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. rallied to its second biggest point gain ever Tuesday as a tame inflation report provided at least temporary relief from the interest rate fears plaguing the market. The Dow rose 135.26 to 6,587.16, its biggest point gain since a jump of 186.84 that came two days after the Black Monday Black Monday, Oct. 19, 1987, in U.S. history, day of financial panic. The Dow Jones Average fell 508.32 points, a drop of 22.6%, the largest since 1914. The point decline as well as the volume, 604.33 million shares, exceeded previous records. crash of 1987. MEMO XIRCOM SHARES FALL 24 PERCENT: Shares of Thousand Oaks-based Xircom Inc. shares fell as much as 24 percent after the company reported second-quarter earnings that were below estimates and said it will sell its remote access division, whose sales were down 32 percent from the first quarter of fiscal 1997. Xircom stock fell 3-1/2 to 11-7/8 in early afternoon trading of 2.07 million shares, more than triple its three-month daily average of 585,000. Earlier the shares reached 11-5/8. SUPERIOR EARNINGS INCREASE 34 PERCENT: Van Nuys-based Superior Industries International Inc. reported first-quarter earnings rose 34 percent to $11.5 million, or 41 cents a share, compared with $8.6 million, or 30 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. last year. Sales increased 3.6 percent to $125.9 million. The company said the improvements reflect a 6 percent increase in aluminum wheel sales and a 4.5 percent increase of North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. vehicle production. Stock of Superior was up 37.5 cents to $23. BARBARA BUSH'S FORMER AIDE GETS DISNEY POST: Sondra Haley, former deputy press secretary for first lady Barbara Bush, has been named vice president, publicity and promotions for The Disney Store retail chain. Haley will oversee all events, promotions, special projects, external communications and community relations for The Disney Store in North America and will advise in its nine countries outside the United States and Canada. ARDEN BUYS EIGHT PROPERTIES: Arden Realty Inc. completed the purchase of eight office properties in Southern California for about $97 million, including four in the San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. . The purchase brings the Beverly Hills-based company's holdings to 42 properties with 6.3 million square feet of space in Southern California. The local purchases include 535 North Brand Ave. in Glendale, a 109,187-square-foot building it bought for $10 million; Clarendon Crest and 6800 Owensmouth in Woodland Hills; and Noble Professional Center in Sherman Oaks. CASTLE ROCK LAYS OFF STAFF: Los Angeles-based Castle Rock Entertainment will lay off more than half its 117 employees over the next few weeks in departments that overlap with Warner Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) ., its parent studio. The company, acquired by Time Warner Inc. last fall as part of its purchase of Turner Broadcasting System Turner Broadcasting System, Inc. (often abbreviated TBS Networks or TBS, inc.) is the company managing the collection of cable networks and properties started by Robert Edward "Ted" Turner from the mid-1970s to the late-1990s. , will maintain its production and development operations to make five films a year. LAX HONORED BY CARO Caro loathsome hag; personification of fleshly lust. [Br. Lit.: The Purple Island, Brewer Handbook, 180] See : Lust SHIPPERS: Los Angeles International Airport “LAX” redirects here. For other uses, see LAX (disambiguation). “KLAX” redirects here. For other uses, see KLAX (disambiguation). Los Angeles International Airport (IATA: LAX, ICAO: KLAX, FAA LID: LAX has been named ``Best Cargo Airport in North America'' for the fourth year in a row in a survey conducted among 13,000 readers of Cargonews Asia. During 1996, it handled the second-greatest freight and mail tonnage in the world with 1.89 million tons, an increase of 7.7 percent over 1995 and second to Memphis, Tenn., headquarters of Federal Express' operations. LAX also won the top ranking in a new category, ``Best Air Cargo Terminal Operator - North America.'' GAS PRICES DROPPING: Gasoline pump prices dipped about a third of a penny over the past three weeks. The average retail price of gasoline, counting all grades and taxes, was 127.79 cents per gallon Friday, according to the Lundberg Survey of 10,000 stations nationwide. CAPTION(S): 2 Charts Chart: (1--Color) DOW INDUSTRIALS (2--Color) BIZ FACTS COSTLY TALES OF SIX CITITES Average per diem per diem adj. or n. Latin for "per day," it is short for payment of daily expenses and/or fees of an employee or an agent. costs for the typical international business traveler, 1997 Knight-Ridder Tribune Graphics Network |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion