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Rumours of heavy trading losses at two large U.K. Brokerage firms Warburg Securities and Barclays de Zoete Wedd (BZW) are not true spokesmen for the firms said. Peter Wilmot-Sitwell joint chairman of Warburg Securities told Reuters the firm lost about 4.7 mln stg on Monday. This was equal to the profit made last week. He had no estimate for todays outcome. BZW spokesman Geoffrey Kelly described the rumours as absolute rubbish. He added We lost a bit but who didnt? Warburg Securities is part of <S.G. Warburg Group Plc>. BZW is owned by Barclays Plc <BCS.L>. Rumours of trading losses among London brokers have been circulating since the market collapse gained fresh momentum. Stock Exchange chairman Sir Nicholas Goodison has been unavailable for comment this morning. The London market has fallen almost 24 pct since Thursday. Reuter | U.K. STOCKBROKERS DENY RUMOURED HEAVY LOSSES |
Reuters Holdings Plc <RTRS.L> said it had launched the Reuter Commodities 2000 and the Reuter Energy 2000 high speed quotation services in Europe. They will carry around 18000 quotations on commodity financial and energy futures together with related options from more than 30 exchanges. They join Equities 2000 the quotations service for global equities launched in May to form the new generation of products delivered over Reuters new high speed Integrated Data Network (IDN). REUTER | REUTERS LAUNCHES TWO NEW SERVICES IN EUROPE |
Nissan Motor Co Ltd said it is raising prices on its model 1988 300Zx 200 dlrs to 20649 dlrs standard pickup truck 200 dlrs to 7199 dlrs and Pathfinder XE 100 dlrs to 14999 dlrs. The company said the Nissan van will be priced at 14349 dlrs and include for the first time air conditioning as standard equipment. It said it has not yet priced 1988 Stanza sedans and wagons but price increases for all its other vehicles now average 198 dlrs or 1.6 pct. Reuter | NISSAN <NSANY.O> RAISING SOME U.S. MODEL PRICES |
GAF CORP TO REPURCHASE UP TO SEVEN MLN COMMON SHARES, OR 21 PCT |
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German net currency reserves rise 500 mln marks to 87.0 billion in week |
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American Medical International said it intends to repurchase from time to time on the open market up to 150 mln dlrs of its common stock and plans to spend another 250 mln dlrs in reducing long-term debt. It said it would spend about 100 mln dlrs on debt maturing in 1989. American Medical said funding for the program will come from cash flow and from the divestiture and restructuring of corporate assets. Reuter | AMERICAN MEDICAL <AMI> REPURCHASING COMMON |
Shr 42 cts vs 1.53 dlrs Net 33085000 vs 123450000 Revs 535.0 mln vs 496.7 mln Avg shrs 78755000 vs 80666000 Nine mths Shr 1.24 dlrs vs 3.35 dlrs Net 98322000 vs 271512000 Revs 1.58 billion vs 1.49 billion Avg shrs 78999000 vs 81022000 NOTE: 1987 per-share earnings include Daily News severance charges of 11 cts a share in the quarter and 13 cts a share for the nine months 1986 net income includes non-recurring gains of 1.11 dlrs a share in the quarter and 2.23 dlrs a share in the nine months and five cts a share Daily News severance charges Reuter | TRIBUNE CO <TRB> 3RD QTR NET |
GREENSPAN SAYS FED IS READY TO PROVIDE LIQUIDITY TO SUPPORT FINANCIAL SYSTEM |
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EIB 100 BILLION LIRE EUROBOND DUE 1993, PAYS 12 PCT AT PAR - LEAD |
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Shr 45 cts vs 64 cts Net 57.8 mln vs 79.4 mln Nine mths Shr 1.53 dlrs vs 1.87 dlrs Net 195.8 mln vs 228.9 mln Reuter | GREAT WESTERN FINANCIAL CORP <GWF> 3RD QTR NET |
Goldman Sachs and Co has decided to make a billion dlrs of its own capital available to mutual funds to enable them to sell securities for cash if they need to do so a senior spokesman for the investment banking firm said. The spokesman said Goldman took the decision on its own initiative on Tuesday morning after a number of mutual funds had reported a cash squeeze because of a flood of redemptions by stock market investors. The New York Stock Exchange and the Securities and Exchange Commission were informed of the move he said. The spokesman described the action as an effort to be helpful. Were not trying to encourage them to liquidate but if its needed the moneys there he said. The provision of one billion dlrs poses no undue burden on Goldman Sachss capital the spokesman said. Reuter | GOLDMAN MAY LEND A BILLION DLRS TO MUTUAL FUNDS |
Pioneer Communications Network Inc said it has temporarily suspended printing new titles for its Soaps and Serials line of paperback books and will now print only those titles that have demonstrated a profitable sales history. It said it will no longer sell the entire Soaps and Serials line as a unit but will take orders for individual titles. The company said it currently has enough licensor-approved manuscripts to provide after publication for at least six months of retail operations. Reuter | PIONEER COMMUNICATIONS <SOAP.O> DROPS NEW TITLES |
Shr profit 11 cts vs loss 28 cts Net profit 515000 vs loss 1328000 Sales 31.0 mln vs 32.1 mln Avg shrs 4600199 vs 4815062 1st half Shr loss 23 cts vs profit 10 cts Net loss 1033000 vs profit 482000 Sales 58.5 mln vs 62.1 mln Avg shrs 4565752 vs 4883711 NOTE: 1986 half net includes pretax gain 4150000 dlrs from sale of option to buy facility. Backlog 28.1 mln dlrs vs 22.5 mln dlrs at end of previous quarter and 21.0 mln dlrs at end of prior years second quarter. Reuter | PRINTRONIX INC <PTNX.O> 2ND QTR SEPT 25 NET |
SHEARSON LEHMAN BROTHERS HOLDING INC 3RD QTR NET 51 MLN DLRS VS 65 MLN DLRS |
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GAF Corp said its board has authorized the repurchase from time to time of up to seven mln of its common shares or about 21 pct for cash in open market purchases or private transactions. The company said it repurchased 2100000 shares under an April authorization to buy back up to three mln shares and authorization for further repurchases under the old program has been withdrawn. Yesterday GAF said a group led by chairman Samuel J. Heyman has decided to reconsider its offer to acquire GAF. GAF said a revised offer by the group is still possible. Reuter | GAF <GAF> TO PURCHASE UP TO 21 PCT OF STOCK |
Shr 1.72 dlrs vs 87 cts Net 330000000 vs 167000000 Sales 3.36 billion vs 2.74 billion Avg shrs 192200000 vs 191700000 Nine mths Shr 4.62 dlrs vs 2.95 dlrs Net 888000000 vs 564000000 Sales 9.78 billion vs 8.31 billion Avg shrs 191100000 vs 191500000 NOTE: Earnings include a loss of 3.0 mln dlrs or one ct a share in the 1986 quarter from early extinguishment of debt Earnings include losses in the nine months of 3.0 mln dlrs or two cts a share vs 8.0 mln dlrs or four cts a share from early extinguishment of debt Reuter | DOW CHEMICAL CO <DOW> 3RD QTR NET |
BAXTER TRAVENOL LABORATORIES INC 3RD QTR SHR 31 CTS VS 18 CTS |
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June 30 end Shr 33 cts vs 13 cts Net 1687623 vs 636500 Revs 18.7 mln vs 8973143 Year Shr 96 cts vs 66 cts Net 4821637 vs 3309017 Revs 58.8 mln vs 27.2 mln Reuter | THRIFTY RENT-A-CAR SYSTEM INC <TFTY.O> 4TH QTR |
The U.S. Federal Reserve is ready to provide liquidity to support the economy and the financial system Fed Chairman Alan Greenspan said in a statement. The brief statement by Greenspan issued by the Fed said the Federal Reserve consistent with its responsibilities as the nations central bank affirmed today its readiness to serve as a source of liquidity to support the economic and financial system. Reuter | GREENSPAN SAYS FED READY TO PROVIDE LIQUIDITY |
Computer Memories Inc said its board has decided to take additional time to evaluate the impact of litigation on the proposed acquisition of <Hemdale Film Corp>. Computer Memories said it plans to adjourn its annual shareholders meeting scheduled for October 23 after it is convened. One purpose of the meeting is to consider the transaction the company explained. Computer Memories said Hemdale agrees with this course of action. Reuter | COMPUTER MEMORIES <CMIN.O> TO DELAY MERGER |
PRIME COMPUTER INC 3RD QTR SHR 32 CTS VS 25 CTS |
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UNION CAMP CORP 3RD QTR SHR 77 CTS VS 50 CTS |
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CHEMICAL BANK CUTS PRIME RATE TO 9.25 PCT FROM 9.75 PCT, EFFECTIVE IMMEDIATELY |
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The European Investment Bank (EIB) is issuing a 100 billion dlr eurobond due November 9 1993 paying 12 pct and priced at par Cassa Di Risparmio Delle Provincie Lombarde (CARIPLO) London branch said as lead manager. The issue is available in denominations of two mln and five mln lire and will be listed in Luxembourg. Payment date is November 9. The eurobond is callable after four years at 101-1/2 pct and after five years at 101 pct. The fees include a 1-1/4 pct selling concession and 5/8 pct for management and underwriting combined. REUTER | EIB ISSUING 100 BILLION LIRE EUROBOND |
WELLS FARGO AND CO 3RD QTR SHR 2.77 DLRS VS 1.35 DLRS |
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WELLS FARGO AND CO 3RD QTR NET 155.0 MLN DLRS VS 77.4 MLN DLRS |
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The White House took a wait-and-see attitude toward the stock market crisis barring precipitous action to deal with it. Referring to news reports White House spokesman Marlin Fitzwater said It seems most of the world economists are uncertain as to the specific causes so well just have to wait and see if theres a rebound today. We certainly dont want to take precipitous action the spokesman added. No meetings are scheduled at this time. Well monitor the situation and see how the markets respond today he said. Reuter | WHITE HOUSE TAKES WAIT-AND-SEE STANCE ON STOCKS |
SEARS, ROEBUCK AND CO 3RD QTR SHR 1.08 DLRS VS 88 CTS |
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Shr 51 cts Net 51 mln dlrs vs 65 mln dlrs Revs 1.3 billion vs 1.1 billion Nine mths Shr 2.07 dlrs Net 189 mln vs 215 mln Revs 3.9 billion vs 3.3 billion NOTE: Full name is Shearson Lehman Brothers Holdings Inc Company went public May 7 1987 Reuter | SHEARSON LEHMAN BROTHERS HOLDINGS <SHE> 3RD QTR |
SCHLUMBERGER LTD 3RD QTR NET PROFIT 1,697,000 VS LOSS 41.9 MLN DLRS |
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MARINE MIDLAND BANK CUTS PRIME RATE TO 9.25 PCT FROM 9.75 PCT, EFFECTIVE IMMEDIATELY |
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FIREMAN'S FUND CORP 3RD QTR NET SHR 3.71 DLRS VS 95 CTS |
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MCKESSON CORP 2ND QTR SHR 14 CTS VS 13 CTS |
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RYDER SYSTEM INC 3RD QTR SHR 65 CTS VS 63 CTS |
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Dow Chemical Co said it expects business to remains strong during the fourth quarter with seasonal increases for agricultural products improvement anticipated for industrial specialties and continuing strength in basic chemicals and plastics. It said this will result in a record year for the company noting earnings already have exceeded the previous all-time high of 4.42 dlrs achieved for the full year of 1980. For the third quarter Dow reported earnings of 330 mln dlrs or 1.72 dlrs a share compared to 167 mln dlrs or 87 cts a share a year earlier. Reuter | DOW CHEMICAL <DOW> SEES RECORD YEAR |
West German Finance Minister Gerhard Stoltenberg said that there were absolutely no signs of current dangers to price stability in West Germany. He was speaking at a news conference shortly after Bundesbank president Karl Otto Poehl told a conference in Frankfurt that inflationary fears which have been responsible for recent interest rate increases were unjustified and exaggerated. Reuter | STOLTENBERG AGREES WITH POEHL ON INFLATION OUTLOOK |
Chemical Bank and Marine Midland Banks Inc said they are cutting their prime lending rate to 9-1/4 pct from 9-3/4 pct reversing an increase that they announced just last week. The reduction is effective immediately. No other major U.S. bank had followed the lead of Chemical and Marine Midland preferring to keep their prime rates at 9-1/4 pct while they waited to see what course money market rates would take. Following Mondays record fall in Wall Street stock prices money market rates fell sharply on Tuesday as investors ploughed proceeds into short-term instruments and the Federal Reserve said it is prepared to provide liquidity to support the economy and the financial system. Eurodollar deposit rates in London fell by as much as 9/16 percentage point Treasury bill rates fell by as much as half a point (after falling between 59 and 84 basis points on Monday) and the Fed funds rate dropped to 7-1/4 pct from Mondays average of 7.61 pct. Speculation even surfaced of a discount rate cut to calm the markets dealers said. Reuter | CHEMICAL <CHL>, MARINE MIDLAND <MM> CUT PRIME |
Shearson Lehman Brothers Holdings Inc said the recent decline in equities has had a dislocating effect on the market but no impact on the companys financial condition. The company reported a drop in third quarter profits to 51 mln dlrs from 65 mln dlrs on increased revenues of 1.3 billion dlrs compared to 1.1 billion a year earlier. While the decline in equities in recent weeks has had a dislocating effect on the market in general Chairman Peter A. Cohen said it has not had an impact on our financial condition. Cohen said Shearsons third quarter earnings reflected the diversity of its revenues and progress in several core businesses resulting in higher commission investment banking and investment advisory revenues. These improvements were offset by a decline in revenues from market making and principle transactions and an increase in expenses from year ago levels it said. Reuter | SHEARSON <SHE> NOT HURT BY RECENT MARKET DECLINE |
Shr 1.08 dlrs vs 88 cts Net 409000000 vs 328000000 Revs 12.19 billion vs 11.17 billion Avg shrs 378.2 mln vs 368.4 mln Nine mths Shr 2.86 dlrs vs 2.17 dlrs Net 1.09 billion vs 808.3 mln Revs 34.39 billion vs 31.31 billion Avg shrs 377.7 mln vs 366.2 mln Reuter | SEARS, ROEBUCK AND CO <S> 3RD QTR NET |
CBT MAJOR MARKET INDEX (MMI) STOCK INDEX FUTURES OPEN 35.00 TO 43.50 POINTS HIGHER |
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U.K. Stocks surge after prime cuts and Greenspan financial system support pledge |
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IBM INTRODUCES NEW MID-RANGE COMPUTER ENCHANCEMENTS, ENTRY LEVEL FOR SYSTEM/36 |
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Shr 32 cts vs 25 cts Net 15.9 mln vs 12.1 mln Revs 236.2 mln vs 221.9 mln Nine mths Shr 88 cts vs 68 cts Net 43.5 mln vs 32.8 mln Revs 693.9 mln vs 629.2 mln Reuter | PRIME COMPUTER INC <PRM> 3RD QTR SEPT 28 |
Shr 65 cts vs 63 cts Net 52.7 mln vs 47.7 mln Revs 1.16 billion vs 976.6 mln Avg shrs 79.9 mln vs 74.3 mln Nine mths Shr 1.73 dlrs vs 1.54 dlrs Net 141.4 mln vs 117.9 mln Revs 3.39 billion vs 2.75 billion NOTE: Share after preferred dividends. Reuter | RYDER SYSTEM INC <RDR> 3RD QTR NET |
CBT MAJOR MARKET INDEX (MMI) STOCK INDEX FUTURES OPEN 35.00 TO 43.50 POINTS HIGHER |
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Shr nil vs loss 14 cts Net 1697000 vs loss 41.9 mln Revs 1.2 billion vs 1.1 billion Avg shrs 276.4 mln vs 285.6 mln Nine mths Shr profit 13 cts vs profit 56 cts Net profit 36.8 mln vs 161.5 mln Revs 3.4 billoin vs 3.8 billion Avg shrs 278.2 mln vs 288.9 mln NOTE: 1987 3rd qtr includes 152.6 mln dlrs for continuing operations which includes a 69 mln dlrs after-tax gain on sale of companys investment in Compagnie Luxembourgeoise de Telediffusion. 1987 3rd qtr and nine mths net includes a loss of 220 mln dlrs or 79 cts a share for discontinued operations and 70 mln dlrs or 25 cts a share for extraordinary gain. 1986 3rd qtr and nine mths net includes a loss of 59 mln dlrs or 20 cts a share from continuing operations mainly for employee layoff costs in oilfied services sale of small electronic business and unfavorable lease comitments. 1987 nine mths net also includes a loss of 220 mln dlrs from discontinued operations due to completion of previously announced sale of Fairchild Semiconductor business. 1987 extraordinary item of 70.1 mln dlrs relates to award from Iran-U.S. Claims Tribunal from Irans seizure of SEDCO Inc drilling business in 1979 prior to its acquisition by Schlumberger. 1986 3rd qtr and nine mths net also includes in discontinued operations a loss of 36 mln dlrs from Fairchild Semiconductor offset by a 53 mln dlrs gain from favorable settlement of litigation with Data General. Reuter | SCHLUMBERGER LTD <SLB> 3RD QTR NET |
MELLON BANK CORP 3RD QTR SHR 47 CTS VS 1.78 DLRS |
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Shr profit 2.77 dlrs vs profit 1.35 dlrs Net 155.0 mln vs 77.4 mln Nine mths Shr loss 1.43 dlrs vs profit 3.66 dlrs Net loss 60.4 mln vs profit 195.2 mln Assets 45.15 billion vs 42.69 billion Loans 36.33 billion vs 34.46 billion Deposits 29.7 billion vs 23.3 billion Reuter | WELLS FARGO AND CO <WFC> 3RD QTR NET |
KRAFT INC 3RD QTR SHR 91 CTS VS 17 CTS |
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MELLON BANK CORP 3RD QTR NET 16 MLN DLRS VS 53 MLN DLRS |
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SMITHKLINE BECKMAN CORP 3RD QTR SHR 1.18 DLRS VS 87 CTS |
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Shr 31 cts vs 18 cts Net 90 mln vs 51 mln Sales 1.58 billion vs 1.42 billion Avg shrs 274 mln vs 269 mln Nine Mths Shr 79 cts vs 42 cts Net 233 mln vs 129 mln Sales 4.58 billion vs 4.22 billion Avg shrs 238 mln vs 267 mln NOTE: 1987 results include Caremark Inc from August 3. Caremark acquisition reduced 1987 nine months net by five cts offset by a three ct gain from the sale of securities. 1986 third quarter net excludes gains from discontinued operations of 12 mln dlrs or four cts; a gain from sale of discontinued operations of 285 mln dlrs or 1.06 dlrs; and a charge from early repayment of debt of 58 mln dlrs or 22 cts. 1986 nine months net excludes gains from discontinued operations of 38 mln dlrs or 14 cts; a gain from sale of discontinued operations of 285 mln dlrs or 1.06 dlrs; and a charge from early repayment of debt of 58 mln dlrs or 22 cts. Reuter | BAXTER TRAVENOL LABS <BAX> 3RD QTR SHR NET |
MASCO INDUSTRIES SAYS IT WILL BUY UP TO 10 MLN OF ITS COMMON SHARES |
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Oper shr profit 20 cts vs loss 22 cts Oper net profit 2111000 vs loss 1605000 Revs 89.6 mln vs 27.2 mln Nine mths Oper shr profit 47 cts vs loss 15 cts Oper net profit 4116000 vs loss 1029000 Revs 252.1 mln vs 87.9 mln NOTE: 1986 net excludes losses from discontinued operations of 791000 dlrs in quarter and 1168000 dlrs in nine mths. 1986 nine mths net excludes gain 4726000 dlrs from cumulative effect of pension accounting change. 1987 net excludes tax credits of 1569000 dlrs in quarter and 2894000 dlrs in nine mths. Reuter | LAMSON AND SESSIONS CO <LMS> 3RD QTR NET |
GREENSPAN CUTS SHORT DALLAS TRIP, RETURNING TO WASHINGTON, FED SAYS |
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CME STANDARD AND POOR'S 500 STOCK INDEX FUTURES OPEN MORE THAN 20 POINTS HIGHER |
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WALL STREET STOCKS OPEN DOWN BROADLY |
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Shr 91 cts vs 17 cts Net 124100000 vs 21200000 Sales 2.83 billion vs 2.22 billion Nine mths Shr 2.47 dlrs vs 2.02 dlrs Net 337400000 vs 294200000 Sales 7.98 billion vs 6.33 billion Avg shrs 136700000 vs 142500000 NOTE: 1986 earnings include a loss from discontinuedoperations of 50.3 mln dlrs or 35 cts a share in the quarter and a gain of 21.2 mln dlrs or 15 cts a share in the nine months Reuter | KRAFT INC <KRA> 3RD QTR SEPT 26 NET |
Shr 60 cts vs 48 cts Net 35.0 mln vs 27.8 mln Revs 147.2 mln vs 131.6 mln Nine mths Shr 1.67 dlrs vs 1.38 dlrs Net 97.3 mln vs 77.9 mln Revs 422.4 mln vs 385.5 mln Avg shrs 58.4 mln vs 56.5 mln Reuter | UST INC <UST> 3RD QTR NET |
TRADERS SAY US STOCKS IN SHARP REBOUND FOLLOWING BOND MARKET RALLY |
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SPRINGS INDUSTRIES INC 3RD QTR SHR 99 CTS VS 42 CTS |
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Federal Reserve Board Chairman Alan Greenspan cut short a scheduled trip to Dallas and is returning to Washington to moniter events a Federal Reserve spokesman said. Greenspan had been scheduled to speak to the American Bankers Association which is meeting in Dallas but canceled the engagement the spokesman said. He also canceled a speech scheduled for this evening to a New York University group the spokesman said. The spokesman declined to comment on whether the Fed chairman will be meeting with the President or White House officials on Mondays stock market collapse. The spokesman said the Fed chief was returning to Washington to monitor events here. Greenspan earlier today issued a statement that it will provide liquidity to support the economy and the financial system. The Fed spokesman said the chairman wanted to reassure the market that the U.S. central bank is standing by in its role as a traditional liquidity provider. Reuter | GREENSPAN CUTS SHORT SCHEDULED DALLAS TRIP |
US WEST 3RD QTR SHR 1.46 DLRS VS 1.41 DLRS |
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A voluntary compliance system for monitoring U.S. coffee imports under quotas is viewed skeptically by many in the coffee industry said analysts and trade sources. Many sectors of the trade including large roasters and importers are adamant against voluntary compliance because of the past which was subject to tremendous irregularities as it became a matter of the trade monitoring each other one analyst said. On Monday a National Coffee Association newsletter said the Office of U.S. Trade Representative will implement a voluntary compliance system temporarily because legislation to monitor imports is tied up in the Congressional trade bill. Under the arrangement milar to one in 1980 coffee importers would voluntarily present needed documents to the U.S. government until Congress approves the monitoring authority but if coffee arrives without valid certification it will still be allowed entry. While many believe producers will not seek to add to the overburdened stock situation in the U.S. others believe some will ship outside of the quota requirements in lieu of monitoring controls trade sources said. Last time there was a lot of false information submitted to customs which resulted in a lot of indictments and fines a U.S. Customs spokesman said. Customs can do a good job when given the tools but when its hands are tied it doesnt have the authority to demand Form O (documents tracking merchandise from source to destination) he said. Many see it as a true test of whether producers and importers will abide by the quota system. It is a key to seeing whether there are any teeth in the quota agreement said one major U.S. roaster. Last time we had a gentlemans agreement the trade did not act as a gentleman said another analyst adding without the need to submit documents the ball will be in the producers hands. Some feel that importers will take advantage of the voluntary compliance due to development of a two-tier market in which non-member countries buy coffee at a big discount. Many fear that dealers will buy coffee destined for non-member countries at discounts and then bring it into the U.S. falsely labelled. According to customs officials several green coffee importers confessed in 1985 that they had imported coffee fraudulently after buying it for non-member destinations forging landing certificates and then relabelling it as navy beans. If theres that much of a discrepancy between prices for one country and another producers may be teted to get rid of their stocks of coffee by selling to non-member nations and by circumventing the quota provisions said Paine Webber analyst Bernie Savaiko. Still others believe that producers will not be hard pressed to aggravate the overburdened coffee stock situation in the U.S. in the near term. It would be naive to suggest that any agreement would not have some share of connivance but I think the voluntary system seemed to suffice and coupled with the fact that we have so much coffee I dont think that it poses that much of a threat one trader said. Reuter | U.S. COFFEE IMPORT REPORTING SYSTEM QUESTIONED |
Shr 1.18 dlrs vs 87 cts Net 149.6 mln vs 134 mln Revs 1.1 billion vs 956 mln Avg shrs 127.3 mln vs 154.5 mln Nine mths Shr 3.36 dlrs vs 2.42 dlrs Net 428.1 mln vs 373.7 mln Revs 3.1 billion vs 2.7 billion NOTE: 1987 3rd qtr and nine mths net includes a charge of 11 mln dlrs or nine cts a share and 31.8 mln dlrs or 25 cts a share for the interest expense for share repurchases. 1986 nine mths net includes a charge of 28.9 mln dlrs or 19 cts a share for early retirement program and withdrawal of Contac cold remedy from the market due to tampering. Reuter | SMITHKLINE BECKMAN CORP <SKB> 3RD QTR NET |
Masco Industries Inc said its board authorized the repurchase of up to 10 mln of the companys common stock in open market purchases privately negotiated transactions or otherwise. As of June 30 the company had 73.6 mln shares outstanding. Reuter | MASCO <MASK.O> TO BUY UP TO 10 MLN SHARES |
Shr 77 cts vs 50 cts Net 56.5 mln vs 36.4 mln Sales 583.3 mln vs 515.9 mln Nine months Shr 2.02 dlrs vs 1.19 dlrs Net 148.5 mln vs 87.1 mln Sales 1.69 billion vs 1.51 billion Reuter | UNION CAMP CORP <UCC> 3RD QTR Sept 30 |
Kerr Glass Manufacturing Corp said it expects to spend five mln dlrs to purchase its own stock to be held by a new employee incentive stock owership trust formed for the benefit of salaried employees. Based on yesterdays closing price of 10.50 dlrs per share the stock to be bought from time to time on the open market or in negotiated transactions about 476000 shares wold be purchased the company said. Thats about 13 pct of the shares outstanding it added. Reuter | KERR GLASS <KMG> TO SPEND FIVE MLN DLRS ON STOCK |
Shr 75 cts vs 64 cts Net 11174000 vs 7408000 Sales 218.8 mln vs 106.3 mln NIne Mths Shr 1.80 dlrs vs 1.54 dlrs Net 23762000 vs 16603000 Sales 414.8 mln vs 295.9 mln NOTE: 1987 net income excludes preferred dividends of 2.4 mln dlrs in the quarter and 2.7 mln dlrs in the nine months compared with 188000 dlrs and 563000 dlrs in 1986. Reuter | NEWELL CO <NWL> 3RD QTR NET |
FIRESTONE TIRE AND RUBBER CO RAISES QUARTERLY DIVIDEND TO 30 CTS FROM 25 CTS |
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CIRCLE EXPRESS TERMINATES PLANNED ACQUISITION OF OVERLAND EXPRESS |
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PACIFIC TELESIS PLANS TO REPURCHASE UP TO 10 MLN SHARES |
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Shr 69 cts vs 62 cts Net 4401000 vs 3808000 Nine mths Shr 1.99 dlrs vs 1.77 dlrs Net 12.6 mln vs 10.8 mln Reuter | FIRST VALLEY CORP <FIVC.O> 3RD QTR NET |
Chicago Mercantile Exchange floor traders and commission house representatives are guesstimating todays hog slaughter at about 310000 to 325000 head versus 327000 a week ago and 291000 a year ago. Cattle slaughter is guesstimated at about 128000 to 132000 head versus 132000 week ago and 136000 a year ago. Reuter | HOG AND CATTLE SLAUGHTER GUESSTIMATES |
WHITE HOUSE SEES 163 BILLION DLR 1988 DEFICIT WITHOUT FURTHER REDUCTIONS |
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AVON PRODUCTS INC 3RD QTR SHR 37 CTS VS 42 CTS |
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International Business Machines Corp said it introduced the System/36 5363 System Unit an entry-level addition to its System 36 family of computers. The company said the 5636 System Unit will be available as a component of the System/36 Total System Package which includes a System/36 processor with pre-loaded operating system software displays and printers optional office application software. The company said the 5636 comes with one megabyte of main storage and options which provide up to 210 megabytes of integrated disk storage. The company said with the Work Station Expansion feature the 5636 can attach up to 28 local displays or printers. The company said the 5636 has a single built-in 5.25 inch 1.2 megabyte diskette drive and offers an optional built-in tape drive. IBM said that in contrast to its System/36 5364 the communications tape and LAN functions previously provided by an attached personal computer are housed within the 5363 unit. The price of the new unit was not disclosed. The company also said it introduced new versions of its licensed applications programs. These programs include Manufacturing and Production Inventory Control System II Construction Management Accounting System and Distribution Management Accounting System II the company said. IBM said it reduced by an average of 40 pct the one-time charges of these application programs for their use with the 5363 and 5364. Reuter | IBM <IBM> ADDS TO SYSTEM/36 PRODUCT LINE |
DOW JONES INDUSTRIAL AVERAGE RISES MORE THAN 100 POINTS, TO 1849 |
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GENERAL SIGNAL CORP 3RD QTR SHR 67 CTS VS 65 CTS |
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The White House said the federal budget deficit for fiscal 1988 will total 163 billion dlrs if Congress and the administration fail to agree on a legislative package of deficit reduction measures prior to a Nov. 20 deadline. In a report issued under the requirements of new balanced budget legislation approved by Congress in September the White House budget office predicted the government would take in 903 billion dlrs in revenues and spend 1.066 trillion during fiscal 1988 which began Oct. 1. Under the terms of the new law the governments failure to agree on a deficit reduction package by Nov. 20 would trigger across-the-board spending cuts of 23 billion dlrs. The White House report said this would reduce those defense spending programs covered by the legislation by 10.5 pct and would cut domestic programs by 8.5 pct. This magnitude of reductions would shear 11.5 billion dlrs from defense and 11.5 billion dlrs from domestic programs. The Congressional budget Office last week estimated the 1988 budget deficit at 179.3 billion dlrs. Reuter | WHITE HOUSE SEES 163 BILLION DLR BUDGET DEFICIT |
MARSH AND MCLENNAN COS INC 3RD QTR SHR 1.04 DLRS VS 87 CTS |
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The Stockholm bourse authorities said they were to extend trading on the exchange by 30 minutes until 1500 (1400 GMT) because the afternoon call took longer than normal due to hectic selling pressure. A spokeswoman told Reuters the measure was purely administrative and aimed at allowing the bourse time to process deals in exceptionally heavy turnover of around 590 mln crowns. It was necessary to extend trading hours as the call-over went on beyond two oclock she said. REUTER | STOCKHOLM BOURSE EXTENDS TRADING BY 30 MINUTES |
SUNDSTRAND CORP 3RD QTR SHR 44 CTS VS 1.07 DLRS |
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Shr 37 cts vs 42 cts Net 26.6 mln vs 30.0 mln Sales 805.4 mln vs 690.6 mln Avg shrs 70.6 mln vs 71.0 mln Nine mths Shr 1.23 dlrs vs 1.23 dlrs Net 86.8 mln vs 88.5 mln Sales 2.30 billion vs 2.01 billion Avg shrs 70.3 mln vs 72.2 mln Reuter | AVON PRODUCTS INC 3RD QTR NET |
Shr 99 cts vs 42 cts Net 17.6 mln vs 7528000 Sales 424.2 mln vs 376.8 mln Nine mths Shr 2.21 dlrs vs 94 cts Net 39.3 mln vs 16.8 mln Sales 1.20 billion vs 1.10 billion NOTE: Share adjusted for two-for-one stock split in April 1987. Reuter | SPRINGS INDUSTRIES INC <SMI> 3RD QTR OCT THREE |
Oilmeal demand remained strong in the United States in July and August and six pct up on levels seen in the same months last year with most of the rise coming in soymeal the Hamburg based publication Oil World said. Total U.S domestic usage of the nine major oilmeals rose to a record 19 mln tonnes in October 1986/August 1987 up 4.2 pct on the same year-ago period with the increase in soymeal at seven pct it said. Soviet soymeal demand rose by 310000 tonnes in July and 330000 tonnes in August over the respective year-ago months following a huge increase in soymeal imports. Oil World presumed some imports were not used immediately but went into stocks. With imports again large in September it estimated Soviet soymeal stocks sharply up at 800000 tonnes by October 1 from around 130000 at the same time last year. EC oilmeal demand rose 100000 tonnes in August from a year earlier with soymeal up 45000 tonnes. Crushings of rapeseed sunseed and soybeans will probably rise from last year due to bumper EC crops. It estimated the EC rapeseed crop at a record 5.9 mln tonnes up from 3.7 mln last year. Rapeseed disposals were reported at 2.1 mln tonnes by September 20 against 1.4 mln at that time last year. REUTER | OILMEAL DEMAND STILL STRONG IN U.S., SOVIET UNION |
Pacific Telesis Group said it plans to repurchase up to 10 mln of its 432.1 mln common shares in the open market or privately with repurchases to be financed by general corporate funds. Reuter | PACIOFIC TELESIS <PAC> TO REPURCHASE STOCK |
Circle Express Inc said negotiations on its proposed acquisitions of Overland Express Inc and privately-held Continental Training Services Inc have been terminated by mutual agreement. The company said the recent declines in stock prices have made it unlikely that the transactions could qualify as tax-free reorganizations. Reuter | CIRCLE EXPRESS<CEXX.O> ENDS OVERLAND<OVER.O> BUY |
LONDON GOLD 1500 FIX - OCT 20 - 464.30 DLRS |
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Corrections Corp of America said it has been selected to negotiate a contract with the Texas Department of Corrections for the desing construction financing and management of 1000 minimum security pre-release prison beds. It said negotiation of a final contract including siting is expected to take about 30 days. Corrections said the two 500-bed facilities are scheduled to be opened within one year of final contract signing at an total capital investment of about 27 mln dlrs to be financed with debt and equity. Based on its proposal the company said the facilities would generate annual revenues of about 11 mln dlrs. According to Texas law Corrections said any private sector contract must save the state at least 10 pct of the corrections departments cost per day per inmate. Evaluation revealed the comnpanys proposed cost to be 15 pct below the departments per diem the company said. Reuter | CORRECTIONS <CCAX.O> SEEKS 1,000 PRISON BEDS |
Shr 1.04 dlrs vs 87 cts Net 77.7 mln vs 64.2 mln Revs 533.7 mln vs 461.8 mln Avg shrs 74.7 mln vs 73.9 mln Nine mths Shr 3.35 dlrs vs 2.63 dlrs Net 249.5 mln vs 193.9 mln Revs 1.63 billion vs 1.36 billion Avg shrs 74.5 mln vs 73.8 mln Reuter | MARSH AND MCLENNAN COS INC <MMC> 3RD QTR NET |
 CENTRAL ILLINOIS PUBLIC <CIP> 3RD QTR NET SPRINGFIELD Ill. Oct 20 Shr 89 cts vs 89 cts Net 30406000 vs 30504000 Revs 163.8 mln vs 172.0 mln Nine Mths Shr 1.89 dlrs vs 2.14 dlrs Net 64489000 vs 73149000 Revs 603.4 mln vs 646.5 mln NOTE: Central Illinois Public Service Co is full name of company. Reuter  | |
Shr 77 cts vs 1.07 dlrs Net 14455000 vs 20083000 Sales 334.4 mln vs 348.5 mln Nine Mths Shr 2.40 dlrs vs 3.04 dlrs Net 4500000 vs 56928000 Sales 987.4 mln vs 1.04 billion Reuter | SUNDSTRAND CORP <SNS> 3RD QTR NET |
Crazy Eddie Inc said its board of directors amended the companys shareholder rights plan in moves it said were designed to preserve stockholder protection and provide flexibility to the plan. Yesterday Crazy Eddie agreed not to oppose a slate of candidates to its board proposed by the Committee to Restore Stockholder Value a shareholder group led by the <Oppenheimer-Palmieri Fund L.P.> and Entertainment Marketing Inc <EM> that has been seeking to oust current management. Crazy Eddie said the new amendments limit future amendments to the plan modify the definition of continuing directors and permit amendment or termination of the plan with the consent of the companys shareholders if there are no continuing directors in office or the approval of at least three such directors cannot be obtained. The company also said it approved a certificate of designation with respect to its 4.5 mln shares of authorized but previously undesignated and unissued shares of preferred stock and adopted an employee stock ownership plan. Crazy Eddie also that it requested that the shareholder group make a commitment not to take the company private until Crazy Eddie has had a chance to recover from current financial difficulties a committment that the group rejected. Crazy Eddie said it will hold its annual shareholders meeting on November 6. Reuter | CRAZY EDDIE <CRZY.O> AMENDS SHAREHOLDER RIGHTS |
Shr 68 cts vs 61 cts Shr diluted 66 cts vs 60 cts Net 18.6 mln vs 16.5 mln Avg shrs 27.5 mln vs 26.6 mln Nine mths Shr 1.40 dlrs vs 1.76 dlrs Shr diluted 1.38 dlrs vs 1.71 dlrs Net 38.9 mln vs 46.9 mln Avg shrs 27.4 mln vs 25.8 mln NOTE: Share adjusted for July 1987 10 pct stock dividend. Results restated for pooled acquisitions. Net includes loan loss provisions of 5765000 dlrs vs 4252000 dlrs in quarter and 43.3 mln dlrs vs 15.4 mln dlrs in nin mths. Reuter | HUNTINGTON BANCSHARES INC <HBAN.O> 3RD QTR NET |
GTE CORP 3RD QTR SHR 86 CTS VS 96 CTS |
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Qtly div 30 cts vs 25 cts Pay Jan 19 Record Jan Four Reuter | FIRESTONE TIRE AND RUBBER CO <FIR> RAISES PAYOUT |
Net 33.6 mln vs 11.1 mln Revs 319.6 mln vs 295.1 mln Nine mths Net 97.3 mln vs 30.0 mln Revs 997.8 mln vs 860.0 mln NOTE: Company does not report per share earnings as it is a privately-owned concern. Net amounts reported are before taxes profit sharing and contribution to employee stock ownership trust. Reuter | WEIRTON STEEL CORP 3RD QTR |
Shr 37 cts vs 41 cts Net 35 mln vs 38 mln Revs not given Nine mths Shr 1.32 dlrs vs 1.18 dlrs Net 123 mln vs 106 mln Revs not given Reuter | DOMTAR INC <DTC> 3RD QTR NET |
MELVILLE CORP 3RD QTR PER SHARE 95 CTS VS 87 CTS |