Comsat Corp

BaseballOrioles -- Signed 2B Jecen Martinez, the son of former P Tippy Martinez.Chicago White Sox -- Placed SS Craig Grebeck on the 15-day DL. Recalled IF Shawn Jeter from Triple-A Vancouver.Los Angeles Dodgers -- Placed P Tom Candiotti on the 15-day DL. Recalled P Kip Gross from Triple-A Albuquerque.Montreal Expos -- Announced that P Mike LaCoss, 36, released in July 1991 by the San Francisco Giants, will begin pitching this week with Triple-A Indianapolis.Oakland Athletics -- Activated 2B Lance Blankenship from the 15-day DL. Designated P Gene Nelson for assignment.

Law broadens fiduciary protectionA bill to give people with fiduciary investment powers further protection against lawsuits was signed into law by Gov. William Donald Schaefer yesterday. The so-called "Prudent Investor Rule" broadens the investment guidelines that are considered prudent for trustees and other fiduciaries who invest securities on behalf of another person.The bill, sponsored at the behest of the state banking industry, protects fiduciaries against lawsuits based on any individual investment decision, and instead requires the court to assess the performance of an entire portfolio.

Comsat Corp., the Bethesda-based communications satellite and entertainment company, reported the type of quarter that tests investors' patience yesterday, reporting a 28 percent earnings decline while insisting the company's long term plans are on course.First-quarter earnings came to $22.9 million, or 31 cents a share, down from $32 million in the same quarter a year ago, or 43 cents a share. Revenues rose 4 percent to $207.9 million, compared with $200.5 million in the first quarter last year.

Deal to create health care giantUnited HealthCare Corp. said yesterday it will buy MetraHealth Cos. for $1.65 billion in cash and stock, creating the largest U.S. managed-care company.By purchasing privately held MetraHealth, Minnetonka, Minn.-based United HealthCare moves into all 50 states and boosts its ability to compete on the East Coast. After the acquisition, United HealthCare will jump ahead of U.S. Healthcare Inc. as the country's No. 1 health-care provider.Investor buys USAir preferredEverest Capital Ltd. and its affiliates have acquired a 9.3 percent stake in a class of preferred stock issued by USAir Group Inc.The investors paid $14.13 million to acquire 396,100 shares of USAir's Series B cumulative convertible preferred stock, according to a Schedule 13D filed yesterday with the Securities and Exchange Commission.

Comsat Corp. said yesterday that News Corp. Ltd. has terminated a $100 million contract with the Bethesda-based communications company for satellite capacity to distribute television programming from the United States and Brazil directly to homes throughout Latin America.Comsat spokeswoman Janet Dewar said the cancellation represents "a material" loss of business for the company. She said it was not Comsat's biggest contract, but it was one of its biggest in recent years.The termination of News Corp.

Comsat Corp. reported lower earnings yesterday for the first quarter of 1996 even as it continued to hint at bluer skies ahead.The Bethesda-based satellite telecommunications company posted earnings of $9.3 million, or 19 cents a share, down from $14.6 million, or 31 cents a share, in the first quarter of 1995. Revenues increased to $245.7 million, an increase of $37.8 million over $207.9 million in the year-ago quarter, but a $41.8 million increase in costs more than offset the gains.Bruce L. Crockett, Comsat's president and chief executive officer, put a positive spin on the results.

Comsat Corp. reported the latest in a string of disappointing quarterly results yesterday, saying it lost $11.5 million in the fourth quarter of 1996.The loss sparked a tart reaction from Wall Street. Comsat shares fell 87.5 cents to $24."It sounds like a broken record; it's the same deal every time," said Phil Wahl, an analyst for Standard & Poor's Corp. in New York. "Most people were way off. They were expecting a marginal loss."Instead, the Bethesda-based satellite communications firm delivered a deficit of 24 cents per share.

Comsat Corp., the satellite communications company that plans to be taken over by Bethesda neighbor Lockheed Martin Corp., said yesterday that its third-quarter earnings and revenue were down from last year.Comsat posted a net loss of $18.4 million, or 35 cents per diluted share, compared with net income of $6.6 million -- 12 cents per share -- in the comparable quarter of 1998. The earnings figures for the quarter that ended Sept. 30 were dragged down by one-time factors, including a $36 million write-off of its direct investment in ICO Global Communications Ltd. and $5.3 million in costs related to the pending acquisition by Lockheed.

The First Maryland Building at 25 S. Charles St., Heaver Plaza in Lutherville and the PHH Corp. headquarters in Hunt Valley have been named the 1991 Buildings of the Year by the Building Owners and Managers Association of Baltimore.BOMA judges also selected The Brokerage at the Inner Harbor complex to receive a special award for its management by W. C. Pinkard & Co.These and other local buildings will receive Awards of Excellence during the 14th annual BOMA award ceremonies today starting at 6:30 p.m. at the Baltimore Museum of Art. More than 100 local office buildings were considered for awards, which recognize excellence in management and operations.

Hilton considers auction blockHilton Hotels Corp. said yesterday it is exploring the possible sale of the hotel and casino company, in a move that analysts said would value the firm at more than $4.8 billion.The upscale hotel chain's stock shot up $10, to $67.875, on the New York Stock Exchange with more than 1.5 million shares changing hands. Hilton, one of the world's largest hoteliers, said it hired Wall Street firm Smith Barney as financial adviser to study strategic options.Aegon enters Mexican marketAegon N. V. said yesterday it had signed an agreement with a Mexican company to enter the insurance market in that nation.