Lockheed gets Air Force contractLockheed Martin Corp. has...


June 24, 1995

Lockheed gets Air Force contract

Lockheed Martin Corp. has received a $156 million contract for work on the ground-based network that controls U.S. Air Force satellites, the Defense Department said yesterday.

The Bethesda-based company's Martin Marietta Services has the contract for fiscal 1996, which begins Oct. 1.

Bank raises First Fidelity stake

Banco Santander SA has raised its stake in First Fidelity Bancorp. to 29.84 percent of the company's outstanding common shares.

The Spanish banking corporation purchased 204,050 shares through a subsidiary at prices ranging from $48.26 to $50.16 a share between April 25 and May 26, according to a Schedule 13D filed yesterday with the Securities and Exchange Commission.

First Fidelity completes buy

First Fidelity Bancorp. said yesterday that it had completed its $76.1 million acquisition of the 24 branches and $1 billion in deposits in Maryland of Household Bank FSB.

First Fidelity will close nine branches because of the acquisition, giving it a total of 53 Maryland branches with about $2.6 billion in deposits.

Lawrenceville, N.J.-based First Fidelity agreed this week to a merger with First Union Corp. of Charlotte, N.C.

Orbital Sciences scrubs satellite

Orbital Sciences Corp.'s stock lost 10 percent yesterday after it announced it was forced to destroy its revamped Pegasus XL spacecraft soon after its launch off the coast of California.

The mission was intended to place a U.S. Air Force STEP Mission 3 satellite into low-Earth orbit. Dulles, Va.-based Orbital said it sent a destruct signal two-and-a-half minutes into the flight after observing "anomalous flight conditions."

Orbital shares closed at $18.875, down $2.125.

USAir stock falls on rumor

Shares of USAir Group Inc. fell 6.5 percent yesterday on speculation that the airline may buy Hawaiian Airlines Inc., whose stock almost doubled, analysts said.

USAir's shares fell 87.5 cents, to $12.50, on trading of 3.86 million shares, or almost quadruple its three-month daily average.

Shares of Hawaiian Airlines, which began trading Wednesday after a year-and-a-half absence, rose $6.125, to $13.50, before trading was halted by the American Stock Exchange. The stock had nearly doubled in price on Thursday.

Airline analysts called the rumor crazy. USAir, which normally does not comment on market rumors, denied it. "I've got a bridge I'd like to sell you, too," spokesman Rick Weintraub quipped.


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