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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
May 05, 1995
Page
6
Crude oil futures rose after a two day slide closing above 20.00 with traders citing tightened North Sea output and steady overseas demand. Gasoline and heating oil futures also climbed while copper fell and the Commodity Research Bureau index slipped.
CNA Financial plans to cut 3000 to 6000 jobs after its planned acquisition of Continental Cos. The exact number and locations will be determined after the merger closes, expected next week. About 1200 positions already vacant by retirement or resignation. Continental shareholders vote on the 1.1 billion merger. CNA offered 20 dollars a share. First quarter earnings show net income 152.8 million on 3.1 billion revenue, vs a year earlier loss.
Hoechst AG completes an all cash 7.1 billion dollar acquisition of Marion Merrell Dow in Kansas City creating Hoechst Marion Roussel. The deal makes Hoechst the third largest global drug maker and expands its North American presence amid industry consolidation and rising generic competition.
Reebok International Ltd and its Rockport unit will pay 9.5 million to aid public athletic facilities and equipment donations after settling FTC and state investigations into alleged resale price fixing. The firms deny wrongdoing but say settlements avoid lengthy litigation.
Texas Panhandle and western Oklahoma feedlots report limited inquiry with 700 slaughter steers and 300 heifers sold and 33,700 head for the week to date. Slaughter steers 1100-1200 lb fetches 66.00 while heifers 1000-1100 lb go for 66.00. Hogs at National Stockyards show steady to higher prices with varied weights and a range for barrows and gilts. Omaha quotes list hogs up 50-60 cents, cattle and calves largely unchanged with sizable feeder lots and stock cow activity. San Angelo summary notes 5,000 receipts with feeder steers 200-900 lbs and slaughter cows and bulls trading weak to lower.
Washington and Tokyo voiced mounting optimism over a deal as Clinton warned of strong actions if no accord emerges in the autos dispute. Kantor and Hashimoto met for six hours and plan further talks to push for U.S. parts sourcing, more dealership access, and looser repair rules.
The report shows light crude and several grain futures with mixed moves on May 4. Prices for wheat corn sorghum and soybeans vary by market and location, with bids and sales data from Houston Austin Fort Worth Chicago and Chicago boards.
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