BIZWATCH : MARKETS.ALUMINUM DECIDING: Aluminum Co. of America, up 1-1/4 at 65-7/8. The company said it plans to buy back up to 20 million of its common shares. Alcoa said the buyback will replenish an earlier program approved in 1989, under which the company has bought 15 million shares. American Home For the American mortgage lender, see . The American Home is a center of intercultural exchange located in Vladimir, Russia. The home is designed to model a typical American suburban home and its main focus is the ESL school that provides lessons for Russian students. Products, up 1-1/8 at 51-7/8. The company received FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approval Thursday evening to sell a nonprescription non·pre·scrip·tion adj. Sold legally without a physician's prescription; over-the-counter. version of its Axid heartburn heartburn, burning sensation beneath the breastbone, also called pyrosis. Heartburn does not indicate heart malfunction but results from nervous tension or overindulgence in food or drink. drug. Axid AR joins Pepcid AC, Tagamet HB and Zantac 75 in competition for consumer heartburn drugs. MEMO NET NICHE: Underscoring the pressure from big-name companies like AT&T on the Internet business, access provider PSINet Inc. said it will narrow its focus to experienced computer users rather than the mass market. In doing so, the company eliminated 85 jobs, about 15 percent of its work force. Many of the cuts were at the Pipeline Network, a New York-based Internet service it acquired in February 1995. The company said Friday it was no longer feasible to target consumers who are virtually unfamiliar with the global data network - and who often need costly technical support. ON-CALL CUSTOMERS: PepsiCo is taking an expensive approach to keeping tabs on the teen market: It's offering 500,000 of them beepers. The campaign to promote Mountain Dew mountain dew n. Illegally distilled corn liquor. soft drinks comes at a time when the use of beepers by children is a hot-button issue in school systems nationwide and as consumer activists rail against commercial intrusions into private lives. PepsiCo company plans to link teens in a network, beeping teens weekly with discount offers and prize drawings. INTERNAL INQUIRY: A top Treasury enforcement official met several times outside his office with representatives of companies his agency was investigating and once divulged to Mobil Corp. that it was under investigation, an internal inquiry found. The Treasury inspector general's investigative report involving Office of Foreign Assets Control The Office of Foreign Assets Control (OFAC) is an agency of the United States Department of the Treasury under the auspices of the Under Secretary of the Treasury for Terrorism and Financial Intelligence. OFAC administers and enforces economic and trade sanctions based on U. Director R. Richard Newcomb cites two possible violations of federal regulations related to the appearance of conflicts of interest and gifts. COURTING TROUBLE: President Clinton lost another round in court in his attempt to bar federal contracts to companies that hire permanent replacement workers during strikes. The U.S. Court of Appeals for the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). Circuit on Friday rejected, on a 9-2 vote, the administration's request that the full court review a ruling by three of its judges that threw out Clinton's executive order. MESA MANEUVERS: A group of dissident shareholders dissident shareholders Shareholders who oppose a firm's management or management policy. For example, dissident shareholders of Hewlett-Packard opposed that firm's offer to purchase Compaq Computer. who have been trying for several months to wrest wrest tr.v. wrest·ed, wrest·ing, wrests 1. To obtain by or as if by pulling with violent twisting movements: wrested the book out of his hands; wrested the islands from the settlers. control of Mesa, the oil and gas production company, from its chief executive, T. Boone Pickens, plan to nominate seven candidates for election to the company's board. Some believe the dissidents may also be trying to position themselves to undermine an agreement Mesa is negotiating with Richard Rainwater that could give him a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in the company. PULLING UP STAKES: Chevron Corp. said Friday it has sold 17,000 acres of land for $150 million, nearly completing the exit from the California real estate business it announced last year. Investors led by a Morgan Stanley limited partnership and Newport Beach home builder Christopher Gibbs bought the property Thursday. CAPTION(S): 2 Charts Chart: (1) DOW INDUSTRIALS (2) BIZWATCH SHOPPING FOR A D ISCOUNT |
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