Ponovno predvajanje torek, 16. maj 1995

2 Submarine Makers Vie for a $60 Billion Project

Date: 17 May 1995

By Eric Schmitt

Eric Schmitt

One of the fiercest naval battles in years broke out here today -- in an ornate Capitol Hill hearing room packed with admirals, lawmakers and lobbyists. The battle pits the United States' two submarine builders in a fight that will most likely leave only one standing. At stake is a $60 billion contract to build the Navy's new attack submarine, thousands of jobs in Connecticut and Virginia and an industrial hedge against a resurgent Russia or other future enemy.

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Times Reporter Wins Meyer Berger Award

Date: 17 May 1995

Felicia R. Lee of The New York Times has won the 1995 Meyer Berger Award for a series of three articles that portrayed the violent, dispirited lives of drug dealers, addicts, welfare recipients and children on one block in Harlem. In ceremonies yesterday at the Columbia Graduate School of Journalism, which administers the award, established in memory of a Pulitzer Prize-winning New York Times reporter who died in 1959, Ms. Lee received $1,000.

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SUNBEAM-OSTER SAYS EARNINGS WILL NOT MEET ESTIMATES

Date: 17 May 1995

By Bloomberg News

Bloomberg News

The Sunbeam-Oster Company said yesterday that its second-quarter and 1995 earnings would not meet analysts' reduced estimates, because sales of its outdoor products had been slow as a result of bad weather. The company, which makes furniture, barbecue grills and household appliances, also said it planned to repurchase as many as five million shares, or 6 percent of its stock, during the next two years. Sunbeam-Oster, based in Fort Lauderdale, Fla., said second-quarter earnings would be 30 cents to 34 cents a share, compared with 36 cents in the corresponding period last year. Some analysts lowered their estimates to 36 cents during the last week. Shares of Sunbeam-Oster rose 50 cents, to $19.125, on the New York Stock Exchange.

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CROP GROWERS STOCK FALLS ON ANALYST'S REPORT

Date: 17 May 1995

By Bloomberg News

Bloomberg News

Shares of the Crop Growers Corporation plunged yesterday after an analyst for Dain Bosworth Inc. downgraded the stock on lower-than-expected earnings. Shares of Crop Growers, an insurer based in Great Falls, Mont., fell $11.625, to $12.625, in Nasdaq trading. On Monday Crop Growers reported first-quarter net income of $5.2 million, or 63 cents a share, compared with a pro forma loss of $368,000, or 9 cents a share. The company's stock started trading publicly last June. The analyst downgraded the stock to "hold" from "buy" because he said the lower share price reflected the value of the company. A spokeswoman for the company said "management believes it's well positioned to continue its growth in the crop insurance business."

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INGERSOLL-RAND SELLS PAVING EQUIPMENT BUSINESS

Date: 16 May 1995

By Bloomberg News

Bloomberg News

The Ingersoll- Rand Company said yesterday that it had sold its domestic paving equipment business for an undisclosed amount, in hope that the transaction would clear the way for its acquisition of the Clark Equipment Company. Ingersoll-Rand, based in Woodcliff Lake, N.J., sold the business, based in Shippensburg, Pa., to Champion Road Machinery Ltd. of Canada. The sale could eliminate antitrust concerns about its $1.5 billion offer for Clark, based in South Bend, Ind., which makes highway paving equipment through its Blaw-Knox group.

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NORWEST TO BUY FOOTHILL GROUP IN STOCK SWAP

Date: 16 May 1995

By Bloomberg News

Bloomberg News

The Norwest Corporation agreed yesterday to buy Foothill Group Inc., a commercial finance company based in Los Angeles, for about $441 million in stock. Norwest, a banking company based in Minneapolis, said the purchase would help provide $5 million to $50 million loans for companies that do not meet traditional credit standards. Under the agreement, Norwest plans to issue 16.4 million shares of common stock. Each common share of Foothill would be exchanged for 0.920 share of Norwest. Each preferred share of Foothill would be exchanged for 6.1333272 shares of Norwest common. Based on Norwest's closing price of $28.125 yesterday, down 12.5 cents, Foothill's shares are valued at $25.875 each. Foothill closed at $23,875, up 50 cents, before the deal was announced.

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BORDEN PLANS TO SELL SOME DAIRY OPERATIONS

Date: 17 May 1995

By Bloomberg News

Bloomberg News

Borden Inc. said yesterday that it planned to sell its dairy operations east of the Mississippi River in a revamping effort outlined for employees. The company, based in Columbus, Ohio, makes dairy products, Cracker Jack snacks and Creamette pasta. It said the operations for sale had $500 million in revenue during 1994. The company, purchased this year by the takeover firm Kohlberg, Kravis, Roberts & Company of New York, will also reorganize into nine business units with "minimal impact on head count," the chief executive of Borden, C. Robert Kidder, wrote to employees.

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DIGITAL TO OFFER 'CRADLE-TO-GRAVE' PC SERVICE

Date: 16 May 1995

By Bloomberg News

Bloomberg News

The Digital Equipment Corporation said yesterday that it would begin offering a flat-fee "cradle-to-grave" service for personal computers that includes software, system upgrades and maintenance. The plan, called PC Utility, was scheduled to be introduced today. For a monthly fee of from $100 to $400, Digital would assume total responsibility. The company said the service was a way for corporations to reduce the costs associated with owning PCs. The Gartner Group, a consulting firm based in Stamford, Conn., estimated that the cost of owning a PC for five years more than doubled to almost $41,000 in 1993 from $19,000 in 1987. Bott Ikeler, a Digital spokesman, said of the company's plan, "It allows a customer to have Digital purchase the PC's for them, maintain, upgrade and take care of training," for a lower overall cost.

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BALLY ENTERTAINMENT PLANS CASINO WITH PARIS THEME

Date: 17 May 1995

By Bloomberg News

Bloomberg News

The Bally Entertainment Corporation said yesterday that it planned to develop a $420 million, 2,500-room resort in Las Vegas, Nev., modeled after Paris. The planned resort would feature a 50-story replica of the Eiffel Tower and reproductions of the Seine River and the Arc de Triomphe. The resort, to be called Bally's Paris Casino Resort, would have mimes and jugglers, a working winery, a cabaret and French restaurants. Shares of Bally fell 25 cents, to $10.75, on the New York Stock Exchange yesterday.

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RAYTHEON WINS $105.8 MILLION AIRCRAFT CONTRACT

Date: 17 May 1995

By Bloomberg News

Bloomberg News

The Raytheon Company said yesterday that its military business had won a contract valued at $105.8 million from the Air Force for equipment and training for Taiwan's F-16 aircraft. The equipment protects aircraft radio frequencies from being jammed. Raytheon, based in Lexington, Mass., also said it had completed the acquisition of E-Systems Inc., a maker of spy electronics for the military, on May 8. Raytheon paid $2.3 billion in cash for E-Systems. Shares of Raytheon rose $1, to $76.125, on the New York Stock Exchange yesterday.

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