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CHUBB CORP <CB> COMPLETES ACQUISITION
| The Chubb Corp said it completed the
previously-announced merger of its subsidiary with and into
Sovereign Corp <SOVR>, a life insurance holding company.
Under the terms of the merger, Sovereign stockholders
wil receive, in a tax free exchange, 0.1365 of a share of Chubb
common stock for each share o... | Financial Reports |
ENVOY ADVISES NAKASONE TO PREPARE FOR U.S. VISIT
| The Japanese ambassador to the U.S.
Suggested that Prime Minister Yasuhiro Nakasone make efforts to
present "advanced' proposals on trade issues when he visits
Washington next month.
Ambassador Nobuo Matsunaga made the recommendation at a
meeting with Nakasone, Kyodo News Service said.
Matsunaga a... | Industrial and Sector News |
LYNG HAS NO COMMENT ON WHEAT SUBSIDY TO SOVIETS
| U.S. Agriculture Secretary Richard
Lyng declined to confirm statements made today by a farm state
congressman that the United States will offer subsidized wheat
to the Soviet Union within the next 10 days to two weeks.
When asked to clarify comments by Rep. Pat Roberts of
Kansas that the administration ... | Financial Reports |
NEW HARDING GROUP SETS FIRST PAYOUT SINCE 1978
| <New Harding Group Inc>,
formerly Harding Carpets Ltd, said it declared its first
dividend since fiscal 1978 of 10 cts per subordinate voting
share and multiple voting share, pay April 15, record April 8.
The company said the dividend establishes a new policy for
the payment of quarterly dividends.
... | Financial Reports |
LAROCHE DROPS CONDITION TO NECO <NPT> OFFER
| Investor David F. Laroche said he has
decided to drop the condition to his tender offer for 170,000
shares of NECO Enterprises Inc at 26 dlrs each that at least
170,000 shares be tendered.
He said he has extended the expiration of the offer until
April 14.
Thorugh March 27, he said 45,696 NECO sha... | Corporate News |
CHEVRON <CHV>, NIPPON OIL FORM JOINT VENTURE
| Chevron Corp said its Chevron
U.S.A. Inc unit and Tokyo-based Nippon Oil Co Ltd agreed to
conduct a joint-venture oil exploration and development program
on selected Chevron leaseholds in the United States.
About 50 onshore and offshore exploratory wells will be
drilled under the agreement and Chevron w... | Commodities and Trade |
TELECAST <TCST> COMPLETES ACQUISITION FINANCING
| Telecast Inc said it closed on
the financing portion of its previously-announced acquisition
of approximately 14,600 hotel rooms from <Dynavision Inc>.
The three mln dlr financing package was provided by Sanwa
Business Credit Corp, a subsidiary of <Sanwa Bank Ltd> of
Japan, the company said.
| Financial Reports |
NEW GASOLINE GRADE TO RAISE U.S. REFINING COSTS
| A new grade of unleaded gasoline
now being test marketed will increase refining costs when
refiners can least afford it, according to officials attending
the National Petroleum Refiners Association conference here.
The new grade of unleaded gasoline has an octane level of
89 compared with over 90 for su... | Financial Reports |
CHARTER POWER SYSTEMS INC <CHP> 4TH QTR JAN 31
| Shr profit 18 cts vs loss 21 cts
Net profit 766,000 vs loss 510,000
Sales 32.4 mln vs 25.5 mln
Year
Shr profit 71 cts vs loss 23 cts
Net profit 2,337,000 vs loss 747,000
Sales 132.1 mln vs 119.6 mln
NOTE: Prior year results pro forma for acquisition of C and
D Power Systems... | Corporate News |
RENAULT <RENA.PA> YR ENDED DEC 31 1986
| Consolidated net loss 5.54 billion francs vs loss 10.93
billion.
Consolidated net turnover 131.06 billion francs vs 122.14
billion.
Consolidated debt 54.3 billion francs vs 61.9 billion.
Net loss car making 4.14 billion francs vs loss 10.99
billion.
Net loss industrial vehicles 990 mln v... | Corporate News |
TUNISIA TENDER EXPECTED FOR 100,000 TONNES WHEAT
| Tunisia is expected to tender shortly for
100,000 tonnes of soft wheat for shipment between April and
June, covered by COFACE export credits, trade sources said.
Over 300,000 tonnes of French soft wheat have been sold to
Tunisia since the beginning of the 1986/87 campaign, of which
225,000 to 250,000 to... | Corporate News |
PIZZA INN INC <PZA> 4TH QTR LOSS
| Shr loss 48 cts vs loss 35 cts
Net loss 1,587,000 vs loss 1,063,000
Revs 45.3 mln vs 50.9 mln
Avg shrs 3,322,032 vs 3,054,457
Year
Shr profit three cts vs loss 19 cts
Net profit 112,000 vs loss 587,000
Revs 211.2 mln vs 199.3 mln
Avg shrs 3,220,163 vs 3,038,361
NO... | Corporate News |
TREASURY'S BAKER SAYS U.S. REMAINS PREPARED TO FOSTER EXCHANGE RATE STABILITY
|
TREASURY'S BAKER SAYS U.S. REMAINS PREPARED TO FOSTER EXCHANGE RATE STABILITY
| Financial Reports |
ARVIN <ARV> SES FLAT 1ST QTR RESULTS
| Arvin Industries Inc said higher
interest costs from borrowings to make acquisitions will
produce earnings flat with last year's 59 cts a share results.
Arvin said it might earn 57 cts to 60 cts a share in the
quarter.
These results also reflect the seasonally low sales pattern
of automotive repla... | Financial Reports |
TREASURY'S BAKER SEES 15-20 BILLION DLR U.S. TRADE DEFICIT REDUCTION THIS YEAR
|
TREASURY'S BAKER SEES 15-20 BILLION DLR U.S. TRADE DEFICIT REDUCTION THIS YEAR
| Financial Reports |
TREASURY'S BAKER SAYS REAGAN UNLIKELY TO ALTER OPPOSITION TO OIL IMPORT FEE
|
TREASURY'S BAKER SAYS REAGAN UNLIKELY TO ALTER OPPOSITION TO OIL IMPORT FEE
| Financial Reports |
FED SETS 1.5 BILLION DLR CUSTOMER REPURCHASE, FED SAYS
|
FED SETS 1.5 BILLION DLR CUSTOMER REPURCHASE, FED SAYS
| Financial Reports |
CORTRONIC CORP <CTRN> YEAR LOSS
| Shr loss 23 cts vs loss 15 cts
Net loss 1,121,664 vs loss 640,862
Sales 37,485 vs nil
NOTE: Company in development stage.
| Corporate News |
FED ADDS RESERVES VIA CUSTOMER REPURCHASES
| The Federal Reserve entered the U.S.
Government securities market to arrange 1.5 billion dlrs of
customer repurchase agreements, a Fed spokesman said.
Dealers said Federal funds were trading at 6-3/8 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
| Other |
WINTER WEATHER HURTS EAST GERMAN GRAIN - USDA
| Shifts from mild to very cold
weather in East Germany damaged winter barley and late sown
winter wheat in central regions and barley north of Berlin, the
U.S. agricultural officer in East Berlin said.
In a field report, the officer said indications were that
winter kill might well be more than 100,000 h... | Financial Reports |
WATSO INC <WSOA> SETS REGULAR PAYOUTS
| Qtrly Class A div five cts vs five cts prior
Qtrly Class B div four cts vs four cts prior
Pay May 29
Record April 30
NOTE: company changed date for its annual shareholders'
meeting to June 24 from June 15 due to a scheduling conflict.
| Financial Reports |
EATERIES INC <EATS> YEAR NET
| Shr profit 10 cts vs loss two cts
Net profit 140,332 vs loss 21,290
Revs 4,202,305 vs 1,692,976
Avg shrs 1,400,945 vs 1,106,500
| Financial Reports |
3-MAR-1987 11:58:47.35
| 3-MAR-1987 11:58:47.35
| Financial Reports |
TREASURY'S BAKER SAYS U.S. BACKS STABILITY
| Treasury Secretary James Baker said
the United States and the five other industrialized nations
signing the recent Paris Accord remain committed to fostering
the exchange rate at around current levels.
But he declined to comment on what he believed to be an
appropriate level of the dollar in world marke... | Financial Reports |
MAY <MA> TO SELL SYCAMORE DIVISION
| The May Department Stores Co said it
has signed an agreement to sell its Sycamore Specialty Store
Division to an investment group that includes Syacmore senior
management.
May said it expects to close the deal, which includes the
entire division and its 1,000 employees, in April.
Sycamore has 111 ... | Financial Reports |
CPL REAL ESTATE <CNTRS> CUTS REGULAR PAYOUT
| Qtrly div 26 cts vs 27 cts prior
Payable April 27
Record April 10
NOTE: full name of company is cpl real estate trust
investment.
| Corporate News |
NATIONAL BANCSHARES <NBCT> TO HAVE GAIN ON SALE
| National Bancshares Corp of Texas
said it has completed the previously-announced sale of 90,000
credit card accounts of to Lomas and Nettleton Financial Corp
<LNF> for 45.6 mln dlrs, resulting in a gain of 5,800,000 dlrs.
| Other |
TRADERS EXPECT SHARP DROP IN U.S. CORN ACREAGE
| Grain trade analysts expect a sharp
drop in corn acreage, with most expecting a more modest decline
in soybeans, in the U.S. Agriculture Department, USDA,
plantings intentions report due out at 1500 est (2100 gmt).
The average trade guess for 1987 planted corn acreage was
66.06 mln acres, ranging from 6... | Other |
USDA'S AMSTUTZ CONFIDENT OF EC OILS TAX DEFEAT
| U.S. Agriculture Undersecretary
Daniel Amstutz said he was confident that a European Community,
EC, proposal to tax vegetable and marine oils and fats would
not be approved by the Community.
Asked by Reuters if he was confident the plan eventually
would be defeated, Amstutz said, "Yes, I am, but I also ... | Commodities and Trade |
CPL REAL ESTATE <CNTRS> SEES LOWER DIVIDENDS
| CPL Real Estate Trust
Investment said its regular quarterly dividend distribution
will be lower than its present 26 cts per share, and could be
significantly lower starting with the third quarter of 1987.
The company, which lowered the payout from 27 cts to 26 cts
this current quarter, said it did not k... | Financial Reports |
HANSON TRUST <HAN> SELLS UNIT
| Reichhold Chemicals Inc said
it is part of a group that has purchased PCR Inc from Hanson
Trust PLC's SCM Corp subsidiary.
It said other group members include Jacksonville, Fla.,
businessman Jack C. Demetree and managers of PCR.
Reichhold said it made a "modest" cash investment. PCR
makes high-pe... | Commodities and Trade |
AMERICAN RECREATION CENTERS INC <AMRC> 3RD QTR
| Shr 13 cts vs 17 cts
Net 553,000 vs 728,000
Revs 6.9 mln vs 7.5 mln
Nine months
Shr 17 cts vs 18 cts
Net 732,000 vs 776,000
Revs 18.5 mln vs 18.2 mln
NOTE:Share earnings reflect 5-for-4 stock split effective
July 31.
| Corporate News |
TREASURY'S BAKER SEES REAGAN OPPOSING OIL TAX
| Treasury Secretary James Baker told
the House Appropriations Committee that he believes the
president remains opposed to an oil import fee.
He said Reagan last year rejected the idea and he added:
"In my personal view he is not likely to change his thinking
on that."
He said Reagan last year o... | Corporate News |
FRENCH MARKET TALK OF SYRIAN WHEAT PURCHASES
| Syria may have bought 80,000 tonnes of
French soft wheat, some traders here said.
But others said it may instead have given payment
guarantees to allow for the shipping of an old contract to go
ahead.
Syria has bought around 320,000 tonnes of soft French wheat
since the beginning of the 1986/87 ca... | Corporate News |
TREASURY'S BAKER SEES SMALLER TRADE DEFICIT
| Treasury secretary James Baker
predicted the U.S. trade deficit would decline 15-20 billion
dlrs this year.
However, he acknowledged signs were still lacking on such a
decline.
"We think we are beginning to see changes," he told the House
Appropriations Committee.
"It has begun to level off ... | Commodities and Trade |
BANGEMANN CALLS FOR CURRENCY CALM
| West German Economics Minister Martin
Bangemann urged a halt to the talking down of the dollar by
both official and private institutions in the U.S., Saying calm
was needed on the foreign exchanges.
Speaking at the opening of the 40th Hanover Industry Fair,
Bangemann said radical changes in foreign exch... | Financial Reports |
NECO <NPT> BIDDER EXTENDS TENDER OFFER
| Investor David LaRoche said he has
extended his cash offer to buy 170,000 shares of NECO
Enterprises Inc at 26 dlrs each until April 14. The tender
offer was to have expired yesterday.
In a filing with the Securities and Exchange Commission,
LaRoche, a North Kingstown, R.I., investor who already holds
... | Financial Reports |
TREASURY'S BAKER PURSUING S. ASIAN REVALUATIONS
| Treasury Secretary James Baker told
the House Appropriations Committee the United States is still
pressing newly industrialized south Asian nations that have
tied their currencies to the dollar to let those currencies
strengthen against the dollar.
"We have seen some strengthening of those currencies (b... | Corporate News |
PIER 1 IMPORTS <PIR> AMENDING DATES ON SPLIT
| Pier 1 Imports Inc said it
amended its record and distribution dates for its previously-
announced three-for two common and 25 cts preferred stock
split.
The split common and 25 cts preferred shares will be
distributed on July 2, 1987, to shareholders of record June 24,
1987.
The stock split req... | Commodities and Trade |
INTERNATIONAL BIOTECHNOLOGIES <IBIO> 4TH QTR
| Shr loss 34 cts vs loss 14 cts
Net loss 798,000 vs loss 213,000
Revs 1.5 mln vs 1.5 mln
Year
Shr loss 61 cts vs loss 2.08 dlrs
Net loss 1.4 mln vs 1.0 mln
Revs 6.8 mln vs 6.0 mln
NOTE:1986 net loss includes non-recurring charges of
132,000 dlrs and 270,000 dlrs. Full name i... | Corporate News |
U.S. OFFICIALS DEFEND OIL RESERVE SALE PLAN
| Treasury Secretary James Baker and
Office of Management and Budget chief James Miller defended an
administration plan to sell the U.S. Naval Petroleum Reserves.
In response to hostile questioning from a member of the
House Appropriations Committee, the officials said the plan was
justified to help bring... | Financial Reports |
TRADERS CUT BAHIA TEMPORAO COCOA CROP ESTIMATE
| Trade estimates of the coming
May/September temporao harvest in Brazil's main cocoa growing
state of Bahia are now in the 1.5 mln to 2.0 mln 60-kilo bag
range against 2.0 mln to 2.5 mln two weeks ago.
Traders in the state capital Salvador told Reuters the
effects of a dry period in the first six weeks o... | Corporate News |
TREASURY'S BAKER NOT CONCERNED BY BOND DECLINES
| Treasury Secretary James Baker,
asked whether he was concerned about yesterdays precipitous
decline in bond prices, said he was not.
Questioned by reporters as he left a House committee
hearing, Baker said "no," when asked about the bond decline,
adding that it was a reflection of concern about the
po... | Market and Economy |
U.S.-JAPAN NOT IN TRADE WAR, YEUTTER SAYS
| The United States and Japan are not
involved in a trade war, despite U.S. sanctions announced last
week against Japanese semiconductors, U.S. Trade Representative
Clayton Yeutter said.
"In my judgement, we're not even close to a trade war,"
Yeutter told a House Agriculture Committee hearing.
Yeutt... | Corporate News |
CSCE ALTERS RULES ON TRADING LIMITS
| The Coffee, Sugar and Cocoa Exchange
amended regulations governing expanded trading limits on
coffee, cocoa and sugar contracts to provide uniformity.
Effective today, the exchange will permit normal daily
price limits in those commodities to expand whenever the first
two limited contract months move th... | Financial Reports |
UAL <UAL> COMPLETES BUY OF HILTON INT'L
| UAL Inc said it completed the
acquisition of Hilton International from Transworld Corp <TWT>,
paying 982.5 mln dlrs in cash and securities.
Hilton International will add 90 hotels to UAL's Westin
hotel unit, which operates 61 hotels. The two chains will have
a total of 151 hotels with 67,000 rooms an... | Commodities and Trade |
OCCIDENTAL <OXY> SELLS UNIT TO <HENKEL KGAA>
| Henkel KGaA of Dusseldorf, West
Germany, said it has completed the acquisition of the Process
Chemicals Division of Occidental Petroleum Corp's <OXY>
Occidental Chemical Corp subsidiary for undisclosed terms.
Process Chemicals, acquired from Diamond Shamrock Corp
<DIA> in September, makes specialt... | Financial Reports |
SOUTHWESTERN ENERGY <SWN>, ARKLA <ALG> SET PACT
| Southwestern Energy Co said
it reached an agreement with Arkla Energy Resources for Arkla
to carry gas owned by Southwestern subsidiaries.
Under the agreement, the interstate pipeline division of
Arkla Inc will carry up to 25 mln cubic feet of gas a day until
Dec 31, 1987, and, subject to capacity, up t... | Financial Reports |
AMERICAN <AMR> SETS SCHEDULE FOR AIRCAL MERGER
| AMR Corp's American Airlines unit said
it plans to complete the integration of AirCal into its
operations within four to five months.
American's merger with AirCal, announced last November,
received final approval from the Department of Transportation
yesterday.
American said Richard D. Pearson, c... | Financial Reports |
GENCORP SAYS IT EXPECTS TO COMPLETE SALE OF WOR TV THIS WEEK, ALL CHALLENGES RESOLVED
|
GENCORP SAYS IT EXPECTS TO COMPLETE SALE OF WOR TV THIS WEEK, ALL CHALLENGES RESOLVED
| Other |
CHILEAN CONSUMER PRICES RISE 1.7 PCT IN FEBRUARY
| Chile's consumer price index rose 1.7
pct in February to 562.01 (December, 1978 equals 100) after
increases of 2.0 pct in January and 0.9 pct in February 1986,
the government's National Statistics Institute said.
Inflation as measured by the index rose to 17.5 pct over
the 12 months to the end of Februa... | Corporate News |
SYMS CORP <SYM> 4TH QTR
| Shr 43 cts vs 25 cts
Net 7.6 mln vs 4.4 mln
Revs 72.0 mln vs 66.9 mln
Year
Shr 84 cts vs 72 cts
Net 14.8 mln vs 12.7 mln
Revs 223.1 mln vs 215.2 mln
NOTE: 1986 4th qtr inludes gain of 2.6 mln dlrs on sale of
real estate.
| Corporate News |
NPS TECHNOLOGIES GROUP <NPSGU> 4TH QTR
| Shr N.A. vs N.A.
Net 46,000 vs 106,000
Revs 19.8 mln vs 19.0 mln
YEar
Shr 26 cts vs 26 cts
NEt 1.3 mln vs 1.3 mln
Revs 82.1 mln vs 105.3 mln
NOTE:1986 net includes 870,000 dlrs charge. 1985 net
includes 788,000 credit. No share amounts provided for 4th qtr
as NPS complete... | Financial Reports |
FREEPORT-MCMORAN RESOURCE LP <FRP> QTLY PAYOUT
| Qtly cash distribution 60 cts vs 60 cts prior
Pay May 15
Record April 30
Note: Full name is Freeport-McMoRan Resources Partners LP.
| Market and Economy |
BUTLER <BTLR> TO BUY SKYLIGHT MANUFACTURER
| Butler Mfg Co said it signed a
memorandum of intent to acquire Naturalite Inc, a manufacturer
of skylights.
It said Garland, Texas-based Naturalite had sales in 1986
of about 20 mln dlrs.
Terms were not disclosed.
| Commodities and Trade |
DATA MEASUREMENT CORP <DMCB> 4TH QTR
| Shr 83 cts vs 60 cts
Net 516,063 vs 328,468
Revs 8.3 mln vs 5.7 mln
NOTE:Shrs reflect 3-for-2 stock split.
| Commodities and Trade |
PUBCO CORP <PUBO> YEAR NET
| Oper shr 12 cts vs nine cts
Oper net 4,027,852 vs 3,200,837
Revs 100.2 mln vs 46.0 mln
Note: Oper net excludes tax credits of 517,916 vs 198,000
Current year results include proceeds from termination of a
pension plan.
| Commodities and Trade |
COPPER STUDY GROUP CONSIDERED AT GENEVA MEETING
| Major copper producing and consuming
countries are considering a U.S. proposal to set up a study
group to review the world copper market, delegates said.
The U.S. initiative was introduced last December at a
meeting held here under the auspices of the United Nations
Conference on Trade and Development (... | Financial Reports |
<MONTREAL TRUSTCO INC> YEAR NET
| Shr 94 cts vs 75 cts
Net 27.0 mln vs 18.4 mln
Revs 631.6 mln vs 409.5 mln
Avg shrs 27.1 mln vs 22.6 mln
| Corporate News |
TRADESTAR <TIRR> ACQUIRES IMAGE VIDEO
| Tradestar Corp said it acquired
<Image Video Inc> for an undisclosed sum.
The company said Image Video produces and distributes
videos for the home market.
Image Video is scheduled to release 20 video projects in
1987, it said.
| Other |
CHIRAC, REAGAN DISCUSS ARMS CONTROL, TRADE
| French Prime Minister Jacques Chirac
opened talks with President Ronald Reagan expected to focus on
superpower arms control moves and trade issues.
French officials said a major aim of Chirac's visit was to
present France's concern that the United States might ignore
European security interests in any a... | Financial Reports |
GENCORP SAYS ALTERNATIVE TO HOSTILE TENDER TO BE ANNOUNCED WITHIN A WEEK
|
GENCORP SAYS ALTERNATIVE TO HOSTILE TENDER TO BE ANNOUNCED WITHIN A WEEK
| Other |
CANADA'S AIRLINE PROFITS SEEN HIGHER
| Canada's airline industry, shaken up by
a recent merger that creates a powerful new competitor for
government-owned Air Canada, has begun its first serious drive
for profitability in 50 years, industry analysts said.
"Now we've got a company that can compete with Air Canada,"
said Thomas Bradley of Rich... | Financial Reports |
U.S. DISTILLATE, GASOLINE INVENTORIES SEEN LOWER
| Tonight's American Petroleum Institute
weekly inventory report is expected to show moderate drawdowns
in distillates and gasoline stocks for the week ended March 27,
analysts and traders said.
They said they expect gasoline stocks to fall three mln
barrels or less and heating oil inventories to drop bet... | Corporate News |
GENCORP <GY> ALTERNATIVE PLAN DUE WITHIN A WEEK
| A. William Reynolds, chairman and
chief executive of GenCorp Inc, told shareholders he expects to
announce a company alternative to a 100-dlr-per-share hostile
tender within a week.
Last night the company urged shareholders to reject the
tender. Reynolds urged shareholders to be patient, saying the
gr... | Commodities and Trade |
ILLINOIS POWER CO<IPC> TWO MONTHS FEBRUARY NET
| Shr 65 cts vs 67 cts
Net 49,517,000 vs 47,732,000
Revs 229.2 mln vs 245.7 mln
Avg shrs 65,994,142 vs 63,293,867
NOTE: Per-share results reflect payment of preferred
dividend requirements
| Other |
REAGAN RENEWS ANTI-PROTECTIONISM STAND, WHITE HOUSE SAYS TRADE WAR UNLIKELY
|
REAGAN RENEWS ANTI-PROTECTIONISM STAND, WHITE HOUSE SAYS TRADE WAR UNLIKELY
| Corporate News |
AVERY <AVRY> SEES QTR, YEAR LOSS
| Avery Inc said the company will not
show a profit in the next quarter and will probably not show a
profit in 1987.
Speaking at the annual shareholders meeting, chairman
Nelson Peltz declined to estimate when the company would become
profitable.
Peltz said Uniroyal Chemical Co, acquired last year, ... | Financial Reports |
TRADE WAR FEARS MAY PROMPT STOCK MARKETS' DOWNTURN
| The threatened trade war between the
United States and Japan is just the kind of shock that
economists say could send world stock markets into a tailspin.
But they are not so sure if that would be a brief
corrective dip, or whether this week's falling share prices
mark the start of a "bear" market.
... | Corporate News |
BIG BEAR INC <BGBR> 2ND QTR FEB 28 NET
| Shr 46 cts vs 31 cts
Net 3,608,000 vs 2,448,000
Revs 223.5 mln vs 218.2 mln
Six mths
Shr 87 cts vs 64 cts
Net 6,788,000 vs 4,992,000
Revs 441.5 mln vs 439.5 mln
| Market and Economy |
NORTHVIEW CORP <NOVC> YEAR NET
| Shr 30 cts vs 51 cts
Net 966,000 vs 1,470,000
Revs 39.8 mln vs 41.3 mln
| Market and Economy |
PENNZOIL SEES LOWER 1ST QTR NET BEFORE UNUSUAL ITEM AGAINST YEAR AGO LOSS 49 CTS
|
PENNZOIL SEES LOWER 1ST QTR NET BEFORE UNUSUAL ITEM AGAINST YEAR AGO LOSS 49 CTS
| Financial Reports |
SCEPTRE RESOURCES LTD <SRL> YEAR NET
| Shr seven cts vs two cts
Net 5,500,000 vs 4,300,000
Revs 69.1 mln vs 115.3 mln
Note: Shr after preferred divs.
| Financial Reports |
TALKING POINT/BORG-WARNER CORP <BOR>
| Borg-Warner Corp will vigorously
resist GAF Corp's 46-dlr-per-share takeover offer, but the
Midwest conglomerate may fall prey to another offer,
either from GAF or its own management, analysts believe.
Analysts also said Borg-Warner may attempt to escape GAF
through a restructuring. The speculation push... | Commodities and Trade |
MANHATTAN NAT'L <MLC> HOLDERS VOTE STOCK SALE
| Manhattan National Corp said its
shareholders overwhelmingly approved a proprosal through which
<Union Central Life Insurance Co> took control of the company
by acquiring about 3.6 mln shares of newly issued Manhattan
National common stock for 43.2 mln dlrs.
The company said the transaction gives Uni... | Financial Reports |
PENNZOIL <PZL> SEES LOWER FIRST QTR
| Pennzoil Co Chairman J. Hugh Liedtke
told a meeting of analysts that the company expects its first
quarter net to be down considerably, before an unusual item,
from the loss of 49 cts a share reported a year ago.
Liedtke did not say how large the unusual item would be.
"We're still closing our books on ... | Commodities and Trade |
U.S. WEATHER/COTTON SUMMARY -- USDA/NOAA
| Cotton planting began in California
and was expected to proceed rapidly in the week ended March 28,
the Joint Agriculture Weather Facility of the U.S. Agriculture
and Commerce Departments said.
In a summary of its Weather and Crops Bulletin, the agency
said winds and low soil temperature retarded growth... | Commodities and Trade |
QUANTUM VENTURE UPS COMPUTER NETWORK<CMNT> STAKE
| Computer Network Technology Corp
(CNT) said that <Quantum Venture Partners LP>, a private
investment limited partnership, has acquired an additional
600,000 shares of CNT common stock, raising its stake in CNT to
15.3 pct from 9.6 pct of the currently outstanding shares.
CNT said Quantum bought the s... | Commodities and Trade |
JAPAN BUYS 5,000 TONNES CANADIAN RAPESEED
| Japan bought 5,000 tonnes of Canadian
rapeseed overnight at an undisclosed price for April shipment,
trade sources said.
| Other |
ELCOR <ELK> UPS QTLY DIV, SETS STOCK SPLIT
| Elcor Corp said it raised its
quarterly common stock dividend to 11 cts a share from nine cts
and declared a two-for-one common stock split.
The company said the increased dividend will be paid on May
13 to shareholders of record April 16.
The stock split, Elcor said, will paid in the form of a 100
... | Corporate News |
QUEST <QBIO> SIGNS PACT WITH ALZA <AZA>
| Quest Biotechnology Inc said its Quest
Blood Substitute Inc subsidiary executed an agreement with Alza
Corp <AZA> which will make Alza a preferred shareholder of its
subsidiary.
Quest said the agreement also offers Alza the right to
acquire up to 25 pct of the unit's equity in exchange for the
acqu... | Commodities and Trade |
CHUBB <CB> COMPLETES SOVEREIGN <SOVR> BUYOUT
| Chubb Corp said it completed the
previously announced acquisition of Sovereign Corp.
Under terms of the acquisition, Sovereign shareholders will
receive, in a tax-free exchange, 0.1365 share of Chubb common
for each Sovereign share held.
Chubb said the transaction was valued at 9.11 dlrs a share
b... | Other |
USDA'S AMSTUTZ "SYMPATHETIC" TO WOOD CREDITS
| U.S. Agriculture Undersecretary
Daniel Amstutz said he was "totally sympathetic" with U.S. wood
producers' desire to have their exports eligible for government
credit guarantees.
But he told the Senate Appropriations Agriculture
subcommittee that including wood products in the department's
short- or i... | Commodities and Trade |
ROYAL BANK/CANADA SEES HIGHER 1987 LOAN LOSSES
| <Royal Bank of Canada> said it
estimates 1987 loan losses at one billion dlrs, a 25 mln dlr
increase over last year.
Royal Bank said it set its provisions "given the continued
debt-servicing problems ... in the North American energy
industry and the uncertain outlook for energy prices," and also
co... | Market and Economy |
INVERNESS BUYS ASSETS FROM PARENT SILVERTON
| <Inverness Petroleum Ltd> said
it acquired the oil and gas assets of its controlling
shareholder <Silverton Resources Ltd> for 26.4 mln dlrs,
effective March 3, 1987.
Inverness said it issued 2,640,000 class A convertible
retractable redeemable preferred shares in exchange for the
assets, which ... | Commodities and Trade |
BRISTOL-MYERS TRUST <BYU> EXTENDS EXPIRATION
| <Americus Shareowner Service Corp>
said the Americus Trust for Bristol-Myers will continue to
accept tendered Bristol-Meyers Co <BMY> shares until December
one, extending the original expiration date of April one for
eight months.
If the common stock price exceeds the trust's termination
price o... | Industrial and Sector News |
QUEST BIOTECHNOLOGY <QBIO> UNIT IN MERGER PACT
| Quest Biotechnology Inc said its new
subsidiary, Quest Blood Substitute Inc, signed the agreement
and plan of merger with Hunt Research Corp and its affiliate,
ICAS Corp.
It said Quest Blood expects to complete the merger within
the next several weeks. Terms were not disclosed.
In a related transa... | Industrial and Sector News |
LINCOLN FOODSERVICE <LINN> COMPLETES PURCHASE
| Lincoln Foodservice Products
Inc said it completed purchasing certain assets of Redco
product line of food slicers, cutters and wedgers from the
Dean/Alco Food Prep division of <Alco Foodservice Equipment
Co.>
Terms were not disclosed.
| Commodities and Trade |
I.R.E. FINANCIAL CORP <IF> YEAR
| Shr 94 cts vs 77 cts
Net 2.1 mln vs 1.7 mln
Revs 7.8 mln vs 8.8 mln
NOTE:Per share data reflects elimination of 500,000 shares
owned by 50 pct owned subsidiary and reflect one-for-three
reverse stock split effective march 5, 1986.
| Commodities and Trade |
ENERGY VENTURES CINC <ENGY> 4TH QTR NET
| Net profit 510,000 vs loss 5,700,000
Revs 875,000 vs 4,100,000
Year
Net profit 871,000 vs loss 4,100,000
Revs 4,700,000 vs 14.1 mln
| Commodities and Trade |
PANTERA <PANT> AND PIZZA <PZA> AGREE TO MERGE
| Pantera's Corp said it agreed in
principle to acquire Pizza Inn Inc in a cash and stock
transaction.
Under terms of the proposed transaction, each Pizza Inn
share can be exchanged for either three dlrs in cash plus the
lesser of 1.4 shares of Pantera's common stock or 11.50 dlrs
market value of Panter... | Market and Economy |
CHINA CROP WEATHER SUMMARY -- USDA/NOAA
| Moderate to heavy rain continued
over early double-crop rice areas in eastern Guangxi,
Guanghdong, eastern Hunan, Jiangxi, Fujian, and Zhejiang in the
week ended March 28, the Joint Agricultural Weather Facility of
the U.S. Agriculture and Commerce Departments said.
In its International Weather and Crop... | Other |
WILSON BROTHERS COMPLETES SALE
| Wilson Brothers said it completed
the sale of most of the assets of its Enro Shirt Co Inc,
Enro-At-Ease Inc and Foxcroft Shirt Ltd subsidiaries to Enro
Acquisition Corp for about 24.2 mln dlrs, half in cash and half
in subordinated promissory notes.
Enro Acquisition is a newly formed corporation and own... | Commodities and Trade |
SWISS MONEY MARKET PAPER YIELDS 3.286 PCT
| The Swiss Federal Government's new series
of six-month money market certificates raised 177.5 mln Swiss
francs at an issue price of 98.401 pct to give an average
annual yield of 3.286 pct, the National Bank said.
Payment date is March 5.
The last series of six-month paper issued in January raised
... | Financial Reports |
ELSINORE CORP <ELX> YEAR LOSS
| Shr loss 4.05 dlrs vs loss 2.47 dlrs
Net loss 39,598,000 vs loss 24,152,000
Revs 96.0 mln vs 87.9 mln
Note: Current year figures include 7.2 mln dlr provision
for anticipated loss on note receivable, 25.4 mln dlr writedown
on asset carrying value and 8.5 mln dlr provision for future
operating ... | Commodities and Trade |
EC MINISTER SEES OILS TAX STILL IN NEGOTIATION
| The outcome of negotiations on
proposals by the European Commission for a 330 Ecus a tonne tax
on EC-produced and imported oilseeds and marine oils remains
difficult to predict, Belgian agriculture minister Paul de
Keersmaeker told a news conference.
De Keersmaeker, who chaired a meeting of EC farm mini... | Financial Reports |
GRUNTAL FINANCIAL <GRU> 2ND QTR FEB 27 NET
| Shr primary 33 cts vs 33 cts
Shr diluted 27 cts vs 32 cts
Net 3,669,000 vs 3,556,000
Revs 58.2 mln vs 56.6 mln
Avg shrs primary 11.2 mln vs 11.1 mln
Avg shrs diluted 15.1 mln vs 11.1 mln
Six mths
Shr primary 43 cts vs 46 cts
Shr diluted 37 cts vs 45 cts
Net 4,711,... | Corporate News |
EC MINISTERS EXTEND BEEF, MILK MARKETING YEARS
| European Community agriculture
ministers agreed to extend the 1986/87 milk and beef marketing
years to the end of May, Belgian minister Paul de Keersmaeker
told a news conference.
He said the reason for the two-month extension of the only
EC farm product marketing years which end during the spring
mon... | Financial Reports |
WHITE HOUSE DISCOUNTS THREAT OF TRADE WAR
| President Reagan has reaffirmed his
opposition to protectionism and his chief spokesman said trade
sanctions imposed on Japan were unlikely to start a trade war.
"We don't want to go down that road," Reagan was quoted as
telling Prime Minister Jacques Chirac after the visiting French
official expressed ... | Corporate News |
WHITE HOUSE WELCOMES RISE IN INDICATORS
| The White House welcomed last
month's 0.7 pct increase in the Index of Leading Economic
Indicators, the government's key barometer of future economic
growth.
The increase reversed a decline in January of 0.5 pct.
Presidential spokesman Marlin Fitzwater said the new
figures signalling more economic... | Other |
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