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 27.40 to 7,867.24, recovering over the final hour from a 76-point deficit. MEMO SUPERIOR SIGNS $50 MILLION CONTRACT: Van Nuys-based Superior Industries International Inc. said it received a $50 million contract to supply Nissan Motor Co. with two new kinds of aluminum wheels for cars and trucks. The company will supply the wheels from 1998 to 2004. The new contract is Superior's fourth with Nissan. The wheels will be made in Superior's Van Nuys plant and exported to Nissan in Japan. ?13Bloomberg News AMGEN AMGEN Applied Molecular Genetics (original meaning) WANTS TO SPIN OFF FACILITY: Amgen Inc., a Thousand Oaks-based maker of biotechnology drugs, said Thursday it hopes to spin off its Boulder, Colo., research facility into a stand-alone company stand-alone company An independent operating firm. For example, a large diversified firm may consider spinning off a subsidiary because, as a stand-alone company, the subsidiary would command a higher price-earnings ratio than the parent. dedicated to developing anti-inflammatory drugs Anti-inflammatory drugs A class of drugs that lower inflammation and that includes NSAIDs and corticosteroids. Mentioned in: Antirheumatic Drugs . Amgen said it is seeking a corporate partner for the new firm, which would develop three anti-inflammatory drugs now in early testing by Amgen. ?13Daily News REASER SEES CONTINUED GROWTH: Firm federal policy, increased capital spending by companies and technological advances including the Internet should ensure the nation's economy continues to grow for at least the next two years, Lynn Reaser, chief economist for Florida-based Barnett Banks, told a gathering of financial analysts and business economists in Los Angeles on Thursday. Of the three, continued anti-inflationary policy at the Federal Reserve Board will be crucial to keeping the economy from overheating Overheating An economy that is growing very quickly, with the risk of high inflation. and then falling into a recession, Reaser said. Reaser formerly served as chief economist to First Interstate Bank in Los Angeles. ?13Daily News AML AML - A Manufacturing Language RECEIVES $900,000 IN NEW ORDERS: Camarillo-based AML Communications Inc. received $900,000 worth of orders for its multichannel power and paging amplifiers from NEC (NEC Corporation, Tokyo, www.nec.com, www.necus.com) An electronics conglomerate known in the U.S. for its monitors. In Japan, it had the lion's share of the PC market until the late 1990s (see PC 98). NEC was founded in Tokyo in 1899 as Nippon Electric Company, Ltd. Brazil, the company said Thursday. Orders for AML's multichannel amplifiers, which help receive and transmit signals, total $550,000; orders for the amplifier that help pagers receive signals total $350,000, according to the company. ?13Daily News PAIR OF BANKS WILL MERGE:The Bank of Los Angeles and Culver National Bank will merge, the companies announced Thursday, with the combined bank retaining the Bank of Los Angeles name and sitting on assets in excess of $250 million. The merger, anticipated to be completed by Dec. 31, will result in six Bank of Los Angeles branches: single offices in Encino, Glendale, West Hollywood, Culver City and two in Beverly Hills. ?13Daily News MANAGEMENT TO BUY CINERGI: Struggling independent film company Cinergi Pictures Entertainment Inc. said Wednesday it agreed to a management buyout offer of $2.30 per share, or about $31 million. Under the deal, Cinergi would be merged with CPEI CPEI Computer Program End Item (NASA) Acquisition Inc., a company formed for the buyout by Andrew Vajna, Cinergi's president and chief executive, and Valdina Corp. N.V. In August, Cinergi reported a second-quarter loss of $7 million on revenues of $17 million. And in April, it agreed to sell the bulk of its movie library, including ``Evita'' and ``Nixon,'' to Walt Disney Co. in exchange for cancellation of $38 million in production advances. ?13Associated Press TVN TVN Televisión Nacional de Chile (Chilean official TV network) TVN Televisora Nacional (Panamanian TV Network) TVN Total Volatile Nitrogen TVN Telewizja Nowa (Polish TV network) GETS ``SIGNIFICANT'' INVESTMENT: Burbank-based TVN Entertainment Corp., which specializes in providing pay-per-view programming for satellite TV systems, received a ``significant'' investment from a Morgan Stanley & Co. affiliate, Princes Gate Investors II L.P. Investment Fund. The investment will be used in DVN's national roll-out next year of Digital Cable Television, a digital programming and delivery system for cable operators. TVN also named industry veteran James Ramo as president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . ?13Daily News CAPTION(S): Chart CHART: (color) DOW INDUSTRIALS |
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