Cocoa Trade Commission after
carnival which ends midday on February 27.
Reuter
|
STANDARD OIL <SRD> TO FORM FINANCIAL UNIT | Standard Oil Co and BP North America
Inc said they plan to form a venture to manage the money market
borrowing and investment activities of both companies.
BP North America is a subsidiary of British Petroleum Co
Plc <BP>, which also owns a 55 pct interest in Standard Oil.
The venture will be called BP/Standard Financial Trading
and will be operated by Standard Oil under the oversight of a
joint management committee.
Reuter
|
TEXAS COMMERCE BANCSHARES <TCB> FILES PLAN | Texas Commerce Bancshares Inc's Texas
Commerce Bank-Houston said it filed an application with the
Comptroller of the Currency in an effort to create the largest
banking network in Harris County.
The bank said the network would link 31 banks having
13.5 billion dlrs in assets and 7.5 billion dlrs in deposits.
Reuter
|
TALKING POINT/BANKAMERICA <BAC> EQUITY OFFER | BankAmerica Corp is not under
pressure to act quickly on its proposed equity offering and
would do well to delay it because of the stock's recent poor
performance, banking analysts said.
Some analysts said they have recommended BankAmerica delay
its up to one-billion-dlr equity offering, which has yet to be
approved by the Securities and Exchange Commission.
BankAmerica stock fell this week, along with other banking
issues, on the news that Brazil has suspended interest payments
on a large portion of its foreign debt.
The stock traded around 12, down 1/8, this afternoon,
after falling to 11-1/2 earlier this week on the news.
Banking analysts said that with the immediate threat of the
First Interstate Bancorp <I> takeover bid gone, BankAmerica is
under no pressure to sell the securities into a market that
will be nervous on bank stocks in the near term.
BankAmerica filed the offer on January 26. It was seen as
one of the major factors leading the First Interstate
withdrawing its takeover bid on February 9.
A BankAmerica spokesman said SEC approval is taking longer
than expected and market conditions must now be re-evaluated.
"The circumstances at the time will determine what we do,"
said Arthur Miller, BankAmerica's Vice President for Financial
Communications, when asked if BankAmerica would proceed with
the offer immediately after it receives SEC approval.
"I'd put it off as long as they conceivably could," said
Lawrence Cohn, analyst with Merrill Lynch, Pierce, Fenner and
Smith.
Cohn said the longer BankAmerica waits, the longer they
have to show the market an improved financial outlook.
Although BankAmerica has yet to specify the types of
equities it would offer, most analysts believed a convertible
preferred stock would encompass at least part of it.
Such an offering at a depressed stock price would mean a
lower conversion price and more dilution to BankAmerica stock
holders, noted Daniel Williams, analyst with Sutro Group.
Several analysts said that while they believe the Brazilian
debt problem will continue to hang over the banking industry
through the quarter, the initial shock reaction is likely to
ease over the coming weeks.
Nevertheless, BankAmerica, which holds about 2.70 billion
dlrs in Brazilian loans, stands to lose 15-20 mln dlrs if the
interest rate is reduced on the debt, and as much as 200 mln
dlrs if Brazil pays no interest for a year, said Joseph
Arsenio, analyst with Birr, Wilson and Co.
He noted, however, that any potential losses would not show
up in the current quarter.
With other major banks standing to lose even more than
BankAmerica if Brazil fails to service its debt, the analysts
said they expect the debt will be restructured, similar to way
Mexico's debt was, minimizing losses to the creditor banks.
Reuter
|
NATIONAL AVERAGE PRICES FOR FARMER-OWNED RESERVE | The U.S. Agriculture Department
reported the farmer-owned reserve national five-day average
price through February 25 as follows (Dlrs/Bu-Sorghum Cwt) -
Natl Loan Release Call
Avge Rate-X Level Price Price
Wheat 2.55 2.40 IV 4.65 --
V 4.65 --
VI 4.45 --
Corn 1.35 1.92 IV 3.15 3.15
V 3.25 --
X - 1986 Rates.
Natl Loan Release Call
Avge Rate-X Level Price Price
Oats 1.24 0.99 V 1.65 --
Barley n.a. 1.56 IV 2.55 2.55
V 2.65 --
Sorghum 2.34 3.25-Y IV 5.36 5.36
V 5.54 --
Reserves I, II and III have matured. Level IV reflects
grain entered after Oct 6, 1981 for feedgrain and after July
23, 1981 for wheat. Level V wheat/barley after 5/14/82,
corn/sorghum after 7/1/82. Level VI covers wheat entered after
January 19, 1984. X-1986 rates. Y-dlrs per CWT (100 lbs).
n.a.-not available.
Reuter
|
ARGENTINE 1986/87 GRAIN/OILSEED REGISTRATIONS | Argentine grain board figures show
crop registrations of grains, oilseeds and their products to
February 11, in thousands of tonnes, showing those for futurE
shipments month, 1986/87 total and 1985/86 total to February
12, 1986, in brackets:
Bread wheat prev 1,655.8, Feb 872.0, March 164.6, total
2,692.4 (4,161.0).
Maize Mar 48.0, total 48.0 (nil).
Sorghum nil (nil)
Oilseed export registrations were:
Sunflowerseed total 15.0 (7.9)
Soybean May 20.0, total 20.0 (nil)
The board also detailed export registrations for
subproducts, as follows,
SUBPRODUCTS
Wheat prev 39.9, Feb 48.7, March 13.2, Apr 10.0, total
111.8 (82.7) .
Linseed prev 34.8, Feb 32.9, Mar 6.8, Apr 6.3, total 80.8
(87.4).
Soybean prev 100.9, Feb 45.1, MAr nil, Apr nil, May 20.0,
total 166.1 (218.5).
Sunflowerseed prev 48.6, Feb 61.5, Mar 25.1, Apr 14.5,
total 149.8 (145.3).
Vegetable oil registrations were :
Sunoil prev 37.4, Feb 107.3, Mar 24.5, Apr 3.2, May nil,
Jun 10.0, total 182.4 (117.6).
Linoil prev 15.9, Feb 23.6, Mar 20.4, Apr 2.0, total 61.8,
(76.1).
Soybean oil prev 3.7, Feb 21.1, Mar nil, Apr 2.0, May 9.0,
Jun 13.0, Jul 7.0, total 55.8 (33.7). REUTER
|
RED LION INNS FILES PLANS OFFERING | Red Lion Inns Limited Partnership
said it filed a registration statement with the Securities and
Exchange Commission covering a proposed offering of 4,790,000
units of limited partnership interests.
The company said it expects the offering to be priced at 20
dlrs per unit.
It said proceeds from the offering, along with a 102.5 mln
dlr mortgage loan, will be used to finance its planned
acquisition of 10 Red Lion hotels.
Reuter
|
USX <X> DEBT DOWGRADED BY MOODY'S | Moody's Investors Service Inc said it
lowered the debt and preferred stock ratings of USX Corp and
its units. About seven billion dlrs of securities is affected.
Moody's said Marathon Oil Co's recent establishment of up
to one billion dlrs in production payment facilities on its
prolific Yates Field has significant negative implications for
USX's unsecured creditors.
The company appears to have positioned its steel segment
for a return to profit by late 1987, Moody's added.
Ratings lowered include those on USX's senior debt to BA-1
from BAA-3.
Reuter
|
CHAMPION PRODUCTS <CH> APPROVES STOCK SPLIT | Champion Products Inc said its
board of directors approved a two-for-one stock split of its
common shares for shareholders of record as of April 1, 1987.
The company also said its board voted to recommend to
shareholders at the annual meeting April 23 an increase in the
authorized capital stock from five mln to 25 mln shares.
Reuter
|
COMPUTER TERMINAL SYSTEMS <CPML> COMPLETES SALE | Computer Terminal Systems Inc said
it has completed the sale of 200,000 shares of its common
stock, and warrants to acquire an additional one mln shares, to
<Sedio N.V.> of Lugano, Switzerland for 50,000 dlrs.
The company said the warrants are exercisable for five
years at a purchase price of .125 dlrs per share.
Computer Terminal said Sedio also has the right to buy
additional shares and increase its total holdings up to 40 pct
of the Computer Terminal's outstanding common stock under
certain circumstances involving change of control at the
company.
The company said if the conditions occur the warrants would
be exercisable at a price equal to 75 pct of its common stock's
market price at the time, not to exceed 1.50 dlrs per share.
Computer Terminal also said it sold the technolgy rights to
its Dot Matrix impact technology, including any future
improvements, to <Woodco Inc> of Houston, Tex. for 200,000
dlrs. But, it said it would continue to be the exclusive
worldwide licensee of the technology for Woodco.
The company said the moves were part of its reorganization
plan and would help pay current operation costs and ensure
product delivery.
Computer Terminal makes computer generated labels, forms,
tags and ticket printers and terminals.
Reuter
|
COBANCO INC <CBCO> YEAR NET | Shr 34 cts vs 1.19 dlrs
Net 807,000 vs 2,858,000
Assets 510.2 mln vs 479.7 mln
Deposits 472.3 mln vs 440.3 mln
Loans 299.2 mln vs 327.2 mln
Note: 4th qtr not available. Year includes 1985
extraordinary gain from tax carry forward of 132,000 dlrs, or
five cts per shr.
Reuter
|
OHIO MATTRESS <OMT> MAY HAVE LOWER 1ST QTR NET | Ohio Mattress Co said its first
quarter, ending February 28, profits may be below the 2.4 mln
dlrs, or 15 cts a share, earned in the first quarter of fiscal
1986.
The company said any decline would be due to expenses
related to the acquisitions in the middle of the current
quarter of seven licensees of Sealy Inc, as well as 82 pct of
the outstanding capital stock of Sealy.
Because of these acquisitions, it said, first quarter sales
will be substantially higher than last year's 67.1 mln dlrs.
Noting that it typically reports first quarter results in
late march, said the report is likely to be issued in early
April this year.
It said the delay is due to administrative considerations,
including conducting appraisals, in connection with the
acquisitions.
Reuter
|
AM INTERNATIONAL INC <AM> 2ND QTR JAN 31 | Oper shr loss two cts vs profit seven cts
Oper shr profit 442,000 vs profit 2,986,000
Revs 291.8 mln vs 151.1 mln
Avg shrs 51.7 mln vs 43.4 mln
Six mths
Oper shr profit nil vs profit 12 cts
Oper net profit 3,376,000 vs profit 5,086,000
Revs 569.3 mln vs 298.5 mln
Avg shrs 51.6 mln vs 41.1 mln
NOTE: Per shr calculated after payment of preferred
dividends.
Results exclude credits of 2,227,000 or four cts and
4,841,000 or nine cts for 1986 qtr and six mths vs 2,285,000 or
six cts and 4,104,000 or 11 cts for prior periods from
operating loss carryforwards.
Reuter
|
BROWN-FORMAN INC <BFD> 4TH QTR NET | Shr one dlr vs 73 cts
Net 12.6 mln vs 15.8 mln
Revs 337.3 mln vs 315.2 mln
Nine mths
Shr 3.07 dlrs vs 3.08 dlrs
Net 66 mln vs 66.2 mln
Revs 1.59 billion vs 997.1 mln
Reuter
|
NATIONAL INTERGROUP<NII> TO OFFER PERMIAN UNITS | National Intergroup Inc said it plans
to file a registration statement with the securities and
exchange commission for an offering of cumulative convertible
preferred partnership units in Permian Partners L.P.
The Permian Partners L.P. was recently formed by National
Intergroup to continue to business of Permian Corp, acquired by
the company in 1985.
The company said Permian will continue to manage the
business as a general partner, retaining a 35 pct stake in the
partnership in the form of common and general partnership
units.
It did not say how many units would be offered or what the
price would be.
Reuter
|
ECONOMIC SPOTLIGHT - BANKAMERICA <BAC> | BankAmerica Corp is not under
pressure to act quickly on its proposed equity offering and
would do well to delay it because of the stock's recent poor
performance, banking analysts said.
Some analysts said they have recommended BankAmerica delay
its up to one-billion-dlr equity offering, which has yet to be
approved by the Securities and Exchange Commission.
BankAmerica stock fell this week, along with other banking
issues, on the news that Brazil has suspended interest payments
on a large portion of its foreign debt.
The stock traded around 12, down 1/8, this afternoon,
after falling to 11-1/2 earlier this week on the news.
Banking analysts said that with the immediate threat of the
First Interstate Bancorp <I> takeover bid gone, BankAmerica is
under no pressure to sell the securities into a market that
will be nervous on bank stocks in the near term.
BankAmerica filed the offer on January 26. It was seen as
one of the major factors leading the First Interstate
withdrawing its takeover bid on February 9.
A BankAmerica spokesman said SEC approval is taking longer
than expected and market conditions must now be re-evaluated.
"The circumstances at the time will determine what we do,"
said Arthur Miller, BankAmerica's Vice President for Financial
Communications, when asked if BankAmerica would proceed with
the offer immediately after it receives SEC approval.
"I'd put it off as long as they conceivably could," said
Lawrence Cohn, analyst with Merrill Lynch, Pierce, Fenner and
Smith.
Cohn said the longer BankAmerica waits, the longer they
have to show the market an improved financial outlook.
Although BankAmerica has yet to specify the types of
equities it would offer, most analysts believed a convertible
preferred stock would encompass at least part of it.
Such an offering at a depressed stock price would mean a
lower conversion price and more dilution to BankAmerica stock
holders, noted Daniel Williams, analyst with Sutro Group.
Several analysts said that while they believe the Brazilian
debt problem will continue to hang over the banking industry
through the quarter, the initial shock reaction is likely to
ease over the coming weeks.
Nevertheless, BankAmerica, which holds about 2.70 billion
dlrs in Brazilian loans, stands to lose 15-20 mln dlrs if the
interest rate is reduced on the debt, and as much as 200 mln
dlrs if Brazil pays no interest for a year, said Joseph
Arsenio, analyst with Birr, Wilson and Co.
He noted, however, that any potential losses would not show
up in the current quarter.
With other major banks standing to lose even more than
BankAmerica if Brazil fails to service its debt, the analysts
said they expect the debt will be restructured, similar to way
Mexico's debt was, minimizing losses to the creditor banks.
Reuter
|
NATIONAL HEALTH ENHANCEMENT <NHES> NEW PROGRAM | National Health Enhancement
Systems Inc said it is offering a new health evaluation system
to its line of fitness assessment programs.
The company said the program, called The Health Test, will
be available in 60 days.
Customers who use the program will receive a
computer-generated report and recommendations for implementing
a program to improve their physical condition.
Reuter
|
DEAN FOODS <DF> SEES STRONG 4TH QTR EARNINGS | Dean Foods Co expects earnings for the
fourth quarter ending May 30 to exceed those of the same
year-ago period, Chairman Kenneth Douglas told analysts.
In the fiscal 1986 fourth quarter the food processor
reported earnings of 40 cts a share.
Douglas also said the year's sales should exceed 1.4
billion dlrs, up from 1.27 billion dlrs the prior year.
He repeated an earlier projection that third-quarter
earnings "will probably be off slightly" from last year's 40
cts a share, falling in the range of 34 cts to 36 cts a share.
Douglas said it was too early to project whether the
anticipated fourth quarter performance would be "enough for us
to exceed the prior year's overall earnings" of 1.53 dlrs a
share.
In 1988, Douglas said Dean should experience "a 20 pct
improvement in our bottom line from effects of the tax reform
act alone."
President Howard Dean said in fiscal 1988 the company will
derive benefits of various dairy and frozen vegetable
acquisitions from Ryan Milk to the Larsen Co.
Dean also said the company will benefit from its
acquisition in late December of Elgin Blenders Inc, West
Chicago.
He said the company is a major shareholder of E.B.I. Foods
Ltd, a United Kingdom blender, and has licensing arrangements
in Australia, Canada, Brazil and Japan.
"It provides ann entry to McDonalds Corp <MCD> we've been
after for years," Douglas told analysts.
Reuter
|
BONUS WHEAT FLOUR FOR NORTH YEMEN -- USDA | The Commodity Credit Corporation, CCC,
has accepted an export bonus offer to cover the sale of 37,000
long tons of wheat flour to North Yemen, the U.S. Agriculture
Department said.
The wheat four is for shipment March-May and the bonus
awarded was 119.05 dlrs per tonnes and will be paid in the form
of commodities from the CCC inventory.
The bonus was awarded to the Pillsbury Company.
The wheat flour purchases complete the Export Enhancement
Program initiative announced in April, 1986, it said.
Reuter
|
CREDIT CARD DISCLOSURE BILLS INTRODUCED | Legislation to require disclosure of
credit card fees and interest rates before the cards are issued
have been introduced in the Senate and House.
Sen. Chris Dodd, D-Conn, a co-sponsor of the bill, said
many banks and financial institutions do not disclose all the
information about terms of their cards in promotional material
sent to prospective customers.
"By requiring card issuers to disclose the terms and
conditions of their cards at the time of solicitation, the
legislation is intended to arm consumers with enough
information to shop around for the best deal," Dodd said in a
statement.
Reuter
|
HUGHES CAPITAL UNIT SIGNS PACT WITH BEAR STEARNS | Hughes/Conserdyne Corp, a
unit of <Hughes Capital Corp> said it made Bear Stearns and Co
Inc <BSC> its exclusive investment banker to develop and market
financing for the design and installation of its micro-utility
systems for municipalities.
The company said these systems are self-contained
electrical generating facilities using alternate power sources,
such as photovoltaic cells, to replace public utility power
sources.
Reuter
|
MAGMA LOWERS COPPER 0.75 CENT TO 66 CTS | Magma Copper Co, a subsidiary of Newmont
Mining Corp, said it is cutting its copper cathode price by
0.75 cent to 66 cents a lb, effective immediately.
Reuter
|
BROWN-FORMAN <BFDB> SETS STOCK SPLIT, UPS PAYOUT | Brown-Forman Inc said its board
has approved a three-for-two stock split and a 35 pct increase
in the company cash dividend.
The company cited its improved earnings outlook and
continued strong cash flow as reasons for raising the dividend.
Brown-Forman said the split of its Class A and Class B
common shares would be effective March 13.
The company said directors declared a quarterly cash
dividend on each new share of both classes of 28 cts, payable
April one to holders of record March 20. Prior to the split,
the company had paid 31 cts quarterly.
Brown-Forman today reported a 37 pct increase in third
quarter profits to 21.6 mln dlrs, or 1.00 dlr a share, on a
seven pct increase in sales to a record 337 mln dlrs.
Brown-Forman said nine month profits declined a bit to 66.0
mln dlrs, or 3.07 dlrs a share, from 66.2 mln dlrs, or 3.08
dlrs a share, a year earlier due to a second quarter charge of
37 cts a share for restructuring its beverage operations.
The company said lower corporate tax rates and the
restructuring "are expected to substantially improve
Brown-Forman's earnings and cash flow in fiscal 1988."
Reuter
|
ESQUIRE RADIO AND ELECTRONICS INC <EE> 4TH QTR | Shr profit 15 cts vs profit four cts
Annual div 72 cts vs 72 cts prior yr
Net profit 72,000 vs profit 16,000
Revs 7,075,000 vs 2,330,000
12 mths
Shr profit 42 cts vs loss 11 cts
Net profit 203,000 vs loss 55,000
Revs 16.1 mln vs 3,971,000
NOTE: annual dividend payable April 10, 1987, to
stockholders of record on March 27, 1987.
Reuter
|
SHEARSON LEHMAN NAMES NEW MANAGING DIRECTOR | Shearson Lehman Brothers, a unit of
American Express Co <AXP>, said Robert Stearns has joined the
company as managing director of its merger and acquisition
department.
Shearson said Stearns formerly was part of Merrill Lynch
Pierce, Fenner and Smith Inc's <MER> merger and acquisitions
department.
Reuter
|
BANKERS REPORT BREAKTHROUGH ON VENEZUELAN DEBT | Venezuela and its bank advisory
committee have agreed in principle on revisions to the terms of
a 21 billion dlr debt-rescheduling package signed last
February, bankers said.
They declined to disclose details because two or three
representatives on the panel have still to obtain the approval
of their senior management for the new terms.
The committee was meeting in New York this afternoon and
could put its final stamp of approval of the deal later today,
the bankers said.
"A number of details have still to be finalized, but the
broad details of the new amortization schedules and interest
rates are in place," one senior banker said.
The interest rate on the rescheduling was originally set at
1-1/8 pct over Eurodollar rates, but Venezuela requested easier
terms because of a 40 pct drop in oil income last year.
It also asked for a reduction in the repayments it was due
to make in 1987, 1988 and 1989 - after an earlier request that
it make no amortizations at all in those years was rebuffed -
and sought a commitment from the banks to finance new
investment in Venezuela.
The breakthrough in the Venezuelan talks, which have been
going on intermittently for several months, follows the
announcement earlier today of a 10.6 billion dlr debt
rescheduling pact between Chile and its bank advisory panel.
And last night Citibank said Mexico's financing package,
including a 7.7 billion dlr loan, will be signed on March 20.
While the sudden progress is to some extent coincidental,
bankers acknowledge a desire to chalk up some quick successes
after the shock of Brazil's unilateral interest suspension last
Friday. By striking swift deals, banks hope to reduce the
incentive for other debtors to emulate Brazil.
Reuter
|
UNITED PRESIDENTIAL CORP <UPCO> 4TH QTR NET | Shr 39 cts vs 50 cts
Net 1,545,160 vs 2,188,933
Revs 25.2 mln vs 19.5 mln
Year
Shr 1.53 dlrs vs 1.21 dlrs
Net 6,635,318 vs 5,050,044
Revs 92.2 mln vs 77.4 mln
NOTE: Results include adjustment of 848,600 dlrs or 20 cts
shr for 1986 year and both 1985 periods from improvement in
results of its universal life business than first estimated.
Reuter
|
TOWER REPORT DIMINISHES REAGAN'S HOPES OF REBOUND | The Tower Commission report, which
says President Reagan was ignorant about much of the Iran arms
deal, just about ends his prospects of regaining political
dominance in Washington, political analysts said.
"This is certification of incompetence," private political
analyst Stephen Hess told Reuters in commenting on the Tower
report made public today.
"It's as if he went before a professional licensing board
and was denied credentials."
In one of the most direct criticisms, board chairman John
Tower, a longtime Reagan supporter and former Republican
senator from Texas, told a press conference, "The president
clearly did not understand the nature of this operation."
The report, which lent credence to widespread opinion in
Washington that Reagan is not in full command of the
government, was particularly damaging because it was prepared
by a board of the Republican president's own choosing.
The three-member panel made up of Tower, former National
Security Adviser Brent Scowcroft and former Secretary of State
Edmund Muskie, does not carry the partisan taint of criticism
from a Congress controlled by the Democratic party.
"We're falling by our own hand," said one Republican
political strategist. "What can we say except 'we're sorry, we
won't do it again'?"
The strategist, who works for one of his party's top 1988
presidential contenders and asked not to be identified, said
the report was like "an anvil falling on us."
Hess, with the Brookings Institution public policy study
group, said the report is the final blow to Reagan's hopes of
regaining the upper hand he once had in dealings with Congress,
the press and the Washington bureaucracy.
The report may also undermine the standing of Defense
Secretary Caspar Weinberger and Secretary of State George
Shultz, who the report suggests were more interested in keeping
their own skirts clean than supporting the president.
"They protected the record as to their own positions on this
issue. They were not energetic in attempting to protect the
president from the consequences," it said.
White House chief of staff Donald Regan and former Central
Intelligence Agency Director William Casey also received strong
criticism, but the blows were expected in their cases.
Regan, expected to resign or be fired shortly, was savaged
for allegedly failing both to help Reagan conduct the Iran
initiative and to avoid "chaos" in the disclosure process.
Casey, who underwent surgery for removal of a cancerous
brain tumor in December, had already resigned for health
reasons last month.
"This is a story about people who came up somewhat short of
being heroes," Tower told reporters.
While Reagan retains considerable constitutional powers,
including command of the armed forces and the right to veto
legislation, analysts say it will be difficult for him to
retake control of the country's policy agenda -- particularly
with Congress controlled by the Democrats.
The crucial remaining question, they said, is whether the
man in the street will forsake Reagan over the affair.
Although his job approval rating has fallen as much as
twenty percentage points in some opinion polls since the arms
deal with Iran became public last November, his personal
popularity is still relatively high.
A Los Angeles Times poll released earlier this week showed
that just 37 pct of those surveyed thought Reagan was in
control of the government, but 55 pct still thought he was
doing a good job as president.
American Enterprise Institute analyst William Schneider, a
Democrat, says Reagan's loss of support among Washington power
brokers could be offset by continued backing of the public.
"In the past, he has been able to go around the power elite
by appealing directly to the public," Schneider said.
Reagan will again plead his case that way in a televised
address next week.
But one top Republican strategist warned against expecting
a dramatic turnaround.
"The White House has to avoid building expectations that
cannot be met," said the strategist, who requested anonymity.
"They have to recognize there is no quick fix."
Analysts also point out that Reagan's personal popularity
has not always translated into public backing for his policies.
They note he was dramatically rebuffed in last November's
elections when voters rejected his appeals and restored control
of the Senate to the Democrats.
Reuter
|
JANUARY HOUSING SALES DROP, REALTY GROUP SAYS | Sales of previously owned homes
dropped 14.5 pct in January to a seasonally adjusted annual
rate of 3.47 mln units, the National Association of Realtors
(NAR) said.
But the December rate of 4.06 mln units had been the
highest since the record 4.15 mln unit sales rate set in
November 1978, the group said.
"The drop in January is not surprising considering that a
significant portion of December's near-record pace was made up
of sellers seeking to get favorable capital gains treatment
under the old tax laws," said the NAR's John Tuccillo.
Reuter
|
ASSETS OF MONEY MARKET MUTUAL FUNDS ROSE 720.4 MLN DLRS IN LATEST WEEK
| |
U.S. TAX WRITERS SEEK ESTATE TAX CURBS, RAISING 6.7 BILLION DLRS THRU 1991
| |
SENATORS INTRODUCE EXPORT LICENSING REFORM BILL | Sens. Alan Cranston (D-Cal.) and
Daniel Evans (R-Wash.) said they introduced export licensing
reform legislation that could save U.S. companies hundreds of
thousands of dollars annually.
"Our emphasis is two-fold: Decontrol and de-license items
where such actions will not endanger our national security, and
eliminate the Department of Defense's de facto veto authority
over the licensing process," Cranston said.
"Our reforms should reduce licensing requirements by 65 to
70 pct," he told reporters. "I am convinced that a more
rational...licensing process will boost exports."
U.S. export controls are intended to deny Eastern bloc
countries access to technology that could further their
military capabilities.
"By refocusing our control resources on higher levels of
technology, technology that is truly critical, we will do a
better job of preventing diversion of critical technology to
our adversaries while promoting more exports," Cranston said.
"We cannot expect to continue to play a leading role in new
technology development in the future if we unduly restrict the
activities of U.S. firms in the world market-place," Evans told
reporters.
Reuter
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EXCELAN INC SETS INITIAL STOCK OFFER | Excelan Inc said it is making an
initial public offering of 2,129,300 shares of common stock at
12 dlrs per share.
Excelan said 1.6 mln of the shares are being sold by the
company and 529,300 shares are being sold by stockholders.
Excelan designs and manufactures computer-related products.
Reuter
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CCX NETWORK <CCXN> SECONDARY OFFERING UNDERWAY | CCX Network Inc said it was offering
220,838 shares of stock at 15.75 dlrs a share though
underwriters Stephens Inc and Cazenove Inc.
The company said it was selling the stock on behalf of some
shareholders, including those who recently received shares
in the company in exchange for their businesses.
The company said it was receiving no proceeds from the
offering.
Reuter
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