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the georgia-pacific bid may open the door to a new era of consolidation in the paper industry said mark <unk> of shearson lehman hutton inc |
i do n't think anyone is now immune from takeover said robert <unk> of duff & phelps inc. chicago |
he added every paper company management has to be saying to itself before someone comes after me i 'm going to go after somebody |
prudential-bache 's mr. <unk> said he does n't see the industry 's <unk> program <unk> takeover activity |
several projects he said are still on the drawing board |
moreover it 's a lot cheaper and <unk> to buy a plant than to build one |
indeed a number of analysts said that japanese paper companies are <unk> to acquire additional manufacturing capacity anywhere in the world |
some predicted that nekoosa will end up being owned by a japanese company |
meanwhile shearson lehman 's mr. <unk> said that to stay competitive the u.s. paper industry needs to catch up with the european industry |
since the <unk> wave of friendly takeovers was completed in the u.s. in N there have been more than N mergers and acquisitions within the european paper industry he said |
<unk> inc. <unk> ill. and <unk> research inc. los angeles said the food and drug administration granted full marketing approval for a new drug for the treatment of a condition in which the heart <unk> between N and N <unk> a minute |
the condition known as <unk> <unk> <unk> leads to <unk> and <unk> |
the typical healthy heart <unk> N times a minute |
the drug called <unk> returns the heart to a normal <unk> within seconds according to <unk> |
<unk> research developed the drug and licensed it to <unk> for sale in the u.s. and canada |
private industry 's labor costs rose N N in the third quarter matching the second-quarter pace as health insurance costs continued to soar the labor department said |
the increase in wage and benefit costs in the third quarter was greater than the N N rise reported for the third quarter of N |
wage increases and overall compensation increases are beginning to <unk> upward a little bit said <unk> <unk> a labor economist at the conference board a business research organization |
one would have thought this would have happened two or three years ago as the labor market tightened |
it is a considerably delayed reaction and it 's not a severe one at all she added |
the new data underscored the <unk> of the nation 's health-care cost problem |
in the N months ended in september wages and salaries of private-sector workers rose N N while health insurance costs <unk> by N N |
the consumer price index climbed N N in the same period |
despite the big increases in health-care costs wages still account for a far greater share of overall labor costs |
the overall private-sector employment cost index which includes both wages and benefits rose N N in the N months ended in september compared with N N for both the N months ended in june and the N months ended september N |
labor costs are climbing at a far more rapid pace in the health care industry than in other industries |
for instance wages of private-sector hospital workers leaped N N in the N months ended in september compared with N N for workers in all industries |
in the third quarter wages and salaries in all private industry rose N N compared with N N increases in both the second quarter and in the third quarter of N |
for the past five years unions have n't managed to win wage increases as large as those granted to <unk> workers |
for private-sector union workers the cost of wages and benefits rose N N in the third quarter |
for <unk> workers the costs rose N N |
labor costs continued to rise more rapidly in service industries than in <unk> industries the report showed |
it also found them rising much more in the northeast than elsewhere |
including employees of state and local but not the federal governments the employment cost index rose N N in the third quarter compared with a N N rise in the same quarter in N |
the index rose N N in the second quarter |
for the N months ended in september this index was up N N |
it rose N N for the N months ended in june and N N in the N months ended in september N |
unlike most economic indicators none of these figures are adjusted for seasonal variations |
<unk> inc. said it is <unk> N employees as part of a restructuring aimed at producing pretax savings of $ N million annually |
under the plan <unk> said it will sell certain assets and businesses that do n't meet strategic and profitability objectives |
the des <unk> ill. chemical coatings concern which has about N employees world-wide said it plans to sell its domestic rigid container packaging and flexible <unk> businesses and its chicago heights ill. <unk> plant |
the company said it plans to use the sale proceeds to invest in business opportunities more closely identified with the company 's <unk> direction |
stateswest airlines phoenix ariz. said it withdrew its offer to acquire mesa airlines because the <unk> n.m. carrier did n't respond to its offer by the close of business yesterday a deadline stateswest had set for a response |
however stateswest is n't abandoning its pursuit of the <unk> mesa |
stateswest which has a N N stake in mesa said it may purchase more mesa stock or make a tender offer directly to mesa shareholders |
stateswest had proposed acquiring mesa for $ N a share and one share of a new series of stateswest N N convertible preferred stock it values at $ N a share |
earlier mesa had rejected a general proposal from stateswest to combine the two carriers in some way |
stateswest serves N cities in california arizona and nevada |
mesa flies to N cities in new mexico arizona wyoming colorado and texas |
a <unk> new takeover deal sparked a big rally in stock prices which buoyed the dollar |
bond prices also edged higher |
georgia-pacific 's $ N billion bid for great northern nekoosa helped drive the dow jones industrial average up N points to N in active trading |
the dollar drew strength from the stock market 's climb |
long-term bond prices rose despite <unk> about what a key economic report will show today |
analysts said the offer for great northern nekoosa broke the pall that settled over the takeover business for the past three weeks in the wake of the collapsed ual corp buy-out |
great northern nekoosa soared $ N a share to $ N substantially above the $ N a share georgia-pacific is offering |
that indicates speculators are betting a higher offer is in the wings |
prices of other paper makers rose sharply although georgia-pacific fell $ N a share to $ N |
despite all the furor over program trading program trading played a big role in yesterday 's rally |
some traders point out that as the big brokerage firms back out of program trading for their own accounts or for clients opportunities increase for others to engage in the controversial practice |
that 's what happened yesterday |
the rally notwithstanding there are plenty of worries about the short-term course of stock prices |
a slowing economy and its effect on corporate earnings is the <unk> concern of many traders and analysts |
unless the federal reserve <unk> interest rates soon to stimulate the economy profits could remain disappointing |
yesterday 's major economic news a N N rise in the september index of leading economic indicators had little impact on financial markets |
but the next important piece of news on the economy 's health this morning 's release of the national purchasing manager 's survey for october could prompt investors into action |
a report late yesterday that the <unk> purchasing managers survey showed increased economic activity in that part of the country cut into <unk> gains |
if the national survey confirms a pickup in the manufacturing sector it could further depress bond prices while <unk> stock prices and the dollar |
meanwhile bond investors are <unk> under the <unk> of a national debt ceiling debate |
although the treasury is expected to announce details of its november quarterly refunding operation today the nov. N schedule could be delayed unless congress and the president act soon to lift the nation 's debt ceiling |
in major market activity |
stock prices rallied in active trading |
volume on the new york stock exchange totaled N million shares |
advancing issues on the big board surged ahead of decliners N to |
bond prices rose |
the treasury 's benchmark 30-year bond gained less than a quarter of a point or less than $ N for each $ N of face amount |
the yield on the issue slipped to N N |
the dollar gained against most foreign currencies |
in late afternoon new york trading the dollar was at N marks and N yen compared with N marks and N yen late monday |
<unk> s.a. a diversified construction concern based in paris said its consolidated profit for the N first half after payments to minority interests surged to N million french francs $ N million from N million francs a year earlier |
revenue rose N N to N billion francs from N billion francs |
the company did n't specify reasons for the strong earnings gain |
but <unk> said its first-half profit is n't <unk> of the full-year trend because of the highly seasonal nature of many of the company 's activities |
for all of N <unk> had consolidated profit of N million francs after payments to minority interests on revenue of N billion francs |
the group has forecast N revenue of N billion francs |
<unk> network inc. said it completed its acquisition of <unk> cos. for about $ N million |
<unk> agreed to pay $ N and <unk> <unk> share for each of <unk> 's N million fully diluted shares |
the acquisition brings together the two largest competitors to home shopping network inc. which now reaches more viewers than any other company in the video shopping industry |
among them home shopping <unk> and <unk> already control most of that young and fast-growing market which last year had sales of about $ N billion |
coast savings financial inc. reported a third-quarter loss citing a previously announced capital restructuring program |
the los angeles thrift holding company said it had a loss of $ N million or $ N a share for the quarter ended sept. N |
coast earned $ N million or N cents a share in the year-ago quarter |
the year-ago results have been restated to comply with government regulations |
the restructuring program is designed to increase the company 's tangible capital ratio |
it includes removing $ N million in good will from the books issuing $ N million in preferred stock and <unk> an exchange offer for $ N million in convertible bonds |
during the third quarter the company charged about $ N million against earnings in reducing goodwill added $ N million to its general loan loss reserves and established a $ N million reserve for its high-yield bond portfolio |
the company said its junk-bond portfolio after these moves had been reduced to less than N N of assets |
philip morris cos. is launching a massive corporate advertising campaign that will put the tobacco giant 's name in tv commercials for the first time since the early 1950s when it stopped advertising its <unk> cigarette brand on television |
the campaign a <unk> celebration of the <unk> anniversary of the bill of rights does n't mention cigarettes or smoking cigarette ads have been prohibited on television since N |
but even before it begins the campaign is drawing fire from <unk> advocates who <unk> philip morris 's attempt to bolster its beleaguered image by <unk> itself in the document that is a <unk> of american democracy |
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