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Daily Press from Newport News, Virginia • Page 24

Publication:
Daily Pressi
Location:
Newport News, Virginia
Issue Date:
Page:
24
Extracted Article Text (OCR)

C6 BUSINESS Saturday, Aug, 20, 1994 to. 1-41 4l to. 141 t4f 414 (44i y14t to. 1-41 IM ty M.j14l. to.

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If you want a quality stock at depressed prices, take at look at these shares." biggest line is Barbie a $1 billion business. This stock has split three times since 1991, and further gains could fuel another split. To be sure, these shares aren't for conservative investors. But youngsters with time on their side should find them rewarding." MCDONALD'S N.Y. Stock Exchange (Symbol: MCD) 52-week range: 25 91 6-31 3a "Few companies can match the steady earnings growth of McDonald's, whose Golden Arches are a familiar sight to any child.

The shares have come down in recent trading, with Wall Street apparent ly concerned about the firm's growth potential. But McDonald's has shown the ability to come back strongly from such pullbacks, and its long-term growth prospects are indeed bright. Domestically, the firm has been creative in opening new outlets in non-traditional locations (hospitals and airports), and it still has a lot of potential overseas. A nice kicker is that McDonald's will provide a 'mock' stock certificate to any child who becomes a shareholder." PEPSICO N.Y. Stock Exchange (Symbol: PEP) 52-week range: 29-42V2 "Pepsi is a company nearly every Halpern Continued from C5 52-week range: 20 1 116-28Va "If your daughter loves Barbie or your son loves Frisbee, they'll love Mattel stock.

This is no ordinary toy company. A stable of time-tested products, successful acquisitions, and solid earnings momentum should keep these shares moving higher in the near and long term. In 1993 Mattel acquired Fisher-Price, and this year it bought Kransco, maker of the Hula Hoop and Frisbee. Mattel's Italy .000838 .000830 1588.00 1588.00 Japan .010162.010142 96.50 9860 I-MakX .287866 98518 3.3670 3.3725 N. Zealand .8010 1.6708 1.8839 Nethrlnd .5788 .6762 1.7277 1.7364 Norway .1477 .1489 6.7700 68065 Z-Philplns .0383 .0384 28.12 28.06 Portugal .008329.008301 15600 158.71 Saudi Arab .2887 .2887 3.7500 3.7600 Singapore .6668 .8861 1.5020 1.9038 .2242 250 4.4800 4.4450 So.

Korea .001244 .001244 804.00 80370 Spain .007778 .007719 128.80 129.55 Sweden .1300 .1287 7.6952 7.7730 swltzannd .7746 .7711 1.2910 1.2968 Taiwan .0378 .0378 26.44 28.47 Thailand .03997 .03997 25.02 26.02 NOTE: Fed's Index of the dollar's value against 10 other currencies was 86.07, otl 0.41 percent from Thursday. A year ago the Index was 93.90. Rates: c-commsrdal, Mnancial, y-oMcial, z-floatlng. Prices as of 3 p.m. EOT from Tolerate and other sources.

Opan High Low MttoCtangt Corn Stt4 221 221 220 221 V. Dc94 22314 224V. 222 223 Oats Sp84 123 124V. 122 124 41 D4 126 128 124 126 Soybeans AugM see eo4't see eos Sp4 678 683 678 662 Wheat Sti4 347U 384 347 363' 48 Dtce4 363 370 362 U3B9 6 Cotton OctS4 66.85 6915 88.50 86 90 ..10 06C84 67.40 87.60 88.96 8731 I VirratilEl.TEl.lt 1 NORFOLK PRODUCER AREA: No. 2 red wlnttr wheat iww crop no quota: No.

1 aoybaarrs NORFOLK TERMINAL AREA: No. 2 red winter wheat new crop No. 1 aoytieana No. 2 barley new crop no quota. Oil Spot mnferroua meW prices Friday.

Aluminum 88.3 cents per lb, London Metal Exch. Frl. Copper $1 .0840 per lb, NY Comex spot Frl. Lead 38 cents per lb. Zinc per lb, delivered.

Tin $3.5668 Metals Week composite price per lb. Qokt $361 .90 troy NY Comex spot month Fd. Silver $5,210 per troy NY Comex spot month Frl. Mercury $200.00 per 78 lb flask, New York. Platinum $41 7.00 N.Y.

Mere spot per troy oz. Frl Hot carcaea baala: Steady. Receipts 189. 163-191 lbs. $57.96 with 48 percent lean yield less than i7mm beck-lat.

Country points, U.S. 1-3 220-250 lbs. no quota. Receipts not reported. Local plant dertvered (within 30 mile radius); Trend steady.

Receipts 45. U.S. 1-2 220-250 lbs. no quote. U.S.

2-3 220-250 lbs. Declared Friday Pe- Stk of pay-rlod rat record able IRREGULAR Broilers and fryers: Supplies were adequate with an est' mated slsughtsr Friday of 1,381,000 head. Ready-to- CrossTimb RovTr cook movement Including chilled and frozen products were unchanged. Negotiated f.u.B dock prices 2-3 K. Ice-packed broilers end fryers for Friday delivery, truck.

.077 8-31 9-15 .3987 9-15 10-1 .3662 8-15 10-1 .009 8-31 10-31 984 8-31 10-31 .032 8-31 9-15 .013 6X31 9-15 .033 6-24 8-31 lot sales of plant grade 48-48 cents. Multi-drop shipment QeorgPwr adpfA93 GeorgPwr adjpf2A93 Mesa Offshore Tr Mesa Royalty Tr Permian BasRoy SanJuan BasRoyTr Sentinel Bd Fd Sentinel PA TF t.O.B. Dock pries 48-50. Turkeys: Supplies were adequate with an estimated slaugh ter ot 156,000 head. Egg Market: Prices to retailers on sales to volume buyers: .064 8-24 8-31 .068 8-24 8-31 large 61-71; medium 50-60; small 35-45.

On small-lot sales: large 77; medium 68: small 58. RESUMED REDUCED .05 9-30 10-14 Sentinel TF Evergreen Bcp Blkrk1999TrmTr .0479 INITIAL Dominion ResBIWTr .1801 8-29 9-8 .36 8-31 9-15 MorgStan GlbOpp SPECIAL fair. The state said a profit equal to 10 percent of a company's capital is adequate. The insurance commissioner used the measure in mining how much customers' should be refunded. California has the eighth highest average premiums for comprehensive collision and liability car insurance among the 50 states, with consumers paying around $885.69 annually as of 1992, says the National Association of Insurance Commissioners.

New Jersey has the highest, at $1119.90, and North Dakota the lowest, at $424.28. Harvey Rosenfield, one of Proposition 103's sponsors, said after the court ruling Thursday that he expected the long-awaited rollbacks in California would amount to about $200 per policy. But the state's insurance commmissioner, John Garamendi, hesitated to predict the amount of individual rebates. Insurers said the decision is tantamount to regulating the amount of money a private busi-ness can make. "If the Supreme Court said McDonald's had to cap its profits, there would be a hue and cry," said Goldstein.

David Snyder, assistant general counsel for the American Insurance Association, a Washington group representing property and casualty companies, said other states adopting similar measures may risk an insurer migration elsewhere, which would make it harder to attract other businesses as well. "This flies in the face of insurance regulatory law across the nation," said Snyder, who authored a brief filed in the California case siding with the insurance industry. "What California did was impose a one-size-fits-all formula" to rates and profits, said Synder. Gaz Metrooftn Insurers Continued from C5 fornia initiative when he was president of NICO. "Now there's precedent," said Hunter.

Some regulatory officials said the California situation is unique because prior to the state's initiatives, insurers could raise rates without the state's approval. Insurers must seek permission from regulators before raising rates in most states. The regulators take into account a company's rate and claims-paying history, the size of its profits and its expenses when deciding whether to allow a rate hike. Regulators said the California court's decision to go the extra mile and let the state have broader control over setting rates was extraordinary and has caught their attention. "They are trying to have a situation where the commission has rate control over the companies," said Jill Chamberlain, a spokeswoman for the Florida department of insurance.

"They are moving closer to that and our people will be taking a look at that." The California Supreme Court upheld a 6-year-old voter-approved mandate to roll back rates that insurers had fought in a protracted legal battle. The mandate, called Proposition 103, was sponsored by consumer advocates and won approval in November 1988 amid soaring insurance costs. It called for insurers to roll back rates on automobile and homeowners' insurance, as well as other property and liability lines. The California Supreme Court upheld the mandate, and said the state's measure for how much profit is reasonable for an insurer was 9-15 9-30 9-16 104 One Liberty Pptys Continued from C5 "We actually drilled there already and found oil," he said, adding that several foreign companies, including Mobil Corp. have shown interest.

VietSovPetro expects to produce 50 million barrels of oil this year, 1.4 million barrels more than its annual target. Almost all will come from Bach Ho, which San estimates to contain a reserve of almost 3 billion barrels. If VietSovPetro can win the race against typhoon season, which starts in November, it will also start producing oil at Rong, 12 miles southwest of Bach Ho. It only expects to pump 792,000 barrels from Rong by year-end, but output should rise steadily to at least 1 1 million barrels per year, San said. A consortium of foreign companies led by Australia's BHP Petroleum plans as well to start producing in October at the Dai Hung (Big Bear) oil and gas field, 155 miles southeast of Vung Tau.

VietSovPetro and BHP will have to postpone production until at least next March if they fail to start pumping by the time high winds hit the southern Vietnamese coast, San said. Typhoons can bring waves of up to 20 feet, high enough to stop supply boats from reaching oil platforms, said Grigori Borisov, deputy manager of VietSovPetro's Platform Four. VietSovPetro began producing oil at Bach Ho in June 1986, 12 years after Mobil Corp. first identified and drilled the field when it belonged to the former South Vietnamese government. Mobil withdrew after Communist forces defeated South Vietnam in 1975, and VietSovPetro became the operator.

Mobil returned to Vietnam in April as the country expanded its economic relationships with U.S. businesses. .12 9-1 9-15 .28 9-6 9-20 .115 9-2 94 Cent Mtg Bcshs Fst Merchants Cp Maryland Fedl INUrftAatU 0 a OMITTED Frprt-McMRn Foreign Exchsnge, New York prices. Rates for trades of $1 million minimum. Fgn.

currency Dollar In In dorters fgn. currency Frl. Thu. Frf. Thu.

f-Argent 1.0100 1.0100 .9901 .9901 Australia .7385 .7382 1.3541 1.3648 C-Belgium .0315 .0314 31.73 31.84 Brazil 1.1111 1.1111 .9000 .9000 Britain 1.5495 1.5490 .8454 .6456 Canada .7262 .7255 1.3770 1.3784 y-Chile .002449 .002449 408.34 408.34 Colombia .001228.001228 814.51 814.51 Denmark .1641 .1827 6.0935 8.1460 ECU 1.231501.22400 .8120 .8170 Z-Ecudr .000461.0004512216.02221602 Franca ,1897 .1886 5.2715 5.3010 Germany .6504 .6482 1.5375 1.5428 Greece .004290.004275 233.10 233.90 Hong Kong .1294 .1294 7.7267 7.7270 y-lndia .0319 .0321 31.350 31.140 Ireland 1.5253 1.5248 .6564 .8658 Israel .3298 .3296 3.0320 30320 i I Prime Rate: 7.75 Discount Rsts: 4.00 Federal funds market rata: 4.6875 Treasury Bill auction results: average discount rate: 3-month as of Aug. 15: 4.59 6-month as of Aug. 15: 4.99 Treasury BHI, annualized rate on weekly average basis, yield adjusted tor constant maturity. 1 -year, as of Aug. 15: 6.60 Trees.

Billmarket rate, 1-year 5.38-5.34 Treas. Bondmarket rate, 30-year. 7.48 From wire tervlce reports I Business categories 21 1 1 I Treasuriesmoney markets 2101 I Foreign exchange rates 2201 The commodities report 2401 1 I 11 1 1k-4r1 I a 1 Li tv uJr 928-1111 fSUBSCRIBEl -800-LOCK-M-SHOP 562-5674 24 K3 RA TEUfJE "The World Series is a premiere showpiece to launch new products and we have a great array of new products," he said. He said Chevy is weighing alternatives and hopes to have new ad plans within three weeks if there is no strike settlement. Anheuser-Busch Inc.

scaled back its plans for a World Series promotion that depended on people watching the games even before the strike began. The company slowed production of promotional materials intended for display in stores. "At this point from the promotion standpoint, everything is on hold," said Tony Ponturo, who heads the corporate media and sports marketing operation at the St. Louis-based brewer. Some national advertisers like Gillette Co.

and General Motors Corp. had planned major ad pushes around the playoffs and World Series. "We are hopeful the strike will end quickly," said Eric Kraus, spokesman for Boston-based Gillette. The consumer products company intends to proceed with consumer promotions designed to climax with live batting and pitching contests in ballparks packed with playoff game fans. But Kraus said, "We can do it in an empty park" if necessary.

Jeff Hurlbert, general marketing manager for GM's Chevrolet division, said Chevy had high hopes for its World Series sponsorship. Strike Continued from C5 But the problems for some national advertisers and the baseball ad sellers would deepen if postseason play is canceled. Major League Baseball and the ABC and NBC Television networks are counting on postseason play under a new TV rights arrangement to generate the bulk of this season's national TV revenue. The Baseball Network, which is handling network TV ad sales for the first time this year, had secured commitments for an estimated $130 million in ad sales in the regular and post-season, but most of it involves post-season play. 1-800-689-9562 Hampton Roads' newspaper, the Daily Press, and save more than 18 off 7-day newsstand prices.

For convenient home delivery, mail us this coupon or call 247-4800 or 1-800-543-8908 today. MAIL TO: Daily Press Circulation Division (MP 1104), 7505 Warwick Newport News, VA 23607 YES, please start my 13-week subscription to the Dally Press. 7-day service only $2.75 per week Weekend-only service -only $1.50 per week Charge my VISA Exp, date MasterCard Exp, date FINANCE YORKTOWN SMITHFIELD PORTSMOUTH WILLIAMSBURG NEWPORT NEWS SUFFOLK NORFOLK HAMPTON VA BEACH CHESAPEAKE i i i Name Address City State Zip Valid only in Daily Press home delivery areas. II II II 1111 1 HI ACCGWLUD! 1 HUHII1I! 2 Pf rrrf company cut wages and benefits over the past 18 months. Tultex management maintained the cuts were necessary to save jobs in a climate of drastic financial losses.

The campaign for ACTWU representation began June 20 with union organizers handing out signature cards at the company's gates. Within five days, the union said it had collected a record number of signatures from nearly half of the number of Tultex workers it believed were eligible to vote. Tultex spokeswoman Kathy Rogers described the plant as being "fairly quiet" Friday. "This is a big change for us," she said. "Everyone is kind of exhausted and glad it's over with." Tultex joins six other Martinsville companies, including the Fieldcrest Cannon towel mill and the DuPont nylon plant, in voting for union representation.

The ACTWU said its biggest victory before Tultex was when a J.P. Stevens Inc. plant in Roanoke Rapids, N.C., with 3,400 workers organized in 1974. Union Continued from C5 with each other." Tultex manufactures fleece and laminated knitwear. It employs about 2,300 people.

The announcement of the vote Thursday night bought cheers and tears to about 100 union supporters rallying at a plant entrance. "It feels great," said Willis Ferguson, who works in the housekeeping department. "We'll never get run over again." ACTWU Director of Corporate Affairs Mike Zucker said the union was successful this time because workers were angry at the pay and benefit cuts and "the experience of not having a union" after four previous defeats. Tultex employees rejected attempts for representation by ACTWU in elections held in 1979, 1981, 1989 and 1990. This year's campaign to organize stemmed from disgruntled workers who claimed they had beeli treated unfairly when the At last, the long-awaited reunion.

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