John J. Edwards III
After a nerve-jangling week of
intrigue and mad market gyrations comes the quiet of the Good Friday-Easter weekend. Some news to take along:
Investment Company Institute
reported that the combined assets of U.S. mutual funds rose to $3.731 trillion in February from a revised $3.686 trillion in January. Net new cash flow into the whole mutual-fund industry was $41.72 billion in February, down from $53.66 billion in January. The institute notes that January typically has the largest seasonal inflows, reflecting retirement account activity, the investment of year-end bonuses and other factors.
announced a restructuring in which it will cut 4,000 jobs at its
units and sell off its
Central Freight Lines
unit. The company is also restating its reported 1996 earnings of 25 cents per share to a loss of $4.18, reflecting charges and writedowns.
said it would suspend production of
luxury cars at its Wixom, Mich., plant until April 14 because it is reducing sales to daily rental fleets.
said it expects to report fourth-quarter earnings of 15 cents to 17 cents per share, which would miss the
expectation of 21 cents.
Morrison Fresh Cooking
earned 8 cents per share in the third quarter ended February, compared with a loss of $1.52 a year earlier. First Call was looking for 9 cents.