Advertisement
  1. Archive

BRIEFLY

ALUMINUM COMPANIES CONSIDER MERGER: Alcan Aluminium Ltd. of Canada, France's Pechiney SA and Switzerland's Algroup said they may combine to form a company that would surpass Alcoa Inc. as the world's top aluminum-maker. The companies would have about 100,000 workers and $20-billion in revenue from aluminum smelting, packaging and chemicals. Alcoa had about $15-billion in sales last year. A combination would allow the companies to boost profit by cutting costs as aluminum prices begin to recover after hitting a five-year low in March.

SUNTRUST TO BUY BACK STOCK: SunTrust Banks Inc. said it would buy back up to 15-million shares, or 4.7 percent of its outstanding shares, over an unspecified period. Based on the Atlanta bank holding company's current stock price, the buyback is worth about $950-million. SunTrust shares fell $1.18} to $62.87{. In Florida, SunTrust is the third largest player behind

NationsBank and First Union.

TREASURY AUCTION: Yields on five-year Treasury notes rose in Tuesday's auction to the highest level in almost two years. The yield was 6.014 percent, up from 5.367 percent at the last auction May 11. The notes will carry a coupon interest rate of 6 percent. A total of

$15-billion in notes were sold out of bids totaling $27.7-billion.

Earnings

Wal-Mart Stores Inc.

The world's largest retailer, based in Bentonville, Ark., said its sales and earnings rose in its fiscal second quarter ended July 31 as it pushed into groceries and held down costs.

2ndQtr Year Ago

Revenue $38.5-bil $33.5-bil

Net Income $1.25-bil $1.03-bil

Per Share 28 cents 23 cents

Excal Enterprises Inc.

As expected, the Tampa company showed a loss for its fiscal first quarter ended June 30, mainly because of continued investments in a sports licensing products company acquired in December.

1stQtr Year Ago

Revenue $1.5-mil $1.15-mil

Net Income -$40,594 $8,332

Per Share -1 cent 0 cents

YOU MIGHT ALSO LIKE

Advertisement
Advertisement