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Newspaper
News
Location
Frederick, Maryland, United States of America
Date
Apr 23, 1998
Page
7
Dow Jones Industrial at 9176.72 down 8.22 with 700 528 000 shares traded. Gold quotes at 312.40 up 4.50. Listed companies include Coca Cola, CSX, Exxon, Crown Amer, Comsat, Crestar Fin, Alumax, Adv entities and several percentages and abbreviations.
Stocks hit new highs led by a stronger technology group with Intel, Microsoft, and Dell lifting the Nasdaq while the Dow edged above 9,200 then finished down 8.22. The broader market showed uneven action as declines outpaced gains, though the S&P 500 and Nasdaq closed at record levels.
Chicago trading sees corn and wheat futures slide amid warmer drier forecasts and delayed planting. Analysts weigh record acreage and yields against possible water scarcity in China boosting prices for some grains while livestock futures show modest gains on the CME.
Canam Steel Corp. reports a 34 percent rise in sales for the quarter ended March 31, reaching 198.5 million with net income of 1.6 million or 4 cents a share. This compares to 492,000 and 1 cent per share a year earlier. Overseas markets showed declines with Tokyo Nikkei down 0.4 percent, Frankfurt DAX off 0.5 percent, and London FESE 100 slipping 0.4 percent.
FCNB Corp plans continued growth via acquisitions across Maryland while staying independent. At the annual meeting CEO A Patrick Linton outlined a vision to remain community oriented, highlighted computer banking expansion, six new branches in Montgomery and Baltimore counties, and a shift toward full service financial provider status with a strong 1997 financial outcome.
The FCC imposes its largest ever penalty 5 million dollars and revokes operating authority for a group led by Daniel Fletcher for illegally switching customers to Fletcher services without consent. Multiple company names cited include CCN Inc and Donation Long Distance Inc. The action follows thousands of complaints and alleged forged authorization forms. NationsBank dividend also noted with 38 cents per share.
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