ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Thursday, January 23, 1997 TAG: 9701230022
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
IBM tumble halts Dow's momentum
NEW YORK - Broad stock measures notched more new highs Wednesday, but IBM dragged the Dow Jones industrial average lower.
The focus of the day was IBM's seemingly impressive fourth-quarter growth of 18.3 percent, beating many projections. But revenue growth and profit margins failed to meet expectations, prompting several leading brokerages to lower their investment ratings and earnings estimates. The computer maker's stock, the New York Stock Exchange's most active, tumbled nearly 12 points but recovered slightly in late trading, ending down 10 at 158.
AT&T reported a fourth-quarter profit that reversed a loss from a year earlier, but its results were held back by unpaid telephone bills and fell shy of analyst estimates. AT&T, a Dow component, fell 1/2 to 383/8.
As bonds fell, the yield on the 30-year Treasury - a key determinant of corporate and consumer borrowing costs - rose from late Tuesday's 6.78 percent to 6.83 percent.
- Associated Press
Farmers dump milk to protest price drop
Dairy farmers in several states dumped their milk Wednesday or diverted it to charitable groups to protest a steep decline in prices.
Clint Van Vleet, a Sulphur Springs, Texas, dairyman and president of the 250-member Texas Milk Producers Association, said 250,000 to 500,000 gallons of milk were dumped in that state.
``We are sending a message to the government that we want the price system thrown in the scrap heap,'' he said.
Organizers expected farmers from Wisconsin, Minnesota, Vermont, Pennsylvania, New York, Missouri, Texas, California and New Mexico to take part in the one-day action. But overall figures were not expected to be available.
The basic price farmers are paid for their milk has declined from more than $15 per 100 pounds in September to $11.30 per 100 pounds at the end of December. Farmers say the formula the government uses to set a base price for milk needs to reflect their production costs. |-Associated Press
Resco sets dividend
Roanoke Electric Steel Corp. on Wednesday declared a quarterly cash dividend of 12 cents per share of common stock payable Feb. 25 to shareholders of Feb.7.
LENGTH: Short : 50 linesby CNB