GM, Chrysler sales fell in May
General Motors Corp. and Chrysler Corp. said yesterday that their U.S. vehicle sales slumped in May from a year ago, while buyers snapped up Japan's Lexus and Infiniti luxury models as trade sanctions loomed.
Industry leader GM's total U.S. vehicle sales in May declined 5.4 percent, measured by sales per day. Chrysler, the third-largest U.S. automaker, said its sales fell 3.0 percent. Ford Motor Co. is expected to report results next week.
Toyota Motor Corp., which makes the Lexus; Nissan Motor Co., which produces the Infiniti; and Mercedes-Benz all reported U.S. sales gains despite the strength of the Japanese and German currencies against the dollar.
Westinghouse may sell realty unit
Westinghouse Electric Corp. is talking with potential buyers who may buy most of its luxury real estate development unit, raising more than $500 million for debt reduction, according to people familiar with the negotiations.
The parent of Linthicum-based Electronic Systems put Westinghouse Communities Inc., a developer of planned communities in Arizona, California and Florida, on the selling block in 1993. The Pittsburgh-based company rejected low offers last year.
Analysts said a sale could raise $500 million to $600 million.
Intersolv stock rises as 'strong buy'
The stock price of Intersolv Inc. jumped 8 percent yesterday, or $1.375 a share, to $17.75 as the computer software company received a "strong buy" recommendation from an analyst at Alex. Brown Inc. yesterday.
The Rockville-based company reported late Wednesday that it earned $5.5 million, or 34 cents a share, in its fourth quarter ended April 30 in contrast to a loss of $34 million, or $2.76 a share, a year earlier. In the year-ago period, which included nearly $41 million in restructuring charges and acquisition costs, operating earnings were 25 cents a share. Revenue in the most recent period rose 38 percent to a record $34.9 million.
Bell cable TV trial set in Va.
Bell Atlantic Corp. said yesterday that it has signed up more than 1,000 paying customers to take part in a market trial of its video services in Fairfax County, Va. The regional telephone company said it received 1,100 positive responses to a direct mailing announcing the May 24 launch of the service.
30-year mortgages average 7.71%
Thirty-year, fixed-rate mortgages averaged 7.71 percent this week, down from 7.85 percent last week, according to a national survey released yesterday by the Federal Home Loan Mortgage Corp.
It was the lowest since March 10, 1994, when the average was 7.63 percent.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.95 percent, down from 6.06 percent last week.