IN BRIEF.VALLEY INDEX DROPS: The Daily News/Bloomberg Index fell 1.61 to 128.50, led by Electro Rent Corp of Van Nuys and Glendale's IHOP IHOP International House Of Pancakes (restaurant chain) iHOP Information Hyperlinked Over Proteins IHOP International House of Prayer IHOP International H2O Project IHOP International House of Pain Corp. Electro Rent fell $3.4375 to $17.8125. IHOP fell $1.25 to $40.625. - Bloomberg News STOCK BUYBACK Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. : Stock of Camarillo-based AML AML - A Manufacturing Language Communications Inc. jumped 50 cents to $2.50 a share after the company announced its board of directors has authorized a stock buyback program of up to 400,000 shares of its common stock. AML, which produces amplifiers for the communication markets, has 6.3 million common shares outstanding. - Daily News SEAGRAM BUY? Seagram Co., parent of Universal Studios, might be a bidder for Tussauds Group, the London-based wax museum and theme park business being sold by Pearson PLC, according to a report in the Sunday Times of London. Seagram, which is in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of buying PolyGram NV for $10.4 billion, had no comment. - Daily News STOCK REPURCHASE Stock repurchase A firm's repurchase of outstanding shares of its common stock. : Mercury General Corp. said its board authorized the repurchase of as much as $200 million of the company's stock after its share price fell more than 40 percent. Los Angeles-based Mercury General said it plans to finance the repurchase program - equal to about 8.3 percent of its market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. - with bonds, bank borrowings and internal funds. The announcement was widely anticipated by analysts. - Bloomberg News Earnings Superior National Insurance Group Inc. Calabasas-based workers' compensation insurer June 2nd Qtr. 1998 1997 Sales $159 million $150 million Net Income $2.19 million ($10.53 million) Net Per Share 37 cents ($1.80) The company said new business helped boost revenues and earnings. |
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