Den 20 september 1995 var en onsdag under stjärntecknet ♍. Det var 262 e dagen i året. Förenta staternas president var William J. (Bill) Clinton.
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Date: 20 September 1995
With Chinese politics still hinging on the leadership of a frail old man, Deng Xiaoping, the paramount leader, every piece of news about him is eagerly consumed and carefully digested by millions of Chinese officials looking for clues about the political mood in Beijing. Today, Chinese newspapers reported that Prime Minister Li Peng told a visitor that Mr. Deng is still spry, considering his age.
Date: 20 September 1995
By Deirdre Carmody
Deirdre Carmody
Business Week is preparing to go to press tonight for the second week in succession under a Federal court order restraining it from publishing information contained in sealed court records. In the rapidly developing First Amendment case, the magazine yesterday appealed to the Supreme Court. Also yesterday, a three-judge panel of the United States Court of Appeals for the Sixth Circuit, in Cincinnati, dismissed an appeal by the McGraw-Hill Companies, parent of Business Week, saying the order was a temporary restraining order over which the court had no jurisdiction. The appeals court sent the matter back to the judge who issued the order, John Feikens of Federal District Court in Cincinnati.
Date: 21 September 1995
By Bloomberg News
Bloomberg News
SunAmerica Inc. said yesterday that it had agreed to buy the Zenith National Insurance Corporation's life insurance and annuity business for $120 million in cash. The move will bring SunAmerica, a financial services company based in Los Angeles, into the business of managing so-called 403(b) retirement savings plans for teachers and employees of nonprofit organizations. After selling a portion of its Calfarm Life Insurance Company, Zenith National plans to focus on workers' compensation, managed care and disability coverage. Zenith National, based in Woodland Hills, Calif., is keeping Calfarm Life's health insurance business.
Date: 20 September 1995
By Bloomberg News
Bloomberg News
The Polaroid Corporation said yesterday that its profit from operations in the third quarter and 1995 would be "substantially lower" than expected because of slow sales growth in Russia and the rise in the dollar. Polaroid, the camera maker based in Cambridge, Mass., said in June that it expected profit from operations this year to remain unchanged from 1994. Shares of Polaroid fell $2.25, to $41.125, on the New York Stock Exchange. Polaroid was expected to earn 84 cents a share in the third quarter and $2.34 for the year, according to a survey of four analysts conducted by Zacks Investment Research.
Date: 20 September 1995
By Bloomberg News
Bloomberg News
The Westinghouse Electric Corporation said yesterday that it had sold its remaining 49 percent stake in Micros Systems Inc., a maker of computer systems based in Beltsville, Md., for about $130 million. Westinghouse sold 3.85 million shares for $34 a share in an offering underwritten by J. P. Morgan & Company. Westinghouse, based in Pittsburgh, sold one million shares of Micros, whose computer systems are used in restaurants and hotels, in July to reduce its stake from 4.85 million shares, or 62 percent. The company plans to use the sale's proceeds to reduce debt.
Date: 20 September 1995
By Bloomberg News
Bloomberg News
The Mobile Telecommunication Technologies Corporation said yesterday that its Skytel unit had introduced the nation's first two-way paging service that will allow users to reply to a beep or page. In addition, Hewlett-Packard, MCI Communications, Microsoft, Motorola and Sony Electronics have formed agreements with Skytel to develop and sell products and applications for the service, called Skytel 2-Way. With two-way paging, Mtel, based in Jackson, Miss., hopes to gain an edge on its competitors, including Paging Network Inc., the largest United States paging company. Skytel 2-Way service is initially available in 50 metropolitan markets.
Date: 20 September 1995
By Bloomberg News
Bloomberg News
Huffman Koos Inc. agreed yesterday to be acquired by the Breuner's Home Furnishings Corporation for $36.9 million in cash, or $9.375 a share. Huffman Koos, based in River Edge, N.J., operates 13 furniture stores in New York and New Jersey. Breuner's Home Furnishings was recently formed as a holding company for the Huffman Koos acquisition by Kidd, Kamm & Company and Michael H. Solomon. Breuner's, based in San Diego, operates 12 furniture stores in California and Nevada under the Breuner's and Arnold's names. Shares of Huffman Koos rose 93.75 cents, to $8.9375, in Nasdaq trading.
Date: 20 September 1995
By Bloomberg News
Bloomberg News
The 3Com Corporation reported yesterday that its earnings for the fiscal first quarter almost doubled, beating Wall Street expectations, on strong sales of its computer network equipment. The company, based in Santa Clara, Calif., reported net income of $59.4 million, or 38 cents a share, compared with net income of $30.8 million, or 21 cents, in its 1994 fiscal first quarter. Revenue for the quarter ended Aug. 31 rose 64 percent to $430.4 million from $262.8 million. Wall Street analysts had expected 3Com, the third-biggest maker of computer network equipment after Cisco Systems Inc. and Bay Networks Inc., to earn 34 cents a share, according to a recent survey of 21 analysts by Zacks Investment Research. The earnings were announced after the stock market closed. Its shares rose $2.75, or 6.4 percent, to close at $45.75 in trading on the Nasdaq.
Date: 21 September 1995
By Bloomberg News
Bloomberg News
The Morrison Knudsen Corporation said yesterday that it had agreed to pay $63 million in cash and stock to settle shareholders' lawsuits. The settlement also calls for the company's former chairman, William Agee, to give up all his severance pay and much of his pension, Morrison Knudsen said. The suits, which were filed after the company announced a $350 million loss for 1994, accused Mr. Agee of intentionally concealing the losses and contended that company directors should have been aware of them. Under the settlement, the company's insurers will pay $35 million and the company will issue nearly three million shares of stock, valued at about $28.3 million, based on yesterday's closing price of $9.50. Mr. Agee could not be reached for comment. Separately, Morrison Knudsen, which is based in Boise, Idaho, said it would close its Pittsburg, Calif., rail car plant and lay off all 270 workers in December.
Date: 20 September 1995
By Bloomberg News
Bloomberg News
The Intel Corporation said yesterday that the name of its new microprocessor chip would be Pentium Pro. Intel, based in Santa Clara, Calif., said sales of the chip, scheduled to be introduced this year, would benefit from users' familiarity with the Pentium brand name. Pentium chips are used to power the x86 family of Intel microprocessors, which perform fundamental calculations for more than 75 percent of the world's personal computers. The Pentium Pro, which was code-named P6, will be introduced in powerful desktop work stations for engineers and scientists and in servers, the central computers in a network.