DOW DOLLAR YIELD
30 INDUSTRIALS VS. JAPANESE YEN 30-YEAR U.S. BOND
3201.42 121.10 7.53
+27.01 +0.25 +0.02
MARKET JUMPS AGAIN. Stock prices moved higher Tuesday for the second strong gain in as many days. The Dow Jones average of 30 industrials, which rose 37.83 points Monday, gained another 27.01 to 3,201.42.
T-BILLS RISE. Interest rates on short-term Treasury securities rose in Tuesday's auction. The Treasury Department sold $11-billion in three-month bills at an average discount rate of 2.88 percent, up from 2.67 percent last week. Another $11-billion was sold in six-month bills at an average discount rate of 2.95 percent, up from 2.78 percent last week. The new discount rates understate the actual return to investors _ 2.94 percent for three-month bills and 3.04 percent for six month bills. In a separate report, the Federal Reserve said the average yield for one-year Treasury bills rose to 3.09 percent last week from 3.02 percent the previous week.
YIELD CHARTS DELAYED. Because of the Columbus Day holiday, yield charts will be published Thursday.
GM's Stempel falls ill, is hospitalized
General Motors Corp. chairman Robert Stempel was in serious condition with an undisclosed illness Tuesday night in a Washington, D.C., hospital, a spokeswoman said.
George Washington University Hospital spokeswoman Terry Abdoo declined to provide details about Stempel's illness.
Stempel, 59, was meeting with a representative of the Conference Board shortly after noon at the Willard Hotel when he became ill, GM said in a statement.
Emergency crews took Stempel to the hospital, where he was admitted for observation. He was "resting comfortably while undergoing further tests," the statement said.
Stempel has been GM chairman since August 1990.
FARE INCREASES DELAYED. Major airlines announced Tuesday a weeklong 30 percent average discount for fares between 16 U.S. cities and the rest of the country and delayed an increase planned for Thursday. Major airlines generally matched Continental's cuts that offer discounts between Monday and Oct. 19 for trips through Dec. 15. The fares require a seven-day advance purchase.
GAS PRICES RISE. The average price of self-serve regular unleaded gasoline increased 0.8 cent this week to $1.158 per gallon, the American Automobile Association reported Tuesday.
CHECKERS BUYS FRANCHISE. Checkers Drive-In Restaurants Inc. has agreed to buy back the master franchise for the Orlando area for $5-million cash. The partners who bought the franchise three years ago had invested about $2-million in land, buildings and franchisee fees in the deal, said Joe Gaynor, a St. Petersburg lawyer who is one of the partners in Mid-Florida Fast Food I Inc. The Clearwater-based chain will take over development rights to the area that stretches from DeLand south to Orlando, a market the company thinks can handle 15 to 20 stores. There are three now. Checkers chairman Herbert Brown said the company bought the franchise back to build new stores quicker than the two-a-year minimum Mid-Florida agreed to. Meanwhile, Checkers reported Tuesday that third-quarter earnings rose to $3-million, or 10 cents a share, up from $800,000, or 4 cents a share. Revenues were $17-million, up from $7-million. Sales in stores open more than a year increased 0.3 percent.
TECH DATA TO CONVERT WAREHOUSE. Tech Data Corp. said it will convert its former warehouse in Clearwater into a sales center by March. The 30,000-square-foot building near the company's headquarters off Roosevelt Boulevard will be expanded to 55,000 square feet to accommodate approximately 450 staffers, mostly in Tech Data's rapidly growing sales force. The distributor of computer equipment employs more than 800 people in the United States.
FAIRGROUND OUTLET GETS SEARS. Fairground Outlet Mall, formerly Belz Factory Outlet Mall, has landed a Sears, Roebuck & Co. Outlet that will sell mostly furniture and appliances discounted for clearance. The outlet, about the size of a grocery store, opens in November, according to Insignia Commercial Properties of Greenville, S.C., which handles leasing.
AEROSONIC CORP. Aerosonic Corp., a Clearwater-based maker of flight instruments and ordnance products, reported it expects to complete its fiscal year ending Jan. 31 with revenues of $25-million, off from $29-million the prior year. But David S. Goldman, president and chief executive, forecasted the company would be more profitable.
HONEYWELL INC. Honeywell Inc. said Tuesday its third-quarter earnings were $170.5-million, or $2.46 per share in the quarter ended Sept. 27, compared with $79.1-million a year ago, or $1.13 per share.
BANK EARNINGS. Three Florida banks report strong quarterly earnings. See story, 6E.