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Shr loss 72 cts vs loss 1.48 dlrs Net loss 4466006 vs loss 9091688 Revs 608181 vs 1280727 Avg shrs 6194000 vs 6155461 First half Shr loss 77 cts vs loss 1.51 dlrs Net loss 4752455 vs loss 9265457 Revs 1444149 vs 2791188 Avg shrs 6174731 vs 6155461 NOTE: Losses include charges of 4.0 mln dlrs in both 1986 periods vs 14.4 mln dlrs in both 1985 periods for write-down of oil and gas properties Reuter | ROYAL RESOURCES CORP <RRCO> 2ND QTR DEC 31 LOSS |
Musto Explorations Ltd said it negotiated the private placement of up to 300000 shares at 1.65 dlrs each. It said the investors would receive non-transferable share purchase warrants allowing them to acquire up to another 300000 shares at 1.90 dlrs each over one year. The placement is subject to regulatory approval it said. Reuter | MUSTO <MUSMF> NEGOTIATES PRIVATE PLACEMENT |
Hanson Trust PLC said Kaiser Cement shareholders today approved the previously announced merger agreement making Kaiser Cement an indirect wholly owned unit of Hanson Trust. Hanson said that promptly following the filing of the certificate of merger Kaiser Cement common shares will be delisted from the New York Stock Exchange. Hanson also said in accordance with the merger agreement Kasier Cement also has redeemed all outstanding shares of its 1.375 dlr convertible preferance stocks and its outstanding 9 pct convertible debentures due 2005. The acquisitions total purchase price (including cost of financing the above-mentioned redemptions) will be about 250 mln dlrs Hanson said. Reuter | HANSON TRUST <HAN> COMPLETES KAISER PURCHASE |
Applied Magnetics Corp said its board named Ben Newitt to the new position of vice chairman and as chief executive officer. Newitt who had been president and chief executive officer is succeeded as president by William Anderson who had been executive vice president and chief operating officer. Reuter | APPLIED MAGNETICS <APM> NAMES OFFICERS |
Phone-A-Gram System Inc said it named Eugene Mora its Chairman and chief executive officer. Mora succeed Fred Peterson who resigned. Mora had been president of Victor Temporary Services. He has been a member of Phone-A-Grams board since 1986. Reuter | PHONE-A-GRAM <PHOG> NAMES NEW CHAIRMAN |
Crude oil prices rallied today moving over 17.00 dlrs a barrel because of Saudi Arabias determined effort to support prices analysts said. The Saudis and other OPEC nations are jawboning the market hoping to restore confidence and prices and to do this without another meeting said Sanford Margoshes oil analyst with Shearson Lehman Brothers Inc. But OPEC is not out of the woods yet by a longshot due to seasonal declines in demand and some cheating he added. Oil industry analysts said Saudi Arabia has led the attempt to get other OPEC members to resist pressures to discount from the official prices agreed to last december. The analysts said that to get others to hold the line Saudi Arabia pushed hard at the meeting of deputy oil ministers of the Gulf Cooperation Council last weekend and at the Cooperation Council oil ministers meeting the previous week. The Saudis have also offered to support members having difficulty in selling their oil analysts said. They are trying to make sure that no one discounts and to prevent that it appears that Saudi Arabia or some other OPEC member will allocate some of their oil sales to help members that lose sales Margoshes said. He added that the allocations would probably be in the form of loans to be repaid when these nations resume sales. Analysts said this would be useful in keeping in line nations like Qatar which has had trouble selling oil. But it is also likely that such assistance would be provided to Nigeria which is under pressure to extend discounts. Analysts said that Saudi Arabia with assistance from OPEC president Rilwanu Lukman was trying to avoid an emergency OPEC meeting for fear that it would give the appearance that the December pact is falling apart. Daniel McKinley oil analyst with Smith Barney Upham Harris and Co said both physical and futures markets have been oversold and it only took a small spark to bring on a short covering rally. He believes an Iranian trade mission to Tokyo which refused discounts to Japanese buyers brought Japanese refiners into the market to cover their short positions. Oil traders said one japanese refiner came into the market to but 10 cargoes of May Dubai which sent prices up on Mideast sours with Dubai trading up to 16.50 dlrs after trading yeterray as low as 15.63 dlrs and then spilled over into the North sea crude oil market. Traders said that there have been persistent rumors today that Japanese buyers are looking to pick up cargoes of Brent for Japan and European trade sources indidate rumors of vessels being fixed to make such shipments. North sea brent today rose over 17.00 dlrs with trades reported as high as 17.05 dlrs up one dlr. OPEC members denials that they are producing over their quotas sparked moves to cover short postitions. Indonesian oil minister Subroto said today that OPEC production was below the 15.8 mln bpd quota agreed to last december but he gave no details on OPEC production against claims it was more at least one mln bpd above that level. The production probably is about their quota level and largely because Saudi Arabia will not discount and canot sell its oil as a result Margoshes said. Analysts have mixed opinions about the extent of the current rally. Some believe prices can continue to rise if Saudi Arabia and OPEC hold steady in a refusal to discount. But others said that despite the rally today there were still several fundamental factors including demand which could cut the rally short. Marion Stewart an indepedent petroleum economist said slow growth in the economies of the U.S. and OECD would keep demand for oil slack and he now estimates that demand to rise about 1.4 pct over 1986. Reuter | OIL PRICES RISE ON SAUDI EFFORT |
U.S. SELLING 13.2 BILLION DLRS OF 3 AND 6-MO BILLS MARCH 9 TO PAY DOWN 2.45 BILLION DLRS |
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Treasury balances at the Federal Reserve rose on Feb 27 to 3.482 billion dlrs from 1.538 billion dlrs the previous business day the Treasury said in its latest budget statement. Balances in tax and loan note accounts fell to 21.334 billion dlrs from 25.164 billion dlrs on the same respective days. The Treasurys operating cash balance totaled 24.816 billion dlrs on Feb 27 compared with 26.702 billion dlrs on Feb 26. Reuter | TREASURY BALANCES AT FED ROSE ON FEB 27 |
The U.S. Treasury said it will sell 13.2 billion dlrs of three and six-month bills at its regular auction next week. The March 9 sale to be evenly divided between the three and six month issues will result in a paydown of 2.45 billion dlrs as maturing bills total 15.65 billion dlrs. The bills will be issued March 12. Reuter | U.S. TO SELL 13.2 BILLION DLRS IN BILLS |
Nynex Business Information Systems Co said it won a contract valued at nine mln dlrs from the U.S. Army Corp of Engineers to provide an advanced communications system for a facility in upstate New York. The company a unit of Nynex Corp said the contract was for initial work on the project at the new Fort Drum Light Infantry Post near Watertown about 65 miles north of Syracuse. Reuter | NYNEX <NYN> UNIT WINS ARMY CONTRACT |
Shr profit three cts vs loss seven cts Net profit 161000 vs loss 367000 Revs 24.3 mln vs 26.5 mln Reuter | KASLER CORP <KASL> 1ST QTR JAN 31 NET |
Coffee prices may have to fall even lower to bring exporting and importing countries once more round the negotiating table to discuss export quotas ICO delegates and traders said. The failure last night of International Coffee Organization ICO producing and consuming countries to agree export quotas brought a sharp fall on international coffee futures markets today with the London May price reaching a 4-1/2 year low at one stage of 1270 stg per tonne before ending the day at 1314 stg down 184 stg from the previous close. The New York May price was down 15.59 at 108.00 cents a lb. Pressure will now build up on producers returning from the ICO talks to sell coffee which had been held back in the hope the negotiations would establish quotas which would put a floor under prices some senior traders said. The ICO 15 day average price stood at 114.66 cents a lb for March 2. This compares with a target range of 120 to 140 cents a lb under the system operating before quotas were suspended in February last year following a sharp rise in international prices caused by drought damage to the Brazilian crop. In a Reuter interview Brazilian Coffee Institute IBC President Jorio Dauster urged producers not to panic and said they need to make hard commercial decisions. If we have failed at the ICO at least we have tried Dauster said adding now it is time to go and sell coffee. But Brazil is keeping its marketing options open. It plans to make an official estimate of the forthcoming crop next month Dauster said. It is too difficult to forecast now. Trade sources have put the crop at over 26 mln bags compared with a previous crop of 11.2 mln. Brazil is defining details of public selling tenders for coffee bought on Londons futures market last year. A basic condition will be that it does not go back to the market in one go but is sold over a minimum of six months. The breakdown of the ICO negotiations reflected a split between producers and consumers on how to set the yardstick for future quotas. Consumers said objective criteria like average exports and stocks should determine producer quota shares Dauster said. All elements of this proposal were open to negotiation but consumers insisted they did not want a return to the ad hoc way of settling export quotas by virtual horse trading amongst producers whilst consumers waited in the corridors of the ICO. Dauster said stocks and exports to ICO members and non-members all need to be considered when setting quotas and that Brazil would like to apply the coffee pact with a set ratio of overall quota reflecting stock holdings. It is a simplistic misconception that Brazil can dictate policy to other producers. While consumer countries are welcome to participate they cannot dictate quotas which are very difficult to allocate as different objective criteria achieve different share-outs of quota Dauster said. Other delegates said there was more open talking at the ICO and at least differences were not hidden by a bad compromise. Consumer delegates said they had not been prepared to accept the producers offer to abandon quotas if it proves impossible to find an acceptable basis for them. We want the basis of quotas to reflect availability and to encourage stock holding as an alternative to a buffer stock if supplies are needed at a later stage one delegate said. Some consumers claimed producer support for the consumer argument was gaining momentum towards the end of the ICO session but said it is uncertain whether this will now collapse and how much producers will sink their differences should prices fall further and remain depressed. The ICO executive board meets here March 30 to April 1 but both producer and consumer delegates said they doubt if real negotiations will begin then. The board is due to meet in Indonesia in June with a full council scheduled for September. More cynical traders said the pressure of market forces and politics in debt heavy Latin American producer countries could bring ICO members back around the negotiating table sooner than many imagine. In that case quotas could come into force during the summer. But most delegates and traders said quotas before October are unlikely while Brazils Dauster noted the ICO has continued although there were no quotas from 1972 to 1980. A clear difference between the pressures already being felt by importers and exporters was that consumers would have been happy to agree on a formula for future quotas even if it could not be imposed now. At least in that way they said they could show a direct relationship between quotas and availability. In contrast producers wanted stop-gap quotas to plug the seemingly bottomless market and were prepared to allow these to lapse should lasting agreement not be found. Producers were offering us jam tomorrow but after their failure to discuss them last year promises were insufficient and we wanted a cast iron commitment now one consumer said. Reuter | COFFEE MAY FALL MORE BEFORE NEW QUOTA TALKS |
Seaman Furniture Co Inc said its board declared a two-for-one split of the companys outstanding stock. It said holders of its common will receive one additional share for each share held as of March 20. It said certificates representing additional shares will be distributed as soon as possible after April 10. Reuter | SEAMAN FURNITURE <SEAM> IN STOCK SPLIT |
Oper shr eight cts vs eight cts Oper net 5219000 vs 4377000 Revs 214.9 mln vs 182.5 mln NINE MTHS Oper shr 51 cts vs 51 cts Oper net 29.6 mln vs 27.9 mln Revs 634.5 mln vs 569.3 mln 1986 net excludes extraordinary gain of 8031000 dlrs or 15 cts shr. 1987 net reflects three-for-one stock split in 2nd qtr and issue of 1.5 mln subordinate voting shares in 1st qtr. Reuter | <SCOTT'S HOSPITALITY INC> 3RD QTR JAN 31 NET |
Telxon Corp reported it expects revenues for the quarter ending March 31 to be between 26 to 28 mln dlrs. The company said earnings per share for the period should be between 23 cts to 26 cts. The company is making an announcement at this time in response to analysts fourth quarter revenues and earnings per share estimates of 29 mln to 32 mln and 24 cts to 30 cts respecivtely said Raymond Meyo president and chief executive officer. Telxon recorded revenues of 24.2 mln dlrs for the quarter last year and earnings per share of 22 cts adjusted for a three-for-two stock split in May 1986. Reuter | TELXON CORP <TLXN> SEES HIGHER REVENUES |
Royal Resources Corp said its board set an April 21 a shareholders meeting to vote on the sale of its oil and gas properties for 3650000 dlrs an increase in authorized common to 20 mln shares from 15 mln and the change of the companys name to Royal Gold Inc. The company has agreed to sell its oil and gas properties to <Victoria Exploration N.L.> of Perth Western Australia. Royal Resources also said the sale of its interest in two gold properties -- the Colosseum Mine in San Bernardino County Calif. and the Camp Bird mine near Ouray Colo. -- was closed on February 27. The company said it received 4.4 mln dlrs and cancellation of the remaining balance due on the acquisition of the interest adding this represents 2.5 mln dlrs more than it paid for the interest. Reuter | ROYAL RESOURCES <RRCO> SETS VOTE ON SALE |
Shr 57 cts vs 27 cts Net 1002000 vs 470000 Sales 15.9 mln vs 12.0 mln Note: 4th qtr figures not given. Reuter | AMERICAN VANGUARD CORP <AMGD> YEAR NET |
Legislation to implement the first stage of a promised sweeping new regulatory framework for the Canadian banking system was presented in the House of Commons the finance department said. The department said the main measures in the bill include the previously announced consolidation of federal supervisory agencies into the new Office of the Superintendent of Financial Institutions and a strengthening of the Canada Deposit Insurance Act. The department said further legislation first outlined in the December policy statement will be introduced later this year and will include broadening of the powers of financial institutions and the new ownership policies. Reuter | CANADA INTRODUCES NEW BANKING LEGISLATION |
American Telephone and Telegraph Co said it will offer a special team of representatives to help hearing-impaired persons use telecommunications services. The team will work through the companys National Special Needs Center which offers various products that enable hearing- motion- speech- and vision-impaired persons to use telecommunications devices such as a keyboard to talk and paper or video printouts to listen. Reuter | ATT <T> SETS HEARING IMPAIRED SERVICE |
Shr 12 cts vs 19 cts Net 369000 vs 358000 Revs 7076000 vs 6712000 Avg shrs 3050000 vs 1850000 Nine mths Shr 53 cts vs 63 cts Net 1523000 vs 1158000 Revs 22.6 mln vs 20.7 mln Avg shrs 2852198 vs 1850000 Reuter | HARPER INTERNATIONAL INC <HNT> 3RD QTR JAN 31 |
Home Intensive Care Inc said it extended until March 15 the period during which holders of its callable cumulative convertible preferred stock may convert each of their shares into 2.2 shares of the companys common stock. After that date the preferred may be converted into two shares of common the company said. Reuter | HOME INTENSIVE CARE <KDNY> EXTENDS CONVERSION |
Qtly div 28 cts vs 28 cts prior Pay April one Record March 13 Reuter | WITCO CORP <WIT> SETS REGULAR QTLY PAYOUT |
Reidel Environmental Technologies Inc said its Reidel Envirnomental Services Inc unit won a contract with the Environmental Protection Agency that could total over 100 mln dlrs over the next four years. Under the agreement which began March 1 Reidel will act as the prime contractor for the cleanup and removal of hazardous substances from contaminated sites in the EPAs Zone IV which encompasses 23 states west of the Mississippi. Reuter | REIDEL <RETI> UNIT SELECTED FOR EPA CONTRACT |
PANCANADIAN TO SELL NORTH SEA PROPERTIES, UNIT TO WHITEHALL FOR CASH |
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U.S. power companies generated a net 50.08 billion kilowatt-hours of electrical energy in the week ended Feb 28 up 2.4 pct from 48.91 billion a year earlier the Edison Electric Institute (EEI) said. In its weekly report on electric output the electric utility trade association said electric output in the week ended Feb 21 was 51.10 billion kilowatt-hours. The EEI said power production in the 52 weeks ended Feb 28 was 2554.41 billion kilowatt hours up 2.2 pct from the year-ago period. Electric output so far this year was 458.51 billion kilowatt hours up 2.2 pct from 448.79 billion last year the EEI said. Reuter | WEEKLY ELECTRIC OUTPUT UP 2.4 PCT FROM 1986 |
Qtly div six cts vs six cts prior Pay April one Record March 23 Reuter | <MDS HEALTH GROUP LIMITED> IN QTLY PAYOUT |
Qtr ended Jan 31 Shr 12 cts vs 19 cts Net 369000 vs 358000 Revs 7076000 vs 6712000 Avg shrs 3050000 vs 1850000 Nine mths Shr 53 cts vs 63 cts Net 1523000 vs 1158000 Revs 22.6 mln vs 20.7 mln Avg shrs 2852198 vs 1850000 Reuter | HARPER INTERNATIONAL INC <HNT> 3RD QTR NET |
Net loss 705496 vs loss 182766 Sales 642590 vs 1126315 Reuter | BURST AGRITECH INC <BRZT> YEAR NOV 30 LOSS |
Riedel Environment Technologies Incs subsidiary Riedel Environmental Services Inc <RES> received a contract to clean up and remove hazardous substances from contaminated sites in 23 states west of the Mississippi River. The contract which could total more than 100 mln dlrs over the next four years is with the Federal Environmental Protection Agency the company said. Among the states covered in the contract are Alaska and Hawaii as well as the Pacific Trust Territories Riedel said. Reuter | RIEDEL ENVIRONMENT <RETI> UNIT GETS EPA CONTRACT |
The New York Stock Exchange said Cannon Group Inc declined to comment on the unusual activity in its common stock. Cannons stock is up 1-3/8 points at 10-1/8. Reuter | CANNON GROUP <CAN> DECLINES COMMENT ON STOCK |
API SAYS DISTILLATE STOCKS OFF 4.4 MLN BBLS, GASOLINE OFF 30,000, CRUDE UP 700,000 |
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Alcan Aluminium Ltd is closing its aluminum smelter in Ludwigshafen West Germany this June due to high operating costs an Alcan spokesman said. The smelter near Frankfurt had annual capacity of about 44000 tonnes but was operating at about half that in January spokesman Fernand Leclerc said. Leclerc said Alcan decided it would cost too much to modernize the plant. He said there is a possibility the company will sell the smelter which currently employs 320 people before its scheduled closing. Reuter | ALCAN TO CLOSE WEST GERMAN SMELTER |
The Writers Guild of America said it agreed to meet with representatives of CBS Inc <CBS> and Capital Cities/ABC Inc <CCB> at the offices of the Federal Mediation Service at 1000 EST Thursday. The guild is pleased that the networks have returned to the table a spokesman said. The talks would be the first since the guild struck radio and television networks and some local broadcast operations of the two companies at 0600 EDT March two. A contract covering more than 500 writers editors and other personnel expired early March two. Reuter | WRITERS GUILD TO MEET WITH NETWORKS THURSDAY |
Coca-Cola Bottling Co Consolidated said James Moore Jr. will assume the position of president and chief executive office replacing Marvin W. Griffin Jr. who resigned effective today. The company said Moore previously served as president of <Atlantic Soft Drink Co>. Reuter | COCA-COLA BOTTLING <COKE> NAMES NEW PRESIDENT |
<PanCanadian Petroleum Ltd> said it agreed to sell its working interest in its North Sea properties and its British unit Canadian Pacific Oil and Gas of Canada Ltd to Whitehall Petroleum Ltd a private British company. PanCanadian 87 pct-owned by Canadian Pacific Ltd <CP> said it would receive 1.7 mln British pounds cash (3.5 mln Canadian dlrs) at closing expected in two to three months. It said the deal is subject to approval by regulators and its partners in the properties which consist of exploration wells. It will also retain a royalty interest in the properties. Reuter | PANCANADIAN TO SELL BRITISH INTERESTS |
Allegheny International Inc said it plans to close three appliance manufacturing plants as part of a restructuring. The company said it will close its Milwaukee plant by October 1 idling 350 employees and its Dayton Tenn. facility with about 300 employees by March 1 1988. In addition a plant in Toronto will phase out production of small electric appliances over the next eight months affecting about 195 of the facilitys 425 employees. Production of barbecue grills and lawn mowers is also under review at the Toronto plant operated by the companys Sunbeam Corp (Canada) unit. The plant will continue selling appliances in Canada. The companys Oster division makes blenders and other appliances at the Milwaukee and Dayton plants. Oster headquarters will stay in Milwaukee and manufacturing of products will be consolidated at other facilities in McMinnville and Cookville both in Tennessee. Reuter | ALLEGHENY INT'L <AG> TO CLOSE THREE PLANTS |
Congress passed and sent to President Reagan a bill that sets energy efficiency standards for major household appliances such as refrigerators air conditioners washers and dryers and furnances. Final action came on a voice vote in the House. The Senate had passed the bill 89-6 on February 17. Reagan vetoed a similar bill last year after Congress had adjourned but has indicated he will sign this measure. The standards will take effect over the next six years and appliance manufacturers will then have five years to redesign their appliances to meet the standards. Reuter | CONGRESS PASSES APPLIANCE STANDARD BILL |
Piedmont Aviation Incs Piedmont Airlines said its February load factor or percentage of seats filled rose to 55.5 pct from 52.6 pct for the same month last year. The airline said revenue passenger miles for the month were up 20.1 pct to 780 mln from 649.3 mln. A revenue passenger mile is one paying passenger flown one mile. Piedmont said its capacity increased 13.8 pct to 1.40 billion available seat miles from 1.23 billion. Year to date Piedmont said its load factor was 54.1 pct vs 51.6 pct last year. It said revenue passenger miles totaled 1.57 billion vs 1.34 billion and capacity was 2.90 billion available seat miles vs 2.61 billion. Reuter | PIEDMONT AIR <PIE> FEBRUARY LOAD FACTOR RISES |
Telxon Corp said it expects per-share earnings for its fourth quarter ending March 31 to be about 23 cts to 26 cts on revenues of 26 mln dlrs to 28 mln dlrs. For the year-ago quarter the company earned 22 cts a share adjusted for a three-for-two stock split on revenues of 24.2 mln dlrs. The company said it made the earnings estimate in response to analysts forecasts which it said called for per-share earnings of 24 cts to 30 cts and revenues of 29 mln dlrs to 32 mln dlrs. Reuter | TELXON <TXLN> SEES SLIGHTLY HIGHER 4TH QTR NET |
Reid-Ashman Inc said it has decided to divest its test products division located in Santa Clara. The company said it will entertain offers through March 30. It also said Steven Reid a company founder and president of the test division has made an offer to purchase the unit. The companys test division accounted for about ten pct of total revenues in the year ended Sept 30 1986 and is currently running a revenue rate of under two mln dlrs per year it said. Reuter | REID-ASHMAN <REAS> TO DIVEST TEST PRODUCT UNIT |
Qtly div 87 cts vs 87 cts Pay Feb 17 Record Jan 20 Reuter | PACIFIC LIGHTING COPR <PLT> QUARTERLY DIVIDEND |
Qtly div five cts vs five cts Pay May 22 Record May 8 Reuter | CETEC CORP <CEC> QUARTERLY DIVIDEND |
Distillate fuel stocks held in primary storage fell by 4.4 mln barrels in the week ended Feb 27 to 127.10 mln barrels from 131.50 mln the previous week the American Petroleum Institute (API) said. In its weekly statistical bulletin the oil industry trade group said gasoline stocks fell 30000 barrels to 252.92 mln barrels from a revised 252.95 mln while crude oil stocks rose 700000 barrels to 329.38 mln from a revised 328.68 mln. It said residual fuel stocks fell 380000 barrels to 38.04 mln from 38.42 mln barrels. API said refinery runs in the week fell to 12.17 mln barrels per day from a revised 12.42 mln and refinery use of operating capacity was 78.1 pct off from a revised 79.7 pct. Crude oil imports in the week fell to 3.98 mln bpd from a revised 4.22 mln API added. Reuter | API SAYS DISTILLATE, GAS STOCKS OFF IN WEEK |
Shr six cts vs five cts Net 199037 vs 135587 Sales 1594895 vs 1368959 Avg shrs 3.1 mln vs 2.5 mln Year Shr 25 cts vs 19 cts Net 695398 vs 446426 Sales 5785365 vs 4520781 Avg shrs 2.8 mln vs 2.4 mln Reuter | JONES MEDICAL INDUSTRIES INC <JMED> 4TH QTR NET |
Qtly div 12-1/2 cts vs 12-1/2 cts Pay March 31 Record Feb 27 Reuter | MAUI LAND AND PINAPPLE CO INC QUARTERLY DIVIDEND |
GM TO REPUCHASE UP TO 20 PCT OF 1.66 DLR PAR VALUE COMMON BY END OF 1990 |
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Exports of American wine rose 14.9 per cent last year to a total of 7.2 million gallons the Wine Institute said. The San Francisco-based promotional group said 95 per cent of the exported wine was from California and the top three markets were Canada Japan and Britain. Japan which edged out Britain as the leading importer of American wines in 1985 continued in second place. Canadian imports rose 3.2 per cent to 2.6 million gallons; Japan 9.9 per cent to 1.2 million gallons and Britain 20.2 per cent to 962360 gallons. A spokesman for the institute said the declining value of the dollar and strong promotional efforts on the part of the California wine industry contributed significantly to the increased shipments. The 1986 wine exports were valued at 34.7 mln dlrs up from 27.6 mln dlrs the previous year. Reuter | U.S. WINE EXPORTS ROSE 15 PER CENT LAST YEAR |
Assistant U.S. Treasury Secretary David Mulford said rapid progress was being made in talks with commercial banks for loans to Argentina the Philippines and Brazil. This should result in substantial new lending for the major debtors in 1987 he said in prepared testimony for the Subcommittee on International Development Institutions of the U.S. House of Representatives. Until recently commercial banks were slow to conclude new financing packages pending completion of a Mexican package Mulford said. Reuter | U.S. TREASURY OFFICIAL SEES LATIN DEBT PROGRESS |
Canadas 1.20 billion dlr bond offer was virtually sold out as bond prices closed weaker in moderate trading dealers said. Sales of todays issue were slowed by the decline in American credit markets and rising oil prices which stirred concerns about inflation the traders said. The issue was selling at or just below issue price. Overall prices fell as much as a point with the benchmark Canada 9-1/2 pct of 2001 at 106-3/8 5/8 the 8-1/4 pct of 1997 at 99 99-1/4 and the 8-1/2 pct of 2011 at 98-1/8 3/8. Reuter | NEW CANADA ISSUE ALMOST SOLD OUT AT CLOSE |
the U.S. Agriculture Departments National Agricultural Statistics Services (NASS) said it will change its citrus estimate program for California and Arizona starting in 1988. NASS said it will discontinue California forecasts for lemons during December February March May and June and for grapefruit and tangerines for those months plus November. Forecasts for lemons will be issued in October November January April and July and for grapefruit in October January April and July and for tangerines in October January and April. There will be no change in the estimating program for California oranges. Arizona forecasts will be dropped for lemons oranges grapefruit and tangerines in November December February March May and June with forecasts retained in October January April and July it said. There will be no changes in the estimating program for citrus in Texas or Florida. Reuter | USDA TO REDUCE CITRUS ESTIMATING PROGRAM |
Shr nine cts vs six cts Net 3500000 vs 2500000 Revs 294.0 mln vs 351.5 mln Note: 1986 year includes tax gain of 1700000 dlrs Reuter | <TRIMAC LTD> YEAR NET |
Arvin Industries Inc said it will offer 150 mln dlrs of debt securities. The company will offer 75 mln dlrs of 8-3/8 pct notes due March 1 1997 and 75 mln dlrs of 9-1/8 pct sinking fund debentures due March 1 2017 as part of an existing 200 mln dlr shelf registration. The notes were priced at 99.63 pct to yield 8.43 pct. The debentures were priced at 99.54 pct to yield 9.17 pct. Both issues will be offered through underwriting groups led by Merrill Lynch Capital Markets and Salomon Brothers Inc. The two issues are separate and independent. Reuter | ARVIN INDUSTRIES <ARV> OFFERS SECURITIES |
General Motors Corp said its directors authorized the repurchase of up to 20 pct of its 1.66 dlr par value common stock by the end of 1990. GM said the level of repurchases this year will not exceed 10 mln shares or about three pct of its outstanding stock. It said the stock repurchase as market conditions permit will be funded from a portion of the cash flows generated by reduced capital spending and anticipated performance improvements. GM also said its board authorized the repurchase of as many as five mln shares each of its class E and class H common with about half of the proposed repurchases completed by year end. GM also said it is considering offering an odd-lot repurchase program for its class H stock by mid-year. GM said the class E and H repurchases would increase participation in the net income of its Electronic Data Systems Corp <GME> and Hughes Electronic Corp <GMH> subsidiaries by holders of its 1.66 dlr par value common. GM also said it anticipates a decrease in automotive capital spending excluding EDS and Hughes Aircraft Co to 7.9 billion dlrs in 1987 and 5.8 billion dlrs in 1989 from 10.6 billion dlrs in 1986. It also said improvements in operating performance are expected to amount to 10 billion dlrs annually by 1990. We have one overriding objective--to position GM so that it is producing the best products available in an increasingly competitive global marketplace said Chairman Roger B. Smith. GM had 319.4 mln shares of its 1.66 dlr par value common outstanding 53.5 mln shares of class E and 66.6 mln shares of class H outstanding at year end 1986. GM said that its par value holders currently participate in the 56 pct of the earnings of EDS and 67 pct of Hughes earnings. GM also said it will continue to repurchase shares of all three classes of its common in connection with ongoing requirements of various benefit plans. That buyback it said will involve about nine mln shares of 1.66 dlr par value common and 2.5 mln shares each of class E and H common in 1987. GM said the repuchased shares of its par value common will be held in its treasury indefinitely for possible future business use. Reuter | GM <GM> TO REPUCHASE COMMON STOCK |
Oppenheimer and Co a New York brokerage firm said it raised its stake in Viacom International Inc to the equivalent of 2709600 shares or 7.7 pct of the total from 2232400 shares or 6.3 pct. In a filing with the Securities and Exchange Commission Oppenheimer said it bought a net 477200 Viacom common shares between Jan 19 and March 3 at prices ranging from 40.50 to an average of 49.31 dlrs each. Part of its stake is in options. It said it bought the shares as part of its arbitrage and investment business. Movie theater magnate Sumner Redstone and a Viacom management group are in a bidding war for Viacom. Reuter | OPPENHEIMER UPS VIACOM <VIA> STAKE TO 7.7 PCT |
Shr loss 25 cts vs profit 11 cts Net loss 446005 vs profit 185325 Sales 2.4 mln vs 2.5 mln 12 mths Shr loss 16 cts vs profit 41 cts Net loss 282305 vs profit 709787 Sales 10.1 mln vs nine mln Reuter | EMPI INC <EMPI> 4TH QTR LOSS |
The U.S. Senate Agriculture Committee may take up a bill tomorrow that would strengthen the activities of U.S. agricultural trade teams in selected developing countries committee staff said. The measure sponsored by committee Chairman Patrick Leahy (D-Vt.) and Sen. John Melcher (D-Mont.) would establish trade teams of between six and nine persons drawn from federal agencies and private voluntary organizations staff said. The trade missions would seek to generate interest in the U.S. governments food donation and commercial programs -- PL480 Section 416 export credit and export enhancement -- and upon return be required to advocate extension of concessional or commercial benefits to interested countries. The trade teams would be made up of representatives of the U.S. Agriculture Department State Department the Agency for International Development and private voluntary organizations such as U.S. Wheat Associates. The bill would require teams within six months to visit seven countries: Mexico Philippines Indonesia India Bangladesh Senegal and Nigeria. Within one year after passage of the measure another eight countries would have to be visited: Peru Kenya the Dominican Republic Costa Rica Malaysia Venezuela Tunisia and Morocco. Other countries could be added to the list. Senate staff members said the bill still in the drafting stages had broad support and was expected to be approved by the committee tomorrow. Reuter | U.S. SENATE PANEL COULD CONSIDER TRADE MEASURE |
The U.S. is sticking for the moment to its policy that Brazil which two weeks ago suspended debt payments to private banks should deal with its creditors and not with governments U.S. officials said. I dont see any desire here to scurry around and help Brazil until we get a better sense of what they are trying to do a senior administration official stated. Brazil has to do business through the banks at this point said another official following an assessment of that countrys latest debt crisis. The official who asked that his name not be used said the National Security Council the Treasury and State departments and other agencies held a meeting yesterday to discuss the situation. In a related development small regional banks that have made loans to Brazil and other heavily-indebted Latin American countries will meet with Federal Reserve Chairman Paul Volcker here tomorrow. Brazil with about 108 billion dlrs in debt shocked banks late last month when it stopped interest payments on 68 billion dlrs owed to them until it can work out its problems. Brazils trade surplus its main source of foreign exchange has dwindled in recent months making it difficult to service its debt. The official said the interagency meeting was called to discuss the general debt situation and compare notes on (Brazilian Finance Minister Dilson) Funaro. Funaro who told reporters here that he wanted a political discussion with industrialized nations on Brazils debt problems in an effort to obtain more and faster lending from official sources held discussions here on Friday with Volcker Treasury Secretary James Baker and other officials. Another senior administration official said he was perplexed by Funaros decision to discuss the latest crisis with governments and not with creditor banks at a time when Brazil is in danger of losing short-term credit lines. We are not clear at all on his tactics. To me it seems bizarre just bizarre the official said. One official today described Funaros argument as nonsense and said there had been a considerable flow of funds to Brazil for which that country was in arrears. Funaro has said Brazil acted to protect its reserves but wanted to avoid a confrontation. The consensus among administration officials seems to be that Brazils latest debt crisis is the result of the domestic economic problems. Brazil is a special case but theres no doubt they would not be in the mess theyre in if they had not screwed-up their economic policy a senior official added. Several of the regional banks that will meet with Volcker tomorrow declined to comment because the talks will be held at the Feds suggestion. Since they are the hosts we feel its up to them if they want to say something one regional bank official said. But other banking sources said that regional banks many of which are refusing to continue lending to Latin America are dissatisfied with decisions of major banks such as Citibank in the refinancing of foreign debts. The sources added that Volcker for his part is dissatisfied with some major banks refusal to make interest rate concessions to Brazil and other Latin American debtors and would like to see smaller creditor banks take a more actve role in the rescheduling process. Reuter | U.S. OFFICIALS SAY BRAZIL SHOULD DEAL WITH BANKS |
Standard and Poors said it is reviewing <MEPC Plcs> two A-rated eurobond issues totalling 125 mln stg for a possible downgrade. The review follows the agreement by the British-based real-estate firm to acquire a controlling interest in Oldham Estate Plc and its offer to buy the remaining equity. The maximum cost of the acquisition would be 620.9 mln stg. The purchase owuld be financed largely by equity but uncertainties exist as to the amount of debt to be assumed by MEPC and the quality of the properties in Oldhams portfolio S and P said. Reuter | S/P MAY DOWNGRADE MEPC PLC'S EUROBONDS |
Florida Public Utilities Co said its board declared a three-for-two stock split on its common stock. It said holders of record April 15 will receive one additional share May one for each two shares held. The company also said it raised the dividend on its common stock by two cts to 33 cts a share on a pre-split basis. The dividend is payable April one to holders of record March 18. Reuter | FLORIDA PUBLIC <FPUT> SPLITS STOCK, UPS DIV |
City Investing Co Liquidating Trust said it declared a cash distribution of 25 cts a unit payable April 10 to unit-holders of record April one. The trust last paid a stock distribution of General Development Corp <GDB> shares in July. Reuter | CITY INVESTING TRUST <CNVLZ> SETS CASH PAYOUT |
Total supply of frozen concentrated orange juice (FCOJ) in 1986/87 is expected to be significantly above year-earlier levels even with carry-in stocks well below the previous season the U.S. Agriculture Department said. In a summary of its Fruit Situation Report the Department said Floridas imports of FCOJ mostly from Brazil have shown sharp gains to date. The Department noted the price of FCOJ will probably be affected by the final decision scheduled for April 22 on whether the U.S. considers Brazilian FCOJ exports to the U.S. have caused injury. Continuing strong demand for fresh and processing fruit coupled with seasonal declines in supplies mean that grower prices will remain higher this spring than a year earlier. The department said stocks of fresh apples in cold storage at the beginning of February were moderately larger than a year earlier but strong demand has kept apple prices firm. In view of the strong demand and seasonally reduced supplies apple prices are projected to stay firm. During the remainder of 1986/87 supplies of most processed noncitrus fruit will be smaller than a year ago it said. Movement of canned fruit has improved and remaining suppies for some canned fruit items are tight and as a consequence prices have strengthened the department said. Reuter | FCOJ SUPPLIES SIGNIFICANTLY ABOVE YEAR AGO-USDA |
House Ways and Means Committee chairman Dan Rostenkowski would want White House support for any tax increase including a tax on securities transactions before considering the issue a staff member said. In addition congressional leaders have not agreed on whether they will seek any tax increase this year he said. Rostenkowski an Illinois Democrat whose committee is in charge of tax legislation met this afternoon with House Speaker Jim Wright a Texas Democrat to discuss a variety of tax and budget issues an aide said. He added that Wright did not endorse the securities transfer tax but raised it yesterday as a possible way to cut the federal deficit. The aide to Wright added that Wright asked the Ways and Means Committee to look into the securities transfer tax. However he said Wright had not recommended it as he had another tax proposal to hold income tax rates at the 1987 level rather than allow the 1987 tax rate cut to take place. Wright brought up a 0.5 pct tax on all sales and purchases of publicly traded securities as a way to raise about 17 billion dlrs a year the aide said. The New York Stock Exchange said it had not seen the proposal by the House Speaker but added that it is strongly opposed to any proposal to impose a transfer tax on securities transactions. NYSE vice president Richard Torrenzano said in a statement Such a tax would be paid by millions of investors nationwide and would be counter-productive making Americas securities industry vulnerable to foreign competition at a time when financial markets are becoming increasingly international. Reuter | SECURITIES TAX WOULD NEED WHITE HOUSE SUPPORT |
Qtly div 14 cts vs 19 cts prior Pay March 31 Record March 16 Note: Quarterly dividend for prior quarter included special payout of five cts a share. Reuter | FLORIDA COMMERCIAL BANKS INC <FLBK> DIVIDEND |
Oper shr 33 cts vs 33 cts Oper net 3330000 vs 2969000 Revs 95.9 mln vs 92.0 mln Avg shrs 8610068 vs 7603219 Note: 1986 net excludes extraordinary gain of 577000 dlrs or seven cts shr vs yr-ago gain of 71000 dlrs or one ct shr. Reuter | <TIMMINCO LTD> YEAR NET |
A membership seat on the Chicago Board Options Exchange (CBOE) sold for a record 342000 dlrs Friday the exchange said today. The previous record price of 308000 dlrs was set on February 17. The current bid for a CBOE seat is 315000 dlrs and the offer is 345000 dlrs. Reuter | CBOE MEMBERSHIP SEAT SELLS FOR RECORD HIGH |
Shr profit 31 cts vs loss 20 cts Net profit 1044424 vs loss 515425 Avg shrs 3406841 vs 2544531 Year Shr profit 2.83 dlrs vs profit 42 cts Net profit 8811142 vs profit 1058503 Avg shrs 3111464 vs 2544531 Note: Full company name is United Fire and Casualty Co Net includes realized gains of 93551 dlrs and 764177 dlrs respectively in 1986 qtr and year and of 92075 dlrs and 972935 dlrs respectively in 1985 qtr and year. 1985 results restated for three-for-two stock split. Net income for 1985 has been restated due to a change in the method used in computing deferred acquisition costs. 1986 results include the effect of a stock offering resulting in the issuance of an additional 862500 shares of common stock. Reuter | <UNITED FIRE AND CASUALTY> 4TH QTR NET |
Oper shr 30 cts vs 24 cts Oper net 38686000 vs 28384000 Revs 42.3 mln vs 31.2 mln Year Oper shr 1.05 dlrs vs 94 cts Oper net 136594000 vs 110831000 Revs 153.3 mln vs 125.1 mln Note: Fourth quarter results exclude extraordinary and other items which raised final 1986 net to 62485000 dlrs or 49 cts a share and lowered final 1985 net to 18941000 dlrs or 16 cts a share in 1985. Full-year results exclude extraordinary and other items which raised final 1986 net to 237961000 dlrs or 1.87 dlrs per share and 1985 net to 152049000 or 1.29 dlrs per share. 1985 results restated to reflect June 1986 two-for-one stock split. Reuter | <POWER CORP OF CANADA> 4TH QTR NET |
JEFFERIES AND CO INC SAID IT IS MAKING A MARKET FOR GM STOCK AT 77-1/2 to 78 |
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Eligible producers of 1986 crop U.S. corn and sorghum will receive an estimated 600 mln dlrs in deficiency payments -- 50 pct in generic commodity certificates and 50 pct in cash the U.S. Agriculture Department said. It said corn producers will receive about 515 mln dlrs and sorghum producers about 85 mln dlrs. Only the cash portion of the payments will be subject to the 4.3 pct reduction in compliance with the Gramm-Rudman budget deficit control act of 1985 it said. Corn and sorghum producers who requested advance deficiency payments have already received about 2.8 billion dlrs and 225 mln dlrs respectively USDA said. The Department said deficiency payment rates of 51.5 cents per bushel for corn and 49 cents per bushel for sorghum were received by producers requesting advance payments. Deficiency payments are calculated as the difference between an established target price and the higher of the basic loan rate or the national average price received by farmers during the first five months of the marketing year -- September-January. National weighted average market prices for the first five months of the season were 1.46 dlrs per bushel for corn and 1.33 dlrs per bushel for sorghum. Eligible corn producers will be paid 63 cts per bushel based on the difference between the 3.03 target price and the 2.40 dlr per bushel basic loan rate. Sorghum producers deficiency payment rate will be 60 cents per bushel based on the difference between the 2.88 dlrs per bushel target price and the 2.28 dlrs per bushel basic loan rate. The deficiency payment rates for both commodities are the maximum permitted by law the department said. Eligible corn and sorghum producers will receive another 1986 crop deficiency payment in October if the national average market prices received by farmers during the entire marketing year for both commodities are below the basic loan rates the department said. The payments will be issued through local Agricultural Stabilization and Conservation Service offices it said. Reuter | U.S. CORN, SORGHUM PAYMENTS 50-50 CASH/CERTS |
Pennzoil Co chairman J. Hugh Liedtke said the company has made several proposals to Texaco Inc <TX> to settle a 9.13 billion dlr judgment awarded to Pennzoil and that a settlement was in the best interests of both companies. Liedtke in a letter mailed today to Pennzoil shareholders said Texacos management has incorrectly implied in recent public statements that Pennzoil was not interested in settling the case. Pennzoil has made Texaco several proposals both before and after trial to settle this dispute Liedtke said in the letter. We do not know why Texacos officials would now make such clearly untrue statements. Last month a Texas state appeals court upheld a jury judgment that Texaco illegally interfered with Pennzoils plan to acquire Getty Oil in 1983. The appeals court reduced by two billion dlrs the original 10.53 billion dlrs in damages awarded to Pennzoil but interest accruing on the award has pushed the total amount back above 10 billion dlrs. Pennzoil said that Texaco had made four unsatisfactory proposals to settle the billion-dollar lawsuit. Other than to put on the record that it has made offers Texacos proposals make no sense Liedtke said in the letter. In fact two of Texacos offers were identical and were proposals that Texaco knew in advance Pennzoil would not accept. The letter did not disclose terms of settlement offers made by either Pennzoil or Texaco. If and when Texacos management changes its position and demonstrates a willingness to make a good faith attempt to settle this matter Pennzoil will make every effort to cooperate Liedtke said. Such a solution I believe is clearly in the interests of both companies even if it not attractive as a personal matter to Texacos management and directors. Liedtke said that cash flow from the Getty Oil assets and profits from those assets that have since been sold approximately equaled Texacos purchase price of 10 billion dlrs for Getty. Reuter | PENNZOIL <PZL> SAYS IT HAS MADE SETTLEMENT OFFERS |
A membership seat on the Chicago Board Options Exchange (CBOE) sold for a record 342000 dlrs Friday the exchange said today. The previous record price of 308000 dlrs was set on February 17. The current bid for a CBOE seat is 315000 dlrs and the offer is 345000 dlrs. Reuter | CBOE MEMBERSHIP SEAT SELLS FOR RECORD HIGH |
The U.S. Agriculture Department proposes to rename the USDA Good grade of beef to USDA Select. The department said the proposed change is in response to a petition from Public Voice for Food and Health Policy and would present a more positive image of this grade of beef and help calorie-conscious consumers select leaner cuts of meat. Under current rules the good grade of meat has less marbling and fat than the prime or choice grades it said. Standards for all of the grades would remain unchanged under the proposal. Reuter | USDA PROPOSES NAME CHANGES IN BEEF GRADE |
Jefferies and Co Inc said it is making a market for General Motors Corp <GM> stock at 77-1/2 to 78. GM said earlier today its directors authorized the repurchase of up to 20 pct of its common stock by the end of 1990 and that it would not repurchase more than ten mln shares this year. Reuter | JEFFERIES AND CO MAKING MARKET FOR GM STOCK |
Morton Thiokol Inc said it has a tentative agreement to sell its downtown headquarters to Tishman Midwest Management Corp for undisclosed terms. Thomas Russell company spokesman said the proceeds representing a non-operating asset will be reinvested into the operating part of its business. The company will move 700 of its employees to a new location at the new Northwestern Atrium late this summer. Some 450 employees will move from the headquarters at 110 N. Wacker Drive and the other 250 will leave another downtown location. Reuter | MORTON THIOKOL <MTI> SELLING HEADQUARTERS |
Shr loss 1.48 dlrs vs loss 36 cts Net loss 4036000 vs loss 983000 Sales 16.6 mln vs 17 mln 12 mths Shr loss 1.88 dlrs vs profit 71 cts Net loss 5113000 vs profit 1904000 Sales 85.4 mln vs 88.5 mln Note: Prior year net includes extraordinary loss of 298000 dlrs in qtr and extraordinary profit of 718000 dlrs in year. Reuter | VENDO CO <VEN> 4TH QTR LOSS |
Hilton Hotels Corp said it received approval from Federal court to sue the Internal Revenue Service to determine if the IRS was correct in allowing the Conrad Hilton Foundation to hold certain stocks. That ruling by the IRS allowed the Foundation set up by the late Conrad Hilton to hold onto 27 pct of the Hilton Corp worth approximately 164 mln dlrs according to Hilton attorneys. Barron Hilton Conrads son is making a bid to purchase those 6782000 shares the company said. However in an effort to hold onto the stock the Foundation changed its tax status from a private foundation to a public support organization freeing it from the constraints of the excess business holdings limitations imposed on private foundations by the Tax Reform Act of 1969 according to the Hilton Corp. That act said that a private foundation could not own more than 20 pct of a corporation lawyers explained. Anything over that figure had to be sold. The lawyers explained that when Conrad Hilton died the law required that excess holdings by the Foundation above 20 pct of the common stock should be sold. Under Conrad Hiltons will Barron had the option to buy the seven pct according to the Hilton lawyers. Now Hilton lawyers contend that through a clause in the tax law Barron Hilton is entitled to buy the entire 27 pct block of stock. The Hilton lawyers explained that Barron was attempting to keep the large block from going public leaving the family in control of the corporation. Reuter | HILTON HOTELS <HLT> GIVEN RIGHT TO SUE IRS |
The Australian Government will likely reimburse the Australian Wheat Board AWB about 132 mln (U.S.) dlrs to pay wheat farmers for their 1986/87 crop the U.S. Agriculture Department said. In its report on Export Markets for U.S. Grains the department said the sharp fall in world wheat prices has reduced the export sales revenue of the AWB to levels insufficient to cover its breakeven export price estimated at around 98 dlrs per tonne. For example the recent large sales of wheat to China (1.5 mln tonnes) and Egypt (2.0 mln tonnes) were well below the breakeven export price it said. Australian wheat farmers normally receive an advance payment known as the Guaranteed Minimum Price GMP calculated at 90 pct of the average of estimated returns in the current year and the two lowest of the previous three years the department said. In addition deductions for taxes freight handling and storage are deducted from the GMP the farmer receives. But the department said the Australian Bureau of Agricultural Economics BAE predicts wheat production will drop sharply from 17.8 mln tonnes in 1986/87 to 13.5 mln in 1989/90. The decline will result from low world grain prices leading to shifts to livestock and other crops which could benefit U.S. wheat exports the department said. Reuter | AUSTRALIAN GOVERNMENT TO PAY SUBSIDIES--USDA |
Qtly div seven cts vs six cts prior Pay April 17 Record April three Reuter | LAWSON PRODUCTS INC <LAWS> RAISES QTLY PAYOUT |
Kaneb Energy Partners Ltd said it may be forced to omit or lower future quarterly cash distributions because of a contract dispute with two major customers and the continued slump in oil and gas prices. The partnership said however that it will pay a regular quarterly distribution of 60 cts a unit on April 15 to holders of record March 31. Reuter | KANEB ENERGY <KEP> MAY OMIT FUTURE PAYOUTS |
ITT Corp Chairman Rand Araskog told a meeting of analysts that the company has been considering a repurchase of some shares. We are considering that as a very important way to increase earnings per share Araskog said and noted the aim was not to boost ITTs stock short term in the market. ITT recently reported that its 1986 earnings from operations rose to 3.45 dlrs per share from 1.80 dlrs per share a year ago. Araskog said its preferred issues were among the shares being studied for repurchase. We look forward to a strong 1987 and a stronger 1988 Araskog told the analysts. We have more confidence...than any other time in our history - at least with me. Araskog took over as chairman of ITT in 1979 and since then has sold many of the diversified businesses that were acquired by former chairman Harold Geneen in the 1960s and 1970s. Last year the company transferred its European telecommunications businesses into a joint venture with Cie Generale dElectricite called Alcatel N.V. ITT retained a 37 pct interest in the venture. Although the agreement was closed by the end of the year Araskog said the final transfers of stock of a number of small companies was recently concluded. We really wrapped everything up he said adding that the company had received an additional 113 mln dlrs from the stock transfers. Araskog said the company received all the cash due from the Alcatel venture except for 400 mln dlrs in intercompany receiveables which should be paid by the end of March. Araskog had told analysts last July that the company was considering repurchasing some shares but a spokesman noted that ITT found it difficult to undertake the program because of the sharp appreciation in its stock price. Breaking out operating earnings by divisions ITT said diversified services which consists of insurance financial services communications and hotels saw the sharpest rise in operating income to 454 mln dlrs from 297 mln dlrs a year ago. Industrial and defense operating income declined 48 mln dlrs to 315 mln dlrs while natural resources increased 10 mln dlrs to 73 mln dlrs the company said. Reuter | ITT <ITT> CONSIDERING STOCK REPURCHASE |
Shr 50 cts vs 46 cts Net 43.0 mln vs 34.8 mln YEAR Shr 1.55 dlrs vs 1.38 dlrs Net 136.8 mln vs 112.9 mln Note: Holding company. Reuter | BRASCAN LTD <BRS.A> 4TH QTR NET |
Qtly div 14 cts vs 14 cts prior Payable March 31 Record March 16 Reuter | FLORIDA COMMERCIAL BANKS INC <FLBK> QTLY DIV |
First Union Corp said it is raising 100 mln dlrs through an offering of par-priced 8-1/8 pct subordinated notes due December 15 1996. Managing underwriter for the issue is Shearson Lehman Brothers Inc. The bonds which are non-callable are rated A-2 by Moodys Investors Service and A-minus by Standard and Poors. They were priced to yield 94.5 basis points over Treasury securities of comparable maturity. Reuter | FIRST UNION <FUNC> SELLS DEBT AT 8-1/8 PCT |
Shr 16 cts vs 35 cts Net 476000 vs 929000 Revs 3000000 vs 3600000 Reuter | <CHAUVCO RESOURCES LTD> YEAR NET |
Japanese traders have apparently sharply reduced commitments to buy Chinese corn over the next six months due to high prices the U.S. Agriculture Department said. In its World Production and Trade Report the department said traders indicated China may lack supplies or be unwilling to sell at current low world prices. If the reports are confirmed Chinas major export destinations such as USSR Japan and South Korea could increase purchases of U.S. corn it said. China is currently forecast to export 5.5 mln tonnes of corn during 1986/87 (Oct-Sept) it said. Reuter | JAPAN CUTTING CHINA CORN COMMITMENTS - USDA |
<Photon Technology International Inc> said it entered an agreement in principle with <ML Technology Ventures L.P.> to undertake a research and development project. ML Technology will pay Photon about 3.1 mln dlrs over a three-year period to develop new photonic technologies with applications in the medical field. Pursuant to the agreement ML will acquire warrants exercisable into 475000 shares of Photon stock on February 10 1988. Reuter | PHOTON TECHNOLOGY, ML TECHNOLOGY IN VENTURE |
Saudi Arabia will succeed in pressuring other members of the Organization of Petroleum Exporting Countries to stay within their production quotas said Morgan Stanley Group managing director John Wellemeyer. Wellemeyer speaking to reporters at an offshore oil engineering conference also said he expected OPEC nations to attempt to hold prices under 20 dlrs a barrel for several years to keep industrial demand for residual fuel oil strong. Over the next few weeks I think youll see a concerted effort by the Saudis to get production down Wellemeyer said. The Saudis are committed to that price level (of 18 dlrs a barrel) and are willing to make it happen again he said. In recent weeks oil prices fell to the 16 to 17 dlrs a barrel level on market reports of some OPE members producing above their quota pushing total OPEC production to 15.8 mln barrels per day. But prices rebounded today with April U.S. crude prices up about one dlr to over 17 dlrs a barrel on a belief Saudi Arabia is attempting to curb OPEC output. Wellemeyer said that sharp declines in U.S. oil production could push demand for OPEC oil above 20 mln barrels per day as early as 1989 and up to 24 mln barrels per day by 1993. Although the projected increases in demand for OPEC oil should strengthen world prices Wellemeyer said he believed the organization would hold its official price below 20 dlrs a barrel for some time to prevent residual fuel users from switching to natural gas supplies. The interfuel swing market accounts for about eight mln barrels a day or 18 pct of the world demand for oil. Reuter | SAUDI SUCCESS SEEN IN CURBING OPEC PRODUCTION |
The European Community EC sold 75000 tonnes of soft wheat at a subsidized price of between 85 and 89 dlrs per tonne FOB for March delivery in a continuing bid to establish itself in the Brazilian wheat market the U.S. Agriculture Department said. The sale sharply undercut the U.S. offer of 112 dlrs per tonne FOB for 33000 tonnes of wheat it said in its latest report on Export Markets for U.S grains. EC sales to Brazil total about 225000 tonnes during 1986/87 (July-June) in stark contrast to only 50000 tonnes in the 1985/86 season it said. The increasing presence of EC wheat in Brazil comes at a time when the Brazilian Wheat Board BWB expects the wheat import market will expand to 3.4 mln tonnes from the current forecast of 3.0 mln in the 1986/87 year. The BWB cites record consumption and an eventual decline in domestic production and says government plans to lower the guaranteed price of wheat from 242 dlrs per tonne to 180 dlrs will contribute to greater import demand the USDA said. It said the BWB expects the U.S. to be major supplier of the additional 400000 tonnes but commitments for purchase of U.S. wheat through two-thirds of 1986/87 year total only 600000 tonnes versus 700000 a year ago. Reuter | EC DRIVING TO CAPTURE BRAZIL WHEAT MARKET - USDA |
British Aerospace inc said it would hold a news conference Thursday morning to announce the sale of 18 to 20 jets to four airlines two of them in the United States. A company spokesman said the sales involved 12 BAE 146 jets and six to eight Jetstream 31 commuter jets. He declined to name the four airlines which were buying the jets. Reuter | BRITISH AEROSPACE TO ANNOUNCE JET SALES |
<Mark Resources Inc> said it agreed to sell 50.3 mln dlrs of securities to Canadian investment dealers Nesbitt Thomson Deacon Inc Gordon Capital Corp and First Marathon Securities Ltd. Mark said the securities would consist of 2.3 mln series A special warrants at 11 dlrs each with each exchangeable for one common share and 25000 series B special warrants at 1000 dlrs each and each exchangeable for one 1000 dlr seven pct convertible subordinated debenture. Closing is expected March 17 it said. Reuter | MARK RESOURCES TO SELL SECURITIES |
Zenith Laboratories Inc said the company will report a fourth quarter loss and the amount will be determined on completion of its year end audit. The company did not elaborate further. For the third quarter ended Sept 30 1986 Zenith reported a loss of 3451000 dlrs or 16 cts per share adjusted for a May 1986 2-for-1 stock split. The company also said it received Food and Drug Administration approval to market Cefadroxil a generic version of an antibiotic with domestic sales exceeding 50 mln dlrs in 1986. Zenith said it will not market the drug until questions relating to the applicability of certain patents have been resolved. Reuter | ZENITH LABS <ZEN> WILL REPORT 4TH QTR LOSS |
Commerce Secretary Malcolm Baldrige said he felt a proposed takeover by Japans <Fujitsu Ltd> of U.S.-based Fairchild Semiconductor Corp a subsidiary of Schlumberger Ltd <SLB> should be carefully reviewed. He told the Semiconductor Industry Association the deal would soon be discussed by representatives of several different government departments. The Reagan administration has previously expressed concern that the proposed takeover would make Fujitsu a powerful part of the U.S. market for so-called supercomputers at a time when Japan has not bought any American-made supercomputers. In addition U.S. defense officials have said they were worried semiconductor technology could be transferred out of the United States eventually giving Japanese-made products an edge in American high-technology markets for defense and other goods. Treasury Secretary James Baker recently told a Senate committee the proposed takeover would be reviewed by the cabinet-level Economic Policy Council. Reuter | U.S. COMMERCE SECRETARY QUESTIONS FUJITSU DEAL |
Delegates to the American Pork Congress will decide whether or not they want mandatory production controls when they vote on the official pork producer policy wednesday the National Pork Producers Council said. The American Pork Congress APC delegates listened to both sides of the question when former Iowa Congressman Berkley Bedell and Bill Lesher USDA Assistant Secretary for Economics for the years 1981 to 1985 debated at the convention in Indianapolis. Reuter | MANDATORY PRODUCTION CONTROLS DEBATED AT APC |
Taiwan bought 25000 tonnes U.S. soybeans today at 203.40 dlrs a tonne C and F Gulf for May 15-30 shipment private export sources said. Reuter | TAIWAN BUYS 25,000 TONNES U.S. SOYBEANS |
Taiwan passed on its tender overnight for 25000 tonnes of U.S. corn and 49000 tonnes U.S. sorghum private export sources said. Taiwan will retender for the corn for May 15-30 shipment if via the Gulf or June 1-15 via Pacific northwest on March 6 but has not rescheduled a tender for sorghum they said. Reuter | TAIWAN PASSES ON U.S. CORN, WILL RETENDER |
Bangladesh passed on its weekend tender for 100000 tonnes of optional origin soft wheat private export sources said. Reuter | BANGLADESH PASSES ON TENDER FOR SOFT WHEAT |
The American Stock Exchange (Amex) which faces stiff competition from the New York Stock Exchange and the over-the-counter market for listed companies said it is launching a 2 mln dlr advertising campaign. Amex will advertise on television for the first time it said. The campaign also includes print ads. Our entry into television advertising reflects our optimism for the future. We have proved ourselves a vigorous and competitive marketplace and we are eager to communicate that wherever and whenever we can said Arthurt Levitt Jr. chairman of the exchange in a statement. The exchange said its advertising campaign with the theme We Extend Your Reach focuses on its role as a diversified financial exchange trading both stocks and options. The television commercials will air on network cable and local television stations. The commercials will be broadcast during March May September and November. The commercials titled The Options Pit and An Attractive Investment describe Amexs technology advances and international ties. The print campaign consists of four ads targeted to specific audiences: listed companies individual investors institutional investors and brokers. The Amex currently has a two-way trading link with the Toronto Exchange and has an agreement with the Europeaon Options Exchange to trade XMI the major market index of 20 blue-chip stocks during European trading hours. The latter is expected to begin by mid-1987. Reuter | AMERICAN STOCK EXCHANGE PLANS AD CAMPAIGN |
The National Pork Board announced at the American Pork Congress convention in Indianapolis that refunds under the legislative checkoff program are running less than expected. The Board oversees collection and distribution of funds from the checkoff program that was mandated by the 1985 farm bill. Virgil Rosendale a pork producer from Illinois and chairman of the National Pork Board said over 2.2 mln dlrs was collected in January and refunds are running almost nine pct considerably less than expected. We believe that this indicates good producer support for the new checkoff. Were getting good compliance from markets from packers and from dealers Rosendale said. Reuter | PORK CHECKOFF REFUNDS LESS THAN EXPECTED |
Despite earlier optimistic indications the South African corn crop is at a critical stage in its development and recent reports of heat stress could reduce production and therefore exportable supplies the U.S. Agriculture Department said. In its report on Export Markets for U.S. Grains the department said South Africas corn exports in the 1986/87 (Oct-Sept) season are estimated at 2.5 mln tonnes up 40 pct from the previous year. The re-emergence of South Africa as a competitor follows a period of severe droughts which at one point required South Africa to import 2.7 mln tones of U.S. corn in 1983/84 it said. Since those imports in 1983/84 the U.S. has been facing increased competition from South Africa in Taiwan and Japan. But if South Africa is perceived as lacking available supplies purchases of U.S. corn may be further stimulated the department said. Reuter | SOUTH AFRICA CORN EXPORTS COULD BE REDUCED-USDA |
Arvin Industries Inc said it is raising 150 mln dlrs through an offering of 8-3/8 pct 10-year notes and 9-1/8 pct 30-year sinking fund debentures. Lead underwriter for the offerings both of 75 mln dlrs is Merrill Lynch Capital Markets. The notes were priced at 99.63 pct to yield 8.43 pct and the debentures were priced at 99.54 pct to yield 9.17 pct. The notes are redeemable at par at Arvins option after March 1 1994. The debentures are redeemable at any time but non-refundable before March 1 1997. Both are rated BAA-2 by Moodys Investors Service and BBB by Standard and Poors. Reuter | ARVIN INDUSTRIES <ARV> TO SELL 150 MLN DLRS DEBT |