Insider trading charges settled
An attorney with Lockheed Corp. settled insider trading charges yesterday involving his dealings in the defense giant's stock prior to its $10 billion merger with Martin Marietta Corp.
Stephen H. Wagner, 60, a tax attorney in Lockheed's legal department in Calabasas, Calif., agreed to pay nearly $87,000 to settle charges filed by the Securities and Exchange Commission.
The SEC charged that Mr. Wagner, who didn't admit or deny the allegations, bought Lockheed stock options based on confidential information before the Aug. 29, 1994, announcement the merger with Bethesda-based Martin Marietta.
Mr. Wagner remains an employee of the company, said spokesman Charles Manor, but Lockheed Martin intends to review the case "and take appropriate steps."
Kerkorian bid apparently fading
In a sign that investors have all but written off Kirk Kerkorian's chances of buying Chrysler Corp., the shares of the automaker yesterday endured their sharpest fall since Mr. Kerkorian announced his takeover intentions two weeks ago.
Shares of Chrysler fell $2.50, or 5.7 percent, to $41.625, on the New York Stock Exchange. Chrysler was the most actively traded stock.
Continental reports loss
Continental Airlines Inc. reported yesterday that first-quarter losses narrowed sharply, attributing the improvement to cost-cutting efforts and an increase in passenger traffic.
The company lost $30.2 million, or $1.21 a share, in the three months ended March 31. That compared with a loss of $71.6 million, or $2.86 a share, during the same period a year ago. Revenues rose to $1.41 billion, from $1.36 billion.
Another key factor in the improved performance, the carrier said, was a cost-cutting plan it launched in January. The plan includes scrapping the no-frills Continental Lite service and reducing the work force by about 10 percent this year.
Marriott acquires stake
Marriott International Inc. has completed the acquisition of a 49 percent stake in luxury hotel chain Ritz-Carlton Hotel Co. for about $200 million, the companies said yesterday.
Under the previously announced deal, Marriott has the right to buy the remaining stake in Ritz-Carlton over the next several years.
Nucor cuts prices, stock dips
Nucor Corp. stock dropped 8 percent yesterday as the company cut the price of steel made at its Crawfordsville, Ind., mill 3 percent because of slack orders from car and appliance makers.
The Charlotte, N.C.-based company's stock closed down $4, to $44.50 on trading of 2.1 million shares, almost seven times its three-month daily average.