BIZWATCH : MARKETS.MARKET LOGIC: The stock market steadied itself Friday after its scary plunge Thursday as most indexes reversed course. Still, investors hoping for a big rebound were disappointed for the second time this week. 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. fell 9.98 to 5,510.56, having recovered from a midday slide that threatened to give the blue-chip average its third loss of more than 50 points in six sessions. MEMO STREAMLOGIC CLOSES DEAL: StreamLogic Corp. in Chatsworth, a maker of video delivery, digital media storage and client/server data management solutions, has closed its purchase of FWB's Hammer hardware business. StreamLogic bought a minority interest in FWB (Fixed Wireless Broadband) See fixed wireless. for $5 million in cash, assumed debt and $7.5 million worth of stock. Both companies also entered into an agreement for FWB to develop software products for StreamLogic. FWB markets storage products for the desktop digital video, graphics and pre press markets. GRAND BID: PolyGram NV may soon receive good and bad news about its $1.3 billion cash bid in the auction for MGM MGM in full Metro-Goldwyn-Mayer, Inc. U.S. corporation and film studio. It was formed when the film distributor Marcus Loew, who bought Metro Pictures in 1920, merged it with the Goldwyn production company in 1924 and with Louis B. Mayer Pictures in 1925. Inc. - namely, that it won. The Dutch music giant is trying to expand its money-losing movie business, and acquiring the MGM studio and its 1,500-film library would go a long way toward making it an industry force, analysts said. Problem is, MGM lost about $159 million last year, and turning it around will involve big spending, analysts said. ``There's a strong case to be made that anyone who pays more than $1 billion is overpaying,'' said Joel Reader, chairman of Ocean Capital, a Los Angeles investment banking firm. MILKEN PROBED: A federal probe into whether deposed junk bond junk bond, a bond that involves greater than usual risk as an investment and pays a relatively high rate of interest, typically issued by a company lacking an established earnings history or having a questionable credit history. king Michael Milken Michael Milken As an executive at Drexel Burnham Lambert Inc. during the 1980s, Milken used high-yield junk bonds for financing and corporate takeovers. While his personal wealth was enormous, he spent two years in prison after pleading guilty to charges of securities fraud. has violated a ban on securities dealings is focusing on documents obtained from MCI Communications Corp., The Wall Street Journal reported Friday. The Securities and Exchange Commission's enforcement staff is poring over electronic mail messages and other documents to determine more precisely Milken's role in a 1995 business agreement between MCI (1) (Media Control Interface) A high-level programming interface from Microsoft and IBM for controlling multimedia devices. It provides commands and functions to open, play and close the device. (2) (Microwave Communications Inc. and News Corp, the newspaper said. Milken was banned from the securities industry in his settlement of a massive SEC investigation into his junk bond dealings in the 1980s. ITT ITT Initial Teacher Training (UK) ITT I Think That ITT Invitation To Tender ITT Individual Time Trial (professional cycling) ITT Intention-To-Treat ITT In This Thread (forums) WINS CONTRACT: ITT Gilfillan, a Van Nuys unit of ITT Defense & Electronics, said Friday it received a $14 million contract from the Republic of China to provide three airport surveillance radar Radar displaying range and azimuth that is normally employed in a terminal area as an aid to approach- and departure-control. systems. ITT Gilfillan, which produces radar systems for air traffic control, will team with radar electronics maker Alenia of Italy for the contract. INJUNCTION ISSUED: A judge issued a preliminary injunction against Comparator comparator Instrument for comparing something with a similar thing or with a standard measure, in particular to measure small displacements in mechanical devices. In astronomy, the blink comparator is used to examine photographic plates for signs of moving bodies. Systems Inc., prohibiting securities violations and continuing a freeze on the assets of two top executives, authorities said Friday. The injunction followed the filing of a lawsuit by the U.S. Securities and Exchange Commission accusing the Newport Beach-based company of deceiving investors and stealing a fingerprint identification prototype device from a Scottish professor. The action freezes the assets of Comparator Chairman Robert Reed Rogers, former executive vice president Scott Hitt and another executive, Gregory Armijo. CAPTION(S): 2 Charts Chart: (1) DOW INDUSTRIALS (2) BUSINESS TRAVEL IN '97 |
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