DOW DOLLAR BONDS 30 INDUSTRIALS JAPANESE YEN 30-YEAR U.S.
-13.29 +0.345 -0.02DOW FALLS. Stock prices regained ground Wednesday after an early plunge influenced by sharply lower prices on the Tokyo Stock Exchange and elsewhere overseas. The Dow Jones average of 30 industrials closed down 13.29 points to 2,583.56. Declining issues outnumbered advancers by nearly 2 to 1 on the New York Stock Exchange (NYSE), with 550 up, 1,000 down and 439 unchanged. NYSE volume totaled 159.24-million shares, against 147.30-million in the previous session.
YIELDS RISE. Yields on two-year Treasury notes rose in Wednesday's auction to the highest level since last May. The average yield was 8.50 percent, up from 8.21 percent at the last auction on Jan. 24.
LISTING MOVED. Shares of Florida Federal Savings Bank of St. Petersburg will no longer be listed on the National Association of Securities Dealers Automated Quotations system (NASDAQ) over-the-counter National Market listings. The ailing savings and loan does not meet the organization's minimum tangible capital standards. Florida Federal has negative tangible capital of $36.5-million. Florida Federal shares will now be listed in NASDAQ's Additional OTC listings.
TOKYO EXCHANGE PLUNGES. Fears of higher interest rates worldwide sent Tokyo stock prices into a nosedive of more than 1,000 points Wednesday, their biggest drop since the aftermath of the 1987 Black Monday crash, brokers said. The 225-share Nikkei index, a barometer of the market's overall health, plummeted 1,161.19 points, or 3.15 percent, to close at 35,734.33. But trading volume was relatively light.
BUSH TO ADDRESS LEADERS. President Bush was to press his appeal for more volunteerism in a speech to the Business Council, composed of chief executive officers of the 100 largest U.S. corporations on Wednesday in Washington. A presidential spokesman said Bush would ask for support for the administration's legislative agenda.
APPLE SLICES WORK FORCE. Apple Computer Inc. said Wednesday it would cut its work force by 3 percent, eliminating 400 jobs because of sagging profits and falling sales. The layoffs for Apple Computer the world's No. 2 personal computer maker with sales of $5.3-billion last year become effective in two months, the company said.
DEC MAY CUT PAYROLL. Digital Equipment Corp., hurt by a sluggish U.S. computer market, might substantially expand its voluntary severance program to slash costs, a Digital official said Wednesday. Digital, the world's second largest computer company behind International Business Machines Corp., saw its earnings fall 39 percent for the six months ended Dec. 31.
TWA SHRINKING. Carl Icahn, owner of Trans World Airlines Inc., is carrying out his promise to shrink the airline unless its pilots agree to a 10 percent pay cut. Icahn announced Tuesday he would sell two Boeing 747s outright and would sell and lease back six Boeing 767s in a deal that would add $350-million to TWA's coffers.
LOCKHEED FIGHT. Billionaire investor Harold C. Simmons, who has been battling with the management of Lockheed Corp., said Wednesday he plans to nominate his own slate of candidates for the defense contractor's board elections set for March 29. Lockheed chairman Daniel M. Tellep issued a statement saying that Simmons "provided no basis whatsoever for us to determine his intentions with respect to the company."
FIRST UNION NOTES. The board of directors of First Union Corp. Tuesday elected to redeem on April 1, 1990, all of the corporation's outstanding 11| percent notes due April 1, 1993. First Union will redeem the notes at a redemption price equal to 100 percent of the principal amount of the notes. "First Union is taking this action because we can fund ourselves less expensively through other sources," said Edward E. Crutchfield Jr., First Union chairman and chief executive officer.
BUILDERS GROUP SUED. St. Petersburg builder Albert J. Winnier has sued the Contractors and Builders Association of Pinellas County, a trade group, for failing to pay on a promissory note. According to the suit, filed last week in Pinellas Circuit Court, Winnier loaned the financially troubled builders group $18,221 last February. The suit also seeks interest. "They needed money and he tried to help," said Bruce Marger, a St. Petersburg lawyer representing Winnier. "He hasn't been paid anything back. They need a reminder."
AT&T BANKING ON FLORIDA. American Telephone & Telegraph Co. is planning a new international credit card that will be processed at a Jacksonville center employing up to 3,000 people, a newspaper reported Wednesday. The Florida Times-Union reported top officers of the new AT&T unit, called Consumer Financial Services, told city and business leaders at a Feb. 10 reception that the company will announce the debut of its new credit card on March 26, during the Academy Awards broadcast on ABC-TV.
CITRUS IMPORTS TO GROW. Florida will have to import as much concentrated orange juice as it produces this year because of its frost-bitten citrus harvest, industry leaders meeting in Lakeland were told Wednesday. Importation of an estimated 93.4-million gallons is necessary to meet domestic market demand for the state's premier citrus product, economist Robert M. Behr informed the Florida Citrus Commission.