August 26, 1994 |
Buoyed by a strong performance in its main engineering and construction business, Fluor Corp. said Thursday that profit surged 18% for its latest fiscal quarter. For the three months ended July 31, the Irvine-based company posted earnings of $48.3 million, or 58 cents a share. That compared to a profit of $40.8 million, or 50 cents a share, for the same period a year earlier. Revenue for the period, the company's third quarter, was $1.96 billion, up 6% from $1.84 billion.
December 16, 1994 |
A deal that would have created the world's largest investment bank collapsed Thursday when U.S. investment house Morgan Stanley Group Inc. and its British counterpart S.G. Warburg Group called off merger talks. But analysts said the main sticking point in the $7.8-billion deal--how Warburg's 75%-owned Mercury Asset Management Group would be treated--could be overcome. "Remember, the two companies we're talking about here are world leaders in (mergers and acquisitions).
September 21, 1991 |
Salomon Bros. Inc.'s list of admitted wrongdoing grew Friday, as the firm disclosed two additional instances of fraudulent bids in Treasury auctions and said it may discover more skeletons in its closets as investigations continue. Salomon said the newly disclosed incidents involved bids falsely submitted in the names of customers, evidently hiding the fact that the firm was trying to obtain additional government notes or bonds for itself.
December 9, 1994 |
In a move that would create a financial powerhouse on both sides of the Atlantic, Wall Street's Morgan Stanley Group and S. G. Warburg Group of London on Thursday said they were discussing a merger of the two financial bluebloods. A combination of two of the world's top financial firms--under control of Morgan Stanley--would give the merged company greater access to corporations and investors around the globe.
June 3, 1994 |
Fluor Corp.'s stock rose about 4% Thursday after the giant construction and engineering company reported better-than-expected quarterly earnings. The company posted a profit of $47.7 million, or 58 cents a share, for its second fiscal quarter, which ended April 30. That compared to earnings of $42 million, or 51 cents a share, for the same period a year earlier. Revenue was $2.1 billion, up 4% from $2 billion a year earlier. For the six-month period, Fluor said its earnings rose to $91.
May 2, 1995 |
Smith Barney Inc., which has struggled to expand its securities and investment banking empire overseas, is reportedly holding talks with London-based S.G. Warburg Group about a possible merger. The largest British investment bank has been the subject of takeover speculation since late December, when a planned merger with New York-based Morgan Stanley & Co. collapsed amid a dispute about the value of Warburg's investment management company, Mercury Asset Management.
September 13, 1991 |
Salomon Bros.' "squeeze" of the government securities market last May triggered millions of dollars in losses among rival New York Stock Exchange member firms as well as job losses among traders, a Big Board executive said Thursday in Washington. Edward Kwalwasser, NYSE executive vice president, told reporters that the exchange had spoken to at least two firms that had been hurt by the squeeze, which caused a surge in the price of two-year Treasury notes, according to Reuters.
December 10, 1994 |
Stocks closed on a mixed note Friday, with the Dow Jones industrial average ending with a modest gain as Wall Street momentarily shrugged off its worries about the fiscal crisis in California's Orange County and fears of another interest rate hike. Bonds ended little changed while the dollar eased against the Japanese yen and German mark. The Dow rose 5.38 to 3,691.11, but posted a loss of 54.51 for the week.
January 10, 1995 |
As the buyer of newsprint for McClatchy Newspapers, Ray Steele Jr. has delivered nothing but bad news to his bosses recently. Since last April, the 19-paper McClatchy chain, which includes the Sacramento Bee, has seen its newsprint bill soar 35%, far above Steele's projections. With prices continuing to rise this year, Sacramento-based McClatchy will have to cut costs in other areas to offset the increases, he said.
October 10, 1990 |
Matsushita Electric Industrial Co.'s participation in an Arab-led boycott of Israel could complicate its efforts to purchase MCA Inc., whose chairman, Lew R. Wasserman, is one of Hollywood's leading supporters of Jewish and Israeli causes. Matsushita's policy, which has not been widely publicized, bars the Japanese electronics giant from conducting any direct trade with Israel. That policy would technically prevent Matsushita from selling MCA's movies and television shows to Israel. But U.S.