Word: profit
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...troubles of financial giant BankAmerica were hardly a secret. A red tide of loan losses has swelled over the past four years, and Chairman Samuel Armacost last month forecast little or no profit for the second quarter. Still, the financial community was stunned when BankAmerica last week announced a net loss of $338 million for that period. It was the second-worst quarterly deficit in U.S. banking history (after Continental Illinois' $1.1 billion loss in the second quarter...
...Baxter merger put an end to American Hospital's four-month-old plan to combine with the Hospital Corp. of America, the nation's largest for-profit hospital chain. Baxter Travenol's $51-a-share offer, $15 more than HCA's previous bid, was grudgingly accepted by the American Hospital board only after irate stockholders, led by Financier Carl Icahn, threatened to throw out the board of directors...
...from elementary, a plausible explanation for the trend can be found in the cyclical swings of supply and demand for auto fuel. Little more than a year ago, the world was swimming in gasoline. As a result, prices at the pump began to fall, and oil companies suffered a profit squeeze. The average cost of a gallon of gas declined from $1.22 in May of 1984 to $1.15 by last January. In response, companies curbed production. At least 18 American refineries closed last year. The cutbacks have reduced U.S. inventories of gasoline by 9%, to 222 million bbl., since December...
...workers said that management's demands were unacceptable. "We won't work for slave wages," said Paul Chasshind, one of many pickets marching last week near an entrance to the Monessen plant. His co-workers point out that together they have given back $141 million in reduced pay and profit sharing over the past three years. Labor leaders fear that if Wheeling-Pittsburgh achieves its goals, other steelmakers will be inspired to seek their own concessions from workers. Said Don Caterino, a third-generation steelworker: "If we cave in, workers at other mills will get buried...
...copies sold a day, in Europe and the Middle East) and plans to increase the newspaper's maximum length from 48 pages to 56 in November. Perhaps most important of all, despite USA Today's substantial losses the Gannett Co. chalked up its 71 st straight quarterly rise in profits last month. Its net profit for 1984 was $224 million...