DOW DOLLAR YIELD
30 INDUSTRIALS VS. JAPANESE YEN 30-YEAR U.S. BOND
3494.77 109.75 6.80
-27.12 +2.45 -0.01
DOW DROPS. The stock market see-sawed to a sharply lower finish Friday in a session marked by heavy trading volume tied to the quarterly expiration of options and futures contracts. The Dow Jones industrial average veered sharply lower in late action on a wave of computer-guided sell orders, falling 27.12 to 3,494.77 and producing a loss for the week of 10.24 points.
claims by Bicoastal
Bicoastal Corp. of Tampa, formerly Singer Co., said Friday that a Hong Kong company has agreed to pay $93.8-million to settle legal disputes involving the 1989 sale of Singer trademarks. The agreement with Semi-Tech Group would include satisfaction of all past and future royalty payment obligations. Bicoastal also said it would assign all remaining interest in the Singer trademarks to Semi-Tech.
The settlement is contingent on certain conditions, including approval by U.S. Bankruptcy Court in Tampa. Bicoastal is reorganizing its finances in bankruptcy court.
TAMPA FIRM GETS CONTRACT. Florida Medical Quality Assurance Inc. of Tampa has received a three-year contract worth $26-million from the Health Care Financing Administration to review the activities of Florida doctors and hospitals serving Medicare patients. The company's activities will include reviewing the necessity, appropriateness and quality of professional services and analyzing differences in health-care practices across the state. Blue Cross/Blue Shield of Florida has the current contract.
APPLE SHUFFLE. John Sculley stepped aside Friday as chief executive officer of Apple Computer Inc. Sculley will remain chairman of the nation's second-largest personal computer manufacturer and said he plans to focus on new opportunities for Apple. Michael Spindler, president and chief operating officer, will become chief executive officer. While Sculley downplayed the significance of the transition after 10 years as CEO, analysts said it shows the company is shoring up its core PC business, where price cuts have sliced into profits.
AIRLINE'S TALKING, UNIONS AREN'T. Northwest Airlines and leaders of its pilots union met Friday to review a new proposal for contract concessions. But the airline's two largest unions _ the Machinists union and the Teamsters _ aren't participating. The airline is seeking concessions as it attempts to restructure its debt load. In exchange, employees have been offered 30 percent ownership of the company.