Sales domestic autos up 18%Domestic automakers are holding...

BUSINESS DIGEST

May 26, 1993

Sales domestic autos up 18%

Domestic automakers are holding on to their sales momentum despite the continuing slide in consumer confidence, figures released by the companies showed yesterday.

Sales of domestically built new cars and trucks were up a healthy 18.3 percent in mid-May. Analysts and dealers said the rebounding sales indicate that people with older cars are finally trading them in. On an annualized basis, cars sold at a rate of 7.4 million, the best since a 7.6 million rate in January. Trucks sold at a rate of 5.1 million.

Kmart weighs partial spinoffs

Kmart Corp. Chairman Joseph Antonini said yesterday that the retailer is considering selling minority interests in some of its specialty store subsidiaries to give shareholders a higher return on their stock.

He said Kmart was looking at partial spinoffs as one way of increasing shareholder return. Kmart has $4.5 billion in value in its seven subsidiaries, but is realizing only half of that amount, Mr. Antonini said. Kmart's specialty stores include PayLess Drug Stores, The Sports Authority, OfficeMax, Builders Square, PACE Membership Warehouse, Walden Book Co. and Borders books.

Waverly plans medical journal

Waverly Inc. said it will launch a journal, Patient Outcomes in Managed Care Settings, in October. The company said in a statement that the journal will focus on primary-care physicians working under managed health-care contracts.

Waverly said its circulation will include medical directors, formulary directors and pharmacy directors in managed health-care organizations.

Marriott puts off annual meeting

Bethesda-based Marriott Corp. said yesterday that it would reschedule its annual shareholders meeting, originally set for June 22. Marriott expects to have the meeting in July, but has not yet decided on a date. At the meeting, Marriott will consider a proposed special dividend that would divide Marriott into two companies.

BG&E to redeem 1988 stock

Baltimore Gas and Electric Co. said yesterday that it would redeem its 7.64 percent Cumulative Preference Stock, 1988 Series, $100 par value on July 1. The Preference Stock will be redeemed at $103.82 per share, plus accrued dividends to, but not including, July 1.

Russia, U.S. boost air traffic

Russia and the United States are opening their skies to more air traffic between the former Cold War adversaries in an agreement the Clinton administration said yesterday would help both nations' economies.

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