BIZWATCH : MARKETS.MARKET LOGIC: The stock market stormed back toward record levels Tuesday, adding more than 150 points to 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. as investors quickly decided that Monday's tailspin tail·spin n. 1. The rapid descent of an aircraft in a steep, spiral spin. 2. Informal A loss of emotional control sometimes resulting in emotional collapse. was an overreaction o·ver·re·act intr.v. o·ver·re·act·ed, o·ver·re·act·ing, o·ver·re·acts To react with unnecessary or inappropriate force, emotional display, or violence. . The Dow rose 153.80 to 7,758.06, moving within 40 points of Friday's record mark and recouping most of Monday's 192-point tumble. MEMO PANAVISION BUYS COMPANY: Woodland Hills-based Panavision Inc. has acquired Louma L.A., a specialist in providing cranes and remote camera heads for filming, for an undisclosed price. Panavision, which makes and rents cameras for movies and TV, said the deal will expand its rental offerings, adding that the new business will operate under the name Panavision Remote Systems. The company, which earned $13.3 million on sales of $124 million last year, recently bought the film services unit of Visual Action Holdings plc for $61 million. ?13- Daily News CINERGI ASKS FOR BIDS ON PROJECTS: Cinergi Pictures Cinergi Pictures Entertainment Inc. was a small independent production company that was formed in 1992 by Andrew G. Vajna. Vajna had previously sold his interest in his first production company, Carolco International Pictures in 1989, which he had started with his partner Mario Entertainment Inc., in another step to liquidate its assets, announced it has told its financial adviser, Jefferson Capital Group Ltd., to solicit cash bids for its slate of approximately 20 wholly owned development projects. It has received an initial bid of $4.75 million from its chairman, Andrew G Andrew Jonas Günsberg (born 1974), popularly known as Andrew G, is an Australian television and radio presenter who is best known as the co-host of the reality series Australian Idol. He was also the compere of Network Ten's game show The Con Test. . Vajna, and said other bids will be required to be at least 15 percent higher. The company, which produced ``Evita,'' ``Nixon'' and ``The Scarlet Letter,'' reiterated its previous statement that it does not presently intend to commence production on any additional films. Cinergi stock rose 37.5 cents to $1.125. ?13- Daily News CLARK STRIKES DEAL WITH 3D SYSTEMS: Clark Estates Inc. recently acquired a 5.2 percent stake in Valencia-based 3D Systems Corp. The investor, based in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , acquired 594,272 common shares as an investment, according to a Schedule 13D Schedule 13D An form that must be filed with the SEC under Rule 13D when a person or group acquiring more than 5% of any class of a company's shares to disclose this information within 10 days of the transaction. filed Monday with the Securities and Exchange Commission. Clark Estates provides management and administrative services for accounts affiliated with the Clark family. A Clark Estates representative said the family started the Singer sewing machine business. 3D develops and manufactures stereolithography The first 3D printing technology, which was pioneered by Chuck Hull of 3D Systems. See 3D printing. apparatus that can be used to make parts for concept models and engineering prototypes. ?13- Bloomberg News MONEY CENTER WILL SELL LOANS: PacificAmerica Money Center Inc. in Woodland Hills will sell a minimum of $750 million in new loans over a three-year period beginning June 1 to Advanta Mortgage Conduit Inc. and Advanta Mortgage USA Inc., an expansion of their original agreement. PacificAmerica already has sold more than $315 million of loans to Advanta since December 1996, in excess of the original $200 million commitment. The Valley firm believes the sale will improve its net profit margins on loans sold for securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. . ?13- Daily News HUGHES SUES LOCKHEED: Hughes Space and Communications Inc. sued Lockheed Martin Corp. Tuesday for $300 million, claiming one of the company's affiliates broke its contract to launch satellites into orbit at a fixed price. The world's largest satellite manufacturer alleges it had a written contract with Lockheed-Khrunichev-Energia, a joint venture between Lockheed and two Russian space organizations. No one from Lockheed could be reached for comment. Hughes claims LKE LKE Seattle, WA, USA - Lake Union Sea Plane Base (Airport Code) broke its contract for the four launches by charging millions of dollars more than the contract price to pay for upgrades at the Russia launching facility. 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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