BIZWATCH : EARNINGS.MARKET LOGIC: Wall Street's celebration of the federal budget deal turned euphoric euphoric (ūfôr´ik), n a substance that produces an exaggerated sense of well-being. Wednesday Wednesday: see week. , propelling pro·pel tr.v. pro·pelled, pro·pel·ling, pro·pels To cause to move forward or onward. See Synonyms at push. [Middle English propellen, from Latin stocks further into record territory as bond-market interest rates sank to their lowest level in nearly 1-1/2 years. The Dow Jones industrial average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. rose 80.36 to 8,254.89, plowing past 8,200 just two weeks after its first close above 8,000. ACT SHARES FALL ON EARNINGS DROP: Shares of Camarillo-based ACT Networks Inc. fell 17 percent Wednesday after the maker of communications equipment said the day before that fiscal fourth-quarter earnings plunged because of missed orders and a troubled acquisition. ACT Networks shares closed down 2 11/16 at 11 11/16 on trading of 4.4 million, more than 10 times the three-month daily average of 329,900. ?13Bloomberg Bloomberg A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. News IHOP IHOP International House Of Pancakes (restaurant chain) iHOP Information Hyperlinked Over Proteins IHOP International House of Prayer IHOP International H2O Project IHOP International House of Pain REPORTS NET RECORD INCOME: IHOP Corp., the Glendale-based restaurant chain, reported a net income of $5 million (52 cents a share) on sales of $51.6 million for the second quarter ended June 30. A year ago, net income was $4.4 million (46 cents) on revenues of $44.5 million. In the first half of the year, IHOP opened 21 new restaurants out of 70 planned for 1997. ?13- Daily News COMPANY BUYS OLD LITTON PROPERTY: In a cash transaction valued at more than $7 million, The Lewis Company of Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. has purchased 16.2 acres from Van Nuys-based Litton Systems Inc. on the northeast corner of Strathern Street and Woodley Avenue. The Lewis Company will construct 356,000 square feet of industrial, warehouse and distribution space at the site, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the commercial real estate firm Julien J. Studley Inc., which negotiated the sale. The Lewis Company also has an option to purchase an additional 4.6 acres, where it will construct a 90,000-square-foot building, according to Studley. ?13Daily News ARAMARK UNIFORM GETS NEW PRESIDENT: Philadelphia-based Aramark Corp. has named Judith Rogala president of its Burbank subsidiary, Aramark Uniform Services. Aramark Uniform is the nation's largest uniform company. Rogala previously has served as a senior vice president at Federal Express and general manager of the Pacific Northwest area for Trans World Airlines Trans World Airlines, commonly known as TWA, was a major American airline company that was acquired by American Airlines in April 2001. For many years it was headquartered at the Kansas City Downtown Airport, as well as midtown Manhattan in New York City. . ?13Daily News Huntway Partners L.P. Newhall-based oil company June 2nd 4th Qtr. 1997 1996 Sales $23.7 million $26.1 million Net Income $59,000 $1.3 million Net Per Share Less than one-half cent 11 cents Amwest Insurance Group Inc. Woodland Hills-based insurance holding company June 2nd Qtr. 1997 1996 Premiums written $28.2 million $25.75 million Net Income $1.3 million Loss of $1.3 million Net Per Share 39 cents Loss of 39 cents |
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