The Dow Jones industrial average rose 19.65 points Wednesday to 3,511.65.
USAir expects to post loss for year
USAir expects to post a net loss for the second quarter and all of 1993, the company said Wednesday.
The airline company cited "sluggish economic conditions" for its reversal of an earlier projection that it would be profitable for the current quarter ending June 30.
USAir, America's sixth-largest carrier, and its USAir Express feeder service have about 90 daily flights from Tampa International Airport, the most of any airline there.
MEMBERSHIP CLUBS MERGE. The Price Co. and Costco Wholesale Corp. said Wednesday they will merge the two warehouse membership club chains into a $16-billion company, called Price-Costco, with 195 membership warehouses in the United States, Canada and Mexico.
REFLECTONE CREATES NEW UNIT. Reflectone Inc. said it has established a new unit to pursue its expansion into the entertainment market, called the Reflectone Leisure Products Group. Reflectone, a Tampa-based maker of flight simulators, over the past three years has integrated its advanced motion technology into entertainment attractions including Questor at Busch Gardens.
FORTUNE EXECUTIVE RESIGNS. Roy M. Whitehead, Fortune Bank's head of consumer banking, has resigned from the Clearwater thrift to pursue other interests. Whitehead joined Fortune as executive vice president in February 1992. He formerly worked for First Union National Bank in Tampa.
RIDEN JOINS NUTMEG. Prominent St. Petersburg lawyer Thomas K. Riden will become a full-time executive at Nutmeg Industries Inc., the Tampa-based sportswear manufacturer said Wednesday. Riden, who has been Nutmeg's general counsel for several years, will leave St. Petersburg's Riden, Earle & Kiefner law firm to become senior vice president and general counsel.
DANKA INCREASES CREDIT. Danka Business Systems PLC announced Wednesday that its borrowing power has been increased so the company can continue its aggressive acquisition program. The St. Petersburg-based office equipment distributor's total credit availability is now $83-million; it was $50-million. Revolving credit facilities are provided by South Trust Bank of Alabama and Continental Bank. Senior notes were placed with three institutional investors and arranged by Continental Bank.
MEDICAL TECHNOLOGY SYSTEMS INC. The Clearwater-based maker of pharmaceutical packaging equipment said Wednesday that its net income for the fiscal year ended March 31 increased 55 percent to $2.29-million, or 61 cents per share, compared with $1.48-million, or 45 cents a share, for 1992. For the fourth quarter ended March 31, net income was $665,753, up from $464,811 in the previous year's quarter. Etc.
Anheuser-Busch Cos. completed its purchase Wednesday of a 17.7 percent equity interest in Grupo Modelo, S.A. de C.V. of Mexico City, the maker of Corona beer, for approximately $477-million . . . John L. Gazitua of Miami was sentenced Wednesday in Orlando to eight years in prison and ordered to pay $34.5-million restitution for helping run a sham health insurance pool that left 40,000 people with $50-million in unpaid health claims . . . New home starts rose only 2.4 percent in May over April's figures, the Commerce Department reported Wednesday . . . Output at the nation's factories, mines and utilities rose 0.2 percent last month, the Federal Reserve said Wednesday.
DOW DOLLAR YIELD
30 industrials vs. Japanese yen 30-year U.S. bond
3511.65 106.45 6.81
+19.65 +0.70 -0.02