LTV pact may not halt bankruptcy despite savings
Cleveland based LTV Steel faces bankruptcy, even with a tentative labor pact saving an estimated 260 million dollars yearly. Analysts warn cost reforms may take time, while the plan allows 140 million from a benefits fund and 90 million in pension relief rescheduled via the Pension Benefits Guaranty Corp. About 1200 jobs could be cut through attrition and labor changes, not immediate layoffs, as GM exits LTV’s customer base and a VP Buildings sale stalls. The agreement needs union approval and court clearance, with a July 30 hearing set.
MENTIONED IN THIS ARTICLE
Cleveland
LTV
Mark Parr
McDonald Investments
United Steelworkers of America
John Duray
Duray
Pension Benefits Guaranty Corp
Parr
VP Buildings Construction
Michael Gambardella
J.P. Morgan Securities
Gambardella
Wayne Atwell
Morgan Stanley
Atwell
U.S
Early Quotation Sparks Mixed Investment Offerings
A snapshot of listed securities shows varied prices from AISGG Asset Managers and Walnut Street Securities, with entities including Alltel, American Greetings, Ames Depi Stores, Bob Evans, Cedar Fair, Nisource, CVS, DaimlerChrysler, Emerson Electric, Englehard, First Energy, FirstMent Bancorp, Ford Motor, General Motors and BFGoodrich. Quotes indicate concentration in diversified holdings and broker affiliations under NASD SIPC oversight.
MENTIONED IN THIS ARTICLE
Akin Investment
Walnut Street Secuntes, Inc
NASD
SIPC
AISGG
WSS Alltel
American Greetings
Ames Depi
Bob Evans
Cedar Fair
Nisource Inc
CVS Corp
DaimlerChrysler
Emerson Electric
Englehard
First Energy
FirstMent Bancorp
Ford Motor
General Motors
Palyone Corp
Bfgoodrich
Dow sinks as fifth triple-digit drop in a month
New York AP reports Wall Street extends losses amid weak earnings outlook and slowing demand. Dow Jones falls 123.76 to 10175.64 as Corning cuts forecasts and cuts jobs, with IBM Genentech also under pressure. Investors await second quarter results and future recovery prospects while Compaq trims jobs but meets estimates. Overseas markets mixed with Nikkei up slightly and DAX down.
MENTIONED IN THIS ARTICLE
New York
Corning
Wall Street
Compaq
Charles Pradilla
SG Cowen Securities
Standard & Poor
Photonic Technologies
IBM
Genentech
Bryan Piskorowski
Prudential Securities
Federal Reserve
Triton Energy
Amerada Hess
Amerada
New York Stock Exchange
Japan
Germany
Britain
France
Euro Dips Up in New York Trading After Downgraded German Forecast
In late New York trading the euro stood at 85.70 cents up from 84.78 cents as investors weighed renewed recession risks in Europe. Berlin DIW cut Germany growth forecasts, with other institutes following suit, though DIW projected a rebound next year aided by a stronger U.S. economy.
MENTIONED IN THIS ARTICLE
New York
Europe
Berlin
DIW Research Group
Germany
DIW
U.S
The Limited to Sell Lane Bryant for 335 Million
The Limited Inc. agrees to sell its Lane Bryant stores to Charming Shoppes Inc. for 335 million in cash and stock. The deal expected to close before October aligns with The Limited’s plan to focus on core fashion brands. The sale includes 280 million cash and 55 million in stock for Lane Bryant.
MENTIONED IN THIS ARTICLE
the Limited
Lane Bryant
Columbus, Ohio
the Limited Inc
Charming Shoppes Inc
Limited
Express
Lerner New York, Limited
Structure
Henri Bendel
Intimate Brands Inc
Also Mentioned on This Page
Mark Tomasch
Tomasch
Sabe
Abus Cabliri
Calpe
Oss Oer
Gallo Int
HEA Inc
Harahe
Insit
Honfiit
Jennlpap
Jpmogch
Btn ‘Mart
eaiTe
Aso
Ane
Hae
Sor
Wan
ATT Wits
Agere
Alcoa
Allstate
Ariocs
We BankOne
BellSouth
Certegy
Disney
EMC Cp Ag
ElPasolo
Elan
Enron
ENSCO
Agag ExsonMot
Fannie
Freetfast Foram
Osgato
Raeranta
Motorola
Nokia
Wa ‘NorieNw Oe
Omnicom
PepsiCo Bat
Phizer
Sasllanta
Mit
SBS
Tenalift Vario
Waromo Vedalgne WalMart
Walgm WA
Whript
WmsCor Winstos
Xaron
Invacare Corp
Lear
LNB Bancorp
Lesco
Nordson Corp
Northern Savings
Office Max
PNC Corp
Parker Hannifin
APM Inc
Royal Appliance
Sherwin Williams
Sky Financial Group
Smuckers
Stens
TAW Inc
USX
York International
Ambherst
Grafton
Avon
Columbia
Alltel
Wireless
North Olmsted Olmsted Plaza
Great Northern Blvd
Parma
West Pleasant Valley
Elyria Midway Mall
Center Ridge Rd
Strongeville
South Park
Kaufmann’s
Wal-Mart
Dow
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