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0acq | k mart km selling kresge to mccrory k mart corp said it agreed to sell most of the u s kresge and jupiter stores to mccrory corp a subsidiary of privately held rapid american corp it said the agreement covers stores in states including inventory and fixtures the price depends on the amount of the inventory that will be in the stores on the closing date k mart said it will continue to operate the stores until early june when mccrory will take over with no interruption of service the newly acquired kresge and jupiter stores will be renamed mccrory and mccrory currently operates stores in states reuter |
2earn | tandy tan rd quarter revenues up pct tandy corp said consolidated sales and operating revenues for the third quarter ended march totaled nearly mln dlrs up pct from mln dlrs last year the company said third quarter earnings will be released in the latter part of april tandy said march sales and oprating revenues totaled mln dlrs up pct from march s mln dlrs it said u s retail operations revenues rose to mln dlrs last month from mln dlrs a year earlier sales of u s stores in existence more than one year increased pct reuter |
2earn | philip morris mo up on recommendations the stock of philip morris cos rose today following recommendations by first boston corp and morgan stanley and co traders said philip morris gained to first boston s analyst was unavailable for comment morgan stanley s david hill said he just assumed coverage of philip morris and placed it on his recommended list becasue of its attractive earnings growth and because the stock is selling at a discount to the market based on morgan s figures hill expects morris to earn dlrs a share this year and dlrs in in morris earned dlrs a share reuter |
0acq | kleer vu industries to sell cosmetics unit kleer vu industries said the company s board authorized the sale of its neslemur co its cosmetic and toiletries company the company said it is evaluating two separate proposals and will complete the sale within days reuter |
0acq | memory protection mpdi completes acquisition memory protection devices inc said it completed its acquisition of the assets and liabilities of bogen a division of lear siegler for dlrs in cash under the newly structured company memory said it expects to report consolidated sales of mln dlrs to mln dlrs and should be profitable before allowing for extraordinary items related to the acquisition reuter |
0acq | du pont dd to sell cleveland plant du pont co said it agreed to sell its cleveland chemical plant the oldest site currently operated by the company to two employees terms were not disclosed closing is expected in the second quarter following approval of definitive agreements products made at the plant represent less than of one pct of du pont s annual sales it said quilon chrome complexes and volan bonding agents will be supplied by the plant to du pont under contract established in the plant was acquired by du pont in the plant no longer fits the company s long term strategy du pont said reuter |
4interest | spain raises call money rate to pct the bank of spain said it raised its rate for overnight call money to pct from pct with immediate effect at today s daily auction for assistance funds the move followed comments yesterday by central bank governor mariano rubio who said money supply growth was too fast the bank said later that it was leaving its rate for special assistance funds from its second window unchanged at pct surprising operators who had expected an increase there too reuter |
2earn | federal co fff rd qtr feb net shr dlr vs cts net mln vs revs mln vs mln avg shrs mln vs mln nine mths shr dlrs vs dlrs net mln vs mln revs billion vs mln avg shrs mln vs mln reuter |
2earn | flowers industries inc flo hikes payout qtly div cts vs cts prior pay may record april reuter |
2earn | fine art acquisitions ltd faaa th qtr net shr three cts vs three cts net vs sales vs avg shrs vs year shr cts vs cts net vs sales mln vs mln avg shrs vs note year net includes gain of dlrs or one cent a share from tax loss carryforward reuter |
0acq | gerber geb sets deadline for unit s buyout gerber products co said it has given management of its cwt inc trucking subsidiary days to pursue a leveraged buyout of the subsidiary it said cwt inc which has operations in the midwest and southeast has annual revenues of approximately mln dlrs reuter |
2earn | anchor financial corp st qtr net shr cts vs cts net vs assets mln vs mln deposits mln vs mln note earnings per share for affected by issuance of shares of common stock in december reuter |
2earn | tsr inc tsri rd qtr feb net shr seven cts vs four cts net vs revs vs nine mths shr cts vs cts net vs revs mln vs mln reuter |
0acq | time tl in talks on cable news consortium n j nicholas jr president and chief operating officer of time inc told security analysts the company is now engaged in talks to join a consortium of cable companies that will invest in cable news network nicholas declined to give any details but said an announcement might be ready in a few days he also declined to say whether the investment would be made by time inc or american television and communications corp a public company in which time owns a majority stake cable news network is owned by turner broadcasting system tbs reuter |
4interest | sallie mae adjusts short term discount note rates the student loan marketing association said its rates on short term discount notes were as follows maturity new rate old rate maturity days pct pct days days pct pct days days pct pct days days pct pct days pct days pct days reuter |
4interest | freddie mac adjusts short term discount rates the federal home loan mortgage corp adjusted the rates on its short term discount notes as follows maturity rate old rate maturity days pct pct days reuter |
2earn | maverick restaurant corp mavr th qtr loss ended jan shr loss cts vs loss one ct net loss vs loss revs vs year shr loss cts vs loss two cts net loss vs loss revs mln vs mln note current periods include charge of mln dlrs or cts for restaurant closings reuter |
2earn | graphic media inc gmed year net ended jan shr nine cts vs eight cts net vs revs mln vs mln avg shrs vs note restated reuter |
2earn | time tl earnings may be dlrs share time inc s chief financial officer thayer bigelow told security analysts the company is comfortable with wall street estimates that earnings will be in a range of dlrs to dlrs per share in time reported earnings of dlrs per share including a number of special items bigelow said in adjusting the results for the special items and also removing the earnings of american television and communications corp atcma time earned dlrs per share in turner broadcasting system inc said the investment by the cable consortium would be in turner broadcasting not directly in cnn the consortium would infuse up to mln dlrs in turner broadcasting in return for a pct equity interest ted turner chairman would retain a pct interest a turner broadcasting spokesman said bigelow said the company is continuing its previously announced mln share repurchase program and has bought back mln of its own shares he said shares were purchased in the first quarter of at an average price of dlrs per share bigelow said the company will always have a share buyback program in place whenever it believes it is a better long term investment than starting or acquring a business but he did not give any specifics on further repurchases beyond the mln shares already announced on the subject of acquisitions richard munro chairman and chief executive said the company is not interested in investing in over the air broadcasting but continues to look at all areas in which it is currently engaged munro said book publishing is an area that interested time in the company purchased scott and foresman its biggest acquisition ever n j nicholas president and chief operating officer said the company might be interested in a relatively small book business he said following the recent agreement for the sale of harper and row to the news corp ltd nws there may be pieces that murdoch doesn t want referring to news corp chairman rupert murdoch asked if the company s sami business is for sale munro said it is a delicate subject and we re looking at all the options sami is a marketing information service for the food industry published reports have stated it could be worth as much as mln dlrs bigelow said that time s home box office added subscribers last year and the trend is continuing in the first quarter of however he said hbo s results in the quarter will be down slightly but in the first quarter of there was a special gain in the hbo unit nicholas said that hbo and cinemax had combined subscriber growth of for last year he also said the tax rate in will remain at just under pct because of the repeal of investment tax credits and higher state and local taxes he said he sees a decrease in the tax rate in of five or six percentage points munro said the company does not plan to increase its dividend trygve myhren chairman and chief executive of american television and communications said the unit is looking at getting involved in the home shopping video area it would be foolish not to be a player there he said he said the company had talks with home shopping network inc hsn prior to that company s public offering last year but nothing came of the talks reuter |
4interest | fhlbb changes short term discount note rates the federal home loan bank board adjusted the rates on its short term discount notes as follows maturity new rate old rate maturity days pct pct days days pct pct days days pct pct days days pct pct days reuter |
6ship | agency reports ships waiting at panama canal the panama canal commission a u s government agency said in its daily operations report that there was a backlog of ships waiting to enter the canal early today over the next two days it expects due scheduled to transit end day backlog average waiting time tomorrow super tankers regular vessels north end hrs hrs south end hrs hrs reuter |
2earn | land s end inc leys votes initial payout land s end inc said its board declared a dividend of cts a share payable april record april it is the company s first dividend since it became a public entity last october reuter |
0acq | allwaste alws to acquire service firm allwaste inc said it agreed in principle to acquire all outstanding stock of a company in the industrial service business for mln dlrs in common stock it did not identify the company to be acquired reuter |
0acq | soo line soo to sell lake states division soo line corp said it agreed to sell its lake states transportation division to the newly formed wisconsin central ltd the division conducts rail operations over about miles of railroad in minnesota wisconsin michigan and illinois soo line said in january it was seeking bids for the property terms were withheld but soo has estimated that the transaction will result in a one time after tax loss of to mln dlrs reuter |
1crude | bp says no plans to close swedish refinery the british petroleum co plc bp l said it had no plans to close its refinery in gothenburg despite forecasts by a swedish finance ministry committee that it might be planning such a move the committee said the refinery s future looked bleak because the swedish petroleum industry s competitiveness was expected to worsen unless it invested and because of the effects of a possible tightening of rules on sulphur content but bp said the unit in which sweden s ok petroleum ab has a pct stake had performed well both technically and financially up to and including the first quarter of current restrictions on sulphur emissions and known future plans for both sweden and export markets did not cause it any serious problems it said in a statement the refinery started up in and has an annual capacity of mln tonnes reuter |
2earn | pope and talbot pop sees higher st qtr net pope and talbot inc said it expects first quarter earnings to total about one dlr per share compared with a year earlier loss of nine cts per share each of the company s business segments contributed to the sharp improvement pope and talbot said the wood products company also said it expects to release first quarter results later this month reuter |
0acq | stars to go star gets stores agreement stars to go inc said it completed its acquisition of video centers previously owned by cvs international inc and located in circle k corp ckp stores in conjunction with the acquistion circle k also granted it the exclusive right to install video cassette rental centers in all existing circle k stores as well as in future stores for a period of seven years stars to go said the company also said it currently has a total of centers in operation and expects to increase the total to by june reuter |
2earn | sterling drug inc sty increases payout qtrly div cts vs cts pay june record may note company said this is the largest dividend increase in years reuter |
0acq | warburg pincus declines to up symbion symb bid warburg pincus capital co l p an investment partnership said it told representatives of symbion inc it would not increase the dlr per share cash price it has offered for the company in a filing with the securities and exchange commission warburg pincus said one of its top executives rodman moorhead who is also a symbion director met april with symbion s financial advisor l f rothschild unterberg towbin inc in a discussion of the offer warburg pincus said moorhead told the meeting there are no plans to raise the dlr bid moorhead told the rothschild officials that warburg pincus considers the offered price to be a fair one warburg pincus said last month warburg pincus launched a tender offer to buy up to mln symbion common shares reuter |
0acq | california firm has five pct of modulaire modx pbs building systems of america inc an anaheim calif company told the securities and exchange commission it has acquired shares of modulaire industries or pct of the total outstanding common stock pbs whose subsidiaries design make sell and lease nonresidential relocatable modular buildings said it bought the stake for dlrs to acquire an equity interest in modulaire while it evaluates modulaire depending on several factors pbs said it may decide to buy additional modulaire common shares reuter |
0acq | boise cascade bcc completes sale of unit boise cascade corp said it completed the previously announced sale of its consumer packaging division to sonoco products co sono for approximately mln dlrs reuter |
2earn | kentucky central to declare stock dividend kentucky central life insurance co said the company said it will declare a pct stock dividend on monday accordingly it said it filed a registration statement with the securities and exchange commission for a proposed offering of three mln shares of its class a non voting common stock which reflects the anticipated dividend proceeds will be used for general purposes reuter |
0acq | allied signal ald to sell electronics unit allied signal inc said it agreed to sell its amphenol products unit to a subsidiary of lpl investments group lpli a wallingford conn investment company for mln dlrs cash closing is expected soon pending appropriate approvals the company said lpl indicated that at closing warrants will be sold which when exercised will reduce its stake in the subsidiary amphenol acquisition co to pct the company said lisle ill based amphenol had sales of about mln dlrs it makes brand name interconnection products lpl also said merrill lynch and co has committed to buy mln dlrs of subordinated and preferred debt in the new lpl unit according to allied signal canadian imperial bank of commerce has committed up to mln dlrs in senior debt financing it said allied signal said in december it was offering for sale amphenol and six other operating units in its electronics and instrumentation sector merrill lynch needham and co and lazard freres served as financial advisors it said reuter |
0acq | occidental oxy unit sells division occidental petroleum corp s occidental chemcial corp said it sold the process chemicals division it acquired as part of the september purchase of diamond shamrock chemicals to henkel kgaa of dusseldorf west germany terms were not disclosed the division makes specialty industrial chemicals it said later industry sources said the division which had worldwide sales of some mln dlrs last year was sold for just under mln dlrs reuter |
0acq | u k firm ups italy fund ita stake to pct lloyds investment managers ltd a london based investment firm said it raised it stake in italy fund to shares or pct of the total outstanding common stock from shares or pct in a filing with the securities and exchange commission lloyds said it bought the additional italy fund common shares since november for a total of mln dlrs another shares of the stake are held by an affiliate it said it said its dealings in italy fund stock are for investment purposes only and that it has no current plans to increase or decrease its current stake reuter |
0acq | investor has five pct of sage drilling sage arthur appleton a chicago investor told the securities and exchange commission he has acquired shares of sage drilling co inc or pct of the total outstanding common stock appleton said he bought the stock for dlrs for investment purposes depending on several circumstances appleton said he may buy more sage common shares or sell some or all of his current stake reuter |
0acq | cis technologies cih to sell shares to swiss co cis technologies inc said it executed a formal share purchase agreement with swiss reinsurance co of zurich switzerland under terms of the agreement swiss re will acquire mln newly issued cis stock at dlrs a share or mln dlrs this purchase represents pct of the outstanding shares swiss re will acuqire of the shares immediately and remaining shares will be bought after a due diligence report is completed by auditors the transaction is expected to be complete by june reuter |
2earn | copley properties inc cop increases dividend qtly div cts vs cts prior payable april record april reuter |
4interest | fhlbb says mortgage rates continue decline the federal home loan bank board said home mortgage rates fell from early february to early march to their lowest point in nine years but the rate of decline was slower than it had been in recent months the bank board said the average effective commitment rate for fixed rate mortgages for single family homes and a pct loan to price ratio with a maturity of at least years was pct in early march the rate was four basis points lower than a month ago only one eighth the size of decline in the previous month the bank board said rates for adjustable rate mortgages decline eight basis points from early february to pct in early march the bank board said the drop was far less than the basis point decline in the previous period the agency said the average effective interest rate on all loans closed by major mortgage lenders declined nine basis points from early february to early march the agency said the fall brought the rate to pct was the lowest since december it said the effective rate for arms was pct basis points below a month earlier for fixed rate loans it was pct basis points below a month earlier the agency said reuter |
0acq | beneficial bnl unit sale approved beneficial corp said the sale of its american centennial insurance co subsidiary to first delaware holdings inc was approved by the delaware insurance department under the transaction american centennial will receive a cash infusion of mln dlrs including the settlement of tax sharing agreements with beneficial corp beneficial said it will also receive mln dlrs from beneficial international insurance co another beneficial subsidiary being purchased by the management led group of first delaware the company said reuter |
2earn | itt canada ltd year net shr dlrs vs dlrs net mln vs mln revs mln vs mln note shr after preferred dividends itt corp itt owns pct of itt canada common shares reuter |
0acq | union to protest dart s supermarkets sgl bid the united food and commercial workers said that more than rank and file members of the union will demonstrate monday at dart group corp s headquarters protesting dart s proposed billion dlr takover of supermarkets general sgl supermarkets is best known for its pathmark chain of supermarket drug stores in the new york and new jersey area and also owns rickels home centers the union said that it is firmly against the dart bid because workers have always ended up with a raw deal in the current takeover mania a union statement said we do not intend to allow our members to pick up the tab for supermarket general s executives and the bankers or the dart group who stand to make millions dart is controlled by the haft family of washington which last year made a bid for california based safeway stores inc the hafts lost but walked away with at least mln dlrs in profits analysts estimate the union said that dart s safeway bid forced a major restructuring at safeway to pay the hafts and their lawyers and caused a loss of thousands of jobs reuter |
0acq | fcs laboratories fcsi terminates deal talks fcs laboratories inc said merger discussions with an unnamed privately held company in the health care field have ended without an agreement the previously announced negotiations began last august the company said it s disappointing to spend so much time on these negotiations and have them fail said fcs chairman nicholas gallo iii but the discussions could not produce a deal acceptable to our board in the context of the company s stronger financial position today as compared to six months ago gallo said fcs will stop actively seeking potential merger partners but will respond to serious inquiries we are determined to follow our plan to restore this company to profitability he said to continue actively searching for potential acquirers inherently forces us to postpone the implementation of critical decisions which are part of the plan the company which has common shares outstanding reaffirmed it expects to be profitable in the second half of the fiscal year ending september reuter |
4interest | white house says interest rates reflect market the white house said the rise in interest rates was unfortunate in a general sense but reflected market forces there s always movement up and down and the basic fact is that we believe the economy is strong and growing and there will always be fluctuations in the interest rate but the economy is sound and in good shape spokesman marlin fitzwater said citibank raised its prime rate by one quarter of a point and the move was followed by other banks reuter |
2earn | regal petroleum ltd rplo year shr loss nine cts net loss mln revs dlrs note due to change in fiscal year prior th qth and year cannot be presented on comparable basis loss includes writedowns approximating mln dlrs reuter |
2earn | canterbury press inc year nov shr cts vs cts net vs revs vs note net includes dlrs gain from tax credit and includes gain of dlrs gain from credit reuter |
2earn | graphic media inc gmed year shr nine cts vs cts net vs revs mln vs mln note restated for reversal of certain tax benefits and reflects preferred stock dividend requirements reuter |
2earn | richardson electronics rell rd qtr feb net shr cts vs cts net vs rev mln vs mln nine months shr cts vs cts net vs rev mln vs mln note fiscal per share data reflects dilutive effect of shares issued for april convertible debenture conversion company s full name is richarson electronics ltd reuter |
2earn | diversified human resrouces group hire year shr loss five cts vs profit cts net loss vs profit revs mln vs mln note includes extraordainy credit of cts reuter |
0acq | mid state mssl first federal in deal mid state federal savings and loan association said it and first federal savings and loan association of brooksville ffbv reached a definitive merger agreement as previously announced brooksville shareholders will get cash and stock in exchange for their shares the transaction is expected to be completed during the summer reuter |
0acq | memotec data completes teleglobe acquisition memotec data inc said it completed the previously announced mln dlr acquisition of teleglobe canada from the federal government memotec data said teleglobe which has provided canada s overseas telecommunications services since now becomes teleglobe canada inc a unit of memotec teleglobe president and chief executive jean claude delorme will continue in the same post the company said in addition to the sale price the government will receive teleglobe s accumulated cash of mln dlrs and a special mln dlr dividend making total proceeds mln dlrs reuter |
7trade | u s japanese open talks on semiconductors u s and japanese officials meet tomorrow to try to settle a dispute over semiconductor trade and to cut short the mln dlr penalty tariffs president reagan has ordered imposed on japanese exports but u s officials held out little hope that any accord could be reached before the tariffs of per cent up from about five per cent are to take effect on april the customs bureau last week started to levy a bond on the japanese goods that reagan ordered penalized the penalties would be retroactive to march reagan said on march when ordering the tariffs that he hoped the japanese would soon end their unfair practices in semiconductor trade and that sanctions could be lifted technical meetings are to be held today and tomorrow with meetings at a more senior level scheduled for thursday and friday public hearings on the sanctions are set for april the japanese aides here for the technical talks include shigeru muraoka director general of international trade policy of the ministry of international trade and industry miti and masashi yamamoto deputy director general of the information and machinery bureau meeting with them will glen fukushima director of the japan office of the u s trade representative s office and jim gradoville of trade representative s office of industry and services the two sides in the thursday and friday talks will be headed by deputy u s trade representative michael smith and miti vice minister makoto kuroda reuter |
0acq | ameron amn adopts shareholder rights plan ameron inc said its board adopted a rights plan designed to protect shareholders from potentially unfair takeover tactics the plan calls for distribution of one right for each of its outstanding common shares and each right entitles the holder to buy one one hundredth of a share of newly authorized series a junior participating cumulative preferred stock at an exercise price of dlrs ameron said it said the rights are exercisable if a group acquires pct or more of its common stock or announces a tender offer for pct or more of its shares reuter |
0acq | fcs laboratories fcsi ends merger talks fcs laboratories said its merger talks with another unidentified company in the health care field ended without agreement the talks began last august the company said the company also said it will no longer actively seek out potential merger partners but will respond to serious inquiries reuter |
7trade | uk minister looks to ease tension with japan the u k government hopes for a breakthrough on the deadlock with japan over trade policies during next week s visit to tokyo by corporate affairs minister michael howard political sources said howard who leaves for japan tomorrow told reuters he will try to promote understanding on trade issues during his visit meanwhile britain will re examine a letter from japanese prime minister yasuhiro nakasone promising personal help in solving the row over a u k firm s bid to win a significant role in japan s telecommunications market government sources said tensions have risen following britain s decision to arm itself early with new statutory powers which it says could be used against certain japanese financial institutions britain reacted optimistically at first to the letter from nakasone to prime minister margaret thatcher seeing it as a signal that he would work towards ensuring a satisfactory outcome to the bid launched by cable and wireless plc government officials said but this view has since been clouded by reports from tokyo that nakasone s assurances really constituted little more than politeness in the face of british anger they added reuter |
7trade | conable warns protectionism might spread world bank president barber conable expressed concern that trade protectionism at the heart of a new showdown between the united states and japan might spread throughout the industrial world but in an interview with reuters conable said the action by the united states to slap tariffs on certain electronic goods from japan did not mean the countries were heading for a full scale trade war conable said the world bank has been pressing developing countries to open their markets arguing that a free trading environment increased the possibility of global economic growth we have in fact been making adjustment loans to many countries in the developing world which have encouraged the opening of their markets and we want to be sure that the developed world doesn t close at the same time he said he said the u s action against japan was a significant retaliatory step but it did not constitute a basic change in trade policy the interview came just before next week s semi annual meetings of the bank and the international monetary fund referring to brazil s recent interest payments moratorium conable also said the global debt situation was very serious and must be closely watched he said the bank which in the past has concentrated on making loans that assist the basic underpinnings in the developing world such as dams roads and sewers will increasingly make assistance available for economic reform the bank has increased these loans in part because of the debt crisis that has found countries desperately in need of new funds for balance of payments adjustment and economic reforms aimed at opening their markets encouraging foreign investment and reducing government s role in the economy we re comfortable with adjustment lending we expect however that it will never reach a majority of our portfolio conable said he made clear however that adjustment lending would continue to increase as a proportion of overall bank lending for some time he noted the problem of debt was a severe one and many countries are asking for adjustment assistance because of the problem of debt conable is a a former republican congressman from new york chosen by president reagan for the bank position last year he is an associate of treasury secertary james baker who launched the u s strategy for shoring up indebted nations in october which included a call for increased adjustment lending by the world bank conable also said that he expected the result of a major study of the bank s organization to be completed in the next several weeks he said the decision to seek a reorganization was based in part on the fact that the bank had come under fire from the poorest countries for not doing enough to help and from the richest countries because of inefficiency the reorganization is considered a major initiative by conable and is being closely watched by the agency s member countries as an indication of his management style and priorities i want to be sure this institution is viewed by those who must support it as soundly constituted so that it will be permitted to grow conable said however he said i don t believe there is anything basically wrong with this institution and i don t believe it has to have any redefinition of its purpose he said however that it was apparent that the debt initiative proposed by baker has given the bank a central role in dealing with the debt crisis conable added that cooperation between the bank and its sister agency the international monetary fund was good and that he talked often with imf managing director michel camdessus on a variety of issues on a personal level conable said that he not feel a need to put his personal stamp on the bank noting that i don t have a particular mission here except to be useful to the institution and to the process of development he added so i don t feel a great calling to personalize the institution on the development needs of sub sahara africa conable said that the bank was constantly reviewing new ways for assisting the region noting that half of the recently agreed financing of billion dlrs for bank s international development association was earmarked for africa leading industrial nations are expected to consider new forms of debt relief for the very poorest nations like those in the sub sahara during next week s meetings reuter |
5money-fx | u s jobs data said to rule out fed tightening a steep drop in goods producing jobs detracted from u s march non farm payroll employment and makes it unlikely that the federal reserve will tighten monetary policy to defend the dollar economists said u s march non farm payroll employment rose less than the gain of to the financial markets expected manufacturing employment fell compared with february s gain while march construction employment dropped after being unchanged in february the momentum of industrial activity is tapering off as we end the first quarter said stephen roach of morgan stanley and co inc this sets the stage for more sluggish growth in the second and third quarters the fed will view this as a caution flag on the economy he said they will not ease as long the dollar is weak but clearly they can t tighten david wyss of data resources inc said that the downward revision in february non farm payroll employment to from means that employment gains in the first quarter were weaker than expected while wyss left his first quarter forecast of real u s gross national product growth at pct he said the march jobs data suggested a downward revision in his second quarter growth forecast to pct from pct bill sullivan of dean witter reynolds inc said the average monthly gain in non farm jobs in the first quarter was only compared with in the fourth quarter of there s momentum in first quarter labor force activity but less than assumed he said gains in goods producing jobs were subdued at best this rules out any possibilty of the fed tightening for exchange related purposes in march the average workweek fell back to its january level of hours from hours in february manufacturing hours also fell back to their january level totalling hours in march compared with hours in february the commerce department noted that loss of manufacturing jobs in march was concentrated in automobile electrical and electronic manufacturing robert brusca of nikko securities international said that a decline in auto manufacturing employment accounted for nearly half of the total drop in manufacturing jobs economists said that a build up in auto inventories resulting from a steep drop in sales has finally caught up with the labor force and may point to slower growth ahead most expect an increase in inventories of as much as five pct to offset a steep four to five pct drop in final sales in the first quarter gnp accounts roach said he expects first quarter u s gnp to rise two pct to be followed by a gain of pct at best in the second and third quarters he said the march drop in industrial activity is a reasonable response in light of the inordinate contribution inventory accumulation made to gnp economists said the employment data also suggest weak gains in industrial production and personal income for march they expect only marginal gains if not small declines for these indicators compared with a february increases of pct in industrial production and pct in personal income steve slifer of lehman government securities said the drop in march construction employment may also signal a drop in march housing starts which rose pct in february to million units at an annual rate from million units in january the rate of unemployment fell to pct its lowest level since march from pct in february but wyss pointed out that this resulted from a drop in the labor force which fell to mln in march from mln in february this just means that there were fewer people looking for work so the drop in unemployment doesn t mean much he said he said the latest employment report will not concern the fed because it does points to gnp growth in the first half of pct but it does suggest they can t afford to tighten to quickly either the statistical factors used to smooth out seasonal fluctuations in the jobs data may have understated march labor force gains just as seasonal factors probably overstated them in january and february slifer said but are consistent with his forecast of pct first quarter gnp growth economic growth remains sluggish but silfer does not think that the federal open market committee changed policy at their meeting this week at some point they will be more inclined to ease he said for the time being however the march employment report increases the likelihood they won t tighten regardless of the dollar reuter |
0acq | bristol myers bmy reviewing scimed merger scimed life systems inc smls said bristol myers co is analyzing the pending lawsuit brought against scimed by advanced cardiovascular systems inc to determine whether to consummate its previously announced plans to merge with scimed the company said its was served the suit in minneapolis on march the day after it announced its definitive merger agreement with bristol myers scimed said the suit which alleges that scimed infringed on advanced cardiovascular patents is without merit reuter |
2earn | us west usw hikes dividend qtly div cts vs cts prior pay may record april reuter |
0acq | bell petroleum bpsio regal to form plan bell petroleum services inc said it agreed to begin talks with regal international inc to form a plan of reorganization under which bell would become a subsidiary of regal the plan would be subject to bankruptcy court approval due to bell s status as a debtor in possesion under chapter the company s expect to file a plan by the end of may this agreement terminates litigation between the companies concerning previous attempts at a plan of reorganization bell is also free to continue talks with any third parties interested in an acquisition it said reuter |
2earn | healthvest hvt declares three week dividend healthvest said its board declared a dividend for the final three weeks of the march quarter of cts payable april to holders of recrod april previously it dclared a special interim dividend of cts for january to march in connection with its recently completed offering the combined dividend totals cts for the march quarter an increase from the prior quarter s dividend of cts reuter |
2earn | cpi corp cpic th qtr feb net shr cts vs cts net vs sales mln vs mln avg shrs vs year shr dlrs vs dlrs net vs sales mln vs mln avg shrs vs note year ago period ended feb full year earnings include gains from discontinued operations of dlrs or one ct a share vs dlrs or cts a share reuter |
3grain | adm grain elevator explodes in burlington iowa a grain elevator in burlington iowa exploded today leaving five injured the elevator operated by archer daniels midland co of decatur ill is a terminal elevator on the mississippi river doug snyder assistant to the vice president said the cause of the explosion and the extent of damage to the elevator was not immediatley known reuter |
3grain | u s grain carloadings fall in week u s grain carloadings totaled cars in the week ended march down pct from the previous week but pct above the corresponding week a year ago the association of american railroads reported grain mill product loadings in the week totalled cars up pct from the previous week and pct above the same week a year earlier the association said reuter |
0acq | sec clarifies position on tender offer changes the securities and exchange commission reminded corporate raiders and others tendering for the shares of companies that they must extend the period their offers are open if key conditions are changed specifically the agency said those making tender offers for companies stock must extend the offers if they decide to eliminate conditions requiring a minimum number of shares to be tendered in order for the offers to be valid tender offers typically include minimum share conditions as a result a purchaser would not be bound to buy the shares that were tendered if the minimum level were not reached in an interpretation of current rules which officials said clarifies the sec s present position the agency said a tender offer must be extended if a minimum share condition is waived even if the purchaser reserved the right to do so the interpretation makes clear that waiving a minimum share condition is a material change of the tender offer under u s securities law sec officials said the sec has already said that other specific material changes such as changes in the percentage of securities being sought or the price being offered made during the course of a tender offer require a day extension of the offer the length of the extension which is aimed at giving shareholders an adequate chance to assess revisions of a tender offer was not specified in cases where the minimum share conditions were waived sec officials said the length of the extension in such cases would depend on the facts and circumstances surrounding each case but would generally be between five and days the agency cited two recent tender offers in which waivers of a minimum share conditios were tried on the last day of each offer denying shareholders the chance to react to the new information officials declined to identify the two offers if a bidder makes a material change near or at the end of its offer it will have to extend the offer to permit adequate dissemination the sec said federal securities law requires that all tender offers remain open for at least business days reuter |
0acq | gencorp gy unit completes wor tv sale gencorp said its rko general inc subsidiary completed the sale of wor tv to mca inc mca for mln dlrs the federal communications commission approved the sale last december gencorp said the closing was delayed because that decision was appealed by four parties to the u s court of appeals gencorp explained wor tv is based in secaucus n j gencorp said earlier today general partners said it was prepared to raise its bid to dlrs per share or even more in its bid for gencorp reuter |
2earn | galileo electro optics corp gaeo nd qtr galileo electro optics corp said estimated earnings for the second quarter ended march will be over current analysts estimates of cts to cts per share however the company said it has not closed its books for the quarter and release earnings april reuter |
0acq | snyder soi makes cenergy crg exchange offer snyder oil partners l p told the securities and exchange commission it made an exchange offer to cenergy corp that would allow snyder to acquire up to pct of the company s common stock under the exchange offer which was proposed yesterday to cenergy s officers and directors each share of cenergy common stock could be exchanged for dlrs in market value of snyder s limited partnership units snyder said under the proposal snyder which already holds cenergy common shares or pct of the total could boost its cenergy stake to a total of pct it said snyder did not say whether it has received any response to its proposal from cenergy if it acquires the pct stake snyder said in its sec filing it would use the stock to obtain a proportionate beneficial interest in the company s assets and liabilities it said it has not decided its next move it the exchange proposal does not lead to negotiations with cenergy snyder said it may boost its stake or sell some or all of its current holdings it repeated a statement made in its initial sec filing last month that it is considering several alternatives including seeking control of cenergy reuter |
0acq | harleysville group hgic seeks to acquire firm harleysville group inc said it was in talks to acquire atlantic mutual fire insurance co a property and casualty insurer licensed in five southern states the company said it believes an acquisition could be completed by june subject to approval by regulatory and atlantic mutual policyholders harleysville plans to invest about four mln dlrs in the business if the deal is completed reuter |
0acq | kroger kr to buy eight food stores kroger co said it agreed to buy nine retail food stores from the dallas division of safeway stores inc which announced it was closing the store division as part of a restructuring terms were not disclosed kroger expects to take over operation of the stores one of which is under construction in late april the addition of the stores will bring kroger s dallas division to stores it said it operates more than stores in states reuter |
2earn | douglas computer international year net shr seven cts vs one ct net vs sales vs reuter |
2earn | medical sterilization inc msti year loss shr loss cts vs loss dlrs net loss vs loss revs vs reuter |
0acq | rvial to union carbide emerges in french bid carburos metalicos of spain has bid francs a share for french chemicals group duffour et igon rivalling the franc bid announced yesterday by union carbide france the french subsidiary of the u s chemical giant union carbide corp uk n the stockbrokers assocation csac said here duffour et igon s capital is comprised of shares with a nominal value of francs each shares were last quoted at francs on january banque paribas will act for carburos metalicos while union carbide france s bid is being led by rothschild et associes banque duffour et igon shares will be suspended on april and and will resume trading on april reuter |
1crude | brazil to buy bpd of kuwaiti oil brazil will import barrels per day of crude oil from kuwait a spokesman for the state oil company petrobras said he said that unlike saudi arabia kuwait did not impose any conditions on brazil last month petrobras cancelled a mln dlr oil purchase from saudi arabia after the saudis refused to accept credit guarantees from the official bank of brazil the saudis eventually lifted the condition and brazil decided to reconfirm the purchase brazil currently consumes mln barrels of oil per day reuter |
0acq | metromedia buys warrant for shares of orion metromedia co said it purchased from time inc s tl home box office inc a warrant to purchase shares of common stock of orion pictures corp opc the price for the warrant was mln dlrs metromedia said it added that it now owns pct of the outstanding common stock of orion reuter |
4interest | bank of montreal lowers credit card rate bank of montreal said it will reduce the interest rate it charges on outstanding mastercard balances to pct from pct beginning in july the bank said it will continue its policy of not charging any annual fee or transaction fees to credit card holders reuter |
2earn | enex resources corp enex th qtr loss shr not given net loss vs profit revs vs year shr loss one ct vs profit nine cts net loss vs profit revs vs reuter |
2earn | oshap technologies ltd oshuf year loss shr loss cts vs loss three cts net loss vs loss revs vs avg shrs vs note converted using dec exchange rate of belgian francs to the u s dlr reuter |
2earn | douglas computer international year end shr seven cts vs one ct net vs revs vs reuter |
1crude | canada oil industry set for recovery analysts firmer crude oil prices government aid packages and corporate spending cuts will help canada s oil industry recover from last year sharp downturn industry analysts said they said there will be significant earnings gains in compared to last year s dismal results when oil prices dropped about pct on canada s stock exchanges energy shares have soared to their highest levels since with many issues trading at record highs this is reflecting a tremendous amount of optimism on the part of the investment community that the outlook for the industry for the future is extremely attractive peters and co ltd oil analyst wilf gobert said financial statements from canada s major oil companies culminating with dome petroleum ltd s billion canadian dlr loss reported this week painted a bleak picture of last year s results analysts said but the financial statements are a snap shot and a recording of history the stock market is the indication of the future gobert commented the toronto stock exchange s oil and gas index of companies is up to so far in trading today from at the end of among canada s largest oil companies class a shares of imperial oil ltd imo a pct owned by exxon corp xon is trading at up from a week low of shell canada ltd pct owned by royal dutch shell group is at up from a low during the last year of texaco canada inc txc pct owned by texaco inc tx is at up from a low of levesque beaubien inc oil analyst robert plexman forecasts operating profit for of canada s largest oil and gas companies will rise pct in to about billion dlrs and operating cash flow will increase pct to billion dlrs based on an average oil price for the year of u s dlrs a barrel however if prices hold about u s dlrs a barrel net operating income could show a pct increase with cash flow pct higher analyst plexman said although it is difficult to forecast the extent of the profit improvement this year the gain should be significant he added those improvements follow a sharp downturn in when operating income for the ten companies dropped pct to billion dlrs and operating cash flow fell pct to billion dlrs but one industry source doesn t think oil prices will hold recent gains and more government assistance is needed canadian petroleum association technical director hans maciej sees industry cash flow falling another pct in after dipping about pct last year maciej said he sees crude oil supply outweighing demand and doesn t believe a recent opec production accord will continue to support prices however several companies share the optimistic industry outlook expressed by a majority of analysts shell canada and norcen energy resources ltd forecast improved earnings in their annual reports issued this week assuming oil prices remain at or above levels the industry s outlook for is positive but not robust texaco canada said in its annual report while oil prices have strengthened somewhat and there is good reason to believe that the general level is sustainable continued volatility is likely texaco canada added in the face of short term uncertainty many companies have pared spending plans from last year s lower levels deferring most frontier exploration work the industry is becoming very selective in investments very conservative and cautious which is not unexpected canadian petroleum association s maciej said federal and alberta goverment aid measures helped cushion the industry downturn in and are improving results the most significant help came last september when the federal government lifted the pct petroleum gas revenue tax pgrt months earlier then planned analysts estimate the tax relief will save larger oil companies about billion dlrs by the end of the pgrt cut helped brake the steep profit and cash flow decline in for many oil companies and prevented further exploration spending cuts analysts said for a number of companies the pgrt cut was absolutely necessary to even maintain the kind of reduced investments that were made otherwise the reduction would have been considerably more maciej said reuter |
2earn | jack winter inc jwi th qtr jan loss shr loss cts vs loss seven cts net loss vs loss revs mln vs mln mths shr loss cts vs profit cts net loss vs profit revs mln vs mln reuter |
2earn | planters corp pnbt st qtr net shr cts vs cts net vs reuter |
0acq | hutton efh still interested in purolator pcc e f hutton lbo inc is still interested in an acquisition of purolator courier corp and is examining the possibility of raising its dlr per share offer an e f hutton spokesman said hutton s offer was topped by a dlr per share offer from emery air freight corp eaf earlier this week we re definately not out of it at this point the hutton spokesman said we want to see what the offer is completely and understand it fully and then fashion our response the spokesman said after emery made its offer hutton extended the deadline on its offer to monday the offer was to have expired wednesday analysts said it might be difficult for hutton to raise the offer since emery an overnight courier might have an easier time justifying a lofty price since it would realize cost savings by combining its business with those of purolator purolator a new jersey based overnight courier has declined comment purolator had traded above the hutton offer price on speculation a new bidder would emerge it was up today at above the emery offer reuter |
2earn | dreyfus a bonds plus inc monthly payout mtly div cts vs cts prior paid april record march reuter |
2earn | scott instruments corp scti year loss shr loss cts vs loss cts net loss vs loss revs vs reuter |
2earn | scott instruments scti gets qualified audit scott instruments corp said its independent public accountants qualified the report on scott s financial statements because of its weak financial condition the report indicates the realization of the company s assets is dependent on it obtaining enough working capital to finance operations and additional funds to meet other liabilities among other things these factors indicate the company may be unable to continue its existence earlier scott reported a loss of mln dlrs compared to a loss of almost mln dlrs in total assets were nearly mln dlrs at year end down from mln dlrs the prior year reuter |
2earn | thoratec laboratories corp year loss shr loss dlrs vs loss dlrs net loss vs loss revs vs reuter |
0acq | bayou international gets stake in amalgamated bayou international ltd said it acquired pct of amalgamated equities ltd of australia for dlrs bayou is pct owned by australia wide industries ltd reuter |
2earn | network netw to take rd qtr charge network control corp said it intends to take a dlr charge against earnings for the third quarter ended march and said sales for the quarter would be about dlrs about pct below sales in the same year ago quarter network said it is taking the charge due to the significant increase in accounts receivable which remain uncollected for more than days after billing it said it ultimately will collect most of those accounts it attributed the sales decline to a transition period for its new products and a delay in a major order reuter |
1crude | petrobras sees raising export of fuel in brazil s state oil company petrobras is pledging to export mln cubic meters of fuel or mln barrels in a company spokesman said he said that represents a total sale worth mln dlrs the volume is pct higher over sales which totalled mln cubic meters or mln barrels the united states africa and latin american are brazil s main fuel buyers the spokesman said reuter |
4interest | baker repeats he hopes prime hike temporary treasury secretary james baker reiterated his hope that this week s rise in prime rates would be a temporary blip upwards i would hope that it would simply be a temporary blip upward as we ve seen in the past baker said in television interview with the cable news network the interview airs tomorrow but cnn released extracts from his remarks today baker also repeated his position that the reaction of financial markets to u s tariffs on japanese electronic goods showed the importance of the united states not going protectionist the markets were telling us be careful reuter |
2earn | e and b marine ebmi th qtr net edison n j april shr loss dlrs vs loss cts net loss vs loss revs mln vs mths shr loss cts vs gain cts net loss vs gain revs mln vs mln reuter |
0acq | iroquois brands ibl rebuffs lyon foods claims iroquois brands ltd said it has been sued by lyon food cos inc which is seeking mln dlrs in damages in connection with the april nine mln dlrs purchase of iroquois former specialty food products segment iroquois said that based upon the defenses it will assert it does not believe that any charge against income is required as a result of the claim reuter |
0acq | texas american txa banks to be merged texas american bancshares inc said three of its texas american banks will be merged into texas american bank galleria the corporation said the spring branch fonderen and gulfway texas american banks will become separate banking offices of tab galleria reuter |
2earn | biw cable systems inc biwc th qtr loss shr loss dlrs vs loss cts net loss vs loss revs vs mln year shr loss dlrs vs profit two cts net loss vs profit revs mln vs mln note current periods include mln dlr charge for possible obsolete inventory and provision of dlrs for consolidation of cable manufacturing plant reuter |
0acq | doe issues offer to buy alaska power unit the u s energy department issued a request for proposals to buy the snettisham hydroelectric project a major part of the alaska power administration it said invitations were sent to two alaskan electric utilities the city and borough of anchorage and the state of alaska it did not cite a possible purchase prices the requests were limited to alaskan entities because the purpose of privatization of the administration was to put the local utility into the hands of a local body the doe said it added that proposals are due back by august three the doe said it then had days to select a proposal that it would recommend to congress which then would vote the recommendation up or down proposals to buy the other major part of the alaska power administration the eklutna project was expected to be issued in early june it said reuter |
2earn | warehouse club wclb to take charge warehouse club inc said it expects to take a one time charge of about five mln dlrs on its june third quarter results from closing of two unprofitable chicago area units the company said it will continue to operate warehouses in illinois indiana michigan ohio and pennsylvania it added that it expects future operating results to be improved because of the closing of the two warehouses reuter |
0acq | sci scis buys fortune fsys computer assets fortune systems corp and sci systems inc said they signed a letter of intent covering the purchase of fortune s microcomputer business assets for an unspecified amount of cash fortune systems makes a desktop computer systems reuter |
2earn | cullen frost cfbi to omit dividend cullen frost bankers inc said it will defer paying a cash dividend for the next months due to the economic slump in the texas economy it previously paid a five cents a share dividend in recent quarters it also said its first quarter earnings ended march which it said it will release later this month will be similar to its fourth quarter earnings last year in the company reported a loss of dlrs or cts a share reuter |
0acq | investor group cuts rospatch rpch stake a group of new york investors said it lowered its stake in rospatch corp to shares or pct of the total outstanding common stock from shares or pct in a filing with the securities and exchange commission the group said it sold a net shares of rospatch common stock between february and march at prices ranging from to dlrs a share the group includes brookehill equities inc a brokerage firm and moore grossman and derose inc an investment advisor reuter |
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