DOW RISES. Stocks ended Friday's session about unchanged, giving up substantial gains in the last hour of trading as portfolio managers booked profits in the best performing names before the end of the quarter.
Tampa Bay / State
Largo company buys
land in office parks
Garcia Enterprises of Largo continues to buy commercial real estate in the bay area.
The company announced Friday that it has bought about 26 acres in the Bay Vista Office Park near the St. Petersburg-Clearwater International Airport and more than 20 acres in the Interstate Business Park near Florida Expo Park. Terms of the deals were not disclosed.
In June, the company bought the Clearwater Tower office building. With the two most recent purchases, the company says it owns more than 55 acres of land and more than a million square feet of commercial real estate in the bay area, which includes 11 office buildings, 15 service centers and six retail centers.
TIME WARNER LOOKS AT TAMPA SYSTEM. Time Warner, the bay area's dominant cable company, is eyeing Tampa's cable provider as a candidate for acquisition. Robin Rothman, a spokeswoman at Jones Intercable's Denver headquarters, confirmed Friday that the company, which has the Tampa franchise, has begun discussions with Time Warner's local subsidiary, Paragon Cable. She refused to elaborate. Paragon declined comment.
POE & BROWN BUYS AGENCY. Poe & Brown Inc. said Friday it has purchased the Robert Scott Gordon Insurance Agency of Newtown Square, Pa. Robert Scott Gordon serves Pennsylvania, New Jersey, Maryland and Delaware. Poe & Brown, an independent insurance agency with headquarters in Daytona Beach and Tampa, has offices throughout Florida and in Arizona, California, Colorado, Connecticut, Georgia, New Jersey, North Carolina, Texas and now Pennsylvania. Terms of the deal, which is effective today, were not disclosed.
HILLSBOROUGH BAR INSTALLS PRESIDENT. Richard A. Gilbert has been installed as president of the Hillsborough County Bar Association. He will serve one year at the helm of the bar association, which has 2,700 members. Gilbert, a graduate of the University of Cincinnati Law School, is managing shareholder of the Tampa law firm de la Parte, Gilbert & Bales.
CHECKERS LOOKS FOR NEW AGENCY. Checkers Drive-In Restaurants Inc. has decided to part company with the Martin Agency, the Richmond, Va., agency that has handled the chain's $7-million-a-year advertising account for the past 18 months. Checkers has narrowed the field of agencies competing for the account to four, according to Adweek magazine.
SEARS SPINS OFF ALLSTATE. Sears, Roebuck and Co.'s long-awaited spinoff of its 80.3 percent interest in Allstate Corp. was launched Friday through a tax-free dividend to Sears shareholders. Sears shareholders will receive certificates for about .93 of an Allstate share for every Sears common share they own, the company said. The spinoff nearly completes Sears' divestment of its non-retailing businesses under a reorganization plan begun in 1992.
DOW DOLLAR YIELD
30 INDUSTRIALS vs. JAPANESE YEN 30-YEAR U.S. BOND
4556.10 84.71 6.62
+5.54 +0.27 -0.02