Indicators show growth
Fresh reports yesterday show the economy growing moderately without stirring inflation: Existing-home sales rose in June for a second straight month and employment costs increased at the slowest pace on record.
In June, sales of previously owned homes jumped 6.5 percent to a seasonally adjusted annual rate of 3.78 million, highest since a 3.82 million rate last October, the National Association of Realtors reported.
At the same time, the Labor Department said its Employment Cost Index advanced just 2.9 percent in the year that ended in June..
Also, the Conference Board's consumer confidence index, based on a monthly survey of 5,000 U.S. households, rose to 99.9 in July from 94.6 in June. The index had reached 102.0 in May.
Air-Cure's shares rise 58%
Air-Cure Technologies Inc. shares surged 58 percent yesterday to a 20-month high after reporting a 111 percent rise in second-quarter revenues.
The Annapolis-based maker of air-treatment systems reported net income for the quarter that ended June 30 of $606,000, or 8 cents a share, compared with a year-earlier loss of $125,000, or two cents a share.
Revenues for the quarter rose 111 percent to $21.9 million from $10.4 million a year ago.
Air-Cure's shares closed up $1.75, at $4.25.
HCIA plans offering
HCIA Inc. has registered with the Securities and Exchange Commission a proposed public offering of 2.3 million shares of its common stock, the Baltimore health care information company said yesterday.
The offering will consist of 1.5 million new shares offered by HCIA and 800,000 shares offered by AMBAC Inc., currently the holder of about 70 percent of the outstanding common stock of HCIA.
HCIA shares closed yesterday at $29.875, up 87.5 cents.
BGE to sell medium-term notes
Baltimore Gas & Electric Co. filed with the Securities and Exchange Commission to sell as much as $125 million of medium-term notes.
The public utility plans to use the proceeds from the debt sale to meet capital requirements, according to a shelf registration statement filed yesterday.
Doner gets marketing deal
W.B. Doner & Co. has won a $5 million account to run a direct-marketing campaign for Monumental General Insurance Group.
Doner said yesterday that its direct-response division, Doner Direct, will begin work immediately for the Baltimore-based insurer, using direct mailings to market insurance through brokers.
Doner's 1995 billings exceed $475 million.