BUSINESS NOTES SYNCOR BEEFS UP TIES IN AUSTRALIA.
WOODLAND HILLS - Syncor International Corp. announced Tuesday that its subsidiary in Australia has acquired a distributor and manufacturer of diagnostic radiopharmaceuticals used in nuclear medicine and medical imaging.
Radpharm Scientific, based in Canberra, Australia, distributes its products to more than 160 nuclear medicine practices in Australia and exports to New Zealand, Singapore, Malaysia, Thailand and Hong Kong.
The acquisition gives Syncor presence in Canberra, complementing its existing Australian radiopharmacy sites in Sydney, Perth and Brisbane, company officials said.
Amwest to leave stock exchange
CALABASAS - Amwest Insurance Group has applied to the Securities and Exchange Commission to remove its stock listings from the American Stock Exchange, the company announced Tuesday.
Amwest cited its continuing inability to trade consistently above $1 and to file periodic reports with the SEC as the principal reasons for its withdrawal.
Trading in the company's common stock has been halted since April 17, when Amwest announced it was further delaying the filing of its Form 10-K for the 2000 fiscal year.
Merrill Lynch cuts total 3,300 so far
NEW YORK - Brokerage powerhouse Merrill Lynch & Co. said Tuesday it has reduced its work force by 3,300 jobs so far this year and warned that second-quarter earnings will be significantly lower than Wall Street expected.
David H. Komansky, Merrill Lynch's chairman and chief executive, told analysts in a conference call that the cuts represent almost 5 percent of the company's work force.
The job cut figure released Tuesday includes 1,700 job eliminations that Merrill Lynch announced in April.
Merrill Lynch cited weak market conditions that have depressed its projected revenue for the current quarter below that for the first three months of the year. It said revenue from trading stocks and bonds were particularly weak.
Copper producer predicts price fall
PHOENIX - Phelps Dodge Corp., the world's second largest producer of copper, has lowered its copper price outlook for 2001 and said Tuesday it expects to lose much more than expected in the second quarter.
The company announced Tuesday that it expects copper on the New York Commodity Exchange to average 75 cents to 80 cents per pound for the remainder of the year. That's 5 cents lower than its earlier expectations. Lower prices mean less income for the company.
As a result, Phelps Dodge said it expects to lose $1.28 to $1.38 a share before onetime items in the second quarter. Analysts surveyed by Thomson Financial/First call had expected a loss of 27 cents a share before items for the April-June quarter from Phelps Dodge.
Vitesse reduces revenue forecast
CAMARILLO - Vitesse Semiconductor Corp. reduced its third quarter revenue forecast Tuesday, attributing the projected .06 loss per share to declining orders and cancellation of some existing orders.
``Overall, business conditions continue to be weak and we have seen no improvement in visibility at a majority of our customers,'' said Lou Tomasetta, Vitesse president and chief executive officer.
Vitesse, suffering the same woes as other semiconductor makers in a technology industry meltdown, had already announced job cuts.