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HERITAGE FINANCIAL SERVICES <HERS> 1ST QTR NET | Shr 45 cts vs 43 cts
Net 1,503,000 vs 938,000
Avg shrs 3,358,664 vs 2,158,664
NOTE: Company had its initial public offering of 1,200,000
shares in October, 1986
Reuter
|
NATIONAL COMPUTER <NLCS> SEES EARNINGS GROWTH | National Computer Systems Inc
expects fiscal year earnings to improve by about 20 pct, the
company told analysts, although it said the April 30 first
quarter should show "down earnings and virtually flat
revenues."
Chairman Charles Oswald said National Computer has taken
steps to improve margins. He said revenues are expected to
increase modestly because of the company's decision to downsize
its leasing business, nonrecurring revenueslast year from a
one-time Texas teacher assessment project and the impact of the
discontinuance of products last year.
Oswald said National Computer's first quarter results will
be down as a result of a major financial systems sales last
year, a higher effective tax rate and the increased number of
shares outstanding.
The company said the next three consecutive quarters should
demonstrate "excellent earnings growth."
Reuter
|
U.K. CHANCELLOR LAWSON SAYS THERE MAY BE NEED TO CUT
INTEREST RATES IN SOME COUNTRIES
| |
MOBIL'S <MOB> MARCH SALES UP THREE PCT | Mobil Corp said sales of its Montgomery
Ward and Co subsidiary for the five weeks ended April Four rose
3.3 pct on a comparable store basis to 332.9 mln dlrs from
323.2 mln dlrs a year ago.
Cumulative sales for the nine week period of February One
through April Four rose 7.3 pct on a comparable store basis to
609.6 mln dlrs from 572.2 mln dlrs.
It said the number of stores in operation was 295, two more
than in the same 1986 period.
Reuter
|
REXHAM <RXH> REPURCHASES STAKE FROM NORTEK <NTK> | Rexham Corp said it has
repurchased 381,050 of its shares or 9.1 pct from Nortek Inc
for 42 dlrs each, and Nortek has withdrawn its proposal to
acquire Rexham for 43 dlrs per share.
Rexham said Nortek has also agreed not to buy Rexham shares
or take other actions under a 10-year standstill agreement.
The Rexham board had rejected the Nortek bid as inadequate.
The company also said its board has authorized the
repurchase in the open market or privately from time to time of
up to an additional five pct of its own shares and the
establishment of an Employee Stock Ownership Plan. The plan is
expected to purchase from Rexham a new convertible preferred
stock with 11.5 pct of Rexham's voting power with proceeds of a
pension plan overfunding and borrowings.
Reuter
|
LAWSON SAYS MAJOR CENTRAL BANKS WILL INTERVENE AS AND
WHEN NECESSARY
| |
EXXON <XON> CUTS HEATING OIL PRICE, TRADERS SAID | Oil traders in the New York area said
Exxon Corp's Exxon U.S.A. unit reduced the price it charges
contract barge customers for heating oil in New York harbor
0.50 cent a gallon, effective today.
They said the reduction brings Exxon's contract barge price
to 49.75. The price decrease follows sharp declines in heating
oil prices in the spot and futures markets, traders said.
Reuter
|
LAWSON SAYS IT ESSENTIAL THAT JAPAN DEVELOP DOMESTIC DEMAND
| |
KAPOK CORP <KPK> CURES TECHNICAL DEFAULTS | Kapok Corp said it has cured
technical defaults on laons from Southeast Banking Corp <STB>
and Murray Steinfeld and has negotiated extensions of both
loans.
The company also said it has arranged a one mln dlr loan
secured by its Fort Lauderdale, Fla., property from Republic
Bank for Savings of Jackson, Miss., and has sold its Peter Pan
Restaurant in Urbana, Md., for 1,100,000 dlrs.
Reuter
|
FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES | The Federal Home Loan Bank Board
adjusted the rates on its short-term discount notes as follows:
MATURITY NEW RATE OLD RATE MATURITY
30-174 days 5.00 pct 5.00 pct 30-174 days
175-190 days 5.88 pct 5.85 pct 175-190 days
191-270 days 5.00 pct 5.00 pct 191-270 days
271-288 days 5.92 pct 5.92 pct 271-288 days
289-360 days 5.00 pct 5.00 pct 289-360 days
Reuter
|
WEEKLY CAR PRODUCTION ESTIMATED LOWER | With seven car assembly plants down this
week, including six at General Motors Corp <GM>, U.S. carmakers
are expected to built an estimated 160,111 cars for the week
ending April 11, down from 177,687 a year ago, said the trade
publication Ward's Automotive Reports.
Year to date, it estimated domestic car output at
2,334,528, down from 2,442,221 in the same 1986 period.
It projected the weeks truck output at 80,168, up from
72,026 a year earlier. Cumulative truck sales were pegged at
1,096,732, up from 1,011,029 a year ago.
Reuter
|
CANNON INT'L <CAN> SETS PHILIPPINES FILM PACT | Cannon International said <Viva
Films International> agreed to exclusively distribute Cannon
films in the Philippines for the new four years.
The company said the agreement covers both theatrical and
video distribution. Terms were not disclosed.
Reuter
|
<STRATHFIELD OIL AND GAS LTD> YEAR NET | Shr 46 cts vs 48 cts
Net 1,196,331 vs 1,341,314
Revs 5,153,109 vs 7,680,350
Reuter
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AFP IMAGING <AFPC> SEES HIGHER FISCAL 1987 SALES | AFP Imaging Corp said it expects
revenues to reach about 20 mln dlrs in fiscal 1987, ending June
31, compared with sales of 16.8 mln dlrs in fiscal 1986.
AFP said its products have continue to gain market share in
the medical, dental and graphic arts industries over the past
eight months, adding that it will spend "considerable effort"
now to expand its KENRO pre-press vertical cameras and
processors.
The company, which designs and makes film processing and
camera equipment for the medical industry, said it plans to be
a major player in the 10 bln dlr graphics art industry through
a combination of internal growth and acquisitions.
AFP also said it expects KENRO revenues to double during
the coming fiscal year.
AFP said it is exploring the possibility of assembling and
distributing a line of dental chairs and operatories for an
unnamed company in the industry. AFP said the move could expand
its DENT-X dental x-ray processing product presence in the
dental equipment business whilke adding more factory loading.
Reuter
|
FED MAY ADD RESERVES TO BANKING SYSTEM | The Federal Reserve may intervene in
the government securities market to supply temporary reserves
indirectly via customer repurchase agreements, economists said.
They said that while the Fed faces no great urgency to add
reserves at the start of the two-week maintenance period today
it would probably do so in order to offset a relatively high
federal funds rate.
Fed funds opened at 6-3/16 pct and remained there in early
trading. Yesterday, they averaged 6.45 pct, after rising as
high as seven pct at the close.
Reuter
|
DIAMOND CRYSTAL <DSLT> MIGHT SELL SALT UNIT | Diamond Crystal Salt Co said it
might sell its salt division.
The company said it retained First Boston Corp to assist it
with the possible sale of the division, "assuming a fair price
and reasonable terms can be obtained."
Diamond Crystal said sale of the unit was in the best
long-term interests of its shareholders.
The company also said it incorporated its Packet Products
Division as of April one. The unit will be an indirect wholly
owned subsidiary called Diamond Crystal Specialty Foods Inc.
Current management of the division will remain.
Reuter
|
LAWSON SAYS SOME COUNTRIES COULD CUT RATES | Nigel Lawson, Britain's Chancellor of
the Exchequer, said some countries may need to cut interest
rates with the aim of maintaining exchange rate stability.
Speaking to journalists one day after the Group of Seven
countries reaffirmed goals set in Paris six weeks ago, he said
central banks would continue to intervene "as and when
necessary."
He said the G-7 countries were concerned that Japan do more
to stimulate domestic demand and welcomed measures outlined by
Japanese Finance Minister Kiichi Miyazawa yesterday.
Lawson said he was still worried about the risk of a
simultaneous recession in the United States, Japan and West
Germany, though less so than when he gave his March 17 budget
speech to the British Parliament.
"If anything I'm a little bit less concerned, but there is
still a risk," he said.
Asked if the United States should consider increasing
interest rates to support the dollar, he said, "If there is a
need for changes in relative interest rates, it doesn't need to
be a rise in interest rates in the United States."
Lawson said there was some concern expressed in yesterday's
meetings at the slow progress the United States had made in
reducing its budget deficit.
"We believe there will be some worthwhile progress in
reducing the deficit this year. The important thing is that it
continue year after year," Lawson said.
The February 22 Louvre accord called for efforts to
stabilize currencies at then-current exchange rates. In the six
weeks that followed the Japanese yen continued to rise against
the dollar despite massive central bank intervention.
Asked whether this intervention was a sign of weakness in
the Louvre accord, he said, "I don't think so. If there had been
no intervention you would have called that a sign of weakness."
Although intervention could be a cause of inflation, Lawson
said, "the world does not appear to be in an inflationary mode
... but one has to be vigilant."
He said yesterday's G-7 statement, which affirmed that
"current levels" of exchange rates were appropriate, had been
"carefully worded." "We know what we mean, and we all mean the
same thing," he said.
Lawson said financial markets seem to believe that Japanese
measures outlined in the Louvre accord were the source of
weakness for that agreement.
Therefore, the G-7 countries welcomed Miyazawa's
presentation of plans for a supplemental budget to stimulate
domestic demand.
They particularly welcomed the goal of an immediate
increase in public works spending, but Lawson said the package
also involved a second stage to increase expenditures during
the second half of this year.
Reuter
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FRENCH FREE MARKET CEREAL EXPORT BIDS DETAILED | French operators have requested licences
to export 320,000 tonnes of free market barley, 225,000 tonnes
of maize, 25,000 tonnes of free market bread-making wheat and
20,000 tonnes of feed wheat at today's EC tender, trade sources
said.
For the barley, rebates of between 138 and 141.25 European
currency units (Ecus) per tonne were sought, for maize they
were between 129.65 and 139 Ecus, for bread-making wheat around
145 Ecus and for feed wheat around 142.45 Ecus.
Barley rebates of up to 138.50 Ecus were requested for a
total of 40,000 tonnes and at 139 Ecus for 85,000 tonnes.
Rebates of up to 130 Ecus per tonne were requested for a
total of 55,000 tonnes maize and up to 131 Ecus for 105,000
tonnes, the sources said.
Reuter
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DAYTON HUDSON <DH> MARCH SALES OFF 4.9 PCT | Dayton Hudson Corp said retail sales
for the five weeks ended April Four were 791.8 mln dlrs
compared to 755.6 mln dlrs a year ago. On a comparable store
basis, it said sales declined 4.9 pct.
Sales for the nine months were 1.39 billion dlrs, up from
1.26 billion dlrs in the same 1986 period. On a comparable
store basis, the sales rose 1.2 pct.
Reuter
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U.K. POTATO FUTURES TRADING NOT TO BE SUSPENDED | Trading on the London potato futures
market will not be suspended, Richard Harris, Chairman of the
London Potato Futures Association (LPFA), said in a statement
to floor members.
It was in response to strong representations by the Potato
Marketing Board (PMB) complaining of a gross distortion of
price which they say will result in large deliveries into the
physical market when the April futures position expires.
The PMB had sought an immediate suspension in futures
trading and asked the LPFA to take action to restore the
relationship between futures and physicals.
Farmers and merchants have alleged a squeeze and cornering
of the market but Harris pointed out that recent investigations
by the Association of Futures Brokers and Dealers (AFBD), the
International Commodities Clearing House (ICCH) and other
parties, found no evidence to substantiate this.
The main complaint from some sections of the physical
market is what they say is an unrealistic futures premium over
the PMB's average ex-farm price. April futures traded this
morning between 168 and 170 stg per tonne compared with PMB's
average price of 104 stg.
Bill Englebright, joint secretary of the LPFA said there is
a two-tier market for physical potatoes. He said quality
potatoes are in short supply and prepackers have been paying
between 145 and 165 stg per tonne for best samples. But lesser
quality grades have traded below 100 stg.
Some merchants fear that a large tonnage will be delivered
against the April futures contract between now and the end of
the month, and possibly disrupt the physical market.
Harris said the LPFA rule book allows the management
committee to take steps as necessary to correct any malpractice
and he assured the committee is monitoring the situation.
Reuter
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GROUP OF 10 WELCOMES LATEST G-7 AGREEMENT | The Group of 10 developed nations
issued a communique welcoming the reaffirmation of the Paris
accord on currency stability by the Group of Seven leading
industrial democracies yesterday.
In the communique issued this morning, the G-10 said
"prospects of member countries' economies would be improved by
stability in the exchange rates of their currencies."
The G-10 includes the group of seven - the United States,
Canada, Britain, Japan, Italy, West Germany and France - plus
Belgium, the Netherlands, Sweden and also Switzerland.
Sources who attended the G-10 conference this morning said
the reference to the latest G-7 agreement was especially added
to the brief communique because currency stability will benefit
all the G-10 members.
The G-10 met briefly before the International Monetary Fund
Interim Committee meeting scheduled for today.
.
Reuter
|
CREDIT NATIONAL ISSUES BILLION FRANC CONVERTIBLE | Credit National is issuing a one billion
franc convertible bond issue in two tranches both paying 8.50
pct and in 5,000 franc units, lead managers Caisse Nationale de
Credit Agricole, Union de Garantie et de Placement and Morgan
et Cie said.
Both tranches will be redeemable at the end of their lives
and both have a payment date of April 27.
One seven year tranche will be priced at 99.94 pct. Each
bond will be convertible on a one-for-one basis for a 8-1/2
year, 8.50 pct bond priced at 98.76 pct, redeemable at the end
of its life.
This bond will pay a first coupon of 4.25 pct on April 27
next year and the payment date will be October 27, 1987.
A 13-year tranche, priced at 97.74 pct, will also be
convertible until October 10, 1987 on a one for one basis for a
8.50 pct, 10-1/2 year year bond priced at 98.08 pct.
This bond will pay a first coupon of 212.50 francs on
October 27 next year and the payment date will be October 27
this year.
REUTER
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CANAM MANAC WINS 8.5 MLN DLR CONTRACT | (The Canam Manac Group Inc) said its
Canam Steel Works unit received a contract valued at 8.5 mln
dlrs to supply steel trusses to (Canron Inc) for a new car
plant in Ingersoll, Ontario.
Canam Manac said it will produce the trusses at its Quebec
and Ontario plants and delivery will be completed by August.
Reuter
|
SPOT TIN EASIER ON EUROPEAN FREE MARKET | Spot tin on the European free market was
indicated in the easier range 4,200 to 4,230 stg per tonne, for
high grade metal in warehouse Rotterdam, down 20 stg from
yesterday's afternoon kerb close.
Stability in sterling versus the dollar continued to apply
pressure to a market which is coming close to testing a
psychological chart support base at 4,200 stg, traders said.
Dealers said major consumers still need to cover their May
and June requirements but are holding out for even lower
offers. Reported high grade tin business in London was confined
to end April metal at 4,225 stg.
Small-scale spot business was reported by West German
operators at 12.60 and 12.63 marks per kilo although the market
was still being undercut by Chinese material, which traded at
one stage down to 12.54 marks per kilo, traders said.
REUTER
|
DOLLAR ENDS LOWER IN LACKLUSTRE FRANKFURT | The dollar drifted down to end one
pfennig lower after a lacklustre session, held in limits by the
lack of concrete news from the Group of Seven meeting and
comments on the edge of the Washington IMF/World Bank meeting.
Dealers said the communique early in the European morning
from the G-7 meeting contained no significant new factors and
although the dollar dipped it generally resisted further
attempts to push it lower through the day.
The U.S. Currency ended at 1.8270/80 marks, below
yesterday's last 1.8365/75.
Koch said the assessment of the dollar's direction was
based on a global view, with operators paying most attention to
comments by finance officials to see how closely they stated
adherence to international agreements such as those set at the
Plaza Hotel in 1985 and in Paris on February 22.
Koch described the wording of the communique from the G-7
as "soft as wax."
Bundebank vice-president Helmut Schlesinger told Reuters in
a telephone interview that the German central bank sees no
current reason to change monetary course at present.
Schlesinger was responding to questions following remarks
yesterday by Bundesbank board member Claus Koehler and West
Berlin state central bank president Dieter Hiss, which dealers
said revived some speculation that German interest rate cuts
may be under consideration.
German call money was slightly softer today, at around 3.70
pct after 3.80 yesterday.
Some dealers said rates on new liquidity injections added
via Bundesbank securities repurchase agreements may be cut next
week. Hopes of a cut were dashed on Tuesday with an allocation
at an unchanged 3.80 pct.
But speaking of the pact tender rate next week, Schlesinger
said, "since the central bank council gives its opinion on this
theme only every 14 days, this is hardly probable."
Euromark rates scarcely responded to the central bankers
comments, with six months funds ending unaltered at around
3-7/8 pct. Eurodollars for the same maturity rose a fractional
1/16 pct from yesterday to around 6-11/16 pct.
Sterling dipped to end at 2.952/956 marks after 2.960/965
last night. The Swiss franc firmed slightly to 120.30/45 marks
per 100 from 120.25/40, with the yen soaring however to
1.2570/90 marks per 100 from 1.2515/35 yesterday.
EMS currencies saw the French franc end unchanged from last
night at 30.03/06 marks per 100, with the Belgian franc easing
however to 4.829/831 marks per 100 from 4.831/833.
REUTER
|
CONSOLIDATED PAPERS INC <CPER> 1ST QTR NET | Shr 1.01 dlrs vs 1.08 dlrs
Net 21,983,000 vs 23,434,000
Sales 174.9 mln vs 161.7 mln
Reuter
|
GANDALF <GANDF> IN PACT WITH APPAREL COMPUTER | Gandalf Technologies Inc said its
Redifacts division and Apparel Computer Systems Inc of Concord,
Calif., started a joint marketing effort in industrial data
collection and dissemination.
Financial terms of the agreement were not disclosed.
Gandalf said the companies will link software products to
develop an on-line, real-time payroll information system for
apparel production factories.
Reuter
|
K MART <KM> OPENS BANK BRANCHES IN STORES | K Mart Corp said it was opening
branch offices of <First Nationwide Bank> in 21 of its stores
in Florida.
The company said this brings to 57 the number of bank
branch, which are part of the Nationwide Network, an alliance
of 40 independent locally managed financial institutions,
locations in Florida.
Reuter
|
HUMANA <HUM> TO SELL MEDICAL OFFICES | Humana Inc said it has agreed in
principle to sell 68 MedFirst primary medical care facilities
to <Primedical Corp> for undisclosed terms, with transfers
taking place over the next four months.
It said it retains 37 MedFirst offices, mostly in the
Chicago area.
The transaction is not expected to have any impact on
earnings, Humana said.
Reuter
|
MOODY'S MAY DOWNGRADE AMERICAN HEALTHCARE <AHI> | Moody's Investors Service Inc said it
may downgrade American Healthcare Management Inc's 80 mln dlrs
of 15 pct subordinated notes.
Moody's review will focus on prospects for the company's
operating earnings in view of moderately disappointing results
in 1986, an increasingly difficult industry environment and the
possible loss later this year of income from one of American
Healthcare's most profitable hospitals.
The agency said American was unable to renew that
hospital's lease. Moody's will also study the likelihood of
American Healthcare reducing debt service requirements.
Reuter
|
MORGAN, OLMSTEAD, KENNEDY <MOKG> NAMES PRES | Morgan, Olmstead, Kennedy and
Gardner Capital Corp said Michael Fusco has been named
president of its securities brokerage and investment banking
firm, Morgan, Olmstead, Kennedy and Gardner Inc.
Fusco formerly was executive vice president of PaineWebber
Inc.
He replaces G. Bryan Herrmann, who will retain his title of
president of the parent group, and assume the title of vice
chairman of the parent, the company said.
Reuter
|
MET-COIL SYSTEMS CORP<METS> 3RD QTR FEB 28 NET | Shr seven cts vs nine cts
Net 168,000 vs 206,000
Sales 15.3 mln vs 10.9 mln
Nine mths
Shr 10 cts vs 38 cts
Net 228,000 vs 649,000
Sales 35.8 mln vs 32.5 mln
Qtly div three cts vs three cts prior
Pay April 30
Record April 20
Reuter
|
FOOD-N-FUEL REGISTERS PARTNERSHIP UNIT OFFERING | Food-N-Fuel Partners L.P. said it
filed a registration statement with the Securities and Exchange
Commission covering a planned initial offering of 2,575,000
Class A Units of limited partnership interest.
The partnership said the units are expected to be offered
at 13 to 15 dlrs each next month by underwriters managed by
Donaldson Lufkin and Jenrette, Rotan Mosle Inc, Lovett Mitchell
Webb and Garrison Inc and Southwest Securities Inc.
Food-N-Fuel said it will use the proceeds and 1,925,000
Class B Units to acquire convenience stores, self-service
gasoline outlets and truck stocks, primarily in small
communities in the Southwestern and Southern United States,
which the partnership will manage.
Reuter
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FORD RAISES QTLY PAYOUT 10 CTS/SHR TO 75 CTS
| |
RANGER <RGO> SETS TERMS OF EUROBOND OFFER | Ranger Oil Ltd said its
previously reported public 75 mln U.S. convertible debenture to
be placed in the European market would mature April 28, 2002,
bear yearly interest of 6-1/2 pct and have a six U.S. dlr a
share conversion price.
Lead managers are Credit Suisse First Boston Ltd and
Cazenove and Co.
Reuter
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LAWSON SEES NO CHANGE IN U.K. MONETARY POLICY | British Chancellor of the Exchequer
Nigel Lawson said he saw no immediate implications for British
monetary policy arising from the Group of Seven meeting
yesterday.
"Exchange rate stability is in the U.K.'s interest," he told
journalists.
Asked what it meant for U.K. monetary policy, he said, "No,
I do not think there are any immediate implications."
Reuter
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FORD MOTOR CO <F> RAISES QTLY PAYOUT | Qtly div 75 cts vs 65 cts prior
Pay June one
Record May one
Reuter
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STANDARD ELEKTRIK ISSUES AUSTRALIAN DLR EUROBOND | Standard Elektrik Lorenz Finanz BV is
issuing a 40 mln Australian dlr eurobond due May 11, 1990
paying 14-1/4 pct and priced at 101-1/2 pct, lead manager
Credit Suisse First Boston Ltd said. It is guaranteed by
Standard Elektrik Lorenz AG.
The non-callable bond is available in denominations of
1,000 and 5,000 Australian dlrs and will be listed in
Luxembourg. The selling concession is one pct while management
and underwriting combined pays 1/2 pct.
The payment date is May 11.
REUTER
|
TALKING POINT/STEEL COMPANIES | Steel stocks, which have had a healthy
runup recently, still present some short term investment
opportunities, according to some steel analysts.
But others say the upturn, based on strong orders and firm
prices this spring, has been strictly seasonal and will end
soon. They recommend taking profits.
"It's that time of year. This is strictly seasonal," said
Charles Bradford of Merrill Lynch and Co. "Orders will be
strong for about two months, and there are signs that some
(order rates) are starting to dive already."
But Dean Witter Reynolds Inc analyst Clarence Morrison sees
some short-term potential in the group, which includes USX Corp
<X>, Bethlehem Steel Corp <BS>, Armco Inc <AS> and Inland Steel
Industries Inc <IAD>.
"There is still some attractiveness to steels over the
short- to intermediate-term based on improved order rates and
rising prices," Morrison said. He only recommends one stock,
however, Inland, which is modernizing steelmaking operations to
make them more efficient.
Despite his bearishness, Merrill's Bradford continues to
recommend Armco, which he sees as a major turnaround.
Armco's steelmaking operations are profitable, the balance
sheet has been improved, and its oilfield equipment business
has been slimmed and put in a joint venture with USX, Bradford
noted. "It's not a high-quality investment situation yet but
they've come a long way," he said.
"We think the stock will do moderately better than the
market," he said. Armco shares, trading off 1/4 at 10 today,
could go to 12, and possibly as high as 15, he said.
Bradford sees Armco earning 50 to 75 cts a share in 1987,
before special gains from recouped investment tax credits,
against losses last year.
Armco's 1988 earnings could be significantly higher, he
said.
Bradford is recommending sale of USX shares. "We had a buy
on it below 20 but when it gets to 28, let somebody else have
it," he said.
The steel and energy concern will earn about one dlr a
share in 1987, about half of that coming from asset sales, and
from two dlrs to 2.50 dlrs in 1988, Bradford said. "But a lot
depends on oil prices," he added. About 60 pct of USX's sales
come from oil and natural gas.
Other analysts, including Michelle Galanter Applebaum of
Salomon Brothers Inc, recommend USX. "The company's done a lot
(of restructuring), more than the market's given them credit
for," she said.
She sees the stock going to the mid 30s or higher. USX was
trading up 1/8 at 28-1/2. She predicts USX will earn 18 cts a
share this year and 2.73 dlrs next year against large losses in
1986.
Applebaum, who is also positive on Armco and Inland, has
been recommending the stocks since last November.
Peter Marcus of Painewebber Inc is neutral on the group
although he said the earnings outlook is improved through the
third quarter.
But he sees potential trouble beyond then. "I think (steel)
prices on a bookings basis will start to drop by the summer,"
he said.
Applebaum of Salomon Brothers also sees some seasonal
dropoff later in the year. "But there are more positives than
negatives," she said, citing reduced capacity in the domestic
industry, better prices, and a weaker dollar, which should
cause steel imports to drop off slightly from last year.
Reuter
|
DEKALB CORP <DKLBB> 2ND QTR FEB 28 NET | Shr 20 cts vs 14 cts
Net 2.4 mln vs 1.7 mln
Revs 136.7 mln vs 174.4 mln
Six Mths
SDhr 72 cts vs 82 cts
Net 8.6 mln vs 9.9 mln
Revs 212.5 mln vs 268.8 mln
Reuter
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ABBOTT <ABT> SEES GAINS FROM WEAKER DOLLAR | Abbott Laboratories Inc said
its 1987 first quarter record results reflected continued
productivity improvement, higher volume, better product mix and
a weaker U.S. dollar.
Abbott reported 1987 first quarter earnings rose to a
record 142 mln dlrs or 62 cts a share on record sales of one
billion dlrs.
Research and development expenses, most of which was
applied to diagnostic and pharmaceutical products, increased by
23 pct to 78 mln dlrs, it said.
Sales of pharmaceutical and nutritional products were 548
mln dlrs in the first quarter, up 17.6 pct over a year ago,
Abbott said. Hospital and laboratory product sales in the first
quarter rose 14.1 pct to 456 mln dlrs, it said.
First quarter sales in domestic markets advanced 11.5 pct
to 688 mln dlrs while international sales jumped 27.1 pct to
316 mln dlrs, Abbott said.
Reuter
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EASTERN DISTRIBUTIVE BEEF TRADE WEEKLY - USDA | Demand good for moderate
supplies of most beef cuts, However, limited interest noted for
tenderloins/flank steaks. Yield grade 2-3 beef cuts, fabricated
items, vacuum packed.
LBS CHOICE
ROUND CUTS -steady/up 11.00
160 round, part bnls 50-85 few 137
161 round, bnls 42-80 few 147
161 diamond cut 49-85 few 149
167 knuckle 8-15 few 148
167a knuckle, peeled 8-15 few 163
168 top inside round 14-26 165-175
170 bottom gooseneck rnd 18-33 131-135
More
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BRAZIL COTTON CROP LOWER -- USDA REPORT | Brazil's 1986/87 cotton crop estimate
has been reduced to 710,000 from 735,000 tonnes (lint basis),
the U.S. Agriculture Department's officer in Sao Paulo said in
a field report.
The report, dated April 7, said the reduction is based on
an expected smaller harvest in the center-south region.
The center-south crop is now estimated at 550,000 tonnes --
25,000 tonnes below the previous estimate.
Hot, dry weather during part of January and excessive rains
in some areas in February reduced yield prospects and may have
affected quality, the report said.
Nearly 60 pct of the crop has been harvested in Parana and
slightly less in Sao Paulo, it said. Cotton entering gins is of
fairly good quality, according to trade sources, it said.
Reuter
|
US SPRINT COMPLETES SECOND FIBER OPTIC ROUTE | US Sprint, a joint venture of
GTE Corp <GTE> and United Telecommunications Inc <UT>, said its
second transcontinental fiber-optic route now is fully
operational.
"The cable placement was completed in mid-March abd
commercial traffic began moving on the route April 1," Charles
Skibo, US Sprint president, said.
The new Southern route network runs from Los Angeles to
Fairfax, S.C., US Sprint said, adding it plans a third route in
the North from New York to Seattle.
US Sprint completed its first route, known as the Central
route, in October 1986.
The company also said its customer base now exceeds five
mln customers. When it was formed in June 1986 it had 2.7 mln
customers, US Sprint said.
Reuter
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COMBUSTION ENGINEERING <CSP> IN PUBLIC OFFERING | Combustion Engineering Inc said it will
offer four mln shares of its common stock at 33.75 dlrs per
share.
It said the U.S. offering will be underwritten by Salomon
Brothers Inc, The First Boston Corp and Goldman Sachs and Co
Inc. The underwriters have been granted an option to purchase
up to an additional 600,000 shares to cover over-allotments.
Concurrent with this offering, 500,000 shares of common
stock are being sold at the same price in Europe.
Proceeds of the sales will be used to repay short-term debt
incurred to finance the acquisition of AccuRay Corp in January
1987 and certain associated costs, the company said.
Reuter
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TREASURY'S BAKER SAYS TRADE, CURRENT ACCOUNT IMBALANCES "SIMPLY NOT SUSTAINABLE"
| |
FIRST INTERSTATE BANCORP SETS FRANCHISE AGREEMENTS WITH BANKS IN LOUISIANA, WASHINGTON, D.C.
| |
EC AUTHORISES EXPORT 55,000 TONNES MAIZE, MAXIMUM REBATE 130 ECUS/TONNE - TRADE SOURCES.
| |
EC AUTHORISES EXPORT 65,000 TONNES BARLEY, MAXIMUM REBATE 138.75 ECUS - BRUSSELS TRADE
| |
IRAN SAYS IT OPENS NEW OFFENSIVE NORTH OF BAGHDAD | Iran said it launched a fresh offensive
today north of Baghdad, three days after it began a new thrust
against Iraq on the southern Gulf war front.
The Iranian news agency IRNA, received in London, said the
offensive began before dawn northeast of Qasr-e-Shirin, on the
border 110 miles northeast of the Iraqi capital.
"Heavy casualties and losses have been inflicted on Iraqi
forces in the fresh Iranian assault," IRNA said.
Iran today reported major gains on the southern front near
the major Iraqi port city of Basra, saying its forces had
captured an important defensive line.
REUTER
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RJR NABISCO FIRST QUARTER NET TO INCLUDE 208 MLN DLR GAIN, 209 MLN DLR CHARGE
| |
BERLINER BANK ISSUES 50 MLN AUSTRALIAN DLR BOND | Berliner Bank AG Berlin is issuing a 50
mln Australian dlr eurobond due November 13, 1990 paying 14-1/4
pct and priced at 101-1/2 pct, lead manager Banque Paribas
Capital Markets said.
The non-callable bond is available in denominations of
1,000 Australian dlrs and will be listed in Luxembourg. The
selling concession is one pct while management and underwriting
combined pays 5/8 pct.
The payment date is May 13 and there will be a long first
coupon period.
REUTER
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BRAZIL COCOA EXPORTERS UNLIKELY TO LIMIT SALES | Brazilian cocoa exporters are not
likely to follow the example of Cocoa Producers Alliance, CPA,
members, who may limit sales of the product in an effort to
boost world prices, trade sources said.
They said a similar procedure was taken in the past in
Brazil and that it did not work out according to plans.
"The cocoa market is completely free. Unlike coffee, which
is controlled through export registrations, cocoa exporters in
Brazil operate at their own free will," a trade source said.
The traders were responding to questions whether they would
follow the example of CPA members meeting in Yaounde.
The sources said the Banco do Brasil's Foreign Trade
Department, CACEX, never interferes in the cocoa market by
rejecting sales that do not meet certain price or shipment
criteria.
"The position of local producers is always to negotiate as
they please. If they buy for ten and sell for eleven and think
it's a good deal, they are free to go ahead," one source added.
Reuter
|
U.S. HOUSE OF REPRESENTATIVES DEFEATS REAGAN'S 1988 BUDGET
| |
HEALTH/REHABILITATION <HRP> SETS FIRST PAYOUT | Health and Rehabilitation
Properties Trust said its board declared an initial dividend of
55 cts, including 50 cts for the first quarter just ended and
five cts from its initial operating period that began December
23.
The dividend is payable May 30, record April 20.
Reuter
|
U.S. TREASURY'S BAKER SAYS RATE SHIFTS ORDERLY | Treasury Secretary James Baker said
that changes in exchange rates have generally been orderly and
have improved the prospects for a reduction in external
imbalances to more sustainable levels.
In remarks before the IMF's policy-making Interim
Committee, Baker reiterated a Group of Seven statement last
night that the substantial exchange rate changes since the
Plaza agreement 18 months ago have "now brought currencies
within ranges broadly consistent with economic fundamentals."
Baker said, "These exchange rate shifts have generally been
orderly, and have improved prospects for the reduction of
external imbalances to more sustainable levels."
As they are today, the trade and current account imbalances
"simply are not sustainable," Baker told the ministers.
He said that the Reagan administration was resisting "strong
domestic pressure" for trade protection and was working closely
with the U.S. Congress in crafting a trade bill.
"While we cannot yet be sure of the outcome, we are doing
what we can to ensure that the bill is not protectionist," he
said.
Baker also urged the International Monetary Fund's
executive board to review possible modifications to the Fund's
compensatory financing facility before the annual meeting this
fall.
"We should pay particular attention to the lack of
continuing conditionality associated with the use of the CFF
and to whether shortfalls in export earnings are indeed
temporary," he said.
Reuter
|
DATA ARCHITECTS <DRCH> TO TRADE ON AMEX | The American Stock Exchange said Data
Architects Inc common will begin trading on the exchange
tomorrow under the symbol <DAI>.
REUTER^M
|
IRAN SAYS IT OPENS NEW OFFENSIVE NORTH OF BAGHDAD | Iran said it launched a fresh offensive
today north of Baghdad, three days after it began a new thrust
against Iraq on the southern Gulf war front.
The Iranian news agency IRNA, received in London, said the
offensive began before dawn northeast of Qasr-e-Shirin, on the
border 110 miles northeast of the Iraqi capital.
"Heavy casualties and losses have been inflicted on Iraqi
forces in the fresh Iranian assault," IRNA said.
Iran today reported major gains on the southern front near
the major Iraqi port city of Basra, saying its forces had
captured an important defensive line.
Iraq said today it repelled an Iranian assault near its
southern port of Basra last night, inflicting thousands of
casualties on the attackers.
An Iraqi field commander told a correspondent of the
official Iraqi news agency INA that four Iranian divisions were
destroyed in the fighting. He said "Our forces are still engaged
in repelling the enemy offensive, inflicting on them intensive
losses, but (they are) in full control of the situation."
A Baghdad war communique last night said Iraq had foiled a
three-pronged thrust some 10 km from Basra while admitting Iran
had occupied some fresh territory.
REUTER
|
CONSECO <CNC> FILES TO OFFER SHARES | Conseco Inc said it has filed to
offer two mln common shares through underwriters led by Sears,
Roebuck and Co Inc's <S> Dean Witter Reynolds unit.
It said the offering is expected to be made in early May,
with proceeds to be used to partly finance the proposed 275 mln
dlr acquisition of Western National Life Insurance Co or to
repay bank debt if the acquisition is not completed.
Reuter
|
COMAIR <COMR> MARCH LOAD FACTOR FALLS | Comair Inc said March load factor
fell to 36.6 pct from 39.8 pct a year earlier.
The company said revenue passenger miles rose 9.0 pct to
12.4 mln from 11.3 mln and available seat miles rose 18.5 pct
to 33.8 mln from 28.5 mln.
For the year to date, Comair said load factor fell to 36.3
pct to 40.3 pct a year before, as revenue passenger miles rose
3.8 pct to 131.4 mln from 126.6 mln and available seat miles
rose 15.3 pct to 362.3 mln from 314.3 mln.
Reuter
|
U.S. HOUSE DEFEATS REAGAN'S 1988 BUDGET | The Democratic-run House of
Representatives defeated on a 394 to 27 vote President Reagan's
1988 budget and planned to vote later on one written by House
Budget Committee Democrats.
The defeat was expected. Republicans as well as Democrats
abandoned Reagan's budget for containing what they said were
unrealistic assumptions.
Democratic leaders said they expected to pass the
committee's budget after considering two other alternatives,
but committee sources said the voting could be close.
Reuter
|
TOTH ALUMINUM <TOTH> SHARE OFFERING UNDER WAY | Toth Aluminum Corp said an offering
of 2,500,000 common shares is under way at 1.875 dlrs each.
It said another 5,993,577 shares are issuable on the
exercise of outstanding options.
Reuter
|
VARITY <VAT> CAPITAL RESTATEMENT APPROVED | <Varity Corp> said shareholders approved
a previously reported proposal to transfer 137.5 mln U.S. dlrs
to the contributed surplus account on the company's balance
sheet from the stated capital account for common shares.
The company said the move would allow it to meet Canadian
government tests related to dividend payments.
Reuter
|
TIME <TL> TO SELL PART OF UNIT | Time Inc said its Time-Life Video Inc
subsidiary has agreed in principle to sell its institutional
training business to Time-Life Video president William V.
Ambrose for undisclosed terms.
It said the business will operate as Ambrose Video
Publishing.
Reuter
|
TORONTO DOMINION AUSTRALIA DOLLAR BOND INCREASED | Toronto Dominion Bank, Nassau Branch, has
increased its eurobond offering to 50 mln Australian dlrs from
40 mln, lead manager Hambros Bank Ltd said.
All other terms remain the same.
REUTER
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SPRINKEL SAYS TAX HIKE WOULD NOT REDUCE DEFICIT | Council of Economic Advisers chairman
Beryl Sprinkel said the Reagan Administration remains strongly
opposed to a tax increase, including 18 billion dlrs of new
revenues in the budget plan by Congressional Democrats.
"We believe that significant increases in taxes would not
reduce deficits and could have adverse effects on growth,"
Sprinkel told the House Rules Committee.
He said the Administration wanted to continue its policy of
gradually reducing deficits through restraining government
spending and promoting economic growth. Sprinkel said cutting
the budget deficit was the best way to lower the trade deficit.
Reuter
|
ROYAL BUSINESS GROUP INC <ROY> 2ND QTR MARCH ONE | Shr 49 cts vs five cts
Shr diluted 45 cts vs five cts
Net 651,000 vs 95,000
Revs not given
1st half
Shr 57 cts vs one ct
Shr diluted 53 cts vs one ct
Net 781,000 vs 56,000
Revs not given
NOTE: Current year net both periods includes gain 873,000
dlrs from repurchase of securities.
Results exclude Business Forms Division, which is to be
sold.
Reuter
|
<MSE CABLE SYSTEMS INC> 4TH QTR NET | Shr nil vs nil
Net 18,534 vcs 27,431
Revs 270,032 vs 188,326
Avg shrs 6,598,871 vs 6,090,576
Year
Shr nil vs nil
Net 47,299 vs 21,570
Revs 1,004,392 vs 677,909
Avg shrs 6,618,063 vs 5,931,324
NOTE: Share adjusted for one-for-11 reverse split.
Reuter
|
RULE INDUSTRIES INC <RULE> 2ND QTR FEB 28 NET | Shr 17 cts vs 10 cts
Net 408,000 vs 237,000
Revs 8,863,000 vs 6,738,000
1st half
Shr 27 cts vs 15 cts
Net 647,000 vs 356,000
Revs 17.2 mln vs 12.5 mln
Reuter
|
CARSON PIRIE SCOTT AND CO <CRN> MARCH SALES UP | Carson Pirie Scott and Co said its March
retail sales increased 8.2 pct to 70.6 mln dlrs from 65.3 mln
dlrs a year ago.
It said cumulative sales gained 13.2 pct to 125.0 mln dlrs
from 110.4 mln dlrs in the same 1986 period.
Reuter
|
JAPAN CRITICISED FOR "DUMPING" OF BANK SERVICES | Japan, which has been accused of dumping
everything from steel to computer microchips on world markets,
is now under attack for alleged cutthroat selling of a product
of a different sort -- banking services.
At meetings here this week, Bank of England officials
pressed their Japanese counterparts to change regulations that
foreign bankers say give their Japanese rivals an unfair
advantage in world financial markets.
The technical banking talks coincided with, but were
separate from, discussions between Japanese officials and
British corporate affairs minister Michael Howard, who left
Tokyo yesterday for South Korea.
At the crux of the talks was the way regulators in various
countries measure bank capital and how much capital banks must
put up to back up their loans.
It is generally agreed that shareholders' equity forms the
bulwark of bank capital but there is disagreement about what
else should be included.
Some foreign bankers contend that their Japanese rivals can
undercut them on loans and other banking services because
Tokyo's capital regulations are easier to meet.
The Japanese banks have an unfair advantage, Paul Hofer,
head of the Foreign Bankers Association of Japan, told Reuters.
Sumitomo Bank Ltd chief economist Masahiko Koido said, "They
see us as very aggressive. We say we are just trying to catch
up with them."
Earlier this year, the United States and Britain agreed to
adopt common regulations requiring banks to put up capital
equivalent to at least six pct of total assets. The two
countries urged others to follow suit, notably Japan.
But Japanese Finance Ministry officials held out little
hope that would happen soon as they just introduced new
regulations governing capital ratios last May.
Under those regulations, banks have until 1990 to attain a
capital ratio of four pct. But, in tacit recognition of
overseas pressure, the ministry set a six pct target for
Japanese banks with overseas branches.
But foreign bankers say the rub was that it allowed Japan's
banks to count 70 pct of the value of their massive holdings of
Japanese shares - their so-called hidden reserves - as capital.
Without the shares, big Japanese banks would only have
capital ratios of around three pct. With them, their ratios are
well above six pct, especially after the recent record-breaking
climb of Tokyo share prices.
Western diplomats argue that the shares are valued far too
high by the ministry. Japanese banks would never be able to
realize anywhere near that amount if they were forced to sell
the shares to raise funds in an emergency, they say.
Finance Ministry officials defended their stance by saying
that studies of the stock market over the last 30 years show
that prices have rarely fallen below the 70 pct value level.
But the U.S. Federal Reserve seems to think otherwise.
Japanese officials say the Fed has effectively held up
applications for bank licenses by Japanese financial
institutions by asking them for a very detailed accounting of
their hidden reserves.
The officials say Japan recently raised the issue with the
Fed through its embassy in Washington and is hoping for talks
on the subject.
REUTER
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NEW JERSEY INVESTOR BUYS 5.2 PCT OF KINARK <KIN> | A New Jersey investor, Joseph
Falkenstein, told the Securities and Exchange Commission he
holds 5.2 pct of the shares of Kinark Corp.
He said he has no plans to change the company and that he
bought the shares because he believed the stock was undervalued
and would rise in the next six months.
reuter
|
HONEYWELL BULL SEEKING 400 MLN DLR FACILITY | <Honeywell Bull> is seeking a 400 mln dlr,
five-year multi option facility, arranger Banque Nationale de
Paris said.
The facility will be co-arranged by Morgan Guaranty and The
Industrial Bank of Japan Ltd.
The operation has an "evergreen" facility and can be extended
up to eight years, BNP said.
The facility will be made up of two components. The first "A"
part will consist of a maximum 400 mln dlrs with a maximum
spread of Libor plus 3/8 pct.
Component "B," to be unsecured, will be for a maximum of 200
mln dlrs with a maximum spread of Libor plus 5/8 pct for the
first three years, Libor plus 3/4 pct for the fourth to sixth
years and LIBOR plus 7/8 pct for the seventh year.
Honeywell Bull was recently created by Cie des Machines
Bull <BULP.PA>, <Honeywell Inc> and <NEC Corp> of Japan.
REUTER
|
NATIONAL DISTILLERS <DR> SEES SECOND QTR GAIN | National Distillers and Chemical Corp
expects to realize a second quarter after-tax gain of four dlrs
per share from the 545 mln dlr sale of its spirits business to
American Brands Inc <AMB>.
National Distillers' stock rose 1-1/8 to 65-1/2, after an
opening delay on the New York Stock exchange for an imbalance
of orders.
"I think the sales price was higher than most people
expected," said John Henry of E.F. Hutton Group.
A company spokeswoman said the four dlr per share gain will
be included in second quarter net, which compares with 31 cts
per share last year, including the spirits and wine business
"They netted over 700 mln dlrs for spirits and wine. That
will ease their interest cost burden," said Henry.
National Distillers sold its wine business last month to
Grand Metropolitan PLC's Heublein Inc for 128 mln dlrs.
Henry said he had anticipated National Distillers would net
only 600 mln dlrs at the most from the sale of the two liquor
businesses.
Henry said the company recovered from the sales the cost of
buying Enron Chemicals in the fourth quarter last year.
National Distillers paid 570 mln dlrs cash for Enron and
assumed 34 mln dlrs in debt. National Distillers said at the
time it bought Enron it would sell the spirits and wine
businesses, moving more into the chemical area.
For 1986, two thirds of income were from chemicals and
propane. National Distillers earned, excluding the liquor
businesses, 2.21 dlrs per share for 1986. Income from
discontinued operations, including the liquor businesses, was
67 cts per share.
Reuter
|
WEATHER HURTS ITALIAN ORANGES - USDA REPORT | Unfavorable weather conditions during
the second week of March caused damage to oranges in the
Calabria region in southern Italy, the U.S. Agriculture
Department's officer in Rome said in a field report.
The report, dated April 3, said the region accounts for
about 22,000 hectares of the Italian orange crop or about 26
pct of total production.
However, orange production in the region for marketing year
1986/87 is forecast at 565,000 tonnes or 25 pct of the total
Italian orange crop, it said.
The report said trade contacts agree that about 15 pct of
the orange output in Calabria was damaged by frost.
Reuter
|
EC GRANTS FREE MARKET BARLEY, MAIZE EXPORTS | The European Commission authorised the
export of 65,000 tonnes of free market barley at today's tender
at a maximum rebate of 138.75 European currency units and
55,000 tonnes of French maize at 130 Ecus, grain traders here
said.
It rejected bids for breadmaking and feed wheat, they said.
Reuter
|
FED BUYING DOLLARS FOR YEN IN OPEN MARKET, NEW YORK DEALERS SAY
| |
LLOYD'S OFFERS CASH IN BID TO END PCW AFFAIR | Lloyd's of London has offered to meet
part of the 235 mln stg in claims that investors in PCW
Underwriting Agencies face due to fraud and mismanagement,
chairman Peter Miller said at a press conference.
Miller urged 3,000 PCW members to accept the offer so that
the five-year-old affair could be closed.
The members have until May 30 to accept the offer,
involving a 103 mln stg payment by Lloyd's and some of Lloyd's
underwriters in exchange for a 34 mln stg contribution from PCW
members, he said.
Miller said that at end-1985, PCW syndicates had gross
liabilities of 680 mln stg.
To offset this, they had assets, including cash and
payments from reinsurance policies on some of the risks
underwritten by the syndicates, of 445 mln stg, leaving net
liabilities of 235 mln, he said.
The total sum on offer, including a 48 mln stg payment from
Lloyd's 311 mln stg contingency fund and 55 mln stg from
Lloyd's brokers who could otherwise face court cases for their
involvement in PCW, is designed to cover the full reinsurance
cost for those 235 mln stg of net liabilities, Miller said.
Under the offer, which requires 90 pct acceptance, Lloyd's
itself would take over all members' future obligations
connected with the PCW syndicates, Miller said. Members would
have to agree not to pursue the matter in court.
Miller said a rejection of the offer would probably lead to
protracted litigation in court which, even if succesful for
members, was unlikely to produce a better deal for them.
He added that acceptance would mean members could continue
underwriting in the Lloyd's market and qualify for tax relief
on the cash payments they would make towards the settlement.
Miller denied that PCW members would face bills of over
200,000 stg.
He said only 34 members would be asked to pay between
100,000 and 200,000 stg, and about 100 between 60,000 and
100,000 stg. Special arrangements would be sought for those who
accept the offer but are unable to pay.
Miller said the offer did not imply Lloyd's accepted
responsibility for the affair, uncovered in the late autumn of
1982 when "it became quite clear that (PCW agency founder) Peter
Cameron Webb and (his partner) Peter Dixon had perpetrated
theft upon members," he said.
Part of the sum involved was subsequently recovered and
repaid to members, but Cameron Webb and Dixon left the affairs
of PCW syndicates "in a state of chaos which led to a sharp
deterioration of their underwriting results," Miller said. Both
were fined by a Lloyd's disciplinary committee and expelled
from membership.
He said Lloyd's would continue to seek reparation in
British and U.S. Courts "with the utmost vigour ... To bring to
a close one of the most shameful episodes in the history of
Lloyd's," and was contemplating claiming the full amount of the
settlement now on offer from Cameron Webb and Dixon.
In a reaction, insurance brokerage Sedgwick Group Plc
<SDWK.L> said it supported Lloyd's proposals and had
contributed 10 mln stg towards the proposed settlement.
It said in a statement, "as largest broker in the Lloyd's
market, the company has an essential interest in maintaining
the reputation of the market. That reputation has been damaged
by problems at PCW and will continue to be so as long as they
remain unresolved." It had contributed to the proposed
settlement to avoid costs related to the defence of some of its
subsidiaries which had been named as potential defendants to
litigation by PCW members, it said.
Reuter
|
WASTE RECOVERY INC <WRII> 4TH QTR NET | Shr loss eight cts vs loss nine cts
Net loss 311,255 vs loss 157,941
Revs 546,069 vs 284,636
Avg shrs 3,790,235 vs 1,819,680
Year
Shr loss 27 cts vs loss 24 cts
Net loss 858,624 vs loss 399,385
Revs 1,491,518 vs 1,407,441
Avg shrs 3,175,157 vs 1,692,700
Reuter
|
BRANCH CORP <BNCH> 1ST QTR NET | Shr primary 99ct vs 82 cxts
Shr diluted 93 cts vs 78 cts
Net 7,784,000 vs 6,357,000
Assets 3.25 billion vs 2.74 billion
Deposits 2.58 billion vs 2.24 billion
Loans 2.20 billion vs 1.81 billion
Reuter
|
AMRO BANK PLANS 300 MLN GUILDER 6.75 PCT BONDS | Amsterdam-Rotterdam Bank NV <AMRO.AS>
said it plans to issue 300 mln 6.75 pct capital bonds due
1988/2007.
The bonds will be redeemable in 20 almost equal annual
instalments starting June 1, 1988.
Early redemption is not permitted, the bank said.
The issue price will be announced no later than Wednesday,
April 15. Subscriptions close on Thursday April 16 at 15.00 hrs
local time. The coupon and payment date is June 1.
The bonds will be listed on the Amsterdam Stock Exchange.
A spokesman for the bank said the capital bonds were
subordinated and had an average maturity of 10.5 years.
The bonds will be in denominations of 1,000 and 5,000
guilders.
REUTER
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KURZ-KASCH UPS STAKE IN COMPONENT TECH <CTEC> | Kurz-Kasch Inc, a Dayton thermoset
molding maker, told the Securities and Exchange Commission it
had increased its holdings in Component Technology Corp by two
pct, to 9.3 pct.
It said it bought the 39,000 shares of stock at 5.30-6.875
dlrs a share for investment purposes.
Reuter
|
FIRST INTERSTATE <I> SETS TWO FRANCHISE PACTS | First Interstate Bancorp said it
signed franchise agreements with banks in Louisiana and
Washington D.C.
The banks, Citizens Bank and Trust Co of Thibodaux,
Louisiana and National Enterprise Bank of Washington, will
change their names to First Interstate this summer.
Citizens Bank has assets of 267 mln dlrs in eight offices.
National Enterprise has 53 mln dlrs in assets in one office.
Under its franchise system, member banks offer a variety of
First Interstate financial services, but are not owned by First
Interstate.
First Interstate operates 24 banks in 12 states, but its
franchise operation extends the geographic area through its
affiliate banks to 19 states, plus the District of Columbia.
First Interstate, the nation's ninth largest bank, has 42
banks with 138 offices under its franchise system.
Today's move is its first into the east coast and southern
portion of the nation. Most of its other franchise system banks
are located in the western region.
First Interstate Chairman Joseph Pinola told Reuters in a
recent interview the lagging agricultural economy in the
Midwest continues to inhibit expansion into that region.
Reuter
|
DASSAULT OFFERS NEW PLANE TO DEFENCE MINISTRY | Avions Marcel Dassault-Breguet Aviation
<AVMD.PA> has offered the French Defence Ministry a new design
of its Rafale fighter which is lighter and less detectible by
radar, a company spokesman said today.
The new version would weigh between 8.5 and nine tonnes
unarmed against 9.5 tonnes for the existing Rafale-A
demonstrator which first flew last year, he said.
The Rafale-D design calls for special paints and materials
to absorb radar signals, as well as smoother contours and
electronic counter-measures.
Reuter
|
WALL ST. SCANDAL SAID TO REFLECT REAGAN ETHIC | A key U.S. lawmaker in the securities
field said the insider trading scandal gripping Wall Street
reflects the attitude of the Reagan administration.
"They don't ask the question, 'Is it right or is it wrong?'
They ask the question, 'Can you pull it off?'" Rep Edward Markey
(D-Mass) told a state securities administrators meeting here.
Markey, Chairman of the House telecommunications and
finance subcommittee which oversees U.S. securities markets,
said this ethic permeated Wall Street as well as the Reagan
administration.
He cited as examples a number of administration officials
tainted by charges of wrongdoing including ex-Reagan advisor
Michael Deaver, former national security aide John Poindexter
and former Environmental Protection Agency official Rita
Lavelle.
Some Wall Street critics have blamed the insider trading
scandal on the so-called "Yuppie mentality", in which young
professionals strive for financial reward and neglect social
values.
But Markey said the inspiration for this attitude came from
the administration.
Reuter
|
BRAZIL SOYBEAN YIELDS SEEN AVERAGE - USDA REPORT | Based on field travel in the
Brazilian state of Parana, soybean yields should be about
average or 2.0 to 2.2 tonnes per hectare, the U.S. Agriculture
Department's officer in Sao Paulo said in a field report.
The report, dated March 24, noted Parana accounts for about
20 to 24 pct of Brazil's total soybean crop.
It said generally favorable weather from early December
through February helped compensate for earlier dryness.
However, hot, dry weather during the past 20 to 30 days
followed by an unseasonably brief cold spell during the second
week of march has raised concern about late planted soybeans
which are still immature, but the impact may be localized, the
report said.
The corn crop is expected to be a record and will create
serious storage problems, the report said.
Due to favorable support prices, corn area increased by
more than 25 pct at the expense of soybeans, and yields are
expected to be above average, it said.
Due to late plantings only about 20 pct of the corn crop
crop has been harvested.
During the field trip long truck lines were noted at grain
elevators where preference is given to soybeans over corn, the
report said.
New crop wheat plantings are expected to decline -- Parana
accounts for about 60 pct of total production. Major reasons
for the decline are expected reduced government support price
and good summer crop harvests.
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COLOMBIA SECURES 1.95 BILLION DLRS OF DEBT | Colombia has secured total borrowings
this year for 1.95 billion dlrs, of which 1.40 billion
correspond to loans arranged before 1986, Director of Public
Credit Mauricio Cabrera said.
Cabrera said about half of the borrowings would come from
the World Bank and the Inter-American Development Bank.
He was speaking at a forum for industrialists upon his
return from London where he attended the signing of a 50 mln
dlr floating rate note, Colombia's first such offering on the
euromarket.
Cabrera reaffirmed that Colombia has no intention of
rescheduling its foreign debt, which he put at 14.35 billion
dlrs, of which 11.35 billion are from the public sector.
For the international banking community, Colombia continues
to be "the best house in spite of being in the worst
neighbourhood," he said.
He said debt servicing will remain a burden in 1987 and
will amount to 34.6 pct of total exports.
REUTER
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ZAYRE CORP <ZY> RAISES QUARTERLY | Qtly div 10 cts vs eight cts prior
Pay June Four
Record May 14
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FED SEEN BUYING DOLLARS FOR YEN IN OPEN MARKET | The Federal Reserve was detected buying
dollars for yen in the open market as the dollar fell to a
40-year low of 144.60 yen in nervous late morning trading,
currency dealers said.
They said the size of the intervention was relatively
modest so far but it was a clear indication that the U.S.
remained committed to the late February Paris currency
stabilization accord, which was reaffirmed in Washington last
night.
A Fed spokeswoman had no comment on the dealer reports.
The dollar hovered around 144.70 just before midday.
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MAY DEPARTMENT STORES MARCH SALES RISE 3.5 PCT
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RJR NABISCO <RJR> HAS OFFSETTING GAINS, CHARGES | RJR Nabisco Inc said its
1987 first quarter results will include an after-tax gain of
208 mln dlrs from the sale of Heublein Inc and offsetting
charges.
The company said its operations are performing well and in
line with expectations.
RJR Nabisco said the charges reflect reserves it
established to cover certain expenses.
RJR Nabisco said the expenses covered, on after-tax basis,
include --
-- 50 mln dlrs for the write-down of redundant equipment
and facilities resulting from modernization of its U.S. tobacco
operations,
-- 79 mln dlrs for continuing restruction of its food
subsidiaries, and
-- 80 mln dlrs in connection with the early retirement of
high coupon debt.
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BAYBANKS INC <BBNK> 1ST QTR NET | Oper shr 1.08 dlrs vs 96 cts
Oper shr diluted 1.02 dlrs vs 89 cts
Oper net 16.1 mln vs 12.8 mln
Avg shrs 14.9 mln vs 13.4 mln
Avg shrs 16.1 mln vs 14.8 mln
NOTE: 1987 net excludes gain 4,820,000 dlrs from cumulative
effect of change in calculating depreciation expense.
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U.S., BRITAIN BAR SANCTIONS AGAINST SOUTH AFRICA | The United States and Britain
served notice that they would block a move in the
U.N. Security Council to impose sanctions against South Africa
in a bid to end its rule of Namibia (South West Africa).
Their vetoes would repeat the joint action they took on
February 20 to bar selective sanctions against Pretoria over
its apartheid policy.
"Measures of this sort would be counterproductive, giving
South Africa the excuse to remain intransigent," John Birch, the
British delegate, said. Vernon Walters, the U.S.
representative, said Washington flatly opposed mandatory
sanctions.
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FRANCE'S BALLADUR SAYS TARGET ZONE NOTION NEARER | French Finance Minister Edouard
Balladur said that the financial community is closer to
arriving at a system of target zones for currencies despite the
fact that little is being said about them.
Speaking with reporters at the semiannual meetings of the
International Monetary Fund, Balladur said, "We are not very far
from the notion of target zones, even if we don't say so."
He told reporters that "our ideas are progressing," adding
that the finance ministers have been talking about more
cooperation on economic policies and on levels around which
currencies should stabilize.
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STUDENT LOAN MARKETING ASSOCIATION <SLM> 1ST QTR | Shr 95 cts vs 71 cts
Net 42.4 mln vs 34.5 mln
Assets 18.61 billion vs 15.66 billion
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FIRE AT TATE/LYLE LONDON JETTY HALTS UNLOADING | No raw sugar is being unloaded at Tate
and Lyles refinery at Silvertown on the River Thames following
a fire yesterday afternoon, Tate and Lyle Plc said.
The fire destroyed a large sector of the main conveyor from
the raw sugar jetty to the weighhouse.
The company said it is not yet known how long the jetty
will be out of use but it hoped that by tomorrow unloading of
the bulk carrier Mykon Wave will be able to continue using
temporary arrangements, Tate and Lyle said.
The Mykon Wave arrived in the port recently with about
18,300 tonnes of bulk sugar from Maputo in Swaziland. About
1,600 tonnes remain to be discharged.
Five other ships loaded with raw sugar are awaiting at
Silvertown to be discharged, Tate and Lyle added.
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MAY STORES <MA> MARCH SALES RISE 3.5 PCT | May Department Stores Co said sales
for March rose 3.5 pct to 885.4 mln dlrs from 855.2 mln dlrs
for the five-week period ended April 4.
It said a major factor in March was the absence of Easter
sales, which will be three weeks later this year than last
year.
For the first two months of fiscal 1987 sales were 1.52
billion dlrs, up eight pct from 1.40 billion dlrs a year ago.
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JP INDUSTRIES <JPI> CONFIRMS PROPOSAL | JP Industries Inc confirmed the
announcement by Clevite Industries Inc <CLEV> that JP
Industries has submitted a proposal to Clevite for the
acquisition of the company at 13.50 dlrs per share in cash.
John Psarouthakis, chairman and president of JP Industries,
said that the company hopes to promptly negotiate an agreement
with the special committee of Clevite's board.
In February, JP Industries said it purchased Clevite's
engine parts division.
JP Industries said it is not aware of any other reason for
activity in its stock.
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<SCI HOLDINGS INC> DISCUSSES JOINT VENTURE PACT | SCI Holdings Inc and its unit Storer
Communications Inc said they are negotiating with <The Gillet
Group> to create a new entity, jointly owned by SCI and Gillet,
to own and operate six of Storer's television stations, Storer
Television sales and Storer's Washington News Bureau.
SCI said the six stations involved include WAGA-TV,
Atlanta, WJW-TV, Cleveland, WJBK-TV, Detroit, and WITI-TV,
Milwaukee, all CBS Inc <CBS> affiliates, NBC affiliate KCST-TV,
San Diego and WSBK-TV, Boston, an independent station.
Reuter
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GENCORP <GY> EXTENDS SHAREHOLDER RIGHT PLAN | GenCorp Inc said its board extended
to April 13 the date the rights issued under the company's
shareholder rights plan will trade separately from the common
stock.
The company said the plan, originally adopted February 18,
has been extended several times since its adoption.
GenCorp said the rights plan makes it more difficult for an
outside company or person to takeover the company. The plan has
been extended indefinitely and to no person acquiring 20 pct or
more of the common stock prior to April 13, the company said.
The plan calls for the attachment of one preferred stock
purchase right to each common share outstanding.
On Monday, GenCorp announced it will buy up to 54 pct of its
own outstanding common shares for 130 dlrs per share. It said
details of the plan will be announced by the end of the week.
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