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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jul 22, 1999
Page
8
M A Hanna posts a 20 percent fall in Q2 earnings to 23 cents a share on 594.3 million in Q2 sales, with six month earnings down to 41 cents a share from 63 cents. CEO Phillip Ashkettle says he is reviewing areas needing improvement.
Kmart will shift 1 350 stores to Supervalu for groceries in the North and Southeast and 800 stores to Fleming in the Southwest and central U S as Wal Mart presses into food retailing. The arrangement aims to lower costs and boost efficiency with broader region specific offerings.
GM will fix over 3.5 million pickups and SUVs for free after an NHTSA inquiry into anti lock braking systems. Two separate actions cover 1.5 million two wheel drive models to swap software and 2.5 million four wheel drive units with switch replacements. The recalls involve Chevrolet Blazer GMC Jimmy S-10 Sonoma and related vans with reports of longer stopping distances and crashes.
Invacare Corp reports record second quarter earnings with 8 percent profit rise and EPS of 0.39. Net income reaches 11.9 million on sales of 202.195 million. European and Asian markets drive gains, while domestic sales lag amid Medicare cutbacks and asset disposals.
Adelphia Cable expands basic service to include Disney Channel Channel 52 for about 25 000 Lorain area customers. The channel targets children families and adults with a lineup including Mickey Mouse Club and Zorro. Disney Channel will raise Adelphia monthly basic service to 32 50.
Wall Street inched higher as Goodyear's second quarter profit plunge of 67 percent offset gains from Eastman Kodak Exxon and other leaders. Banks and Internet firms contributed while investors eyed Greenspan testimony and Fed policy. Market breadth favored decliners slightly with mixed overseas cues.
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