BIZWATCH : MARKETS.MARKET LOGIC: Stocks pulled back sharply Friday, chopping nearly 140 points off 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. , as worrisome news on the economy and technology sector forced investors to consider a less rosy outlook. The Dow, which on Thursday closed above 7,300 for the first time, slid 138.88, or 1.9 percent, to 7,194.67, trimming the week's gain to 25.14. MEMO LOCKHEED TOP, LITTON NINTH: Lockheed Martin For the former company, see . Lockheed Martin (NYSE: LMT) is a leading multinational aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed Corporation with Martin Marietta. Corp. remained the nation's largest defense contractor Noun 1. defense contractor - a contractor concerned with the development and manufacture of systems of defense armed forces, armed services, military, military machine, war machine - the military forces of a nation; "their military is the largest in the region"; for a second year in a row, the Pentagon said Friday. The Pentagon's annual listing of major defense contractors showed that Lockheed had $12 billion in contracts in 1996. McDonnell Douglas McDonnell Douglas was a major American aerospace manufacturer and defense contractor, producing a number of famous commercial and military aircraft. It merged with Boeing in 1997 to form The Boeing Company. Corp. retained its No. 2 position with $9.9 billion in contracts. Among those in the top 10 were Los Angeles-based Northrop Grumman Northrop Grumman Corporation (NYSE: NOC) is an aerospace and defense conglomerate that is the result of the 1994 purchase of Grumman by Northrop. The company is the third largest defense contractor for the U.S. , sixth with $2.6 billion; and Woodland Hills-based Litton Industries Inc., ninth with $1.7 billion. ?13- Associated Press GORKO BUYS CAL-SWISS: North Hills-based Gorko Industries, a specialist in producing components for the aerospace industry, has acquired Pasadena-based Cal-Swiss from the Martin family, which had owned the manufacturer for 50 years, for an undisclosed price. Cal-Swiss has about 40 employees and specializes in small to miniature high-precision parts for the aerospace, medical and electronic industries. Gorko, formerly known as Precision Quality Products, has 60 employees. Both companies have about $2.5 million in annual sales and will continue to be operated in their current locations. ?13- Daily News SEAGRAM DENIES IT'S DUMPING TIME WARNER: Seagram Co., parent company of Universal City-based Universal Studios, denied a report by the CNBC CNBC Center for the Neural Basis of Cognition (artificial intelligence) CNBC Consumer News and Business Channel CNBC Congress of National Black Churches, Inc. cable network that it might be selling shares in Time Warner Inc., parent of Burbank-based Warner Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . Studios. The broadcast report said Goldman, Sachs & Co. was seeking buyers for a large amount of Time Warner stock and speculated that Seagram, which owns 10 percent of Time Warner, might be the seller. In the two years since Seagram bought MCA MCA in full Music Corporation of America Entertainment conglomerate. It was founded in Chicago in 1924 by Jules Stein as a talent agency. In the 1960s it bought Decca Records and Universal Pictures, and today it produces films, music, and television shows. Inc., an entertainment competitor of Time Warner, there has been speculation it would sell its Time Warner holdings. ?13- Bloomberg News EARNINGS Datron Systems Inc. Escondido-based provider of products and services for the satellite and radio communication markets with a major facility in Simi Valley March fourth quarter 1997 1996 Sales $13.3 million $11.8 million Net income (Loss) $64,000 ($2.16 million) Earnings per share 2 cents (81 cents) Year end 1997 1996 Sales $53.3 million $61.2 million Net income (Loss) $268,000 ($1.24 million) Earnings per share 10 cents (46 cents) Sales of radio products declined and distribution problems of its mobile DBS (Direct Broadcast Satellite) A one-way TV broadcast service from a communications satellite to a small round or oval dish antenna no larger than 20" in diameter. antenna products also hurt revenues. In addition, last year's fourth-quarter net loss includes a restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $1.4 million for consolidating the image processing division and remote sensing earth station business. CAPTION(S): 2 Charts Chart: (1--Color) DOW INDUSTRIALS (2--Color) BIZ FACTS HIGH LIVIN' Cost of selected luxury items, 1996 Knight-Ridder Tribune Graphics Network |
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