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. fell 29.08 to 6,876.17, erasing a 47-point gain that came immediately following the much-anticipated Fed announcement of an interest-rate hike. The hike sent stocks seesawing and left investors wondering if the central bank would tighten rates again this year. MEMO MINORITY BUSINESS CENTER OPENS: Opening ceremonies for the West Los Angeles
INDENET SELLS STAKE IN SUBSIDIARY: Encino-based IndeNet Media Services Group announced Tuesday it sold its majority stake in Channelmatic subsidiary to a Swedish firm, Limt Local Insertion In broadcasting, local insertion is the act or capability of a broadcast television station, radio station, or cable TV system to insert or replace part of a broadcast network feed with content unique to the local station or system. Media Technology AB. Limt paid $10.91 million in a combination of cash, promissory notes and company capital stock for IndeNet's 67.66 percent stake in Channelmatic, an Alpine company that makes systems that digitally place ads in television and cable programs. QFC QFC Quality Food Centers QFC Queueing Flow Control QFC Quality Feedback Card QFC Quality Fulfillment Committee (PostEurop) QFC Quantum Flow Control COMPLETES PURCHASE OF HUGHES MARKETS: Quality Food Centers Inc. has closed its $358.8 million purchase of Hughes Markets Inc., which operates 57 supermarkets in Southern California. QFC, of Bellevue, Wash., now operates 145 stores and is keeping the Hughes name and its management in place. QFC announced the deal in November. JUDGE WON'T BLOCK UNOCAL UNOCAL Union Oil of California (corporate name) SALE: A judge refused to temporarily block Unocal Corp.'s sale of its 76 Products Co. to Tosco Corp., rejecting a request by 29 service station owners in Southern California who say the acquisition would violate antitrust laws antitrust laws n. acts adopted by Congress to outlaw or restrict business practices considered to be monopolistic or which restrain interstate commerce. The Sherman Antitrust Act of 1890 declared illegal "every contract, combination.... . The station dealers had sought a temporary restraining order temporary restraining order: see injunction. halting the $1.8 billion sale for at least 10 days. The sale to Tosco is expected to close Monday. IT SLICES, IT DICES, IT SELLS: Los Angeles' Ronco Inc., maker of the Popeil Pocket Fisherman, Veg-O-Matic and other products advertised on television, has agreed to be acquired by LA Group Inc. for $25 million in cash and stock. The deal should be completed within two months, LA Group President and Chief Executive Officer Daniel Fasano said Tuesday. LA Group, based in Rochester, N.Y., sells products through infomercials and ``Seen on TV'' kiosks in retail stores. EARNINGS Four Media Co. Burbank-based technical and creative services provider Feb. 2, 2nd Qtr. 1997 1996 Sales $5.45 million $6.01 million Net Income(Loss) ($395,000) ($94,000) Net per share(Loss) (6 cents) (2 cents) 6 months 1997 1996 Sales $11.4 million $11.75 million Net Income(Loss) ($271,000) $219,000 Net Per Share(Loss) (4 cents) 3 cents Four Media said the loss was in line with expectations due to seasonal variations and increased depreciation charges CAPTION(S): 2 Charts Chart: (1--Color) DOW INDUSTRIALS (2--Color) BIZ FACTS OUT-OF-WORK TEENS Percent of teenagers in work force who are unemployed, 1995 Knight-Ridder Tribune Graphics Network |
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