Markets rally as tech leads rebound amid strong Iowa earnings
Stocks climb on bargain buying after last week's declines with the Dow up 74 points to 7921.44 and 9 to 5 Advancers over Decliners on the NYSE. In Iowa, Western Atlas, Gillette, Procter & Gamble, HON Industries, Allied Group, and Deere posted modest gains while IES Industries reported higher third quarter earnings driven by warm weather and a firm utility unit. Bic completes sale of Sheaffer Group. Brenton Banks reports record quarterly earnings and assets rise to 1.677 billion.
MENTIONED IN THIS ARTICLE
Dow Jones
New York Stock Exchange
Iowa
Western Atlas
Gillette
Procter & Gamble
HON Industries
Allied Group
Deere
IES Industries Inc
Cedar Rapids
IES
IES Utilities Inc
SES
MidAmerican Energy of
Des Moines
Brenton Banks Inc
Bank Holding Company
At&t Corp
Transport
Sears Roeb
Ie Finance
Boeings
American Stock Exchange
Amex
Ind
Biotech
Computer
Standard & Poor's Finance
Indust
Industress
Wes
En Insurance
Transpt
Transport Telecom
Utilities
Financi
Associated Press
Cold weather aids soybeans in final harvest push
Des Moines AP reports frigid temperatures should finish this year’s soybean harvest, with 81 percent normal pace reached by this time. About 49 percent of corn is harvested, 11 days ahead of last year, moisture averages 18–19 percent, and storage is rated at least 80 percent adequate.
MENTIONED IN THIS ARTICLE
Des Moines
Iowa Agricultural Statistics
ITT Accepts 13.3 Billion Starwood Merger Offer
ITT Corp accepted Starwood Lodging’s 13.3 billion offer to merge, creating a global hotel group with about 650 Sheraton Westin and Caesars properties in 70 countries and 10 billion dollars in annual revenue. The cash and stock deal valued ITT at 82 dollars a share, beating Hilton’s rival bid. The closing depends on shareholder approvals and regulatory clearances.
MENTIONED IN THIS ARTICLE
New York
ITT Corp
Starwood Lodging
Hilton Hotels
ITT
Starwood
Sheraton
Westin
Caesar’s
One Corporation
Phoenix
Hilton
Beverly Hills
Calif
Rand Araskog
AT&T to Sell Universal Card and Telemarketing Units
AT&T plans to divest its AT&T Universal Card and telemarketing operations to focus on core communications services. Universal Card serves over 18 million cardholders and the sales aim for completion by mid 1998, following interest from multiple buyers. Dan Somers, AT&T CFO, says the move strengthens a portfolio centered on communications.
MENTIONED IN THIS ARTICLE
Jacksonville, Fla
At&t
At&t Universal Card
Dan Somers
At&T’s
AT&T names Hughes executive as new CEO
AT&T Corp picks C Michael Armstrong head of Hughes Electronics to succeed Robert Allen as chairman and chief executive. Armstrong 59, outsider hire, will shift AT&T amid industry upheaval and rapid telecom consolidations. Allen resigns after a nine year tenure marked by a costly foray into computing and a spinoff of Bell Labs. Armstrong arrives as MCI WorldCom and GTE battle for control in a changing landscape.
MENTIONED IN THIS ARTICLE
New York
At&t Corp
C. Michael Armstrong
Hughes Electronics
Robert Allen
Armstrong
At&t
Hughes Electronics Corp
General Motors Corp
MCI Communications Corp
GTE Corp
WorldCom Inc
British Telecommunications Inc
Big Six to Four as Ernst & Young and KPM merge
Ernst & Young LLP and KPMG Peat Marwick LLP announce a merger forming the largest U.S. accounting firm with about 18.3 billion dollars in annual revenue. The deal requires partners approval and regulatory clearance from the U.S. Justice Department and European antitrust regulators.
MENTIONED IN THIS ARTICLE
New York
Ernst & Young LLP
Kpmg Peat Marwick LLP
U.S
U.S. Justice Department
Also Mentioned on This Page
Bic
Bic Corp
Sheaffer Group
Fort Madison
Brenton Banks
IRN
Ctatietiv
Hughes
Allen
John Walter
Ness
Ernst & Young and
Kpmg Peat
Coopers & Lybrand
Price Waterhouse
Earl
Bernie Slavkis
EBI
John Alden
Mike Hodges
Mick
SION
Dain Bosworth
Phil Dow
Private
Minneapolis
Dain
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