Banc One to Acquire Valley National in $1.2B Stock Swap
Banc One Corp will acquire Valley National Bank of Phoenix in a 1.2 billion stock swap, making Banc One the eighth largest U.S. banking company. Valley National, Arizona’s largest bank, has about 11 billion in assets and 9.7 billion in deposits. completion is expected Jan 1 pending stockholder approval.
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Columbus
Banc One Corp
Valley National Corp
Ohio
Banc One
Valley National Bank
Arizona
Valley National
John McCoy
McCoy
Oho
Richard Lehmann
Rane Oma Hae
John Westman
March retail sales tumble in uneven recovery
Washington government data show March retail sales down 0.4 percent to 157.1 billion dollars, the steepest monthly drop in seven months. The report notes prior February gains of 13 percent and January 2.1 percent, with figures not inflation adjusted.
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Washington
Commerce Department
Wall St Dow closes at record high above 3300
The Dow Jones industrial average rose to a record closing level surpassing 3,300 for the first time, finishing at 3,306.13, up 36.23, as strong corporate earnings drove broad market gains in heavy trading.
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New York
Wall Street
IBM reports first quarter operating profit above estimates
IBM said its operating profit rose 7 percent in the first quarter and earnings reached 1.04 dollars a share on revenue led by the March 31 quarter. The company noted progress toward financial improvement after a weak 1991, while TBM posted a large prior year net loss after adjusting earnings for retiree health care costs.
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National
McCoy
Banc One
New York
IBM
International Business Machines Corp
TBM
Auto sales rise in early April across North America
Robust demand for light trucks lifted North American vehicle sales 39 percent in early April from last year, with nine reporting firms posting a daily rate of 23,806 versus 22,859 a year earlier. Ford led gains with car sales up 9.1 percent and trucks up 13.9 percent. GM fell 1.2 percent overall, while Chrysler gained about 2.2 percent. Toyota posted a 63.5 percent car sales jump aided by the redesigned Camry, mostly in Georgetown Kentucky.
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Detroit
Ford Motor Co
Toyota
United States
Georgetown
UAW Ends Caterpillar Strike Without New Contract
The United Auto Workers ended a five month strike against Caterpillar returning to work under Caterpillar terms without a new contract. The company drops plans for permanent replacements and negotiations continue with no preconditions. The move signals a potential setback to pattern bargaining in the auto and manufacturing sector.
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Washington Post
Washington
United Auto Workers Union
Caterpillar Inc
UAW
DeLury
Caterpillar
Bill Casstevens
Associated Press
Caterpiller
Deere & Co
Deere
Ford unveils cleanest gasoline powered car
Ford introduces the Escort and Mercury Tracer as the cleanest gasoline powered cars produced in the United States. Produced in Wayne Michigan, 30 000 Escorts and 4 000 Tracers will be sold in California with prices from 8 700 to 12 300. The emission system costs are borne by Ford. The car delivers about 34 mpg and exceeds 100 000 mile emission limits.
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Ford
Calif
Los Angeles Times
EL Monte
Wayne
Mich
California
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