Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, May 27, 1994 TAG: 9405270103
SECTION: BUSINESS PAGE: A7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
U.S. stock and financial markets will be closed Monday for the Memorial Day holiday. Also, the Treasury Department's weekly auction of three- and six-month bills will be delayed until Tuesday. The Roanoke Times & World-News will not publish financial tables in Tuesday's editions but will resume the report in Wednesday's paper.
Philip Morris stock sinks with inaction
NEW YORK - Philip Morris Companies Inc. stock sank about 6 percent Thursday after the company indicated the issue of separating its food and tobacco businesses was off the front burner indefinitely.
In a marathon meeting a day earlier, its board discussed but decided not to act on splitting the business that makes Marlboro cigarettes from the operation that produces foods.
The company went further on Thursday by saying it was unlikely the issue would be ``before the board in the forseeable future.''
Philip Morris stock was halted all day Wednesday while the board met. But trading reopened Thursday and it sank $3.121/2 a share to $50.621/2 on volume of more than 9.7 million shares on the New York Stock Exchange.
The decline reflected disappointment that the board had decided not to act on the breakup proposal or to approve other aggressive steps to help boost the stock price.
- Associated Press
Westvaco sales up, earnings down
Westvaco Corp., New York-based paper, packaging and chemicals manufacturer with operations in Covington, reported sales of $662 million in its second quarter ended April 30, an 8.1 percent increase, while earnings fell to $16.3 million, or 24 cents per share, compared with 30 cents a year earlier. For the first half, Westvaco said sales were up 5.5 percent to $1.2 billion while earnings were $32.1 million, or 48 cents per share, down from $1.44 a share a year ago.
Norfolk Southern cited for safety
WASHINGTON - Norfolk Southern, Illinois Central and Bessemer and Lake Erie railroads won the nation's top honors for employee safety.
The E.H. Harriman Awards were presented to 12 railroads Thursday, with winners chosen based on Federal Railroad Administration records of employee deaths, injuries and occupational illnesses.
Norfolk Southern was the top winner in the large railroad category, with second place going to CSX and third spot to Amtrak.
The awards are administered by the Mary W. Harriman Foundation.
- Associated Press
by CNB