BIZWATCH : MARKETS.MARKET LOGIC: Stocks gyrated Friday, ending modestly higher amid conflicting interpretations of Alan Greenspan's remarks on inflation and interest rate policy. 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 32.91 to 7,169.53 after swinging from an early 60-point gain to a midday deficit of 42 points. MEMO DISNEY PAPERS SOLD: Knight-Ridder completed the previously announced acquisition of four newspapers for $1.65 billion from Walt Disney Noun 1. Walt Disney - United States film maker who pioneered animated cartoons and created such characters as Mickey Mouse and Donald Duck; founded Disneyland (1901-1966) Disney, Walter Elias Disney Co. The newspapers are The Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). Star, the Fort Worth and Arlington Star-Telegrams, the Belleville (Ill.) News-Democrat and The Times Leader in Wilkes-Barre, Pa. Disney acquired the papers as part of its purchase of Capital Cities/ABC two years ago. ?13- Daily News INCOMNET SHAREHOLDERS OUT OF LAWSUIT: Incomnet Inc., a telephone service provider, granted to about 20 shareholders the right to opt out of a class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax pending against the company and its former president. That means the shareholders can file their own lawsuit. Company officials declined to explain why it took this action. The class action case reached a preliminary settlement in April with Sam D. Schwartz, former president and chief executive who was charged with insider trading. He has been called to pay $600,000 in cash and $3.65 million in stock. ?13- Daily News FREMONT TO BUY INSURER: Glendale-based Fremont Compensation Group, one of the nation's largest workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. specialists, will acquire Citation National Insurance Co. of San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. in a deal valued at about $7.5 million. The deal is subject to regulatory approval and expected to close around midyear mid·year n. 1. The middle of the calendar or academic year. 2. a. An examination given in the middle of a school year. b. midyears A series of such examinations. . ?13- Daily News CHEROKEE SIGNS SOUTH KOREA DEAL: Cherokee Inc. of Van Nuys entered into a master licensing agreement with Kumkyung Co. Ltd. to develop the Cherokee brand in South Korea. Kumkyung is a retailer and apparel manufacturing company. ?13- Daily News EARNINGS Whiting Labs Inc. Mission Hills-based nutritional supplements Nutritional Supplements Definition Nutritional supplements include vitamins, minerals, herbs, meal supplements, sports nutrition products, natural food supplements, and other related products used to boost the nutritional content of the diet. developer and marketer March 1st Qtr. 1997 1996 Sales $658,518, $996,028 Net Income Loss of $625,290 Loss of $124,494 Net Per Share Loss of 22 cents Loss of 6 cents x The company said the loss was bigger than anticipated and was due to increased competition. Tejon Ranch Tejon Ranch Company is the largest private landowner in California. It was incorporated in 1936 to organise the ownership of a large tract of land originally comprised of four Mexican land grants, and began ranching in the 1840's. Co. Lebec-based company engaged in commercial real estate, farming, ranching, recreation, filming and mineral extraction activities Mar. 1st Qtr. 1997 1996 Sales $3 million $1.5 million Net Income (Loss) ($286,000) ($364,000) Earnings Per Share (2 cents) (3 cents) Growth in revenues is due to increases in livestock and farming revenues. The narrowing of the net loss is due to revenue gains, partially offset by increased livestock and general and administrative expenses. First-quarter results are not indicative of the full year, because of the seasonality of the company's agricultural business. CAPTION(S): 2 Charts Chart: (1--Color) DOW INDUSTRIALS (2--Color) BIZ FACTS ALTERNATIVE WORK STYLES Workers in alternative employment arrangements as a percent of total employment, 1995 Knight-Ridder Tribune Graphics Network |
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