Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, April 21, 1995 TAG: 9504210115
SECTION: BUSINESS PAGE: A9 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
The price of Chrysler shares fell $1.75 a share Thursday, the fifth consecutive daily loss since Kirk Kerkorian proposed his $22.8 billion buyout.
The automaker's shares now have given back almost half of the $9.50 they gained on the day the Las Vegas billionaire announced his plan, April 12. Chrysler shares closed at $44.50, trading between a low of $43 and a high of $45.
Even if Kerkorian fails to make good on his takeover bid, Wall Street insiders suggest Chrysler eventually will be forced to do something to increase the value of its shares.
Some questioned why Kerkorian, who owns 36 million of Chrysler's 415 million outstanding shares, and his partner, former Chrysler Chairman Lee Iacocca, who owns about 910,000 shares, are not buying more shares at the lower price.
- Knight-Ridder/Tribune
Jobless claims finally fall
New claims for jobless benefits fell last week for the first time in three weeks while remaining at a level that analysts said reflected slower but continued job growth.
The Labor Department report Thursday ``indicated that the job picture is rather stable,'' said economist Eugene Sherman of M.A. Shapiro & Co. in New York. But, he noted, recent demand for workers has dipped below 1994 levels.
First-time applications for unemployment insurance fell by 5,000 last week, to a seasonally adjusted 342,000 from a revised 347,000 the preceding week. Claims for the week of April 8 had been estimated at 338,000.
The more closely watched four-week moving average of jobless claims has been relatively flat since March 1, when it was 340,000. Last week, it stood at 342,250, down from 343,750 a week earlier. It averaged 326,000 in December.
Many analysts prefer to track the less-volatile four-week average because it smooths out the spikes in the weekly reports.
Analysts say the slower job growth reflects the economy in general, which the Federal Reserve has braked with seven short-term interest rate increases in an attempt to curb inflation.
- Associated Press
Valley Bank workers in place
Valley Bank has yet to open, but it already has 13 employees working in its future office at the corner of Church Avenue and First Street Southwest, the new bank's shareholders were told Thursday night.
President Guy W. Byrd Jr. said Valley Bank expects to have 20 employees by the end of the year. "Even though Valley Bank will be new," Byrd said, "Our employees are highly experienced and knowledgeable, and none requires on-the-job training."
Also, he said he hopes the bank will open its downtown Roanoke office by the middle of May. He said the precise opening date depends on an inspection by bank regulators.
Byrd said that remodeling is going well at the main office downtown. "We think you will approve of the atmosphere and ambience that you find in our version of a hometown bank." Byrd said.
A branch on Starkey Road near Virginia 419 is under construction and scheduled to be ready in early fall. The stockholders held their first annual meeting at Holiday Inn-Tanglewood near the site of the branch.
- Staff report
by CNB