DOW'S SLIDE CONTINUES: The Dow Jones Industrial Average fell again, shedding an early gain of about 43 points as investors remained unconvinced that last week's sell-
off represented a bottom in the market's correction.
TREASURY YIELDS FALL: Yields on two-year Treasury notes fell in Tuesday's auction to the lowest level in two months. The high yield was 6.288 percent, down from 6.3 percent at the auction on June 25. The notes will carry a coupon interest rate of 6.25 percent. A total of $18.79-billion in notes were sold out of bids totaling $40.76-billion.
PAINEWEBBER SETTLEMENT OKAYED: A federal judge has given tentative approval to an agreement by PaineWebber Group Inc. to pay an estimated $200-million to settle investors' claims it sold them risky limited partnerships over a 12-year period. The deal will pay thousands of people nearly all the money they lost when their Paine Webber investments unexpectedly soured. PaineWebber sold the $2.5-billion in partnerships in real estate, oil and gas, aircraft and other businesses between 1980 and 1992.
CUBAN ECONOMY ON THE MEND: Cuba's long-lagging economy is surging ahead this year despite tough new U.S. sanctions, with rebounds in the vital tourism, nickel and sugar industries, the government said Tuesday. Vice President Carlos Lage said Cuba's gross domestic product for the first six months of 1996 rose 9.6 percent from the same period in 1995.
TARGETS GET AMSOUTH ATMS: AmSouth Bank of Florida will install automated teller machines in 23 Target stores in Florida. Installation is scheduled for September, and the sites include stores on Park Street in St. Petersburg, Tacoma Drive in New Port Richey, Waters Avenue in Tampa, and Commercial Way in Spring Hill, as well as a store being built on Gandy Boulevard in Tampa.
LINCARE HOLDINGS INC.: The Clearwater-based oxygen supplier earned $16.9-million, or 59 cents per share, in its second quarter ending June 30, compared with $12.8-million, or 45 cents per share, in the second quarter of 1995. Lincare's sales rose 26 percent, to $85-million. About half of the growth came from acquisitions of four companies with annual revenues of about $16-million.
SHELLS SEAFOOD RESTAURANTS INC.: The Tampa-based chain said net income increased to $479,000 for the second quarter of 1996 from $59,000 for the comparable period in 1995. Revenue was $10.4-million, up from $7.8-million in 1995. The company manages and operates 22 Shells restaurants.
ALLSTATE CORP.: The Northbrook, Ill.-based insurer said second-quarter profits rose 47 percent, thanks to stronger liability insurance businesses and gains from the sale of investments. Allstate earned $764-million, or $1.71 a share, compared with $519-million, or $1.15 a share, in the same period a year earlier. The profits included a $93-million after-tax gain from the sale of 70 percent of the PMI Group Inc. Revenue increased to $6.32-billion from $5.67-billion.
KNIGHT-RIDDER INC.: The Miami-based publisher said second-quarter profit from operations fell 8 percent because of higher newsprint costs and the yearlong strike at its Detroit Free Press newspaper. Knight-Ridder said earnings were $42.4-million, or 86 cents a share, compared with $46.3-million, or 92 cents, a year earlier. Revenue rose 4.3 percent to $717-million from $687.5-million.
U.S. HOME CORP.: The Houston-based home builder reported second-quarter net income of $10.1-million, or 84 cents per share, up from $7.8-million, or 67 cents per share, for the same quarter in 1995. Revenue was $293.2-million, up 13 percent from $259.3-million in the same quarter.
DOW DOLLAR YIELD
30 INDUSTRIALS VS. JAPANESE YEN 30-YEAR U.S. BOND
5346.55 107.86 6.97
-44.39 +0.42 -0.03