BIZWATCH : MARKETS.MARKET LOGIC: A late spurt of profit taking halved the day's gain for 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. , which rose just 29.84 to 6,555.91, underscoring the lack of conviction among investors. Broader stock measures also advanced for the second straight session as bond-market interest rates backed away from Friday's seven-month high. MEMO MATTHEWS STUDIO BUYS OHIO COMPANY Ohio Company, organization formed (1747) to extend settlements of Virginia westward. The members were mostly Virginia planters interested in land speculation and the fur trade. : Burbank-based Matthews Studio Equipment Group agreed to buy the business of privately held HDI HDI Human Development Index (UNDP yardstick of human welfare) HDI Help Desk Institute HDI Humpty Dumpty Institute (New York, New York) HDI High Density Interconnect of Cincinnati for $4 million in cash, stock and debt assumption, the companies announced Monday. The acquisition expands Matthews' rental operations into Ohio Ohio, state, United States Ohio, midwestern state in the Great Lakes region of the United States. It is bordered by Pennsylvania (NE) West Virginia (SE), Kentucky (S), Indiana (W), and Michigan and Lake Erie (N). , Kentucky, Pennsylvania, Indiana and adjacent markets. HDI's president, Allen Haehnle, will continue as president of HDI. FLORIDA COMPANY BUYS VAN NUYS SOFTWARE DEALERSHIP: Tampa, Fla.-based Medical Manager Corp. will acquire four of its independent dealerships. They are Adaptive Health Systems of Washington Inc. in Federal Way, Wash.; LSM LSM Linux Software Map LSM Louisiana State Museum LSM Linux Security Module LSM Living Stream Ministry LSM Laser Scanning Microscopy LSM Legato Storage Manager LSM Land-Surface Model LSM Lutheran Student Movement LSM Logical Storage Manager Computing Inc. in Somerville, N.J.; Specialized Systems Inc. in Van Nuys; and Unico Inc. in Evansville, Ind. These companies had combined annual revenues for the calendar year 1996 of approximately $9 million. MEGADRIVE SIGNS DEAL WITH AVID: Chatsworth-based MegaDrive Systems Inc. announced Monday it signed an exclusive agreement with Avid Technology "Avid" redirects here. For the "Advancement Via Individual Determination" educational program, see AVID. Avid Technology, Inc NASDAQ: AVID is an American company specializing in video and audio production technology; specifically, digital non-linear media editing (NLE) , which creates PC-based film editing systems. Under the terms of this agreement, MegaDrive Systems has granted Avid rights to some of its PC data management and storage technology, which will be incorporated in Avid's MediaDock removable storage platform. COHR COHR Congolese Observatory of Human Rights SIGNS $6.3 MILLION DEAL: The Chatsworth-based health care outsourcing company recently signed $6.3 million in new equipment services contracts with five health care organizations. Cohr also announced Monday it passed the $1 million sales mark for new orders of high-tech medical capital equipment. WELLPOINT TO SELL MORE STOCK: WellPoint Health Networks Inc. announced Monday the sale of 10 million shares of its common stock in a public offering priced at $38 per share. Of the shares being sold in the offering, 3 million are being offered by WellPoint. The remaining 7 million shares are being offered by the California HealthCare Foundation, which is WellPoint's largest shareholder and was established at the time of the company's recapitalization last May.The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to WellPoint from the 3 million shares it is offering will be used to repay a portion of outstanding indebtedness under a Nov. 21 loan agreement. WellPoint Health Networks, one of the nation's largest publicly traded managed care companies, is the parent organization for Blue Cross of California. FIRM PAYS $1.1 MILLION FINE: An Orange County firm accused of using scare tactics to sell living trust retirement investments to the elderly agreed to pay $1.1 million in restitution and fines to settle the case. Lake Forest-based Alliance for Mature Americans didn't admit any wrongdoing wrong·do·er n. One who does wrong, especially morally or ethically. wrong  do . The suit, filed last July by the state attorney general's office, alleged Alliance fraudulently marketed its living trust investment packages and sold clients more than $200 million worth of high-risk investments. RED ROBIN GETS NEW BOSS: Mike Snyder was appointed CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and president of Red Robin International, the company reported Monday, with founder Gerry Kingen appointed chairman of the privately held company's board. Snyder was an original franchisee of the casual dining chain, which has 134 restaurants in the United States and Canada. CAPTION(S): 2 Charts Chart: (1--Color) DOW INDUSTRIALS (2--Color) BIZ FACTS WELL-HEELED The cost of having heels replaced on a pair of men's shoes, in selected countries. Knight-Ridder Tribune Graphics Network |
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