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BHA GROUP INC <BHAG.O> 2ND QTR MARCH 31 NET

Shr 18 cts vs 15 cts Net 387,000 vs 240,000 Sales 9,346,000 vs 8,579,000 Avg shrs 2,200,000 vs 1,600,000 1st half Shr 36 cts vs 26 cts Net 734,000 vs 410,000 Sales 18.4 mln vs 17.2 mln Avg shrs 2,051,648 vs 1,600,000 Reuter 

P.A.M. TRANSPORTATION SERVICES INC <PTSI.O> NET

1st qtr Shr 16 cts vs 10 cts Net 808,850 vs 297,266 Revs 13.9 mln vs 7,588,280 Avg shrs 4,926,566 vs 3,123,411 Reuter 

FIRST FEDERAL BANK <FFBN.O> 2ND QTR MARCH 31 NET

Shr 84 cts vs 75 cts Net 475,000 vs 425,000 Total income 7,248,000 vs 7,286,000 1st half Shr 1.61 dlrs vs 1.50 dlrs Net 911,000 vs 847,000 Total income 14.6 mln vs 14.2 mln Reuter 

GLOBAL NATURAL RESOURCES INC <GNR> 4TH QTR LOSS

Oper shr loss five cts vs loss nil Ope net loss 1,211,000 vs loss 2,000 Revs 6,626,000 vs 11.0 mln Avg shrs 23.2 mln vs 23.5 mln Year Oper shr profit 12 cts vs loss one ct Oper net profit 2,632,000 vs loss 240,000 Revs 34.8 mln vs 52.0 mln Avg shrs 22.9 mln vs 23.4 mln NOTE: Net excludes extraordinary tax charges 1,919,000 dlrs vs 49,000 dlrs in quarter and credits 1,431,000 dlrs vs 2,335,000 dlrs in year. Reuter 

CHEMLAWN <CHEM> POSTPONES ANNUAL MEETING

ChemLAwn Corp said due to the tender offer by Ecolab Inc <ECL> for ChemLawn shares at 36.50 dlrs each, it has postponed its annual meeting, which had scheduled for April 23. No new date was set. The tender offer is scheduled to expire April 20 unless extended. Reuter 

FIRST INTERSTATE OF IOWA INC <FIIA.O> 1ST QTR

Shr profit two cts vs loss two cts Net profit 251,000 vs loss 222,000 NOTE: Pretax net profit 295,000 dlrs vs loss 256,000 dlrs. Charge against earnings for loan losses 1,743,000 dlrs vs 2,743,000 dlrs and net chargeoffs 1,636,000 dlrs vs 3,865,000 dlrs. Reuter 

DOUBLE EAGLE PETROLEUM AND MINING CO <DBLB.O>

2nd qtr Feb 28 Shr loss two cts vs loss eight cts Net loss 33,482 vs loss 163,130 Revs 143,961 vs 287,131 1st half Shr loss 14 cts vs loss eight cts Net loss 276,238 vs loss 149,407 Revs 273,737 vs 679,860 Reuter 

<K-TEL INTERNATIONAL INC> 2ND QTR DEC 31 LOSS

Shr loss two cts vs profit 10 cts Net loss 76,000 vs profit 357,000 Sales 8,987,000 vs 15.3 mln 1st half Shr loss 12 cts vs loss seven cts Net loss 440,000 vs loss 246,000 Sales 13.2 mln vs 20.6 mln Reuter 

ELECTROMAGNETIC SCIENCES INC <ELMG.O> 1ST QTR

Shr 20 cts vs 16 cts Net 1,507,000 vs 1,147,000 Sales 13.8 mln vs 9,608,000 Backlog 52.1 mln vs 37.8 mln Reuter 

CAPE COD BANK AND TRUST CO <CCBT.O> 1ST QTR NET

Shr 95 cts vs 83 cts Shr diluted 89 cts vs 80 cts Net 2,297,842 vs 1,782,764 Avg shrs 2,408,332 vs 2,160,000 Avg shrs diluted 2,573,908 vs 2,326,667 Reuter 

HOLIDAY CORP <HIA> SELLS STAKE IN VENTURE

Residence Inn Corp said it has agreed to buy Holiday Corp out of their equaly-owned joint venture for 51.4 mln dlrs, with closing expected within the next few weeks. The all-suite Residence Inn system, which is geated to extended stays, currently has 93 open franchised or company-owned hotels nationwide and another 55 in construction or development. Reuter 

CADNETIX CORP <CADX.O> 3RD QTR MARCH 31 NET

Oper shr 12 cts vs five cts Oper net 1,715,000 vs 730,000 Sales 12.1 mln vs 7,719,000 Avg shrs 13.9 mln vs 13.7 mln Nine mths Oper shr 32 cts vs 18 cts Oper net 4,379,000 vs 2,266,000 Sales 32.8 mln vs 23.3 mln Avg shrs 13.8 mln vs 12.4 mln NOTE: prior year net excludes extraordinary credits of 340,000 dlrs in quarter and 1,190,000 dlrs in nine mths. Reuter 

BUSH INDUSTRIES INC <BSH> 1ST QTR NET

Shr 44 cts vs 11 cts Net 1,328,000 vs 344,000 Sales 23.0 mln vs 12.3 mln NOTE: Share adjusted for three-for-two stock split in February 1987. Reuter 

PLASTI-LINE INC <SIGN.O> 1ST QTR NET

Shr 16 cts vs 16 cts Net 566,000 vs 563,000 Sales 14.2 mln vs 9,831,000 Reuter 

ENDATA INC <DATA.O> 1ST QTR NET

Oper shr 16 cts vs 11 cts Oper net 660,000 vs 447,000 Revs 9,936,000 vs 9,005,000 NOTE: 1986 net excludes 381,000 dlr tax credit. Reuter 

ROTO-ROOTER INC <ROTO> 1ST QTR NET

Shr 20 cts vs 16 cts Net 973,000 vs 775,000 Revs 12.8 mln vs 9,678,000 Reuter 

<BIRDSBORO CORP> 4TH QTR LOSS

Shr loss 24 cts vs loss 20 cts Net loss 1,718,000 vs loss 1,483,000 Sales 7,266,000 vs 6,490,000 Year Shr loss 1.83 dlrs vs loss 53 cts Net loss 13.2 mln vs loss 3,833,000 Sales 19.1 mln vs 29.5 mln NOTE: 1986 year net includes pretax realized loss on secureity transaction of 4,124,000 dlrs. Net includes tax credits of 751,000 dlrs vs 606,000 dlrs in quarter and 1,163,000 dlrs vs 2,289,000 dlrs in year. 1986 net both periods includes gain 1,887,000 dlrs from pension plan termination. Reuter 

DYNAMICS RESEARCH CORP <DRCO.O> 1ST QTR MARCH 21

Shr 17 cts vs 13 cts Net 673,000 vs 514,000 Revs 18.4 mln vs 17.2 mln NOTE: Share adjusted for five-for-four stock split in January 1987. Reuter 

MARTIN PROCESSING INC <MPI> 1ST QTR NET

Oper shr 14 cts vs 10 cts Oper net 711,000 vs 517,000 Sales 11.2 mln vs 11.1 mln NOTE: 1986 net excludes 84,000 dlr gain from discontinued machinery division. Reuter 

MARTIN PROCESSING <MPI> SEES YEAR SALES GROWTH

Martin PRocessing Inc said it expects significant sales growth for the rest of the year, particularly for its peak periods, the second and third quarters. The company reported first quarter sales of 11.2 mln dlrs, up from 11.1 mln dlrs a year before. For all of 1986 it had sales of 46.6 mln dlrs. Reuter 

GROWTH STOCK OUTLOOK <GSO> ASSET VALUE UP

Growth Stock Outlook Trust Inc said its asset value as of March 31 was 141.4 mln dlrs or 9.83 dlrs per share, up from 117.3 mln dlrs or 9.38 dlrs per share a year earlier. Reuter 

BUSH INDUSTRIES <BSH> SEES HIGHER YEAR RESULTS

Bush Industries Inc said it expects higher earnings and sales for 1987, partly due to efficiencies in manufacturing that have improved its margins. The company reported first quarter earnings of 1,328,000 dlrs, up from 344,000 dlrs a year before, on sales of 23.0 mln dlrs, up from 12.3 mln dlrs. For all of last year it earned 2,506,000 dlrs on sales of 65.4 mln dlrs. Reuter 

J. BILDNER AND SONS INC <JBIL.O> YEAR JAN 25 NET

Shr 13 cts vs three cts Net 617,000 vs 112,000 Sales 31.3 mln vs 11.4 mln Avg shrs 4,877,057 vs 3,310,585 NOTE: 1987 net includes 87,000 dlr tax credit. Reuter 

J. BILDNER <JBIL.O> SEES IMPROVED RESULTS

J. Bildner and Sons Inc said it expects improved earnings and sales in the current fiscal year. The company reported earnings for the year ended January 25 of 617,000 dlrsl up from 112,000 dlrs a year before, on sales of 31.3 mln dlrs, up from 11.4 mln dlrs. Bildner also said it plans to offer 25 mln dlrs in Eurodollar convertible subordinated debentures due 2002 through underwriters led by PaineWebber Group Inc <PWJ> and Kidder, Peabody and Co Inc, with proceeds to be used to finance expansion and reduce debt. Reuter 

EASTERN PILOTS SAY STRIKE IS POSSIBLE

A strike by machinists against Eastern Airlines is very likely before the end of the year and Eastern pilots would probably honor the picket line, the president of the airline pilots' union said. Capt. Henry A. Duffy, president of the Air Line Pilots Association, told a group of aviation executives meeting in Atlanta Duffy said the pilots' union has a contract through 1988 with Eastern Airlines. However, a contract between Eastern and the International Association of Machinists and Aerospace Workers is due to expire this year, Duffy said. If the machinists strike, which seems likely, Eastern pilots probably would refuse to cross picket lines, he added. Noting that the pilots' union had clashed several times with Eastern's parent, Texas Air Corp <TEX.A>, Duffy said, "We have had a difficult relationship with Texas Air wherever they have existed in the industry." Eastern's pilots had picketed the airline recently over new sick leave policies and Duffy repeated criticisms of those policies in his speech today. "The new policies pressure us to try to fly when we're sick against federal air regulations and pressure us to fly beyond federal air limits," Duffy said. "For all those reasons, we don't see a very happy future over there." Reuter 

MORTON-THIOKOL EMPLOYEES ALLEGE FRAUD, TV SAYS

Employees of Morton Thiokol Inc <MTI.N> have gone to the FBI with allegations of fraud by the firm in the manufacture of booster rockets blamed for the 1986 Challenger explosion, ABC News reported. According to the report, some Morton Thiokol employees went to the FBI in Salt Lake City, Utah, with their allegations last January 15. An FBI criminal investigation into Morton Thiokol began in late January, although FBI officials have refused to confirm whether the probe was related to the Challenger disaster. FBI spokesman Ray McElhaney refused to discuss the report today, saying FBI officials could not comment about current investigations. The space shuttle Challenger exploded after takeoff Jan 28, 1986, when the temperature at the Florida launch site was 20 degrees below that specified for the O-rings that hold the solid-rocket boosters together. The rings failed and all seven shuttle astronauts died in the explosion. Morton Thiokol, based in Chicago, built the Challenger's boosters in its Utah facility. The allegations by the employees follow similar charges by former Morton-Thiokol engineer Roger Boisjoly, who has filed two lawsuits alleging criminal fraud against his former employer. Reuter 

WALL STREET STOCKBROKERS CHARGED IN DRUG ARRESTS

Sixteen Wall Street stockbrokers were charged with dealing cocaine, some at a brokerage house federal officials said was deeply involved in drug trafficking as well as trading violations. A total of 19 people were arrested in the federal investigation, eight of them affiliated with Brooks, Weinger, Robbins and Leeds, Inc. Manhattan U.S. Attorney Rudolph Giuliani said the investigation marked the start of a wider probe into widespread drug abuse in the New York financial district. "This case and the implications of it are quite serious. This is the beginning of this whole area of investigation," he said at a news conference announcing the indictments. The arrests marked the latest phase in a series of scandals that have rocked Wall Street, most of them involving illegal insider trading. The federal probe coincides with a police investigation in which 114 people, including messengers, a security guard and a New York Telephone company executive, have been arrested for alleged drug dealing and drug abuse, police said today. A request by Giuliani's office for a warrant to search two Brooks, Weinger offices alleges numerous instances of stock manipulation as well as other securities law violations. Reuter 

WAINOCO OIL <WOL> TO REDEEM SOME RIGHTS

Wainoco Oil Corp said its board has voted to redeem its shareholder value rioghts for 10 cts each, payable June One to holders of record on April 27. The rights have been attached on a one-for-one basis to Wainoco common shares. As previously announced, the company is redeeming the rights to have sufficient authorized and unreserved common shares to proceed with a planned unit offering of common stock and warrants. It said its shareholder purchase rights distributed in June 1986 are unaffected. Reuter 

JEFFERSON BANK <JFFN.O> TO MAKE RIGHTS OFFERING

Jefferson Bank said it plans to offer shareholders the right to purchase additional common shares at 80 pct of the closing bid price per share on the date the offering starts, subject to a minimum of 9.25 dlrs per share. The company said the offering is being made in connection with a planned investment in Jefferson of up to 4,500,000 dlrs by principal shareholder State Bancshares Inc. Both the investment and the rights offering are subject to State's arrangement of financing and participation in the rights offering. Reuter 

GENEX <GNEX.O> PLANS PREFERRED RIGHTS OFFERING

Genex Corp said it has filed for a proposed 8,500,000 dlr rights offering that is planned for early summer. It said shareholders will have the right to buy 1.1 convertible preferred shares at 60 cts a share for each common share held as of May Eight. It said lenders who extended a four mln dlr secured credit line to Genex in early March will have the right to buy all unsubscribed shares, and based on an agreement with Genex's largest shareholders, the lenders will be able to buy at least 34 pct of the offering. The company said to make the offering, it will ask shareholder approval for an increase in authorized common shares to 50 mln from 21 mln and for the authorization of a new class of 20 mln preferred shares. It said it will also ask approval for a change in state of incorporation to Delaware to take advantage of more flexible corporation laws and new provisions regarding director liability. Genex said the new preferred will have the right to elect a majority of its board and will be convertible into common stock. If the rights offer were sold out and all shares converted, common shares outstanding would more than double. The company is now incorporated in Maryland. Genex said it will use proceeds of the rights offering to repay its credit line and for working capital. Reuter 

AMOCO <AN> MAY BUY DOME <DMP>, REPORT SAYS

Amoco Corp is apparently the successful bidder for debt-laden Dome Petroleum Ltd, according to a published report. The Toronto Globe and Mail, quoting sources close to the negotiations, today said Dome broke off talks last night with TransCanada PipeLines Ltd, which last week announced a 4.3 billion Canadian dlr offer for all of Dome's assets. No financial details about the Amoco offer were available and a Dome spokesman would neither confirm nor deny that Amoco had emerged the winner, the newspaper said. However, the Dome spokesman indicated that the sale of Dome could be finalized and announced this weekend, the Globe and Mail said. Representatives of Amoco were not immediately available for comment. Last Sunday, when TransCanada announced its offer, Dome said it was also in talks with two other companies, but refused to identify them. Since then, market speculation has centered on Amoco and Exxon Corp's <XON> 70 pct-owned Imperial Oil Ltd subsidiary in Canada. British Petroleum PLC <BP> and Royal Dutch/Shell Group <RD> have also been mentioned as possible suitors for Dome. In the past two days, Dome management has been pressured by the federal government to select the offer from TransCanada, the only Canadian company in the bidding. Prime Minister Brian Mulroney's government appears to want to avoid a Dome sale to a foreign company since the government gave Dome hundreds of millions of dollars in tax breaks to encourage oil and gas exploration in the Arctic, analysts and officials have said. A purchase by TransCanada would be least likely to run afoul of Canadian antitrust laws, however, TransCanada is asking for tax concessions from a federal government that is trying to hold its deficit below 30 billion Canadian dlrs, analysts have said. A takeover by Amoco or Imperial would also give a foreign oil company a dominant position in Canada's oil industry. Imperial Oil is already Canada's largest energy company, with 1986 revenues of 7.1 billion Canadian dlrs. Chicago-based Amoco had 1986 revenues of 20.23 billion U.S. dlrs. Its Amoco Canada Petroleum subsidiary is 100 pct owned by Amoco Corp. Reuter 

GORMAN-RUPP CO <GRC> SETS QUARTERLY

Qtly div 21 cts vs 21 cts prior Pay June 10 Record May Eight Reuter 

LILLY INDUSTRIAL COATINGS INC <LICIA> IN PAYOUT

Qtly div 10-1/2 cts vs 10-1/2 cts prior Pay July One Record June 10 Reuter 

GRUMMAN CORP <GQ> IN PAYOUT

Qtly div 25 cts vs 25 cts prior Pay May 20 Record May Eight Reuter 

AMBRIT INC <ABI> IN PAYOUT

Qtly div two cts vs two cts prior Pay May 22 Record May Eight Reuter 

ONEOK INC <OKE> IN PAYOUT

Qtly div 64 cts vs 64 cts prior Pay May 15 Record April 30 Reuter 

DIAMOND SHAMROCK OFFSHORE PARTNERS <DSP> PAYOUT

Qtly div 70 cts vs 70 cts prior Pay June Eight Record May Eight Reuter 

CHRYSLER <C> SEEKS TO RAISE SHARE LIMIT

Chrysler Corp said it is asking shareholders to increase the number of shares of authorized common stock to 500 mln from the current 300 mln. The company, in the proxy statement mailed to 135,000 stockholders for its May 21 annual meeting in Savannah, Ga., said the added shares will be needed to complete its proposed buyout of American Motors Corp <AMO>. Chrysler also said the additional shares could be used for future acquisitions, financing transactions, stock dividends or splits and employee benefit plans. The company also said in the proxy statement for its annual meeting that in 1986 the board approved the granting of 77.0 mln dlrs of cash awards to 1,914 executives and 16.2 mln dlrs for a supplemental executive retirement plan under its incentive compensation program. It said it also paid out 66.9 mlndlrs in bonuses to over 93,000 hourly and salaried employees, and it recently paid out 46.7 mln dlrs in profit-sharing payments to full-time employees based on 1986 performance. Chrysler further said it is offering special 500 dlr checks only to patrons of the 1987 New York Auto Show good toward the purchase of Chrysler LeBaron Coupes, Plymouth Sundances, Dodge Shadows and Dodge Daytonas. The checks will be redeemable at participating dealers in the New York metropoliutan areas through May Two and are in addition to any low percentage rate financing or cash incentives the company is offering. Reuter 

TEXAS AIR'S <TEX> UNIT TO CUT STAFF

Texas Air Corp's Eastern Airlines subsidiary said it will cut 259 jobs for mechanics and related employees in Miami and Boston, effective around May One. The company said part of the staff cuts result from the proposed sale of five Boeing Co <BA> 727-100's and two Lockheed Corp <LK> L-1011's, as well as the previously announced transfer of six <Airbus Industrie> A300's to Continental Airlines, another Texas Air subsidiary. Reuter 

CHRYSLER <C> PAYS 77 MLN DLRS IN BONUSES

Chrysler Corp said its board made cash bonus awards of 77 mln dlrs to 1,914 executives in 1986 based on 1985 earnings, including a 975,000 dlr bonus that brought chairman Lee Iacocca's cash compensation to 1.7 mln dlrs. The number three U.S. automaker also disclosed in its shareholder proxy statement that Iacocca exercised stock options last year that netted him nearly 9.6 mln dlrs and received 337,500 shares of Chrysler stock last November three that at current market prices would be worth more than 18 mln dlrs. Reuter 

FRENCH INDUSTRIAL PRODUCTION RISES IN FEBRUARY

French industrial production rose a seasonally adjusted three pct in February after an unrevised 1.98 pct fall in January, the National Statistics Institute (INSEE) said. The figure, which excludes construction and public works, put the February index, base 1980, at 102 after 99 in January. INSEE changed its base year to 1980 from 1970 last month. Reuter 

DANNERS <DNNR.O> IN DEAL ON CAPITAL INFUSION

Danners Inc said it has agreed in principle for Indian LP, a partnership associated with Sherman Clay Group, to purchase 100,000 shares of redeemable voting junior preferred stock with a liquidation preference of 20 dlrs per share and cumulative dividends of 1.60 dlrs per share annually for two mln dlrs. It said the partnership would also receive detachable warrants to buy 1,600,000 common shares at 1.25 dlrs each, payable in cash or in junior preferred stock at the liquidation preference value. Danners said completion of the infusion would allow the partnership to name a majority of its board. In addition, Danners said it granted the partnership an option to buy 200,000 more common shares at 1.25 dlrs each, exercisable if it should fail to meet any condition connected with the transaction or if principal shareholders should accept a merger offer from another party. It said Danners family members owning 171,538 shares have granted options to Indian to buy their shares on similar terms and conditions. The company said the Danner family options provide that if the infusion is completed, the partnership will have the option starting six months later and ending in April 1992 to buy the shares at the last bid or last sales price, whichever is lower. Danners said the agreement is subject to a recapitalization by its bank group of outstanding loans, satisfactory company prospects, favorable opinon from an investment banker and closing by April 30, with possible extensions to no later than May 11. The company lost 529,000 dlrs in the prior year. Danners said it has terminated its use of LIFO inventory accounting, resulting in a restatement of its net worth as of February 1, 1986, the last day of its prior fiscal year, to 15.5 mln dlrs from 9,901,000 dlrs. But losses for the year just ended will result in a net worth deficiency at the end of that year of about 4,400,000 dlrs or eight dlrs per share. The company said it incurred unusual fourth quarter losses due to the previously-announced closing and disposition of 17 of its 35 3D discount department stores, inventory clearances and conversion to a new pricing and promotion system. The company said if it should fail to perform under the deal, it could be liable for all expenses incurred by the partnership. If it does perform but the infusion transaction collapses for another reason, it said it could be liable for up to 50,000 dlrs in expenses. It said the Danner family members who have agreed to the option have the ability to sell some or all of their shares to the partnership around the closing date at two dlrs each. Danners further said it expects to report a loss for the year ended January 31 of over 19 mln dlrs, substantially worse than it had expected. The company said it also incurred losses in the fourth quarter on the disposition of nonoperating assets. It said it expects to report results for the year soon. Danners said problems with its credit relationships, together with its losses for the year, resulted in its transaction with Indian, which is intended to alleviate its problems. Reuter 

GRUMMAN <GQ> HOLDERS APPROVE LIABILITY LIMITS

Grumman Corp said shareholders at the annual meeting approved an amendment on the indemnification of direcors, officers and employees against liability. Reuter 

FIRST FEDERAL BROOKSVILLE<FFBV> ADJOURNS MEETING

First Federal Savings and Loan Association of Brooksville said it has adjourned its annual meeting until May 11 due to the unexpected death of director J.R. Underwood, creating the need for a substitute nominee for the board. Reuter 

<PROFITT'S INC> FILES FOR INITIAL OFFERING

Profitt's Inc said it has filed for an initial public offering of one mln common shares at an expected price of eight to 10 dlrs each through underwriters led by Morgan Keegan Inc <MOR>. It said proceeds will be used to retire debt. Profitts Operates five specialty department stores in Tennessee. Reuter 

RLC CORP <RLC> 2ND QTR MARCH 31 NET

Shr loss nil vs profit six cts Net loss 89,000 vs profit 1,136,000 Revs 105.0 mln vs 97.,3 mln 1st half Shr loss two cts vs profit 21 cts Net loss 396,000 vs profit 3,790,000 Revs 212.1 mln vs 194.8 mln Avg shrs 18.1 mln vs 18.3 mln NOTE: Current quarter net includes 77,000 dlr tax credit. Current half net includes reversal of 2,622,000 dlrs of investment tax credits. Reuter 

MINISCRIBE <MINY> FILES TO OFFER CONVERTIBLES

MiniScribe Corp said it filed with the Securities and Exchange Commission a registration statement covering a 65 mln dlr issue of convertible subordinated debentures due 2012. Initially, a portion of the proceeds will be used to reduce funds drawn from MiniScribe's revolving bank credit facility. Proceeds will also be used for working capital purposes, primarily to finance inventories and accounts receivable, and to acquire capital equipment and expand manufacturing capacity, MiniScribe said. It named Morgan Stanley and Hambrechit and Quist as managing underwriters. Reuter 

FRESH JUICE CO INC <FRSH.O> 1ST QTR FEB 28 NET

Shr loss five cts NEt loss 90,066 Sales 328,127 NOTE: Company began opeations in April 1986. Reuter 

FRENCH GOVERNMENT SETS TERMS OF BIMP SALE

The French Finance ministry said today a public flotation offer opening this coming Tuesday for 39 pct of the capital of <Banque Industrielle et Mobiliere Privee> (BIMP) has been set at 140 francs per share. The offer closes next Friday. The ministry said in a statement 51 pct of the bank's capital had been sold to a solid core of large investors, including insurance companies and Michelin subsidiary SPIKA, for 145 pct of the public offer price. Ten pct of the shares have been reserved for employees, who get a five pct discount increased to 20 pct if they keep the shares for two years. Employees also get one free share for each one bought, if the shares are held for at least one year. Small investors would receive one free share for every 10 bought, with an upper limit of five free shares per investor, and on condition the shares are held for at least 18 months. The state-owned capital of BIMP comprises 2.51 mln shares. The bank is being sold to the public as part of a sweeping programme to privatise 65 state-owned groups over five years. In a separate statement, the ministry said last week's privatisation offer of 1.07 mln shares in <Banque du Batiment et des Travaux Publics> (BTP) was 65 times oversubscribed. REUTER 

BUDGET CHIEF MILLER WARNS FED ON INTEREST RATES

White House Budget chief James Miller said he was concerned that the Federal Reserve might "overreact" to the decline in the value of the U.S. dollar by raising interest rates, a move he said could cause a recession next year. "Our greatest danger is overreaction," Miller told newspaper reporters yesterday. "I'm concerned about the Fed's overreaction. I'm concerned about what I see in recent data showing a substantial fall in the money supply." Edwin Dale, Miller's spokesman, said the remarks, published in the New York Times today, were accurate. Miller said he was concerned the Fed might overreact to signals of rising inflation by tightening credit -- a move he said could have "political consequences." The White House budget chief appeared to be referring to the effect an economic slowdown could have on the presidential and congressional elections next year. "My fear is that if we get into a recession we are in deep soup, and there is no question about it," he said. Miller said an economic slowdown could lead to lower tax revenues and a widening of the budget deficit. Miller's remarks reflected concern that the U.S. central bank might feel compelled to tighten credit as a means of bolstering the dollar. Both Treasury Secretary James Baker and Federal Reserve Board Chairman Paul Volcker recently have warned that further declines in the value of the U.S. dollar could jeopardize global growth prospects. U.S. officials have urged Japan and West Germany to stimulate economic growth in their countries -- a move that could boost U.S. exports and relieve trade protectionist pressures in the United States. Reuter 

BANK OF FRANCE SEES PICKUP IN INDUSTRIAL ACTIVITY

The Bank of France said in its latest monthly report on the French economy it expected a pickup in industrial production registered in March to gather steam over the next few months. Without giving figures, the report said last month's rise, partly linked to efforts to catch up with production lost earlier this year through industrial action, was due mainly to a firming of domestic demand. "New progress is expected in all main sectors except capital goods where production will remain at its present level," the report added. The upbeat report comes in the wake of grim March trade balance figures which showed a deficit in industrial trade for the first time since June 1982. While the automobile industry remained unchanged from previously boosted levels, consumer goods production grew and was expected to accelerate except in the area of domestic appliances. Semi-finished goods showed a clear increase in all sectors. Construction and civil engineering, boosted by a rise in public works, also improved, while retail trade sales in all sectors continued to slow. REUTER 

ITALIAN WHOLESALE PRICES UP 0.2 PCT IN FEBRUARY

Italy's wholesale price index rose 0.2 pct month-on-month in February 1987 after increasing by 1.1 pct in January, the national statistics institute ISTAT said. The index, base 1980 equals 100, registered 173.1 in February compared with 172.8 in January. The February figure represents a decline of 0.2 pct compared with February 1986 after a year-on-year decline in January 1987 of 1.7 pct. Reuter 

SHARON STEEL <SSH> FILES CHAPTER 11 BANKRUPTCY

Sharon Steel Corp said it has filed a voluntary petition for relief under Chapter 11 of federal bankruptcy laws. The company, which has been losing money and experiencing financial difficulties for years, said it took the action in response to Quantum Fund's notice that it intended to accelerate the maturity of Sharon's 13-1/2 pct subordinated debentures due 2000 at 1200 EDT today. Sharon said Quantum had requested the trustee for the debentures to file an involuntary petition under Chapter 7 of the bankruptcy code against it. Sharon Steel said as a result of the bankruptcy filing, its exchange offer has been terminated. Sharon had been making an exchange offer for its 13.5 pct debentures due 2000 and 14.25 pct debentures due 1999 that was subject to a number of conditions being met. Acceptance of the offer, which had been extended several times, had been below required levels for its completion. Reuter 

YEUTTER SAYS JAPANESE CURB ALL BUT CERTAIN

U.S. Trade Representative Clayton Yeutter said it was all but certain President Reagan would go ahead today and impose curbs on Japanese exports as planned. Asked in a television interview what the chance was for Reagan to cancel the scheduled 100 pct tariffs on Japanese electronic exports, he said "slim to none." Reagan announced on March 27 he would impose the tariffs to retaliate for Japan's failure to honor a 1986 agreement to end dumping computer semiconductors in world markets at less than cost and to open its home markets to U.S. products. Yeutter, on the NBC program "Today," said the United States did not want to terminate the agreement and would drop the tariffs once Japan began fulfilling the agreement. He said Japanese negotiators last week told U.S. officials they were honoring the pact, but Yeutter said it would take time to monitor any compliance. Asked how long that would take, he said "We want to see a pattern of compliance, so in a minimum I would say that would take a few weeks." Yeutter said he did not think there would be much consumer impact by the tariffs on 300 mln dlrs worth of Japanese goods because the items selected are also readily available from other countries and manufacturers. He said he did not think Japan would retaliate. "It seems to me it is not in the interests of either country to get in an escalating conflict. The Japanese understand that full well," Yeutter said. He added Japan might challenge the tariffs in the General Agreement on Tariffs and Trade (GATT), but "that's more of a paper kind of exercise and I don't really expect to see any adverse impact on U.S. trade." Yeutter also said he did not see any way the semiconductor issue could be resolved before or during a Washington visit later this month by Japanese Prime Minister Yasuhiro Nakasone. He said he hoped the visit, which is to have trade as a major issue, would be productive but "I don't see any practical way to resolve this particular dispute before or during his visit." reuter 

TCF BANKING <TCFC> FILES TO OFFER NOTES

TCF Banking and Savings F.A. said it filed with the Federal Savings and Loan Association to issue up to 100 mln dlrs of subordinated capital notes. Proceeds will be used to increase the bank's regulatory capital and for general corporate purposes, TCF said. Reuter 

CHURCH'S FRIED CHICKEN INC <CHU> 1ST QTR NET

Shr one ct vs 14 cts Qtly div 11-1/2 cts vs 11-1/2 cts prior Net 411,000 vs 5,299,000 Revs 88.5 mln vs 108.4 mln NOTE: Dividend pay May 18, record May One. Reuter 

SONY PLANS VIDEO AND TAPE PRODUCTION IN THAILAND

<Sony Corp> of Japan plans to launch a 15-mln-dlr project here soon to produce video and music cassette tapes mainly for export, Chira Phanupong, head of Thailand's Board of Investment, said. Chira told reporters Sony will likely receive investment tax incentives from his agency which is in charge of promoting foreign investment. The BoI chief said most small and medium Japanese firms view Thailand as the best country in South East Asia to which they could shift their high-cost production facilities in the wake of the strong yen. BoI officials said the number of new Japanese investment projects seeking promotional privileges from the Thai government increased substantially in the past year as the stronge yen forced more Japanese companies to look for cheaper production bases abroad. <Sharp Corp> recently also obtained BoI tax incentives to invest in a project here to produce microwave ovens and refrigerators for the Thai market and for export. Chira said a big Japanese electronic firm is negotiating with his agency for Thai tax incentives for its project to manufacture audio equipment and other electrical appliances here. He declined to name the Japanese company but said its proposed project will provide employment for 50,000 Thais in five years. REUTER 

GM <GM> MAY CEASE U.S. CAR ASSEMBLY - LABOR CHIEF

General Motors Corp believes it must become competitive with other with auto manufacturers in the next five years or cease building its cars in the U.S., a published report said. The Detroit Free Press quoted GM industrial relations vice-president Alfred Warren as saying "we've got about three to five years to either get our act together or get out of the business." "People cannot believe we could stop building automobiles in the United States," he said, adding "I'm sure the electronics people felt the same way." Warren, who will be GM's chief negotiator this summer in labor bargaining on a new contract covering 380,000 U.S. hourly workers, said there will be a greater loss of jobs if GM's share of the U.S. car market continues to decline. And he added the United Automobile Workers union must resolve its concerns over job security with GM because its "jobs are at General Motors...not somewhere else." Warren said GM may have been "foolish" in the last recession to agree to bring back laid-off UAW members to its parts-making operations because "today we would be better off had we not brought workers back." Reuter 

ALLIANCE WELL <AWSI.O> SAYS NOT ALL BANKS AGREE

Alliance Well Service Inc said not all of its five principal lending banks have agreed yet to the proposed settlement of Alliance debt that the company announced April 15. The company said some important points still need to be negotiated in the agreement, as well. Under the agreement, all 29.3 mln dlrs of its bank debt, plus related interest, would be eliminated, the banks would recieve common stock and the company would not challenge the banks' foreclosure of its 119 drilling rigs. Reuter 

SOUTHWEST BANCORP <SWB> HAS HALF OF PREFERRED

Southwest Bancorp said through yesterday, it had receioved 53,571 shares of its 2.50 dlr cumulative convertible preferred stock in response to its offer to exchange 11 common shares for each of the 108,710 shares of the preferred. The company said the offer, which was to have expired today, has been extended until May One. Reuter 

<GOLDOMEXFSB> SEEKS TO GO PUBLIC

Goldome FSB said it has filed with the New York Superintendent of Banks to convert to a state stock savings bank from a federal mutual savings bank as part of its plan to go public. The company said it plans to first make a subscription offiering to depositors and a direct community offering in its major New York and Florida markets and elsewhere were it has significant subsidiary operations. Any shares remaining would be sold in a public offering through underwriters led by Merrill Lynch and Co Inc <MER>. Goldome has 14.6 billion dlrs in assets. Reuter 

ARGENTINA SEES QUICK COMPLETION OF DEBT DEAL

Argentina's controversial new financing package should be completed quickly thanks to a wide range of innovative options in the deal, said Jorge Gonzalez, undersecretary for external debt in the economics ministry. The deal offers banks a lucrative fee if they sign early and an "exit bond" provision allowing banks to sell as much as five mln dlrs of their existing loans. Gonzalez also disclosed that banks will have the choice of lending up to one mln dlrs in the form of a bearer bond. "We expect to complete the package very quickly," he said in a telephone interview. By providing their share of the 1.55 billion dlrs in new money being raised for Argentina via an easily tradable bearer bond instead of a participation in the syndicated loan, smaller banks could avoid time-consuming legal paperwork. The bonds, currently dubbed "alternative participation instruments," would carry the same terms as the syndicated loan - a 12-year term, five years' grace and an interest rate margin of 7/8 pct over Eurodollar rates, Gonzalez said. The idea of the "exit bond" is that a creditor bank may exchange up to five mln dlrs of existing debt for a new, tradeable bond that bears below-market interest rates. In return for accepting a lower yield, the amount of debt converted will be subtracted from the bank's exposure for purposes of calculating its contribution to future new loans. Gonzalez said it was difficult to say how many banks would take up the "exit bonds" because no such instrument has been offered before. On paper, however, Argentina's lending syndicate could shrink dramatically because over 100 of the country's 350 creditors have exposure of less than five mln dlrs. Details of the "exit bonds" are still being finalized, Gonzalez added. Argentina has pressed hard for a streamlining of the lending process because it has bitter memories of its last package, which was agreed with the Citibank-led steering committee in December 1984 but not signed until August 1985. Gonzalez praised the committee for its cooperation in the latest negotiations and said the resulting deal, which was announced by the banks on Wednesday, should put Argentina on the road to meeting its economic goals. "We believe this is a package that will help Argentine to continue on the track it has elected to follow - stable growth and equilibrium in the external accounts," he said. Asked what role the Reagan Administration had played in the final stages of the talks, Gonzalez said it had lent "practical support." He did not elaborate, but bankers said the U.S. had pressed for an agreement after Economics Minister Juan Sourrouille threatened at last week's spring meeting in Washington of the International Monetary Fund to break off talks unless banks stopped blocking a deal. The specter of Argentina emulating Brazil and suspending interest payments haunted policymakers and bankers alike, who have long feared the emergence of a debtors' cartel. "That was a feeling among people on the committee," one banker said. As a result bankers agreed to give Argentina the same interest rate margin as Mexico, 13/16 pct, on the rescheduling of 30 billion dlrs of debt, even though they knew this would raise the ire of the Philippines and Venezuela, which paid 7/8 pct on recent rescheduling packages. Asked about the angry reaction of the Manila government, which promptly said Wednesday that it would demand a spread of 13/16 pct, Gonzalez said this was a matter between the Philippines and the banks. Reuter 

DOMINION RESOURCES INC <D> 1ST QTR NET

Shr 1.31 dlrs vs 1.03 dlrs Net 123 mln vs 95 mln Revs 831 mln vs 764 mln Avg shrs 94 mln vs 91 mln 12 mths Shr 4.38 dlrs vs 3.68 dlrs Net 409 mln vs 331 mln Revs 3.14 billion vs 2.77 billion Avg shrs 93 mln vs 90 mln Reuter 

H.B. FULLER <FULL.O> HOLDERS APPROVE SHARE RISE

H.B. Fuller Co said shareholders at the annual meeting approved an increase in authorized common shares to 40 mln from 15 mln and a requirement that certain accumulations of its voting securities by subject to prior shareholder approval. In addition, it said shareholders approved the elimination of the personal liability of directors in legal proceedings alleging a breach of fiduciary duty. Reuter 

DIAMOND SHAMROCK <DIA> SETS DATES FOR SPINOFF

Diamond Shamrock Corp said it has set April 30 as the record date for the spinoff of its refining and marketing operations, Diamond R and M Inc, and shares will be mailed around May 10. Shareholders will receive one Diamond R and M share for each four Diamond Shamrock shares held. Reuter 

FORD <F> DEVELOPING ALUMINUM CAR FRAME

Ford Motor Co said it is developing an aluminum space frame for its Probe V concept car using extruded stretch-formed aluminum that could lead to new techniques for building production cars in the future. It said the frame would reduce vehicle weight and cost while maintaining structural integrity and crashworthiness. The frame has fewer parts than conventional steel frames, Ford said. The company said the lighter weight would allow smaller powertrains and suspensions, further reducing weight and improving fuel economy. Ford said in addition, extrusion dies cost 1,000 to 12,000 dlrs each, compared with hundreds of thousands of dollars for steel stamping dies, and using extruded aluminum the number of welds in a car could be reduced to about 40 from over 2,000. Reuter 

JAMES RIVER <JR> TO REBUILD PAPER MACHINE

James River Corp said it will rebuild its Number Three paper machine at the Wauna pulp and paper mill near Clatskanie, Ore., at a cost of about 31.8 mln dlrs to significantly improve newsprint quality and expand its uncoated groundwood specialties paper product line. It said completion is expected in late 1988. Reuter 

ITALIAN DISCOUNT CERTIFICATE ISSUE UNDERSUBSCRIBED

The Bank of Italy said market operators had taken up 1,111 billion lire of indexed government discount certificates (CTs) out of an offer of 2,500 billion lire. The Bank took up 600 billion lire and 789 billion were unassigned. The seven-year certificates carry a first-year coupon payable April 21 1988 of 4.86 pct, identical to that on the preceeding issue of CTs in March. They were offered at a base price of 72 lire, down from 74 previously, for an effective annual yield on the first coupon of 10.15 pct against 9.66 in March. Yields after the first year will be linked to rates on 12-month Treasury bills. 

U.S. COMMERCE TRADE REPORT OMITS FREIGHT COSTS

The Commerce Department said on that insurance and freight costs for imported goods of 1.45 billion dlrs were included in the February trade deficit of 15.1 billion dlrs reported on Tuesday. The department is required by law to wait 48 hours after the initial trade report to issue a second report on a "customs value" basis, which eliminates the freight and insurance charges from the cost of imports. Private-sector economists emphasized that the Commerce Department was not revising down the deficit by 1.45 billion dlrs but simply presenting the figures on a different basis. A report in the Washington Post caused a stir in the foreign exchanges today because it gave the impression, dealers said, that the underlying trade deficit for February had been revised downward. The Commerce department would like to have the law changed to permit it to report both sets of figures simultaneously. "My feeling is the second one is a better report but there's legislation that requires us to delay it two days," said Robert Ortner, Commerce undersecretary for economic affairs. "But this has been going on for a long time and no one pays any attention to the second figure." The 15.1 billion dlr February trade deficit compared with a revised January deficit of 12.3 billion dlrs. The law requiring a 48-hour delay in publishing the monthly trade figure excluding freight and insurance was passed in 1979. Reportedly the feeling was the first figure, which includes customs, freight and insurance, allowed a better comparison with other countries that reported their trade balances on the same basis. The second figure, which would always be lower by deducting freight and insurance, presents the deficit in a more favorable light for the Reagan administration. Ortner said he would like to see the law changed to eliminate the 48-hour delay in reporting the two figures. "We're considering it," he said, "It's one of those dinosaur laws and I think it's time has come." The second figure, which would always be lower by deducting freight and insurance, presents the deficit in a more favorable light for the Reagan administration. Ortner said he would like to see the law changed to eliminate the 48-hour delay in reporting the two figures. "We're considering it," he said, "It's one of those dinosaur laws and I think its time has come." Reuter 

HONG KONG FIRM UPS CALMAT <CZM> STAKE TO 12 PCT

Industrial Equity (Pacific) Ltd, a Hong Kong investment firm, said it raised its stake in CalMat Co to 3,712,860 shares, or 12.2 pct of the total outstanding common stock, from 3,312,460 shares, or 10.9 pct. In a filing with the Securities and Exchange Commission, Industrial Equity, which is principally owned by Brierley Investments Ltd, a publicly held New Zealand company, said it bought 400,400 Calmat common shares between April 9 and 13 for a total of 10.5 mln dlrs. Reuter 

FOUNDATION CUTS WURLITZER <WUR> STAKE

The Farny R. Wurlitzer Foundation told the Securities and Exchange Commission it cut its stake in Wurlitzer Co to 89,000 shares, or 4.98 pct of the total outstanding common stock, from 125,000 shares, or 7.0 pct. The foundation said it sold 36,000 Wurlitzer common shares between March 13 and 30 at prices ranging from 3.25 to 2.375 dlrs a share. As long as the foundation's stake in Wurlitzer is below five pct, it is not required to report further dealings it has in the company's common stock. Reuter 

INVESTMENT FIRMS RAISE ORIENT EXPRESS<OEH> STAKE

Two affiliated investment firms and funds they control told the Securities and Exchange Commission they raised their Orient Express Hotels Inc stake to 1,663,800 shares, or 17.0 pct of the total, from 1,560,800, or 15.9 pct. The firms, Boston-based FMR Corp and Bermuda-based Fidelity International Ltd, said they bought a combined 103,000 Orient Express common shares from March 12 to April 8 at prices ranging from 3.05 to 3.55 dlrs each. Reuter 

HOSPITAL CORP <HCA> BOARD AGAINST BUYOUT BID

Hospital Corp of America said its management believes the 47 dlr per share acquisition offer it received from Charles R. Miller, Richard E. Ragsdale and Richard L. Scott is not in the best interest of shareholders, and it does not plan to meet with the individuals. The company said its board considered information on the three and their bid, and "Given the lack of any demonstrated ability on the part of these individuals to consummate an acquisition of this magnitude, the board decided it was not necessary to take any action on their proposal at this time." Hospital Corp said "The benefits of the company's ongoing repositioning program are already being realized, and we will continue to explore appropriate alternatives for enhancing shareholder value." Reuter 

NAKASONE'S SALES TAX PLAN SUFFERS ANOTHER DENT

Prime Minister Yasuhiro Nakasone's unpopular sales tax plan suffered another dent today when members of his ruling Liberal Democratic Party (LDP) called for time to be taken in dealing with the proposed sales tax, party officials said. The call came in a resolution adopted by a group of some 150 LDP parliamentarians and secretaries, acting on behalf of their parliamentarians, at a meeting at the LDP headquarters, they said. The MPs represented seemed to Account for one-third of LDP MPs. The group is an LDP voluntary organisation, called the Parliamentarians' Research Society for Reestablishment of Finances claiming a membership of about 300 MPs, they said. Meanwhle, Nakasone this evening hinted that his party might be ready to accept some modification to the five-pct sales tax proposal after the fiscal 1987 state budget plan was passed by parliament. The LDP suffered a setback in last Sunday's local elections because of the controvertial tax plan. The result also undermined Nakasone's prestige, giving rise to a possibility that he might be forced out of office before October 30, when he is supposed to step down. REUTER 

KAYDON <KDON.O> NAMES NEW CHAIRMAN

Kaydon Corp said president Richard A. Shantz has been named chairman, succeeding Glenn W. Bailey, who remains on the board. The company said Lawrence J. Cawley, who had been president of the Bearing Division, has ben named to succeed Shantz as Kaydon president. Reuter 

AFFILIATED BANKSHARES <AFBK.O> NAMES CEO

Affiliated Bankshares of Colorado Inc said president and chief operating officer Kent O. Olin has been named to the added post of chief executive, succeeding Leo Hill, who plans to retire at the end of the year. Reuter 

TODD <TOD> DEBT MAY BE DOWNGRADED BY MOODY'S

Moody's Investors Service Inc said it may downgrade Todd Shipyards Corp's 110 mln dlrs of debt. It cited Tood's report of significant and unanticipated losses on a commercial contract, and continuing uncertainty over the U.S. Navy's DDG-51 Destroyer program, which Moody's termed an important business for Todd's viability. Moody's said it would assess the company's future financing flexibility in light of current negotiations of existing credit and loan agreements. Todd carries B-2 senior subordinated notes due 1996 and B-3 3.08 dlr convertible exchangeable preferred stock. Reuter 

CALNY <CLNY.O> NAMES NEW PRESIDENT

Calny Inc said M. Hal Taylor has been named poresident and chief operating officer, succeeding Marvin Hart, who had been serving as president on an interim basis and remains chairman and chief executive. The company said Taylor, who joined the company in January, has also been named to the board. Reuter 

GOODMARK FOODS <GDMK.O> NAMES NEW CHAIRMAN

GoodMark Foods Inc said president and chief executive officer Ron E. Doggett will assume the added post of chairman effective June One, when H. Hawkins Bradley retires. It said Bradley will remain on the board and as a company consultant. Reuter 

EL POLLO ASADO <EPAI.O> NAMES PRESIDENT

El Pollo Asado Inc said executive vice president and chief operating officer Richard J. Peterson has been named president, succeeding Richard B. Lipson, who remains chairman and chief executive. The company also said chief financial officer Ronald A. Paradis has been named to the added posts of executive vice president and director. On the board he replaces Maria A. Lipson. Reuter 

CITIZENS SAVINGS <CSBF.O> NAMES NEW CHAIRMAN

Citizens Savings Bank FSB said chairman and chief executive officer Frank L. Hewitt Jr. is retiring and is being succeeded by vice chairman Clinton C. Sisson. The company said Hewitt will remain chairman and president of its First Citizens Corp subsidiary. Reuter 

CALNY INC <CLNY> SETS QUARTERLY

Qtly div four cts vs four cts prior Pay May 13 Record April 29 Reuter 

ROWAN <RDC> SEES SUBSTANTIAL LOSSES FOR YEAR

Rowan Cos Inc said it expects to incur substantial losses in 1987 despite expected improvement in drilling levels in the Gulf of Mexico and the North Sea. The offshore and onshore drilling company today reported a first quarter loss of 18.6 mln dlrs after a 12.2 mln dlr tax credit, compared with a year-earlier loss of 5,855,000 dlrs after a tax credit of 8,510,000 dlrs. For all of 1986, Rowan lost 42.1 mln dlrs after a 47.6 mln dlr tax credit. Reuter 

ROWAN COS INC <RDC> 1ST QTR LOSS

Shr loss 36 cts vs loss 11 cts Net loss 18.6 mln vs loss 5,855,000 Revs 23.9 mln vs 53.9 mln NOTE: Net includes tax credits of 12.2 mln dlrs vs 8,510,000 dlrs. Reuter 

FORD <F> AWARDS BONUSES OF 164.3 MLN DLRS

Ford Motor Co said it awarded 164.3 mln dlrs in bonuses to 5,528 executives based on the company's record 3.3 billion dlrs in 1986 profits. The number two U.S. automaker said chairman Donald Petersen last year collected more than 4.3 mln dlrs, inlcuing salary of 660,772 dlrs, a 1.3 mln dlr bonus and nearly 2.4 mln dlrs from exercising stock options. Ford said each of it five top executives received bonuses which swelled their pay last year past the one mln dlr mark. Ford said it last month paid 371 mln dlrs in profit-sharing to 160,000 hourly and salaried employees in the U.S. The company also disclosed in its proxy statement mailed to 262,000 shareholders for Ford's May 14 annual meeting in Detroit that directors John Connally and Carter Burgess are retiring from its board and that Irvine Hockaday Jr, president of Hallmark Cards Inc of Kansas City, Mo, is being nominated for a board seat. Reuter 

CARE ENTERPRISES <CRE> 4TH QTR LOSS

Oper shr loss 64 cts vs profit 11 cts Oper net loss 7,229,000 vs profit 902,000 Revs 67.6 mln vs 66.7 mln Avg shrs 11.3 mln vs 8,507,000 Year Oper shr loss 63 cts vs profit 43 cts Oper net loss 6,177,000 vs profit 3,604,000 Revs 264.8 mln vs 238.5 mln Avg shrs 9,827,000 vs 8,403,000 NOTE: 1986 quarter net includes 731,000 dlr tax credit. 1986 net excludes charges from debt restructuring of 1,976,000 dlrs in quarter and 3,800,000 dlrs in year. Reuter 

NWA <NWA> NAMES NEW HEAD FOR UNIT

NWA Inc said Edward A. Neer Jr. has been named president and chief executive officer of its Mainline Travel Inc subsidiary, replacing Warren D. Phillips as chief executive and Robert L. Daniels asd president. Neer had been western regional sales director of NWA's Northwest Airlines unit. It said Daniels has been named president of Mainline's retail division. Reuter 

LANCE INC <LNCE> 1ST QTR NET

Shr 56 cts vs 46 cts Qtly div 29 cts vs 27 cts prior Net 9,089,000 vs 7,585,000 Sales 86.8 mln vs 83.0 mln NOTE: Pay May 15, record May One. Reuter 

DAMON <DMN> LAB UNIT RIDES HIGH ON AIDS TESTING

Damon Corp's Damon Clinical Laboratories expects to report "significantly better" profits this year and a 20 pct gain in sales due in part to increased testing for AIDS virus, Damon president Joe Isola said. Last year the unit earned 8.6 mln dlrs on sales of 97.3 mln for the fiscal year ended August 31, 1986. Overall, Damon Corp reported a loss of 2.5 mln dlrs on sales of 148 mln. Isola attributed the loss to the company's biotechnology subsidiary. Damon Labs currently tests about 8,000 samples a night for the AIDS virus at its Irving, Texas, facility. That's an increase of about 100 percent from 18 months ago when the U.S. Army chose the company to test for Acquired Immune Deficiency Syndrome among its recruits. Now, in addition to recruits, the company processes regular Army soldiers undergoing annual physicals, Army Reserves, the National Guard as well as some Coast Guard and Naval Reserves. Despite having a capacity for processing 10,000 samples a day, Damon Labs recently decided to move out of its Irving facility into a larger one close by and from April 25 on will be able to process some 16,000 a day. He said AIDS testing was expected to contribute 18 mln dlrs to sales over the next three to four years, adding that some 80 pct of the AIDS testing was military-related. Despite the enormous number of tests being processed each day, he said there had never been a mistake. Reuter 

SECURITY PACIFIC <SPC> DOWNGRADED BY MOODY'S

Moody's Investors Service Inc said it downgraded 3.7 billion dlrs of debt of Security Pacific Corp, lead bank Security Pacific National Bank and other units. Moody's said it is concerned over the outlook for improvement in the lead bank's earnings and asset quality, which have been burdened by high levels of nonperforming assets and charge-offs. Cut were the parent's senior and guaranteed debt to Aa-3 from Aa-2 and subordinated debt to A-1 from Aa-3 and the lead bank's senior debt and long-term deposits to Aa-2 from Aaa. Reuter 

FHLBB REPORTS THRIFT RESULTS IN FOURTH QUARTER

The Federal Home Loan Bank Board said its insured savings and loan associations (thrifts) that made a profit in the fourth quarter of 1986 reported moderate increases in net earnings. It said that the 74 pct of the thrifts reporting profits had net after-tax income of 2.3 billion dlrs, up from 2.0 billion dlrs earned by 77 pct of the profitable industry in the third quarter. For 1986 as a whole, the profitable firms had a net income of 9.2 billion dlrs, up from 7.3 billion dlrs in 1985. It said the 26 pct of the industry that made no profit in the fourth quarter had losses of 3.2 billion dlrs. The figure for the unprofitable firms was up from 2.1 billion dlrs in the third quarter of 1986, it said. Over the year, these firms had total losses of 8.3 billion dlrs, up from 3.6 billion dlrs in 1985. Reuter 

THREE SUED OVER BALL VALVES FOR NINE MILE POINT

Niagara Mohawk Power Corp said it and the other owners of Nine Mile Point Two nuclear power unit have filed suit seeking over 500 mln dlrs in damages against three companies involved with the design and fabrication of the ball valve system for the plant. The company said the suit, filed in New York State Supreme Court, names Gulf and Western Industries Inc <GW>, Wickes Cos Inc <WIX>'s Wickes Manufacturing Co Inc subsidiary and Gearhart Industries Inc's <GOI> Crosby Valve and Gage Co affiliate. Gulf and Western sold the Fluid Systems Division of its Gulf and Western Manufacturing unit, which makes such valves, to Crosby Valve in 1983 and the remainder of Gulf and Western Manufacturing to Wickes in 1985. The company said the suit alleges breaches of contract and warranty and negligence in engineering and seeks damages for the cost of delay in the plant's commercial operation alleged caused by the failure of the valve system to meet contract specifications and licensing requirements. The ball-type main steam isolation valve system was removed from Nine Mile Two in March following tests in which the company said the valves failed to meet specifications agreed to by the defendants. The system is now being replaced by a Y-pattern globe valve system. It said the 500 mln dlr figure is a preliminary estimate. Niagara Mohawk owns 41 pct of Nine Mile Two, a 1,080 megatt boiling water reactor near Oswego, N.Y., with Long Island Lighting Co <LIL> owning 18 pct, Rochester Gas and Electric Corp <RGS> 14 pct and Central Hudson Gas and Electric Corp <CNH> nine pct. Reuter 

WHITE HOUSE SLAPS TARIFFS ON JAPANESE GOODS

The White House announced 100 pct tariffs on 300 mln dlrs worth of Japanese electronic goods, effective Friday. The tariffs were imposed because of alleged Japanese failure to honor an agreement to stop below cost dumping of computer microchips on world markets and to open up its domestic markets to American goods. "I regret that these actions were necessary," President Reagan said in a statement. Reagan said the tariffs would be eliminated "as soon as we have firm and continuing evidence that the dumping in third country markets has stopped and that access to the Japanese market has improved." He said he was encouraged by recent actions by Tokyo to improve compliance with the U.S.-Japanese semiconductor agreement and he looked forward to the day when it was working as effectively as it should. REUTER 

MOODY'S DOWNGRADES BANKERS TRUST, AFFECTS 1.7 BILLION DLRS OF DEBT

SOVIET INDUSTRIAL OUTPUT UP IN FIRST QUARTER

Soviet industrial output in the first quarter of this year grew by 2.5 pct compared with the first three months of 1986, Tass news agency reported. A regular meeting of the Politburo heard that in March, industry achieved the average daily rate needed to fulfil annual targets. Quarterly plans were exceeded in the fuel and power sector and agriculture, where output grew by 8.7 pct compared with the same period last year, it said. Plans were not fulfilled by the engineering and building ministries, the chemical and timber sectors, rail transport and light industry, it added. Reuter 

GM <GM> BONUS SYSTEM OUT OF DATE FOR COMPANY

General Motors Corp's executive salary bonus plan, effective since 1918, was out of date for the world's largest automaker's changing corporate strategy, executive vice president Robert Stempel said. "The bonus plan was a plan that was really in sync with a manufacturing organization selling what it builds," Stempel told reporters at New York Auto Show's press opening. Commenting on GM's previously announced move to replace the executive bonus-system with a stock option plan, Stempel said the old system did not fit with the company's strategy of long term capital investment. "We need to make sure that our pay system is in line with...the long term enhancing of the value of the stock, and we think that the new program will be doing just that for us," GM's Stempel said in response to a reporter's question. Stempel voiced confidence that GM shareholders will approve the new plan, outlined in a shareholder proxy statement issued Thursday. Stempel also said General Motors will reduce 10 pct of its component business by 1990, for savings of about 500 mln dlrs. GM plans to "eliminate those units that are clearly defined as non-competitive in the components business," he said. Reuter 

BRITISH AUTOMAKERS SEE U.S. 1987 SALES DOUBLING

British Automobile Manufacturers Association expects exports to the United States to more than double in 1987 to 56,595 units from 26,200 in 1986, association president G.W. Whitehead told reporters at the New York Auto Show. "We feel this is the appropriate occasion to announce the return of British cars as an important force in the U.S. imported car market," said Whitehead, who is also president of Jaguar Plc's U.S. unit. Whitehead said increased sales will result from intensified North American marketing by British automakers. Reuter 

BANKERS TRUST <BT> DEBT DOWNGRADED BY MOODY'S

Moody's Investors Service Inc said it downgraded 1.7 billion dlrs of debt of Bankers Trust New York Corp, lead bank Bankers Trust Co and other subsidiaries. It said the slate of key competitors in Bankers Trust's principal markets shifted as the bank repositioned itself into the global institutional markets. Moody's said the substantial new capital committed to these markets, and the size of direct competitors, increased the uncertainty of future performance. Cut were the parent's senior and guaranteed debt to Aa-3 from Aa-2 and subordinated debt to A-1 from Aa-3 and the lead bank's long-term debt and deposits to Aa-1 from Aaa. Reuter