Chrysler has record 2nd quarter
Chrysler Corp., driven by booming Jeep, minivan and passenger car sales, reported a record second-quarter profit of $956 million yesterday.
The windfall, which topped even Wall Street's most optimistic estimates, compared with a profit of $685 million in the same period last year.
Chrysler officials attributed the improvement to strong demand for many models and a 14 percent decline in average rebate costs.
Despite the results, Chrysler's stock closed down 75 cents yesterday, at $49.375.
U S West to buy cable firms
U S West Inc. is expected to announce today a $1.2 billion purchase of two Atlanta cable TV companies from investor Robert Bass, sources close to the negotiations said yesterday.
With the purchase, U S West, which provides local phone service in 14 states in the West, will have access to 466,000 cable subscribers, a prime base to launch a competitive phone service in metropolitan Atlanta.
The deal involves a stock swap merger with Wometco and a cash purchase with debt assumption of Georgia Cable Television, sources said.
Bell Atlantic to market services
Bell Atlantic Corp. has announced an agreement with San Francisco-based Docunet Inc. under which the phone company will market Docunet's computerized stations that combine the function of a travel agent and ticket service.
The unattended devices resemble automated teller machines. Customers can make reservations, conduct financial transactions and purchase tickets 24 hours a day. Under the agreement, Bell Atlantic will select locations for the Document Delivery Machines (DDMs) and provide the links to connect the machines to home offices.
Mozer barred, fined for scandal
The man at the center of the Salomon Bros. bond bidding scandal, Paul Mozer, was barred from the securities industry for life and fined $1.1 million under a settlement of civil charges, regulators said yesterday.
The settlement, the harshest against an individual arising from the 1991 case, wraps up the Securities and Exchange Commission's litigation in the Salomon case, said William McLucas, the agency's chief of enforcement. The SEC's investigation reaped settlements totaling $292.2 million from two investment banks and six individuals involved in the Treasury bidding scandal.
First Union profits rose 1.3%
First Union Corp. of Charlotte, N.C., yesterday reported that second-quarter net income rose 1.3 percent to $229.6 million, or $1.32 a share, from $226.8 million, or $1.32 a share, a year earlier. The per-share income was unchanged because the total shares outstanding rose to 172.8 million from 168 million.