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Shr 31 cts vs 36 cts Net 1156000 vs 1358000 Revs 31.2 mln vs 28.6 mln Nine mths Shr 1.10 dlrs vs 1.20 dlrs Net 4064000 vs 4525000 Revs 91.3 mln vs 86.4 mln NOTE: 1987 3rd qtr includes a charge of 700000 dlrs or 19 cts a share for relocation costs for phase out some operations. Reuter | AMERICAN FILTRONA CORP <AFIL.O> 3RD QTR |
Qtly div 26-1/4 cts vs 26-1/4 cts in prior qtr Payable December 23 Record November 20 Reuter | AMERICAN CYNAMID CO <ACY> SETS DIVIDEND |
Stanadyne Inc said it has acquired a substnatial majority of AMBAC S.p.A.s outstanding stock from <AIL Corp> the successor to United Technologies Corps <UTX> Diesel Systems Division for undisclosed terms. In addition to purchase a majority of the Brescia Italy based company Stanadyne said it acquired a minority interest in AMBACs U.S. operation headquartered in Columbia S.C. Reuter | STANADYNE <STNA.O> PURCHASES AMBAC STAKE |
Den Norske Creditbank (DNC) <NCBO.OL> Norways biggest commercial bank said it boosted its profits in 1987s first eight months by 32.3 pct after vigorously cutting loan losses and operating costs. The bank showed a 300 mln crown net profit after provisions for losses and taxes in the period ending on August 31 against a 203 mln crown profit in the same year-ago period it said. DNCs biggest gains were seen in the domestic market but some of its foreign exchange and securities units have been hit by sharply higher interest rates for the dollar and results remained unsatisfactory it added. Total assets rose to 132 billion crowns from 107.6 billion. Although the groups operating profit dropped to 875 mln crowns compared with 986 mln a year-ago the loss was countered by reducing the need to set aside capital to cover loan losses it added. In 1986 DNC made substantial provisions for potential loan losses particularly in the oil and shipping sectors...The need for write-offs in these sectors has now been substantially reduced the bank said. DNC with extensive exposure in the oil industry was hard hit by plunging crude prices last year. REUTER | DEN NORSKE CREDITBANK LOAN LOSS CUT HELPS NET |
Shr four cts vs two cts Net 406659 vs 210575 Revs 6028263 vs 3654810 nine mths Shr 11 cts vs seven cts Net 1151988 vs 576358 Revs 16.9 mln vs 9684002 Avg shrs 10.9 mln vs 8632800 Reuter | FAMILY STEAK HOUSES OF FLORIDA INC <RYFL.O> 3RD |
CITIZENS AND SOUTHERN CORP 3RD QTR SHR 75 CTS VS 67 CTS |
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Oper shr 16 cts vs 34 cts Oper net 4255000 vs 9299000 Revs 294.4 mln vs 155.7 mln Nine mths Oper shr 1.24 dlrs vs 1.06 dlrs Oper net 33.0 mln vs 28.8 mln Revs 740.5 mln vs 457.5 mln NOTE: 1987 results include restructuring and non-recurring charge of 89 cts a share to restructure ChemLawn acquired in April 1987 and other recent acquisitions. Results exclude gain on sale of discontinued operations of 97 mln dlrs or 3.60 dlrs a share in 1987 3rd qtr. Results also exclude income from discontinued operations of 3063000 dlrs in 1987 nine mths of 503000 dlrs or two cts in 1986 3rd qtr and 5804000 dlrs or 21 cts in 1986 nine mths. Reuter | ECOLAB INC <ECL> 3RD QTR OPER SHR |
United Brands Co said it expects to report substantially improved earnings for the third quarter over the year-ago 4300000 dlrs or 26 cts per share. The company also said it has repurchased 695000 common shares for about 28 mln dlrs from affiliate <Great American Communications Co>. The company said it has authorized the repurchase of an additional 750000 common shares in market or private transactions from time to time. Reuter | UNITED BRANDS <UB> SEES 3RD QTR NET UP |
Shr 75 cts vs 64 cts Net 11.0 mln vs 9379000 Nine mths Shr 44 cts vs 1.78 dlrs Net 6411000 vs 25.4 mln NOTE: 1987 nine mths net reflects 30 mln dlr addition to Latin American loan loss provision. Reuter | MERCHANTS NATIONAL CORP <MCHN.O> 3RD QTR NET |
U.K. Chancellor of the Exchequer Nigel Lawson said the collapse of British share prices this week held no implication so far for domestic interest rates. He said in a television interview that there is nothing in the events of the past few days to increase the upward pressure on (U.K.) interest rates. Sterling has so far stayed solid during the crisis backed by strong economic fundamentals and by 10 pct bank base lending rates analysts said. Lawsons comments followed another frantic day in Londons financial center where British shares closed 12.2 pct down on the day. Reuter | LAWSON SAYS UK INTEREST RATE PROSPECTS UNCHANGED |
Shr 70 cts vs 53 cts Net 17.3 mln vs 12.9 mln Revs 336.9 mln vs 157.5 mln Six mths Shr 1.34 dlrs vs 1.07 dlrs Net 33.0 mln vs 26.3 mln Revs 654.7 mln vs 310.1 mln Backlog 1.9 billion vs 851.8 mln NOTE: Year ago qtr and six mths included after net charge of about four cts per shr representing the difference between a gain on the sale of securities and the write-off of certain nonrecurring costs. In addition the six mths 1986 includes a 2.3 mln dlr gain on the sale of a unit and a one mln dlr writedown of a minority interest investment. Results for the qtr and the six mths in current year include Loral Systems Group formerly Goodyear Aerospace acquired in March 1987. Reuter | LORAL CORP <LOR> 2ND QTR SEPT 30 |
Interpublic Group of Companies said it declared a regular quarterly dividend of 17 cts a share payable December 15 to shareholdres or record November 27. Reuter | INTERPUBLIC GROUP OF COS <IPG> SETS DIVIDEND |
Shr 75 cts vs 67 cts Qtly div 28 cts vs 25 cts prior Net 46.8 mln vs 39.8 mln Avg shrs 60.3 mln vs 57.7 mln Nine mths Shr 1.73 dlrs vs 1.95 dlrs Net 108.3 mln vs 114.7 mln Avg shrs 59.9 mln vs 56.8 mln NOTE: 1987 nine mths net includes special 15 mln dlr loan loss provision. 1987 nine mths net includes 16.6 mln dlr charge for settlement of suit. Dividend pay Dec 15 record Nov 30. Reuter | CITIZENS AND SOUTHERN CORP <CSOU.O> 3RD QTR NET |
Bowne and Co Inc said its board authorized the repurchase of up to 1000000 shares of the companys common stock from time to time on the open market or otherwise at prices deemed satisfactory by the company. The company said the repurchased shares wil be used for Bownes employee stock option and purchase plans. Reuter | BOWNE AND CO <BNE> TO REPURCHASE ONE MLN SHARES |
RESORTS SEEKS TO CLOSE CASINO IN EXISTING HOTEL WHEN TAJ MAHAL OPENS |
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Manufacturers Hanover Corp said it earned 129.1 mln dlrs for the third quarter up from 105.8 mln a year earlier. Net income per common share rose to 2.73 dlrs from 2.29 dlrs. Manufacturers Hanover said it raised common shareholders equity at the end of the third quarter from the second quarter by 347 mln dlrs to 2.09 billion dlrs. Included in the increase was 267 mln dlrs from the sale last month of 6.9 mln new shares of the corporations common stock and 76 mln dlrs from retained earnings. Primary capital grew to 6.2 billion dlrs or 7.92 pct of total assets up from 5.3 billion dlrs or 7.07 pct a year earlier. Provisions for possible loans losses in the third quarter was 111.9 mln dlrs down from 139.5 mln a year ago. The reserve for loan losses stood at 4.78 pct of total loans at the end of September up from 1.72 pct a year earlier. We have placed top priority on the restoration of shareholders equity in the shortest time frame possible said John McGillicuddy chairman and chief executive. The first step was selling the full amount of new common equity we anticipate needing in this replenishment process McGillicuddy added. The remainder will come from higher core earnings the sale of undervalued non-strategic assets and the recognition of tax benefits. Taken together he said these moves as well as tighter control over asset levels will raise the corporations common equity-to-assets ratio to the four-pct range by the end of 1988. The ratio was 2.77 pct on September 30. For the nine months Manufacturers reported a net loss of 1.16 billion dlrs down from a gain of 301.8 mln a year ago. On a per-share basis the loss was 28.33 dlrs down from a gain of 6.42 dlrs. The nine-month results reflect the impact of a previously announced decision last quarter to boost the corporations loan-loss reserves by 1.7 billion dlrs. Without the addition net income would have been 263.3 mln dlrs or 5.41 a share. Net interest revenue on a taxable equivalent basis in the third quarter was 494.2 mln dlrs down from 546.4 mln. Non-interest expenses in the latest quarter rose to 571.0 mln dlrs from 541.8 mln. Total capital at September 30 rose to 9.5 billion dlrs from 8.9 billion. Reuter | MANUFACTURERS HANOVER <MHC> 3RD QTR NET UP |
Northrop Corp said its backlog at September 30 stood at 4.37 billion dlrs up slightly from the 4.32 billion recorded a yeaer earlier. Northrop also reported a third quarter profit of 34.1 mln dlrs or 73 cts per share compared with a year-earlier loss of 30.5 mln dlrs or 65 cts per share. The company said its operating profit for the quarter totaled 100.8 mln dlrs compared with a 17 mln dlr operating loss a year ago. Sales for the period climbed to 1.46 billion dlrs from 1.26 billion last year Northrop said. Reuter | NORTHROP <NOC> BACKLOG UP SLIGHTLY |
Electromedics Inc <ELMD.O> said its shareholders voted to approve a 5-for-1 reverse stock split. Each five authorized and outstanding shares of one ct par value common stock are to be combined into one share of a newly authorized five ct par value common stock the company said. The company said the new common stock will trade under the NASDAQ symbol ELMDV until at least 30 pct of the outstanding shares of the old common stock have been exchanged for new stock. Electromedics estimates that the reverse split will reduce the number of shares outstanding from 45.5 mln to about 9091882. Electromedics is a manufacturer and marketer of high technology medical equipment used in blood conservation. Reuter | ELECTROMEDICS 5-FOR-1 REVERSE SPLIT APPROVED |
Bear Stearns and Co said it bought a specialist book yesterday on the American Stock Exchange but would not disclose the name or the price. It deals in stocks and options and it just demonstrates our faith in the auction system on the exchange said Alvin Einbender chief executive officer of Bear Stearns. Its evidence of the fact we have an appetite for that sort of thing and think theres a good future in the marketplace he said. Reuter | BEAR STEARNS BUYS SPECIALIST BOOK ON AMEX |
KENNER PARKER TOYS INC 3RD QTR OPER SHR 1.22 DLRS VS 88 CTS |
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MCA Inc said its board has authorized management to buy up to ten mln shares of MCAs common stock in the open market or through private transactions. The company said ten mln shares is about 13 pct of current outstanding common stock. The shares are intended to be used for general corporate purposes MCA said. Reuter | MCA INC <MCA> TO BUY BACK TEN MLN COMMON SHARES |
US West Inc said it is aggressively repurchasing its shares. In 1984 directors authorized the repurchase of up to 10 mln shares over any three year period. Reuter | US WEST <USW> REPURCHASING SHARES |
Sept 25 end Primary shr 31 cts vs 22 cts Diluted shr 30 cts vs 21 cts Net 5019000 vs 3165000 Revs 80.1 mln vs 57.2 mln Primary avg shrs 16306000 vs 14495000 Diluted avg shrs 17266000 vs 15827000 Nine months Primary shr 1.27 dlrs vs 1.07 dlrs Diluted shr 1.23 dlrs vs 1.03 dlrs Net 20.2 mln vs 15.5 mln Revs 244.5 mln vs 181.5 mln Primary avg shrs 15875000 vs 14495000 Diluted avg shrs 16853000 vs 15280000 NOTE: Results are pro forma assuming that company was public throughout 1986. Company became public Feb 14 1986. Reuter | ALEX BROWN INC <ABSB.O> 3RD QET |
Oper shr loss 1.23 dlrs vs loss 57.50 dlrs Oper net loss 17154000 vs loss 26953000 Avg shrs 13914000 vs 476000 Nine mths Oper shr loss 12.74 dlrs vs loss 76.94 dlrs Oper net loss 63774000 vs loss 35207000 Avg shrs 5005000 vs 474000 Assets 785.3 mln vs 1.27 billion Deposits 625.6 mln vs 938.8 mln Loans 565.6 mln vs 826.9 mln NOTE: July 17 1987 company completed recapitalization with injection of 200 mln dlrs in cash 150 mln from the Federal Deposit Insurance Corp and 50 mln dlrs raised through a stock rights offering. 1987 qtr and nine mths exclude gain of 22 mln dlrs realized primarily from early settlement of debt in connection with the recapitalization and a three mln dlr loss on investment securities. 1986 qtr and nine mths exclude 3.6 mln dlr gain on investment securities. 1986 nine mths excludes gain of 3.4 mln dlrs from sale of subsidiary bank 1986 and 1987 shr and avg shrs restated for one-for-50 reverse stock split. Number of shrs outstanding at Sept 30 1987 was 16744. Reuter | BANCTEXAS GROUP INC <BTX> 3RD QTR OPER LOSS |
Redken Laboratories Inc said its board authorized management to repurchase up to 600000 of the companys common shares. The repurchase program may be implimented over the next 18 months or sooner depending on whether or not the shares are bought in the open market or in privately negotiated transactions Redken said. The program will be funded with cash on hand and future cash flow the company also said. Reuter | REDKEN LABORATORIES <RDKN.O> TO BUY BACK STOCK |
Shr 80 cts vs 62 cts Net 11.1 mln vs 8545000 Revs 68.6 mln vs 41.9 mln Nine mths Shr 1.96 dlrs vs 1.88 dlrs Net 26.8 mln 24.1 mln Revs 180.1 mln vs 126.3 mln Reuter | GOTAAS-LARSEN SHIPPING CORP <GOTLF.O> 3RD QTR |
<Montenay Power Corp> said it reached final agreement on a 15-year-contract for operation of the Dade County Resources Recovery Facility the largest plant of its type in the world. The company is part of Montenay S.A a subsidiary of <Compagnie Generale des Ezux> of France. It said county commissions ratified the contract which calls for investment of 45 mln dlrs to refurbish the plant and restore it to its original capacity of 920000 tons of solid waste per year. Montenay said the agreement allows Dade County to maintain its disposal fee at 27 dlrs per ton by far the lowest of all counties involved in resource recovery in Florida. The company said it will receive 22 dlrs per ton of refuse processed split revenues from electricty sold to FPL Group Incs <FPL> Florida Power and Light Co subsidiary with the county and retain revenues from the sale of ash minerals and other recycled materials. Montenay said the contract extends through 2002 its operation of the plant which began in 1985 when the company took over the plant from the previous owners. Reuter | MONTENAY POWER TO OPERATE DADE COUNTY WASTE UNIT |
Argentinas agriculture secretariat set new support prices for grains and oilseeds an official statement said. It said the support price for wheat was hiked to 300 Australs per tonne from 250 previously and for sunflowerseed from northwestern Argentina to 450 Australs from 360 previously. It said the price went into effect Monday. The secretariat said the support price of sorghum was increased to 210 Australs per tonne from 200 Australs previously and for maize to 250 Australs from 220 Australs previously. Reuter | ARGENTINA SETS NEW SUPPORT PRICES FOR GRAINS |
PUBLIC SERVICE ENTERPRISE GROUP REPORTS THIRD QTR PER SHARE OF 78 CTS VS 87 CTS. |
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Science Accessories Corp said it has ended talks on acquiring privately-held Owl Electronics Laborarories Inc because it could not reach satisfactory terms. Reuter | SCIENCE ACCESSORIES <SEAS.O> ENDS PURCHASE TALKS |
Qtly div 25 cts vs 25 cts prior Pay Dec One Record Nov 12 Reuter | LOEWS CORP <LTR> SETS QUARTERLY |
Qtly div five cts vs five cts prior Pay Nov 20 Record Nov Five Reuter | SEA CONTAINERS LTD <SCR> SETS QUARTERLY |
McDonnell Douglas said it signed a technical assistance agreement with the China Great Wall Industries Co for possible use of its Payload Assist Module on the Chinese Long March series of rockets. The company said the pact will serve as the basis for all future proposals involving the use of the Payload Assist Module in China. This agreement opens the door for us to proceed with proposals to the Chinese government or with spacecraft customers planning to use the Long March said Daniel Green the companys vice president of marketing. Reuter | MCDONNELL DOUGLAS <MD> IN PACT WITH CHINESE FIRM |
Qtly div five cts vs five cts prior Pay Nov 19 Record Nov Five Reuter | SVEECO INSTRUMENTS INC <VEE> SETS QUARTERLY |
Shr 57 cts vs N/A Net 7222000 vs 6959000 Nine mths Shr N/A vs N/A Net 17.6 mln vs 24.8 mln Assets 2.7 billion vs 2.3 billion NOTE: Year-ago per shr amts not available as bank converted to stock ownership June 24 1987. 1987 3rd qtr and nine mths has 2.9 mln and 7.4 mln dlrs for tax credits. 1986 3rd and nine mths 2.1 mln and 7.9 mln dlrs for tax credits. Reuter | GREATER NEW YORK SAVINGS BANK <GRTR.O> 3RD QTR |
Qtr ended Sept 30 Shr 40 cts vs 20 cts Net 797000 vs 403000 Sales 30.8 mln vs 27.3 mln Reuter | CONSOLIDATED FIBRES INC <CFIB.O> 1ST QTR NET |
E.F. HUTTON PRESIDENT SAID FIRM HAVING NO OPERATIONAL OR FINANCIAL DIFFICULTY |
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Re Capital Corp said it has begun a stock buy-back program. The company gave no other details. Reuter | RE CAPITAL <RCC> BEGINS STOCK REPURCHASE |
Shr 17 cts vs 16 cts Net 1315000 vs 1161000 Revs 43.2 mln vs 36.5 mln Avg shrs 7916000 vs 7490000 Nine mths Shr 50 cts vs 51 cts Net 3899000 vs 3821000 Revs 123.7 mln 104.6 mln Avg shrs 7808000 vs 7491000 Reuter | COMPUTER TASK GROUP INC <TSK> 3RD QTR NET |
Shr 18 cts vs 24 cts Net 1175000 vs 1528000 Sales 34 mln vs 34.6 mln Nine mths Shr 56 cts vs 1.12 dlrs Net 3578000 vs 7040000 Sales 109.3 mln vs 116.6 mln Note: 1986 figures include 508000 dlr gain or eight cts a share from discontinued operations Reuter | SIMPSON INDUSTRIES INC <SMPS.O> 3RD QTR NET |
Communications Systems Inc said its directors authorized the repurchase of up to 200000 of its total 5.2 mln common shares. Reuter | COMMUNICATIONS SYSTEMS <CSII.O> TO BUY SHARES |
Shr 20 cts vs 16 cts Net 5849000 vs 4630000 Revs 33.8 mln vs 27.1 mln Nine mths Shr 41 cts vs 40 cts Net 11.9 mln vs 11.5 mln Revs 84.6 mln vs 77.2 mln Reuter | NETWORK SYSTEMS CORP <NSCO.O> 3RD QTR NET |
BancTEXAS Group Inc said its board elected Nathan C. Collins chairman of the board president and chief executive officer to replace director and acting chairman Tom Stanzel Collins was formerly executive vice president and manager of the asset/liability management group and senior credit officer at Valley National Bank of Arizona Phoenix. Stanzel replaced Chairman Vance Miller and President and CEO Richard Ripley July 17 1987 when the company completed a 200 mln dlr recapitalizaltion plan. Reuter | BANCTEXAS <BTX> ELECTS NEW CHAIRMAN |
Shr 14 cts vs 14 cts Net 213000 vs 210000 Revs 229 mln vs 229 mln Nine months Shr 42 cts vs 42 cts Net 630000 vs 628000 Revs 689000 vs 689000 NOTE: Full name Pittsburgh and West Virginia Railroad. Reuter | PITTSBURGH AND WEST VIRGINIA <PW> 3RD QTR NET |
1st qtr ended September 26. Shr profit two cts vs loss 20 cts Net profit 156000 vs loss 1816000 Revs 8751000 vs 7123000 Reuter | NATIONAL MICRONETICS INC <NMIC.O> 1ST QTR |
Qtly div 30 cts vs 30 cts prior Pay Dec One Record Nov Six Reuter | EQUITABLE RESOURCES INC <EQT> SETS QUARTERLY |
Shr 78 cts vs 87 cts Net 159.3 mln vs 174.9 mln Revs one billion vs 1.06 billion Avg shrs 204335958 vs 200471561 Nine months Shr 2.18 dlrs vs 2.36 dlrs Net 443 mln vs 469.6 mln Revs 3.2 billion vs 3.4 billion Avg shrs 203375222 vs 199108842 12 months Shr 1.73 dlrs vs 2.44 dlrs Net 351.9 mln vs 481.5 mln Revs 4.3 billion vs 4.5 billion Avg shrs 202900311 vs 197320979 NOTE: Full name Public Service Enterprise Group Inc All results reflect three-for-two stock split effective July 1 1987. Reuter | PUBLIC SERVICE ENTERPRISE <PEG> 3RD QTR NET |
PACIFIC STOCK EXCHANGE SAYS IT WILL CLOSE ONE HALF HOUR EARLY AT 1300, PDT |
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Many Florida investors are old enough to have seen it all before -- they lived through the Crash of 29 and Mondays stock market debacle was just another day for some. I dont sell declared one elderly investor who said he had more than one mln dlrs in stocks. Whatever goes down is bound to come back up. The uniqueness of south Florida investors was easy to see in brokerage offices around Miami where the average age of the crowds watching the Big Board quotations flash by on Tuesday was retirement and beyond. I dont know of any demographic studies but we certainly have the highest number of elderly active investors said Marshall Moore a vice president of AmeriFirst Securities Corporation in Miami. He worries that Mondays record loss of more than 500 points on the New York Stock Exchange will scare many people particularly those on fixed incomes out of the market forever. They will not be in stocks any longer he said. When you start getting heart palpitations and sweaty palms you have to get out and stay out except for maybe utilities and some income-oriented issues. Across the state on the Gulf coast where there are heavy concentrations of retired persons Robert Lee of Investment Management and Research Incorporated said there were a lot of serious losses out there. Retirees account for 90 per cent of his firms business and could take comfort in the fact that its professional managers took their money out of the market last month. But for those who were buying in on the recent upswing this is devastating he said. Miami Beach broker George Fox most of whose clients are over 60 worries that many are not taking the situation seriously enough. Those who depend on their market earnings should be a lot more concerned he said. I am scared because I think this could become very serious. One 93-year-old investor said the market was bound to fall sharply I just didnt think it would happen so soon. She remembered 29 and said she remained stingy to this day as a result. I still find it hard to spend money. Reuter | STOCK TUMBLE MAY SCARE RETIREES OUT OR MARKET |
E.F. Hutton Group Inc President and chief executive officer Robert Rittereiser said in a statement the firm is having no operating or financial difficulty despite the volatility of financial markets. Reuter | E.F. HUTTON <EFH> SAID FIRM SOUND |
Borden Inc said it plans to issue up to 250 mln dlrs of long-term debt securities in order to capitalize on sharply lower interest rates. Proceeds will be used primarily to refinance existing commercial paper. The company said the offering of long-term debt will be in addition to its previously announced offering of a master limited partnership interest relating to Bordens basic chemicals and plastics operations. Reuter | BORDEN <BN> SAYS PLANS TO ISSUE DEBT |
CANADA MINISTER SAYS G-7 ACTION HAS PROVIDED STABILITY, CONSULTATIONS CONTINUING |
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Qtly div five cts vs five cts prior Pay Nov 19 Record Nov Five Reuter | VEECO INSTRUMENTS INC <VEE> SETS QUARTERLY |
Ford Motor Co Chairman Donald Petersen still expects slightly more than 15 mln U.S.-made cars and trucks will be sold domestically in 1987 he told reporters. This is down from the 16.1 mln U.S. built vehicles sold domestically last year he added. Despite the sell-off in world stock markets Petersen said the underlying fundamentals in the private sector of the U.S. economy remain strong so calendar 1988 vehicle sales should equal the 1987 total. Petersen said he could not explain nor predict stock market activity. But he called for government officials to seriously address long-term problems such as the trade and budget deficits stating the dollar is still too strong relative to other major currencies. For example he said the dollar should be about 120 yen currently instead of its present level just below 144 yen. Petersen said Ford plans to spend substantially more in the next five years than the 15.9 billion dlrs spent in the last five on new products and upgrading of its manufacturing operations. In 1986 Ford spent 3.4 billion dlrs to upgrade vehicle manufacturing plants he noted. He also said growth in free world car and truck sales will be 1.8 pct per year over the next 10 years. Worldwide over-capacity which was about 2.7 mln units in 1985 could expand to nine mln units by 1990 with more than five mln of those units in North America Petersen said. Reuter | FORD <F> REPEATS AUTO, TRUCK SALES FORECASTS |
Qtly div 10 cts vs 10 cts prior Pay Nov Nine Record Nov Two Reuter | TOLLAND BANK <TOBK.O> SETS QUARTERLY |
Qtly div 62-1/2 cts vs 62-1/2 cts prior Pay Nov 30 Record Nov Nine Reuter | VALERO NATURAL GAS PARTNERS LP <VLP> SETS PAYOUT |
Chase Manhattan Bank a unit of Chase Manhattan Corp said it acquired a portfolio of approximately 190000 consumer revolving credit accounts from Atlantic Financial Federal <ATLF.O>. The portfolio is estimated to be worth 370 mln dlrs. Reuter | CHASE <CMB> ACQUIRES REVOLVING CREDIT |
C and D COMMODITIES DENIES FINANCIAL PROBLEMS BUT PULLING OUT OF OIL FUTURES MARKET. |
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Ecolab Inc said it expects to achieve record fiscal year results this year. The company recently changed its fiscal year end to December 31 from June 30. Ecolab reported earnings from continuing operations for the third quarter of 4255000 dlrs or 16 cts a share compared to 9299000 dlrs or 34 cts last year. Results for the current quarter include a charge of 89 cts a share to restructure ChemLawn acquired last April and other recent acquisitions. In the year ended June 30 1987 Ecolab earned 47 mln dlrs or 1.76 dlrs a share from continuing operations. Reuter | ECOLAB <ECL> SEES RECORD FISCAL YEAR |
E.F. Hutton Group Inc President and chief executive officer Robert Rittereiser said in a statement the firm is having no operating or financial difficulty despite the volatility of financial markets. Reuter | E.F. HUTTON PRESIDENT SAYS FIRM SOUND |
Shr 40 cts vs 35 cts Net 3149000 vs 2433000 Revs 225.4 mln vs 225.9 mln Avg shrs 7800000 vs 7157143 Nine mths Shr 91 cts vs 63 cts Net 7114000 vs 4540000 Revs 747.0 mln vs 728.2 mln Avg shrs 7800000 vs 6767143 Reuter | P AND C FOODS INC <FOOD.O> 3RD QTR OCT 3 NET |
<Total Capital Corp> said it acquired <Dunhill Compact Classics Inc> for an unspecified amount of stock. The surviving company will be controlled by Dunhills principals Total Capital said. Dunhill makes compact discs. Reuter | TOTAL CAPITAL ACQUIRES DUNHILL COMPACT |
First Capital Holding Corp said its board authorized management to up to two mln shares of the companys common stock for its Employee Stock Ownership Plan. The company said its board had previously authorized purchases of up to one mln shares and to date the plan has only purchased 100000 shares. Reuter | FIRST CAPITAL <FCH> ESOP TO BUY MORE STOCK |
Oper shr 40 cts vs 47 cts Oper net 2292000 vs 2688000 Sales 81.9 mln vs 78.9 mln Nine mths Oper shr 1.20 dlrs vs 1.40 dlrs Oper net 6842000 vs 7978000 Sales 244.7 mln vs 234.2 mln NOTE: 1986 net both periods excludes 2223000 dlr special charge. Reuter | AMERICAN BUSINESS PRODUCTS INC <ABP> 3RD QTR |
The Pacific Stock Exchange said it will close one half hour early at 1300 pacific daylight time due to heavy volume and to coincide with the closing of other U.S. exchanges. The exchange closed a half hour early yesterday as well as both traders and computers had difficulty keeping up with orders. A stock exchange spokeswoman said at 1145 pdt the latest estimate on volume at the exchange was 9147000 shares. Yesterday the exchange traded a record volume of over 17 mln shares. Reuter | PACIFIC STOCK EXHCANGE TO CLOSE HALF HOUR EARLY |
Resorts International Inc said it filed with the New Jersey Casino Control Commission to consolidate the hotel and related operation of the Resorts International Casino with the companys Taj Mahal casino/hotel which is currently under construction. The company said the plan would allow both facilities to be operated with a single casino room located at the Taj Mahal and was necessary for the financial well-being and efficiency of the operation. The company said the existing casino portion of the Resorts Casino would be converted to a convention and exhibition space. The company said the petition also requests the approval of a comprehensive services agreement between Resorts and <Trump Hotel Corp> which is controlled by Donald J. Trump. Under the agreement Trump Hotel agrees to provide a comprehensive range of services including marketing management and construction and development to Resorts the company said. The company said the agreement also provides for the non-exclusive license to Resorts to use the Trump name and other trademarkes and service marks in connection with the operations and marketing of Resorts properties. The terms of the agreement call for Trump Hotel to receive an annual services fee of 1-3/4 pct of Resorts adjusted gross revenue and 15 pct of its adjusted net income the company said. Additionally Trump Hotel will receive a fee equal to three pct of the post July 21 1987 construction costs of the Taj Mahal the company said. The company said the proposed consolidation and the service agreement were both unanimously approved by a committee of three independent Resorts directors. Reuter | RESORTS <RTA> TO CONSOLIDATE NJ OPERATIONS |
Viacom Inc said Gordon E. Belt has resigned as vice president chief financial officer of Viacom Interntional Inc effective Nov 13 1987. The company said a successor will be announced shortly. Viacom said Belt has not announced immediate plans after his resignation. Reuter | VIACOM <VIA> EXECUTIVE RESIGNS |
Qtly div 53 cts vs 53 cts prior Pay Dec 21 Record Nov 20 Reuter | SOUTHERN INDIANA GAS AND ELECTRIC CO <SIG>PAYOUT |
Shr 45 cts vs 45 cts prior qtr Pay November 20 Record November three Reuter | SECURITY PACIFIC CORP <SPC> QTLY DIVIDEND |
Shr 32 cts vs 32 cts prior qtr Pay December 14 Record November 20 Reuter | WASHINGTON ENERGY CO <WECO.O> QTLY DIVIDEND |
Shr 61 cts vs 50 cts Net 8273000 vs 6913000 Sales 226.0 mln vs 215.9 mln Nine mths Shr 1.60 dlrs vs 1.25 dlrs Net 21771000 vs 17369000 Sales 688.3 mln vs 635.8 mln Reuter | BEMIS CO <BMS> 3RD QTR NET |
U.S. West said it is aggressively buying back shares of its own stock under a resolution adopted in 1984 by its board authorizing the repurchase of up to 10 mln shars over any three-year period. U.S. West has about 190 mln shares outstanding. The company did not specify how many shares it was currently repurchasing. The fundamentals of our company remain strong said U.S. West vice president and treasurer Jim Anderson. We believe U.S. West stock represents good value and we are in the market aggressively buying shares of our own stock. Reuter | U.S. WEST <USW> TO AGGRESSITVELY BUY BACK STOCK |
Moodys Investors Service Inc said it downgraded about 50 mln dlrs of subordinated debentures to B-3 from B-2 of Scott Cable Communications Inc. Moodys cited the significant increase in leverage and the reduction in coverages that will result from the merger of Scott with Simmons Communications Merger Corp. Scott lacks sufficient operating cash flow to fund the entire interest expense for the near term and will depend on bank financing to make up any shortfall the agency noted. It added that the B-3 rating recognizes operating efficiencies that will result from the merger. Reuter | SCOTT CABLE <JSCC> DEBT DOWNGRADED BY MOODY'S |
Sept 30 end Shr 27 cts Net 313000 vs 323000 Six months Shr 53 cts Net 607000 vs 636000 Assets 107.8 mln vs 77.1 mln NOTE: Company became public Dec 31 1986 Reuter | TOLLAND BANK FSB <TOBK.O> 2ND QTR NET |
ALEX BROWN SAYS IT IS REFOCUSING ITS SYNDICATE BOND DESK AWAY FROM STRAIGHT DEBT |
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Shr loss 39 cts vs loss 4.83 dlrs Net 16.3 mln vs loss 223.0 mln Revs 47.4 mln vs 30.7 mln Nine mths Shr loss 3.37 dlrs vs loss 7.30 dlrs Net loss 151.6 mln vs loss 340.3 mln Revs 118.9 mln vs 161.8 ml NOTE: 1987 qtr includes loss 1500000 dlrs for mobilization costs associated with two offshore drilling rigs. 1986 qtr includes charge 187 mln dlrs for write-down of oilfield services equipment and offshore drilling rigs. Reuter | WESTERN CO OF NORTH AMERICA <WSN> 3RD QTR LOSS |
REFCO SAYS IT IS NOT IN FINANCIAL DIFFICULTY |
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Shr loss eight cts vs profit six cts Net loss 669609 vs profit 530641 Sales 94.9 mln vs 83.9 mln Avg shrs 7934064 vs 8220797 Nine mths Shr profit 19 cts vs profit 55 cts Net profit 1494218 vs profit 4486510 Sales 289.1 mln vs 276.6 mln Avg shrs 7930961 vs 8208033 Reuter | COACHMEN INDUSTRIES <COA> 3RD QTR NET |
Period ended Sept 30 Shr 73 cts Net 845000 vs 454000 Year Shr 2.45 dlrs Net 2819000 vs 2007000 Note: Company went public March 31 1987. Full name is Deerfield Federal Savings and Loan Association Reuter | DEERFIELD FEDERAL SAVINGS <DEER.O> 4TH QTR NET |
RJR Nabisco Inc said it will purchase up to five mln of its outstanding common shares. The company said purchases under the ongoing program will be made on the open market or in negotiated transactions. It now has about 250.3 mln shares outstanding. Reuter | RJR NABISCO <RJR> TO BUY FIVE MLN OF ITS SHARES |
Graphic Technology Inc said its board has authorized the periodic repurchase of up to 100000 shares of common stock. The company said the board believed that the stock has been undervalued in the market. Reuter | GRAPHIC TECHNOLOGY <GRT> BEGINS STOCK REPURCHASE |
Nortek Inc said its Dixieline Products Inc subsidiary has postponed its planned initial offering of 1.6 mln shares of class A common stock Nortek cited adverse and volatile market conditions as the reason for the decision. Nortek said it may reconsider the offering when faovrable market conditions return. Reuter | NORTECK <NTK> UNIT POSTPONES INITIAL OFFERING |
Shr 69 cts vs 39 cts Net 1767000 vs 1007000 Sales 32.3 mln vs 29.2 mln Six mths Shr 53 cts vs 12 cts Net 1348000 vs 319000 Sales 62.2 mln vs 55.2 mln NOTE: Full name is Diamond Crystal Salt Co. Reuter | DIAMOND CRYSTAL <DSLT.O> 2ND QTR SEPT 30 NET |
Sept 30 end Primary shr five cts vs eight cts Diluted shr five cts vs eight cts Net 100000 vs 176000 Revs 4027000 vs 3649000 Primary avg shrs 2212281 vs 2189000 Diluted avg shrs 2212281 vs 2330866 NOTE: 1986 results includes a tax credit of 90000 dlrs Reuter | KMW SYSTEMS CORP <KMW> 1ST QTR NET |
THOMSON MCKINNON SECURITIES SAID IT IS HAVING NO FINANCIAL DIFFICULTIES |
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Texaco Inc chairman Alfred DeCrane said the massive stock market correction could affect any out of court settlement of the companys 10.3 billion dlr legal dispute with Pennzoil Co <PZL>. However DeCrane refused to say whether the two companies were holding any settlement negotiations. Certainly the market shakeout might affect the way this is handled DeCrane told reporters following a speech at a meeting of the International Association of Drilling Contractors. In this environment cash looks very important. DeCrane declined to say whether Texaco and Pennzoil had held any recent settlement talks citing a confidentiality agreement between the two companies. A few months ago Texaco offered 100 mln dlrs cash no strings attached just to take this appeal to the Texas Supreme Court DeCrane said. He was referring to a non-settlement proposal that would have eliminated the threat of Pennzoil filing liens or ownership rights against Texaco property before the company filed for bankruptcy protection in April. I think that (the offer) looks pretty good now to a Pennzoil shareholder whose stock is trading around 30 or 40. Settlement talks between the two companies reportedly broke down earlier this year after Pennzoil insisted it would not settle for less than four billion dlrs. Since then Texaco has asked the Texas State Supreme Court to review the 10.3 billion dlr judgment against it. DeCrane also said it was not clear if the stock market drop could spur further consolidation in the oil patch. We know the value is there. The market fluctuation has not changed the value of the underlying assets DeCrane said of publicly traded U.S. oil companies. Reuter | TEXACO <TX> SAYS MARKET DROP MAY AFFECT TALKS |
C and D Commodities a major Chicago-based commodities firm is not having any financial problems but has pulled out of the U.S. energy futures market because of excessive volatility according to Dale Dellutri executive consultant. We are not in any kind of financial problem at all but we will be out of the market because of the volatility Dellutri said. Individuals and customers are getting out he added. Reuter | C AND D COMMODITIES DENIES FINANCIAL PROBLEMS |
DOW INDUSTRIALS UP 150 POINTS TO 1887 |
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The Kansas City Commodity Credit Corp office is preparing a wheat catalogue containing roughly 300 mln bushels scheduled to be released in the next two to three weeks a CCC spokesman said. The catalogue should include all CCC stocks stored at terminals and about 50 pct of the stocks stored at country elevators the spokesman said. Hard red winter wheat should comprise the bulk of the stocks followed by spring wheat he said. The release date is tentative in case there are snags in the catalogues preparation the spokesman said. Reuter | CCC PREPARING WHEAT CATALOGUE |
Alex Brown and Sons Inc said it is refocusing its corporate syndicate desk away from underwriting straight corporate debt issues to emerging company debt and collateralized mortgage obligations. Marc Schneebaum director of financial management with Alex Brown said the stock markets downturn did not prompt the decision. Actually this is one of those ironies in timing. This (refocusing) had been discussed for some time he said. Alex Brown based in Baltimore is one of the larger regional securities firms. Reuter | ALEX BROWN REFOCUSING CORPORATE SYNDICATE DESK |
The Italian treasurys first offer of 500 mln worth of 373-day European Currency Unit (ECU) bills on the domestic market was hugely undersubscribed Bank of Italy figures showed. The Bank said market operators requested and were assigned 127 mln of the offer with the Bank of Italy taking up 150 mln. The remaining 223 mln went unassigned. It was the first ECU-denominated offer by the Italian treasury in short-term paper. Previous ECU-denominated offers have been in medium-term Treasury certificates. The Treasury said at the time of the offer that it was in response to operators wishing to diversify their portfolios. Gross rates on the bill which mature October 28 1988 is 9 pct giving an effective annual net yield of 7.88 pct. The bills were priced at par and capital reimbursements and interest payments in lire will be determined on the basis of the lira-ECU exchange rate on October 26 1988. Reuter | ITALIAN TREASURY ECU BILL OFFER UNDERSUBSCRIBED |
Cascading global stock prices are evoking grim memories of the great market crash of 1929 but analysts are reminding investors of safeguards in place before they stash their savings under the mattress. But some also say that while banking securities and social laws written during the great depression should prevent a repeat of that dismal era more protection still might have to be considered. And analysts caution that while new laws can deal with some problems lawmakers cant legislate away fear--which helped drive the New York Stock Exchange to its record 508-point Dow Jones index loss on Monday. That 22.6 percent loss nearly doubled the Oct 29 1929 loss of 11.7 percent. On the day before that year the market fell nearly 13 per cent. In a series of Reuters interviews with government congressional and private analysts most agreed safeguards exist to avoid a repeat of 1929 and its depression aftermath. Charles Schultze chairman of the presidents Council of Economic Advisers under Jimmy Carter said in an interview that the safeguards should be adequate to avoid a repeat of 1929 to 1933. The safeguards are fine he said The safeguards are adequate to prevent a cascading liquidity failure. Thats not the overall problem which is the dollar and trade deficits. Schultze now with the Brookings Institution think-tank pointed to a weak Federal Reserve during the 1920s when the Fed acted in the wrong way in 1929--it tightened money. Similarly President Reagans budget manager James Miller told Reuters the safeguards in place should be adequate. And millionaire oilman and business takeover specialist T. Boone Pickens said the present safeguards should avoid any 1929 situation. It is a much more sophisticated system I dont see that a comparison is valid. Marvin Kosters director of economic policy studies at the conservative American Enterprise Institute thinks the present safeguards will work. The main thing is the understanding of the Federal Reserve of its responsibility to maintain liquidity in the economy he said. There is no reason why this (market fall) needs to spread into the real economy. Maybe its better it happened at all. Rex Hardesty of the huge labor confederation AFL-CIO said many of the present safeguards are not working saying only one-third of the unemployed are now receiving benefits. He also called for an increase in the 3.35 dlr minimum wage which has not been raised since 1981. One of the main things that appears different in 1987 than in 1929 is market psychology analysts point out. During those anything goes days of flappers and bathtub gin the stock market was the road to riches that captured the savings of shoeshine boys to bank presidents. It was viewed as a highway to heaven with no turning back. But happy days soon collapsed into a nationwide hysterical panic with the stock market crash wiping out paper millions and losing the life savings of many average investors as panic set in. Brokers leaped from Wall Street skyscrapers. American banks closed for a holiday in 1933 as depositors clamored to pull out their savings. The great depression followed leading into World War II. Images of those days surfaced with the unprecedented sell off on Monday but analysts maintained times are different. House Banking committee specialist Jake Lewis said that bank investors should have no fears because their savings are now completely backed by the government. Even though there have been record bank failures --145 last year 148 this year through today--everyone received their savings--unlike the millions lost when banks collapsed 60 years ago. Banking deposits then uninsured now are fully insured by the government up to 100000 dlrs for each saver. As the depression swept the nation President Franklin Roosevelt steered into law sweeping banking and securities reforms to deal with many of the problems that led to the crash and hurt people afterwards. Reuter | U.S. SAFETY NETS SHOULD BLOCK 1929-TYPE CRASH |
LITTON INDUSTRIES SAYS BOARD RAISED SHARE REPURCHASE AUTHORITY BY TWO MLN SHARES |
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Refco Inc denied it is having financial difficulties and said it did not halt oil futures trading today John OConnell assistant vice president of research told Reuters. Reuter | REFCO SAYS NOT IN FINANCIAL DIFFICULTY |
INGERSOLL-RAND THIRD QTR PER SHARE 41 CTS VS 39 CTS |
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Owens-Illinois Inc said its subsidiarys 60 dlr a share cash tender offer for all the outstanding common shares of Brockway Inc has been extended to midnight October 30. The offer had been scheduled to expire at midnight October 21. Owens-Illinois said that as of Oct 19 1598789 common shares or about 13 pct of the outstanding shares of Brockway have been tendered. It said it and Brockway are preparing responses to the previously announced request for additional information from the Federal Trade Commission under the Hart-Scott-Rodino Act. The Owens-Illinois subsidiary which began the tender offer on September 23 will not be able to buy Brockways common shares until 10 days following Owens-Illinois compliance with the FTC request or other conditions. Reuter | OWENS-ILLINOIS <OI> EXTENDS BROCKWAY <BRK> OFFER |
Banc One Corp said its board authorized the repurchase of up to 5000000 shares of its common stock. The company currently has about 98.0 mln shares outstanding. Reuter | BANC ONE <ONE> TO REPURCHASE FIVE MLN SHARES |
West Virginia has been declared free of tuberculosis and brucellosis from its cattle population the U.S. Agriculture Department said. It said a state is recognized as tuberculosis-free if no case of the disease is diagnosed for at least five years and if the state complies with the uniform methods and rules of the state-federal cooperative eradication program. To achieve brucellosis-free status a states cattle population must remain uninfected for the previous 12 months. There are 33 states plus the U.S. Virgin Islands classified as free of bovine tuberculosis and 24 states plus Puerto Rico and the U.S. Virgin Islands which have eradicated brucellosis. Only 20 states and the U.S. Virgin islands have eradicated both diseases it noted. Reuter | WEST VIRGINIA FREE OF TWO MAJOR CATTLE DISEASES |
The House Budget Committee approved a package of 23 billion dlrs in taxes and budget cuts to reduce the 1988 budget deficit. The 20-14 party-line vote by the Democratic-controlled committee sends the measure to the full House where House Speaker Jim Wright predicted passage next week. The package--including 12 billion dlrs in taxes President Reagan has vowed to veto--was put together by other committees under a new budget law requiring a 23 billion dlr cut in the deficit to scale down the 1988 budget deficit. Reuter | HOUSE BUDGET COMMITTEE APPROVES U.S. BUDGET CUTS |
NYSE VICE PRESIDENT SAID NYSE OFFICIALS TO HOLD NEWS CONFERENCE AT 1620 EDT |