New-home construction declinesThe lowest mortgage rates in...

BUSINESS DIGEST

August 18, 1993

New-home construction declines

The lowest mortgage rates in more than 20 years failed to energize homebuilding in July because of floods in the Midwest, military cuts in California and a lackluster economy in general.

Builders began construction last month on new housing units at a 1.21 million seasonally adjusted annual rate, down 2.7 percent from June, the Commerce Department said yesterday. It was the fourth decline in seven months.

Warner-Lambert may make drugs

Officials of Warner-Lambert Co. said it might be able to resume production of some nonprescription products within days, in the wake of its agreement with the Food and Drug Administration to suspend most manufacturing.

But some of the company's lower-volume prescription drugs may be out of production for months, executives said.

Gene therapy trials off schedule

Genetic Therapy Inc.'s clinical trials for a treatment of brain tumors is running behind schedule, according to an analyst for Soundview Financial Group Inc. But the analyst, Reijer Lenstra, maintained his long-term buy recommendation for the stock.

Shares closed at $15.25, down $1.50.

Hewlett-Packard results surprising

Hewlett-Packard Co. surprised Wall Street yesterday with fiscal third-quarter earnings well below the consensus estimate, sending its share price plummeting.

Hewlett-Packard shares closed at $73.75, down $1.50, after moving up for the last two weeks. The price was down $6.75 a share earlier in the day.

NBC, Time Warner Cable pact

National Broadcasting Company Inc. and Time Warner Cable announced an agreement extending the cable company's right to carry signals of television stations owned and operated by NBC.

Dell lost $75.7 million in quarter

Dell Computer Corp. said it lost $75.7 million in its second fiscal quarter, the first loss since the fast-growing personal computer maker became a public company in 1988.

BG&E plans to redeem bonds

Baltimore Gas & Electric Co. said it will redeem on Sept. 17 $29.9 million worth of 4.5 percent bonds due in 1994.

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