called off combination talks with
because its board saw "no compelling basis" to continue discussions as it found Chevron's proposal -- which
said was valued at $70 a share -- "unacceptable in all respects." Chevron said it was surprised Texaco rejected its "very competitive offer."
Alfred Broaddus, president of the
Richmond Federal Reserve
, said there is a risk that the U.S. economy will overheat and that he saw no signs of an economic slowdown from rapid growth. "The present expansion seems to be gathering additional steam. And there are no definite signs of a deceleration currently," Broaddus told the
Washington Association of Money Mangers
. "So the risk of overheating is out there."
on a date to be announced. American Stores is being acquired by
will take Office Depot's spot in the
S&P MidCap 400 Index
At a New York analysts meeting today,
said it expected double-digit revenue growth in the second half of 1999 and a slight dip in the company's operating profit margin.
In other postclose news (earnings estimates from
; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
reported third-quarter earnings of 13 cents a share, 3 cents above the five-analyst forecast but below the year-ago 30 cents.
Burlington Coat Factory
said its fourth-quarter comparable-store sales rose 7.6%. Separately,
American Eagle Outfitters
said its May same-store sales hopped up 18.7%.
posted first-quarter earnings of 34 cents a share, beating the six-analyst estimate of 30 cents and moving ahead of the year-ago 12 cents.
announced fourth-quarter earnings of 23 cents a share, 3 cents higher than the four-analyst view but below the year-ago 31 cents.
posted second-quarter earnings of 35 cents a share, topping both the five-analyst estimate for 33 cents and the year-ago 27 cents.
U.S. Xpress Enterprises
said it will record a second-quarter charge of $1.3 million related to a settlement of a dispute with
Mergers, acquisitions and joint ventures
announced plans to sell its semiconductor business for $700 million to a
venture capital business called
said it will make a $10 million equity investment in
Peoples Heritage Financial
said it expects to record a $40 million charge in the fourth quarter related to its $781 million acquisition of
, announced earlier today.
said Chairman Davidi Gilo was also named chief executive, replacing Joseph Perl.
In a victory for the tobacco industry, a Mississippi jury ruled that the estate of a barbershop owner who died of cancer was not entitled to damages in a second-hand smoke suit.