Westinghouse debt under review
Westinghouse Electric Corp.'s debt is under review for a downgrade to junk status by Moody's Investors Service. The review affects about $4 billion in public debt, Pittsburgh-based Westinghouse said.
Moody's said the action "was prompted by increasing concerns over the declining performance of the company's core businesses, especially the environmental and electronic systems operations, which, due to weak industry conditions, are performing below the level expected."
Ford third-quarter profits soar
Ford Motor Co. posted its best third-quarter net earnings in five years, even without a one-time tax gain of $140 million, exceeding analysts' expectations.
That tax gain, combined with lower marketing costs, resulted in third-quarter profits of $463 million, or 79 cents a share, compared with a loss of $272 million, or 66 cents, a year ago.
Court rejects BCCI settlement
A Luxembourg court unexpectedly rejected a multibillion dollar settlement for creditors and depositors of BCCI yesterday, in a blow to the thousands awaiting repayment from the outlaw bank. The surprise decision by the Luxembourg Court of Appeals could kill an intricate plan to settle the claims of the 250,000 creditors and depositors of the defunct Bank of Credit and Commerce International.
Two GM units have higher profits
General Motors Corp.'s three major nonautomotive units reported combined third-quarter profits of nearly $621 million yesterday, up from $608 million in the year-ago period.
The automaker's defense and electronics unit, General Motors Hughes Electronics Corp., and its computer services company, Electronic Data Systems Corp., reported higher earnings, while profits at General Motors Acceptance Corp. fell slightly.
Firm again offers free software
Computer Associates, which created a marketing stir in June with its offer of free personal finance software, is back for an encore. This time it's free tax software.
The Islandia, N.Y., company announced yesterday that within three weeks it would ship a free copy of its CA Simply Tax to everyone who requests one by calling (800) 7-FREETAX, or (800) 737-3382. The tax software comes in early and final versions because 1993 forms are not yet available from the Internal Revenue Service.
People who call the "800" number will be sent the early version, for which there is a shipping and handling charge of $9.95. They will also receive a coupon for the final version, to be sent at the end of January, for which they must pay $3.95. The program is available in DOS or Windows versions.