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DOLLAR STRAIGHT BONDS END LOWER, TEXACO UNTRADED

The dollar straight sector of the eurobond market ended lower after another nervous day's trading, with many operators keeping to the sidelines ahead of tomorrow's U.S. Trade figures for February, dealers said. Prices of longer dated issues ended 1/2 or 5/8 point lower, while short dates were 1/8 to 3/8 point easier. Bonds for Texaco Inc units hardly traded during the day following the weekend news that the company filed for Chapter 11 bankruptcy protection in another twist to its long running dispute with Pennzoil Co, dealers added. The Chapter 11 filing means that Texaco will not be paying interest on its eurobonds. Dealers in the straight bonds noted that the market in them had been basis only for some time prior to the weekend's news. "It wasn't a true market, someone asked you a price and you just gave them an idea," one said. However, the company's convertible bonds had been trading since the company's share price provided a benchmark to which dealers could establish a proper price level. The company has two actively traded convertibles outstanding, a 500 mln dlr bond due 1994 which pays 11-3/4 pct and a one billion dlr deal, also due 1994, paying 11-7/8 pct. Traders even disagreed about last week's closing levels for the convertible bonds, but a median appeared to be around 97 to 99 pct. Today, one trader said they were indicated initially at 65 to 70 pct before ending at some 79 83 pct. But he added, "That's only an idea. There's no real market today. I've dealt once during the day, I'm not going to say at what level." Other dealers were reluctant even to give an indication of the bonds' levels. Dealers said the market in all Texaco deals will almost certainly remain on an indicated, or negotiated, basis until the events of the weekend are further clarified. The primary market had a steady day, with the Australian dollar and the yen sectors again seeing the most activity, dealers said. Deutsche Bank Finance NV Curacao became the first of three issuers in the Australian dollar market during the morning with a 100 mln dlr bond due 1990 paying 14-1/8 pct and priced at 100-1/4 pct. The issue was lead managed by Deutsche Bank Capital Markets (DBCM) and guaranteed by Deutsche Bank itself. A DBCM official said the firm had placed 60 mln Australian dlrs of the issue itself and quoted the deal at less one less 7/8 pct, comfortably inside the 1-1/2 pct total fees. The State Bank of Victoria issued a 50 mln Australian dlr bond paying 14-1/2 pct over three years and priced at 101-3/8 pct. Commerzbank AG was sole manager for the deal, which was offered on one broker screen at less 1-1/2 pct. The day's other borrower in this sector was the New South Wales Treasury Corporation guaranteed by the crown-in-right of New South Wales. The five year bond pays 14-1/4 pct and was priced at 101-7/8 pct. Lead manager was County Natwest Capital Markets. It was quoted at less 1-7/8 less 1-3/4 pct, inside the two pct total fees. Secondary market Australian dlr bonds ended little changed on the day, with dealers saying that operators are awaiting the Australian trade figures for March. A deficit of some 800 mln to one billion dlrs was expected by one house active in the sector. Union Bank of Switzerland (Securities) Ltd lead managed a 15 billion yen bond for Union Bank of Switzerland NV. The five year deal pays 4-3/8 pct and features a put and call option at par after four years. Priced at 101-5/8 pct, the issue was quoted at less 1-1/4 pct bid on the grey market compared with the total fees of 1-5/8 pct. Ente Nazionale per l'Energia Elettrica issued a 15 billion yen bond due 1994 at 4-3/4 pct and priced at 101-7/8 pct. The deal was quoted on the 1-7/8 pct total fees. Elsewhere, Alza Corp issued a 75 mln dlr convertible bond due 2002 through Merrill Lynch Capital Markets. The par priced issue has an indicated coupon of between 5-1/2 and 5-3/4 pct. REUTER 

BRAND COMPANIES <BRAN> SEES FIRST QUARTER LOSS

Brand Companies Inc said it expects to report a 1987 first quarter loss of 15 to 17 cts a share on revenues of 20 to 22 mln dlrs. In the 1986 first quarter, Brand reported earnings of 21 cts on revenues of 28.5 mln dlrs. No reason was given for the expected loss. Final quarterly results will be reported toward the end of the month or the beginning of May, a company spokesman said. Reuter 

CANADA POPULATION GROWTH SLOWEST IN 25 YEARS

Canada's population increased 4.2 pct to 25.4 mln between 1981 and 1986, the lowest growth rate in any five year period for the past 25 years, according to final census figures released by Statistics Canada. Lower immigration levels and a falling birth rate were behind the slower growth, the federal agency said. Canada's growth rate peaked at 9.7 pct in the 1961-1966 period. Ontario, the most populous province with 9,113,515, led the provinces with a 5.7 pct increase. Newfoundland trailed with a 0.1 pct rise to 159,917 people. Reuter 

TURKEY SEEN UNLIKELY TO JOIN EC THIS CENTURY

Turkey, which tomorrow will formally apply to join the European Community, faces major obstacles in its bid and is unlikely to become the bloc's 13th member before the year 2000, EC officials said. Turkey's move comes as no surprise, but some officials said the application from a relatively poor country with most of its territory in Asia rather than Europe was likely to spark a long process of soul-searching among the EC's current members about what kind of European Community they wanted in the long term. Officials echoed the view of diplomats in Ankara that Turkey's move put the EC in the dilemma of wanting to make clear it values Ankara as an ally in the NATO alliance, but sees huge problems in accepting it as a fellow EC member. They said industrialised Community members have tried to dissuade Turkey from making the long-discussed formal application until the EC had had more time to digest the accession of Spain and Portugal last year. Several also feel Ankara and the EC should first fully implement a 23-year-old association agreement between them before Turkey becomes a full member. Reuter 

U.S. FEBRUARY TRADE TO BE REPORTED ON NEW BASIS

The February monthly merchandise trade figures to be reported Tuesday by the Commerce Department will be on a new basis reflecting more recent data, so avoiding future revisions of the monthly figure, Commerce officials said. The overall January deficit of 14.8 billion dlrs will be revised, but the February figure will be a final one, officials said. Previously, the initial monthly figure has had to be revised in subsequent months because of the time lag between the report and the compiling of final estimates on imports and exports. The reporting of the February trade data was delayed several weeks to permit gathering latest figures on imports and exports to give a clearer picture of the monthly trade balance. Reuter 

FISCHER-WATTS, HORIZON GOLD <HRIZ.O> TEST MINE

<Fischer-Watts Gold Co Inc> said it and Horizon Gold Shares Inc have begun sampling their jointlyl-held Rich Hill Placer Prospect mine in Yavapai County, Arizona. The 60-day sampling program begins today and will consist of over 2,000 cubic yards of placer gravels taken from over 40 sample sites. Reuter 

GATT STAFF STRIKE OVER PAY AND PENSION LOSSES

Some 340 General Agreement on Tariffs and Trade (GATT) secretariat staff staged a half-day strike in protest against what they said was a sharp decline in salaries and pensions. The stoppage forced postponement until tomorrow of a scheduled meeting to check progress in a global round of negotiations to liberalise world commerce launched last September. Pickets at the entrance to the GATT offices said all but seven or eight staff members took part in the strike. REUTER 

EUROCAPITAL <EURO.O> SEEKS TO MARKET CONDOMS

Eurocapital Corp said its <Europharmaceutical Corp> affiliate has submitted four applications to the U.S. Food and Drug Administration for approval to market in the U.S. three condom products to be made by <Inkey SA> of Barcelona. The company said one is for approval to market a condom containing spermicide monoxynol-9, a second for the same condom without the spermicide and the third and fourth for marketing of a condom with a diffierent spermicide it did not identify that is said is effective in reducing the risk of sexual transmission of the AIDS virus. The company said the approval process on the last two applications may be lengthy. It also said it has increased its ownership of Europharmaceutical to 51 pct from 45 pct. It said Europharmaceutical's obligation to pay Inkey for exclusive distribution rights to all Inkey products has been cut to 500,000 dlrs from two mln dlrs and payment has been extended to 180 days after FDA approval to market any of the condom products from 30 days. It said Europharmaceutical is now obligated to pay Inkey two cts for each condom distributed and Inkey will ship to Europharmaceutical on open account. Reuter 

MARYLAND NATIONAL <MDNT> FILES TO OFFER NOTES

Maryland National Corp said it filed with the Securities and Exchange Commission a registration statement covering a 125 mln dlr issue of subordinated capital notes due 1999. Proceeds will be used for general corporate purposes, Maryland National said. The firm named Goldman, Sachs and Co and Merrill Lynch Capital Markets as managers of the offering. Reuter 

BOOTHE <BCMP.O> MAKES ACQUISITION

Boothe Financial Corp, a diversified holding company, said it has acquired the <Robert Half and Accountemps> franchises in New England, including four offices in Boston and Eastern Massachusetts and one office in Providence, R.I. Boothe said it previously announced the purchase of <Robert Half International Inc> the franchisor of the Robert Half and Accountemps offices in the U.S. The company said the aggregate purchase price it paid for Robert Half International and the franchises was about 59 mln dlrs. Reuter 

GATT STAFF STRIKE OVER PAY AND PENSION LOSSES

Some 340 General Agreement on Tariffs and Trade (GATT) secretariat staff staged a half-day strike in protest against what they said was a sharp decline in salaries and pensions. The stoppage forced postponement until tomorrow of a scheduled meeting to check progress in a global round of negotiations to liberalise world commerce launched last September. Pickets at the entrance to the GATT offices said all but seven or eight staff members took part in the strike. Reuter 

ATLANTIC FINANCIAL <ATLF.O> TO ACQUIRE S AND L

Atlantic Financial said it signed a definitive agreement to acquire <Centurion Savings and Loan Association>. Atlantic did not disclose the purchase price. Atlantic said it originally announced its intention to acquire Centurion, located in Los Angeles, on Feb 23, 1987. Centurion has assets of 105 mln dlrs, Atlantic said. Reuter 

GAF <GAF> SEEN RAISING BORG-WARNER <BOR> BID

GAF Corp, set on acquiring Borg-Warner Corp's valuable plastics business, is believed by analysts to be preparing an increased offer for the Chicago-based company. Yesterday, Borg-Warner said it agreed to be acquired for 4.23 billion dlrs by a company to be formed by Merrill Lynch Capital Partners. Merrill offered 48.50 dlrs cash per share for 89 pct of Borg-Warner's common stock, and a package of cash and securities for the balance. Borg-Warner stock rose 1-3/8 to 49-5/8. "I think it's (the stock price) telling us GAF is coming in with another bid," said one analyst, who values the company at 51 or 52 dlrs per share. GAF has offered 46 dlrs per share. It holds 19.9 pct of Borg-Warner's stock. "You're in a cat and mouse game on how you're going to up the price. Obviously, nobody wants to pay more than you have to. I think GAF is looking at the company the way we're looking at it - that it's worth more," Pershing and Co analyst Richard Henderson said. Henderson estimated it is worth abouth 55 dlrs per share. GAF has only said it was reviewing the situation. Merrill Lynch officials did not return phone calls. Analysts have said they believe GAF Chairman Samuel Heyman sought Borg-Warner because of its chemicals and plastics business. The rigid plastics are used in such things as telephones, computer terminals, and appliances. "Where the heck can you buy a world class chemical operation these days," said Henderson. "He's (Heyman's) got the bucks. He's a heavy hitter, and he does not like to get pushed around," said Henderson. GAF, a roofing and chemicals concern, attempted a takeover of the much larger Union Carbide Corp two years ago. While GAF did not win the company, it made a substantial gain on its investment in Carbide. Analysts said GAF already has a large profit built into its Borg-Warner holdings. They said even if GAF raises its offer and does not succeed, a higher bid from another company would give GAF millions of dollars in profits on its stock. "It's a win-win situation," said one analyst. One analyst speculated an offer from GAF would be forthcoming shortly. "I think we are finally down to the final paragraph in this book," he said. Borg-Warner's other businesses include automotive parts, protective services, which includes Wells Fargo security guards, and Chilton Corp, a credit rating service. Charles Rose, an Oppenheimer and Co analyst who follows GAF, said if GAF were to sell into the Merrill Lynch offer, it would realize about 125 mln dlrs net profit, or about 3.50 per share. "I think there's a probability he goes up in price," said Rose. Rose said, however, he could not really predict what Heyman would do. "Sam's a low-risk, high-return player." "Is he trying to build a major industrial chemical enterprise, or is he trying to be an investment bank," Rose said. Analysts said Borg-Warner's chemical business would add earnings momentum to GAF. "I worked out that paying as much as 50 dlrs per share would still be additive to GAF in time, if they sold off most of the non-chemical facilities," said John Henry of E.F. Hutton. Borg-Warner's chemical and plastics business provided 1986 operating profits of 153.3 mln dlrs on revenues of 1.04 billion dlrs. Total operating profits were 349.7 mln dlrs, and net earnings were 206.3 mln dlrs for 1986. "The Borg chemical business is great," said Rose, adding its only U.S. competitors are Monsanto Co <MCT> and Dow Chemical Co <DOW>. Reuter 

AMEX STARTS TRADING AMERICAN BUSINESSPHONES <AB>

The <American Stock Exchange> said it has started trading American Businessphones Inc's common shares, which had traded on the NASDAQ system. Reuter 

FOOTHILL GROUP <FGI> COMPLETES DEBT PLACEMENT

The Foothill Group Inc said its Foothill Captial Corp unit completed the placement of 23 mln dlrs in senior debt and 27 mln dlrs in senior subordinated debt. Goldman, Sachs and Co privately placed the debt with a group of institutional lenders, the company said. It said the senior debt will bear a 9.4 pct interest rate and the senior subordinated debt will bear 10.15 pct. Reuter 

OSICOM TECHNOLOGIES IN INITIAL PUBLIC OFFERING

<Osicom Technologies Inc> said it filed for an initial public offering of one million shares of common stock. Osicom said it filed the registration statement on April 10 with the Securities and Exchange Commission. Sherwood Securities Corp proposes to act as the managing underwriter for the offering, Osicom said. The company is a distributor of products used primarily to increase data storage capacity of microcomputers, it said. A spokeswoman for the company said she expects the stock to be traded on the Nasdaq exchange under the symbol <OSIC.O>. Reuter 

PERSONAL COMPUTER PRODUCTS <PCPI.O> PLACES DEBT

Personal Computer Products Inc said it completed a 4.2-mln-dlr, five pct convertible preferred stock issue to private investors. Net proceeds of about 3.8 mln dlrs will be used to expand marketing, sales and research and development efforts, to supplement working capital, and to repay the company's entire bank debt of about 650,000 dlrs. Reuter 

PUEBLO INTERNATIONAL INC <PII> SETS PAYOUT

Qtly div five cts vs five cts prior Pay June Two Record April 27 Reuter 

SWIFT <SFTPF> TO SELL SOUTH DAKOTA PORK PLANT

Swift Independent Packing Co said it agreed in principle to sell its Huron, South Dakota pork plant to Huron Dressed Beef, for undisclosed terms. Completion of the proposed transaction is subject to Huron's ability to hire an experienced work force at competitive rates, and receive government approval of the purchase and operation of the plant, Swift said. Reuter 

SIMMONS <SIMM.O> MARCH LOAD FACTOR DECLINES

Simmons Airlines Inc said its load factor for March declined to 42.2 pct from 46.1 pct a year earlier. It said revenue passenger miles increased to 16.5 mln from 12.7 mln, and available seat miles rose to 39.1 mln from 27.5 mln Year to date, Simmons said its load factor fell to 41.5 pct from 45 pct. It said revenue passenger miles rose to 45.8 mln from 36.3 mln, and available seat miles gained to 110.3 mln from 80.6 mln. Reuter 

<GEN TERM CORP> ACQUIRES PRIVATE FIRM

Gen Term Corp said it entered into escrow for the 5.2 mln dlr purchase of Lewis-Westco and Co, a privately-held bottler and distributor of wines and distilled spirits. Lewis-Westco had sales of more than 45 mln dlrs for its fiscal year ended June 30, Gen Term also said. Separately, Gen Term, which trades over-the-counter, said it plans to apply for NASDAQ listing after it completes the acquisition. Reuter 

<C AND R CLOTHIERS INC> JAN 31 YEAR NET

Shr 1.46 dlrs vs 66 cts Net 1,514,312 vs 714,670 Sales 62.1 mln vs 57.2 mln Reuter 

CCX NETWORK <CCXN> TO MAKE ACQUISITION

CCX Network Inc said it has entered into a letter of intent to acquire privately-held <Modern Mailers Inc> and its affiliate <AnWalt Inc> for about 3,200,000 dlrs in common stock. The company said Modern Mailers had revenues of 8,600,000 dlrs for the year ended October 31 and provides computer service, computer printing and lettershop facilities. Reuter 

MEDICAL IMAGING <MIKA.O> L.P. PLANS OFFER

Medical Imaging Centers of America Inc said Shared Imaging Partners L.P., a Delaware limited partnership, filed a registration statement with the Securities and Exchange Commission covering a planned offering of partnership units. SI Management Corp, a wholly-owned Medical Imaging subsidiary, is the general partner of Shared Imaging. The company said the partnership intends to offer between 7.5 mln dlrs and 18.5 mln dlrs of limited partnership interests at a price of 1,000 dlrs per unit. Reuter 

U.S. CORN EXPORTS SEEN WELL AHEAD OF LAST YEAR

Grain traders and analysts expect today's weekly U.S. corn export inspection figure to be well above last year, with wheat slightly better and soybeans about the same. Corn export inspection guesses ranged from 40.0 to 44.0 mln bushels for the week ended April 9, compared up 46.6 mln inspected a week earlier and 15.2 mln in the year-ago week. Soybean export estimates ranged from 12.0 to 15.0 mln bushels versus 10.8 mln exported last week and 13.2 mln last year. Export guesses for all wheat ranged from 16.0 to 20.0 mln bushels, compared with 16.4 mln last week and 11.2 mln last year. Reuter 

NWA <NWA> AIRLINE ADDS TRANSPACIFIC FLIGHT

NWA Inc said its Northwest Airlines unit will add a nonstop Detroit to Tokyo flight April 17. The new flight will operate three times a week until June one, when it will fly seven days a week. Reuter 

PERSONAL COMPUTER PRODUCTS <PCPI.O> EXPECTS LOSS

Personal Computer Products Inc said it expects to report a loss of about 195,000 dlrs in its third quarter ended March 31, compared to a year ago loss in the quarter of 169,000 dlrs. It said revenues in the quarter are expected to be about 1,200,000 dlrs, compared to 564,000 dlrs a year earlier. For the nine months ended March 31, Personal Computer expects a net loss of about 325,000 dlrs, compared to a loss of 584,000 dlrs the previous year. Revenues in the nine months are expected to be about 3,880,000 dlrs, compared to 1,828,000 a year ago. The company said it will report its earnings soon. Reuter 

FLEXIBLE <FLXX.O> IN GENERAL DYNAMICS <GD> ORDER

Flexible Computer Corp said it has received a 418,000 dlr order from General Dynamics Corp for a FLEX/32 multicomputer. Reuter 

<SCAN-GRAPHICS INC>IN MCDONNELL DOUGLAS<MD> PACT

Scan-Graphics Inc said it has received about 500,000 dlrs in orders for its new CF1000 Scanner and RAVE software, a document scanning and vectorizing system, from McDonnell Douglas Corp. Reuter 

GREAT NORTHERN NEKOOSA FIRST QTR SHR 1.59 DLRS VS 54 CTS

GANDER <GNDR.O> BUYS WESTERN WEAR RETAILER

Gander Mountain Inc said it acquired the privately held Western Ranchman Outfitters, a catalog and point-of-purchase retailer of western apparel based in Cheyenne, Wyo. It said Western Ranchman had sales for the year ended Jan 31, 1987 of about 2.2 mln dlrs. The purchase was made for an undisclosed amount of cast. Reuter 

PAULEY PETROLEUM <PP> NAMES NEWGARD PRESIDENT

Pauley Petroleum Inc said it appointed Mark Newgard president and chief operating officer. Newgard, 42, had been president of privately-held Edgington Oil Co. He succeeds William Pagen, Pauley's chairman, who had also been serving as president, the company said. Reuter 

GREAT NORTHERN NEKOOSA <GNN> 1ST QTR NET

Shr 1.59 dlrs vs 54 cts Net 43.3 mln vs 13.9 mln Revs 566.7 mln vs 487.8 mln Avg shrs 27.2 mln vs 25.9 mln NOTE: 1986 figures restated for adoption of financial accounting standards board statement 87 "employer's accounting for pensions." Net 1986 and 1987 includes 900,000 dlrs of investment tax credits in 1987, and 3.1 mln dlrs in 1986. Reuter 

AIRSHIP <AIRSY> GETS JAPANESE CONTRACT

Airship Industries Ltd said it has received a six mln stg contract from a Japanese advertising agency it did not name for a 12-month lease of one of its 600 Class airships equipped with a nightsign, with a 12-month renewal option. The company said the contract will start by October One and contribute significantly to profits. Reuter 

DIGILOG <DIOL> GETS BELLSOUTH <BSC> ORDERS

Digilog Inc said it has received 669,000 dlrs in orders from BellSouth Corp for network monitoring and management equipment that is to be delivered this month. Reuter 

TRACOR <TRR> GETS LOCKHEED <LK> CONTRACT

Tracor Inc said it has received a research contract worth over one mln dlrs from Lockheed Corp for the development of exploding foil initiated ordnance devices for the Exoatmospheric Reentry Interceptor Susbystem, or ERIS, Functional Technology Validation Interceptor Vehicle. Reuter 

BELL ATLANTIC <BEL> UNIT IN DISTRIBUTION DEAL

Bell Atlantic Corp's CompuShop subsidiary said it has been named an authorized reseller of Xerox Corp's <XRX> Xerox Ventura Publisher desktop publishing software for International Business Machines Corp's <IBM> XT and AT personal computers and compatibles. Reuter 

AMERICAN HEALTH PROPERTIES INC <AHE> 1ST QTR

Shr 18 cts Net 1,948,000 Revs 3,397,000 Note: Company began operating on February 20, 1987. Reuter 

WELLS FARGO AND CO 1ST QTR SHR 1.36 DLRS VS 1.13 DLRS

WORLD BANK PRESIDENT OPPOSES DEBT FORGIVENESS

World Bank President Barber Conable said he opposed forgiving developing countries' debt because the proposal, if adopted, would lead to a cutoff in lending to the indebted countries. "I think (debt) forgiveness will simply create an environment in which no more money will go into development and a lot of the world will be consigned to poverty and to instability indefinitely," he told ABC Television on Sunday. A number of bills have been introduced in Congress that would require commercial banks to forgive a least a portion of the debt owed them by cash-starved developing countries. "I think we've got to find ways of encouraging continuous improvement in policies, of wise use of money in short, rather than trying to turn everybody off," Conable said. Conable told ABC's "Business World" he supported Treasury Secretary James Baker's debt plan as an "andidote to debt." Baker has said the best way to reduce the developing countries' debt burden is to boost their growth rates through reformed domestic policies and increased commercial bank lending. Reuter 

CBT T-NOTE OPTIONS SET VOLUME RECORD

The Chicago Board of Trade, CBT, achieved record volume in trading of 10-year U.S. Treasury note futures-options April 10. Volume reached 38,402 contracts, up from the previous record of 16,349 contracts set April 9. Reuter 

IRAN SAYS IT ACHIEVED OBJECTIVE IN BASRA OFFENSIVE

Iran said it had achieved its objectives in heavy fighting against Iraq since launching an offensive near the southern Iraqi city of Basra last Tuesday. Baghdad said on Saturday its forces had routed the Iranians from the few footholds they initially gained. But an Iranian field commander said on Sunday the Iranians are now entrenched west of the Jasim River and the Fish canal, about 10 km east of Basra. The unnamed commander, quoted by the Iranian news agency IRNA, said foreign reporters could now visit Iranian strongholds in the region. REUTER 

ARGENTINA SAYS NEAR DEAL WITH CREDITOR BANKS

Argentine Treasury Secretary Mario Brodersohn said the country is near accord with creditor banks on refinancing about 30 billion dlrs of foreign debt. Brodersohn, in an interview from Washington with Argentine television, said Saturday the major obstacles to an agreement with creditor banks had been overcome. "Only details remain to be resolved," he said. Economy Minister Juan Sourrouille on Thursday in a speech at the IMF accused creditor banks of standing in the way of an accord by demanding conditions incompatible with Argentina's IMF standby program. Brodersohn said that since there "has been progress. I'd say that we are now working on the fine print of the agreement." Negotiations between Argentina and the banks have been stuck over differences on the question of capitalisation of the debt as well as on-lending programs. Argentina has resisted a renewal of on-lending programs and sought an agreement whereby creditor banks would invest a fresh dollar for every dollar of debt capitalised. Reuter 

ELECTION RESULT MAY DELAY JAPAN ECONOMIC STIMULUS

The ruling Liberal Democratic Party's (LDP) setback in Sunday's nationwide local elections may force the government to water down its controversial proposal for a five pct sales tax and undermine its commitment to stimulating the economy, private economists said. The LDP's failure to win seats in some crucial local constituencies will weaken the government's ability to push through its tax plan, and without a compromise tax proposal the budget for fiscal 1987/88 ending March 31 is unlikely to be passed soon, they said. Without the budget, the government would also be hard-pressed to come up with an effective package to stimulate the economy as pledged at Group of Seven meetings in Paris in late February and in Washington last week, they said. Opposition protests against the sales tax have stalled parliamentary debate on the budget for weeks and forced the government to enact a stop-gap 1987/88 budget that began early this month. "The LDP's election setback will have an enormous impact on the already faltering economy," said Johsen Takahashi, chief economist at Mitsubishi Research Institute. Takahashi said that behind the LDP's poor showing was public discontent with the government's high-handed push for tax reform and its lack of effective policies to cope with economic woes caused by the yen's appreciation. "This explains why the LDP failed to regain governorships in the most hotly contested constituencies of Fukuoka and Hokkaido, where the shipbuilding and steel industries are suffering heavily from the yen's extended rise," he said. Takahashi said the government should delay introduction of the sales tax for one or two years beyond its original starting date of January 1988 and implement tax cuts now. Reuter 

WELLS FARGO AND CO <WFC> 1ST QTR NET

Shr 1.36 dlrs vs 1.13 dlrs Net 78.3 mln vs 51.6 mln Avg shrs 53,698,000 vs 43,449,000 Loans 35.89 billion vs 24.66 billion Deposits 31.71 billion vs 19.64 billion Assets 43.98 billion vs 28.60 billion Reuter 

COMERICA INC <CMCA.O> 1ST QTR NET

Shr 1.78 dlrs vs 1.12 dlrs Shr diluted 1.72 dlrs vs 1.08 dlrs Net 20,029,000 vs 13,059,000 Avg shrs 10,598,481 vs 10,430,649 Loans 843.4 mln vs 727.5 mln Deposits 8.30 billion vs 7.82 billion Assets 9.89 billion vs 9.27 billion NOTE: Per-share results reflect payment of preferred dividends Reuter 

UNICLUB IN JOINT VENTURE

Uniclub Inc said it has agreed to form an equally-owned joint venture called Uniclub Marketing Inc with Goodway Marketing Inc. The company said Uniclub Marketing will use narrowcast cable television, including Goodway's Video Shopping Mall television shopping program, to sell Uniclub memberships, add new participating merchants and sell Uniclob licenses and franchises. The company said it expects the new program will give it enough cardholders, merchants and fee income to make Uniclub solidly profitable by year-end. Uniclub markets a consumer charge card that gives members a 15 pct reduction on monthly billing for all retail purchases. Reuter 

WORLD AIRWAYS <WOA> LAYS OFF 103 MORE EMPLOYEES

World Airways said it laid off an additional 103 employees in its contract maintenance operation at Oakland. Over the past five weeks, the company previously laid off 274 maintenance employees. The layoffs resulted from declines in current and projected maintenance work, which the company provides principally for other air carriers. World Airways said it cannot rule out additional layoffs, as it explores a range of alternative for its contract maintenance operation. Reuter 

CHAMPION PRODUCTS <CH> SETS PAY DATE FOR SPLIT

Champion Products Inc said the two-for-one stock split it declared February 26 will be payable April 24 to shareholders of record April One. Reuter 

SHULTZ BEGINS ARMS TALKS WITH SHEVARDNADZE

U.S. Secretary of State George Shultz was holding several hours of talks with Soviet Foreign Minister Eduard Shevardnadze today in pursuit of the first superpower arms control agreement in nearly a decade. Shultz, accompanied by a panoply of senior advisers and technical experts, went directly into a closed-door meeting with Shevardnadze and the Soviet delegation after arriving in Moscow from Helsinki aboard a U.S. Air Force jet. State Department spokesman Charles Redman told reporters traveling with the secretary that as the crucial talks got under way, U.S. Arms control advisers were instructed not to discuss the substance of the American proposals with the press. It has been reported previously that some of the proposals -- such as those dealing with President Ronald Reagan's "Star Wars" space shield against enemy missiles -- represent a hardening of the U.S. Position. Nevertheless, U.S. Officials have been optimistic about the possibility of progress on arms control during the talks, which are scheduled to end Wednesday. Reagan, who is believed to want an agreement before he leaves office in 1989, said last week that a breakthrough on an accord eliminating intermediate-range missiles (INF) in Europe was a distinct possibility. Reuter 

SPEARHEAD INDUSTRIES INC <SPRH.O> 3RD QTR NET

Periods ended Feb 28 Shr 22 cts vs 30 cts Net 549,000 vs 747,000 Sales 8.4 mln vs nine mln Avg shrs 2,550,784 vs 2,468,964 Nine mths Shr 69 cts vs 63 cts Net 1,749,000 vs 1,554,000 Sales 23.6 mln vs 21.3 mln Avg shrs 2,543,711 vs 2,453,520 Reuter 

AMEX STARTS TRADING LAWRENCE INSURANCE <LWR>

The <American Stock Exchange> said it has started trading the common stock of Lawrence Insurance Group Inc, which went public today. Reuter 

GUY F. ATKINSON CO <ATKN.O> UNIT WINS CONTRACT

Guy F. Atkinson Co said its Guy F. Atkinson Construction Co won a multi-million-dlr contract to construct a station for the Metro Rail Project in Los Angeles. Construction on the proposed station wil begin this month, with completion scheduled for February, 1990. Reuter 

KDI CORP <KDI> 1ST QTR MARCH 31

Shr 18 cts vs six cts Net 1.7 mln vs 610,000 Revs 68.7 mln vs 63.5 mln Reuter 

RJ NABISCO'S <RJR> UNIT SELLS CIGAR BUSINESS

RJR Nabisco Inc's RJ Reynolds Tobacco USA unit said it reached a definitive agreement to sell Winchester Little Cigar Business to Tobacco Exporters International USA Ltd of Atlanta, the U.S. subsidiary of Rothman's International PLC. Terms were not disclosed. Last week, RJ Reynolds announced the sale of four smoking tobacco brands. These brands and Winchester represent less than one pct of Rj Reynolds Tobacco USA's total sales, which were 4.7 billion dlrs in 1986. Reynolds said the sale is expected to be completed on April 24. The company said it planned to concentrate its resources on the manufacture and sale of cigarettes. Reynolds said that Winchester, introduced in 1971, was a dominant brand in the little cigar market. Reuter 

(CORRECTED)-CRAZY EDDIE <CRZY> EXECUTIVE OFF BOARD

Crazy Eddie Inc said executive vice president Sam Antar, who turns 66 soon, has resigned from its board and has been replaced by William H. Saltzman, vice president and general counsel of Sun/DIC Acquisition Corp. The company said Antar remains an executive vice president. Corrects to delete references to Antar being chief financial officer and a member of the Office of the President. Reuter 

GUINNESS PEAT ORDERS CFM ENGINES FOR AIRBUS A320

<GPA Airbus 320 Ltd>, an affiliate of Irish aircraft leasing company <GPA Group Ltd>, a Guinness Peat <GNSP.L> subsidiary, said it had placed a 320 mln dlr order with Franco-U.S. Group <CFM International> to supply the engines for the 25 Airbus A320 it has on order. A spokeswoman said the final choice was between the CFM56-5 engine and the V2500 being developed by the five-nation International Aero Engine consortium. CFM is a joint company of U.S. General Electric Co <GE> and France's <SNECMA>. She said GPA had not decided which engine should power the 25 further A320 aircraft on which it has an option. GPA Airbus 320 chairman Peter Swift said in a statement, "We received innovative and attractive proposals from both manufacturers. We are confident our choice will prove attractive to the many airlines which will be leasing our A320 fleet as it is delivered from 1990 onwards.." GPA Airbus 320 is a joint venture company, owned half by GPA Group with <Canadian International Airlines> holding a 25 pct stake, Airbus Industrie <AINP.PA> a 17.5 stake and Banque Paribas holding a 7.5 pct share. The company, based in Shannon, Ireland, is managed by GPA Group. Reuter 

FIRMS ASK EXEMPTIONS FROM JAPANESE TARIFFS

Nearly 50 manufacturers and trade groups asked the Reagan Administration for exclusions from the tariffs it is to impose on Japanese exports Friday. Several police agencies also told a special screening panel they wanted a Japanese-made fingerprinting system to be excluded because it was vital for crime-fighting. Another 25 firms are to testify tomorrow. President Reagan announced the tariffs on March 27 to retaliate for Japan's failure to honor an agreement to stop dumping semiconductors in world markets outside the United States at below cost and to open its own market to U.S. goods. U.S. semiconductor makers had complained they were being injured by Japan's unfair trade practices. The tariffs of 100 pct - up from about five pct - are to be applied to 300 mln dlrs worth of Japanese exports including power tools, television sets, computer parts and audio equipment, in addition to the fingerprinting equipment. Reagan issued a list of several dozen products that could be subject to the tariffs, and businessmen, lobbyists and others asked for the exclusions in the two days of public testimony that began today at the Commerce Department. He said "action should be taken in such a manner that efforts to help the semiconductor industry do not inflict extensive economic damage on the highly successful information technology industry." A spokesman for Amdahl Corp <AMH>, a computer maker, said it would be hit hard by tariffs on Fujitsu Ltd equipment because Fujitsu was its only supplier of key electronic components. Makita U.S.A., Inc, a maker of hand-held electric power tools, said if tariffs were imposed on its goods it would have to close its U.S. manufacturing operation in Buford, Ga., and layoff its entire U.S. workforce of 600 people. The U.S. Trade Representative's Office, which is conducting the hearings, said the products to be assessed the higher tariffs will be made public on Thursday or Friday. It said it would base its judgment on the impact of the tariffs on the companies hit as well as on the buying public. Some of the tariffs would double the price of imports. Law officers from California, Illinois, Alaska and elsewhere said they relied on NEC Corp of Japan's advanced fingerprinting system and asked it be exempt from the new tariffs. Fred Wynbrandt, representing the California attorney general's office, said the tariffs would double California state and local costs for fingerprinting operations. Many of those testifying backed the idea of retaliatory tariffs but not on some goods that would hit their business. Vico Henriques, president of the Computer and Business Equipment Manufacturers Association, called for exemptions for components that U.S. firms bought in Japan and for goods made in Japan under a U.S. license or by a joint venture. more 

CENTRAL BANKERS HOLDS REGULAR BIS MONTHLY MEETING

Leading central bank governors held their routine monthly meeting at the Bank for International Settlements (BIS) here today, monetary sources said. There was no indication of subjects discussed. No statements were planned. Reuter 

DIGITAL EQUIPMENT <DEC> TO REDEEM DEBENTURES

Digital Equipment Corp said it will redeem on May 14 all 75 mln dlrs of its outstanding 9-3/8 pct sinking fund debentures of 2000. It will buy back the debentures at 1,052.86 dlrs for each 1,000 dlr principal amount, including interest, Digital said. The firm will redeem the debentures with funds generated from operations. Its capital structure will be strengthened and interest expense reduced as a result, the company noted. Reuter 

SOFTWARE SERVICES OF AMERICA INC <SSOA.O> NET

3rd qtr Feb 28 Shr profit 14 cts vs loss four cts Net profit 311,994 vs loss 66,858 Revs 2,229,273 vs 645,753 Nine mths Shr profit 51 cts vs profit two cts Net profit 1,126,673 vs profit 42,718 Revs 7,277,340 vs 1,378,372 Reuter 

TECHNOLOGY/COMPETITION FOR SATELLITE

Some of the United States' largest aerospace firms are competing with some of the world's most powerful nations for a chance to cash in on the coming commercialization of space. The newest space race is for contracts to launch privately owned satellites into orbit - a business expected to be worth two billion to five billion dlrs annually in a few years. The growing opportunities to make money in space will be highlighted this month when the U.S. National Oceanic Atmospheric Administration seeks lucrative commercial bids to lauch future weather satellites, ending its long-standing dependence on the National Aeronautics and Space Administration. Companies and countries with established satellite launching operations may also get a jump on eventually providing other space-based services, particularly if the proposed international manned space station is launched as planned in the early 1990s. The 12 billion dlr space station, first proposed by President Reagan in 1984, could require as many as 16 cargo deliveries a year, many delivered by private firms. The partners in the space station are currently slated to be Canada, Japan, and the 13-nation European Space Agency, the latter two of which also have or are developing their own commercial space programs. Until the Challenger explosion in January 1986, NASA had a virtual lock on the world's commercial space cargo. But after a re-evaluation of the shuttle program, President Reagan declared last August that future U.S. shuttle flights will no longer carry commercial payloads. The administration's decision left Arianespace, a French-led European consortium, the only option available to satellite owners and the concern quickly sold out all its planned flights through 1989. The company also raised its prices, from 30,000 dlrs a launch to 50,000 dlrs, but even the larger price tag did not dampen demand. Arianespace sighned 18 new contracts last year, compared with 11 in 1985. Those kind of tariffs have caused even non-capitalist countries to try and get a piece of the action. China, the Soviet Union and Japan have all announced satellite launch programs and several U.S. firms, including McDonnell Douglas Corp, General Dynamics Corp and Martin Marietta promised to spend mlns of dollars over the next three years to develop their own satellite launch capabilities. There will be some tremendous pent-up demand for satellite launches by then, analysts said. Without Challenger, there were only three satellite launches last year, 15 fewer than in 1985 and the lowest since 1980, when only two were sent up. Ariane expects to launch from six to eight satellites a year for the next three years, about 75 pct of the world's satellite launches during that period. McDonnell Douglas scored the biggest coup of the U.S. firms in January when it won a 734 mln dlr U.S. Air Force pact for up to 20 unmanned rockets to launch military satellites. The contract is expected to underwrite the company's efforts to build rockets for private satellite launches. Martin Marietta, however, was the first U.S. company to sign up a client, Federal Express Co. Marietta plans to launch an ExpressStar communications satellite in 1989. Marietta said it will also build a version of its Titan rockets used by the Air Force to other private companies that want to get into the satellite launch buisiness. Arianespace director Charles Bigot said the U.S. companies will probably become the European firm's biggest competitors for satellite launching. He does not expect the national space programs to become commercially viable until the late 1990s. Japan has expanded its space program, launching 38 government-owned satellites in the last 16 years. But most of them were small and it was only in February it launched its first satellite that circles the earth over the poles. Japan also has yet to design and build its own rockets. The satellite launched in February was placed in orbit by a McDonnell Douglas-designed Delta rocket assembled by the Japanese under license. Tsugo Tadakawa, director of the Washington office of Japan's National Space Development Agency (NASDA), said Japan plans to launch seven of its H-1 rockets, an American Japanese hybrid that replaces the Delta, through 1991. Its much larger sucessor, the H-II, should be ready by 1992, he said. NASDA's annual budget is only about 800 mln dlrs, Tadakawa said, about 10 pct the size of NASA's yearly spending. Still, NASDA is free from private competition at home and has the full support of the government, since aerospace was chosen by the Ministry of Trade and Information as one of the country's new industries for the next decade. Surprisingly, the People's Republic of China, a relative newcomer to aerospace, is so far the most successful competitor to Ariane. The country's Great Wall Industry Corp is the only national program besides the European consortium to win a private satellite contract. It will launch a Westar communications satellite for New-York based Terasat in 1988. Reuter 

GANDER MOUNTAIN <GNDR.O> BUYS WESTERN WEAR FIRM

Gander Mountain Inc said it acquired privately held Western Ranchman Outfitters, a Cheyenne, Wyo., retailer and catalog seller of western apparel. Terms were not disclosed. Western Ranchman had sales of about 2.2 mln dlrs for the year ended Jan 31, 1987, the company said. Gander Mountain sells brand name hunting, fishing and outdoor gear through catalogs. Reuter 

EC MEAT DIRECTIVE DEADLINE SEEN FLEXIBLE

U.S. officials said they held out little hope the European Community, EC, would withdraw a controversial meat inspection requirement, due to go into effect April 30 and which U.S. meat producers claim will cut off their exports. But the officials said they expect the EC to allow U.S. plants to continue shipping meat through the end of the year provided they submit a plant improvement program with the U.S. Agriculture Department. The EC's so-called Third Country Meat Directive will require foreign meat processing plants to comply fully with EC inspection standards beginning April 30. The U.S. meat industry has prepared a petition requesting the Reagan administration to retaliate against the EC rule. At issue are U.S. meat exports to the EC valued at 132 mln dlrs in 1985. The EC rule would require all U.S. plants to make changes in their inspection methods, ranging from veterinary staffing to use of wood. Last December, the EC determined that only one U.S. cattle, one hog and one sheep slaughtering facility could be approved without further review. USDA would have to certify that the plants had corrected the deficiencies. All remaining plants with a history or potential of shipping to the EC -- totaling nearly 400 -- would require more significant changes in plant constructions or procedures before further EC review. Robert Hibbert, general counsel for the American Meat Institute, said the meat industry expected to submit a formal trade retaliation petition by April 30. An interagency committee is reviewing the industry's draft petition. An official at the U.S. Trade Representative's Office said U.S. officials continued to press the EC to withdraw the rule, but that "the chances of that are not too good at this time." However, there is the "expectation" in U.S. government and meat industry circles that the EC will continue to allow shipments, at least through the end of the calendar year, from U.S. plants that submit to USDA a plan on how they will bring their operations into conformity with the EC regulation, the USTR official said. Reuter 

U.S. BANKS LIKELY TO LIFT PRIME RATES AGAIN SOON

Major U.S. banks may lift prime lending rates again within days due to recent increases in their borrowing costs and speculation the Federal Reserve is nudging up interest rates to help the dollar, economists said. In what was the first prime rate boost since mid-1984, most banks in early April lifted their rates a quarter point to 7-3/4 pct, citing a reduced gap between the prime and their own cost of money. That spread has narrowed again. "A prime rate increase could happen as soon as tonight," said Robert Brusca of Nikko Securities Co International Inc. Brusca said a quarter-point prime rate rise to eight pct is justified because the spread between banks' cost of funds and the prime rate has narrowed to less than three quarters of a percentage point. He said that spread had averaged around 1.4 percentage points since last October until it fell below one point and triggered the April prime rate rise at most banks. "We could easily have another prime rate increase as soon as this week," said David Jones of Aubrey G. Lanston and Co. "We've got a fairly good chance of a prime rate rise in the near future," said Allan Leslie of Discount Corp. "Based on the spread between the prime rate and funding costs, you would ordinarily see a prime rate increase now," said Harold Nathan, economist at Wells Fargo Bank. However, he said banks may be reluctant to lift the prime because that would dampen already fairly weak business loan demand and because some are not sure the Fed will maintain recent upward pressure on money market interest rates. Nathan believes the Fed has let market pressures lift short-term rates in recent days to help the ailing dollar. He said "if there is widespread belief money market rates will stay high, a prime rate rise could occur at any time." Fed officials have long expressed concern that too steep a dollar drop could help rekindle U.S. inflation. As the dollar fell to a 40-year low against the yen Friday, currency traders said the Fed and other central banks supported the dollar. In addition to buying dollars outright, another way to stabilize the U.S. currency would be for the Fed to push U.S. interest rates higher relative to overseas rates. Based particularly on the Fed's reserve management actions on Friday and today, Nathan of Wells Fargo said "it has become clear that the Fed is not fully resisting upward rate pressure in the market. It is supplying fewer reserves than are needed." Bank funding costs and other short and long-term interest rates rose sharply Friday and today on heightened speculation that the Fed is gently firming monetary policy. That was because the Fed supplied far fewer reserves in the market than most economists had expected. On Friday, the Fed added reserves indirectly and in small amounts via one billion dlrs of customer repurchase agreements with the Federal funds rate at which banks lend to one another high at 6-5/16 pct. With funds trading even higher at 6-1/2 pct today, the Fed arranged only a slightly larger 1.5 billion dlr round of customer repurchase agreements. "The Fed's actions on Friday and today show that it is offering only token resistance to upward funds rate pressures," said Jones of Lanston. "The Fed is focusing its policy attention mainly on the need to defend the dollar," Jones said. He believes it is merely shading policy toward restraint now, "but to have a major impact on the dollar, the Fed will have to tighten policy overtly at some point." Jones expects the Fed to foster higher market rates by becoming more restrictive in supplying reserves and, within four to six weeks, to raise its discount rate from 5-1/2 pct. Jones said a U.S. discount rate increase to six pct might well be accompanied by West German and Japanese rate cuts to further aid the dollar. Given likely Fed policy firming, he said both the yield on 30-year Treasury bonds (about 8.30 pct now) and the prime rate may be at 8-1/2 pct at end-June and nine pct by year's end. "The jury is still out on whether the Fed is tightening policy to defend the dollar," said Leslie of Discount Corp. He said tax-date pressures have been pushing up Fed funds lately. Leslie said Fed actions and reserve data once these pressures abate will show whether or not it is firming policy. Reuter 

BANKAMERICA <BAC> SETS NEW BANKING SERVICE

BankAmerica Corp said it has introduced an electronic information and transaction service for small businesses in California. The bank holding company said the service, called Business Connection, allows customers to use personal computers to transefer money between accounts, check account balances in Bank of America business checking, savings and credit card accounts, and to call up checking account statements. The service also allows businesses to use electronic mail to stop payments on checks, access commercial credit lines for advancements and repayments, and to pay bills. Reuter 

U.S. OFFICIALS SAY NO PROGRESS ON JAPAN DISPUTE

White House officials said no progress had been made in talks with Japan on a dispute on Japanese microchip sales. President Reagan's National Security Adviser Frank Carlucci told reporters "it looks like a very difficult situation at this point." The Reagan administration is due to slap 100 pct tariffs on a range of Japanese products on Friday in retaliation for Japan's alleged failure to honor an agreement to stop dumping semiconductors in world markets outside the U.S. and failure to open its own market to U.S. goods. White House chief of staff Howard Baker said that talks with the Japanese had failed to provide any reason to prevent the publication of a proclamation on Friday putting the new duties in effect. "I assume that there will be a proclamation on Friday," Baker said. Carlucci said that the evidence of Japanese microchip dumping at below production costs in third countries had been fairly conclusive. He said that in U.S.-Japanese talks that concluded last Friday, Japanese officials presented statistics to show that Japan had made its market more open to American products. "Our statistics do not confirm this, indeed they tend to go in the other direction," Carlucci said. Baker and Carlucci appeared before White House reporters as Reagan enjoyed a vacation at his mountaintop ranch near Santa Barbara. Reuter 

HEALTH AND REHABILITATION <HRP> SETS FIRST DIVI

Health and Rehabilitation Properties Trust said it declared its initial dividend of 55 cts per share for the quarter ending March 31, 1987. The dividend is payable May 20 to shareholders of record April 20, 1987, it said. The dividend includes five cts attributable to the period between Dec 23 and 31, 1986, and 50 cts attributable to the first quarter of 1987, ending March 31, 1987. Reuter 

UTAH POWER AND LIGHT CO <UTP> 1ST QTR NET

Shr 46 cts vs 58 cts Net 29.0 mln vs 37.9 mln Revs 251.2 mln vs 254.2 mln Avg shrs 57.9 mln vs 56.0 mln 12 mths Shr 1.36 dlrs vs 2.37 dlrs Net 93.7 mln vs 152.3 mln Revs 981.9 mln vs 1.03 billion Avg shrs 57.2 mln vs 55.3 mln NOTE: 1987 12 mth net includes 43.7 mln dlr charge due to December 1986 provision for coal mining operations refund. Reuter 

ERICSSON <ERICY.O> TO BUY REST OF SPANISH UNIT

L.M. Ericsson of Sweden said it agreed in principle to buy the 49 pct of Intelsa, its Spanish unit, that it does not already own from <Telefonica>, Spain's telecommunications administration. Terms of the agreement were not disclosed. Ericsson said Intelsa, which controls about 40 pct of the Spanish telephone switch market, has 2,400 employees and annual sales of 800 mln crowns, or 117 mln dlrs. "The purchase will not affect the close working relationship between Telefonica and Intelsa," Ericsson said. Reuter 

ITS DEVELOPS INTERACTIVE VIDEO SYSTEMS

<ITS Inc> said it has completed development of two interactive video systems for <Mass Mutual Insurance Co> under a two mln dlr development agreement. ITS said the systems are integrated, interactive marketing and training programs designed for the insurance industry. Reuter 

INSITUFORM <IGLSF.O> RAISES WARRANT EXERCISE PRICE

Insituform Group Ltd said the exercise price of its publicly-held warrants will increase 38 cts to 2.76 dlrs per share on April 25 and will increase 38 cts on each succeeding April 25 until their April 25, 1990 expiration. Reuter 

PICTEL CORP <PCTL.O> CHANGES NAME

PicTel Corp said it has changed its name to PictureTel Corp, effective immediately. It said Pacific Telesis Grouyp <PAC> had threatened legal action if it did not cease the use of the name PicTel, alleging that it conflicted with Telesis' trademark PACTEL. The company said Telesis will reimburse it for some expenses of the name change, which was approved by shareholders at the annual meeting last week. Reuter 

COMPUTRAC <LLB> SEES LOWER FIRST QUARTER NET

CompuTrac Inc said it expects first quarter earnings to be down 50 to 60 pct from a year ago. In last year's first quarter ended April 30, CompuTrac earned 379,000 dlrs on revenues of 2.4 mln dlrs. The company said sales commitments on hand are about 50 pct above those of a year ago, but system sales revenues are recognized at shipment, and only 30 to 40 pct of sales commitments in hand will ship during the period. It said its outlook for the year remains unchanged. Reuter 

DATAPOINT <DPT> NAMES NEW EXECUTIVES

Datapoint Corp said it named John Novak to the newly-created position of senior vice president of operations, and John Peter as chief financial officer. Peter replaces Stewart Paperin, who also held the treasurer's post, the company said. Datapoint named Stephen Baum as its treasurer and vice president of financial planning. Also named to vice president positions were George Beason, of customer sales and development, who replaced Charles McCoy. Gordon Cardigan, of communications, and Charles Temple, of human resources and corporate administration, filled vacancies, the company said. Novak was formerly vice president and general manager of manufacturing and support operations, the company said. Peter was vice president and corporate controller, it added. Reuter 

<HITECH ENGINEERING CO> WINS JUDGMENT

Hitech Engineering Co said it won litigation brought against it by Coldwell Banker Commercial Services Group, a unit of Sears, Roebuck and Co <S>. In the lawsuit, tried in U.S. District Court for the Eastern District of Virginia, Coldwell had claimed that Hitech improperly canceled a lease for additional office space and sought damages of 350,000 dlrs. The company said the plaintiff has the right to appeal but that no appeal has been filed to date. Hitech's legal counsel is confident that the verdict will not be overturned, it added. Reuter 

NOVA <NVA.A.TO> NOT PLANNING DOME <DMP> BID

Nova, an Alberta Corp, chief executive Robert Blair expressed hope that Dome Petroleum Ltd <DMP> remains under Canadian ownership, but added that his company plans no bid of its own for debt-troubled Dome. "We've no plan to bid," Blair told reporters after a speech to a business group, although he stressed that Nova and 57 pct-owned Husky Oil Ltd <HYO> were interested in Dome's extensive Western Canadian energy holdings. "But being interested can sometimes be different from making a bid," Blair said. TransCanada PipeLines Ltd <TRP> yesterday bid 4.30 billion dlrs for Dome, but Dome said it was discontinuing talks with TransCanada and was considering a proposal from another company and was also talking with another possible buyer, both rumored to be offshore. Asked by reporters if Dome should remain in Canadian hands, Blair replied, "Yes. I think that we still need to be building as much Canadian position in this industry as we can and I think it would be best if Dome ends up in the hands of Canadian management." He said he did not know who other possible bidders were. Blair said that any move to put Dome's financial house in order "will remove one of the general problems of attitude that have hung over Western Canadian industry." He added, however, that the energy industry still faced "a couple of tough, tough additional years." Asked about Nova's 1987 prospects, Blair predicted that Nova's net profit would rise this year to more than 150 mln dlrs from last year's net profit of 100.2 mln dlrs due to improved product prices and continued cost-cutting. Reuter 

FEDERAL COURT DISMISSES FMC CORP'S INSIDER TRADING SUIT AGAINST IVAN BOESKY, COURT CLERK SAYS

DONALDSON LUFKIN JENRETTE SUED BY SWISS FIRM

<Associated Metals and Minerals Corp> said its Swiss subsidiary, <Metall und Rohstoff AG>, sued <Donaldson Lufkin and Jenrette Inc>, the New York investment bank, for 65 mln dlrs. The amount reflects the unsatisfied portion of a judgment issued in February by a London court against ACLI Metals (London) Ltd, a unit of DLJ, the company said. A London Commercial court found that a DLJ managing director and ACLI employees fraudulently misappropriated Metal und Rohstoff collateral in 1983 to cover deficits in aluminum trading accounts, it said. The court awarded 76 mln dlrs plus costs to Metall und Rohstoff, which received about 10 mln dlrs from ACLI. The new lawsuit alleges that DLJ management misappropriated collateral and also charges it with breach of trust and abuse of the legal process. In addition, Metall und Rohstoff has filed a petition in London seeking the compulsory involuntary bankruptcy of ACLI London. It is expected that a liquidator will be named shortly, Associated said. DLJ is owned by <Equitable Life Assurance Society of the U.S.> Reuter 

PIEDMONT AVIATION <PIE> FREIGHT TRAFFIC UP

Piedmont Aviation Inc said March cargo ton miles, includiung U.S. mail and air express services, were up 27.2 pct to 4,763,432 from 3,744,535. For the year to date, it said cargo ton miles were up 26.7 pct to 13.3 mln from 10.5 mln a year before. Reuter 

EXXON <XON> EXTENDS MID-GRADE UNLEADED MARKETING

Exxon Co U.S.A. said it is expanding marketing of its mid-grade unleaded gasoline along the U.S. East Coast. The Exxon Corp subsidiary said the changeover to the 89-octane unleaded fuel will begin late this month and early next in major markets in Virginia, Maryland, Florida, and the District of Columbia. The product was introduced in New York, New Jersey, Delaware, Connecticut, Rhode Island, Massachusetts, New Hampshire and the Philadelphia area late last year. Reuter 

FIBERCOM TO INSTALL FIBER-OPTIC DATA NETWORK

<FiberCom Inc> said it signed a contract with <Computer Connection A/S>, Mjoendalen, Norway, to install a data communications network based on fiber optics. Under terms of the 3.5 mln dlr agreement, the company said it will supply Computer Connection with 6,000 transceivers and its WhisperNet local area network, which employs the Ethernet standard. FiberCom said the network will connected 125 of Norway's largest banks. It said the network will be the largest fiber-optic based data network in the world. Reuter 

<FIRST MONTAUK SECURITIES> IN MERGER DEAL

First Montauk Securities Corp said it has reached a preliminary merger agreement with MCC-Presidential Inc. The company said MCC shareholders would have a 25 pct stake in the combined company and would receive a cash distribution of about 35 cts per share. Reuter 

BARNETT BANKS OF FLORIDA INC <BBF> 1ST QTR NET

Shr 82 cts vs 72 cts Net 44.6 mln vs 38.9 mln Avg shrs 54.3 mln vs 52.8 mln Reuter 

GOLDEN WEST FINANCIAL CORP <GDW> 1ST QTR NET

Shr 1.35 dlrs vs 1.53 dlrs Net 42,137,000 vs 47,792,000 Loans 10.26 billion vs 9.97 billion Deposits 7.65 billion vs 7.63 billion Assets 11.84 billion vs 12.00 billion Note: Current qtr figures include 3.3 mln dlr charge resulting from penalties for prepayment of FHLB borrowings. Reuter 

S/P KEEPS BORG-WARNER ON CREDITWATCH

Standard and Poor's Corp said it is keeping Borg-Warner Corp's 400 mln dlrs of debt on creditwatch with negative implications. Under review are the company's A-plus senior debt and A-1 commercial paper. S and P cited an offer by a Merrill Lynch and Co-backed investment group's offer to acquire Borg-Warner for 3.76 billion dlrs. The purchase would increase Borg-Warner's financial risk and impair its earnings and cash flow protection, resulting in a debt leverage rise to a very high level, S and P said. Reuter 

HONEYWELL INC <HON> 1ST QTR OPER NET

Oper shr 96 cts vs 79 cts Oper net 43.7 mln vs 36.4 mln Sales 1.48 billion vs 1.15 billion NOTE: 1987 sales includes operations of Sperry Aerospace. 1986 operating net excludes a charge from discontinued operations of 10.2 mln dlrs or 22 cts a share. Reuter 

WALL STREET STOCKS/BROWNING FERRIS <BFI>

The Environmental Protection Agency's five to 10 mln dlr suit against a Browning-Ferris Industries Inc <BFI> unit, CECOS International Inc, caused the stock to drop today, analysts said. The stock has fallen 2-1/4 to 56-1/8 so far today, after the news about the suit was released this morning. "It's potentially a big suit and investors feel that its not good to go against regulators," Kenneth Ch'u-K'ai Leung, a Smith Barney analyst said. "What investors are actually saying by selling off some BFI shares is the cloud over this industry is the threat that the EPA will get tough on waste management companies," Willard Brown, senior analyst for First Albany Corp. "Investors are saying to themselves that waste management companies have that kind of exposure to regulatory suits," Brown said. Brown said if the suit were settled for 10 mln dlrs it would have an impact on Browning Ferris earnings. Leung said, however, that Browning-Ferris has adequate cash reserves to cover the fine. "It would have no impact on earnings whatsoever," he said. Reuter 

HOMESTAKE <HM> MULLS BUYING ORE RESERVES

Homestake Mining Co is considering acquiring more gold ore reserves in addition to the company's exploration efforts, chief executive Harry Conger told Reuters in an interview. "We are looking at more options to acquire more reserves rather than just exploration," Conger said adding, "the move to consider acquisitions represents a change in the company's acquisitions policy." Conger said all of Homestake's current cash position of 120 mln dlrs would be available to acquire reserves. In addition, Homestake has two lines of credit totaling 150 mln dlrs which have not been drawn on today and could be used to finance an acquisition, he said. Conger said he anticipates 1987 exploration budget will be about the same as 1986 spending of 27.3 mln dlrs. Conger said exploration for precious metals may be slightly higher than last year's spending of 17.7 mln dlrs while oil and gas exploration spending will be slightly less than last year's 9.6 pct. Conger said he sees Homestake's 1987 gold production about the same as 1986 gold production of 669,594 ounces. However, 1987 first quarter production from its McLaughlin reserve will be about 10 pct lower than last year's 45,400 ounces due to start-up production problems. He said he believes gold prices will hold above the 400 U.S. dlr an ounce level for the rest of 1987. IN 1986, company earnings were based an average market price for gold of 368 dlrs an ounce. Conger said a three pct change in gold prices represents a 12 cts a share impact on earnings but he declined to give a specific forecast for 1987's first quarter, due to be released in 10 days, or for full year 1987 results. Reuter 

CHRONAR CORP <CRNR.O> YEAR LOSS

Shr loss 95 cts vs loss nine cts Net loss 6,882,497 vs loss 513,153 Revs 11.3 mln vs 10.0 mln Avg shrs 7,251,000 vs 6,017,000 NOTE: 1986 net includes 1,600,000 dlrs in increased provisions for uncollectible receivables from affiliates, lower recoverable value of inventories and writeoffs of capitalized costs on discontinued projects, 1,700,000 dlr provision for resolution of shareholder class action suit and gain 1,300,000 dlrs from repurchase of manufacturing equipment. Reuter 

EMPIRE <EMPA.TO> TO BUY SOBEYS <SYSA.TO> STOCK

Empire Co Ltd said it will acquire all shares of Sobeys Stores Ltd it does not already own under an arrangement approved by directors of both companies. Holders of Sobeys class A non-voting shares and class B common shares may elect to receive either 1.6 non-voting class A Empire shares or one non-voting class A Empire share and one-half of an eight pct redeemable retractable preferred share. The preferred share has a par value of 25 dlrs and is retractable at the holder's option on May 1, 1994. Reuter 

INTERNATIONAL RESEARCH <IRDV> 1ST QTR NET

Shr six cts vs three cts Net 152,360 vs 94,141 Revs 4,073,911 vs 4,116,333 NOTE: International Research and Development Corp is full name of company. Reuter 

BROOKLYN UNION'S <BU> UNIT TO EXPAND DRILLING

Brooklyn Union Gas Co's Brooklyn Union Exploration Co Inc unit said it entered a 200 mln dlr three-year gas and oil exploration and development venture with Smith Offshore Exploration Co. The agreement calls for drilling of 10 to 12 offshore wells per year, primarily in the Gulf of Mexico area off the Texas and Louisiana coasts and 30 to 40 onshore Texas and Louisiana Gulf Coast wells. Reuter 

MOODY'S MAY UPGRADE BELL ATLANTIC <BEL> UNIT

Moody's Investors Service Inc said it may upgrade 1.28 billion dlrs of debt of New Jersey Bell Telephone Co, a unit of Bell Atlantic Corp. The agency will evaluate New Jersey Bell's ability to sustain its improved financial performance, including interest coverage, capital structure and profitability. Moody's will also assess the likelihood of continued constructive regulatory treatment. New Jersey Bell currently carries Aa-1 debentures. Its Prime-1 commercial paper rating is not under review. Moody's also cited a strong New Jersey economy. Reuter 

CANADA PLANS THREE-PART, ONE BILLION DLR BOND ISSUE TUESDAY - OFFICIAL

COURT DISMISSES FMC <FMC> SUIT AGAINST BOESKY

FMC Corp's 225 mln dlr insider trading case against Wall Street arbitrageur Ivan Boesky was dismissed by a federal court, a court clerk said. Federal Judge Ann C. Williams, in an oral ruling, said FMC had not been harmed by trading in FMC stock by Boesky and other traders prior to FMC's two-billion dlr recapitalization last year. FMC had claimed insider trading by Boesky had forced it to increase the value of the recapitalization to 80 dlrs a share from 70 dlrs a share. FMC had charged that Boesky received confidential information about FMC's planned recapitalization from Dennis Levine, a former merger specialist with Drexel Burnham Lambert Inc. An FMC spokeswoman said in response to an inquiry that FMC might appeal the ruling, made in the U.S. District Court for the Northern District of Illinois, once a formal written decision is received. The written ruling is expected April 15. The spokeswoman said FMC might appeal alleged contract violations involved in the dispute. That part of the case, involving a contract between FMC and Goldman Sachs and Co, would be appealed to an Illinois state court, she said. Goldman Sachs was FMC's investment banker in its planned restructuring. A FMC spokeswoman said the contract was a standard contract under which Goldman Sachs advised FMC on the restructuring. "We are certainly taking a look at appealing" the ruling in Illinois state court, the FMC spokeswoman said in response to an inquiry. The suit claimed that Boesky bought 95,300 FMC shares between February 18 and February 21, 1986, selling those shares for a profit of 975,000 dlrs on February 21, the day FMC first said it was considering a recapitalization. Also, the suit said Boesky bought a further 1,922,000 FMC shares between March 12 and April four, acknowledging the purchase of a 7.5 pct stake in the company in a 13-D filing with the Securities and Exchange Commission on April seven. "We alleged his actions kept the stock price artificially high and put pressure on FMC to increase the terms of the recapitalization," the FMC spokeswoman said. The increase to 80 dlrs from 70 dlrs a share was announced April 26. Reuter 

(CORRECTED) - GOODYEAR <GT> TO SELL CELERON

Goodyear Tire and Rubber Co said it expects to sell its Celeron Corp oil and gas subsidiary for about two billion dlrs in about two months. After the company's annual meeting, Rober Mercer, Goodyear's chairman and chief executive officer, also said Goodyear expects to report a profit of more than one dlr a share from continuing operations in the first quarter. In the same year-ago period, Goodyear reported a loss of 59 cents a share from continuing operations. Mercer said about seven companies are interested in buying Celeron and they may form a consortium to buy the unit. Reuter 

INT'L RESEARCH/DEVELOPMENT <IRDV.O> 1ST QTR NET

Shr six cts vs three cts Net 152,360 vs 94,141 Revs 4,073,911 vs 4,116,333 Note: Full name is International Research and Development Corp. Reuter 

BANK OF NEW ENGLAND CORP 1ST QTR SHR 1.04 DLRS VS 83 CTS

HONEYWELL <HON> CITES COST CUTTING FOR GAIN

Honeywell Inc said a gain of 20.1 pct in its 1987 first quarter operating earnings was the result of cost cutting efforts which began last year. Honeywell reported 1987 first quarter operating earnings rose to 43.7 mln dlrs or 96 cts a share from 36.4 mln dlrs or 79 cts in the same period a year ago. Better operating results in each of the company's three sectors offset higher interest costs in the first quarter due to financing the December acquisition of Sperry Aerospace and the sharing of the Federal Systems subsidiary pre-tax profit with Honeywell Bull Inc, Honeywell said. "Our first quarter results show clear benefits of our restructuring," chairman Edson Spencer said. "All of our businesses are producing better results than last year, even though we do not see significant improvement in the external market environment," he said. Total orders in the first quarter were up substantially, with a sharp increase in aerospace and defense orders in addition to those of the new Sperry Aerospace group, it said. Domestic industrial automation and control orders were modestly higher than the same period in 1986, it said. Orders in Honeywell's home and building automation and control business were flat in the U.S. and up in international markets, it said. International orders increased, with the greatest strength in Europe, Honeywell said. The company said that by year-end 1987, it intends to complete the repurchase of 3.3 mln shares remaining of a five mln share buyback program which began in 1986. Reuter