reuters-21578-json

[ { "title": "BAHIA COCOA REVIEW", "body": "Showers continued throughout the week in\nthe Bahia cocoa zone, alleviating the drought since early\nJanuary and improving prospects for the coming temporao,\nalthough normal humidity levels have not been restored,\nComissaria Smith said in its weekly review.\n The dry period means the temporao will be late this year.\n Arrivals for the week ended February 22 were 155,221 bags\nof 60 kilos making a cumulative total for the season of 5.93\nmln against 5.81 at the same stage last year. Again it seems\nthat cocoa delivered earlier on consignment was included in the\narrivals figures.\n Comissaria Smith said there is still some doubt as to how\nmuch old crop cocoa is still available as harvesting has\npractically come to an end. With total Bahia crop estimates\naround 6.4 mln bags and sales standing at almost 6.2 mln there\nare a few hundred thousand bags still in the hands of farmers,\nmiddlemen, exporters and processors.\n There are doubts as to how much of this cocoa would be fit\nfor export as shippers are now experiencing dificulties in\nobtaining +Bahia superior+ certificates.\n In view of the lower quality over recent weeks farmers have\nsold a good part of their cocoa held on consignment.\n Comissaria Smith said spot bean prices rose to 340 to 350\ncruzados per arroba of 15 kilos.\n Bean shippers were reluctant to offer nearby shipment and\nonly limited sales were booked for March shipment at 1,750 to\n1,780 dlrs per tonne to ports to be named.\n New crop sales were also light and all to open ports with\nJune/July going at 1,850 and 1,880 dlrs and at 35 and 45 dlrs\nunder New York july, Aug/Sept at 1,870, 1,875 and 1,880 dlrs\nper tonne FOB.\n Routine sales of butter were made. March/April sold at\n4,340, 4,345 and 4,350 dlrs.\n April/May butter went at 2.27 times New York May, June/July\nat 4,400 and 4,415 dlrs, Aug/Sept at 4,351 to 4,450 dlrs and at\n2.27 and 2.28 times New York Sept and Oct/Dec at 4,480 dlrs and\n2.27 times New York Dec, Comissaria Smith said.\n Destinations were the U.S., Covertible currency areas,\nUruguay and open ports.\n Cake sales were registered at 785 to 995 dlrs for\nMarch/April, 785 dlrs for May, 753 dlrs for Aug and 0.39 times\nNew York Dec for Oct/Dec.\n Buyers were the U.S., Argentina, Uruguay and convertible\ncurrency areas.\n Liquor sales were limited with March/April selling at 2,325\nand 2,380 dlrs, June/July at 2,375 dlrs and at 1.25 times New\nYork July, Aug/Sept at 2,400 dlrs and at 1.25 times New York\nSept and Oct/Dec at 1.25 times New York Dec, Comissaria Smith\nsaid.\n Total Bahia sales are currently estimated at 6.13 mln bags\nagainst the 1986/87 crop and 1.06 mln bags against the 1987/88\ncrop.\n Final figures for the period to February 28 are expected to\nbe published by the Brazilian Cocoa Trade Commission after\ncarnival which ends midday on February 27.\n Reuter\n\u0003", "date": "26-FEB-1987 15:01:01.79", "topics": [ "cocoa" ], "places": [ "el-salvador", "usa", "uruguay" ], "id": "1" }, { "title": "STANDARD OIL <SRD> TO FORM FINANCIAL UNIT", "body": "Standard Oil Co and BP North America\nInc said they plan to form a venture to manage the money market\nborrowing and investment activities of both companies.\n BP North America is a subsidiary of British Petroleum Co\nPlc <BP>, which also owns a 55 pct interest in Standard Oil.\n The venture will be called BP/Standard Financial Trading\nand will be operated by Standard Oil under the oversight of a\njoint management committee.\n\n Reuter\n\u0003", "date": "26-FEB-1987 15:02:20.00", "places": [ "usa" ], "id": "2" }, { "title": "TEXAS COMMERCE BANCSHARES <TCB> FILES PLAN", "body": "Texas Commerce Bancshares Inc's Texas\nCommerce Bank-Houston said it filed an application with the\nComptroller of the Currency in an effort to create the largest\nbanking network in Harris County.\n The bank said the network would link 31 banks having\n13.5 billion dlrs in assets and 7.5 billion dlrs in deposits.\n \n Reuter\n\u0003", "date": "26-FEB-1987 15:03:27.51", "places": [ "usa" ], "id": "3" }, { "title": "TALKING POINT/BANKAMERICA <BAC> EQUITY OFFER", "body": "BankAmerica Corp is not under\npressure to act quickly on its proposed equity offering and\nwould do well to delay it because of the stock's recent poor\nperformance, banking analysts said.\n Some analysts said they have recommended BankAmerica delay\nits up to one-billion-dlr equity offering, which has yet to be\napproved by the Securities and Exchange Commission.\n BankAmerica stock fell this week, along with other banking\nissues, on the news that Brazil has suspended interest payments\non a large portion of its foreign debt.\n The stock traded around 12, down 1/8, this afternoon,\nafter falling to 11-1/2 earlier this week on the news.\n Banking analysts said that with the immediate threat of the\nFirst Interstate Bancorp <I> takeover bid gone, BankAmerica is\nunder no pressure to sell the securities into a market that\nwill be nervous on bank stocks in the near term.\n BankAmerica filed the offer on January 26. It was seen as\none of the major factors leading the First Interstate\nwithdrawing its takeover bid on February 9.\n A BankAmerica spokesman said SEC approval is taking longer\nthan expected and market conditions must now be re-evaluated.\n \"The circumstances at the time will determine what we do,\"\nsaid Arthur Miller, BankAmerica's Vice President for Financial\nCommunications, when asked if BankAmerica would proceed with\nthe offer immediately after it receives SEC approval.\n \"I'd put it off as long as they conceivably could,\" said\nLawrence Cohn, analyst with Merrill Lynch, Pierce, Fenner and\nSmith.\n Cohn said the longer BankAmerica waits, the longer they\nhave to show the market an improved financial outlook.\n Although BankAmerica has yet to specify the types of\nequities it would offer, most analysts believed a convertible\npreferred stock would encompass at least part of it.\n Such an offering at a depressed stock price would mean a\nlower conversion price and more dilution to BankAmerica stock\nholders, noted Daniel Williams, analyst with Sutro Group.\n Several analysts said that while they believe the Brazilian\ndebt problem will continue to hang over the banking industry\nthrough the quarter, the initial shock reaction is likely to\nease over the coming weeks.\n Nevertheless, BankAmerica, which holds about 2.70 billion\ndlrs in Brazilian loans, stands to lose 15-20 mln dlrs if the\ninterest rate is reduced on the debt, and as much as 200 mln\ndlrs if Brazil pays no interest for a year, said Joseph\nArsenio, analyst with Birr, Wilson and Co.\n He noted, however, that any potential losses would not show\nup in the current quarter.\n With other major banks standing to lose even more than\nBankAmerica if Brazil fails to service its debt, the analysts\nsaid they expect the debt will be restructured, similar to way\nMexico's debt was, minimizing losses to the creditor banks.\n Reuter\n\u0003", "date": "26-FEB-1987 15:07:13.72", "places": [ "usa", "brazil" ], "id": "4" }, { "title": "NATIONAL AVERAGE PRICES FOR FARMER-OWNED RESERVE", "body": "The U.S. Agriculture Department\nreported the farmer-owned reserve national five-day average\nprice through February 25 as follows (Dlrs/Bu-Sorghum Cwt) -\n Natl Loan Release Call\n Avge Rate-X Level Price Price\n Wheat 2.55 2.40 IV 4.65 --\n V 4.65 --\n VI 4.45 --\n Corn 1.35 1.92 IV 3.15 3.15\n V 3.25 --\n X - 1986 Rates.\n\n Natl Loan Release Call\n Avge Rate-X Level Price Price\n Oats 1.24 0.99 V 1.65 -- \n Barley n.a. 1.56 IV 2.55 2.55\n V 2.65 -- \n Sorghum 2.34 3.25-Y IV 5.36 5.36\n V 5.54 -- \n Reserves I, II and III have matured. Level IV reflects\ngrain entered after Oct 6, 1981 for feedgrain and after July\n23, 1981 for wheat. Level V wheat/barley after 5/14/82,\ncorn/sorghum after 7/1/82. Level VI covers wheat entered after\nJanuary 19, 1984. X-1986 rates. Y-dlrs per CWT (100 lbs).\nn.a.-not available.\n Reuter\n\u0003", "date": "26-FEB-1987 15:10:44.60", "topics": [ "grain", "wheat", "corn", "barley", "oat", "sorghum" ], "places": [ "usa" ], "id": "5" }, { "title": "ARGENTINE 1986/87 GRAIN/OILSEED REGISTRATIONS", "body": "Argentine grain board figures show\ncrop registrations of grains, oilseeds and their products to\nFebruary 11, in thousands of tonnes, showing those for futurE\nshipments month, 1986/87 total and 1985/86 total to February\n12, 1986, in brackets:\n Bread wheat prev 1,655.8, Feb 872.0, March 164.6, total\n2,692.4 (4,161.0).\n Maize Mar 48.0, total 48.0 (nil).\n Sorghum nil (nil)\n Oilseed export registrations were:\n Sunflowerseed total 15.0 (7.9)\n Soybean May 20.0, total 20.0 (nil)\n The board also detailed export registrations for\nsubproducts, as follows,\n SUBPRODUCTS\n Wheat prev 39.9, Feb 48.7, March 13.2, Apr 10.0, total\n111.8 (82.7) .\n Linseed prev 34.8, Feb 32.9, Mar 6.8, Apr 6.3, total 80.8\n(87.4).\n Soybean prev 100.9, Feb 45.1, MAr nil, Apr nil, May 20.0,\ntotal 166.1 (218.5).\n Sunflowerseed prev 48.6, Feb 61.5, Mar 25.1, Apr 14.5,\ntotal 149.8 (145.3).\n Vegetable oil registrations were : \n Sunoil prev 37.4, Feb 107.3, Mar 24.5, Apr 3.2, May nil,\nJun 10.0, total 182.4 (117.6). \n Linoil prev 15.9, Feb 23.6, Mar 20.4, Apr 2.0, total 61.8,\n(76.1). \n Soybean oil prev 3.7, Feb 21.1, Mar nil, Apr 2.0, May 9.0,\nJun 13.0, Jul 7.0, total 55.8 (33.7). REUTER\n\u0003", "date": "26-FEB-1987 15:14:36.41", "topics": [ "veg-oil", "linseed", "lin-oil", "soy-oil", "sun-oil", "soybean", "oilseed", "corn", "sunseed", "grain", "sorghum", "wheat" ], "places": [ "argentina" ], "id": "6" }, { "title": "RED LION INNS FILES PLANS OFFERING", "body": "Red Lion Inns Limited Partnership\nsaid it filed a registration statement with the Securities and\nExchange Commission covering a proposed offering of 4,790,000\nunits of limited partnership interests.\n The company said it expects the offering to be priced at 20\ndlrs per unit.\n It said proceeds from the offering, along with a 102.5 mln\ndlr mortgage loan, will be used to finance its planned\nacquisition of 10 Red Lion hotels.\n Reuter\n\u0003", "date": "26-FEB-1987 15:14:42.83", "places": [ "usa" ], "id": "7" }, { "title": "USX <X> DEBT DOWGRADED BY MOODY'S", "body": "Moody's Investors Service Inc said it\nlowered the debt and preferred stock ratings of USX Corp and\nits units. About seven billion dlrs of securities is affected.\n Moody's said Marathon Oil Co's recent establishment of up\nto one billion dlrs in production payment facilities on its\nprolific Yates Field has significant negative implications for\nUSX's unsecured creditors.\n The company appears to have positioned its steel segment\nfor a return to profit by late 1987, Moody's added.\n Ratings lowered include those on USX's senior debt to BA-1\nfrom BAA-3.\n Reuter\n\u0003", "date": "26-FEB-1987 15:15:40.12", "places": [ "usa" ], "id": "8" }, { "title": "CHAMPION PRODUCTS <CH> APPROVES STOCK SPLIT", "body": "Champion Products Inc said its\nboard of directors approved a two-for-one stock split of its\ncommon shares for shareholders of record as of April 1, 1987.\n The company also said its board voted to recommend to\nshareholders at the annual meeting April 23 an increase in the\nauthorized capital stock from five mln to 25 mln shares.\n Reuter\n\u0003", "date": "26-FEB-1987 15:17:11.20", "topics": [ "earn" ], "places": [ "usa" ], "id": "9" }, { "title": "COMPUTER TERMINAL SYSTEMS <CPML> COMPLETES SALE", "body": "Computer Terminal Systems Inc said\nit has completed the sale of 200,000 shares of its common\nstock, and warrants to acquire an additional one mln shares, to\n<Sedio N.V.> of Lugano, Switzerland for 50,000 dlrs.\n The company said the warrants are exercisable for five\nyears at a purchase price of .125 dlrs per share.\n Computer Terminal said Sedio also has the right to buy\nadditional shares and increase its total holdings up to 40 pct\nof the Computer Terminal's outstanding common stock under\ncertain circumstances involving change of control at the\ncompany.\n The company said if the conditions occur the warrants would\nbe exercisable at a price equal to 75 pct of its common stock's\nmarket price at the time, not to exceed 1.50 dlrs per share.\n Computer Terminal also said it sold the technolgy rights to\nits Dot Matrix impact technology, including any future\nimprovements, to <Woodco Inc> of Houston, Tex. for 200,000\ndlrs. But, it said it would continue to be the exclusive\nworldwide licensee of the technology for Woodco.\n The company said the moves were part of its reorganization\nplan and would help pay current operation costs and ensure\nproduct delivery.\n Computer Terminal makes computer generated labels, forms,\ntags and ticket printers and terminals.\n Reuter\n\u0003", "date": "26-FEB-1987 15:18:06.67", "topics": [ "acq" ], "places": [ "usa" ], "id": "10" }, { "title": "COBANCO INC <CBCO> YEAR NET", "body": "Shr 34 cts vs 1.19 dlrs\n Net 807,000 vs 2,858,000\n Assets 510.2 mln vs 479.7 mln\n Deposits 472.3 mln vs 440.3 mln\n Loans 299.2 mln vs 327.2 mln\n Note: 4th qtr not available. Year includes 1985\nextraordinary gain from tax carry forward of 132,000 dlrs, or\nfive cts per shr.\n Reuter\n\u0003", "date": "26-FEB-1987 15:18:59.34", "topics": [ "earn" ], "places": [ "usa" ], "id": "11" }, { "title": "OHIO MATTRESS <OMT> MAY HAVE LOWER 1ST QTR NET", "body": "Ohio Mattress Co said its first\nquarter, ending February 28, profits may be below the 2.4 mln\ndlrs, or 15 cts a share, earned in the first quarter of fiscal\n1986.\n The company said any decline would be due to expenses\nrelated to the acquisitions in the middle of the current\nquarter of seven licensees of Sealy Inc, as well as 82 pct of\nthe outstanding capital stock of Sealy.\n Because of these acquisitions, it said, first quarter sales\nwill be substantially higher than last year's 67.1 mln dlrs.\n Noting that it typically reports first quarter results in\nlate march, said the report is likely to be issued in early\nApril this year.\n It said the delay is due to administrative considerations,\nincluding conducting appraisals, in connection with the\nacquisitions.\n Reuter\n\u0003", "date": "26-FEB-1987 15:19:15.45", "topics": [ "earn", "acq" ], "places": [ "usa" ], "id": "12" }, { "title": "AM INTERNATIONAL INC <AM> 2ND QTR JAN 31", "body": "Oper shr loss two cts vs profit seven cts\n Oper shr profit 442,000 vs profit 2,986,000\n Revs 291.8 mln vs 151.1 mln\n Avg shrs 51.7 mln vs 43.4 mln\n Six mths\n Oper shr profit nil vs profit 12 cts\n Oper net profit 3,376,000 vs profit 5,086,000\n Revs 569.3 mln vs 298.5 mln\n Avg shrs 51.6 mln vs 41.1 mln\n NOTE: Per shr calculated after payment of preferred\ndividends.\n Results exclude credits of 2,227,000 or four cts and\n4,841,000 or nine cts for 1986 qtr and six mths vs 2,285,000 or\nsix cts and 4,104,000 or 11 cts for prior periods from\noperating loss carryforwards.\n Reuter\n\u0003", "date": "26-FEB-1987 15:20:13.09", "topics": [ "earn" ], "places": [ "usa" ], "id": "13" }, { "title": "BROWN-FORMAN INC <BFD> 4TH QTR NET", "body": "Shr one dlr vs 73 cts\n Net 12.6 mln vs 15.8 mln\n Revs 337.3 mln vs 315.2 mln\n Nine mths\n Shr 3.07 dlrs vs 3.08 dlrs\n Net 66 mln vs 66.2 mln\n Revs 1.59 billion vs 997.1 mln\n Reuter\n\u0003", "date": "26-FEB-1987 15:20:27.17", "topics": [ "earn" ], "places": [ "usa" ], "id": "14" }, { "title": "NATIONAL INTERGROUP<NII> TO OFFER PERMIAN UNITS", "body": "National Intergroup Inc said it plans\nto file a registration statement with the securities and\nexchange commission for an offering of cumulative convertible\npreferred partnership units in Permian Partners L.P.\n The Permian Partners L.P. was recently formed by National\nIntergroup to continue to business of Permian Corp, acquired by\nthe company in 1985.\n The company said Permian will continue to manage the\nbusiness as a general partner, retaining a 35 pct stake in the\npartnership in the form of common and general partnership\nunits.\n It did not say how many units would be offered or what the\nprice would be.\n Reuter\n\u0003", "date": "26-FEB-1987 15:20:48.43", "places": [ "usa" ], "id": "15" }, { "title": "ECONOMIC SPOTLIGHT - BANKAMERICA <BAC>", "body": "BankAmerica Corp is not under\npressure to act quickly on its proposed equity offering and\nwould do well to delay it because of the stock's recent poor\nperformance, banking analysts said.\n Some analysts said they have recommended BankAmerica delay\nits up to one-billion-dlr equity offering, which has yet to be\napproved by the Securities and Exchange Commission.\n BankAmerica stock fell this week, along with other banking\nissues, on the news that Brazil has suspended interest payments\non a large portion of its foreign debt.\n The stock traded around 12, down 1/8, this afternoon,\nafter falling to 11-1/2 earlier this week on the news.\n Banking analysts said that with the immediate threat of the\nFirst Interstate Bancorp <I> takeover bid gone, BankAmerica is\nunder no pressure to sell the securities into a market that\nwill be nervous on bank stocks in the near term.\n BankAmerica filed the offer on January 26. It was seen as\none of the major factors leading the First Interstate\nwithdrawing its takeover bid on February 9.\n A BankAmerica spokesman said SEC approval is taking longer\nthan expected and market conditions must now be re-evaluated.\n \"The circumstances at the time will determine what we do,\"\nsaid Arthur Miller, BankAmerica's Vice President for Financial\nCommunications, when asked if BankAmerica would proceed with\nthe offer immediately after it receives SEC approval.\n \"I'd put it off as long as they conceivably could,\" said\nLawrence Cohn, analyst with Merrill Lynch, Pierce, Fenner and\nSmith.\n Cohn said the longer BankAmerica waits, the longer they\nhave to show the market an improved financial outlook.\n Although BankAmerica has yet to specify the types of\nequities it would offer, most analysts believed a convertible\npreferred stock would encompass at least part of it.\n Such an offering at a depressed stock price would mean a\nlower conversion price and more dilution to BankAmerica stock\nholders, noted Daniel Williams, analyst with Sutro Group.\n Several analysts said that while they believe the Brazilian\ndebt problem will continue to hang over the banking industry\nthrough the quarter, the initial shock reaction is likely to\nease over the coming weeks.\n Nevertheless, BankAmerica, which holds about 2.70 billion\ndlrs in Brazilian loans, stands to lose 15-20 mln dlrs if the\ninterest rate is reduced on the debt, and as much as 200 mln\ndlrs if Brazil pays no interest for a year, said Joseph\nArsenio, analyst with Birr, Wilson and Co.\n He noted, however, that any potential losses would not show\nup in the current quarter.\n With other major banks standing to lose even more than\nBankAmerica if Brazil fails to service its debt, the analysts\nsaid they expect the debt will be restructured, similar to way\nMexico's debt was, minimizing losses to the creditor banks.\n Reuter\n\u0003", "date": "26-FEB-1987 15:21:16.13", "places": [ "usa", "brazil" ], "id": "16" }, { "title": "NATIONAL HEALTH ENHANCEMENT <NHES> NEW PROGRAM", "body": "National Health Enhancement\nSystems Inc said it is offering a new health evaluation system\nto its line of fitness assessment programs.\n The company said the program, called The Health Test, will\nbe available in 60 days.\n Customers who use the program will receive a\ncomputer-generated report and recommendations for implementing\na program to improve their physical condition.\n Reuter\n\u0003", "date": "26-FEB-1987 15:24:48.56", "places": [ "usa" ], "id": "17" }, { "title": "DEAN FOODS <DF> SEES STRONG 4TH QTR EARNINGS", "body": "Dean Foods Co expects earnings for the\nfourth quarter ending May 30 to exceed those of the same\nyear-ago period, Chairman Kenneth Douglas told analysts.\n In the fiscal 1986 fourth quarter the food processor\nreported earnings of 40 cts a share.\n Douglas also said the year's sales should exceed 1.4\nbillion dlrs, up from 1.27 billion dlrs the prior year.\n He repeated an earlier projection that third-quarter\nearnings \"will probably be off slightly\" from last year's 40\ncts a share, falling in the range of 34 cts to 36 cts a share.\n Douglas said it was too early to project whether the\nanticipated fourth quarter performance would be \"enough for us\nto exceed the prior year's overall earnings\" of 1.53 dlrs a\nshare.\n In 1988, Douglas said Dean should experience \"a 20 pct\nimprovement in our bottom line from effects of the tax reform\nact alone.\"\n President Howard Dean said in fiscal 1988 the company will\nderive benefits of various dairy and frozen vegetable\nacquisitions from Ryan Milk to the Larsen Co.\n Dean also said the company will benefit from its\nacquisition in late December of Elgin Blenders Inc, West\nChicago.\n He said the company is a major shareholder of E.B.I. Foods\nLtd, a United Kingdom blender, and has licensing arrangements\nin Australia, Canada, Brazil and Japan.\n \"It provides ann entry to McDonalds Corp <MCD> we've been\nafter for years,\" Douglas told analysts.\n Reuter\n\u0003", "date": "26-FEB-1987 15:26:26.78", "topics": [ "earn" ], "places": [ "usa" ], "id": "18" }, { "title": "BONUS WHEAT FLOUR FOR NORTH YEMEN -- USDA", "body": "The Commodity Credit Corporation, CCC,\nhas accepted an export bonus offer to cover the sale of 37,000\nlong tons of wheat flour to North Yemen, the U.S. Agriculture\nDepartment said.\n The wheat four is for shipment March-May and the bonus\nawarded was 119.05 dlrs per tonnes and will be paid in the form\nof commodities from the CCC inventory.\n The bonus was awarded to the Pillsbury Company.\n The wheat flour purchases complete the Export Enhancement\nProgram initiative announced in April, 1986, it said.\n Reuter\n\u0003", "date": "26-FEB-1987 15:26:54.12", "topics": [ "wheat", "grain" ], "places": [ "yemen-arab-republic", "usa" ], "id": "19" }, { "title": "CREDIT CARD DISCLOSURE BILLS INTRODUCED", "body": "Legislation to require disclosure of\ncredit card fees and interest rates before the cards are issued\nhave been introduced in the Senate and House.\n Sen. Chris Dodd, D-Conn, a co-sponsor of the bill, said\nmany banks and financial institutions do not disclose all the\ninformation about terms of their cards in promotional material\nsent to prospective customers.\n \"By requiring card issuers to disclose the terms and\nconditions of their cards at the time of solicitation, the\nlegislation is intended to arm consumers with enough\ninformation to shop around for the best deal,\" Dodd said in a\nstatement.\n Reuter\n\u0003", "date": "26-FEB-1987 15:32:03.12", "places": [ "usa" ], "id": "20" }, { "title": "HUGHES CAPITAL UNIT SIGNS PACT WITH BEAR STEARNS", "body": "Hughes/Conserdyne Corp, a\nunit of <Hughes Capital Corp> said it made Bear Stearns and Co\nInc <BSC> its exclusive investment banker to develop and market\nfinancing for the design and installation of its micro-utility\nsystems for municipalities.\n The company said these systems are self-contained\nelectrical generating facilities using alternate power sources,\nsuch as photovoltaic cells, to replace public utility power\nsources.\n Reuter\n\u0003", "date": "26-FEB-1987 15:33:23.61", "places": [ "usa" ], "id": "21" }, { "title": "MAGMA LOWERS COPPER 0.75 CENT TO 66 CTS", "body": "Magma Copper Co, a subsidiary of Newmont\nMining Corp, said it is cutting its copper cathode price by\n0.75 cent to 66 cents a lb, effective immediately.\n Reuter\n\u0003", "date": "26-FEB-1987 15:34:07.03", "topics": [ "copper" ], "places": [ "usa" ], "id": "22" }, { "title": "BROWN-FORMAN <BFDB> SETS STOCK SPLIT, UPS PAYOUT", "body": "Brown-Forman Inc said its board\nhas approved a three-for-two stock split and a 35 pct increase\nin the company cash dividend.\n The company cited its improved earnings outlook and\ncontinued strong cash flow as reasons for raising the dividend.\n Brown-Forman said the split of its Class A and Class B\ncommon shares would be effective March 13.\n The company said directors declared a quarterly cash\ndividend on each new share of both classes of 28 cts, payable\nApril one to holders of record March 20. Prior to the split,\nthe company had paid 31 cts quarterly.\n Brown-Forman today reported a 37 pct increase in third \nquarter profits to 21.6 mln dlrs, or 1.00 dlr a share, on a\nseven pct increase in sales to a record 337 mln dlrs.\n Brown-Forman said nine month profits declined a bit to 66.0\nmln dlrs, or 3.07 dlrs a share, from 66.2 mln dlrs, or 3.08\ndlrs a share, a year earlier due to a second quarter charge of\n37 cts a share for restructuring its beverage operations.\n The company said lower corporate tax rates and the\nrestructuring \"are expected to substantially improve\nBrown-Forman's earnings and cash flow in fiscal 1988.\"\n Reuter\n\u0003", "date": "26-FEB-1987 15:34:16.30", "topics": [ "earn" ], "places": [ "usa" ], "id": "23" }, { "title": "ESQUIRE RADIO AND ELECTRONICS INC <EE> 4TH QTR", "body": "Shr profit 15 cts vs profit four cts\n Annual div 72 cts vs 72 cts prior yr\n Net profit 72,000 vs profit 16,000\n Revs 7,075,000 vs 2,330,000\n 12 mths\n Shr profit 42 cts vs loss 11 cts\n Net profit 203,000 vs loss 55,000\n Revs 16.1 mln vs 3,971,000\n NOTE: annual dividend payable April 10, 1987, to\nstockholders of record on March 27, 1987.\n Reuter\n\u0003", "date": "26-FEB-1987 15:35:16.67", "topics": [ "earn" ], "places": [ "usa" ], "id": "24" }, { "title": "SHEARSON LEHMAN NAMES NEW MANAGING DIRECTOR", "body": "Shearson Lehman Brothers, a unit of\nAmerican Express Co <AXP>, said Robert Stearns has joined the\ncompany as managing director of its merger and acquisition\ndepartment.\n Shearson said Stearns formerly was part of Merrill Lynch\nPierce, Fenner and Smith Inc's <MER> merger and acquisitions\ndepartment.\n Reuter\n\u0003", "date": "26-FEB-1987 15:35:39.38", "places": [ "usa" ], "id": "25" }, { "title": "BANKERS REPORT BREAKTHROUGH ON VENEZUELAN DEBT", "body": "Venezuela and its bank advisory\ncommittee have agreed in principle on revisions to the terms of\na 21 billion dlr debt-rescheduling package signed last\nFebruary, bankers said.\n They declined to disclose details because two or three\nrepresentatives on the panel have still to obtain the approval\nof their senior management for the new terms.\n The committee was meeting in New York this afternoon and\ncould put its final stamp of approval of the deal later today,\nthe bankers said.\n \"A number of details have still to be finalized, but the\nbroad details of the new amortization schedules and interest\nrates are in place,\" one senior banker said.\n The interest rate on the rescheduling was originally set at\n1-1/8 pct over Eurodollar rates, but Venezuela requested easier\nterms because of a 40 pct drop in oil income last year.\n It also asked for a reduction in the repayments it was due\nto make in 1987, 1988 and 1989 - after an earlier request that\nit make no amortizations at all in those years was rebuffed -\nand sought a commitment from the banks to finance new\ninvestment in Venezuela.\n The breakthrough in the Venezuelan talks, which have been\ngoing on intermittently for several months, follows the\nannouncement earlier today of a 10.6 billion dlr debt\nrescheduling pact between Chile and its bank advisory panel.\n And last night Citibank said Mexico's financing package,\nincluding a 7.7 billion dlr loan, will be signed on March 20.\n While the sudden progress is to some extent coincidental,\nbankers acknowledge a desire to chalk up some quick successes\nafter the shock of Brazil's unilateral interest suspension last\nFriday. By striking swift deals, banks hope to reduce the\nincentive for other debtors to emulate Brazil.\n Reuter\n\u0003", "date": "26-FEB-1987 15:36:44.78", "places": [ "usa", "brazil", "venezuela" ], "id": "26" }, { "title": "UNITED PRESIDENTIAL CORP <UPCO> 4TH QTR NET", "body": "Shr 39 cts vs 50 cts\n Net 1,545,160 vs 2,188,933\n Revs 25.2 mln vs 19.5 mln\n Year\n Shr 1.53 dlrs vs 1.21 dlrs\n Net 6,635,318 vs 5,050,044\n Revs 92.2 mln vs 77.4 mln\n NOTE: Results include adjustment of 848,600 dlrs or 20 cts\nshr for 1986 year and both 1985 periods from improvement in\nresults of its universal life business than first estimated.\n Reuter\n\u0003", "date": "26-FEB-1987 15:36:53.42", "topics": [ "earn" ], "places": [ "usa" ], "id": "27" }, { "title": "TOWER REPORT DIMINISHES REAGAN'S HOPES OF REBOUND", "body": "The Tower Commission report, which\nsays President Reagan was ignorant about much of the Iran arms\ndeal, just about ends his prospects of regaining political\ndominance in Washington, political analysts said.\n \"This is certification of incompetence,\" private political\nanalyst Stephen Hess told Reuters in commenting on the Tower\nreport made public today.\n \"It's as if he went before a professional licensing board\nand was denied credentials.\"\n In one of the most direct criticisms, board chairman John\nTower, a longtime Reagan supporter and former Republican\nsenator from Texas, told a press conference, \"The president\nclearly did not understand the nature of this operation.\"\n The report, which lent credence to widespread opinion in\nWashington that Reagan is not in full command of the\ngovernment, was particularly damaging because it was prepared\nby a board of the Republican president's own choosing.\n The three-member panel made up of Tower, former National\nSecurity Adviser Brent Scowcroft and former Secretary of State\nEdmund Muskie, does not carry the partisan taint of criticism\nfrom a Congress controlled by the Democratic party.\n \"We're falling by our own hand,\" said one Republican\npolitical strategist. \"What can we say except 'we're sorry, we\nwon't do it again'?\"\n The strategist, who works for one of his party's top 1988\npresidential contenders and asked not to be identified, said\nthe report was like \"an anvil falling on us.\"\n Hess, with the Brookings Institution public policy study\ngroup, said the report is the final blow to Reagan's hopes of\nregaining the upper hand he once had in dealings with Congress,\nthe press and the Washington bureaucracy.\n The report may also undermine the standing of Defense\nSecretary Caspar Weinberger and Secretary of State George\nShultz, who the report suggests were more interested in keeping\ntheir own skirts clean than supporting the president.\n \"They protected the record as to their own positions on this\nissue. They were not energetic in attempting to protect the\npresident from the consequences,\" it said.\n White House chief of staff Donald Regan and former Central\nIntelligence Agency Director William Casey also received strong\ncriticism, but the blows were expected in their cases.\n Regan, expected to resign or be fired shortly, was savaged\nfor allegedly failing both to help Reagan conduct the Iran\ninitiative and to avoid \"chaos\" in the disclosure process.\n Casey, who underwent surgery for removal of a cancerous\nbrain tumor in December, had already resigned for health\nreasons last month.\n \"This is a story about people who came up somewhat short of\nbeing heroes,\" Tower told reporters.\n While Reagan retains considerable constitutional powers,\nincluding command of the armed forces and the right to veto\nlegislation, analysts say it will be difficult for him to\nretake control of the country's policy agenda -- particularly\nwith Congress controlled by the Democrats.\n The crucial remaining question, they said, is whether the\nman in the street will forsake Reagan over the affair.\n Although his job approval rating has fallen as much as\ntwenty percentage points in some opinion polls since the arms\ndeal with Iran became public last November, his personal\npopularity is still relatively high.\n A Los Angeles Times poll released earlier this week showed\nthat just 37 pct of those surveyed thought Reagan was in\ncontrol of the government, but 55 pct still thought he was\ndoing a good job as president.\n American Enterprise Institute analyst William Schneider, a\nDemocrat, says Reagan's loss of support among Washington power\nbrokers could be offset by continued backing of the public.\n \"In the past, he has been able to go around the power elite\nby appealing directly to the public,\" Schneider said.\n Reagan will again plead his case that way in a televised\naddress next week.\n But one top Republican strategist warned against expecting\na dramatic turnaround.\n \"The White House has to avoid building expectations that\ncannot be met,\" said the strategist, who requested anonymity.\n\"They have to recognize there is no quick fix.\"\n Analysts also point out that Reagan's personal popularity\nhas not always translated into public backing for his policies.\n They note he was dramatically rebuffed in last November's\nelections when voters rejected his appeals and restored control\nof the Senate to the Democrats.\n Reuter\n\u0003", "date": "26-FEB-1987 15:38:26.23", "places": [ "usa" ], "id": "28" }, { "title": "JANUARY HOUSING SALES DROP, REALTY GROUP SAYS", "body": "Sales of previously owned homes\ndropped 14.5 pct in January to a seasonally adjusted annual\nrate of 3.47 mln units, the National Association of Realtors\n(NAR) said.\n But the December rate of 4.06 mln units had been the\nhighest since the record 4.15 mln unit sales rate set in\nNovember 1978, the group said.\n \"The drop in January is not surprising considering that a\nsignificant portion of December's near-record pace was made up\nof sellers seeking to get favorable capital gains treatment\nunder the old tax laws,\" said the NAR's John Tuccillo.\n Reuter\n\u0003", "date": "26-FEB-1987 15:39:41.92", "topics": [ "housing" ], "places": [ "usa" ], "id": "29" }, { "title": "ASSETS OF MONEY MARKET MUTUAL FUNDS ROSE 720.4 MLN DLRS IN LATEST WEEK\n", "date": "26-FEB-1987 15:41:56.54", "topics": [ "money-supply" ], "id": "30" }, { "title": "U.S. TAX WRITERS SEEK ESTATE TAX CURBS, RAISING 6.7 BILLION DLRS THRU 1991\n", "date": "26-FEB-1987 15:43:14.36", "places": [ "usa" ], "id": "31" }, { "title": "SENATORS INTRODUCE EXPORT LICENSING REFORM BILL", "body": "Sens. Alan Cranston (D-Cal.) and\nDaniel Evans (R-Wash.) said they introduced export licensing\nreform legislation that could save U.S. companies hundreds of\nthousands of dollars annually.\n \"Our emphasis is two-fold: Decontrol and de-license items\nwhere such actions will not endanger our national security, and\neliminate the Department of Defense's de facto veto authority\nover the licensing process,\" Cranston said.\n \"Our reforms should reduce licensing requirements by 65 to\n70 pct,\" he told reporters. \"I am convinced that a more\nrational...licensing process will boost exports.\"\n U.S. export controls are intended to deny Eastern bloc\ncountries access to technology that could further their\nmilitary capabilities.\n \"By refocusing our control resources on higher levels of\ntechnology, technology that is truly critical, we will do a\nbetter job of preventing diversion of critical technology to\nour adversaries while promoting more exports,\" Cranston said.\n \"We cannot expect to continue to play a leading role in new\ntechnology development in the future if we unduly restrict the\nactivities of U.S. firms in the world market-place,\" Evans told\nreporters.\n Reuter\n\u0003", "date": "26-FEB-1987 15:43:59.53", "places": [ "usa" ], "id": "32" }, { "title": "EXCELAN INC SETS INITIAL STOCK OFFER", "body": "Excelan Inc said it is making an\ninitial public offering of 2,129,300 shares of common stock at\n12 dlrs per share.\n Excelan said 1.6 mln of the shares are being sold by the\ncompany and 529,300 shares are being sold by stockholders.\n Excelan designs and manufactures computer-related products.\n Reuter\n\u0003", "date": "26-FEB-1987 15:44:36.04", "places": [ "usa" ], "id": "33" }, { "title": "CCX NETWORK <CCXN> SECONDARY OFFERING UNDERWAY", "body": "CCX Network Inc said it was offering\n220,838 shares of stock at 15.75 dlrs a share though\nunderwriters Stephens Inc and Cazenove Inc.\n The company said it was selling the stock on behalf of some\nshareholders, including those who recently received shares\nin the company in exchange for their businesses.\n The company said it was receiving no proceeds from the\noffering.\n Reuter\n\u0003", "date": "26-FEB-1987 15:45:19.65", "places": [ "usa" ], "id": "34" }, { "title": "FIRST UNION <FUNC> FILES 100 MLN DLR NOTES ISSUE", "body": "First Union Corp said it has filed with\nthe Securities and Exchange Commission for a proposed offering\nof 100 mln dlrs of fixed rate subordinated notes due 1997.\n The notes will be sold nationwide through underwriters\nmanaged by Shearson Lehman Brothers Inc.\n Reuter\n\u0003", "date": "26-FEB-1987 15:45:26.55", "places": [ "usa" ], "id": "35" }, { "title": "OWENS AND MINOR INC <OBOD> RAISES QTLY DIVIDEND", "body": "Qtly div eights cts vs 7.5 cts prior\n Pay March 31\n Record March 13\n Reuter\n\u0003", "date": "26-FEB-1987 15:45:35.37", "topics": [ "earn" ], "places": [ "usa" ], "id": "36" }, { "title": "COMPUTER LANGUAGE RESEARCH IN <CLRI> 4TH QTR", "body": "Shr loss 22 cts vs loss 18 cts\n Net loss 3,035,000 vs loss 2,516,000\n Revs 20.9 mln vs 19.6 mln\n Qtly div three cts vs three cts prior\n Year\n Shr profit two cts vs profit 34 cts\n Net profit 215,000 vs profit 4,647,000\n Revs 93.4 mln vs 98.7 mln\n NOTE: Dividend payable April one to shareholders of record\nMarch 17.\n Reuter\n\u0003", "date": "26-FEB-1987 15:45:39.20", "topics": [ "earn" ], "places": [ "usa" ], "id": "37" }, { "title": "<CINRAM LTD> 4TH QTR NET", "body": "Shr 45 cts vs 58 cts\n Net 1.1 mln vs 829,000\n Sales 7.9 mln vs 9.4 mln\n Avg shrs 2,332,397 vs 1,428,000\n Year\n Shr 1.22 dlrs vs 1.06 dlrs\n Net 2.9 mln vs 1.5 mln\n Sales 25.7 mln vs 22.2 mln\n Avg shrs 2,332,397 vs 1,428,000\n Reuter\n\u0003", "date": "26-FEB-1987 15:45:47.29", "topics": [ "earn" ], "places": [ "usa" ], "id": "38" }, { "title": "DU PONT CO <DD> LAUNCHES IMPROVED ARAMID FIBERS", "body": "The Du Pont Co said it has\ndevloped a new generation of high-strength aramid fibers which\nis stiffer and less absorbant than previous generations.\n Du Pont said the new product, Kevlar 149, is up to 40 pct\nstiffer than first generation aramids, and absorbs less than\nhalf the moister of other similar aramid fibers.\n Kevlar was invented by Du Pont in the late 1960s and is\nfive times stronger than steel and 10 times stronger than\naluminum on an equal wieght basis, and is used to replace\nmetals in a variety of products, according to the company.\n Reuter\n\u0003", "date": "26-FEB-1987 15:46:36.16", "places": [ "usa" ], "id": "39" }, { "title": "STANDARD TRUSTCO SEES BETTER YEAR", "body": "Standard Trustco said it expects earnings\nin 1987 to increase at least 15 to 20 pct from the 9,140,000\ndlrs, or 2.52 dlrs per share, recorded in 1986.\n \"Stable interest rates and a growing economy are expected to\nprovide favorable conditions for further growth in 1987,\"\npresident Brian O'Malley told shareholders at the annual\nmeeting.\n Standard Trustco previously reported assets of 1.28 billion\ndlrs in 1986, up from 1.10 billion dlrs in 1985. Return on\ncommon shareholders' equity was 18.6 pct last year, up from 15\npct in 1985.\n Reuter\n\u0003", "date": "26-FEB-1987 15:47:16.17", "topics": [ "earn" ], "places": [ "canada" ], "id": "40" }, { "title": "HANDY AND HARMAN <HNH> 4TH QTR LOSS", "body": "Shr loss 51 cts vs loss three cts\n Net loss 7,041,000 vs loss 467,000\n Rev 138.9 mln vs 131.4 mln\n 12 months\n Shr loss 64 cts vs profit 46 cts\n Net loss 8,843,000 vs profit 6,306,0000\n Rev 558.9 mln vs 556.7 mln\n NOTE: Net loss for 4th qtr 1986 includes charge for\nrestructuring of 2.6 mln dlrs after tax, or 19 cts a share.\n 1986 net loss includes after tax special charge of 2.7 mln\ndlrs, or 20 cts a share.\n \n Reuter\n\u0003", "date": "26-FEB-1987 15:48:26.92", "topics": [ "earn" ], "places": [ "usa" ], "id": "41" }, { "title": "ICO PRODUCERS TO PRESENT NEW COFFEE PROPOSAL", "body": "International Coffee Organization, ICO,\nproducing countries will present a proposal for reintroducing\nexport quotas for 12 months from April 1 with a firm\nundertaking to try to negotiate up to September 30 any future\nquota distribution on a new basis, ICO delegates said.\n Distribution from April 1 would be on an unchanged basis as\nin an earlier producer proposal, which includes shortfall\nredistributions totalling 1.22 mln bags, they said.\n Resumption of an ICO contact group meeting with consumers,\nscheduled for this evening, has been postponed until tomorrow,\ndelegates said.\n Reuter\n\u0003", "date": "26-FEB-1987 15:49:27.16", "topics": [ "coffee" ], "organisations": [ "ico-coffee" ], "places": [ "uk" ], "id": "42" }, { "title": "SHULTZ SAYS NO RESIGNATION OVER IRAN REPORT", "body": "Secretary of State George\nShultz acknowledged failings in the Iran arms affair but\ndeclared he would not resign.\n His role in the scandal that has scarred the Reagan\nadministration attracted harsh criticism from the Tower\ncommission in its report on the affair published today.\n Shultz, travelling to China for a week-long visit, refused\nto comment directly on the report, published after he had left\nWashington. But he repeated -- as he has done since the crisis\nbroke last November -- that he was not going to resign.\n \"You can wipe that off your slate,\" he said.\n Reuter\n\u0003", "date": "26-FEB-1987 15:49:44.93", "places": [ "usa", "iran" ], "id": "43" }, { "title": "MCLEAN'S <MII> U.S. LINES SETS ASSET TRANSFER", "body": "McLean Industries Inc's United\nStates Lines Inc subsidiary said it has agreed in principle to\ntransfer its South American service by arranging for the\ntransfer of certain charters and assets to <Crowley Mariotime\nCorp>'s American Transport Lines Inc subsidiary.\n U.S. Lines said negotiations on the contract are expected\nto be completed within the next week. Terms and conditions of\nthe contract would be subject to approval of various regulatory\nbodies, including the U.S. Bankruptcy Court.\n Reuter\n\u0003", "date": "26-FEB-1987 15:49:56.01", "topics": [ "acq", "ship" ], "places": [ "usa" ], "id": "44" }, { "title": "CHEMLAWN <CHEM> RISES ON HOPES FOR HIGHER BIDS", "body": "ChemLawn Corp <CHEM> could attract a\nhigher bid than the 27 dlrs per share offered by Waste\nManagement Inc <WNX>, Wall Street arbitrageurs said.\n Shares of ChemLawn shot up 11-5/8 to 29-3/8 in\nover-the-counter- trading with 3.8 mln of the company's 10.1\nmln shares changing hands by late afternoon.\n \"This company could go for 10 times cash flow or 30 dlrs,\nmaybe 32 dollars depending on whether there is a competing\nbidder,\" an arbitrageur said. Waste Management's tender offer,\nannounced before the opening today, expires March 25.\n \"This is totally by surprise,\" said Debra Strohmaier, a\nChemLawn spokeswoman. The company's board held a regularly\nscheduled meeting today and was discussing the Waste Management\nannouncement. She said a statement was expected but it was not\ncertain when it would be ready. \n She was unable to say if there had been any prior contact\nbetween Waste Management and ChemLawn officials.\n \"I think they will resist it,\" said Elliott Schlang,\nanalyst at Prescott, Ball and Turben Inc. \"Any company that\ndoesn't like a surprise attack would.\"\n Arbitrageurs pointed out it is difficult to resist tender\noffers for any and all shares for cash. Schlang said ChemLawn\ncould try to find a white knight if does not want to be\nacquired by Waste Management.\n Analyst Rosemarie Morbelli of Ingalls and Snyder said\nServiceMaster Companies L.P. <SVM> or Rollins Inc <ROL> were\nexamples of companies that could be interested.\n ChemLawn, with about two mln customers, is the largest U.S.\ncompany involved in application of fertilizers, pesticides and\nherbicides on lawns. Waste Management is involved in removal of\nwastes.\n Schlang said ChemLawn's customer base could be valuable to\nanother company that wants to capitalize on a strong\nresidential and commercial distribution system.\n Both Schlang and Morbelli noted that high growth rates had\ncatapulted ChemLawn's share price into the mid-30's in 1983 but\nthe stock languished as the rate of growth slowed.\n Schlang said the company's profits are concentrated in the\nfourth quarter. In 1986 ChemLawn earned 1.19 dlrs per share for\nthe full year, and 2.58 dlrs in the fourth quarter.\n Morbelli noted ChemLawn competes with thousands of\nindividual entrepreuers who offer lawn and garden care sevice.\n Reuter\n\u0003", "date": "26-FEB-1987 15:51:17.84", "topics": [ "acq" ], "places": [ "usa" ], "id": "45" }, { "title": "U.S. SUGAR IMPORTS DOWN IN WEEK - USDA", "body": "Sugar imports subject to the U.S.\nsugar import quota during the week ended January 9, the initial\nweek of the 1987 sugar quota year, totaled 5,988 short tons\nversus 46,254 tons the previous week, the Agriculture\nDepartment said.\n The sugar import quota for the 1987 quota year\n(January-December) has been set at 1,001,430 short tons\ncompared with 1,850,000 tons in the 1986 quota year, which was\nextended three months to December 31.\n The department said the Customs Service has reported that\nweekly and cumulative imports are reported on an actual weight\nbasis and when final polarizations are received, cumulative\nimport data are adjusted accordingly.\n Reuter\n\u0003", "date": "26-FEB-1987 15:51:28.42", "topics": [ "sugar" ], "places": [ "usa" ], "id": "46" }, { "title": "BRAZIL ANTI-INFLATION PLAN LIMPS TO ANNIVERSARY", "body": "inflation\nplan, initially hailed at home and abroad as the saviour of the\neconomy, is limping towards its first anniversary amid soaring\nprices, widespread shortages and a foreign payments crisis.\n Announced last February 28 the plan froze prices, fixed the\nvalue of the new Cruzado currency and ended widespread\nindexation of the economy in a bid to halt the country's 250\npct inflation rate.\n But within a year the plan has all but collapsed.\n \"The situation now is worse than it was. Although there was\ninflation, at least the economy worked,\" a leading bank\neconomist said.\n The crumbling of the plan has been accompanied by a\ndramatic reversal in the foreign trade account. In 1984 and\n1985 Brazil's annual trade surpluses had been sufficient to\ncover the 12 billion dlrs needed to service its 109 billion dlr\nforeign debt.\n For the first nine months of 1986 all seemed to be on\ntarget for a repeat, with monthly