BIZWATCH : MARKETS.MARKET LOGIC: Blue-chip stocks marched to record highs for the third time this week as interest rates fell in bond trading spurred by more signs of a moderating economy that might keep inflation under control. 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 38.39 to 6,059.20, down slightly from a 45-point gain. MEMO AT&T LOSS: Stung by harsh competition for long-distance phone customers and credit-card losses, AT&T reported an 11 percent drop in third-quarter profits. The company earned $1.36 billion, or 84 cents a share, reflecting its spinoff of Lucent Technologies. Profits were down from $1.53 billion, or 96 cents a share, in 1995. By contrast, archrival arch·ri·val n. A principal rival. Sprint Corp. reported a 16 percent profit increase and the four big regional phone companies posted stronger profits due to increased demand for their local telephone services. Pacific Telesis' earnings rose 4 percent to $286 million, or 67 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . RESIGNATION REJECTION: Archer Daniels Midland The Archer Daniels Midland Company (NYSE: ADM), is a conglomeration based in Decatur, Illinois. ADMoperates more than 270 plants worldwide, where cereal grains and oilseeds are processed into numerous products used in food, beverage, nutraceutical, industrial and animal feed Co. Chairman Dwayne Andreas Dwayne Orville Andreas (b. 4 March 1918, Worthington, Minnesota), is one of the most prominent political campaign donors in the United States, having contributed millions of dollars to Democratic and Republican candidates alike. offered to resign, and his son and another top executive left the company over a price-fixing scandal that damaged ADM's reputation and cost it a $100 million fine. ``I am the one in charge, and as Harry Truman said, the buck stops with me,'' Andreas told more than 700 people gathered at company headquarters in Decatur, Ill., for ADM's annual meeting, two days after ADM See add/drop multiplexer. (language) ADM - A picture query language, extension of Sequel2. ["An Image-Oriented Database System", Y. Takao et al, in Database Techniques for Pictorial Applications, A. Blaser ed, pp. 527-538]. pleaded guilty to federal price-fixing charges. Andreas' offer to resign was rejected. LEAVING MILWAUKEE: Pabst Brewing Co. will shut down its Milwaukee brewery and lay off 250 workers, ending 150 years of the Blue Ribbon blue ribbon denotes highest honor. [Western Folklore: Brewer Dictionary, 127] See : Prize beer in the city that once dominated the industry. The nation's No. 6 brewer said it will shift production to Stroh Brewing Co.'s La Crosse La Crosse (lə krôs), city (1990 pop. 51,003), seat of La Crosse co., W Wis., at the foot of high bluffs on the Mississippi, where the La Crosse and Black rivers meet; inc. 1856. plant, which already handles two-thirds of Pabst's production. Pabst, which has breweries in San Antonio and Tumwater, Wash., is owned by S&P Co. of Mill Valley, Calif. START ME UP: California business starts were mixed in the third quarter. A total of 11,700 new businesses were incorporated with the secretary of state during the July-to-September period. That's down 4.5 percent from the second quarter and up 5.5 percent from a year ago. Year to date, 37,793 incorporations were registered statewide - the most since 1988. Compared with the second quarter, Los Angeles County incorporations fell 3.3 percent while Ventura County dropped 20.4 percent. COAST AWARD: Coast Federal Bank received $150,000 as one of 38 awardees of the Bank Enterprise Award program. The West Hills-based bank was recognized for providing loans, grants and technical assistance to the Los Angeles Neighborhood Housing Service and the Orange County Community Development Clearinghouse, which promote housing developments in distressed neighborhoods. The award is given by the U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. Department. MISCELLANEOUS: Share prices of Simi Valley-based Eltron International Inc. and Zebra Technologies Corp. soared a day after the companies' announced merger. Eltron stock jumped by 4 to 37-1/2 and Zebra went up by 2-1/8 to 30-7/8. . . . Henry Mayo Newhall Family Medical Center of Valencia and the High Desert Medical Group in Antelope Valley have been honored at the CareAmerica Physician Group Improvement Program Awards. CAPTION(S): 2 Charts Chart: (1--Color) DOW JONES (2--Color) BIZ FACTS GREENBA CKS CKS Checks CKS Center for Korean Studies (UC Berkeley) CKS Center for Knowledge Societies CKS Carajas, Para, Brazil - International / Brasilia Brazil (Airport Code) CKS Crankshaft Sensor IN EUROPE U.S. direct foreign investment in selected European countries, in billions of dollars, 1995 |
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