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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Apr 30, 1997
Page
7
U S GDP grew 5.6 percent in Q1 at an annual rate, the strongest in a decade, as consumer spending surged. Inflation gauges rose, bond yields edged higher, and markets turned cautious despite upbeat income and job signals.
Invacare Corp extended its 15.50 per share tender offer to buy Healthdyne Technologies Inc until 6 pm EDT May 27. Healthdyne, a Georgia maker of respiratory devices, has resisted the approach. Invacare holds about 25 percent of Healthdyne's outstanding shares after tendered stock.
Parker Hannifin Corp forms three new operating groups and splits the motion and central group into hydraulics and automation. Effective July 1, a new instrumentation group will operate separately with seven business units across the United States and Europe. Local Elyria and Avon facilities remain unchanged.
Wendy's shareholders voted down a proposal to ban smoking in all Wendy's outlets. Mercy Health Services and Sisters of Mercy proposed the ban citing liability risk, while Wendy's reports strong first quarter earnings with revenue up 12 percent to 459 million and net income at 23.6 million.
Gateway Economic Development Corp backed by the Indians and Cavaliers failed to sell a half-acre land parcel near Jacobs Field to Prime Hospitality. With a $25 million bid unaccepted, Gateway plans to negotiate terms with Prime for an AmeriSuites hotel near Gund Arena.
A Creston sale reports 224 consignors selling 778 head of live stock. Hog prices topped at 55 to 59 per cwt for butcher hogs, 37 to 48 for sows, 35 to 37 for boars, feeders 39 and down. Cattle saw choice steers 64 to 69, heifers 63 to 67, goods steers 58 to 64, Holstein steers 52 to 66, cows varied 27 to 54, canners and cutters 27 and down, bulls 46 to 52, feeders and calves listed with various price ranges.
The NYSE list shows Saks, Sara Pay, BankOne, BankAm, and Motorola among active movers. Trading details include varied highs and lows with numerous percent changes and notable volumes across financials and tech components.
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