A Call to Arms

Also, just how low can oil go?
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Zeus never gave the Greeks this kind of ammo.

Raytheon

(RTNB)

will complete its $1.1 billion contract with Greece for the Patriot Air Defense System by the end of the year, according to a

Reuters

story printed in the

Boston Globe

. The company will continue to arm Greece for 21st Century Iliads -- it also said it expects to close a $150 million deal with that country next year for the Hawk Phase III Upgrade Program.

A belated Merry Christmas for customers of

Detroit Edison

(DTE) - Get Report

: The

Michigan Public Service Commission

ruled Monday that the utility company must give consumers a $93.8 million rate cut, according to the

Detroit Free Press

.

AMR

(AMR)

continues to divest its noncore operations. The

Dallas Morning News

reports that the Fort Worth, Texas-based parent of

American Airlines

said it will sell ground services subsidiary

AMR Services

to merchant bank

Castle Harlan

.

Busted -- sort of.

The

Globe and Mail

reports that the former

Midland Walwyn Capital

"has been fined $100,000 (U.S.) by the New York Stock Exchange for a series of violations, including failure to maintain adequate capital reserves in 1996 and 1997." Midland, which

Merrill Lynch

(MER)

bought in August, did not admit any guilt.

How low can it go?

"Kuwait warned Monday that world oil prices could drop to $5 a barrel in the absence of action by producers," according to a

Reuters

story printed in the

Houston Chronicle

.

Ingram Micro

(IM)

chairman and CEO

Jerre Stead

is bullish on the personal computer distributor. The

Los Angeles Times

reports that Stead used options to buy 1 million shares of Ingram at $18 last Thursday. Ingram closed at 34 1/2 on Monday.