GM shares fall to 52-week lowGeneral Motors Corp.'s shares...


October 22, 1994

GM shares fall to 52-week low

General Motors Corp.'s shares fell for a second day yesterday, to a 52-week low, as four investment houses cut their earnings estimates yesterday following Thursday's disappointing third-quarter results.

Analysts panned the stock, saying some of the problems that led to a $328 million loss at GM's North American car and truck business -- high costs for overtime, freight and new-model launches -- are likely to continue.

GM stock has lost 12 percent of its value since Wednesday. Yesterday, it fell $1.875, to $41.25, on volume of 18.6 million shares, seven times higher than the three-month daily average.

Bentsen's support helps dollar

The dollar edged higher yesterday after Treasury Secretary Lloyd Bentsen changed tack and said the United States and its allies stand ready to support the embattled currency.

The dollar ended in New York yesterday at 97.22 yen, up from a record-low 96.68 earlier in Tokyo, and at 1.4993 marks, up from 1.4923 marks Thursday.

The dollar had plummeted after Mr. Bentsen said on Thursday that the United States had no plans to intervene.

Univax Biologics reports loss

Univax Biologics Inc. said yesterday it lost $5.8 million in the third quarter compared with a loss of $4.7 million a year ago. Revenues for three months ended Sept. 30 were $584,278 compared with $550,688 last year.

The Rockville-based biopharmaceutical company said its cash and short-term investments totaled $34.1 million at the end of the quarter, including $22 million raised in a September stock offering. Univax shares closed at $5.625 yesterday, up 62.5 cents.

Majev joins Washington practice

Howard R. Majev, a former real estate law partner at Weinberg & Green and one of the top real estate attorneys in the city, has left the Baltimore practice to join the Washington office of Rudnick & Wolfe.

Mr. Majev, 41, is active with committees of the American Bar Association and the Maryland Education Coalition, and previously was executive assistant to Baltimore City Council president.

N. Arundel Cable to change name

North Arundel Cable TV, which serves 48,000 customers in Anne Arundel County, will change its name to InterMedia on Nov. 1. The company said the name change symbolizes its commitment to providing a variety of telecommunications technology, including telephone service, in the future.


Baltimore Sun Articles
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.