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U.S. Healthcare Inc said it has authorized the repurchase of up to 10 mln shares of stock. The company repurchased five mln shares under a program that ended earlier this year. Reuter | U.S. HEALTHCARE <USHC.O> TO BUY BACK SHARES |
The Philadelphia Stock Exchange said trading was halted about 1105 EDT in its value line composite index option that involves about 1700 stocks. The exchange added that its gold and silver options index did not open trading Tuesday but that trading continued in its national over-the-counter stock index option. The halt in the value line index option accompanied index option trading halts by other major U.S. exchanges. Reuter | PHILADELPHIA HALTS MAJOR INDEX OPTION TRADE |
CBOE TO RESUME INDEX OPTIONS TRADING AT 1215 CDT |
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Sterling Software Inc said it has bought back 394100 shares of its stock in the open market since October 8. In a market full of sellers were a confident buyer and well continue purchasing shares president Sterling Williams said. Reuter | STERLING SOFTWARE <SSW> BUYS BACK SHARES |
FDIC'S SEIDMAN SAYS STOCK MARKET DROP NOT HAVING ANY IMPACT ON BANKS |
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NYSE SAYS NEW YORK FUTURES EXCHANGE WILL REOPEN AT 1315 EDT |
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Travelers Corp said will repurchase up to 2.5 mln shares ot its common stock. The company which has 100.2 mln shares outstanding said its stock is at an attractive price at the moment. Reuter | TRAVELERS <TIC> TO REPURCHASE STOCK |
CME HAS RESUMED TRADING IN S/P 500 STOCK INDEX FUTURES AND OPTIONS |
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Aceto Corp said its board increased its authorized share repurchase program to 500000 shares from 200000. The shares will be bought in the open market. It has bought back 185422 shares under the previously authorized 200000 share program. Reuter | ACETO <ACET.O> BOOSTS SHARE REPURCHASE |
Shr profit five cts vs loss four cts Net profit 378000 vs loss 140000 Revs 4226000 vs 1240000 Nine mths Shr loss 38 cts vs loss 16 cts Net loss 1088000 vs 538000 Revs 10.1 mln vs 2963000 NOTE: 1987 nine mths includes charge 1827000 dlrs for exchange by an officer and director of 554000 shares of junior subordinated stock for 443000 shares of common stock and a 10-year warrant to purchase 250000 shares of common stock at 4.50 dlrs per share. Reuter | HEALTH IMAGES INC <HIMG.O> 3RD QTR NET |
Federal Reserve spokesmen in New York and Washington said there are no plans for a news conference today. The spokesmen were responding to rumors in the financial markets. There was also speculation that because Fed Chairman Alan Greenspan and Vice Chairman Manuel Johnson have cancelled trips out of Washington today that the Fed board was holding an extraordinary meeting to discuss a cut in the six pct discount rate. Reuter | FED SAYS NO NEWS CONFERENCE TODAY |
Eaton Vance Corp said its board authorized the repurchase of up to 200000 shares of its common stock through privately negotiated or open market transactions. It has 4.3 mln outstanding shares. Reuter | EATON VANCE <EAVN.O> TO BUY BACK 200,000 SHARES |
KANSAS CITY BOARD OF TRADE RESUMES TRADING IN VALUE LINE STOCK INDEX FUTES |
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A share options dealer with Svenska Handelsbanken <SHBS.ST> and his office manager have lost the bank more than 100 mln crowns in unauthorised dealing the bank said in a statement. Handelsbanken said the two made the losses calculated according to Mondays bourse prices when they carried out unauthorised transactions for themselves and clients. But the bank was insured against such an event and the loss would not affect its results said head of the banks treasury department Lars Nyberg. The bank inspection authorities have been told and the police are also going to be informed Nyberg told Reuters. The affair was discovered by routine checks after the bourse falls of the past few days he added. REUTER | HANDELSBANKEN STAFF LOSE 100 MLN CROWNS IN DEALS |
Federal Deposit Insurance Corp chairman Wiliam Seidman said the stock market decline has not had a measurable impact on U.S. banks. Seidman attending the American Bankers Association annual convention told reporters We are looking to see if the stock market was having any direct effects. We have seen none. Seidman also said that he was pleased at the decision by Chemical New York Corp <CHL> and others to lower their prime rate. He said he believed it was a response to the stock market behavior. I think its a good idea he said. Seidman said he believes the economy will remain strong as long as interest rates remain stable. He said the Federal Reserve Boards announcement that it stood ready to provide liquidity to the financial system was an effort to reassure markets. In 1929 they did not provide it (liquidity) and now they are reassuring people that that will not happen again. I fully support it he said. He said that the stock market decline was not an argument against allowing banks to underwrite securities because the stock market is expected to fluctuate. Reuter | FDIC'S SEIDMAN SAYS BANKS UNAFFECTED BY MARKET |
Shr four cts vs 36 cts Net 254000 vs 2063000 Revs 130.0 mln vs 107.8 mln Nine mths Shr 23 cts vs 1.16 dlrs Net 1336000 vs 6659000 Revs 370.9 mln vs 313.7 mln Reuter | PRESTON CORP <PTRK.O> 3RD QTR NET |
Commerce Undersecretary J. Michael Farren opposed language in the trade bill before Congress to limit foreign takeovers of U.S. companies. Anything that would serve to have a chilling effect on foreign investment is going to cost us jobs and economic growth Farren said before a congressional coittee. House and Senate negotiators are ironing out differences in trade bills passed by both chambers. Once the negotiators reach agreement the bill will be sent to President Reagan for his signature. Reuter | U.S COMMERCE DEPT OPPOSES FOREIGN TAKEOVER BAN |
Shr 52 cts vs 47 cts Net 1935000 vs 1495000 Revs 52.7 mln vs 43.1 mln Year Shr 83 cts vs 1.01 dlrs Net 3775000 vs 3221000 Revs 172.7 mln vs 105.9 mln NOTE: Share figures for year are after payment of preferred share dividend and include unspecified extraordinary items. Reuter | CONTRANS CORP <CSS.TO> 4TH QTR AUGUST 31 NET |
Agriculture Secretary Richard Lyng said the ruling of a GATT panel on a U.S. trade complaint against Japan expected soon may influence the U.S. stance in negotiations with Tokyo on beef and citrus import quotas. The ruling of a GATT tribunal on a U.S. demand that Japan end quotas on 12 categories of food items is expected by the end of the year. Lyng said he is optimistic the ruling will favor the U.S. These are quota items and the principles that apply to them it seems to me will have some bearing on the question of whether you would have quotas or not on beef and citrus Lyng told Reuters in an interview. He repeated the U.S. demand that Japan lift the quotas on beef and citrus after March 31 next year. The Japanese quotas on 12 food categories which the United States has challenged include items such as tomato paste some cheeses and specialty fruit juices. U.S. officials had hoped a ruling against the quotas would be issued earlier this year but the GATT panel decision has been delayed by the illness of the tribunals chairman. The U.S. has taken a hardline stance on the beef and citrus quotas which Tokyo says must remain in place to protect Japanese farmers. We will not negotiate new quotas or accept new quotas (on beef and citrus). If they impose them we would consider that an illegal action in the GATT Lyng said. He declined to say what action the U.S. would take next April if Japan continues to resist U.S. demands. Reuter | GATT CASE AGAINST JAPAN A MODEL FOR U.S. - LYNG |
Shr 95 cts vs 30 cts Net 9139000 vs 2894000 Revs 135.6 mln vs 118.5 mln Nine mths Shr 2.81 dlrs vs 1.95 dlrs Net 27.0 mln vs 18.8 mln Revs 406.5 mln vs 372.8 mln Reuter | STANADYNE INC <STNA.O> 3RD QTR NET |
Shr 99 cts vs 77 cts Net 12.7 mln vs 9736000 Avg shrs 12.8 mln vs 12.7 mln Nine mths Shr 2.67 dlrs vs 2.30 dlrs Net 34.0 mln vs 29.1 mln NOTE: Net includes pretax securities gains 16000 dlrs vs 228000 dlrs in quarter and 48000 dlrs vs 1673000 dlrs in nine mths. Net includes loan loss provisions 1092000 dlrs vs 790000 dlrs in quarter and 3089000 dlrs vs 2584000 dlrs in nine mths. Reuter | MERCANTILE BANKSHARES CORP <MRBK.O> 3RD QTR NET |
PENTAGON SAYS U.S. WARSHIPS BEGIN ESCORTING GULF TANKER CONVOY SOUTH FROM KUWAIT |
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ALLEGIS CORP SAYS IT WILL REPURCHASE UP FIVE MLN SHARES |
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Shr 38 cts vs not given Net 8616000 vs not given Revs 209.1 mln vs 169.8 mln Nine mths Shr 1.76 dlrs vs not given Net 34.5 mln vs not given Revs 632.0 mln vs 551.5 mln NOTE: Year ago per share and net income not available as company recapitalized on December 28 1986 after it became a new reporting entity for financial reporting purposes. Reuter | ALLEGHENY LUDLUM CORP <ALS> 3RD QTR NET |
Mondays international share crash was exaggerated and did not reflect economic fundamentals Wolfgang Roeller president of the West German banking association BDB said in a statement. A comparison with the (Wall Street crash of) 1929 is totally inappropriate Roeller also chief executive of Dresdner Bank AG said. The world economy was growing and dangers of inflation were being held in check. The recent International Monetary Fund and World meetings confirmed the positive forecasts for global economic development. Therefore there were no rational reasons for a sharp tightening of monetary policy nor for a continued rise in interest rates Roeller said. This applies in particular to West Germany he said. As a result Roeller expected the markets to calm. They would not ignore long-term economic factors. International cooperation on currencies established by the Louvre accord and strengthened by Mondays meeting between U.S. Treasury Secretary James Baker West German Finance Minister Gerhard Stoltenberg and Bundesbank President Karl Otto Poehl would stand the test he added. REUTER | GERMAN BANKING PANEL SAYS SHARE FALL EXAGGERATED |
Shr primary 60 cts vs 42 cts Shr diluted 57 cts vs 41 cts Net 5590000 vs 3721000 Revs 103.5 mln vs 91.8 mln Nine mths Shr primary 1.55 dlrs vs 1.41 dlrs Shr diluted 1.48 dlrs vs 1.34 dlrs Net 14.3 mln vs 12.7 mln Revs 300.5 mln vs 269.3 mln Reuter | ATLANTIC RESEARCH CORP <ATRC.O> 3RD QTR NET |
Biosonics Inc said Jeffrey S. Wigand has resigned as president chief operating officer and director of the company. The company said Wigand will announce his affiliation with another healthcare company as soon as negotiations are completed. Reuter | BIOSONICS INC <BIOS.O> PRESIDENT RESIGNS |
Shr 38 cts vs 28 cts Net 18.6 mln vs 14.5 mln Revs 574.2 mln vs 493.3 mln Avg shrs 48602000 vs 50487000 Nine months Shr 85 cts vs 61 cts Net 41.5 mln vs 32.8 mln Revs 1.62 billion vs 1.40 billion Avg shrs 48622000 vs 51670000 NOTE: 1987 results do not include September acquisiton of Dennys Inc. Reuter | TW SERVICES INC <TW> 3rd qtr net |
Exovir Inc <XOVR.O> said its board authorized the purchase of up to one mln dlrs of the comapnys common stock in open market transactions. The company said based on currrent market conditions it believes the stock is substantially undervalued. Reuter | EXOVIR TO BUYBACK UP TO ONE MLN DLRS OF STOCK |
The Canadian unit of General Motors Corp and the union representing its 40000 workers remain far apart over local issues in contract talks two days from a threatened strike a union spokesman said. The deepest divisions appeared to be between General Motors of Canada Ltd and the Canadian Auto Workers local representing 17000 workers at an assembly plant in Oshawa Ontario union spokesman Wendy Cuthbertson said. Local 222 is miles apart said Cuthbertson. The local assembles full-size pick-up trucks the Buick Regal and the Pontiac 6000. Local issues there included shift schedules transfers and working conditions union president Bob White said. The union has threatened to strike at 1000 EDT/1400 GMT on Thursday unless it has reached a tentative settlement. Bargaining was scheduled to continue late into Tuesday night in an effort to avert a walkout said Cuthbertson. On Monday the union accepted an economic offer from GM Canada that largely matched the pay-and-benefit pattern reached earlier at Chrysler Corp <C> and Ford Motor Co <F> units. Reuter | GM <GM> CANADA AND WORKERS FAR APART IN TALKS |
Shr loss 18 cts vs loss 3.61 dlrs Net loss 5600000 vs loss 100.2 mln Revs 33.5 mln vs 22.3 mln Avg units 30.9 mln vs 27.5 mln Nine mths Shr loss 22 cts vs loss 4.20 dlrs Net loss 6800000 vs loss 113.6 mln Revs 97.3 mln vs 83.4 mln Avg units 30.0 mln vs 26.8 mln NOTE: full name is sante fe energy partners l.p. Reuter | SANTA FE ENERGY PARTNERS <SFP> 3RD QTR LOSS |
King World Productions Inc said it began an open market repurchase program of its shares on October 19. King World said the total number of shares ultimately bouught back will depend on prevailing market conditions including interst rates the price of the shares and possible diversification opportunities. Reuter | KING WORLD <KWP> BEGINS STOCK REPURCHASE |
Shr 66 cts vs 61 cts Net 5928000 vs 5447000 Revs 126.0 mln vs 89.8 mln Avg shrs 8948000 vs 8947000 Nine mths Shr 1.96 dlrs vs 1.96 dlrs Net 17.5 mln vs 16.3 mln Revs 343.9 mln vs 286.9 mln Avg shrs 8948000 vs 8300000 Reuter | GENERAL DEVELOPMENT CORP <CDV> 3RD QTR NET |
Ordinary net profit after provisions for losses and taxes 300 mln vs 203 mln Group operating profit before loan loss provisions 875 mln crowns vs 986 mln Total assests 132.0 billion crowns vs 107.6 billion Note - Full company name is Den Norske Creditbank <NCBO.OL> REUTER | DEN NORSKE CREDITBANK PROFIT RISES IN EIGHT MONTHS |
A group of firms led by Hong Kong-based Industrial Equity (Pacific) Ltd said it increased its stake in Smith International Inc common stock to 3997100 shares or 17.5 pct of the total outstanding from about 14.9 pct. In a filing with the Securities and Exchange Commission the group said it bought 586500 Smith common shares between October 9 and 19 at 7.86 dlrs to 9.57 dlrs a share. No reason was given for the recent purchases. Reuter | GROUP LIFTS STAKE IN SMITH INTERNATIONAL <SII> |
Britains highest court has decided the International Tin Council (ITC) can appeal over the use of ITC documents in court actions. On November 2 the House of Lords will decide if and to what extent ITC documents whether circulated or not are admissible as court evidence. Lawyers working in the legal tangle left from the October 1985 collapse of the tin market said this hearing is likely to last a few days. On Wednesday the Court of Appeal will link the outstanding ITC cases that have so far reached it and a single set of hearings could begin in early January they added. The House of Lords ruling on the use of ITC documents will be referred back to the action by two Shearson Lehman companies against the London Metal Exchange although the underlying case is not expected to be resumed until mid-1988. The Court of Appeal hearings include action between brokers and cases by brokers and banks against the ITC and the member governments of the tin council. Action taken by brokers seeking both the winding up of the ITC or and placing it into receivership will also be covered by the Court of Appeal legal schedule. Reuter | TIN COUNCIL ALLOWED APPEAL ON USE OF DOCUMENTS |
Iran and the Soviet Union have provisionally agreed to hold talks on a possible exchange of Iranian crude oil for finished Soviet oil products an official spokesman said Tuesday. Gennady Gerasimov chief of the Soviet Foreign Ministrys Information Directorate told reporters the agreement had been reached during a visit to Moscow last week by Irans Oil Minister Gholamreza Aqazadeh. Gerasimov said no date had been set for the talks which would also study the possibility of Soviet technical assistance for Irans oil industry. REUTER | IRAN, SOVIETS TO HOLD TALKS ON OIL EXCHANGE DEAL |
Senate Finance Committee Chairman Lloyd Bentsen said he had been in touch with White House officials early on Tuesday on his proposal for an economic summit between Congress and the administration but has yet to receive a response. Im not at liberty to say what theyre going to do yet the Texas Democrat told an American Stock Exchange conference. Theyre making up their minds. Mondays stock market drop provides additional leverage for a meeting between White House officials and congressional leaders on trade and budget issues Bentsen said. Reuter | BENTSEN AWAITING RESPONSE ON ECONOMIC SUMMIT |
The American Soybean Association (ASA) denounced European Community (EC) oilseed policies as illegal under the General Agreement on Tariffs and Trade and threatened to make an unfair trade complaint if the EC does not remedy the situation. ASA Vice President James Adams told an ASA-sponsored Outlook 87 conference: It will be filed unless the EC takes drastic and immediate steps. These subsidies are blatantly unfair and are GATT illegal since they were established after the zero soybean duty was established in 1962 he said. The ASAs unfair trade petition against the EC would ask for an investigation and modification of EC oilseed policies to make the regime non-discriminatory. The EC in 1962 ruled all EC oilseed imports duty-free in an effort to fill its oilseed needs. But EC oilseeds production has risen dramatically since then. The EC now guarantees oilseed prices to farmers above world market levels and is considering implementing a controversial oils and fats tax. The subsidies are obvious attempts to circumvent the zero duty binding and that makes U.S. Farmers mad as hell Adams said. The ASA is confident the U.S. Congress will support its trade complaint Adams said. The ASA also strongly opposes an EC proposal to tax vegetable and marine oils consumed in the EC which will be considered by the EC Commission in December. U.S. Soybean world market share has declined 35 pct in volume and 40 pct in value since 1982 primarily as a result of EC policies Adams added. Lord Plumb European Parliament President and a speaker at the conference said the EC expanded oilseed production in 1973 when the U.S. Halted overseas sales of soy products. Reuter | ASA SAYS EC OILSEED POLICY ILLEGAL UNDER GATT |
The United States is prepared to pull out all the stops to defend its agricultural trade rights under the General Agreement on Tariffs and Trade (GATT) U.S. Ambassador to GATT Michael Samuels said. Those rights are now being challenged by the European Communitys (EC) agricultural support policies he told a conference sponsored by the American Soybean Association. He reiterated Washingtons firm intention to retaliate if the EC goes ahead and bans imports of hormone-fed beef without the issue being investigated by a GATT special committee. The U.S. claims the EC directive due to come into effect on January 1 threatens to cut 100 mln dlrs worth of U.S. meat shipments into the EC. The U.S. also will oppose all EC efforts to impair U.S. trade via the EC oilseeds regime which supports EC oilseed prices over the current market level and which may be extended to include a hotly disputed oils and fats tax Samuels said. Reduction of trade-distorting world agricultural subsidies an aim of most key participants in GATT multilateral trade negotiations is meaningless if import barriers continue to be erected Samuels said. Samuels called the U.S. plan to eliminate world farm subsidies by the year 2000 proposed at GATT in July visionary and very serious. The EC and Japan have said it is unrealistic. The EC Commission this month announced its draft proposal on farm trade reform expected to be tabled at GATT formally next week. The EC scheme involves emergency measures to reduce tensions in troubled surplus sectors of cereals and cereals substitutes dairy and sugar. It also calls for reduction of farm subsidies. The U.S. Is not opposed to short-term measures as long as they are directly linked to long-term commitments to end major trade distortions Samuels said. Washington will review the EC proposal when it is formally submitted and respond to it officially then. We will consider its relation to the Punta del Este declaration to correct trade problems and expand market access the U.S. Ambassador said. The U.S. can say no to the EC proposal if the EC ignores the U.S. plan when it tables its own proposal he added. The key difference between the two approaches is that the U.S. wants farm subsidies eliminated while the EC is pushing only for a reduction in farm suppports Samuels said. If the EC farm budget were protected by a subsidy freeze there would be little incentive for the Community to work to correct the international trade situation he added. Samuels cited the animal hormones complaint the EC oilseeds regime and an EC regulation concerning meat imports to third countries as three crucial barriers to trade which the U.S. wants to see resolved under the auspices of GATT. Reuter | U.S. TAKES TOUGH STAND ON GATT FARM ISSUES |
Shr 1.46 dlrs vs 1.41 dlrs Net 277.5 mln vs 268.3 mln Sales 2.13 billion vs 2.14 billion Avg shrs 189.8 mln vs 189.8 mln Nine mths Shr 3.95 dlrs vs 3.78 dlrs Net 750.5 mln vs 718.4 mln Sales 6.28 billion vs 6.22 billion Avg shrs 189.9 mln vs 190.2 mln Reuter | US WEST INC <USW> 3RD QTR NET |
The United States warned Iran again that it was ready to retaliate for any further hostile military action in the Gulf as U.S. warships began escorting another tanker convoy southward from Kuwait. U.S. Defense Secretary Caspar Weinberger said the U.S. sought no further Gulf hostitilies but was ready to deal with any Iranian response to Mondays attack on an Iranian oil rig. Several hours later the Pentagon announced that U.S. warships had begun escorting two U.S. flag Kuwaiti tankers -- the 80000 ton product carrier Ocean City and 46000 ton liquified petroleum tanker Gas King -- southward from Kuwait. The Defense Department said the 12th such convoy of U.S. flagged Kuwaiti tankers through the Gulf began at 0230 EDT under the escort by the U.S. guided missile frigate Ford. It did not say what oth U.S. warships were in the area. It (the convoy) is now progressing uneventfully in the central Gulf the Pentagon statement said. Asked on NBCs Today program if the United States was prepared for a major war with Iran Weinberger said Well we are prepared I think for whatever eventualities emerge from this situation but we dont look on it as a war. REUTER | US WARNS IRAN, BEGINS ESCORTING TANKER CONVOY |
The International Coffee Organization (ICO) Executive Board is to hold a meeting on November 3/4 its first since export quotas were re-introduced early this month. An ICO spokesman said the session for the first time under the chairmanship of Bruno Caron of France will review the market situation and the operation of quotas. On November 5 the six exporters making up the ICO Board of Management of the Promotion Fund will review its program for the 1987/88 year (Oct/Sept) and items left over from 1986/87. On November 2 a six nation working group will consider stock verification in Papua New Guinea. Reuter | ICO EXECUTIVE BOARD TO MEET EARLY NOVEMBER |
Allegis Corp said it plans to repurchase up to five mln of its common shares. The company said the buyback plan was established to take advantage of market conditions. It said the timing and volume of the repurchases will depend on market conditions. Reuter | ALLEGIS <AEG> TO REPURCHASE UP TO 5 MLN SHARES |
Guinness Plc <GUIN.L> said it has completed the sale of subsidiaries <Martin CTN Group Plc> and <Drummonds Pharmacy Group Plc>. Total consideration was 232.6 mln stg subject to adjustment on final audit which is expected to add 12 mln stg Guinness said. Martins has been sold to <Panfida Ltd> an Australian investment company and Drummonds to <Macarthy Plc>. Reuter | GUINNESS COMPLETES UNIT SALES WORTH 232.6 MLN STG |
Shr 42 cts vs 35 cts Net 1540000 vs 1289000 Year Shr 1.59 dlrs vs 63 cts Net 5849000 vs 3980000 NOTE: 1987 year excludes 1814000 dlrs for tax credits. 1986 4th qtr and year excludes a gain of 995000 dlrs and 2928000 dlrs respectively for tax credits. 1986 per share amounts caclulted from April 15 1986 to septebmer 30 the date of banks conversion to stock ownership. Reuter | NORTH SIDE SAVINGS BANK <NSBK.O> 4TH SEPT 30 |
U.S. Agriculture Secretary Richard Lyng said the United States will continue its policy of subsidizing farm exports to regain lost markets until there is a global agreement to end such subsidies. In an interview with Reuters Lyng also acknowledged he was troubled by the prospect that the export enhancement program (EEP) could prove so indispensable to boosting U.S. exports that the U.S. would have difficulty abandoning it. Yes Im troubled with that a little bit he said. Theres no question about it the longer you feed the calf on the cow the longer it is to wean it. In recent months USDA has offered subsidies on a growing list of commodities to an increasing number of countries. Lyng called U.S. and European Community export subsidies just plain nonsensical as a long-term policy and said he saw an end to the expansion of the EEP. Im sure theres an end to the expansion but we are doing this to accomplish our goal which is to regain the markets that weve lost to keep our products competitive and to let those particularly the European Community who we are convinced are the worst offenders in terms of the export subsidization that we are prepared to continue to do this until we can come to some agreement to put an end to it he said. Reuter | LYNG DEFENDS U.S. EXPORT SUBSIDY PROGRAM |
Shr 40 cts vs 23 cts Net 1173859 vs 672824 Revs 11.0 mln vs 9857707 Nine mths Shr 1.03 dlrs vs 56 cts Net 2986823 vs 1637559 Revs 31.5 mln vs 27.2 mln Reuter | ATHEY PRODUCTS CORP <ATPC.O> 3RD QTR NET |
Shr 30 cts vs 10 cts Net 560000 vs 177000 Revs 9700000 vs 7700000 Avg shrs 1877203 vs 1839752 Nine mths Shr 80 cts vs 28 cts Net 1480000 vs 524000 Revs 28.3 mln vs 22.8 mln Avg shrs 1854478 vs 1899769 Reuter | NATURE'S SUNSHINE PRODUCTS INC <AMTC.O> 3RD QTR |
Holiday Corp said its unit Holiday Inns Inc has started exchange offers for all of the 150 mln dlrs of outstanding 8-3/8 pct notes of 1996 and all 75 mln dlrs of outstanding 14-1/8 pct notes of 1992. Holiday Inns will issue 1000 dlr principal amount of new 9-1/8 pct notes due 1993 for each 1000 dlr face amount of 8-3/8s and 1000 dlr principal amount of new 14-1/2 pct notes due 1992 for each 1000 dlr face amount of 14-1/8s. The Holiday unit is seeking approval of amendments to the indentures of the outstanding notes for the exchange offers. The exchange offers end at 1700 EST (2100 GMT) November 17. Reuter | HOLIDAY <HIA> UNIT OFFERS NEW DEBT FOR OLD DEBT |
Shr 35 cts vs 32 cts Net 3033000 vs 2189000 Revs 56.2 mln vs 31.9 mln Avg shrs 8649000 vs 6914000 Six mths Shr 63 cts vs 72 cts Net 5450000 vs 4966000 Revs 108.6 mln vs 66.3 mln Avg shrs 8655000 vs 6912000 Reuter | LEGG MASON INC <LM> 2ND QTR NET |
The Soviet oil production target for 1988 has been set at 625 mln tonnes a rise of eight mln tonnes over this years planned output. Oil Minister Vasily Dinkov announced the figure on Tuesday at the Supreme Soviet the countrys nominal parliament. He said a new development strategy fuller use of oil deposits and better housing and pay for oilmen had allowed an upsurge in the oil industry after three years of stagnation which began in late 1983. Last year the Soviet Union produced 615 mln tonnes of oil slightly short of the target of 616.7 mln. January-September figures released at the weekend showed Soviet oil output in the first nine months of this year at 467 mln tonnes. The 1987 target is 617 million. Dinkov said the Soviet Union would develop 38 new oil deposits in the coming year. He called for speedier geolog prospecting across the country to spur the oil industry. The Supreme Soviet convened on Monday to endorse the 1988 budget and plan. The session is expected to end on Tuesday. REUTER | SOVIET 1988 OIL OUTPUT TARGET AT 625 MLN TONNES |
H.F. Ahmanson and Co parent of Home Savings of America said its third quarter earnings declined as a result of its decision in the second quarter to curtail sales of loans and mortgage-backed securities. As a result after-tax gains on sales of loans and mortgage-backed securities accounted for 28 pct of its third quarter net compared to 82 pct in last years third quarter. The company reported third quarter income of 40.3 mln dlrs or 41 cts per share down from 78.9 mln dlrs or 80 cts per share a year ago. The company said third qurter loan sales totaled 366 mln dlrs inlcuding 290 mln dlrs of adjustable rate mortgage instruments generating after-tax gains of 11.2 mln dlrs. This compares with year ago loan sales of 2.29 billion dlrs generating after-tax gains of 65.1 mln dlrs. Third quarter loan originations totaled a record 3.48 billion dlrs up 29 pct frrm 2.69 billion dlrs a year ago reflecting record loan fundings and the reduced loan sales. Ahmanson said monthly adjustable rate loans accounted for 85.8 pct of the real estate loans and mortgage-backed securities up from 77.6 pct a year ago. Reuter | AHMANSON <AHM> NET LOWER ON LOAN SALE DECLINE |
Shr 32 cts vs 35 cts Net 3446000 vs 3789000 Revs 220.9 mln vs 186.9 mln Nine mths Oper shr 77 cts vs 71 cts Oper net 8301000 vs 7298000 Revs 634.3 mln vs 535.1 mln NOTE: 1987 nine mths net excludes 3510000 dlr charge from antitrust litigation. Reuter | DYNCORP <DYN> 3RD QTR NET |
American Fltrona Corp said its board authorized the repurchase of up to 100000 shares of companys stock for use in the its employee benefit plans and for other general corporate purposes. The company had 3690000 shares outstanding as of September 30. American also said it declared a regular quarterly dividend of 19 cts a share payable November 25 to shareholders of record November 10. Reuter | AMERICAN FILTRONA<AFIL.O> TO BUY BACK STOCK |
ECOLAB INC 3RD QTR OPER SHR 16 CTS VS 34 CTS |
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Shr 54 cts vs 44 cts Net 706111 vs 579576 Revs 21.7 mln vs 23.2 mln Nine mths Shr 1.26 dlrs vs 44 cts Net 1657634 vs 582001 Revs 63.1 mln vs 68.6 mln NOTE: Full name of company is Frozen Food Express Industries Inc. Reuter | FROZEN FOOD EXPRESS <FEXP.O> 3RD QTR NET |
Shr loss four cts vs profit four cts Net loss 93574 vs profit 100469 Revs 3125532 vs 3253239 Nine mths Shr loss three cts vs profit seven cts Net loss 67184 vs profit 179116 Revs 9125965 vs 9284055 Reuter | ASTROCOM CORP <ACOM.O> 3RD QTR NET |
Empire of Carolina Inc said it plans to streamline operations which will result in an approximate 20 pct reduction of manufacturing management and support personnel. The company said it expects to increase production personnel by a like amount of people. Reuter | EMPIRE OF CAROLINA <EMP> IN RESTRUCTURING |
Qtly div 29 cts vs 29 cts prior qtr Pay Dec 7 Record Nov 19 Reuter | K MART CORP <KM> SETS QTLY DIVIDEND |
WELLS FARGO SAID IT RAISED ITS QUARTERLY DIVIDEND TO 50 CTS FROM 39 CTS |
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A senior treasury ministry official said an early meeting of Group of Seven (G-7) finance ministers was unlikely following the sharp fall in stock markets around the world. I do not think a G-7 meeting is imminent because the agreements made at the last meeting at the end of September in Washington remain valid Antonio Pedone economic adviser to Treasury Minister Giuliano Amato said in an interview on Italian state radio. Reuter | G-7 MEETING UNLIKELY - ITALIAN TREASURY OFFICIAL |
Telefon AB L M Ericsson <ERIC.ST> said it would sell its office machinery unit with a turnover of two billion crowns to Norways <Norska Design Funktion A/S>. Ericsson Information Systems of which the unit is a part said in a statement a decision would be reached in November about when the Norwegian firm would take over the operation. No price was given for the deal. EIS managing director Stig Larsson said the deal would allow EIS to concentrate on voice and data communication products. REUTER | ERICSSON SELLS OFFICE MACHINE DIVISION |
PACIFIC STOCK EXCHANGE SAYS ITS HALTED TRADING IN 30 OPTIONS ISSUES |
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BALLY MANUFACTURING CORP SAYS WILL REPURCHASE UP 25 MLN DLRS OF STOCK |
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Shr 14 cts vs 13 cts Net 2867.000 vs 2723000 Revs 18.9 mln vs 19.1 mln 1st half Shr 39 cts vs 32 cts Net 8139000 vs 6709000 Revs 47.3 mln vs 44.5 mln NOTE: Affiliate of McKesson Corp <MCK>. Reuter | ARMOR ALL PRODUCTS CORP <ARMR.O> 2ND QTR SEPT 30 |
Goodman Fielder Ltd <GOOW.S> of Australia said in a statement that it had acquired 31 mln ordinary shares in Ranks Hovis McDougall Plc <RHML.L> (RHM) bringing its stake in the company to 29.9 pct or 101 mln ordinary shares. Goodman said it has no intention of making a full bid for the company and would not contemplate doing so over the next six months in the absence of a material change in the circumstances of Ranks. RHM said it regards the stake build-up as a hostile move which is unwelcome and not in the long term interest of shareholders. Reuter | GOODMAN FIELDER HAS 29.9 PCT OF RANKS HOVIS |
Shr 60 cts vs 54 cts Net 5726000 vs 4623000 Avg shrs 9538260 vs 8598198 Nine mths Shr 1.61 dlrs vs 1.35 dlrs Net 15.0 mln vs 11.5 mln Avg shrs 9277440 vs 8486590 Reuter | MULTIBANK FINANCIAL CORP <MLTF.O> 3RD QTR NET |
Citicorp said its board has authorized the repurchase of up to five mln common shares before a two-for-one stock split that takes effect November 10. The company now has about 158.3 mln shares outstanding. Reuter | CITICORP <CCI> TO REPURCHASE COMMON |
U.S. commodity markets should not suffer any long-term ill effects from Mondays financial turmoil Agriculture Secretary Richard Lyng said. I think traditionally that commodity markets have moved separately from the equity shares so I wouldnt think that this would have any long-term effect Lyng told Reuters in an interview. Most commodity futures prices declined on Monday some sharply largely in response to plummeting stock prices. Many futures prices rallied on Tuesday. Reuter | LYNG OPTIMISTIC U.S. FUTURES MARKETS HEALTHY |
Shr eight cts vs 10 cts Qtly div 30 cts vs 30 cts prior Net 204064 vs 245931 Nine mths Shr 1.14 dlrs vs 52 cts Net 2850042 vs 1291047 NOTE: 1987 and 1986 nine mths includes a net gain on sale of assets of 2258206 dlrs or 90 cts a share and 459503 dlrs respectively. Dividend payable November 13 to shareholders or record October 30. Reuter | USP REAL ESTATE INVESTMENT TRUST <USPTS.O> 3RD |
Shr 61 cts vs 64 cts Net 3430000 vs 3091000 Nine mths Shr 1.81 dlrs vs 1.73 dlrs Net 10185000 vs 8038000 Assets 1.64 billion vs 1.45 bilion Deposits 1.27 billion vs 1.15 billion Loans 1.03 billion vs 838.5 mln Note: 1986 figures restated to reflect pooling of interests transactions with Angola State Bank and Shipshewana State Bank and an October 1986 three-for-one stock split Reuter | LINCOLN FINANCIAL CORP <LFIN.O> 3RD QTR NET |
Exovir Inc said its board authorized the purchase of up to one mln dlrs of its common stock. The dollar amount represents approximately 120000 shares the company said. Exovir has about three mln common shares outstanding. The company said it believed its stock was substantially undervalued. Reuter | EXOVIR <XOVR.O> TO BUYBACK SHARES |
U.K. Chancellor of the Exchequer Nigel Lawson said the recent dispute between the United States and West Germany over economic policy was responsible for much financial turmoil and that it should never have happened. He said in a television interview the dispute had fanned fears of a breakdown in the cooperation which is so important between finance ministers of the major nations. He said the dispute was a row which should not have happened and agreed that much of the blame lay with U.S. Treasury Secretary James Baker who had publicly criticised West Germany for having raised its key interest rates. REUTER | LAWSON SAYS U.S.-WEST GERMAN ROW WAS UNNECESSARY |
Oper shr 36 cts vs 25 cts Oper net 710000 vs 5700000 Avg shrs 20.0 mln vs 22.8 mln Nine mths Oper shr 1.03 dlrs vs 73 cts Oper net 21.3 mln vs 15.2 mln Avg shrs 20.7 mln vs 20.9 mln NOTE: 1986 net excludes realized capital gains of 2300000 dlrs in quarter and 22.6 mln dlrs in nine mths. Reuter | REPUBLIC AMERICAN CORP <RAWC.O> 3RD QTR NET |
Shr 14 cts vs seven cts Net 348000 vs 135000 Revs 6328000 vs 4117000 Avg shrs 2558400 vs 1884200 Nine mths Shr 29 cts vs 20 cts Net 640000 vs 313000 Revs 12.0 mln vs 8719000 Avg shrs 2226600 vs 15896000 Reuter | KENT ELECTRONICS CORP <KEC> 2ND QTR SEPT 26 NET |
Shr 34 cts vs 29 cts Net 3188000 vs 2731000 Revs 37.2 mln vs 25.4 mln Avg shrs 9474000 vs 9425000 Year Shr 92 cts vs 80 cts Net 8671000 vs 7492000 Revs 119.4 mln vs 73.6 mln Avg shrs 9450000 vs 9410000 Reuter | QMS INC <AQM> 4TH QTR OCT 2 NET |
The United States appears to have won a transatlantic battle by forcing the Bundesbank to trim interest rates European economists said. But they added Washington set the stakes high by testing the limits of the Louvre accord while global stock markets were plunging. West German Finance Minister Gerhard Stoltenberg and U.S. Treasury Secretary James Baker reaffirmed their commitment to currency stability at a secret meeting yesterday in Frankfurt according to official statements released late Monday. Only 13 hours after the statements were released the Bundesbank reduced short-term interest rates by offering banks liquidity at a fixed bid rate of 3.80 pct down from a 3.85 pct facility rate offered last week. While the two ministers were meeting with Bundesbank president Karl Otto Poehl the central bank had also added money market liquidity repeatedly signalling it did not want a strong rise in the tender allocation rate on Tuesday. Its round one to the Americans said Richard Reid senior European economist for brokers UBS/Philips and Drew in London. But Reid added We shouldnt forget that it has taken one of the biggest stock market crashes in decades to get the West Germans to cut their security repurchase rate by a 0.05 percentage point. Over the weekend criticism by Baker of earlier tightening of West German monetary policy led to a sharp dollar fall and fuelled speculation that the Louvre accord was no longer valid. Six leading industrial nations agreed under Februarys Louvre Accord to stabilise currencies and coordinate monetary policies. It has since been reaffirmed by the Group of Seven - the US Japan West Germany Britain France Italy and Canada. The Frankfurt meeting on Monday soothed currency markets and the dollar gained over two pfennigs in after hours trading in New York. At the Frankfurt fixing on Tuesday the dollar was quoted at 1.7918 marks compared with 1.7740 on Monday. Guenther Aschoff chief economist at Deutsche Genossenschaftbank in Frankfurt said massive declines on world stock markets had been the main reason for the fall in West German short-term interest rates on Tuesday. The Bundesbank wanted to set a marker after stock market losses... That was the responsible thing to do and if it fits with Bakers wishes then all the better he said. No central bank wants to let interest rates rise and the Bundesbank had been forced to put its rates up following rises in the U.S. Aschoff said. Poehl told a conference in Frankfurt on Tuesday the central bank has no interest in higher capital market rates and he thought the global rate increase was a cause for concern. Giles Keating economist with Credit Suisse First Boston Ltd in London said The cautious Bundesbank has beaten a retreat and Baker has won a battle...But he hasnt won the war as the security repurchase rate is still 20 points higher than it was before the IMF meeting last month in Washington. Before the IMF meeting when the Louvre Accord was reaffirmed the Bundesbank was offering money market liquidity at 3.60 pct Keating noted. Economists said the United States now appeared to have agreed to play by the rules of the Louvre Accord and support the dollar in return for the German action on interest rates. Any further sharp decline of the dollar would hinder Washingtons efforts to reduce its trade deficit Stoltenberg told a news conference on Tuesday. He added he would not rule out central banks of leading industrial countries intervening on exchange markets to defend the dollars value. Deutsche Genossenschaftbanks Aschoff stressed West Germanys heavy dependence on exports and the need for currency stability. In addition both the U.S. And West German central banks were keen to avoid a dollar slide which would force them to again spend vast sums intervening to support the dollar. REUTER | BAKER SEEN WINNING GERMAN INTEREST RATES BATTLE |
The government has begun judicial proceedings to expropriate five private banks under the recent nationalisation law the official gazette said. Advisories published in the official daily El Peruano said the Economy Ministry had begun court proceedings to expropriate the stock of the Banco de Lima Banco Latino Banco Mercantil the Banco de Desarrollo de la Construccion and the Banco Financiero. The owners of 10 private banks included in the law have said they would resist expropriation and riot police were used last week to install state administrators in the first two banks taken over. Reuter | PERU STARTS PROCEEDINGS TO EXPROPRIATE BANKS |
Shr 13 cts vs nine cts Net 2062000 vs 1418000 Revs 33.1 mln vs 26.9 mln Nine mths Shr 45 cts vs 33 cts Net 7053000 vs 5156000 Revs 95.5 mln vs 75.7 mln NOTE: Share adjusted for stock dividends. Reuter | LA PETITE ACADEMY INC <LPAI.O> 3RD QTR NET |
Centuri Inc said it intends to buy up to one mln shares of its common stock. The company has approximately 16 mln shares outstanding. Reuter | CENTURI <CENT.O> TO BUY BACK ONE MLN SHARES |
No major member firms of the New York Stock Exchange have reported any financial difficulties NYSE vice president Richard Torrenzano said. He said the only difficulty reported since the market fell 500 points yesterday was the problem encountered by a small firm H.B. Shaine and Co Inc of Grand Rapids Mich. which ceased operations. Our systems are doing extremely well he told reporters. He said NYSE executives have been conferring with senior staff members at the White House and officials of the Federal Reserve the Securities and Exchange Commission and other major Exchanges. He did not identify the officials. In an effort to reduce the volatility in the market today the NYSE temporarily suspended trading on the New York Futures Exchange. The NYFE reopened at 1315 EDT. The NYSE said the reason for the suspension was that they were following the actions of other exchanges where futures were traded. Traders expressed concern that further volatility caused by futures might threaten the financial health of other Wall Street firms. Reuter | NYSE SAYS NO MAJOR FIRMS REPORTING PROBLEMS |
RJR Nabisco Inc said it named Robert J. Carbonell to the post of vice chairman and Edward J. Robinson to the newly-created position of executive vice president finance. Carbonell who had been senior executive vice president and chief administrative officer of RJR Nabisco will be responsible for corporate technology human resources and planning activities the company said. Robinson who was formerly senior vice president finance and chief financial officer will retain the latter title in his new position the company said. Reuter | RJR NABISCO <RJR> NAMES TWO TO POSTS |
Teva Pharmaceutical Industries Ltd said its shares are now quoted on the NASDAQ national market system. The company said its shares previously were quoted on the Nasdaq national market list. Reuter | TEVA PHARMACEUTICAL <TEVIY.O> LISTED ON NASDAQ |
Shr profit 14 cts vs profit one ct Net profit 502251 vs profit 22012 Sales 4715846 vs 3731900 Avg shrs 3489342 vs 3288720 Nine mths Shr profit 19 cts vs loss 20 cts Net profit 637305 vs loss 658398 Sales 12.2 mln vs 9806301 Avg shrs 3439065 vs 3288720 Backlog 1726150 vs 739540 Reuter | TELECONCEPTS CORP <TCC> 3RD QTR NET |
Texaco Inc chairman Alfred DeCrane said the company anticipates that the Texas State Supreme Court will agree to hear its 10.3 billion dlr legal battle with Pennzoil Co <PZL> over ownership of Getty Oil. We expect that the Texas Supreme Court will hear our case will heed the voices of impartial third parties and will ultimately reverse this unjust decision and thus provide the simple basic justice that Texaco has asked for all along DeCrane said in a speech at a meeting of the International Association of Drilling Contractors. DeCrane said he expected the Texas State Supreme Court to overturn a State Appeals Court ruling that found Texaco unlawfully interfered with Pennzoils 1984 plan to acquire Getty Oil. This case has become much more than a quarrel between two companies DeCrane said. It presents a far broader threat to our economic system and to justice in America as we know it today. Settlement talks between the two oil companies to resolve the billion dlr lawsuit reportedly stalled earlier this year when the U.S. Securities and Exchange Commission filed a friend of the court brief in support of Texaco. The agency claimed Pennzoil violated SEC rule 10B-13 which prohibits the purchase of shares privately at the same time a tender offer is outstanding. DeCrane also said concerns expressed by 19 state attorneys general in the legal proceedings also favored Texacos position. The bottom line is that the SEC had intervened to insure that its rule are interpreted properly in the interest of millions of private stockholders around the country who might some day find themselves the victim of this same kind of manipulation DeCrane told the oilmen. He warned that if the state appeals court judgment was upheld in Pennzoils favor it would send out of state businesses fleeing from Texas in droves. Texaco filed for protection under Chapter 11 of the U.S. bankruptcy code last April after a state appeals court upheld Pennzoils 10.3 billion dlr judgment. Texacos appeal of the decision to the Texas State Supreme Court has been pending for several weeks and the court is expected to decide soon whether it will agree to review the lower court ruling. If the Texas State Supreme Court does not hear the case Texaco has said it will take its case to the U.S. Supreme Court. Reuter | TEXACO <TX> EXPECTS TEXAS COURT TO HEAR CASE |
Bally Manufacturing Corp said it will repurchase up to 25 mln dlrs worth of its common stock in the open market or privately negotiated transactions Company officials could not be reached immediately for comment on the reason for adopting the repurchase plan. Ballys stock was at 12-1/8 down two points in afternoon trade following a slide of 5-5/8 points on Monday. Reuter | BALLY<BLY> SETS STOCK BUYBACK UP TO 25 MLN DLRS |
Shearson Lehman Brothers Holdings Inc said it will repurchase up to three mln common shares or about three pct of its total common shares outstanding on a fully diluted basis. The company said the recent decline in the market price of its shares presented an attractive investment opportunity and that the repurchase program would enhance shareholder value. The shares will be repurchased in the open market from time to time based on market conditions the company said. Reuter | SHEARSON <SHE> TO BUYBACK UP TO 3 PCT OF STOCK |
The European Community (EC) agreed a trade deal with Argentina designed to compensate the country following the entry of Spain and Portugal into the group EC officials said. Under the deal agreed by EC foreign ministers Argentina will gain additional trading rights on a series of products including meat fish and cereals by-products. But ministers failed to agree on new trade deals with Canada and Japan and are due to study these again the officials said. The deal with Argentina was agreed by a majority of EC states after West Germany withdrew objections to increased quotas for Argentina on high-quality beef. Ireland and France continued to oppose the deal on meat saying that the main dispute was over sales of cereals substitutes but they were outvoted by the other states the officials said. Under the deal Argentina will benefit from improved quotas on exports of beef to the EC. In particular the quota on high-quality Hilton beef will be raised by 4500 tonnes to 34300 tonnes and quotas on frozen boneless beef will be increased by 3000 tonnes to 53000 tonnes. Argentina will also benefit from an additional quota of 5000 tonnes of frozen hake fillets at 10 pct duty and reduced levies on 550000 tonnes of wheat bran the officials said. The improved trade terms were offered after Argentina said that Spain and Portugals entry into the EC affected their exports of cereals substitutes to these two countries. They have been negotiated under the rules of GATT (General Agreement on Tariffs and Trade). But officials said ministers had been unable to resolve Canadian claims that its sales of certain fish to Spain had been affected by the countrys EC membership. Officials said the EC had asked GATT to arbitrate on the fish dispute with Canada. Ministers also decided to continue talks with Japan. The EC claims that Spain and Portugals entry into the group has improved trade conditions for Japan but has been unsatisfied with Japanese offers of compensation. Japans main offers were to improve inspection systems on citrus fruits to aid EC exports to improve tariffs for some other farm produce to increase tariffs for leather footwear and to offer better trade terms for Spain and Portugal. EC External Trade Commissioner Willy De Clercq told journalists: We maintain our position that the (Japanese) concessions were not enough. We hope that there will be an improvement he said. Reuter | EC AGREES TRADE DEAL WITH ARGENTINA |
Intelogic Trace Inc said its board has authorized the repurchase of up to one mln of its 14.9 mln common shares in the open market. Reuter | INTELOGIC TRACE <IT> TO REPURCHASE SHARES |
Best Products Co Inc said it plans to repurchase up to two mln shares of its common stock for employee benefit plans and general corporate purposes. A company spokesman said no further details are available on the repurchase plan. He said the company now has about 27 mln shares outstanding. Reuter | BEST PRODUCTS <BES> TO BUY TWO MLN OF ITS SHARES |
Qtly div 50 cts vs 39 cts Pay Jan 20 Record Dec 31 Reuter | WELLS FARGO AND CO <WFC> RAISES QUARTERLY DIV |
Shr loss five cts vs profit six cts Net loss 1.2 mln vs profit 1.4 mln Revs 114.9 mln vs 109.3 mln Nine months Shr profit one dlrs vs profit 84 cts Net profit 23.7 mln vs profit 19.9 mln Revs 430.9 mln vs 435.4 mln NOTE: Results are in pro forma form. Partnership became public on March 19 1987. Previous results reported from Texas Eastern Corps <TET> Petrolane Inc domestic division. Reuter | PETROLANE PARTNERS L.P. <LPG> 3RD QTR LOSS |
The Pacific Stock Exchange said it has halted trading in the options of 30 stocks because of the conditions in the market in the underlying securities. The exchange normally handles trading in the options of about 117 stocks a spokeswoman said. Reuter | PACIFIC EXCHANGE HALTS TRADING ON SOME OPTIONS |
Shr loss 1.31 dlrs vs loss 1.80 dlrs Net loss 31.2 mln vs loss 42.6 mln Revs 168.5 mln vs 147.3 mln Nine mths Shr loss 15 cts vs loss 4.32 dlrs Net profit 3.2 mln vs loss 101 mln REvs 446.1 mln vs 490.7 mln NOTE: All periods toher than 1987 3rd qtr are pro forma. NOTE: 1987 3rd qtr includes a 10.6 mln dlrs or 41 ct a share after-tax loss from discontinued operations mainly from sale of assets of oil and gas exploration and production subsidiary on September 30. 1987 3rd qtr also includes an extraordinary 11.4 mln dlrs or 45 cts a share for planned redemtion of companys 16-1/4 pct subordinated debentures. 1987 nine mths net includes a loss of 56.6 mln dlrs or 2.26 dlrs a share for discontinued operations. 1987 per share loss is after deducting for preferred stock dividends. 1987 nine mths net also includes after-tax gain of 44.3 mln dlrs or 1.74 dlrs per share for formation of Valero Natural Gas Partners L.P. 1986 3rd qtr includes after tax loss from discontinued operations of 31.5 mln dlrs or 1.26 dl share. Reuter | VALERO ENERGY CORP <VLO> 3RD QTR LOSS |
Zweig Fund said as of the markets close on October 19 its asset value was 9.67 dlrs per share down from 10.29 dlrs before yesterdays large selloff but 13.7 pct ahead of asset value at the sart of 1987. Reuter | ZWEIG FUND <ZF> SAYS ASSET VALUE STILL HIGHER |
To-Fitness Inc said its common and prefered stock comprising the units of the company will be traded separately commencing on Oct 21 1987. Reuter | TO-FITNESS <TFIT.O> SHARES TRADED SEPARATELY |
CANADA 500 MLN DLRS OF 5-YEAR BONDS AVERAGE YIELD 10.34 PCT - OFFICIAL |
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British Aerospace Plc <BAEL.L> has won a 150 mln stg contract to supply Switzerland with military equipment including 20 Hawk Mk 66 advanced jet trainers. The training and logistic package includes a <Rediffusion Plc> Hawk flight simulator a BAe spokesman said. The first plane will be made in Britain and delivered to Switzerland by late 1989. The remaining 19 aircraft will be co-produced by BAe and Swiss industry with final assembly in Emmen the spokesman said. The Hawks will enter service in 1990 replacing the Swiss Air Forces British De Havilland Vampire jets. Reuter | BRITISH AEROSPACE WINS SWISS DEAL |
U.N. Chief Javier Perez de Cuellar is proposing a simultaneous ceasefire and inquiry into who started the Iran-Iraq war under a revised peace plan an Arab newspaper reported on Tuesday. The United Arab Emirates daily al-Khaleej published what it said was the text of his nine-point peace plan. The Al-Khaleej text referred to a ceasefire date as D-day and stipulated On D-day or another date to be agreed upon an impartial body to enquire into responsibility for the conflict would start work. A choice could be made among existing bodies or an ad hoc body could be established the text said. The text also envisaged setting a deadline for the body to complete its work. Reuter | NEWSPAPER REPORTS REVISED UN PEACE PLAN DETAILS |