THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Thursday, October 17, 1996 TAG: 9610170520
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 52 lines
Newport News-based Noland Company said Wednesday its third-quarter net income increased 42 percent, from $1.3 million to $1.9 million, over a year ago. Sales for the quarter ending Sept. 30 were $123.5 million, 2.3 percent higher than during the year-earlier quarter, the company said. Chairman Lloyd U. Noland III said he was disappointed with the modest sales growth but ``pleased with the progress we've made in controlling expenses and improving productivity.'' Through the first nine months of the fiscal year, Noland's sales of $354 million were just under the $356 million recorded during the same period last year, the company said. Noland distributes plumbing, heating, air conditioning, electrical and other equipment. (Staff) Canadian union leader optimistic about talks
For the first time during a two-week strike against General Motors, the leader of the Canadian Auto Workers expressed optimism over chances of a settlement. ``This was a meeting that may let us break the logjam,'' Buzz Hargrove said Wednesday after a two-hour meeting that included, for the first time during the walkout, General Motors Corp. chairman Jack Smith Jr. The strike by 28,510 CAW members has shut down General Motors of Canada Ltd. and has idled 10,187 workers in the United States and Mexico at plants that either rely on Canadian parts or make parts for use in Canada. (Associated Press) Late rebound lifts Dow, S&P 500 to new highs
A late rebound lifted several stock measures to new highs Wednesday as the bond market recovered from much of a sharp jump in interest rates and as bellwether companies continued to report strong profits. The Dow Jones industrial average rose 16.03 to 6,020.81, bouncing back from a 35-point plunge and beating Monday's record finish - the Dow's first-ever above 6,000 - by nearly 11 points. Broad-market indexes also recovered as bargain-hunters moved into the market, with the Standard & Poor's 500-stock list setting a new high. It rose 1.85 to 704.42. But heavy profit-taking after three strong sessions for computer-related shares left the Nasdaq market, a record-setter on Monday and Tuesday, with too steep a loss to fully recover. (AP) ValuJet resumes flights to five Southern cities
ValuJet Inc. resumed service to five Southern cities Wednesday, offering $29 introductory fares on all nonstop flights for travel through Oct. 31. The Atlanta-based carrier said it resumed scheduled service from Atlanta to Savannah, Ga.; Memphis, Tenn.; Louisville, Ky.; Jacksonville, Fla.; and Fort Walton Beach, Fla. ValuJet said the total number of daily departures was increased to 74 flights from 50. ValuJet was grounded in June because of doubts about its maintenance programs after a May 11 crash in Florida's Everglades killing all 110 aboard. (Dow Jones News) by CNB