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El Salvador will tender October 26 for approximately 26000 tonnes soybean meal valued at up to 5.6 mln dlrs and about 24500 tonnes bulk corn with a value of 2.0 mln dlrs under PL-480 financing an agent for the country said. It said the country is seeking soymeal with 48 pct protein minimum 12 pct moisture maximum and 3.5 pct maximum crude fiber for delivery from November 15-30. The U.S. no. 2 or better yellow corn with 14.5 pct moisture maximum is for delivery from November 8-25. Offers on the soymeal and corn are due at 1530 hrs EDT (1930 gmt) Oct 26 and will remain valid until 1000 hrs EDT the next day the agent said. Reuter | EL SALVADOR SEEKING PL-480 SOYMEAL, CORN |
REAGAN MAKING STATEMENT ON MARKET SITUATION AT 1700 EDT, WHITE HOUSE SAYS |
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The Chase Manhattan Bank a unit of The Chase Manhattan Corp <CMB> said it acquired a portfolio of about 190000 consumer revolving credit accounts from Atlantic Financial Federal <ATLF.O> valued at 370 mln dlrs. The company said the acquisition makes Chase the second largest issuer of credit card and other unsecured consumer credit loans. Outstandings now exceed 5.6 billion dlrs the company said. The company said the portfolio accessed by checks is similar to Chases Advantage Credit product. Reuter | CHASE ACQUIRES 370 MLN DLR REVOLVING CREDIT |
CHRYSLER CORP SAID IT IS ACCELERATING ITS STOCK REPURCHASE PROGRAM |
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Commerce Secretary C. William Verity called for stepped up coordination of the major industrialized nations along the lines of the Venice pact last June which committed the nations to coordinate economic policies. Verity speaking to a trade conference of the Overseas Private Investment Corp. said We must improve coodination with our major industrialized allies and trading partners along the lines agreed to at the Venice meeting last June. He added we need better cooperation among advanced developing countries in assuring responsibility to coordinate local economies commensurate with their economic resources. reuter | VERITY CALLS FOR NEW ADHERENCE TO VENICE PACT |
Shr 36 cts vs 35 cts Net 7100000 vs 8000000 Net Premiums 61.2 mln vs 58.0 mln Avg shrs 19950000 vs 22760000 Nine mths Shr 1.03 dlrs vs 1.81 dlrs Net 21.3 mln vs 37.8 mln Net Premiums 176.3 mln vs 141.8 mln Avg shrs 20682000 vs 20920000 Reuter | REPUBLIC AMERICAN CORP <RAWC.O> 3RD QTR NET |
In a joint statement Merrill Lynch and Co Inc chairman and chief executive William Schreyer and chief operating officer Daniel tully said that despite the unprecedented stock market decline they are confident that an upturn lies ahead. In the view of our market experts yesterdays unprecedented stock market decline was an over-reaction to fears of higher interest rates more inflation and a lower dollar. Indeed after examining many factors there is reason to believe than an upturn lies ahead the statement said. The Merrill Lynch executives also said in the statement that the fact that bonds rallied commodities weakened and the dollar remained relatively firm suggests that the central banks may now act to provide the system with additional liquidity. While further carry-over selling from yesterday and worries about a stock decline in Japan may put further pressure on the market in the near-term we believe that this central bank cooperation would provide the fuel for a recovery in stock prices and a revival of confidence relecting fundamental values the statement said. Reuter | MERRILL <MER> CHAIRMAN AND CFO ARE OPTIMISTIC |
API SAYS DISTILLATES OFF 1.95 MLN BARRELS, GASOLINE OFF 3.98 MLN, CRUDE UP 2.42 MLN |
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FIRST REPUBLICBANK CORP 3RD QTR NET LOSS 6.3 MLN DLRS OR 46 CTS PER SHR DILUTED |
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TRW Inc said it was selected to perform fact-finding security system surveys for the authority that is building Kansai International Airport in Osaka Japan. The company said the 340000 dlr contract was significant because it was the first contract issued by the authority solely to an American company without Japanese partners. The contract calls for TRW to perform studies of other international airport security systems on behalf of Kansai the company said. Kansai is scheduled to be operational in 1993. Reuter | TRW <TRW> WINS JAPANESE AIRPORT CONTRACT |
CerProbe Corp said its chairman John Tarzell will give up the positions of president and chief executive in early 1988 to concentrate on long-range planning for the company in the semiconductor testing field. CerProbe said a successor to Tarzell has not been selected. Reuter | CERPROBE CORP <CRPB.O> PRESIDENT TO RESIGN IN EARLY 1988 |
Resers Fine Foods Inc said certain directors and officers who currently represent about 85 pct of the companys stock plan to take Resers private through a cash buyout. The company said the group plans to offer 12.50 dlrs per share for the 15 pct of its stock currently outstanding. Reuter | <RESER'S FINE FOODS INC> TO GO PRIVATE |
Shr 32 cts vs 40 cts Net 882000 vs 1109000 Sales 66.1 mln vs 60.3 mln Nine mths Shr 1.13 dlrs vs 90 cts Net 3065000 vs 2446000 Sales 198.1 mln vs 178.5 mln Reuter | LACLEDE STEEL CO <LCLD.O> 3RD QTR NET |
Shr profit five cts vs loss nine cts Net profit 21045 vs loss 34238 Revs 1156775 vs 963890 Six Mths Shr profit 12 cts vs loss five cts Net profit 48711 vs loss 18300 Revs 2124157 vs 2009956 Reuter | <REDLAKE CORP> 2ND QTR SEPT 30 NET |
SEC SAYS IT LET FIRMS REPURCHASE STOCK UNTIL 4:00, RATHER THAN 3:30, FOR TODAY ONLY |
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Algeria is tendering tonight for 225000 tonnes of hard red winter wheat at 94.00 dlrs per tonne c and f the balance of its original tender under the export bonus program U.S. exporters said. Algeria bought 75000 tonnes for November and early December shipmet at that bid but USDA rejected the bid on wheat for later shipments the sources said. Reuter | ALGERIA TENDERING FOR BALANCE EEP WHEAT - TRADE |
President Reagan was meeting this afternoon with his top economic advisers on developments in the stock market and the White House said he would issue a statement at 1700 EDT. Spokesman Marlin Fitzwater said Reagan met in the White House residence shortly after the market closed with Treasury Secretary James Baker Federal Reserve Board Chairman Alan Greenspan Chairman Beryl Sprinkel of the Presidents Council of Economic Advisers and chief of staff Howard Baker. Reagan scrubbed a reception for Republican presidential candidates to make room in his schedule for the meeting. Reuter | REAGAN CONVENES MEETING ON MARKET SITUATION |
Hercules Inc said its contract award from Martin Marietta Corp <ML> to make upgraded solid rocket motors for the Titan Four launch vehicle will help double revenues at its Hercules Aerospace Co unit to two billion dlrs by 1992. We expect and we are fully confident that by 1992 we will be a two billion dlr a year sales company. The space booster program is a substantial part of that Hercules Aerospace head E.J. Sheehy told Reuters. Hercules Inc which also produces specialty chemicals and engineered polymers had sales of 2.62 billion dlrs in 1986. The company said the initial and still unnegotatiated contract for development and production of 15 sets of solid rocket boosters for the Titan space vehicles is expected to exceed 500 mln dlrs. Sheehy also said It is obvious that if this program goes as everyone anticipates that there will be substantial production follow-on. He declined to specify the possible value of future related contracts. Hercules Aerospace will spend about 100 mln dlrs to reach full production levels Sheehy said. Hercules Inc said the money was available from Hercules recent 1.49 billion dlr sale of its 38.5 pct stake in Himont Inc <HMT> to Montedison S.p.A. <MONI.MI>. Reuter | HERCULES <HPC> SEES DOUBLING IN UNIT'S SALES |
Secretary General Javier Perez de Cuellar has proposed an impartial inquiry into the causes of the Gulf war while Iran and Iraq observe a ceasefire diplomatic sources said on Tuesday. His nine-point plan a refinement of proposals he took to Tehran and Baghdad last month was delivered to the two sides last week with a request that they let him have their initial views before October 30. The proposals appeared to counter Irans earlier offer of an undeclared cessation of hostilities if an inquiry into responsibility for the war was begun. Iraq insisted on a formal unconditional ceasefire Perez de Cuellar told the Security Council on his return to New York on September 16. As in his original proposals the revised plan termed D-day a specific date to be agreed upon for the observance of a ceasefire diplomats said. On a specific date after that which would have to be agreed the withdrawal of all forces to internationally recognized boundaries would begin and be completed within an agreed time frame according to the account of his proposals. Reuter | GULF PEACE PLAN SAID TO CALL FOR CEASEFIRE, PROBE |
Chrysler Corp said it is taking advantage of current market conditions and accelerating a stock repurchase program which began in 1984. The automaker had 212 mln shares outstanding at the end of the second quarter of 1987 and is issuing about 15 mln additional shares in connection with its acquisition of American Motors Corp. Chrysler said its current goal is to have 200 mln common shares outstanding. However while it has no timetable to reach that goal so far this year Chrysler said it bought 750000 shares a month. Chrysler chairman Lee Iacocca said We now feel we can speed that up considerably. Chrysler shares closed at 27 unchanged from yesterday when it fell six dlrs. Reuter | CHRYSLER <C> ACCELERATING STOCK BUYBACK PROGRAM |
NYSE'S PHELAN SAYS NYSE WILL CONTINUE PROGRAM TRADING CURB UNTIL VOLUME SLOWS |
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The Bank of New York Corp <BK> said it reaffirmed the terms of its offer for Irving Bank Corp despite the drop in the Bank of New Yorks share price to 30-1/8 a Bank of New York spokesman said. The offer still stands we have not changed our offer a Bank of New York spokesman said. Irving would not comment on how the drop in the market affects its position on the bid or whether it would buy back any of its own shares. Earlier this month Irving rejected the bid as inadequate and said it wanted to retain its independence. In late September Bank of New York offered 80 dlrs per share in cash for 47.4 pct of Irving. For the remaining 52.6 pct it offered an exchange of 1.9 shares of its shares for one Irving share. At that time the stock purchase portion was worth close to 80 dlrs per share but now that portion is worth 53 dlrs per share for a net price of 68 dlrs one analyst said. According to the prospectus offer shareholders may tender for all cash or all shares on a first come first serve basis. Analysts were mixed about how the stock price drop would affect the acquisition. If it gets to the Irving shareholders they would approve it but Irving hopes the offer wont go to the shareholders said Mark Alpert banking analyst with Bear Stearns Cos Inc. And the market is saying the deal wont go through Alpert said. The transaction looks highly unlikely to be completed at present. If Irving wouldnt go with the offer at 80 dlrs a share then they wont go at a lower price another analyst said. The analyst also doubted that Bank of New York could afford to retain its original offer. However industry sources were more uncertain about prospects for the deal. With Irvings price so low Bank of New Yorks offer will look good to Irving shareholders said Michael Flores a consultant at Bank Earnings International a consulting firm. The drop of Irvings share to 44 dlrs per share which is about a 26 dlr drop from the beginning of last week increases the chance that Bank of New York will succeed Flores said. Analysts said that the drop in bank stock prices is likely to depress the level of mergers and acquisition in the banking industry. Bank takeovers are less likely because banks cant use their own stock to make acquisitions because their share price is too depressed Alpert said. Since only banks can buy another bank the only other possible acquirors would be a foreign bank Alpert said. In the market drop the stock of acquirors got clobbered more than the acquirees another analyst said. Reuter | BANK OF NEW YORK REAFFIRMS TERMS FOR IRVING <V> |
The Securities and Exchange Commission said it made a one-day exception to its rule of prohibiting companies from repurchasing their own stock in the last half hour of trading and allowed firms to continue stock repurchases until the close of market. An SEC spokesperson told Reuters that the rule exception only covered repurchases made today. Analysts said that widespread stock repurchases by many firms today were a contributing factor in the markets rebound from yesterdays huge losses. The rule prohibiting repurchases in the final half-hour of trading works to prevent rapid end-of-day stock price rises which could be caused by a companys open-market purchase of its own stock at the end of a trading session the spokesperson said. Share repurchases today were called a smart way to use corporate equity by one SEC staff member who refused to be identified. Reuter | SEC MAKES ONE-DAY EXCEPTION TO REPURCHASE RULE |
Shr profit 15 cts vs loss 40 cts Net profit 1538000 vs loss 4088000 Revs 70.6 mln vs 73.2 mln Nine mths Shr loss eight cts vs loss 57 cts Net loss 832000 vs loss 5821000 Revs 217.0 mln vs 248.4 mln NOTE: 1987 qtr and nine mths includes gain 265000 dlrs or three cts per share from utilization of tax loss carryforward. Reuter | KOLLMORGEN CORP <KOL> 3RD QTR NET |
Shr one cts vs 20 cts Net 122556 vs 2627205 Revs 192.2 mln vs 193.3 mln Nine mths Shr 27 cts vs 56 cts Net 3556424 vs 7531664 Revs 560.6 mln vs 542.3 mln Reuter | FARM FRESH INC <FFSH.O> 3RD QTR NET |
New York Stock Exchange chairman John Phelan said the NYSE will continue to request that member firms refrain from using its order-delivery systems for program trading until the record trading volume slows down. He said the firms are free to use other systems to do arbitrage between stock-index futures and their underlying stocks. We are going to continue to get volatility for some time to come Phelan told a news conference. He said program trading adds liquidity to the market but at the extreme that adds to the volatility. He said further analysis of the issue is needed. Phelan said a significant number of corporations had begun buying back their own stock in a move that helped blue chips gain back some of Mondays losses. Asked how the record decline on Monday and the unprecedented trading volume affected the financial health of member firms Phelan said As far as we can tell member firms are in good shape. He said he expects to appear at a Congression hearing in Washington later this week that will examine the question of program trading. Phelan said NYSE officials were in conference with other financial leaders and White House chief of staff Howard Baker for much of the day adding that the whole system has been very supportive. He said three or four of the NYSEs specialist firms required and received help with capital. He said these firms were no longer having capital problems but did not discuss specific figures. Asked why some stocks were delayed on opening while others traded he said the exchange did not want to keep the vast majority of the 1500 listed companies from trading. Reuter | NYSE WILL CONTINUE TO CURB PROGRAM TRADING |
Standard and Poors Corp said it affirmed the debt of USX Corp and units. Total debt outstanding amounts to 2.8 billion dlrs. Affirmed were USXs BB-plus senior debt BB-minus subordinated debt and preferred stock B-plus preference stock and of the units Marathon Oil Co and Texas Oil and Gas Corps BB-plus senior debt . S and P cited the firms plan to repurchase up to 20 mln common shares having a value of between 400 and 500 mln dlrs. The repurchase will increase the firms high debt leverage but will not impair financial flexibility S and P said. Reuter | USX CORP <X>, UNITS DEBT AFFIRMED BY S/P |
European Community (EC) agriculture ministers gave their support in principle for a new scheme to limit spending on the blocs controversial farm policy at a meeting in Luxembourg on Tuesday Danish minister Laurits Tornaes told journalists. Acceptance of the scheme by which farmers would suffer price cuts if their production exceeded certain norms known in EC jargon as stabilisers is seen by diplomats as vital if the EC is to solve its current massive budget crisis. Speaking at a news conference after chairing a two-day meeting of farm ministers Tornaes said: It is no longer a question of whether we are to have stabilisers. It is now a question of how we are to implement them. However EC sources warned that despite Tornaes optimism it may be difficult to get the sort of detailed agreement needed on the stabiliser scheme ahead of an EC heads of government meeting in Copenhagen on December 6. This is the vital meeting at which EC leaders will be asked to agree a new system of EC financing ending the blocs hand-to-mouth existence which has resulted in its being unable to agree a budget for 1988. Britain has said it will block moves to give the EC additional sources of finance unless a detailed system of stabilisers is agreed at or ahead of the summit. Under the most important stabiliser scheme EC guaranteed prices for cereals would be cut by one percentage point for every per cent by which the annual harvest exceeded 155 mln tonnes a figure well below what EC farmers are capable of producing in a year of favourable weather conditions. Farm ministers will meet again on November 16 to attempt to hammer out an accord and Danish diplomatic sources said the meeting could last through several long nights of negotiation. But Tornaes said any thought that success was not ultimately possible would be a gesture of retreat at this stage. EC Commission sources said among the remaining problems were appeals from Southern member states for protection for their small and relatively poor farmers and calls from France and the Netherlands for significant changes to Commission proposals for arable crops. They added that West Germany appears still reluctant to accept the idea of production ceilings being set at the level of the EC as a whole rather than that of member states. Meanwhile the ministers made little progress in agreeing a scheme to top up the income of poorer farmers through direct payments which could help to cushion the impact of stabilisers on them. British minister John MacGregor told journalists :The proposals as they stand have very few friends. He said a number of countries fear they could simply encourage further unwanted production by giving farmers the cash to improve production methods. Reuter | EC FARM MINISTERS BACK SPENDING CURBS IDEA |
Schering-Plough Corp said Chairman Robert P. Luciano intends to recommend to the board at its next regular meeting on October 27 that the quarterly dividend be increased five cts or 20 pct to 30 cts a share effective with the payment to be made in November. The company also said it also plans to resume immediately its share repurchase plan and expects to buy about 200 mln dlrs of stock. The company suspended the share repurchase program september 22 while it studied the proposed dividend increase Schering said. Schering-Plough had under the plan announced June 23 been authorized to repurchase of 4.6 mln shares a spokesman said. He was unable to say how many shares were repurchased prior to suspension of the program. The company said it expects continuing operations to generate strong gains for rest of year and on into l988. It said Luciano will ask board to review dividend policy once again early next year. The dividend was previously increased in May 1987 and February 1986. Reuter | SCHERING-PLOUGH <SGP> PLANS HIGHER DIVIDEND |
An indefinite strike by 47000 carworkers on Tuesday closed most Brazilian plants of Autolatina the company said. Autolatina one of the worlds largest automakers said it had offered its employees a pay rise of 20.66 pct adding that the workers were pressing for a 65.9 pct rise. The strike is the first to hit operations of Autolatina since it formally came into existence on July 1. The company groups Ford and Volkswagen in Brazil and Argentina. A spokesman said factories in Argentina were unaffected. He said about 9000 of the companys 55900 employees in Brazil were still working and some production was continuing. Reuter | STRIKE HITS BRAZIL'S LARGEST AUTO MANUFACTURER |
shr diluted loss 46 cts net loss 6300000 nine mths shr diluted loss 10.89 dlrs net loss 309100000 NOTE: No comparisons because company was formed in June 1987 through merger of RepublicBank Corp and Interfirst Corp. Nine mths includes previously reported provision of 325 mln dlrs in second quarter for possible losses on ldc loans. Reuter | FIRST REPUBLICBANK <FRB.N> CORP 3RD QTR LOSS |
DART GROUP SAID IT WILL NOT SOLICIT PROXIES OR ATTEMPT TO ACQUIRE DAYTON HUDSON |
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DART SAID IT SOLD 1.4 MLN DAYTON HUDSON SHARES, EXPECTS TO SELL REST OF HOLDING |
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The State Department says many U.S. diplomatic missions overseas are on high alert for possible retaliation from Iran for Mondays attack on two Iranian oil platforms by American forces in the Gulf. At the same time the Pentagon announced on Tuesday that U.S. forces have begun escorting another Kuwaiti tanker convoy southward through the Gulf from Kuwait. The State Department renewed its warning to Americans not to travel to Iran because of what spokeswoman Phyllis Oakley called its virulent anti-American policies and support for terrorism. The threat to Americans has increased significantly she said in announcing that the department was reiterating advice it last made in January. The department said about 2600 American citizens live in Iran the overwhelming majority dual nationalities. Oakley said no specific warning has been issued to U.S. diplomats and Americans living abroad in the aftermath of the U.S. attack on the oil drilling platforms but many of our missions are on a high state of alert. Reuter | US DIPLOMATIC MISSIONS ON HIGH ALERT OVER GULF |
Brazils September trade surplus was the best so far this year totalling 1.494 billion dlrs compared with 1.434 billion dlrs in August and 540 mln dlrs in September last year Banco do Brasils Foreign Trade Department (Cacex) director Namir Salek said in a news conference. September exports were 2.694 billion dlrs slightly down from 2.76 billion dlrs in August. Imports in September amounted to 1.2 billion dlrs against 1.32 billion dlrs in August. Salek said the accumulated surplus in the Jan-Sept period was 7.857 billion dlrs compared with 8.667 billion dlrs in a similar 1986 period. Coffee accounted with 320 mln dlrs of exports up from 222 mln dlrs in August and 212 mln in September 1986 Salek said. The Cacex director said he expected the countrys trade surplus to average 800 mln dlrs in the remaining three months of the year estimating the years overall surplus to reach 10.2 billion dlrs from 25.6 billion dlrs worth of exports and 15.4 billion dlrs of imports. He attributed the good surplus on exports of manufactured and semimanufactured goods. He mentioned car exports which accounted alone with sales of 617 mln dlrs in the Jan-Sept period against 194 mln dlrs in a similar 1986 period. Reuter | BRAZIL'S SEPT TRADE SURPLUS HIGHEST OF THE YEAR |
Bearings Inc said it filed with the Securities and Exchange Commission a registration statement covering a 40 mln dlr issue of convertible subordinated debentures due 2012. Proceeds will be used to fund substantially fund the redemption on October 26 of the companys 8-1/2 pct convertible subordinated debentures of 2012. Bearings will buy back the convertible debt at 105.95 pct of 1000 dlr face amount plus accrued interest. The company said it named Merrill Lynch Capital Markets as underwriter of the offering. Reuter | BEARINGS <BER> PLANS TO ISSUE CONVERTIBLE DEBT |
REAGAN SAYS THERE IS ROOM FOR FURTHER DECLINES IN INTEREST RATES |
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FPL Group Incs Florida Power and Light Co subsidiary said the staff of the Nuclear Regulatory Commission has proposed a 225000 dlr fine against the utilitys Turkey Point nuclear power plant based on three previously identified incidents. At the same time Florida Power said the NRC issued an order confirming the utilitys commitment to implement a package of programs designed to correct problems at the facility. In a letter accompanying the order the Florida Power said the NRC expressed concern about plant management controls but indicated support of the utilitys initiatives and said these efforts should result in significant improvements in the performance of site personnel. The three violations for which the fine was proposed occurred between December 1986 and July 1987. Florida Power has 30 days to pay or appeal the proposed fine it said. Reuter | FLORIDA POWER <FPL> NUCLEAR FE PROPOSED |
REAGAN SAYS HE WANTS TO NEGOTIATE BUDGET DEFICIT REDUCTION PLAN WITH CONGRESS |
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REAGAN SAYS HE SEES NO RECESSION |
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The Canadian Import Tribunal said the countervailing duty on U.S. corn imports should be cut to 30 Canadian cts a bushel from 1.10 dlrs a bushel. In a report to the Canadian finance department the tribunal said the duty is hurting Canadian farmers and food processors. The duty was imposed last year after the revenue department found U.S. corn production was subsidized. It is now up to the government to decide whether to change the duty. Reuter | CANADA PANEL ADVISES CUTTING U.S. CORN DUTY |
As official Washington sought to restore investor confidence after Mondays Wall Street collapse Treasury Secretary James Baker came under fire from critics who claimed he helped to precipitate the crisis. Bakers weekend blast at the West German Bundesbank for boosting interest rates seemed to signal an unraveling of an international accord to stabilize currency values. Nigel Lawson British Chancellor of the Exchequer was among those who said the treasury secretarys statements helped spur a wave of stock sales by making already jittery investors think that a clash between the two major economic powers would damage the world economy. Lawson told a London television interviewer Tuesday I think the scale of the (stock) fall was very great. That I think was partly due to statements that have been made by senior figures on the other side of the Atlantic. It was a dispute that should never have happened he added. Although Baker appeared to patch over the rift at a hastily-called meeting with West German officials Monday he still faced a storm of criticism on his return to the United States on Tuesday. Baker cut short a long-planned trip to Scandinavia to return here to deal with the economic crisis. Said one U.S. analyst of Bakers weekend remarks His timing could not have been worse. One government bond salesman in New York said He actually thought that yelling at the Germans and threatening to smack the dollar down would work. That doesnt show much understanding of international monetary gamesmanship. However some analysts said West Germanys stubborn march toward higher interest rates may have forced Bakers hand. On the surface Baker may look responsible for this but if you go back to see what caused it (unsettling of financial markets) it was West German policy said Robert Brusca of Nikko Securities International in New York. All Mr. Baker did was to mention the obvious in public so making him responsible for it was a little like killing the messenger he said. After Mondays talks the U.S. and West German governments made it clear that the Louvre currency accord pieced together in Paris in February was still in effect. Wall Street feared that collapse of the agreement might be a prelude to hyper-inflation and economic malaise similar to the late 1970s. Analysts believe Mondays Wall Street crash wiped out about 500 billion dlrs in stock values. Treasury sources said that Baker already unhappy about Bonns refusal to stimulate its economy in order to keep the global recovery moving was angered by a Bundesbank interest rate boost that seemed destined to do just the opposite. He felt that the U.S. recovery inching along in its 59th month could no longer be the only engine of global economic expansion. A growing U.S. economy has been serving as a huge market for debtor country exports. Moreover Baker the consummate politician was worried that the Republican party might face next years presidential election with its main showpiece -- a vibrant economy -- badly tarnished. A rise in global interest rates might worsen the debt crisis and completely choke off U.S. economic growth that has already slowed to a tepid 3.2 pct annual rate. Theres no doubt that it can have an adverse effect on the economy and its important that the psychology turn around quickly or else obviously the panic will feed on itself and eventually therell be a serious price to pay economically former deputy Treasury Secretary Richard Darman said in a television interview. In many ways the official response was mild. Washington was stunned by the sudden Wall Street retreat with President Reagan speaking for most people by admitting that he was puzzled. U.S. government sources said the secretary immediately returned to the Treasury to be briefed on market developments and presumably their political impact. For all of this it seems unlikely that Bakers status in Washington will diminish because of the market fall. Asked by reporters if somebodys head should roll because of the Wall Street retreat Texas Democratic Senator Lloyd Bentsen said with some irony Oh I think its much too late to be doing that...You have an administration thats taken the attitude that we can put the country on automatic pilot and --- retire to the living room to take a nap. You just cant do that. Reuter | TREASURY'S BAKER UNDER FIRE FOR WALL STREET DROP |
Berkey Inc said it signed a long-term agreement to distribute Walt Disney Cos <DIS> home video cassettes. Terms of the agreement were not disclosed. The Walt Disney library currently consists of 18 movies the company said. Reuter | BERKEY <BKY> TO DISTRIBUTE DISNEY HOME VIDEOS |
A group of firms led by PS Group Inc <PSG> said it increased its stake in Airlease Ltd depositary units representing limited partners interest to 700400 units or 15.1 pct of the total outstanding from a previous figure of approximately 651000 units or 14 pct. In a filing with the Securities and Exchange Commission the group said it bought 49400 Airlease units between July 16 andf October 15 at 17.23 dlrs to 17.60 dlrs a share. No reason was given for the recent purchases. Reuter | GROUP LIFTS AIRLEASE <FLY> STAKE TO 15.1 PCT |
Shr 22 cts vs 24 cts Net 2794000 vs 2993000 Revs 91.4 mln vs 66.4 mln Six mths Shr 45 cts vs 39 cts Net 5677000 vs 5700000 Revs 174.6 mln vs 132.8 mln NOTE: 2nd qtr end August 31. Per share amounts adjusted for 10 pct stock dividend paid June two 1987. Reuter | CONTINENTAL INFORMATION SYSTEMS CORP <CNY> 2ND |
Shr 25 cts vs 26 cts Net 2200000 vs 2100000 Revs 8500000 vs 9600000 Nine mths Shr 77 cts vs 63 cts Net 6900000 vs 4800000 Revs 27.9 million vs 25.3 million Reuter | TENERA LTD <TLPZZ.O> 3RD QTR NET |
President Reagan said he was pleased with the actions of some banks to reduce their prime lending rates today and said he sees room for a further decline in interest rates. I believe there is room in the market for a further decline in interest rates Reagan said in a statement as he left the White House to visit his wife Nancy at Bethesda Naval Hospital. Reagans statement followed a meeting with his top economic advisers. Reagan said he remains concerned about the market but that actions taken by the Federal Reserve have helped. Interest rates are down across the spectrum Reagan said. Specifically I am pleased that the bond market is strong and that foreign exchange markets are stable Reagan said. Reuter | REAGAN SEES ROOM FOR INTEREST RATE DECLINES |
Shr profit seven cts vs loss 24 cts Net profit 650000 vs loss 2327000 Revs 34.3 mln vs 37.0 mln Nine mths Shr profit 38 cts vs profit 67 cts Net profit 3673000 vs profit 6474000 Revs 108.4 mln vs 110.0 mln NOTE: 1987 qtr and nine mths includes gain 5360000 dlrs or 55 cts per share and 6339000 dlrs or 65 cts per share respectively from realized gains on investments. 1986 qtr and nine mths includes gain 105000 dlrs or one cent per share and 342000 dlrs or three cts per share respectively from realized gains on investments. 1986 qtr and nine mths includes charge 4860000 or 50 cts per share from strengthening reserve for casualty claims. Reuter | ATLANTIC AMERICAN CORP <AAME.O> 3RD QTR NET |
Shr six cts vs 17 cts Net 1064000 vs 2676000 Revs 144.6 mln vs 129.4 mln Avg shrs 17.1 mln 16.1 mln Six mths Shr 13 cts vs 25 cts Net 2167000 vs 4029000 Revs 248.0 mln vs 249.2 mln Avg shrs 17.1 mln vs 16.1 mln Reuter | TRINITY INDUSTRIES INC <TRN> 2ND QTR SEPT 30 |
A collapse in U.S. stock prices has hit Japanese investors hard since they had shifted to stocks from bonds earlier this year and will slow down Japanese capital flows to the U.S. investors and stock brokers said. Until recently Japanese net purchases of U.S. stocks were projected to leap to eight to 12 billion dlrs this year from four billion dlrs in 1986 securities industry sources said. The Japanese had suffered severely from U.S. bond investments and now (they are suffering) in U.S. stocks said Hiroyuki Kondo of Yasuda Trust and Banking Co Ltd. Japanese portfolio investment was concentrated in Treasury securities until early this year which led to heavy currency losses following the dollars steep decline. Even though their U.S. bond purchases moderated since then Japanese investors continued to suffer losses as bond prices fell sharply in recent months. Now the historic fall in the U.S. stock market has stunned Japanese investors killing their appetite for U.S. stocks. Keita Konishi of Sumitomo Life Insurance Co said while his firm was not panicked into an across-the-board sell-off of its U.S. stock investments he does not expect it to resume buying stocks for some time. There has been no panic selling by Japanese institutional investors so far during the stock price nosedive said Susumu Uchiyama of Yamaichi Internatinal (America) Inc. Following the steep decline however Japanese are not buying even though U.S. stocks now appear bargain-priced he said. There will be no big wave of Japanese investment in the U.S. for the time being said Keiji Tsuda of Nissei BOT Asset Management Corp an investment advisory body to Nippon Life Insurance Co. Its the time to think twice. The psychological impact (on investors behaviour) will drag on considerably he said. The latest turmoil in the financial market was triggered by U.S. Treasury Secretary James Baker as he threatened a futher dollar fall in retaliation for higher West German interest rate rises and undermined foreign investors confidence in the dollar Tsuda said. The U.S. economy is still sitting on the time bomb of huge budget and trade deficits he said and investors worries over the twin problems have intensified. Before I thought the dollars large fall (over the past two years) would take out the detonator out of that bomb but it hasnt Tsuda said. Investors and brokers said the Japanese for the first time have experienced the enormous volatality of the New York stock market often caused by program trading. A stock trader at Daiwa Securities America Inc said that while Japanese investors had been attracted by American firms superior performance relative to Japanese firms in terms of earnings per share U.S. stocks downside potential is now much larger than that oJapanese stocks. While the Japanese stock market has also taken a nosedive it could be stabilized by the efforts of large Japanse firms. A high percentage of Japanese equities are held by companies who will hold on to their stocks and the stocks of other Japanese firms in order to strengthen their business ties through this cross-holding relationship analysts said. Despite the massacare on the Wall Street Japanese investors are not expected to withdraw from U.S. stocks. U.S. equities are in a process to be built in diversification of their portfolios and the portion of them is still very small Japanese investors said. But it is unclear when the Japanese will resume purchasing U.S. stocks and much depends on the dollars stability they said. Kondo of Yasuda Trust said Japanese investors are not fully convinced that Federal Reserve Chairman Alan Greenspan is determined to fend the dollars value and check future inflation in the U.S. Because of uncertainty over the dollars direction and inflation in the U.S. Japanese investors have not yet jumped on the Treasury bonds despite the latest sharp bond yield rises investors said. Konishi of Sumitomo Life said A U.S. recession is being talked about so it may be time to shift back to bonds but I feel uneasy about buying any U.S. instruments right now. Tsuda of Nissei questioned the strength of the recent rally in U.S. government bond prices. He said the steep bond market rally has no real trend as bond prices are rising on short covering and bills are rising on temporary fund shift from the stock market. Reuter | U.S. STOCK DROP SEEN SLOWING JAPANESE BUYING |
Dart Group Corp <DARTA.O> affiliate Madison Partners said that given current market conditions it has dropped its takeover bid for Dayton Hudson Corp. The company said it sold 1.4 mln of its 4.6 mln shares of Dayton Hudson stock. It said it intends to sell the rest of its Dayton Hudson shares. At current market levels it would suffer a 70 mln dlr aftertax loss on its holding a spokesman said. Dart said it will not solicit authorization to call a meeting of Dayton Hudson shareholders. Dart had offered to buy Dayton Hudson for 68 dlrs per share valuing the Minneapolis based retailer at 6.6 billion dlrs. That offer was rejected by the company. Following the selloff in takeover stocks last week and the markets decline this week Dayton Hudson stock closed at 27-1/2 today off 2-1/2. Darts holdings amounted to just under five pct of Dayton Hudson. A Dart spokesman said the 1.4 mln shares were sold in the market today. Reuter | DART GROUP DROPS DAYTON HUDSON <DH> TAKEOVER BID |
A new convoy of tankers escorted by American warships headed down the Gulf on Wednesday towards Iranian oil platforms still oozing smoke after having being blasted by U.S. Navy raiders. Some Gulf sea captains were reported to be steering well clear of Irans Silkworm missiles however and frontline emirate Kuwait redeployed air defences to counter the threat. I think the predominant feeling ... Is of being scared this conflict will escalate a top West German Foreign Ministry official Helmut Schaefer told reporters in Bahrain after a tour of three Gulf states. b Shipping sources said on Tuesday night at least six sea captains had voiced fears that Iran would avenge Mondays U.S. Raids by unleashing more Silkworm missiles at ships plying the Gulf. Belgium decided two minesweepers en route for the Gulf would stay out for the time being following Mondays U.S. Action. But there was no sign that the prospect of more tit-for-tat assaults had reduced the level of shipping activity in the area. Iran having vowed to react strongly after Mondays U.S. Action launched a barrage of threats and ridicule. For its part Washington warned Iran again on Tuesday that it was ready for any further hostile action. Pentagon officials then announced that a U.S. Guided missile destroyer began escorting two Kuwaiti tankers flying the U.S. flag southwards--the 80000 tonne product carrier Ocean City and 46000 tonne petroleum tanker Gas King. Reuter | CONVOY RUNS GULF GAUNTLET, OTHER SHIPS STAY CLEAR |
Metropolitan Consolidated Industries Inc said it will make a tender offer for all or any of the outstanding shares of common stock of Metex Corp <MTX> not currently held by or under option to Metropolitan for 7.75 dlrs per share. The company said the offer will be subject ot securing satisfactory financing. Metropolitan currently owns about 25.7 pct of Metex common and holds options to purchase about an additional 16 pct of Metex common stock. Metropolitan said the offer will be made no later than October 27. Reuter | METROPOLITAN <MONY.O> TO MAKE OFFER FOR METEX |
Shr 22 cts vs 50 cts Net 1.2 mln vs 2.2 mln Sales 41.7 mln vs 38.3 mln Note: BII Enterprises Inc Reuter | BII ENTERPRISES <BII.TO> NINE MTHS AUG 31 NET |
Simmons Airlines Inc said its board of directors authorized a doubling in the companys stock repurchase program to one mln shares from 500000 shares. The buyback would represent about 20 pct of its issued shares Simmons said. The company said it bought 205000 shares today bringing its total repurchase since the program was authorized on July 29 to 534500 shares. It said Simmons now has 4540459 shares outstanding. Its stock closed at 5-5/8 bid and 5-3/4 offered. Shares will be bought privately and in the open market it said. Reuter | SIMMONS AIRLINE <SIMM.O> DOUBLES STOCK BUYBACK |
Artillery shells from an exchange of fire between Iran and Iraq fell on Kuwaits northern border on Tuesday but caused no casualties the Kuwait News Agency KUNA said quoting a Defense Ministry official. There were rumors in world oil markets on Tuesday that Iran had fired shells at an oil camp in northern Kuwait in retaliation for U.S. Attacks on Iranian oil platforms in the Gulf on Monday. Several shells fell in a random manner on the northern border of the country the official told KUNA. It seems these shells arose from an exchange of fire between Iran and Iraq... No one was wounded and there were no losses. Diplomats said shells from the nearby Iran-Iraq warfront had in the past fallen in the northern Kuwaiti desert. A senior Kuwait Petroleum Corporation official had earlier told Reuters he was unaware of any attack against Kuwaiti oil installations. Reuter | ARTILLERY SHELLS SAID TO FALL ON KUWAIT BORDER |
Shr 27 cts vs 20 cts Net 3411000 vs 2487000 Revs 34.7 mln vs 31.9 mln Six mths Shr 51 cts vs 41 cts Net 6372000 vs 5090000 Revs 68.1 mln vs 63.7 mln Avg shrs 12.6 mln vs 12.5 mln Reuter | ZERO CORP <ZRO> 2ND QUARTER NET |
President Reagan said he had ordered the administration to begin talks with congressional leaders on a budget deficit reduction plan. Reagan said in a statement following a meeting with his top economic advisers that he was prepared to order across the board spending cuts to comply with a Federal balanced budget law but preferred to negotiate with Congress. He said he would consider anything the congressional leadership proposed but a spokesman said he remains opposed to raising taxes as a way to reduce the deficit. I think it is preferable if possible that the executive and legislative branches reach a budget deficit reduction package. Accordingly I am directing that discussions be undertaken with the bipartisan leadership of the Congress for that purpose Reagan said. Asked whether he would consider raising taxes Reagan said I am willing to look at whatever proposal they might have. As Reagan boarded the helicopter to visit his wife Nancy at Bethesda Naval Hospital he was questioned as to whether that meant he was softening on his tax stance. Reagan replied if you heard that it must have been the helicopter. White House spokesman Marlin Fitzwater later told reporters that Reagan was not changing his opposition to tax increases. Fitzwater said the administration would accept automatic cuts under the Gramm Rudman balanced budget law rather than raise taxes. Earlier on Tuesday congressional leaders called for an economic summit with the White House to address the nations budget and trade deficits that some analysts say were partly to blame for the stock market drop. Reagan said he would be willing to participate personally in any negotiations with Congress. The White House earlier seemed to reject the idea of negotiating with Congress on the budget deficit. Fitzwater said this morning that the White House continued to oppose a budget summit with Congress on the grounds that it would be used by Democrats as a platform to press for a tax increase. But Reagan announced his willingness to negotiate with Congress after meeting for about an hour with White House Chief of Staff Howard Baker Treasury Secretary James Baker Federal Reserve Board Chairman Alan Greenspan and chief economic adviser Beryl Sprinkel. Reuter | REAGAN SAYS HE IS WILLING TO NEGOTIATE ON BUDGET |
Bausch and Lomb Inc said its board of directors has authorized the repurchase of up to three mln of its 30.5 mln issued shares of common stock. The company said recent turmoil in the financial markets has resulted in its stock being priced substantially below a level which it believes to be an accurate reflection of the companys present performance and future earnings potential. The shares will be repurchased at managements discretion either in the open market or by private purchase and will be used in connection with acquisitions stock options and employee benefit plans. Reuter | BAUSCH AND LOMB <BOL> TO REPURCHASE SHARES |
Pacific Stock Exchange Chairman Maurice Mann said the exchange may have reached record volume again today following yesterdays record 17.6 mln shares. it looks like at least the same volume as yesterday Mann said at a news conference following the close. The exchange closed one-half hour early for the second straight day. Mann said the exchange will determine daily whether or not to close early over the next several days. Mann said the only major operational problem today occurred when the exchange had to stop trading 30 over-the-counter options 17 of which trading were restored later in the day. He said the options had to be halted because price information on the underlying stocks was not being disseminated on the floor quickly enough. You cannot trade an option unless you know how much its worth he said. Mann said the exchanges computer system was working better than had been expected under the pressure of the heavy trading volume. This system was not designed to do what it did today and yesterday he said. He said technical adjustments to the system since yesterday improved todays operations. He would not elaborate. Mann said the decision to close the exchange early was not due to concerns over the vulnerability of being open one half hour after New York closed. Rather he said it was to allow trades to be tallied in conformance with other exchanges. In Los Angeles traders said although trading was hectic they were able to keep up with orders better than yesterday. We could handle the orders we got. Things seem to be smoothing out said Richard Goforth a partner with Crowell Weedon and Co who trades on the Los Angeles exchange floor. Goforth added however traders expected to be there into the evening sorting out the paperwork on their trades. Jefferies and Co Director of Trading James Melton said the firm has been extremely busy making markets in halted stocks and in after hours trading. He said Jefferies has been trading about 15 hours a day beginning at 0300 pdt. Melton said Jefferies made markets in such blue chip stocks as International Business Machines <IBM> Allegis Corp <AEG> and Merck and Co <MRK> while they were halted on the exchanges. Melton declined to give volumes of off-market trading the company has been doing but said its just very very busy... when the stocks are halted our markets are very active. He said he expects the heavy volume to continue through the week. While sellers still predominated Melton added people were bottom fishing a little bit in the blue chips...but its very nervous. Reuter | PACIFIC EXCHANGE MAY SEE RECORD VOLUME AGAIN |
First RepublicBank Corp the largest bank holding company in Texas reported a loss of 6.3 mln dlrs for the third quarter and said that its non-performing loans rose sharply because of a further deterioration in Texass real estate market. There was no comparable figure for the third quarter of 1986 because the company was formed in June 1987 through the merger of RepublicBank Corp and Interfirst Corp. Non-performing loans were 3.1 billion dlrs at the end of September or 12.4 pct of total assets mpared with 9.5 pct at the end of the second quarter. Loans secured by real estate accounted for about 90 pct of the 706 mln dlr increase in non-performing loans in the third quarter First Republicbank said. It said the poor shape of the office and retail housing markets in Dallas Houston and Austin will continue to hold back earnings. As indicated earlier in 1987 by First RepublicBank the company will continue to assess future common stock dividend payments relative to earnings performance Gerald Fronterhouse chairman and chief executive officier said in a statement. First RepublicBank said its third-quarter loan loss provision of 106 mln dlrs and net charge-offs of 87 mln dlrs left its total allowance for credit losses at 1.14 billion dlrs or 4.6 pct of the loan portfolio. The companys primary capital amounted to 7.9 pct of assets at the end of September. The 6.3 mln dlr loss was sustained despite a 29 mln dlr cut in overhead achieved partly by staff attrition. The size of the combined staffs of the two banks has been cut by 12 pct so far this year and Fronterhouse said the bank is ahead of the schedule it set for achieving savings through the merger. Reuter | FIRST REPUBLICBANK <FRB> TROUBLED LOANS RISE |
Shr 54 cts vs 53 cts Net 4193000 vs 4052000 Revs 75.2 mln vs 63.9 mln Nine mths Shr 1.98 dlrs vs 1.75 dlrs Net 15.4 mln vs 13.5 mln Revs 223.4 mln vs 199.5 mln Reuter | SEALED AIR CORP <SEE> 3RD QTR NET |
The Pacific Stock Exchange said that due to huge backups and computer difficulties its closing figures would not be available until later this evening. The exchange did not specify what time the figures would be released. Reuter | PACIFIC STOCK EXCHANGE CLOSING FIGURES DELAYED |
CityFed Financial Corp said it would stop issuing common stock to a variety of shareholder and employee groups. The company which said on Monday it will repurchase up to one mln shares of common in the open market said it will no longer issue common stock for its dividend reinvestment and stock purchase plan or for the employee thrift and profit sharing plan of its City Federal Savings Bank unit. It also said it would no longer grant a five pct market discount on shares purchased by reinvested dividends under the dividend reinvestment and stock puurchase plan. Reuter | CITYFED FINANCIAL <CTYF.O> ENDS STOCK ISSUE |
The United States may lift an additional 84 mln dlrs in trade sanctions against Japan later this month Reagan Administration officials said. President Reagan imposed 300 mln dlrs in sanctions on Japanese goods last April for its failure to honor a 1986 agreement to end dumping semiconductors in the U.S. and third country markets and to open its home market to U.S. goods. The move raised tariffs to 100 pct from about five pct on Japanese color television sets hand-held power tools and portable computers. Reagan lifted 51 mln dlrs of the sanctions last June after Japan ended selling the semiconductors on the U.S. market at below production costs. Semiconductors are the small silicon chips used for memory and recall purposes in a wide variety of computers. The Administration officials said Commerce Department monitors showed that Japan was ending its dumping of the semiconductors in third countries where they had been taking sales away from American-made semiconductors. They said it was likely the 51 mln dlrs in sanctions would be lifted by the end of the month. The United States and Japan remain at odds over opening the closed Japanese markets to U.S. goods. U.S. and Japanese officials reviewed Japans compliance with the agreement earlier this week. The periodic reviews are to continue and the remaining sanctions to stay in force the officials said until Japan is in full compliance with the semiconductor agreement. reuter | U.S. MAY END ADDITIONAL SANCTIONS AGAINST JAPAN |
American Telephone and Telegraph Co and Telerate Inc said they will form a joint partnership to develop and market electronic transaction services for global financial markets. The companies said the partnership will provide a system that gives international money traders the ability to manage transactions instantaneously. Reuter | ATT <T> AND TELERATE <TLR> IN JOINT PACT |
CANADIAN UTILITIES INCREASES QTLY DIVIDEND TO 33 CTS FROM 32-1/2 CTS/SHR |
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CIP Inc wholly-owned by Canadian Pacific Ltd is considering building a pulp mill in Texas which would use kenaf fibre instead of wood CIP president Cecil Slenniken said in an interview. The kenaf plant is a member of the hibiscus family and was artificially developed several years ago. The plant which has been grown in Southern Texas reaches a height of 10 feet in three months and is said to produce better quality newsprint than wood pulp a CIP official said. Slenniken said the company has commissioned studies for a 200000 tonne capacity pulp mill which would use the fibre but would need partners to begin the project. We are not yet ready to commit the hundreds of millions of dollars it would take for such a project Slenniken said. He said CIP has been using the pulp on a trial basis to make newsprint containing 90 pct kenaf fibre and 10 pct softwood fibre at its Trois-Rivieres Quebec plant. CIP Canadas second largest newsprint producer recently launched a 366 mln Canadian dlr newsprint mill at Gold River British Columbia which is due begin producing 230000 metric tonnes per year by fall of 1989. Reuter | CANADIAN PACIFIC (CP) UNIT STUDIES PULP MILL |
Shr 83 cts vs 67 cts Net 10052000 vs 7929000 Avg shrs 12161000 vs 11824000 Nine mths Shr 2.33 dlrs vs 1.91 dlrs Net 28110000 vs 22386000 Avg shrs 12078000 vs 11729000 Assets 5.9 billion vs 5.7 billion Deposits 5.3 billion vs 4.8 billion Loans and leases 4.2 billion vs 4.0 billion Reuter | CALIFORNIA FIRST BANK (CFBK.O) 3RD QTR NET |
Trace Products Inc said its stock-swap merger agreement with privately held Central Point Software has been suspended indefinitely because of uncertainty in the stock market. Trace Products which manufactures diskette and tape duplication equipment for software publishers had earlier agreed to acquire Portland Ore.-based Central Point for 5.5 mln shares of its common stock. Reuter | TRACE PRODUCTS <TRCE.O> MERGER AGREEMENT SUSPENDED |
Shr profit one cent vs loss 29 cts Net profit 116000 vs loss 4195000 Revs 20.2 mln vs 6393000 Reuter | RPC ENERGY SERVICES INC <RES> 1ST QTR SEPT 30 |
Oper shr 38 cts vs 1.84 dlrs Oper net 973000 vs 4497000 Nine mths Oper shr 1.22 dlrs vs 1.31 dlrs Oper net 3133000 vs 3410000 NOTE: Results exclude extraordinary gain from net loss carryforward of 672000 dlrs or 27 cts in 1987 3rd qtr 918000 dlrs 38 cts in 1986 3rd qtr and 1071000 dlrs or 44 cts in 1987 nine months. 1986 results include 5.1 mln dlr gain from termination of defined benefit pension plan. Reuter | BRENTON BANKS <BRBK.O> 3RD QTR OPER NET |
President Reagan said the United States remains committed to the Louvre accord in which the seven major industrial nations agreed to stabilize currency exchange rates. The United States remains committed to the Louvre agreement Reagan said in a statement following a meeting with his top economic advisers. Reagan said the United States Japan and West Germany had all reaffirmed their commitment to coordinate economic policies. Reagan said Japanese Prime Minister-designate Noboru Takeshita said in a telephone conversation Tuesday morning that his (Takeshitas) top priority was to maintain stable economic relations with the United States. Reagan noted that Treasury Secretary James Baker met with West German financial officials and reaffirmed their commitment to the Louvre agreement. They reaffirmed our agreement to coordinate economic policies to provide for non-inflationary growth and stable exchange rates Reagan said. Reuter | REAGAN SAYS U.S. COMMITTED TO LOUVRE ACCORD |
Qtly div 33 cts vs 32-1/2 cts Pay Dec one Record Nov six Note: Canadian Utilities Ltd. Reuter | CANADIAN UTILITIES <CU.TO> LIFTS QTLY DIVIDEND |
A shareholder group including Entregrowth Interational Ltd of Auckland New Zealand said it lifted its stake in Suave Shoe Corp common stock to 319600 shares or 11.5 pct of the total outstanding from a previous figure of approximately 238400 shares or 8.6 pct. In a filing with the Securities and Exchange Commission the group said it bought 81200 Suave Shoe common shares in open market transactions between October 1 and 19 at 8.34 dlrs to 10.07 dlrs a share. No reason was given for the purchases. Reuter | GROUP LIFTS STAKE IN SUAVE SHOE<SWV> TO 11.5 PCT |
Shr 51 cts vs 36 cts Net 5600000 vs 4000000 Revs 115.4 mln vs 91.2 mln Nine mths Shr 1.13 dlrs vs 61 cts Net 10.7 mln vs 5800000 Revs 308.2 mln vs 249.5 mlln NOTE: 1986 resutls restated on pro forma basis to reflect comparable treatment of Budgets leveraged buyout on September 30 1986 and initial common stock offering on May 22 1987. Reuter | BUDGET RENT A CAR CORP <BDGT.O> 3RD QTR NET |
Qtrly div 34 cts vs 40 cts prior Pay Nov 21 Record Nov Four Reuter | ICM PROPERTY INVESTORS INC <ICM> CUTS PAYOUT |
Shr 12 cts vs 10 cts Net 1600000 vs 1314000 Revs 17.6 mln vs 12.2 mln Nine mths Shr 58 cts vs 43 cts Net 7624000 vs 5336000 Revs 56.8 mln vs 40.1 mln Reuter | USPCI INC <UPC> 3RD QTR NET |
Net 1137000 vs 1185000 Nine mths Shr 2.17 dlrs vs 2.03 dlrs Net 3645000 vs 3384000 Assets 374.4 mln vs 355.4 mln NOTE: Per shr data in qtr not disclosed. Reuter | SOMERSET BANCORP INC <SOMB.O> 3RD QTR NET |
Shr loss 15 cts vs loss 19 cts Net loss 2161000 vs loss 2873000 Revs 24.5 mln vs 22.6 mln Reuter | CPT CORP <CPTC.O> 1ST QTR SEPT 30 LOSS |
Shr 10 cts vs two cts Net 262000 vs 38000 Revs 11.2 mln vs 5858000 Avg shrs 2589045 vs 2588364 Nine mths Shr 46 cts vs 26 cts Net 1179000 vs 601000 Revs 32.7 mln vs 18.7 mln NOTE: All per shr data adjusted to reflect 10 pct stock dividend distributed in 2nd qtr 1987. Reuter | THE CHARIOT GROUP INC <CGR> 3RD QTR NET |
Shr loss 35 cts vs profit 18 cts shr Net loss 946300 vs profit 502500 Revs 17.3 mln vs 16.8 mln Reuter | COMSHARE INC <CSRE.O> 1ST QTR SEPT 30 LOSS |
Former Treasury Secretary William Simon sharply criticised President Reagan for irresponsible fiscal policies that contributed to this weeks stock price collapse. (Reagan) fell for that siren song that you can cut taxes without cutting spending and that we would grow our way out of this and everything would be wonderful Simon said in an apparent reference to the massive U.S. budget deficit. Every time we hear that nonsense we ought to howl with pain as we were howling yesterday and are howling today he said in an interview taped this afternoon for the MacNeil Lehrer Newshour which will air at 1930 EDT (2330 GMT). Simon who held his post under presidents Nixon and Ford said Reagans tax cuts are positive for saving and investment. And he blamed Congress for causing the U.S.s fiscal problems by putting self-interest ahead of national interest. Its not only the president. Its Congress ... under Republicans and Democrats alike he said. Theyre a bunch of hypocrites who have one credo -- that credo is more. Reuter | FORMER U.S. TREASURY SECRETARY BLASTS REAGAN |
First Mississippi Corp said in view of the recent decline in its stock price due to the drop in the stock market it is considering a repurchase of its common stock. The company did not say how many shares it would repurchase but said that it has about 13 mln dlrs available for such actions. The company also said its first quarter earnings to be released next week will be substantially better than the 33 cts per share last year. Results will also include a gain of about 44 cts per share from the sale of a portion of the companys interest in Melamine Chemicals the company said. The company said its plan for corporate restructuring is proceeding on schedule and that proceeds from the 49 mln dlr coal supply contract settlement with <Tampa Electric Co> have been received and will be used to reduce debt. First Mississippi is a diversified resource company. Reuter | FIRST MISSISSIPPI <FRM> MAY REPURCHASE STOCK |
Shr 1.24 dlrs vs 1.16 dlrs Net 10.1 mln vs 8910000 Nine mths Shr 2.42 dlrs vs 3.30 dlrs Net 19.8 mln vs 25.4 mln Assets 4.3 billion vs 3.8 billion Deposits 3.4 billion vs 3.1 billion Loans 2.6 billion vs 2.3 billion Reuter | MARINE CORP <MCRP.O> 3RD QTR NET |
Standard and Poors Corp said IC Products Cos BBB-plus senior debt is under review with negative implications. Also Pneumo-Abex Corps BBB-plus senior debt and BBB subordinated debt are being reviewed with developing implications. Both firms are units of IC Industries Inc whose debt is not rated by S and P. About 65 mln dlrs of debt is affected. S and P said it is reviewing managements current business objectives and the resources needed to achieve them in determining the credit quality impact of an expanded restructuring program. Reuter | S/P MAY DOWNGRADE IC INDUSTRIES <ICX> UNIT DEBT |
The Commodity Futures Trading Commission said futures markets collected clearing margins called following feverish futures trading on Monday. The Commission remains in frequent contact with the futures markets which trade stock index futures and options each of which has confirmed the collection of clearing margins called for as a consequence of futures trading on Monday October 19 1987 the CFTC said in a statement. Four U.S. exchanges briefly halted stock index futures trading Tuesday and the New York Stock Exchange (NYSE) urged members to refrain from using program trading. Acting CFTC Chairman Kalo Hineman said CFTC continued to closely monitor the financial integrity of firms with positions in the stock index futures and options markets. A futures industry official said there was some concern among industry leaders that stock index futures would be blamed for the stock markets nosedive on Monday. This is an equity market problem the official said. Our (U.S.) budget deficit (and) whats going on in the Gulf appear to be much more responsible because they shape whats happening in futures markets. Some lawmakers focused criticism on index arbitrage trading. Republican Senator John Heinz said he recommended to the White House that daily trading limits be applied to stock index futures and that index futures margins be raised. Democrat Representative Charles Schumer said Congress would consider new controls over margin requirements. Reuter | CFTC CONFIRMS CLEARING MARGINS COLLECTED |
Standard and Poors Corp said it downgraded to CCC-plus from single-B Del E. Webb Corps <DWP> 30 mln dlrs of outstanding subordinated debt. It said the issue was removed from Creditwatch where it was placed on July 27 due to the deteriorating operating performance at Webbs minority owned and managed Atlantic City and Nevada casino/hotel businesses. S and P said the downgrade reflects the casinos dismal earnings and cash flow prospects and Webbs resultant weakened financial condition. Reuter | S/P DOWNGRADES DEL E. WEBB SUBORDINATED DEBT |
Southland Corp said it was told the Securities and Exchange Commission ordered a private investigation into Southland stock trading and statements made by the company this year. Southland has been advised that the Commission has issued a private order of investigation concerning the trading of Southland stock during various times in 1987 and the issuance of various public statements by Southland Southland said in a proxy statement to shareholders. Southland did not elaborate on the SEC order of investigation and company officials could not be reached for comment late Tuesday. The SEC has a long-standing policy against confirming or denying the existence of investigations. The proxy statement filed with the Securities and Exchange Commission is required for a November 5 shareholders meeting called to approve the previously announced acquisition of Southland by a company controlled by Southland chairman John Thompson and members of his family. Earlier this year a group led by Thompson acquired majority ownership of Southland through a 77 dlrs a share tender offer for 31.5 mln shares of Southland common stock. If the merger is approved common stock still outstanding will be converted into the right to receive 61.32 dlrs a share in cash plus a fraction of a share of preferred stock. Reuter | SOUTHLAND <SLC> TARGETED IN SEC INVESTIGATION |
Qtr ends Aug 31 Shr 22 cts vs 24 cts Net 2794000 vs 2993000 Revs 91.4 mln vs 66.4 mln Six mths Shr 45 cts vs 45 cts Net 5677000 vs 5700000 Revs 174.6 mln vs 132.8 mln NOTE: full name of company is continental information systems corp. Reuter | CONTINENTAL INFORMATION SYSTEMS <CNY> 2ND QTR |
Shr 15 cts vs 27 cts Net 4358947 vs 7786640 Revs 140.8 mln vs 121.2 mln Year Shr 86 cts vs 1.06 dlrs Net 24.8 mln vs 30.5 mln Revs 560.3 mln vs 487.7 mln Reuter | FAMILY DOLLAR STORES INC <FDO> 4TH QTR AUG 31 |
Shr 28 cts vs 21 cts Net 4653815 vs 3564451 Revs 34.0 mln vs 12.8 mln Nine mths Shr 61 cts vs 53 cts Net 10.4 mln vs 8881825 Revs 61.8 mln vs 38.4 mln NOTE: Per shr amounts are after giving retroactive effect for a 2-for-1 split effected as a 100 pct stock dividend which was paid June 1 1987.Net includes net realized investment gains of 1213471 vs 937801 in nine mths 1987 vs 1986 and 604172 vs 474556 in qtr 1987 vs 1986. Net includes net investment income of 12.5 mln vs 11.2 mln in nine mths 1987 vs 1986 and 4480540 vs 3781245 in qtr 1987 vs 1986. Reuter | ALFA CORP <ALFA.O> 3RD QTR NET |
Federal Realty Investment Trust said its management has been authorized to purchase up to one mln of its common shares at current market prices in open market transactions. The company had 13.6 mln shares outstanding as of September 30. The company said it was making the purchases because its stock represented an excellent investment in light of current market conditions. Federal Realty will finance the buy-back through available cash funds. Reuter | FEDERAL REALTY <FRT> TO BUY BACK SHARES |
Payless Cashways Inc said it will repurchase up to one mln of its common shares from time to time in the open market. The company which has 34.7 mln shares outstanding called the stock buyback a good investment at current prices. Its stock closed at 12-1/2 down 1/8 following a 3-3/8 point drop on Monday. Reuter | PAYLESS CASHWAYS <PCI> SETS SHARE BUYBACK PLAN |
Shr eight cts vs 12 cts Net 1016552 vs 980834 Revs 6786579 vs 4356561 NOTE: Invitron went public on October seven. Reuter | INVITRON CORP <INVN.O> 1ST QTR SEPT 30 NET |
ICOT Corp said it will periodically repurchase up to 7500000 of its 10800000 outstanding shares. The company said funds for the buy-back will come from working capital. Reuter | ICOT <ICOT.O> TO BUY BACK MOST OF ITS SHARES |
<First Federal Savings and Loan Association of Wooster> said it declared its first quarterly dividend of seven cts per share. The dividend is payable November 20 to stockholders of record November 2 the company said. The company converted to a stock savings and loan on April 7 1987. Reuter | FIRST FEDERAL WOOSTER SETS FIRST PAYOUT |
Circle K Corp said it may purchase up to three mln shares of its common stock. A company spokesman said Circle K has 52.6 mln shares outstanding. Circle K said the purchases would be made on the open market Reuter | CIRCLE K <CKP> TO BUY UP TO THREE MLN SHARES |
Qtly div 11 cts vs 11 cts prior Pay December 15 Record December 1 Reuter | SUPER VALU STORES INC <SVU> SETS REG DIV |
Shr 1.04 dlrs vs 78 cts Net 109.2 mln vs 83.9 mln Revs 561.3 mln vs 460.5 mln Nine mths Shr 2.61 dlrs vs 1.91 dlrs Net 273.8 mln vs 206.6 mln Revs 1.56 billion vs 1.27 billion NOTE: Per shr amounts reflect the 2-for-1 split to shareholders of record on June 1 1987. For qtr and nine mths 1987 exchange rate fluctuations had a favorable sales impact of 25.9 mln dlrs and 70.3 mln dlrs respectively. Net in nine mths 1986 includes income from discontinuing operations of 10.1 mln or nine cts per shr and income of 3.9 mln dlrs or four cts per shr in qtr 1986. Reuter | SQUIBB CORP <SQB> 3RD QTR NET |