Executive Business Briefing 18:00:41 EST
UPI
Executive Business Briefing
By United Press International
Here's a look at the hour's top business stories from UPI Financial:
Stocks closed mixed amid profit-taking, as the Dow Jones industrial
average fell back below the 9000 mark, after passing it for the first
time in history early in the session. The Dow closed down 3.23 points at
8983.41. Advances narrowly led declines in active trading on the New
York Stock Exchange.
The Dow broke through the 9000 barrier eight minutes after the
opening bell, as bonds rallied following the release of weaker-than-
expected employment data for March.
The New York Stock Exchange composite index rose 1.04 point to 583.08
and Standard and Poor's 500-stock index gained 2.69 to 1122.70.
Among the most active stocks: Sunbeam, down 10 3/8 to 35 1/4; Lucent
Technologies, up 3 1/2 to 73; Compaq Computer, down 1/8 to 25 13/16;
Telebras, down 4 1/8 to 121 3/4; Boeing, unchanged at 55; Bay Networks,
up 1/16 to 26 1/16; CBS, up 5/8 to 36 1/4 and Eli Lilly, down 1 1/8 to
58 5/8.
The Nasdaq composite index rose 2.44 points to 1855.40 and the Amex
composite index inched up 0.16 to 747.19.
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The 30-year Treasury bond was ahead 22/32 to 104 19/32. The issue's
yield, which moves in the opposite direction of its price, was 5.80
percent. It was down from Thursday's 5.84 percent.
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In late New York trading, the dollar fell to 1.8470 German marks from
late Thursday's 1.8545 but rose to 134.90 Japanese yen from 133.68.
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On New York's Comex, a 100-troy-ounce gold futures contract for the
active June delivery rose $5.80 to $310 an ounce. A 5,000-troy-ounce
silver futures contract for the active May delivery rose 3.7 cents to
$6.57.
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March's employment report suggests a slowing U.S. economy. The Labor
Department says the unemployment rate rose 0.1 percent to 4.7 percent,
as non-farm payrolls cut 36,000 jobs. Most economists had predicted no
change in the jobless rate and a rise of 250,000 in non-farm jobs. The
Labor Department notes colder-than-expected weather affected hiring in
the construction sector.
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Financially ailing Zenith Electronics is laying off 409 workers at
its color picture tube plant in the Chicago suburb of Melrose Park,
Illinois. The layoffs affect about 4 percent of the company's workforce.
On Wednesday, Zenith reported 1997 losses of nearly $300 million.
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Astoria Financial Corporation and Long Island Bancorp have agreed to
merge in a $1.8 billion stock swap. Astoria Financial is the holding
company for Astoria Federal Savings and Loan Association, the nation's
10th-largest thrift institution. Long Island Bancorp is the parent of
the Long Island Savings Bank. The merger will form the nation's sixth-
largest publicly-traded thrift.
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General Motors reports a 3.8 percent rise in its March U.S. sales
compared with March of 1997, led by an 11.2 percent jump in truck sales.
GM says it sold 451,321 vehicles. Truck sales totaled 211,715 - the best
truck month in GM history. It was the fifth straight monthly increase in
truck sales. Car sales were down 1.9 percent, while showing growth in
the mid-size segment.
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Ford says its U.S. sales fell 3 percent in March compared with March
of 1997. Passenger car sales fell 5.9 percent to 135,391 vehicles. Truck
sales were also lower, falling 1.4 percent to 202,950. But Ford notes
the F-Series pickup hnad one of its biggest sales months in two decades
and Lincoln sales, including the Navigator sport utility vehicle, soared
18.6 percent.
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Shares of Sunbeam closed sharply lower, after the company warned its
first-quarter results could fall below analysts' estimates. Sunbeam
blamed lower-than-expected sales and significant one-time charges and
costs tied to its acquisitions of the Coleman Company, Signature Brands
and First Alert. Sunbeam closed down 10 3/8 at 35 1/4.
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Viasoft's share price plunged, after the company warned it expects
third-quarter results to fall below analysts' estimates. The Phoenix-
based business software and consulting company said international
revenue, especially from its United Kingdom operations, has been
disappointing. Viasoft closed down 9 7/8 at 17 1/2 on the Nasdaq stock
market.
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The Fleet Bank of Maine, a subsidiary of Boston-based Fleet Financial
Group, has agreed to sell 31 branches in Maine to Bangor Savings Bank.
Fleet says the sale will allow it to concentrate its resources in parts
of Maine where it can add the most value. The branches being sold
represent about $292.8 million in deposits. Fleet will remain the third-
largest commercial bank in Maine.
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Coming up on Monday...
The Commerce Department reports on fourth-quarter manufacturer's
profits.
The Treasury Department holds its regular weekly 3-month and 6-month
bill auction.
The major Hollywood studios release their weekend box-office results.
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