1. Archive

Stocks sink, then rebound

DOW DOLLAR BONDS 30 Industrials VS Japanese Yen 30-Year U.S.

2961.99 141.45 8.54%

-23.92 +0.20 +0.07

STOCKS SINK, THEN REBOUND. The stock market finished lower Wednesday, after staging a partial recovery from a broad fall that came in tandem with sagging bond prices and rising interest rates. The Dow Jones average of 30 industrial stocks closed down 23.92 points at 2,961.99. Analysts said investors are concerned the Federal Reserve won't ease interest rates.

Tampa Bay/State

State orange crop

biggest in 10 years

Florida is harvesting its largest orange crop in a decade, and grapefruit pickings are up 26 percent from last year, the industry said in a preliminary report Wednesday.

Final results are due next month, but federal analysts project 151.5-million boxes of oranges and 45.1-million boxes of grapefruit will be harvested for the 1990-91 season. The orange harvest is expected to be the biggest since 1980-81.

Growers are concerned about the impact of the free-trade pact being worked out with Mexico, however. That country has a booming citrus industry that Florida growers contend would unfairly compete in the lucrative U.S. market.

RTC SELLS TO HUIZENGA. H. Wayne Huizenga, recommended by the National League expansion committee to own one of two new baseball franchises, is also getting a new corporate headquarters. The Resolution Trust Corp. said Wednesday it has sold a Fort Lauderdale building to a One Museum Partners for $6.85-million. The building will serve as the new corporate headquarters for Blockbuster Entertainment Corp., the RTC said. Huizenga is chairman of Blockbuster. It is not clear whether the buyer is connected to Blockbuster or whether the company will lease space in the building.

ST. JOE CHIEF RETIRES. Jacob C. Belin, who has spent 53 years at St. Joe Paper Co., is stepping down after nearly a decade as chairman and chief executive. Belin, 76, will be succeeded by Winfred L. Thornton, the company president. Belin became chairman in 1982, following the death in 1981 of Edward Ball, who started the Jacksonville-based paper and real estate company with Alfred I. du Pont 55 years ago.


IBM UNVEILS NEW PCs. IBM on Wednesday introduced four low-priced personal computers, another move by the world's largest computer maker to compete with low-cost personal computer "clones." The announcement follows two rounds of PC price cuts by International Business Machines Corp. in recent months. The lower prices and new models are aimed at boosting IBM's industry-leading but increasingly threatened market share in the cutthroat PC market. The new models, positioned in the middle of IBM's PS/2 personal computer line, range from $1,995 to $4,195.

WHITMAN'S FIRES CEO. The head of Whitman's Chocolate, maker of Whitman's Samplers, has been fired following a poor first quarter that included Easter and Valentine's Day _ two of the biggest holidays on a confectioner's calendar. A spokeswoman for Pet Inc., Whitman's parent company, confirmed Tuesday that Jay G. Shoemaker was fired but she refused to comment.

GE EXPANDS HUNGARY STAKE. General Electric Co., which became the biggest Western postwar investor in Hungary last year, announced Wednesday an expansion of its stake in the Hungarian lamp maker Tungsram Co. Ltd. GE said it increased its holding by 19 percent to 75 percent of Tungsram's stock.