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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Aug 31, 1999
Page
7
Invacare Corp announced a cash dividend of 0.0125 per share on common stock and 0.011364 per share on Class B shares payable October 15 to shareholders of record October 1. Elyria-based Invacare is a leading health care products firm serving the non-acute care market.
New single family home sales rose 0.1 percent in July to a seasonally adjusted annual rate of 980,000, the second-highest on record. Analysts note mortgage rates and strong stock gains influence buyers, with regional gains led by the Northeast and Midwest and a drop in the West.
French group Carrefour agrees to buy Promodès in a 16.3 billion dollar deal creating the world’s second-largest retailer. The combined company would span 26 countries with 9,000 stores, 240,000 employees, and about 50 billion dollars in annual sales, intensifying Europe’s push to counter Wal-Mart’s expansion.
CompUSA plans a major overhaul reducing its sales staff by half from 3600 to 1860 as it shifts from a decentralized model to a regional structure with centralized sales support. The Dallas retailer blamed falling PC prices and online competition for ongoing profit declines.
AT&T Corp slashes long distance to 7 cents a minute with a $5.95 monthly fee amid a price war. The move follows rival offers from MCI WorldCom and Sprint and targets all hours with simplified pricing. AT&T cites revenue erosion from aggressive competition.
The Dow fell 176.04 to 10,914.13 marking a third consecutive drop amid rising bond yields and investor nerves over rate hikes. The S&P 500 slid 24.25 to 1,324.02 and the Nasdaq declined 46.21 to 2,712.69 as trading volume stayed light and inflation concerns persisted.
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