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dow jones industrials N up N transportation N up N utilities N up N |
bonds shearson lehman hutton treasury index N up |
commodities dow jones futures index N off N spot index N off N |
dollar N yen up N N marks up N |
pacific telesis group said its pacific bell unit sustained property damage of about $ N million to $ N million from the california earthquake earlier this month |
the san <unk> telecommunications company said it carries $ N million of earthquake insurance with a $ N million deductible provision |
sam <unk> chairman and chief executive officer told securities analysts in new york that the company expects somewhat slower per-share earnings growth in N although annual growth should return to the traditional figure of about N N thereafter |
as factors contributing to the temporary slowdown he cited one-time rate reductions prescribed by california regulators as a prelude to a new <unk> that <unk> profit constraints |
he also mentioned increased capital investment by pacific bell for network improvements |
mr. <unk> said the company 's cellular operations now serve about N customers up N N from a year ago |
general motors corp. is planning to build a new engine plant in europe that may be built in britain provided the company can reach a satisfactory agreement with unions sources said |
officials of <unk> motors ltd. gm 's british unit were meeting with union leaders late yesterday in hopes of winning such an accord |
the engine plant may <unk> plans for a joint components venture with jaguar |
alternatively a separate engine plant may be built as part of gm 's planned <unk> with the british luxury car maker the sources said |
sources said a complex and detailed announcement of a joint agreement between general motors and jaguar would be made by jaguar some time in the next N N weeks |
cray research inc. won government clearance for its proposed reorganization of founder seymour cray 's supercomputer design team into a separate company |
internal revenue service approval of the move as a tax-free transaction was the last hurdle to splitting up the world 's dominant maker of <unk> which mr. cray founded in N |
cray 's directors set nov. N as the record date for distribution of shares in the new company to be called cray computer corp |
it will trade over the counter under the symbol cray |
the plan calls for cray research holders to receive one share in the new company for every two shares held |
an estimated N million cray computer shares will be distributed cray research said |
under the accord cray research will transfer to mr. cray 's fledgling operation $ N million of assets primarily related to the cray-3 development project his team is undertaking and will lend cray computer $ N million |
cray research will retain a N N interest in the new company which will be based in colorado springs <unk> |
when it announced the planned breakup in may cray research said development costs of several competing projects were <unk> its earnings growth |
after the split the two companies presumably will be rivals for orders from government and commercial customers |
<unk> systems inc. ann <unk> mich. said it will report net income for the fourth quarter ended sept. N fell to $ N or N cents a share from $ N or N cents a share a year earlier |
chairman carl l. <unk> said the decline occurred although revenue rose N N to more than $ N million from $ N million a year earlier |
the company which makes computer parts said fiscal N earnings were down slightly from $ N million or N cents a share in fiscal <unk> |
the company said fiscal N revenue increased about N N to more than $ N million from $ N million |
mr. <unk> said that early signs point to improved earnings and revenue in the first quarter of fiscal N |
the current backlog of orders is strong throughout the corporation he said |
<unk> corp. said it filed for protection under chapter N of the federal bankruptcy code and announced a N N reduction in its world-wide employment |
the filing in bankruptcy court here follows a string of quarterly losses and product <unk> for the maker of <unk> drives for minicomputers and <unk> |
<unk> had a loss of $ N million for the fiscal year ended july N compared with year-earlier profit of $ N or two cents a share |
revenue for the year fell N N to $ N million |
the <unk> staff <unk> announced yesterday will bring <unk> 's employment to about N workers less than half of what it was before a similar <unk> reduction in august |
the company yesterday also said it was <unk> one of its major new products a <unk> drive which while technically <unk> did n't hold much promise of generating substantial orders because financing problems caused a nine-month delay in getting the product to market |
the french economics ministry approved a planned asset swap between the defense and electronics group <unk> s.a. and the bank group credit lyonnais |
the ministry said the swap details of which were disclosed last thursday will allow both state-controlled companies to reinforce operations in their main markets and argued that the move shows the <unk> of france 's <unk> concerns |
the approval also ends any hope that banque <unk> de paris another <unk> bank might have had about taking credit lyonnais 's place in the accord |
it hinted over the weekend that it would have been interested in a <unk> with <unk> |
under details of the accord credit lyonnais will take slightly more than N N of <unk> finance in exchange for about N N of its own shares |
the move will help the bank to keep up with international <unk> ratios being phased in by the bank for international settlements and will also represent the first time that its voting shares have been held by a party other than the government |
<unk> general corp. received tenders for N N of its N N convertible senior subordinated notes due april N N and N N of its N N convertible senior subordinated debentures due march N N |
in exchange offers that expired friday holders of each $ N of notes will receive $ N face amount of series a N N senior secured convertible notes due jan. N N and N common shares |
for each $ N face amount of debentures holders received $ N of series b N N senior secured convertible notes due oct. N N and N common shares |
<unk> a new york maker of genetically engineered products for human and animal health care said it made the exchange offer to reduce its interest payments |
japanese companies have long been accused of <unk> profit to boost sales |
but fujitsu ltd. has taken that practice to a new extreme |
japan 's biggest computer maker last week undercut seven competitors to win a contract to design a <unk> system for the city of hiroshima 's waterworks |
its bid one yen or less than a u.s. penny |
the bid created such a furor that fujitsu said it is now offering to withdraw from the project |
from a <unk> viewpoint it was not <unk> acceptable a fujitsu spokeswoman said yesterday |
hiroshima city officials could n't be reached to find out whether they would drop fujitsu 's bid |
fujitsu said it issued the low bid because it wanted a foot in the door of a potentially lucrative market |
we desperately wanted the contract because we want experience in the field the fujitsu spokeswoman said |
we expect a big market in the future so in the long term it will be profitable |
it 's a kind of an investment |
hiroshima 's waterworks bureau said the municipal government had <unk> about N million yen $ N for the project |
i was <unk> <unk> <unk> head of the bureau was quoted by <unk> news service as saying |
i understand the firm 's enthusiasm in getting the deal but such a large company would have been better off showing a little more discretion |
indeed fujitsu officials admitted they may have been a little <unk> |
the fujitsu spokeswoman said <unk> officials did n't approve the bid in advance and will take measures so this kind of thing does n't happen in the future |
it 's contrary to common sense she added |
specifically fujitsu won the right to design the specifications for a computerized system that will show water lines throughout the city |
the system could be used in a fire or earthquake to <unk> problems among other things |
a waterworks official said fujitsu will have to design the system so it would be compatible with other makers ' equipment |
but industry officials expressed concern that the initial project might give fujitsu an edge in winning more lucrative contracts later |
fujitsu said it hopes the hiroshima contract will help it secure <unk> with other municipalities |
japanese local governments are expected to invest heavily in computer systems over the next few years and many companies expect that field to provide substantial revenue |
in the near future it will be a big market not just for waterworks but for all <unk> systems the fujitsu spokeswoman said |
we can expect a <unk> market |
no foreign companies bid on the hiroshima project according to the bureau |
but the japanese practice of deep discounting often is cited by americans as a classic barrier to entry in japan 's market |
earlier this year the u.s. complained that japan 's supercomputer makers were effectively closing out foreign competitors by slashing prices as much as N N for universities |
fujitsu was n't the only company willing to sacrifice profit on the project |
three competitors bid between N yen and N yen according to the hiroshima government office |
other bids ranged from about N million yen to N million yen |
american airlines will expand its <unk> service N N beginning next year with six new daily flights between the u.s. and europe officials announced yesterday |
american a unit of amr corp. is the nation 's largest airline |
the new <unk> flights starting next may will include <unk> <unk> <unk> <unk> a second daily <unk> flight and a second daily <unk> flight the officials said |
chicago has the largest population of citizens of polish heritage in any city outside poland |
with the new service american will fly N flights a week to N european cities |
the additions <unk> american 's position as the third-largest u.s. transatlantic carrier behind <unk> corp. 's pan american world airways and trans world airlines |
<unk> ag said sales for its domestic group rose N N in the first nine months of N from a year earlier |
the west german retailing group also said that the results of the first three quarters suggest it will meet its profit goal for the year |
earnings at the department-store division which generates the bulk of profit should remain at least stable while income at the mail-order and tourism units is likely to fall slightly from N the company said |
<unk> did n't give any group sales or profit figures for the first nine months |
georgia-pacific corp. offered to acquire great northern nekoosa corp. for $ N a share or about $ N billion |
the offer capped a week of rumors that georgia-pacific an atlanta-based forest-products company was considering making a bid for nekoosa a <unk> concern based in <unk> conn |
executives at nekoosa could n't be reached and officials at georgia pacific declined to comment |
analysts however were surprised because the tender offer appeared unsolicited |
it 's quite a <unk> said one adding that the offer could spark a period of industry consolidation |
the two companies would appear to be a logical fit because of their <unk> lines and analysts described the offer representing a N N premium over nekoosa 's market price as fair |
nekoosa closed yesterday at $ N up $ N in new york stock exchange composite trading |
but industry observers still questioned whether georgia pacific will ultimately prevail |
you have to watch out for <unk> said one analyst |
international paper or weyerhaeuser could step in |
the bid for great northern a notice of which appears in an <unk> in today 's wall street journal is the first big takeover offer since the collapse of a $ N billion buy-out of united airlines parent ual corp. oct. N |
that collapse following on the heels of disarray in the market for high-risk high-yield bonds cast doubt on the entire takeover business which has fueled both big profits among wall street securities firms and big gains in the stock market generally |
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