BIZWATCH : MARKETS.MARKET LOGIC: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 just 12.77 Monday to 7,835.18 after advancing 58 points in the morning and drifting lower through the afternoon. Broader stock indicators posted wider gains, bolstered by the continued interest in smaller and midsize companies, which have lagged the blue chips for most of the year. MEMO T-BILL RATES FALL: Interest rates on short-term Treasury securities declined in Monday's auction. The Treasury Department sold $11.6 billion in three-month bills at an average discount rate of 5.01 percent, down from 5.07 percent last week. An additional $11.8 billion was sold in six-month bills at an average rate of 5.14 percent, down from 5.19 percent. ?13Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. ALLIED TO SELL SYLMAR UNIT: AlliedSignal Inc., a Morristown, N.J.-based manufacturer for the aerospace, automotive and chemical industries, has decided to sell its Sylmar unit, Ocean Systems. Declining military business prompted 76,600-employee AlliedSignal to seek a buyer for the 419-worker unit, maker of mine warfare The strategic, operational, and tactical use of mines and mine countermeasures. Mine warfare is divided into two basic subdivisions: the laying of mines to degrade the enemy's capabilities to wage land, air, and maritime warfare; and the countering of enemy-laid mines to permit friendly and other systems. PRICE FOR FREDERICK'S GOES UP: Frederick's of Hollywood Frederick's of Hollywood is a well known retailer of lingerie in the United States, with stores in many modern shopping malls across the USA. The business was started by Frederick Mellinger (inventor of the push-up bra) in 1946. Inc. announced Monday an investor group led by Chicago-based Knightsbridge Capital Corp will pay $7.75 per share, up 85 cents from the price originally offered for all of Frederick's Class A and Class B shares. Frederick's said it rejected an Aug. 27 unsolicited written offer from another investor group to acquire all of its Class A and Class B Capital Stock for $7.75 per share. TODD-AO, DISNEY TO OPEN STUDIO: Movie-sound specialist Todd-AO Corp. and entertainment giant Walt Disney Co. plan to open a joint dubbing and audio post-production studio in Germany with additional facilities planned for Italy, Spain and Asia. Todd-AO will manage technical and operational functions while Disney's Character Voices International unit will coordinate creative services. BLUE CROSS WINS UNION CONTRACT: Blue Cross of California said Monday that it has won a contract to provide managed care services to the United Food and Commercial Workers The United Food and Commercial Workers International Union is a labor union representing approximately 1.4 million workers in the United States and Canada in many industries, including agriculture, health care, meatpacking, poultry and food processing, manufacturing, textile and Union and Food Employers Benefit Fund of Southern California. The contract will include health coverage for 80,000 fund members and their dependents, Blue Cross officials said. Blue Cross is the California operating subsidiary of Woodland Hills-based Wellpoint Health Networks Inc. MINIMED ENTERS STRATEGIC ALLIANCE: MiniMed Inc., a Sylmar-based maker of insulin infusion pumps for diabetics, said Monday that it has entered a strategic alliance with North Carolina-based LRX LRX Large Reactor Critical Facility (Waltz Mill, PA) LRX Land Rover Experimental Pharmaceuticals Inc. to create a pump for treating people with pulmonary hypertension Pulmonary Hypertension Definition Pulmonary hypertension is a rare lung disorder characterized by increased pressure in the pulmonary artery. The pulmonary artery carries oxygen-poor blood from the lower chamber on the right side of the heart (right . LRX holds a patent on a medicine for treating the disease. ?13Daily News CAPTION(S): 2 Charts Chart: (1--color) DOW INDUSTRIALS (2--color) PIZ PIZ Patent Information Centre PIZ Public Information Zone FACTS Protection sight Knight-Ridder Tribune Graphics Network |
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