Big Three to cut car production
Each of the Big Three U.S. automakers said yesterday that it will idle certain assembly plants next week, a sign that demand for some car models is still sluggish.
In the biggest single week of downtime this year, General Motors Corp. will shut two car plants and curtail production at a third, Ford Motor Co. will idle two car plants and Chrysler Corp. will stop work at one plant.
The actions are expected to place more than 12,000 autoworkers on temporary layoff next week. The Baltimore plant of GM will not be affected.
Guilford Pharmaceuticals tests drug
Guilford Pharmaceuticals Inc. said yesterday that it has completed manufacturing facilities for its Gliadel drug and has begun production of Gliadel wafers for stability testing.
Phase III clinical trials of Gliadel, Guilford's lead product candidate for the treatment of brain cancer, have been completed, and the company is preparing a new drug application for submission to the Food and Drug Administration this year.
Trump files stock offering
Real estate baron Donald Trump filed yesterday to take his Trump Plaza Hotel & Casino public with a stock offering worth $140 million to $160 million.
Trump Hotels & Casino Resorts Inc. -- a new entity that will hold new gambling activities and own and operate the Trump Plaza Hotel & Casino -- said it has filed for the 10 million-share offer with the Securities and Exchange Commission.
The company said the offering is expected to be priced between $14 and $16 a share.
The financing will raise cash to expand the Trump Plaza and finance the initial phase of a new gambling site in Gary, Ind., the company said.
First-time jobless claims decline
The number of newly laid-off workers filing claims for jobless benefits fell last week for the first time in a month.
First-time applications for unemployment insurance totaled a seasonally adjusted 338,000, down 10,000 from 348,000 during the week that ended March 18, the Labor Department reported yesterday.
Rates fall on 52-week T-bills
Interest rates on 52-week Treasury bills fell in yesterday's auction to the lowest level in more than five months.
The average discount rate was 6.02 percent, down from 6.16 percent at the last auction on March 2.
It was the lowest rate since 52-week bills averaged 5.72 percent on Oct. 13.