RALLY CONTINUES: Stocks staged a fairly broad advance Friday for the second straight session as a strong week of corporate profits continued to ease the doubts that sent the market tumbling last week. The Dow Jones Industrial Average gained 46.24 for the week.
IBM OLYMPIC SYSTEM BACK UP: The troubled IBM Olympic computer system seemed to right itself Friday, delivering without a hitch results from track and field events to news agencies who were prepared to use a backup system. Developed by IBM and the Atlanta Committee for the Olympic Games, the computer system is responsible for getting results to the World News Press Agency feed. Subscribers paid $10,000 each for the feed, but it hasn't worked as promised. It provided virtually no results on the first day of competition Saturday, leaving most Sunday newspapers with practically no Olympic statistics.
KIWI JETS RECERTIFIED: The Federal Aviation Administration will allow Kiwi International Air Lines to return two of its planes to service effective immediately. Kiwi may use 13 of its 15 planes as a result of today's action; the FAA must still determine whether the airline's last two planes can resume service. The FAA ordered Kiwi to reduce its flights by 25 percent last month after investigators turned up irregularities with the carrier's training and record-keeping.
BAILOUT BEGINS IN JAPAN: A long-awaited cleanup of Japan's debt morass began with the opening of a government-backed agency to dispose of soured loans left by bankrupt housing lenders. Opened Friday, the Housing Loan Administration Corp. is part of a government bailout plan that has already budgeted 685-billion yen, or about $6.3-billion, in taxpayer money to help cover the portion of the loans known to be unrecoverable. Public opinion is overwhelmingly against spending taxpayers' money to bail out the housing lenders, called jusen, that failed due to ill-timed lending to real estate speculators.
SHUTTLE SUPPLIER SENTENCED: A businessman who supplied substandard bolts for NASA's space shuttle and U.S. military submarines and helicopters has been sentenced to five years and four months in prison. Danny Ray Swartzbaugh, 48, operator of Military Industrial Supply Co. of Palm Bay, pleaded guilty earlier this year to conspiracy and 18 counts of fraud and making false statements.
SPALDING BUYS SHOEMAKER: Spalding, one of the largest manufacturers of golf equipment, plans to buy Brockton, Mass.-based Etonic, which has been making golf and running shoes for 120 years. The companies, however, have refused to disclose details of the acquisition. Spalding is a division of Tampa-based Spalding & Evenflo Co.
SPORTS & REC DEBT AFFIRMED: Standard & Poor's, which put Sports & Recreation Inc. junk bonds on its CreditWatch list in May, has decided not to downgrade its rating on $65-million of the Tampa-based retailer's junk bond debt. S&P on Friday affirmed the struggling sporting goods chain's previous B minus rating. But the agency cautioned that "further slippage in operating performance" would have an "immediate" negative impact on the rating. The agency foresees no improvement in Sports & Rec's credit quality for several years.
FTC TARGETS COMPANY: A Lauderhill company is among eight targets of a Federal Trade Commission inquiry into phony prize-promotion operations. Court documents in an FTC lawsuit allege that Best Marketing Inc. and its president and director, Edward Hexter, also known as David Best, marketed to small businesses claims that they won one of five "premiums" if they would order advertising specialty items. The federal-state "Project Jackpot" operation has resulted in 56 enforcement actions against 79 companies and individuals in 17 states, officials said.
DOW DOLLAR YIELD
30 INDUSTRIALS VS. JAPANESE YEN 30-YEAR U.S. BOND
5473.06 108.37 7.01
+51.05 +0.06 unch.