GM stock falls to 17-month lowThe stock of General Motors...


November 01, 1994

GM stock falls to 17-month low

The stock of General Motors Corp. fell to its lowest level in 17 months yesterday based on speculation that the automaker would cut up to 60,000 vehicles from its fourth-quarter production plans, analysts said.

GM stock fell 87.5 cents, to $39.50, in consolidated trading on the New York Stock Exchange, where it was one of the most active issues, with more than 5.3 million shares changing hands.

Hobbled by a string of slow product launches, costly labor strikes and soaring engineering costs, GM's stock has slumped about 21 percent in the past seven weeks.

Yellow to buy Phoenix carrier

Yellow Corp. said yesterday that it signed a definitive agreement to acquire Johnson's Freightlines, a less-than-truckload regional carrier based in Phoenix.

Terms weren't disclosed. The purchase is expected to be completed in November, pending regulatory approval, said Yellow Corp., the parent of national less-than-truckload carrier Yellow Freight System Inc.

The Overland Park, Kan.-based company also operates the Eastern Shore carrier Preston Trucking Co. of Preston.

EA wins $3.2 million contract

EA Engineering, Science, and Technology Inc. has been awarded a $3.2 million contract by the U.S. Army Corps of Engineers, Alaska District, the company announced yesterday.

Hunt Valley-based EA will provide remediation services, primarily including the removal of several underground and aboveground fuel storage tanks and the installation of approximately nine storage tanks at Elmendorf Air Force Base.

Tessco reports record earnings

Tessco Technologies Inc. yesterday reported record earnings for its fiscal second quarter.

The Sparks-based distributor of products to the wireless communications industry earned $534,000, or 16 cents per share, on a revenue of $18.2 million. In the same period last year, net income was $335,000, or 11 cents a share, on a revenue of $14.3 million. Shares in Tessco, which completed its initial public offering Oct. 5, closed at $19.625, up 3.125 cents.

Kirschner's purchase price set

Biomet Inc. said yesterday that it will pay 0.916 share of its common stock for each Kirschner Medical Corp. share as part of a previously announced acquisition. The agreement, which shareholders of Timonium-based Kirschner are to vote on Friday, calls for a payment of $10.75 a share in cash, stock or a combination of the two. At yesterday's closing price of $11.50, 0.916 Biomet share was worth $10.53.

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