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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jul 10, 1986
Page
27
Refinancing surges strain lenders from California to Michigan slowing loan processing. Rates hover around 10 to 11 percent while backlog grows, pushing many borrowers past approvals and raising overall costs.
Teleconnect Co of Cedar Rapids reports progress on a fiber optic route from Sioux City to Webster City through LeMars Cherokee Storm Lake Pomeroy Fort Dodge Webster City and Iowa Falls with two trench crews halfway to a planned meeting point. Service to nine communities expected by early September.
The Dow Jones industrial average rose 5.34 to 1,826.07 as markets halted two day losses amid rate declines and bargain buying. Volume on the NYSE fell to 142.88 million shares with mixed gains across sectors led by Safeway, American Brands, and Bernard Chaus on its first Big Board day.
USX TeleCenters president William Friedman says the USX TeleCenters name clash with U S Steel Corp. will confuse customers. U S Steel spokesman Bill Kesler notes no conflict and says federal trademark plans exist.
Detroit based GM plans to expand the Saturn line with a two-door hatchback and a two-passenger coupe to be built within three years at the Spring Hill Tennessee plant. The plan expands beyond the previously announced four door sedan and a later two-door version.
Dart Group Corp. launches a tender offer to acquire Safeway Stores Inc. for $3.6 billion at 58 per share, owning 5.9 percent of Safeway. Safeway reviews the unsolicited bid and plans to advise stockholders by July 22, while urging shareholders not to tender until then. Safeway stock jumps to 58.12 on NYSE, Dart Class A up to 158 OTC.
Minneapolis based American MedCenters Inc and Park Nicollet Medical Center with 275 physicians each purchased CyCare C900 data systems from CyCare Systems Inc of Dubuque Iowa. The deals mark large scale health data system upgrades for a major regional health network.
Yields on 52 week Treasury bills fell to 5.98 percent in Tuesday's auction, the lowest since April, with an investor paying 9395.40 dollars for a 10000 dollar note. Casey's General Stores announces a two for one stock split payable Aug 4 to records July 22. ConAgra buys Squillante & Zimmerman, making it an independent unit of Camerican International. Transportation Dept approves merger of Eastern Airlines and Texas Air with antitrust safeguards. Panhandle Eastern rejects Wagner & Brown bid at 50 dollars a share valuing the company at 2.25 billion.
The unprofitable government controlled BL PLC has renamed itself Rover Group PLC. The change was approved at the annual shareholders meeting in London, ending two years of BL PLC branding.
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