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REORGANIZATION OF PHONE OPERATIONS SET

Date: 21 May 1994

By Bloomberg News

Bloomberg News

The GTE Corporation said yesterday that it would reorganize its telephone operations into three customer segments and eliminate a level of regional management. GTE said the moves were part of a five-year plan to switch from a geographic-based organization to one based on three customer groups: consumers, businesses and long-distance companies. Under the changes, which will take effect by early 1995, the company's 11 operating regions, 10 branch sales offices, and all customer billing and service centers will report to GTE Telephone Operations' headquarters in Irving, Tex. The company will eliminate a western regional headquarters in Thousand Oaks, Calif., and an eastern headquarters based in Westfield, Ind.

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SHARES OF 3DO FALL BY ANOTHER 18%

Date: 21 May 1994

By Bloomberg News

Bloomberg News

The 3DO Company shares slid another 18 percent yesterday as investors worried if the once-high-flying video game company will run out of money before finding significant demand for its multimedia technology. Shares closed down $2.125 at a record low of $9.875 on trading volume of 653,000 shares, more than six times the stock's daily average during the past three months. Yesterday's downturn followed a 22 percent plunge Thursday.

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AUTODESK STOCK DOWN ON SHIPMENT DELAYS

Date: 21 May 1994

By Bloomberg News

Bloomberg News

Autodesk Inc. shares fell yesterday after the company, a software concern, told analysts that shipment of Version 13 of its key Autocad software will be delayed until the end of summer, and an analyst cut his rating. Shares of the Sausalito, Calif., company fell as much as $6.25, to $46.75, before rebounding to $49.75, down $3.25. Autocad lets engineers design buildings and machinery on powerful desktop computers. The company's management also told analysts that second-quarter earnings would be flat compared with the first quarter. Autodesk's stock rating was lowered to "neutral" from "buy" by an analyst at Alex. Brown & Sons, Philip Rueppel, according to an official at the firm.

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BROWN-FORMAN HOLDERS AUTHORIZE STOCK SPLIT

Date: 21 May 1994

By Bloomberg News

Bloomberg News

The Brown-Forman Corporation, the maker of Jack Daniels and Southern Comfort liquors, said yesterday that its shareholders had authorized a 3-for-1 stock split. The move permits the company to split both its class A and class B shares 3 for 1 for shareholders of record yesterday. Stock certificates representing the new shares are expected to be mailed to holders next Friday, and the stock's price will be adjusted on May 31. Both issues have been trading near their historical highs. Class A shares were up 25 cents, at $90, on the New York Stock Exchange, just below the all-time high of $90.25, reached earlier this month. The more widely traded class B issue, which topped out at $91.75 in January 1990, was up 12.5 cents, at $90.

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MAY DEPARTMENT STORES GIVES EXPANSION PLANS

Date: 21 May 1994

By Bloomberg News

Bloomberg News

The May Department Stores Company, already the largest operator of department stores in the United States, gave details at its annual meeting in St. Louis for plans to spend $5 billion and open 2,310 stores in the next four years. The St. Louis-based company said it would open 110 department stores, 1,200 Payless Shoesource stores and 1,000 Payless Kids expansion stores. It plans to remodel an additional 100 department stores. May also plans to spend $1 billion in the next four years on systems and expense savings projects to enhance productivity. May, with $11.5 billion in annual sales, operates Lord & Taylor, Kaufmann's, Robinsons-May, Foley's and Hecht's, in addition to its Payless stores.

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COMPANY NEWS; Tenneco's Newport News Unit Will Build Greek Tankers

Date: 21 May 1994

By Richard Ringer

Richard Ringer

Tenneco Inc.'s Newport News Shipbuilding division said yesterday that it had signed a letter of intent to build as many as four tankers for the Eletson Corporation, a Greek tanker operator. The deal, if completed, would represent the first time since 1957 that a foreign-based shipowner had bought a commercial ship from an American shipyard. The ships would be the first commercial vessels built by Newport News since 1979, when Shell Oil bought a liquefied natural gas tanker.

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NEWS SUMMARY

Date: 21 May 1994

International 3-7 FIRST ISRAELIS KILLED IN GAZA Islamic militants killed two Israeli soldiers at a border crossing in the Gaza Strip. It was the first lethal attack on Israelis in Gaza since Palestinian self-rule went into full effect, and many are asking what -- if anything -- the Palestinian police will do to catch the killers. 1 News analysis: The long road to an Israeli-Syrian settlement. 4 A RIVER OF RWANDAN DEATH As many as 10,000 bodies from Rwanda's massacres have washed down the Kagera River into Lake Victoria in Uganda in the last weeks, creating an acute health hazard, a Ugandan official says. In some areas, as many as 100 bodies an hour are washing ashore. 1 MEXICAN MURDER CASE UNRAVELING Nearly two months after Mexico's leading presidential candidate was shot to death in Tijuana, prosecutors still assert that a factory worker did not act alone. But evidence against the six men accused of complicity remains scant. 3 U.S. TO OPEN NORTH KOREA TALKS The Clinton Administration has decided to open its first high-level talks with North Korea, officials said. An Administration official said inspectors had determined that North Korea has not diverted any of the fuel removed from a reactor for nuclear weapons purposes. 1 NATO SEEKS ARMS BAN IN TUZLA At a time when NATO and the United Nations are at odds over the use of force in Bosnia, a top NATO commander is calling for a weapons-free zone around the northern city of Tuzla. He cited a massing of heavy weapons there. 7 ILL RUSSIANS BLAME ARMS PLANT Volsk Journal: Residents of a Volga River town say they need not look far for the cause of a rise in the local cancer rate and in the number of stillbirths. Environmentalists say the army has been secretly destroying stores of chemical weapons in Shikhany, just four miles away. 4 CRIMEA STRIKES AUTONOMY BLOW The regional parliament in Crimea voted to restore its own constitution. The move loosens its ties to Ukraine and renews tensions between Russia and Ukraine over the strategic peninsula. 4 National 8-10 MOURNING A FORMER FIRST LADY The country mourned the death and admired the life of Jacqueline Kennedy Onassis, who will be the second First Lady ever to be buried at Arlington National Cemetery. 1 CHILD-SUPPORT'S BOUNTY HUNTERS The proliferation of high-priced private collectors of child-support payments is a stark indication of the inadequacy of state systems. 1 SOUTHERN THREAT FOR DEMOCRATS House Democrats are bracing for significant losses in the South that could hamper their ability to win close votes and endanger passage of major legislation. 10 CLINTON'S CALL TO YOUNG AMERICA In Los Angeles, the President called college students' attention to the moral burdens that citizens still carry, urging them to contribute more to society and its institutions. 8 AT GRADUATION, STARS OF TV NEWS Television reporters and newscasters are the speakers of choice at commencements across the country, and they have had little good to say about their medium. 8 QUALIFIED ADVICE ON AIDS DRUG Scientists recommended approval of a new medicine to battle the AIDS virus but warned that they did not know enough to say who would benefit or how safe it was. 9 Religion Notes: A reawakening of Judaism in Russia. 28 Metro Digest 23 REMAKING WELFARE IN NEW YORK Having rejected many of the punitive measures embraced by other states, Governor Cuomo says New York State is trying to reduce welfare dependency by changing welfare offices into places that push applicants to find work instead of simply processing checks. 1 YOUTH SERVICES OFFICIAL RESIGNS Mayor Giuliani's Commissioner of Youth Services resigned just hours after the Mayor announced a major reorganization of the agency, removing some administrators and cutting salaries, including the Commissioner's own. 1 Business Digest 37 Arts/Entertainment 13-16 A Beatnik memory trip. 13 In Japan, a musical conjunction. 13 Music: Charpentier's "Medee." 13 Collective Soul, from Georgia. 14 Buddy Guy rocks. Dance: City Ballet premieres. 15 TV: British royal rituals. 49 Sports 29-34 Baseball: Yankees defeat Orioles. 31 Mets fall to Phillies. 31 Basketball: Bulls beat Knicks and even series. 29 Trail Blazers to pursue Daly. 33 Columns: Vecsey on Knicks. 29 On pro basketball 33 Golf: Lehman leads Memorial. 32 Hockey: Violence an issue in Ranger series. 29 Devils dismiss Keenan's complaints. 31 Horse Racing: Preakness loses some luster. 29 Sports People 32 Obituaries 11 Jacques Ellul, French critic of technology. George Gregory Jr., athlete and a civic leader in Harlem. Harry W. Fowler, chairman of an investment company. Editorials/Op-Ed 20-21 Editorials Jacqueline Kennedy Onassis. Malawi, freed from its liberator. Curing the handgun epidemic. Toying with courtroom cameras. Letters Anna Quindlen: An era ends. Russell Baker: The essential Mac. Philip Booth: Thanksgiving 1963. Bruce G. Blair and Henry W. Kendall: Dismantle Armageddon. James Thurber: My insanity defense. Bridge 16 Chronicle 22 Crossword 14

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Dollar Drops vs. the Mark On Interest-Rate Outlooks

Date: 21 May 1994

By Bloomberg News

Bloomberg News

The dollar fell sharply against the German mark yesterday amid signs that American interest rates may have peaked and that short-term German rates are unlikely to fall anytime soon. German interest rates remain as much as a percentage point higher than American rates even though the Federal Reserve pushed up short-term rates this week by half a percentage point.

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Canadian Brokerage Move

Date: 21 May 1994

By Bloomberg News

Bloomberg News

Midland Walwyn Inc. said today that Dean Witter, Discover & Company had sold its 9 percent interest in Midland, which is Canada's largest brokerage firm for individual investors. "We have been very pleased with our involvement with Midland Walwyn," said James F. Higgins, president and chief operating officer of Dean Witter.

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NEWS SUMMARY

Date: 22 May 1994

International 3-17 U.S. BACKS REACTOR PLAN In a plan that is drawing protests, the Westinghouse Electric Corporation intends to complete two Soviet-designed nuclear reactors in the Czech Republic with the backing of the Clinton Administration. 1 BLOOD SCANDAL TAINTS SWISS The Swiss Red Cross is having to answer for decisions that allowed products contaminated with H.I.V. into the blood supply. 1

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