Lockheed stock repurchase OK'd
Lockheed Martin Corp. said yesterday that its board approved the repurchase of as many as 15 million shares to reduce the dilution of shares issued in employee benefit plans.
Stock in the Bethesda-based aerospace and defense company closed up $2.875 at $64.875 on the New York Stock Exchange.
Lockheed is buying back as many as 6 million shares to counter the dilutive effect of stock issued under a performance award plan and another 9 million to counter shares issued under other employee programs.
Durable-goods orders drop
Factory orders for expensive, long-lasting goods fell in June for the fourth time in five months, providing fresh evidence the economy is still sluggish.
But the government also said yesterday that there was a large decline in claims for jobless benefits last week, blurring the picture a bit.
On the eve of the government's most comprehensive assessment of the economy, there were other signs of weakness -- including a drop in consumer confidence and a slower pace of mortgage applications.
The Commerce Department said durable-goods orders slipped 0.1 percent last month after surging 2.6 percent in May.
PaineWebber estimates charge
Seeking an end to an expensive and embarrassing scandal, PaineWebber Group Inc. estimated yesterday that it would cost $200 million to resolve claims that its brokers misled investors about the risks of limited partnerships.
The one-time charge, disclosed in PaineWebber's quarterly financial report, would be a cheaper resolution than the nearly $1 billion in payments by Prudential Securities Inc. when it earlier settled claims stemming from such partnerships.
PaineWebber said its second-quarter loss came to $1.06 per share, compared to a loss of $25.1 million, or 35 cents per share, in the same quarter a year ago. Revenue, subtracting interest expenses, rose 42.5 percent to $824.8 million from $579 million.
Cable firms invest in venture
Comcast Corp. and Continental Cablevision Inc. are investing in a cable programming venture with Cox Communications Inc., reducing Times Mirror Co.'s stake, Times Mirror said.
A Cox spokeswoman said the two new companies are each putting $45 million into the venture to buy a 22.5 percent stake each. Cox will own 45 percent.
Times Mirror, which formed the programming company when it agreed to merge its cable operations with Cox in June 1994, said it is cutting its stake to 10 percent from 50 percent to focus on its newspaper, information and magazine businesses.