IN BRIEF.VALLEY INDEX RISES: Stocks in the Daily News/Bloomberg Index rose 76 cents to 124.35, led by Newbury Park's Semtech Corp. and Litton Industries Named after inventor Charles Litton Sr., Litton Industries was a large defense contractor in the United States, bought by the Northrop Grumman Corporation in 2001. Inc. of Woodland Hills. Semtech rose 2-1/8 to 54-1/2. Litton rose 1 13/16 to 52-3/4.
?13- Bloomberg News
RATES ON T-BILLS RISES: Interest rates on short-term Treasury securities rose in Monday's auction. The Treasury Department sold $7.3 billion in three-month bills at an average discount rate of 5.150 percent, up from 5.110 percent last week. An additional $7.25 billion was sold in six-month bills at an average rate of 5.270 percent, up from 5.195 percent.
?13- 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.
SUMMIT BUYS TEXAS CENTER: Burbank-based Summit Care Corp. said Monday it has bought the leasehold rights to a 195-bed nursing and rehabilitation center in Texas for $3.9 million.
The deal gives Summit operation control of the facility and the right to purchase the center in six years for an additional $5.9 million. The company has bought extra land around the McAllen, Texas, center to add an additional 80 beds to the facility, including a 36-bed Alzheimer's unit.
Summit operates 36 skilled nursing centers and five assisted living as·sist·ed living
A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. centers in California, Arizona and Texas. Summit shares closed up 6 cents Monday to $15.81.
?13- Daily News
FUTURENET SELLS SUBSIDIARY: FutureNet Inc., a Valencia-based Internet marketing See Internet advertising. company, said Monday it has sold 80 percent of its wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. FutureNet Online International Inc. to Worldwide Internet Marketing Inc. for $4 million. Under terms of the agreement, Los Gatos-based Worldwide will pay half the purchase price in cash immediately and the remaining $2 million over the next two years, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.