AT&T gains foothold in CanadaAmerican Telephone...


January 08, 1993

AT&T gains foothold in Canada

American Telephone & Telegraph Co. agreed to buy 20 percent of an upstart Canadian long-distance company, intensifying its competition with MCI for north-of-the-border business.

Under the agreement announced yesterday, AT&T would provide Unitel Communications Inc. access to its intelligent network software, which provides services such as toll-free 800 numbers and credit card verifications. Unitel also would use AT&T transmission equipment and switches in its Canadian network.

Philip Morris stock rebounds

The stock of Philip Morris Cos. Inc., which had fallen 8.1 percent over the past six trading sessions, bounced back after the company said it expects to report 20 percent earnings growth for 1992 and a strong 1993 for all its businesses.

On the New York Stock Exchange yesterday, Philip Morris closed up 75 cents a share, at $72.625.

It traded as high as $73.75 a share, but slumped late in the day along with a general market pullback.

Food Lion reports drop in sales

Food Lion, a supermarket chain struggling to recover from a damaging news report, said yesterday that sales from stores open at least a year fell 6.2 percent in the four weeks that ended Dec. 26.

For the year, same-store sales fell 0.4 percent.

Food Lion is trying to bounce back from a television report nearly two months ago that alleged unsanitary food-handling practices at some of its stores.

Zuckerman buys Daily News

Magazine publisher Mortimer Zuckerman completed the $36 million purchase of New York's Daily News yesterday and immediately began a round of layoffs at the ailing paper.

The new boss, who also owns U.S. News and World Report, wasted no time in cutting 175 jobs from the tabloid's editorial and clerical staff.

Mr. Zuckerman's purchase sets up a new round in the circulation battle among the city's four major daily newspapers.

Industry analysts say all four cannot last in the long run.

Grace licenses burn ointment

W.R. Grace & Co. has licensed an ointment for burns and chronic wounds developed in its Columbia, Md., laboratory to Johnson and Johnson Medical Ltd. in Britain.

Johnson and Johnson will make a series of payments to W.R. Grace and if the drug is developed, it would pay royalties over the life of the patent.


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