DOW DOLLAR BONDS 30 Industrials Japanese Yen 30-Year U.S. 2619.14 144.37 8.43% -29.06 -0.355 -0.08 DOW SLUMPS. The stock market posted a broad loss Monday, backing off after last week's advance.The Dow Jones average of 30 industrials, up 45.50 points last week, fell 29.06 to 2,619.14. Declining issues outnumbered advances by more than 2 to 1 on the New York Stock Exchange (NYSE), with 465 up, 1,049 down and 439 unchanged. NYSE volume totaled 119.12-million shares, against 146.91-million in the previous session.
RATES FALL. Interest rates on short-term Treasury securities fell Monday as the government auctioned $7.6-billion of three-month Treasury bills and $7.6-billion of six-month bills. The average discount rate for the three-month bill was 7.65 percent, down from 7.83 percent, while the average discount rate for the six-month bill was 7.65 percent, down from 7.83 percent. The discount rate understates the real return to investors - a yield of 7.91 percent on three-month bills and 8.07 percent on six-month bills.
HOTEL HOTSPOTS. Ten U.S. cities, including Orlando and Jacksonville, will be hot for hotel developers and operators in 1990, Laventhol & Horwath announced Monday to industry representatives at its sixth annual Hospitality Industry conference in Dallas. The others were Anaheim, Calif.; Cleveland; Dallas; Houston; Nashville, Tenn.;
Birmingham, Ala.; Pittsburgh; and New York. The list was not ranked.
TIME LOSS. Time Warner Inc. announced Monday it lost $317-million in the fourth quarter because of costs related to its $14-billion acquisition of Warner Communications Inc. Time Warner's fourth-quarter loss, which was expected, amounted to $5.52 per share and compared with a loss of $320-million, or $5.61 a share, in the same period of 1988.
The company's fourth-quarter revenue rose to $3.09-billion from $2.5-billion a year earlier.
SAFEWAY SHARES. Safeway Stores, one of the nation's largest privately held companies, announced Monday it will sell public shares for the first time since a management-led buyout three years ago. The sale, which had been expected this year, was a show of confidence by the nation's third-largest supermarket chain.
FUND RAISING OKAYED. A U.S. Bankruptcy Court judge has given Federated Department Stores and Allied Stores Corp. approval to raise $2.4-billion to help the retailing chains carry out their Chapter 11 reorganization. The filing allows Federated and Allied to beat a Wednesday deadline that banks imposed for proceeding with the loans.
UNDERWRITING INCOME FALLS. The nation's leading brokerages made 21 percent less money underwriting stocks and bonds in 1989 than the year before, figures released Monday show. The total dollar volume and number of underwritings also fell sharply last year, and analysts expect firms to slash underwriting staffs.
SMALLER LOSS. Reflectone Inc., a Tampa-based maker of flight simulators, reported Monday a smaller loss on 29 percent higher sales for its fiscal third quarter ended Dec. 31. For the quarter, Reflectone lost $697,353, compared to a year-earlier loss of nearly $2.6-million.
Sales for the quarter were $12.6-million. David Shorrock, Reflectone's executive vice president, said the company lowered its losses by better controls on costs.
LOSS REPORTED. International Container Systems Inc. on Monday reported a loss of $138,000, or 5 cents per share, for the fiscal third quarter, which ended Dec. 31. That compares with a profit of $342,000, or 12 cents per share, for the same period a year ago. Sales were $1.9-million, down from $2.7-million. Tampa-based International Container makes plastic cases for shipping and displaying soft-drink bottles. The company said sales dropped because of changes in its molds and production delays and because of a price increase that caused it to lose business to competitors. In addition, the company said it took a write-off of $452,000 in costs related to development of the Traymate, plastic sheets used to protect drink cans during shipment. The company said it decided not to market the product.
TECH POSTS PROFIT. Technology Research Corp., a Clearwater maker of devices for distributing electrical power, reported a loss for its third fiscal quarter of $68,935, an improvement from its loss in the year-earlier quarter of $83,694. For the quarter ended Dec. 31, sales rose nearly 4 percent to $1.8-million. The company said performance was affected by a delay in shipments to a financially troubled defense contractor.
SOUND EARNINGS. Sound Advice Inc., the Dania-based consumer electronics retailer, said earnings were $1.26-million for the second quarter that ended Dec. 31, up 4.6 percent from the same period a year ago. Earnings per share decreased 5 cents per share to 35 cents, however, because of dilution from a June 1989 stock offering. Quarterly sales increased 11.7 percent from the year-ago period, to $26.8-million.
STAKE INCREASED. Peter Cundhill & Associates Ltd., the Bermuda-based investment company, has lifted its stake in Fischbach Corp., the New York electrical contracting company, from 5.32 percent to 8.1 percent or 334,700 common shares. Fischbach is controlled by Miami Beach financier Victor Posner.