Executive Business Briefing 02:50:38 EST
UPI
Executive Business Briefing
Here's a look at the hour's top business stories:
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Today is Monday, April 6th.
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Stocks have rebounded on expectations that an upcoming pump-priming
package will have tax cuts in it to help kick start the economy. The key
Nikkei index of 225 selected issues jumped 188.21 points - 1.21 percent
- to 15,705.99. The broader-based Tokyo Stock Price Index was also
higher.
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On Wall Street Friday, stocks closed mixed amid profit-taking. The
Dow Jones industrial average finished 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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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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Shares of Sunbeam closed sharply lower Friday, 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 Friday, 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 Cleveland Indians Baseball Company has filed a registration
statement with the Securities and Exchange Commission for a proposed
initial public offering of up to 4.6 million Class A Common Shares. The
estimated initial public offering price will be between $14 and $16 per
share. The offering is being handled by a group of underwriters
represented by McDonald & Company.
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Procter & Gamble says it is looking into the sale of its North
American Attends business. The company says it is soliciting bids but
will hold onto the business if it receives no acceptable offers. Attends
is sold through institutional as well as retail channels. It has been
the leading adult incontinence product brand in long-term care
facilities since the early 1980s. -0-
By Ed Silk (UPI)
Financial-Update
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