BIZWATCH : MARKETS.MARKET LOGIC: Completing a week of daily 100-point swings in the Dow industrials, stocks yo-yoed again Friday. The Dow closed up 33.47 at 7,687.72, but still had a loss of 108.79 for the week.MEMO FORECLOSURES DROP IN MAY: California home foreclosures dropped again in May, with current levels off their peak by a third in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County and off by half in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. and Orange counties, a real estate information service said. Meanwhile, prices continued to climb. Statewide, a total of 11,333 notices of default were recorded on residential property last month, down 13.6 percent from year-ago levels, said Acxiom/DataQuick Information Systems, a real estate information service. They dropped 19.7 percent in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, and 21.3 percent in the Bay Area, while they were up 16 percent in the Central Valley. The statewide median for a resale house was $186,000 in May, up 6.3 percent from a year ago, DataQuick reported. ?13- Daily News OTS See Office of Thrift Supervision. APPROVES GREAT WESTERN MERGER: Federal regulators have approved the merger of Washington Mutual “WaMu” redirects here. For the Washington, DC radio station, see WAMU. Washington Mutual (or WaMu; NYSE: WM) is the United States' largest savings and loan association. Inc. and Chatsworth-based Great Western Financial Corp., Washington Mutual said Friday. With approval from the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. , the $7.8 billion deal to create the nation's largest thrift needs only confirmation of approvals from state regulators, Washington Mutual said. The merger is expected to be completed Tuesday. ?13- Bloomberg News COUNTRYWIDE TAKES OVER FUNDS: Calabasas-based Countrywide Financial Countrywide Financial Corporation (NYSE: CFC) is a diversified financial marketing and service holding company engaged primarily in residential mortgage banking and related businesses. Services has agreed to reorganize the five Trans Adviser Funds operating out of Nashville, Tenn., into the Countrywide Family of Funds Family of Funds A group of mutual funds offered by one investment or fund company. Each mutual fund has different characteristics and can range depending on investment objective. Also referred to as a "Mutual Fund Family" or simply a "Fund Family". . If the reorganization is approved by shareholders of the Trans Adviser Funds, Countrywide will manage the fixed-income portfolios as well as oversee the investment role in conjunction with Mastrapasqua & Associates. ?13- Daily News MRV MRV minute respiratory volume. FILES FOR STOCK SALE: Chatsworth-based MRV Communications Inc. filed with the Securities and Exchange Commission for the sale of 2.55 million common shares. The stock sale will include 2 million shares that the company plans to sell and 550,000 shares that existing investors are going to offer. The number of MRV shares outstanding will increase 8.6 percent to 25.22 million. MRV, a manufacturer of high-speed network switching and fiber-optic transmission systems for data and telecommunications networks, said it will use its proceeds for general corporate purposes. ?13- Daily News EARNINGS Kaufman and Broad Home Corp. Los Angeles-based home builder May 2nd Qtr. 1997 1996 Sales $414.2 million $481.9 million Net Income (Loss) $10.7 million($98.5 million) Net Per Share 27 cents ($2.47) x The 1996 quarter included a $109.3 million in charges. Absent this, earnings per share would have totaled 27 cents. CAPTION(S): 2 Charts Chart: (1--Color) DOW INDUSTRIALS (2--Color) BIZ FACTS TOURING GERMANY Countries sending the highest number of tourists to Germany, 1995: Knight-Ridder Tribune Graphics Network |
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