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May 16, 1997

San Francisco-based Gap Inc. said its fiscal first-quarter earnings rose 3%, matching analysts' expectations. The clothing retailer, which operates the Gap and Old Navy chains, reported net income of $84.3 million, or 31 cents a share, up from $81.6 million, or 28 cents, in the year-earlier quarter. . . . Alameda-based Ascend Communications Inc. said Justice Department antitrust authorities have asked for more information about its proposed acquisition of Cascade Communications Corp. The move extends the legal deadline for a required federal pre-merger review at least 20 days. The request signals that antitrust officials are taking a close look at the combination of computer and communications networking companies, even though they concentrate on different aspects of the networking business. . . . Torrance-based OrthAlliance Inc., an orthodontic care management services company, plans to raise as much as $31.8 million, before expenses, by selling stock in an initial public offering.

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