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Newspaper
Aiken Standard
Location
Aiken, South Carolina, United States of America
Date
Sep 23, 1989
Page
7
New York AP reports week end trading on the New York Stock Exchange with highlights of sales, price earning ratios, and daily high and low quotes including last trade and change for selected issues.
New York AP reports that American week features selected issues shaping policy and market direction. Officials from major firms discuss economic implications and investor reactions as markets monitor ongoing developments.
Michelin Group will purchase Uniroyal Goodrich Tire Co. for 1.5 billion dollars, paying 690 million cash and assuming 810 million in debt. The Akron based firm will operate as a Michelin subsidiary with headquarters unchanged and continue producing Uniroyal and BFGoodrich tires.
Soybean futures declined sharply as frost worries eased in the Midwest. Wheat for December traded around $3.89 a bushel, corn shifted between slight losses and gains near $2.29, oats hovered near $1.40, and soybeans held near $5.74 for November.
About 300000 California residents may receive refunds from ITT Consumer Financial Corp under a settlement offering up to 100 million dollars. The suit alleges the Minnesota firm ran high interest loans with costly add ons amounting to consumer fraud on a grand scale since 1986. Attorney General John Van de Kamp criticized the loan practices as taking advantage of people in desperate need of money with interest rates reaching 35 percent.
Noxell Corp a Hunt Valley Maryland cosmetics and skin care maker will merge into Procter & Gamble Co in a 13 billion stock swap The deal places Noxzema Cover Girl and Lestoil under P G with Noxell employees about 2200 and 522 million in sales last year P G reported 21 4 billion in worldwide sales last year and owns Cheer Tide Charmin Pampers and more.
August earnings show personal income up 0.4 percent and consumption rising 0.9 percent, shaped by auto purchases and a strike among 108,000 NyMeX workers. Economists say the figures imply slower growth but not a recession, with employment trends and auto sales likely tempering future gains.
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