BUSINESS NOTES VERITAS FUND BUYS BANKRUPT STELLEX.WOODLAND HILLS - New York-based Veritas Capital Fund LP announced Thursday that it has acquired Woodland Hills-based aerospace contractor Stellex Aerostructures Inc. Stellex, which filed for bankruptcy protection in September, had sales last year of $122 million. Veritas said it plans to keep all of the 700 employees. - Daily News Investment group to put in $500,000 CAMARILLO - A group of investors led by AML AML - A Manufacturing Language Communications Inc. President Jacob Inbar will provide $500,000 equity investment in common stock of the company. An agreement in principle was announced Thursday. The investor group includes, among others, Dr. Tiberiu Mazilu and Edwin McAvoy, both co-founders of AML Communications Inc. Under the terms of the agreement, the common stock, to be issued in a private placement, will be priced at $0.812 per share, which represents a discount of 25 percent of the average closing share price for the previous three days. - Daily News Compaq trimming payroll, forecast HOUSTON - Compaq Computer Corp. will cut 5,000 jobs, about 7 percent of its work force, and warned Thursday that its first-quarter earnings will fall far short of analysts' estimates. Compaq, which has 67,000 employees worldwide, reduced its first-quarter earnings outlook to 12 cents to 14 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. . Analysts surveyed by First Call/Thomson Financial were expecting 18 cents per share for the three months ended March 31. - Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Trade imbalance hit record in 2000 WASHINGTON - America's trade deficit surged to an all-time high of $435.4 billion last year, nearly one-third larger than the previous record, reflecting a flood of imports ranging from foreign cars to oil and industrial machinery. Economists expressed concern that such a dramatic worsening wors·en tr. & intr.v. wors·ened, wors·en·ing, wors·ens To make or become worse. Noun 1. worsening - process of changing to an inferior state decline in quality, deterioration, declension in the current account, the broadest measure of trade, could make foreigners Foreigners alienage the condition of being an alien. androlepsy Law. the seizure of foreign subjects to enforce a claim for justice or other right against their nation. gypsyologist, gipsyologist Rare. less interested in holding U.S. investments, adding to Wall Street's problems. The Commerce Department said Thursday that the deficit in the current account was 31.3 percent higher than the previous record of $331.5 billion set in 1999. For the final three months of last year, the deficit rose to a new record for a quarter of $115.3 billion, up 1.9 percent from the $113.1 billion imbalance in the third quarter. - Associated Press Nokia affirms its profit projection HELSINKI, Finland - Nokia, the world's biggest cellular phone maker, lowered its forecast for this year's handset sales by all manufacturers, but stood by its previous estimates for the Finnish company's first-quarter profit despite slower sales growth. The update cheered investors following the profit warnings issued in recent weeks by cell phone rivals Motorola and Ericcson. Nokia's stock rose $3.15 per share to close at $24.95, a gain of more than 14 percent, in Thursday on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . - Associated Press American Airlines American Airlines Major U.S. airline. American was created through a merger of several smaller U.S. airlines and incorporated in 1934. It continued to buy the routes of other airlines, becoming an international carrier in the 1970s; its routes include South America, the parent joins woe FORT WORTH, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. - AMR (1) (Adaptive Multi-Rate) A variable rate speech codec selected by the 3GPP for the 3G evolution of the GSM cellphone system (WCDMA). Using the Algebraic CELP (ACELP) compression technology, AMR provides toll quality sound at transmission rates from 4.75 to 12. Corp., the parent of American Airlines, said Thursday that the slowing economy will cause it to post a ``modest'' loss for the first quarter. AMR, the nation's No. 2 carrier, became the fourth U.S. airline to warn this week about rising losses. Also on Thursday, UAL UAL United Airlines (ICAO code) UAL Unified Accelerator Library (Brookhaven National Laboratory) UAL User Account Lockdown UAL User Access Layer UAL Universal Auxiliary Language UAL User Agent Layer Corp., holding company for United Airlines, the world's largest carrier, announced plans to cut costs by $200 million to improve the bottom line as it endures a third straight money-losing quarter following five-plus years of booming profits. - Associated Press |
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