text
stringlengths 0
9.69k
| target
stringlengths 0
137
|
|---|---|
Thomson McKinnon Securities Inc said it is not having any financial difficulties following the 508 point decline in the New York Stock Exchange on Monday. The firm joined a long list of Wall Street securities companies that have been rumored to be in financial straits from losses caused in yesterdays selloff. Earlier today the NYSE said there were no major membe firms reporting any financial trouble. But it said that H.B. Shaine and Co Inc of Grand Rapids Mich. could not continue to do business. Reuter | THOMSON MCKINNON NOT IN FINANCIAL TROUBLE |
Confronted by new hostilities involving U.S. forces in the Gulf the U.S. Senate voted to end Republican stalling tactics and limit debate on a measure that could give Congress a larger role in Gulf policy. The measure however does not require President Reagan to comply with the 1973 War Powers Act as does a related Senate bill. The controversial War Powers Act could require a pullout of U.S. forces from the Gulf. The Senate voted 67-28 to stop a filibuster and limit debate to 30 hours on a bipartisan measure that requires Reagan to report to Congress on Gulf policy within 60 days and calls for a resolution to be passed in the House and Senate on the situation in the volatile waterway 30 days later. The resolution could be about any Gulf-related issue including an expression of support or of disapproval for Reagans policy of protecting 11 Kuwaiti tankers from Iran in the waterway. The Pentagon said the 12th U.S.-protected convoy began moving through the Gulf early Tuesday. Reuter | US SENATE CUTS OFF STALL TACTICS ON GULF BILL |
PACIFIC STOCK EXCHANGE SAYS IT RESUMED TRADING ON 17 HALTED EQUITIES OPTIONS |
|
Litton Industries Inc said its board authorized an increase in the maximum number of shares to be repurchased under its stock buyback program to 4.5 mln from 2.5 mln. The company said the board initially authorized the stock buyback in October 1985 and since then about two mln common shares have been repurchased. Reuter | LITTON <LIT> RAISES SHARE BUYBACK LIMIT |
FGIC Corp said its board authorized the purchase at prevailing market prices of up to 30 mln dlrs of its common over the next 12 months. The company said Goldman Sachs and Co will be acting as the companys agent for the shares buy back. FGIC said it has about 23.7 mln shares of common currently listed and outstanding on the New YOrk STock Exchange. FGIC is a wholly owned subsidiary of Financial Guaranty Insurance Co. Reuter | FGIC <FGC> TO BUY UP TO 30 MLN DLRS OF STOCK |
Shr 41 cts vs 39 cts Net 22.3 mln vs 20.4 mln Revs 631.1 mln vs 644.8 mln Avg shrs 51551000 vs 50128000 Nine months Shr 1.16 dlrs vs 1.13 dlrs Net 64.3 mln vs 59.6 mln Revs 1.90 billion vs 2.03 billion Avg shrs 50868000 vs 50028000 NOTE: All results reflect five-for-two common stock split payable in the form of a stock dividend payable July 10 1987. 1986 results include gains from retroactive adoption of new accounting rules for pension on Jan 1 1986 of 2.6 mln and 7.7 mln dlrs for third quarter and nine month periods respectively. Company redeemed its outstanding preference stock 2.35 dlrs convertible series on Sept 14 1987. Reuter | INGERSOLL-RAND CO <IR> 3RD QTR NET |
The vice president of the New York Stock Exchange Richard Torenzano said NYSE officials would hold a news conference at 1620 EDT/2020 GMT at the New York Stock Exchange. Torenzano spoke as the market staged another blue chip rally in the final hour of trading. Reuter | NYSE TO HOLD NEWS CONFERENCE AFTER CLOSE |
Shr 1.15 dlrs vs 1.22 dlrs Net 3301000 vs 3466000 Revs 21.2 mln vs 20.8 mln Nine Mths Shr 2.38 dlrs vs 2.58 dlrs Net 6873000 vs 7397000 Revs 51.6 mln vs 50.3 mln Reuter | SJW CORP <SJW> 3RD QTR NET |
Finance Minister Gerhard Stoltenberg said he was surprised by recent criticism of West German economic policies voiced by U.S. Treasury Secretary James Baker but added that the criticism was not purely one-sided. Stoltenberg told the West German Trade and Industry Association (DIHT) that before a meeting with Baker on Monday There had been surprising notes of criticism (from the United States). He added. Criticism is not a one-way street. He did not elaborate but Bonn has often called on the U.S. To reduce its federal budget deficit. Over the weekend Baker had criticised West German economic policies saying that rises in domestic interest rates here were not in the spirit of last Februarys Louvre pact to stabilise currencies. Stoltenberg told the DIHT that his meeting on Monday with Baker had resolved differences between the two countries. At a news conference earlier on Tuesday Stoltenberg had declined to comment specifically on Bakers criticisms but he had said that after three hours of discussions on Monday one remark or another has been clarified. Reuter | STOLTENBERG SAYS CRITICISM NOT "ONE-WAY STREET" |
U.S. military planners ruled out Irans Silkworm missiles as a target in the retaliatory attack mounted on Monday for fear of being drawn more deeply into the Iran-Iraq war defense and Middle East experts said. U.S. naval forces destroyed an offshore oil platform and raided another in what the administration called a measured and appropriate response to an Iranian Silkworm missile attack last Friday on a U.S.-flagged tanker in Kuwaiti waters. Private analysts generally agreed that going after the rig rather than an onshore economic or military target such as Silkworm launch sites reflected a careful bid by Washington to limit the political military and diplomatic fallout both at home and in the Gulf. It simply demonstrated the United States will take military action when they (Iran) take military action Norman Polmar a defense analyst and author said. He said hitting the platforms had spared Iran the embarrassment of casualties on its own soil possibly avoiding an escalating spiral of attack and counterattack. In addition it minimized the risk to U.S. forces and the potential embarrassment of any losses including aircraft that could have been shot down had they taken part in an attack. Anthony Cordesman author of a new book on the Iran-Iraq war said the United States apparently chose a limited target to keep alive the possibility that U.N. Secretary General Javier Perez de Cuellar might still persuade Iran to accept a Security Council call for a ceasefire. We want the U.N. peace initiative to work if theres any chance at all he said adding that the action made it clear tougher steps would follow if Iran to attack Gulf shipping. In targeting an oil rig -- albeit one said by the Pentagon to have been turned into a military command post -- Washington also sent a message that it might be willing to attack Irans economic lifeline. Pentagon officials said the platform had been used as a base for Iranian raids against shipping in the lower Gulf. We have chosen a military target but we also have shown Iran that we are willing to interfere with its oil-exporting capabilities Cordesman said. He predicted the United States would respond to any future major Iranian challenges by hitting Irans naval base at Bandar Abbas on the Straits of Hormuz followed by mining the approaches to Irans oil export terminal on Kharg Island. Defense Secretary Caspar Weinberger said on Monday the United States did not seek further confrontation with Iran but we will be prepared to meet any escalation of military action by Iran with stronger countermeasures. Reuter | US RULED OUT ATTACK ON IRANIAN SILKWORMS |
ALLIED BANCSHARES INC 3RD QTR NET LOSS 104.2 MLN VS LOSS 46.4 MLN |
|
Shr loss two cts vs loss 41 cts Net profit 4134000 vs loss 3682000 Revs 22.8 mln vs 23.5 mln Nine mths Shr profit 44 cts vs loss 1.99 dlrs Net profit 25.6 mln vs loss 26.8 mln Revs 73.4 mln vs 86.7 mln NOTE: 1987 qtr and nine mths includes gain 1374000 dlrs or five cts per share and 10.2 mln dlrs or 41 cts per share respectively from net operating loss carryforward. 1987 qtr and nine mths includes loss 4850000 dlrs or 16 cts per share and loss 14.6 mln dlrs or 58 cts per share respectively from payment of preferred dividends. 1986 qtr and nine mths includes loss 4850000 dlrs or 23 cts per share and 14.6 mln dlrs or 70 cts per share respectively from payment of preferred dividends. Reuter | ADOBE RESOURCES CORP <ADB> 3RD QTR NET |
Electrical engineering group AEG AG <AEGG.F> in which Daimler-Benz AG <DAIG.F> has a majority is reorganizing its energy business AEG said in a statement. AEG will invest 250 mln marks over the next three years in a new turbines electrical machinery and power station plant division which will include its <AEG Kanis GmbH> subsidiary. The investment includes a new turbine factory for AEG Kanis in Essen and the restructuring of AEGs Nuremberg works into a specialized components and rotor factory. The project is part of the Daimler groups energy technology strategy AEG said. Reuter | AEG TO REORGANIZE ENERGY BUSINESS |
U.K. Chancellor of the Exchequer Nigel Lawson said there is more confidence in British financial institutions than in U.S. Equivalents so there is no need for an official statement that the Bank of England will provide liquidity to the U.K. Financial system. Our institutions are in a stronger position I think and the state of confidence is very much higher in this country so I see no need for the Bank of England...To make any statement of that kind he said in an interview on Channel Four television. Earlier a pledge to provide such liquidity from U.S. Federal Reserve Board chairman Alan Greenspan reassured world markets. Lawson said the Bank of England also saw no reason to provide such reassurance. The Bank of England had earlier declined comment. Analysts said Greenspans pledge that the Fed would stand behind the U.S. Financial system reassured markets that the current turmoil should not spill over into the rest of the economy through a crisis in a financial institution caught out by heavy equity price losses and bond price volatility. Reuter | NO NEED TO STATE U.K. SUPPORT FOR SYSTEM-LAWSON |
U.S. EXPORTERS REPORT 125,000 TONNES OF CORN SOLD TO USSR FOR 1987/88 |
|
Alaska Air Group Inc said its board authorized management to repurchase up to 320000 common shares in the open market from time to time. The company said its current stock price does not reflect its full value. Reuter | ALASKA AIR <ALK> TO BUY BACK STOCK |
Oper shr 1.22 dlrs vs 88 cts Oper net 13.5 mln vs 11.7 mln Revs 139.1 mln vs 160.5 mln Nine mths Oper shr 2.00 dlrs vs 1.15 dlrs Oper net 22.8 mln vs 15.4 mln Revs 348.8 mln vs 385.9 mln NOTE: 1987 3rd qtr and nine mths oper net excludes gains from tax loss carryforwards of 3067000 dlrs and 8548000 dlrs respectively. 1986 3rd qtr and nine mths oper net excludes tax carryforward gains of 7446000 dlrs and 9814000 dlrs respectively. Reuter | KENNER PARKER TOYS INC <KPT> 3RD QTR OPER |
Shr 50 cts vs 47 cts Net 2646000 vs 2611000 Sale 41.4 mln vs 38.7 mln Nine mths Shr 1.13 dlrs vs 1.04 dlrs Net 6038000 vs 5545000 Sales 117.2 mln vs 108.4 mln Reuter | TENNANT CO <TANT.O> 3RD QTR NET |
Welbilt Corp said it acquired <Food Handling Systems Inc> of Dallas a producer of commercial ovens conveyers and proofer systems. Terms of the transaction were not disclosed. Food Handling which also produces equipment for the commercial baking industry was privately owned by Richard Shumway of Mesa Ariz. and Vic Ferrara of Dallas both of whom will remain with the company. The company has manufacturing facilities in Dallas and Phoenix. Reuter | WELBILT <WELB.O> ACQUIRES FOOD HANDLING SYSTEMS |
The Pacific Stock Exchange said it has resumed trading on 17 of the equities options that were halted earlier because of conditions in the underlying securities. At 1044 pdt the exchange announced it had halted trading on 30 such options. The exchange did not indicate when it might resume trading on the remaining options. Reuter | PACIFIC STOCK EXCHANGE RESUMES SOME OPTIONS |
UNITED TECHNOLOGIES SAYS IT AUTHORIZES BUYBACK OF SIX MLN COMMON SHARES |
|
Best Products Co Inc said planned to repurchase up to two mln shares of its common for employee benefit plans and general corporate purposes. Best has about 27.1 mln shares outstanding. Reuter | BEST <BES> TO BUY BACK TWO MLN SHARES |
Private exporters reported sales of 125000 tonnes of U.S. corn to the Soviet Union for delivery during the 1987/88 season and under the fifth year of the Long Term Grain Supply Agreement. The department noted the sales are the first reported for delivery during the fifth year of the Agreement which began October 1 1987. Sales of wheat and corn to the USSR for delivery during the fourth year of the agreement totaled 8182500 tonnes -- 4080500 tonnes of wheat and 4102300 tonnes of corn. In addition sales of soybeans totaled 68200 tonnes it said. Reuter | USDA REPORTS CORN SOLD TO USSR |
Period ended August 31. Shr loss 52 cts vs profit 16 cts Net loss 4987000 vs profit 1570000 Revs 18.0 mln vs 24.7 mln Six Mths Shr loss 2.14 dlrs vs loss seven cts Net loss 20525000 vs loss 557000 Revs 25.6 mln vs 30.8 mln Note: Full name De Laurentiis Entertainment Group Inc. Reuter | DE LAURENTIIS ENTERTAINMENT <DEG> 2ND QTR LOSS |
The Fur Vault Inc said it will repurchase up to 3000000 shares of its common stock. The company has 13222873 shares ot common stock issued and outstanding. Reuter | FUR VAULT <FRV> TO BUY BACK THREE MLN SHARES |
Shr 27 cts vs 17 cts Net 5584000 vs 4276000 Revs 97.7 mln vs 83.9 mln Nine mths Shr 84 cts vs 39 cts Net 17.7 mln vs 9848000 Revs 290.8 mln vs 241.8 mln Avg shrs 21.1 mln vs 25.1 mln Reuter | ALBANY INTERNATIONAL CORP <AAICA.O> 3RD QTR NET |
Spanish farm minister Carlos Romero speaking at a meeting of EC farm ministers called for action to help the Spanish maize market Spanish diplomatic sources said. Spain is threatened with massive imports from third countries by the end of the year they said. They said the imports are due to come in as a result of the accord by which the EC has promised the United States it will import two mln tonnes of maize and 300000 tonnes of sorghum into Spain from third countries this year. Around a sixth of this tonnage has so far come in under a reduced levy system and the EC cereals management committee may decide this week to authorise the Spanish intervention board to make direct purchases. The sources said Romero urged that other EC countries should take some of the imports to prevent disturbance of the Spanish market. They said he threatened to withhold support for the EC Commission plan for new limits on farm output which if breached would mean price cuts unless Spain received some help. The sources said no direct reply was given to Romero at the meeting. Reuter | SPAIN APPEALS FOR EC HELP ON MAIZE IMPORTS |
Shr 40 cts vs eight cts Net 2292000 vs 465000 Revs 81.9 mln vs 78.9 mln Nine mths Shr 1.20 dlrs vs 1.01 dlrs Net 6842000 vs 5755000 Revs 244.7 mln vs 234.2 mln NOTE: 1986 qtr and nine mths includes loss 2223000 dlrs or 39 cts per share from unspecified extraordinary item. Reuter | AMERICAN BUSINESS PRODUCTS INC <ABP> 3RD QTR |
Shr loss 2.51 dlrs vs loss 1.12 dlrs Net loss 104.2 mln vs loss 46.4 mln Nine mths Shr loss 5.80 dlrs vs loss 52 cts Net loss 240.9 mln vs loss 21.7 mln NOTE: 1987 qtr and nine mths includes loss 123.6 mln dlrs and 286.0 mln dlrs respectively for loan-loss allowance provision. 1987 qtr includes gain 9.4 mln dlrs from tax benefit. Reuter | ALLIED BANCSHARES INC <ALBN.O> 3RD QTR LOSS |
Shr 39 cts vs 27 cts Net 1713000 vs 1207000 Nine Mths Shr 1.13 dlrs vs 70 cts Net 4935000 vs 4352000 Loans 843.2 mln vs 937.2 mln Deposits 954.1 mln vs 1.043 billion Assets 1.09 billion vs 1.19 billion Reuter | CENTRAL BANKING SYSTEM INC <CSYS.O> 3RD QTR NET |
Outer Continental Shelf oil and gas lease sale number 97 in the Beaufort Sea tentatively schedualed for January 1988 has been postponed the U.S. Department of Interior said. Alan Powers chief of the Minerals Maanagement Service for the department said the delay is to have more time to study the effects of drilling noise on whale migrations. Powers said the state has asked for additional noise data for the sale area off Alaskas North Slope. A new date has not been set but it will likely be no sooner than next March Powers said. Some 3930 blocks encompassing about 21 mln acres are involved in the proposed sale. The area is between three and 160 miles off the northern coast of Alaska in the Artic Ocean between the Canadian border and 162 degrees west longitude. Reuter | OUTER CONTINENTAL SHELF SALE POSTPONED |
Shr 44 cts vs 33 cts Net 1026000 vs 769000 Nine mths Shr 1.30 dlrs vs 1.06 dlrs Net 3035000 vs 2472000 Reuter | SEACOAST BANKING CORP OF FLORIDA <SBCF.O> 3RD |
Shr profit 47 cts vs loss 38 cts Net profit 4767000 vs loss 2623000 Revs 23.7 mln vs 3629000 Avg shrs 11242166 vs 6895290 Nine Mths Shr profit 89 cts vs loss 49 cts Net profit 7726000 vs loss 3350000 Revs 38.8 mln vs 7172000 Avg shrs 9410497 vs 6895290 Reuter | COEUR D'ALENE MINES CORP <COUR.O> 3RD QTR NET |
President Reagan cancelled a reception for Republican presidential candidates on Tuesday in an apparent effort to make room in his schedule for a meeting on stock market developments. The postponement is being made to accomodate the presidents schedule today. The president continues to follow developments in the stock market the White House said. There was speculation that Reagan would meet with Treasury Secretary James Baker and Federal Reserve Board chairman Alan Greenspan at 4 PM EDT which was when the reception was to have taken place. Reuter | REAGAN SCRUBS RECEPTION TO KEEP EYE ON MARKET |
Shr profit two cts vs nil Net profit 403000 vs loss 51000 Revs 9609000 vs 4495000 Nine mths Shr loss one ct vs loss four cts Net loss 171000 vs loss 799000 Revs 17.6 mln vs 13.3 mln NOTE: Full name is Strathcona Resource Industries Ltd. Reuter | STRATHCONA RESOURCE <SRH.TO> 3RD QTR AUG 31 NET |
Shr 13 cts vs 12 cts Net 470000 vs 311000 Revs 15.8 mln vs 8176000 Avg shrs 3723000 vs 2512000 Nine mths Shr 36 cts vs 43 cts Net 1138000 vs 993000 Revs 40.5 mln vs 21.9 mln Avg shrs 3199000 vs 2283000 NOTE: 1986 includes extraordinary credit of 160000 or six cts per shr in qtr 1986 and 511000 or 22 cts per shr in nine mths 1986. Reuter | CORPORATE SOFTWARE INC <CSOF.O> 3RD QTR NET |
Shr nine cts vs 12 cts Net 336000 vs 433000 Revs 4369000 vs 3671000 Nine Mths Shr seven cts vs 33 cts Net 249000 vs 1112000 Revs 12.0 mln vs 10.2 mln Reuter | TEKELEC <TKLC.O> 3RD QTR NET |
Shr 17 cts vs seven cts Net 16600009 vs 653000 Revs 21.0 mln vs 20.6 mln Nine mths Shr 34 cts vs 12 cts Net 3320000 vs 1109000 Revs 60.1 mln vs 57.4 mln NOTE: Net includes loss from discontinued operations of 198000 or two cts per shr in qtr 1986 and 1425000 or 15 cts per shr in nine mths 1986. Reuter | SUSQUEHANNA CORP <SQN> 3RD QTR NET |
ADVO-System Inc said about 225000 of its warrants have been purchased at a cost of about 2.3 mln dlrs. It said part of the cost of this private transaction will be borne by <Telemundo Group Inc> successor to ADVO-Systems former parent <John Blair and Co>. ADVO-system said the purchase of the warrants reduces its obligation to issue common by about 800000 shares. As a result of this and other similar moves the companys average shares outstanding to be used for computation of earnings per share in fiscal 1988 will be about 2.3 mln less than that reported for the year ended September 30 ADVO-System said. Reuter | ADVO-SYSTEM <ADVO.O> BUYS ITS WARRANTS |
The state-run Ecuadorean State Oil Corporation (CEPE) has named Jaime Sanchez Valdivieso as its new general manager replacing Carlos Romo Leroux a CEPE spokesman said. The spokesman told Reuters Sanchez is a 46-year-old civil engineer who formerly headed CEPEs administration and finances division. Romo Leroux resigned last week for personal and family reasons the spokesman said. Reuter | ECUADOR'S CEPE NAMES NEW HEAD |
United Technologies Corp said its board authorized management at its discretion to buy up to six mln shares of the companys common stock in the open market. We are taking this action because the price of the stock represents an excellent buying opportunity the company said in a statement. The military commercial and industrial products company had about 131.6 mln shares outstanding at Sept 30. Its shares were trading off 1-3/4 at 37-1/4 late in the day. Reuter | UNITED TECH <UTX> SETS COMMON SHARE BUYBACK |
NL INDUSTRIES INC 3RD QTR NET PROFIT 18.2 MLN VS LOSS 23.9 MLN |
|
Union Camp Corp said its board approved repurchases of up to two mln shares of its common in the market or in privately negotiated transactions. Union Camp said that no borrowings will be required to make the purchases and there is no plan to reissue the common stock purchased. Union Camp has about 73.7 mln shares outstanding. Reuter | UNION CAMP <UCC> TO BUY BACK SHARES |
Brooklyn Union Gas Co said it has contracted to purchase up to 60 mln cubic feet of natural gas per day from Shell Oil Co a Royal Dutch/Shell Group <RD> <SC> subsidiary. Brooklyn Union said the long-term contract will cover about 15 pct of its total supplies. A spokesman said Shell and the utility agreed to not disclose the length of the contract or the price of the gas which he described as competitive with a market sensitive escalation formula. Brooklyn Union said the gas from Shell Oil will replace about 25 pct of the gas previously supplied by Transco Energy Incs <E> Transcontinental Gas Pipe Line Corp subsidiary. The utility said Transcontinental will transport the gas being purchased from Shell Oil possibly beginning as soon as November 1. Reuter | BROOKLYN UNION <BU> TO BUY GAS FROM SHELL OIL |
The American Stock Exchange said as previously reported that Bear Stearns and Co <BSC> has purchased <W. Damm M. Frank and Co> a specialist unit on the Amex trading floor. Amex said the unit which trades stocks and options is small in comparison to other specialist units. The personel and operations remain the same the exchange added. The price was not disclosed. A specialist unit is authorized by a stock exchange to deal as an agent for other brokers to keep a stable market in one or more particular stocks. Reuter | AMEX SAYS BEAR STEARNS BOUGHT SPECIALIST UNIT |
Shr 4.41 dlrs vs seven cts Qtly div 10 cts vs 10 cts in prior qtr Net 2955000 vs 75000 Sales 72.7 mln vs 70.0 mln NOTE: Net includes pre-tax gain of 78130000 dlrs from termination of retirement plan for salaried employees and 875000 dlrs charge for reorganization costs Dividend payable November 17 to holders of record November two Reuter | DINNER BELL FOODS INC <DINB.O> 1ST QTR SEPT 26 |
Shr loss five cts vs profit six cts Net loss 1200000 vs profit 1400000 Nine mths Shr profit 1.00 dlrs vs profit 84 cts Net profit 23.7 mln vs profit 19.9 mln NOTE: Year ago results are pro forma since the company was created in March by the transfer to a master limited partnership of all domestic assets of Petrolane Incs liquefied petroleum gas division. Reuter | PETROLANE PARTNERS L.P. <LPG> 3RD QTR LOSS |
Shr loss 24 cts vs loss four cts Net loss 874986 vs loss 56182 Revs 402855 vs not available NOTE: The company made its initial offering in March 1987 and before then had been a development stage company so no sales were posted in 1986. Reuter | EASTEK CORP <ESTK.O> 1ST QTR SEPT 30 LOSS |
Shr 26 cts vs 36 cts Net 6400000 vs 8700000 Revs 25.3 mln vs 28.2 mln Nine mths Shr 1.04 dlrs vs 1.20 dlrs Net 25.3 mln vs 29.1 mln Revs 84.6 mln vs 91.8 mln NOTE: Companys full name is American Capital Management and Research Inc. Reuter | AMERICAN CAPITAL MANAGEMENT <ACA> 3RD QTR NET |
Oct 3 end Shr 40 cts vs 35 cts Net 3149000 vs 2433000 Revs 225.4 mln vs 225.9 mln Avg shrs 7800000 vs 7157143 Nine months Shr 91 cts vs 63 cts Net 7114000 vs 4540000 Revs 747 mln vs 728.2 mln Avg shrs 7800000 vs 6767143 Reuter | P AND C FOODS INC <FOOD.O> 3RD QTR NET |
Period ended September 30 Shr profit one ct vs loss three cts Net profit 65000 vs 292000 Sales 18.1 mln vs 16.7 mln Reuter | REGENCY ELECTRONICS INC <RGCY.O> 1ST QTR NET |
AMERICAN EXPRESS SAYS IT IS CONFIDENT OF ITS OPERATIONS |
|
ALCAN ALUMINIUM LIMITED 3RD QTR NET 122 MLN U.S. DLRS VS 62 MLN U.S. DLRS |
|
QUAKER OATS CO 1ST QTR SHR 52 CTS VS 42 CTS |
|
General Mills Inc said it is naming a new top management team to its Eddie Bauer specialty retailing subsidiary effective November Two. It said Wayne Bandovinus will join the specialty retailer of mens and womens sportswear and accessories as chairman assuming overall leadership. General Mills said Michael Luce currently vice president General Merchandise manager of Eddie Bauer will become president reporting to Badovinus. David Waters executive vice president of General Mills and president of its Specialty Retailing Group served as interim head of Eddie Bauer for the past two months. Reuter | GENERAL MILLS <GIS> REALIGNS EDDIE BAUER |
Sen. John Heinz R-Pa urged the Administration to take steps to reduce volatility in the financial markets including suspending program trading and limiting daily trading on stock index futures. Heinz said margin requirements for index futures now six pct should be the same as for common stock and equities. He urged creation of a task force to be headed by former Federal Reserve chairman Paul Volcker to coordinate international credit and montary policies among major nations and stabilize interest rates at the lowest possible levels. Reuter | SENATOR URGES ACTION TO STABILIZE STOCK MARKETS |
Dinner Bell Foods Inc said the talks concerning a proposed leveraged buy-out of the company have been terminated. A spokesman said the group led by Joseph F. Grimes II a director of the company and B. Rober Kill has withdrawn their proposal to acquire the companys stock for 23.50 dlrs a share. The company also said its board determined the previously postponed annual meeting will be held on January five. Reuter | DINNER BELL <DINB.O> LEVERAGE BUY OUT DROPPED |
Shr 52 cts vs 42 cts Net 41.1 mln vs 33.2 mln Sales 1.27 billion vs 960.3 mln Avg shrs 79800000 vs 78200000 Reuter | QUAKER OATS CO <OAT> 1ST QTR SEPT 30 NET |
The French government plans to cancel part of Renaults debt as part of a strategy of returning the state car group to financial independence but will not provide it with more subsidies industry ministry sources said. The plan which has been under study for several weeks is linked to legislation enabling Regie Nationale des Usines Renault <RENA.PA> to be converted into a limited company they said. This legislation should be ready for parliament in the next few days the sources said. Renaults debt would be cut to some 40 billion francs from the December 1986 level of 56 billion francs they said. Reuter | RENAULT TO HAVE SOME DEBT CANCELLED BY FRANCE |
Ecuador posted a trade deficit of 71.3 mln dlrs in the first eight months of 1987 compared with a surplus of 468.6 mln dlrs in the same period of 1986 central bank figures show. Ecuador suspended oil exports which made up 55 pct of the value of its total exports in 1986 for five months this year after an earthquake in March shattered the countrys pipeline. The central bank said the value of exports from January to August 1987 stood at 1.132 billion dlrs and imports 1.204 billion dlrs. Net international monetary reserves declined to 57.5 mln dlrs at end-September from 146.8 mln dlrs at end- September 1986. Reuter | ECUADOR POSTS 71.3 MLN DLR 8-MTH TRADE DEFICIT |
James Robinson III chairman of American Express Co in a letter Tuesday to employees said he was confident about his companys ability to endure the volatility of the market. Financial markets around the world are experiencing unprecedented volatility. No one can predict the future. We are confident that our company given the soundness of our business and with greater than 100 billion dlrs in assets and six billion dlrs in equity is very well positioned for continued growth regardless of turbulent times Robinson said. Reuter | AMERICAN EXPRESS <AXP> REAFFIRMS IT OPERATIONS |
BURLINGTON NORTHERN INC TO BUY BACK FIVE MLN SHARES OR SEVEN PCT OF COMMON |
|
Shr profit two cts vs loss 58 cts Net profit 18.2 mln vs loss 23.9 mln Revs 355.6 mln vs 308.2 mln Nine mths Shr loss 81 cts vs loss 5.52 dlrs Net profit 10.7 mln vs loss 290.3 mln Revs 1.01 billion vs 983.3 mln NOTE: Net income per share is after deductions for mandatory preferred stock dividends and income from the chemical operations not attributable to common stockholders. 1987 qtr and nine mths includes gain of eight cts per share for the partial redemption of series a preferred stock which will be paid from the net earnings of the chemicals operations. 1986 nine mths includes loss 247.7 mln dlrs from write-down of petroleum service assets and other restructuring costs. Reuter | NL INDUSTRIES INC <NL> 3RD QTR NET |
National Healthcare Inc said Stephen L. Phelps resigned as chairman of the board of directors effective October 19 to pursue other business interests. In addition Joseph D. Bohr Jr. Anders K. Brag and Robert E. Johnstone have resigned as directors the company said. National Healthcare said James T. McAfee Jr. president and chief executive officer was elected to the additional post of chairman. Robert M. Thornton Jr. executive vice president chief financial officer and treasurer was also elected a company director the company said. In addition Charles E. Baxter executive vice president and secretary William H. Cassels senior vice president and Bohr executive vice president resigned as officers of the company effective October 19. Phelps Baxter Bohr and Cassels have agreed to perform consulting services for the company after their resignations the company said. National provides integrated health care services. Reuter | NATIONAL HEALTHCARE <NHCI.O> CHAIRMAN RESIGNS |
U.S. SELLING 12.8 BILLION DLRS OF 3 AND 6-MO BILLS OCTOBER 26 TO PAY DOWN 425 MLN DLRS |
|
DOW 30 INDEX UP ABOUT 129 BUT STOCKS CLOSE MOSTLY LOWER |
|
Quaker Oats Co said it will resume a share repurchase program initially authorized in September 1985. At the time a one mln share buyback was approved. Quaker Oats said it bought back about 78 pct of the shares when the program was suspended with 450000 shares remaining to be purchased. As of the Sept 30 first quarter the company had 79.8 mln shares outstanding. Reuter | QUAKER OATS <OAT> TO RESUME BUYBACK PROGRAM |
International Game Technology said it will report a profit of between 900000 dlrs and one mln dlrs or 17 cents to 19 cents a share for the fourth quarter ended Sept. 30. Subject to a final audit the company said it would post quarterly revenues of 21 mln dlrs to 23 mln dlrs. For the year International Game said it would report a profit of one mln dlrs to 1.1 mln dlrs or 17 cts to 19 cents a share on revenues of between 82 mln dlrs and 84 mln dlrs. The company said a change in accounting procedures removed the effect of its investment in Syntech International Inc (SYNE>O) which impaired earnings in the first three quarters. Reuter | INTERNATIONAL GAME <IGAM.O> EXPECTS PROFIT |
Moodys Investors Service Inc said it may downgrade 350 mln dlrs of debt of United Artists Communications Inc and of United Cable Television Corp <UCT>. Under review are both firms B-2 convertible subordinated debentures and United Cables B-2 convertible subordinated eurodebentures and subordinated debentures. Moodys cited an announced agreement to merge the two companies into a new company operating under the United Artists name. Moodys will study whether the definitive agreement will require additional debt or change the interest coverage or ratio of total debt to operating cash flow. Reuter | MOODY'S MAY DOWNGRADE UNITED ARTISTS <UACI.O> |
AMOCO RAISES MOST CRUDE POSTINGS 50 CTS TODAY, WTI TO 19.00 DLRS |
|
<Johnson Geneva U.S.A.> said it has agreed to buy Pan Am Corps 50 pct holding in their joint venture company Pan Am Pacific Satellite Corp for undisclosed terms. Johnson Geneva said Pan Am divested owership in the project as part of a corporate restructuring plan but will continue to provide engineering services on a contract basis. Johnson Geneva said the buy out was accomplished through <Onpraise Ltd> a Hong Kong company controlled by Johnson Geneva Chairman Michael Johnson. Funds have been provided by Onpraise to increase the satellite companys working capita. Reuter | PAN AM <PN> SETS PACIFIC SATELLITE STAKE SALE |
Burlington Northern Inc said it plans to repurchase up to five mln shares or about seven pct of its common stock. The company joining a number of others buying back their shares in the wake of yesterdays maket decline said it will make the purchases from time to time based on market conditions. Burlington said its operating businesses are performing well and are expected to continue generating substantial free cash flow. Reuter | BURLINGTON NORTHERN <BNI> TO REPURCHASE STOCK |
Shr 24 cts vs 13 cts Net 1506000 vs 824000 Sales 9045000 vs 7845000 Reuter | IFR SYSTEMS INC <IFRS.O> 1ST QTR SEPT 30 NET |
SCHERING-PLOUGH CORP 3RD QTR SHR 63 CTS VS 50 CTS |
|
Qtly div 53 cts vs 53 cts prior Pay December 31 Record November 20 Reuter | SOUTHERN INDIANA GAS AND ELECTRIC <SIG> PAYOUT |
Telex Corp said its board adopted a shareholder rights plan which will allow shareholders to purchase one common share for two dlrs if a hostile group acquires 15 pct or more of the company. However the company said the plan will not be triggered by purchases pursuant to the 65 dlrs a share tender offer commenced on October 9 by a unit of TLX Partners a group controlled by New York financier Asher Edelman. It said the rights will be distributed on a one for one basis to all shareholders as of October 30 and may be redeemed before they become exercisable at five cents per right. The company said the rights will expire on the later of February 17 next year or 60 days from the date they become exercisable. It said the plan was intended to protect stockholders against any attempt to take unfair advantage of the recent decline in stock prices or to use abusive tactics such as market accumulations which would interfere with its ability to maximize stockholder value. The rights become exercisable if any person or group acquires 15 pct or more of the companys common stock other than through an all cash tender offer for all outstanding shares at 65 dlrs per share. It said the rights will also not become exercisable if the company is acquired by a group under an agreement made with its board. A spokeswoman told Reuters the company would have an official response to Edelmans bid by Friday Oct 23. Reuter | TELEX <TC> ADOPTS SHAREHOLDER RIGHTS PLAN |
Sphinx Mining Inc said leased mining claims in Alaska could produce revenues between 322 mln dlrs and 966 mln dlrs from gold reserves. The range of the value of the reserves is attributed to the wide range of grade estimates of the ore the company said. A 1984 feasibility study put the grade at 0.008 ounces per cubic yard while subsequent exploration work proved that areas of higher-grade gravel of up to 0.027 ounces/yard do exist Sphinx said. The claims are located 80 miles northwest of Fairbanks. Reuter | SPHINX MINING <SPNXF.O> FINDS GOLD |
Qtrly div 20 cts vs 20 cts prior Pay Nov 27 Record Nov Six Reuter | TEXAS INDUSTRIES INC <TXI> SETS PAYOUT |
Qtly div 45 cts vs 45 cts prior qtr Pay Nov 30 Record Nov 3 Reuter | CENTERRE BANCORP <CTBC.O> SETS QTLY PAYOUT |
The Bell division of Textron Inc <TXT> and the Boeing Co <BA> have received a 102.0 mln dlr joint contract to continue full scale development of the V-22 Osprey vertical-lift aircraft the Navy said. reuter | TEXTRON, BOEING GET 102.0 MLN DLR CONTRACT |
Unofficial volume figures from the New York Stock Exchange show Tuesdays turnover was nearly identical to the 603 mln shares traded on Monday. Unofficial figures from the Exchange floor showed the Dow Jones Industrial Average up almost 115 points to 1854. New York Stock Exchange chairman John Phelan and vice chairman Donald Stone appeared on a platform overlooking the NYSE trading floor and rang the closing bell. Reuter | NYSE VOLUME APPEARS CLOSE TO MONDAY'S RECORD |
The European Airbus consortium is ready to cooperate with U.S. Aerospace group McDonnell Douglas Corp on future aircraft programs pointing the way to a defusion of the transatlantic dispute on subsidies to the aircraft industry French Transport Ministry Jacques Douffiagues said. He told the southern French daily Depeche du Midi in an interview today that the talks between senior U.S. And European Community officials in London on October 27 on the Airbus question should be more harmonious as a result. Airbus officials said last week that they were continuing talks on possible collaboration with McDonnell Doughlas on aircraft projects including an eventual stretched version of the Airbus A320 short-haul jet but that collaboration in the immediate future was unlikely. U.S. Manufacturers and officials have charged that the French British and West German governments have disrupted the world aviation market by unfairly subsidising Airbus allowing it to undercut private U.S. Competitors while the Europeans have responded by saying that U.S. Manufacturers benefit from large government-funded military contracts. Douffiagus said that transatlantic cooperation was already widespread in aircraft construction. Reuter | AIRBUS SAID READY TO COOPERATE WITH MCDONNELL <MD> |
American Express Cos <AXP> president Louis Gerstner Jr. said a bear market will not effect his companys long-term strategy. I dont think where the market goes over any month long period two day period or even six month period has anything to do with our strategy Gerstner told Reuters. We have built a strategy for our company that looks out over many years and anticipates a lot of change he said. Gerstner said the companys long term strategy is to build and maintain a major position in the financial and travel service industries. American Express is the 69 pct parent of Shearson Lehman Brothers Inc <SHE>. Gerstner would not comment on the share market tailspin. However American Express chairman James Robinson said in a statement that the company could endure the market turbulence and was in a strong position for further growth. All brokerage firms make money if the market goes down or up Gerstner told Reuters without elaborating. Gerstner said Shearson had no plans to quit its municipal bond activities. Shearson Lehman Brothers tends to adjust to trends in incremental steps. You will see it doing less of the convulsive one-time changes that people in this industry will go through he said. Shearson recently laid off 150 people in London and is limiting hiring but Gerstner said American Express remains committed to the London market and to having a global presence. That Shearson let a couple of hundred people go in London is not even an anthill on the landscape were discussing. We are discussing long-term strategy Gerstner said. Earlier this year American Express sold 13 pct of its stake in Shearson to Nippon Life Insurance Co of Japan and a further 18 pct to the public. Gerstner said these moves had no implications of an exit from financial services. Our committment globally is represented by the Nippon tie-up which dwarfs the fact we decided to reduce the size of one department in one company in one of our subsidiaries he said. Many securities firms now are stressing merchant banking to bolster earnings hurt by bond market volatility slow retail business and a drop in underwriting volume. When asked if more players would make the system more risky Gerstner said I cant comment on other firms but Shearson is not going to follow a feeding frenzy in the direction of merchant banking. We are not going to overreach. Gerstner also spoke about securitization or the repackaging of debt as marketable securities. It is almost imperative to create a security backed by the funds flowing from an LDC (lessor developed countries) debt program. It is going to happen but it is very difficult to create a security in the current climate Gerstner said. Securitized products could be structured for either the retail or institutional markets Gerstner said. If you look at the junk bond phenomenom it started out with mostly institutional buyers. Primarily through mutual funds individual buyers became a presense in the market. Id guess wed see a similiar situation in LDC debt he said. The fundamental thing that has to happen (before there can be sucessful securitization) is that the debt burden on the countries has to be reduced and the amount of money coming from the commerical banks and the future call for money on commercial banks has to be reduced Gerstner said. Reuter | AMERICAN EXPRESS SAYS ITS STRATEGY IS STABLE |
Shr 72 cts vs 36 cts Net 122 mln vs 62 mln Revs 1.73 billion vs 1.49 billion Avg shrs 157.7 mln vs 149.8 mln Nine mths Shr 1.71 dlrs vs 1.28 dlrs Net 297 mln vs 216 mln Revs 4.98 billion vs 4.55 billion NOTE: Net for current qtr included non-operating costs of 12 mln vs income of 10 mln in qtr 1986. Net in nine mths included non operating costs of 12 mln in nine mths 1987 vs income of 84 mln in nine mths 1986. Prior years earnings per shr and average number of shrs outstanding have been restated to reflect a 3-for-2 split which became effective May 5 1987. For purposes of comparability following the reorganization of July 1987 net figures including those for 1986 are reported before preferred dividends. Reuter | ALCAN ALUMINIUM LTD <AL.TO> 3RD QTR NET |
Mentor Corp said its board of directors has authorized a plan to repurchase up to two mln shares of its common stock subject to market conditions and the companys own financial position. Reuter | MENTOR CORP (MNTR.O) TO REPURCHASE SHARES |
Sept 30 end Shr profit 15 cts vs loss six cts Net profit 901000 vs loss 368000 Assets 1.15 billion vs 773.8 mln Reuter | JOHN HANSON SAVINGS <JHSL.O> 1ST QTR NET |
Amoco Corp said it raised the contract price it will pay for most grades of crude oil by 50 cts a barrel effective today. The company said the increase brings its posting for West Texas Intermediate to 19.00 dlrs a barrel. West Texas Sour at 34 degrees API was raised to 18.10 dlrs. The Light Louisiana Sweet grade was also increased 50 cts to 19.35 dlrs a barrel. Amoco said Wyoming Southwest Sweet Colorado Western and two Utah grades of oil Black wax and yellow wax were unchanged. The company last changed its crude oil postings on September 28. Reuter | AMOCO <AN> RAISES CRUDE PRICES |
Olin Corp said construction was completed on a 150 mln dlrs chlor/alkali plant it owns jointly with EI du Pont de Nemours Co. The company said the plant which is located in Niagara Falls New York will begin operations in December. The plant which has a 660-ton per day capacity will be operated by du Pont the company said. Reuter | OLIN <OLN>, DU PONT <DD> COMPLETE PLANT |
Periods end Sept 26 Shr 31 cts vs 24 cts Net 5449000 vs 4083000 Sales 60.3 mln vs 51.9 mln 39 weeks Shr 47 cts vs 30 cts Net 8249000 vs 5147000 Sales 145.0 mln vs 108.3 mln Reuter | MINNETONKA CORP <MINL.O> 3RD QTR NET |
Shr Class A loss three cts vs profit 12 cts Shr Class B loss seven cts vs profit eight cts Net loss 94862 vs profit 264607 Sales 653246 vs 1300515 Nine mths Shr Class A profit five cts vs profit 44 cts Shr Class B loss three cts vs profit 36 cts Net profit 64248 vs profit 975329 Sales 2291925 vs 4235914 NOTE: Full name is Electronic Tele-Communications Inc <ETCIA.O> Reuter | ELECTRONIC TELE-COMMUNICATIONS 3RD QTR LOSS |
General Host Corp said its board authorized the repurchase of up to one mln additional shares of its common. It said previous buy back authorizations of 6.5 mln shares were approved in January 1875 and September 1987. To date the company said it has repurchased about six mln shares under those authorizations in open market transactions. General Host has about 22.5 mln shares outstanding. Reuter | GENERAL HOST <GH> TO BUY BACK SHARES |
Senior officers at major Wall Street firms said theyve been suffering heavy trading losses during the markets decline but stressed their firms are liquid enough to withstand the battering. We certainly lost money in our trading departments yesterday and today and in effect gave back a small part of the years profits said Robert E. Linton chairman of Drexel Burnham Lambert Inc. But the firm is in good shape. Were very liquid although were going to show some red ink for a short time. Rumors of collapses at major U.S. securities firms swept the worlds financial markets since the U.S. stock market began its record decline Monday. The Dow Jones Industrial Average fell a record 508 Monday to 1738 erasing the entire gain of the past year. Tuesdays trading was also volatile on volume of more than 614 mln shares. Stocks were mostly lower but the Dow indicator recovered 102 points to a preliminary closing figure of 1841. There are all kinds of rumors being circulated by bears I guess about firms having problems said Salomon Inc Chairman John Gutfreund. Reuter | STREET FIRMS TAKE LOSSES, BUT REAFFIRM STRENGTH |
Shr 63 cts vs 50 cts Net 73.8 mln vs 62.3 mln Sales 664.2 mln vs 600.6 mln Nine mths Shr 2.06 dlrs vs 1.67 dlrs Net 241.2 mln vs 205.9 mln Sales 2.04 billion vs 1.80 billion Avg shrs 117.1 mln vs 123.4 mln Reuter | SCHERING-PLOUGH CORP <SDG> 3RD QTR NET |
SCHERING-PLOUGH MANAGEMENT TO RECOMMEND HIGHER PAYOUT, STOCK REPURCHASES SET |
|
Syntech International Inc said it initiated a suit in Nevada District Court against Southland Corp <SM> for alleged breach of contract. Syntech said its complaint alleges that Southland failed to make payments in connection with the purchase of 208 Syntech ticketing terminals. The company said some 3.8 mln dlrs is past due on the contract. Reuter | SYNTECH INTERNATIONAL <SYNE.O> SUES SOUTHLAND |
CHASE MANHATTAN SAID IT BOUGHT ATLANTIC FINANCIAL FEDERAL PORTFOLIO FOR 370 MLN DLRS |
|
Saudi Arabian Crown Prince Abdullah bin Abdul Aziz was thanked by the Reagan administration for his countrys close and closed-mouthed cooperation with Washington in the Gulf a senior U.S. official said. The Saudis are being very cooperative. It would be nice if the Saudis would go more public but its their real estate said the official who asked not to be named. He declined to describe what sort of help the Saudis were providing saying that Saudi officials are reluctant to acknowledge their role in the Gulf where the United States has stationed forces to protect shipping lanes. The prince met Vice President George Bush on Monday after U.S. naval forces attacked offshore Iranian oil platforms in what Washington said was retaliation for an Iranian attack on a ship moored off Kuwait and flying the U.S. flag. Asked at the start of the meeting how he felt about the attack the prince who is here on an official visit replied I believe what the United States has done is their responsibility as a superpower. The senior U.S. official said his remark was an endorsement of the U.S. attack. Reuter | SAUDI ROLE IN GULF PRAISED BY U.S. OFFICIALS |
Rohr Industries (RHR) said it will repurchase up to 500000 of its shares for distribution through its employee-benefit plans and for other corporate purposes. Reuter | ROHR INDUSTRIES TO REPURCHASE STOCK |
Texaco Inc said it raised the contract price it will pay for most grades of crude oil by 50 cts a barrel effective October 16. The company said the increase brings its posting for the U.S. benchmark grade West Texas Intermediate to 19.00 dlrs a barrel. The West Texas Sour and Light Louisiana Sweet grades were also raised 50 cts to 18.10 and 19.35 dlrs a barrel respectively. Texaco last changed its crude oil postings on September 15. Reuter | TEXACO <TX> UNIT RAISES CRUDE OIL PRICES |
REAGAN MEETING WITH ECONOMIC ADVISERS ON MARKET SITUATION, WHITE HOUSE SAYS |