GM again cuts production forecast
General Motors Corp., citing slow product launches and soft sales of luxury cars, slashed another 30,000 vehicles from its fourth-quarter North American production forecast yesterday.
The reduction, which was larger than many Wall Street $l observers had expected, prompted analysts to trim their earnings estimates for the giant automaker and predict more difficult times for GM.
Since September, GM has cut more than 80,000 vehicles from its fourth-quarter forecast for North American production, reflecting continued problems with new model launches like those for the Chevrolet Cavalier and Pontiac Sunfire.
GM's stock fell 37.5 cents yesterday, to $37.25.
Marriott adds gourmet coffee line
Marriott International Inc. is joining a hotel industry parade into the gourmet coffee business.
Marriott's new Gourmet Bean program will feature its own line of coffees, licensed by its sister company, Host Marriott Corp. Sales are planned at about 30 espresso and coffee carts, kiosks and full-service espresso and coffee bars, by early 1995.
The Bethesda-based company has established about 15 coffee outlets in office buildings, universities, hospitals and hotels where Marriott International manages lodging or food services. It plans an additional 70 outlets by the end of 1995.
Nasdaq to list Equus Gaming stock
Interstate General Company Ltd. Partnership, a St. Charles real estate development firm, announced yesterday that a Nasdaq committee approved the listing of a new class of stock on its system. IGC will await Securities and Exchange Commission approval before distributing the shares of Equus Gaming Co. L.P., expected in January. Equus holds a majority interest in a partnership with IGC that owns a horse racing track in Puerto Rico.
Bank's appeal period extended
NationsBank Corp., which missed an early November deadline to appeal an unfavorable ruling on a $117 million claim against Continental Airlines Inc., has been given a new chance to appeal.
A court clerk said that U.S. District Judge Joseph Farnan this week granted an extension of the appeal period. The extension lets NationsBank take its case to the 3rd Circuit Court of Appeals.
NationsBank of Tennessee, a unit of Charlotte-based NationsBank Corp., is trustee for Continental bondholders. The bondholders claimed during Continental's Chapter 11 case that they were owed $117 million because their collateral lost value. Chapter 11 protects a company from creditors' claims while it tries to work out a plan to repay its debts.
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