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Some News Coverage by the Networks Exceeds That of Newspapers

Date: 06 April 1995

By William Glaberson

William Glaberson

Network television news, long dismissed by critics as superficial, now reports on certain national and international events more thoroughly than do some respected metropolitan newspapers, according to a comprehensive study presented here at the annual meeting of the American Society of Newspaper Editors. The study, by the Freedom Forum Media Studies Center, reached that conclusion, described by the authors as unexpected, after an unusually detailed comparison in January between network news telecasts and three leading newspapers.

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Times Company to Buy a Video Stake

Date: 07 April 1995

The New York Times Company has agreed to acquire a majority interest in Video News International, a global video news-gathering service for television and cable networks, the two companies said yesterday. The terms of the deal were not disclosed.

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Little-Noted Tiptoe Through a Closing Loophole

Date: 07 April 1995

By Edmund L. Andrews

Edmund Andrews

The dialogue between the two Senators on March 24 was practically incomprehensible: Senator Carol Moseley-Braun, the Illinois Democrat, and Senator Bob Packwood, the Oregon Republican who is chairman of the Finance Committee, were discussing "material terms" and "binding contract exceptions." Nobody mentioned any names or explained any issues. No outsider could have understood what they were talking about. Indeed, no one could have heard them anyway -- both sides of the dialogue were inserted into the Congressional Record without ever having been spoken out loud.

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G.O.P. Gets Mixed Reviews From Public Wary on Taxes

Date: 06 April 1995

By Robin Toner

Robin Toner

The public gives decidedly mixed reviews to the Republican Congress's first 100 days and is particularly skeptical about the leaders' ability to deliver both huge tax cuts and a balanced budget, according to the latest New York Times/CBS News Poll. Despite the best efforts of the Republicans to publicize and promote what they call their legislative revolution, the survey suggested that much of the public remained largely disengaged. Only 38 percent said they had read or heard anything about the Contract With America, the Republican policy agenda that has driven the House in these first three months. Forty-seven percent said they were "mostly disappointed" with the first 100 days, compared with 39 percent who said they were pleased. And Mr. Gingrich's personal ratings remain remarkably negative.

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CORNERSTONE IMAGING SHARES FALL ON PROFIT OUTLOOK

Date: 06 April 1995

By Bloomberg News

Bloomberg News

Shares of Cornerstone Imaging Inc. plunged 21 percent yesterday as analysts cut earnings estimates for the company because of product delays. Alex Henderson, an analyst for Prudential Securities, said Cornerstone faced production and distribution problems with its Inputaccel image-processing software, which converts documents into electronic images. The company, based in San Jose, Calif., hoped to have the software available for shipments in July. Instead, the product will probably not be available until October, Mr. Henderson said. Shares of Cornerstone fell $3.75, to $14, in Nasdaq trading. Mr. Henderson and analysts at Montgomery Securities and Robertson, Stephens lowered earnings estimates for Cornerstone.

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LESLIE FAY SHAREHOLDERS SUE ACCOUNTING FIRM

Date: 06 April 1995

By Bloomberg News

Bloomberg News

A committee representing shareholders of the Leslie Fay Companies sued BDO Seidman yesterday, accusing the accounting firm of failing to uncover a huge accounting fraud at Leslie Fay. The lawsuit was filed in Federal Bankruptcy Court in Manhattan. Leslie Fay filed for Chapter 11 protection from creditors in April 1993 after revealing that company officials had doctored accounting entries to inflate pretax profits by $81 million from 1990 to 1992. BDO Seidman, the auditor for Leslie Fay until May 1993, called the suit "unjustified and hypocritical." The accounting firm denied allegations of professional negligence and recklessness, saying it had been misled by Leslie Fay employees.

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WALL DATA SHARES PLUNGE ON EXPECTED LOSS

Date: 07 April 1995

By Bloomberg News

Bloomberg News

The shares of Wall Data Inc. lost almost half their value in heavy trading after the software maker said it expected a first-quarter loss -- this would be instead of the big profit Wall Street was expecting -- because of lower-than-expected revenue in North America. In Nasdaq trading of more than 8.2 million shares yesterday, Wall Data shares closed down $19.75, or 47 percent, at $22. The company, based in Redmond, Wash., said it expected either to lose 2 cents a share or to break even. That would be far shy of the 24-cents-a-share profit expected by Wall Street. Wall Data software lets personal computers operating in a network exchange data with other types of computers, including mainframes and work stations.

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NORTHERN TELECOM AND ERICSSON GET WIRELESS ORDERS

Date: 06 April 1995

By Bloomberg News

Bloomberg News

Northern Telecom Ltd. and LM Ericsson have won contracts worth more than $170 million to supply equipment for new wireless-phone systems. Northern Telecom, part of BCE Inc. of Montreal, received a $100 million, three-year order, announced yesterday, from a unit of the BellSouth Corporation for equipment to set up networks in the Carolinas and eastern Tennessee. Ericsson's Canadian unit will supply more than $70 million worth of equipment to Microcell 1-2-1 Inc. for a field trial across Canada. Microcell is a joint venture of communications companies including Sprint Canada, a unit of the Sprint Corporation based in Westwood, Kan.

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KMART CHIEF BOUGHT STOCK BEFORE LOSING JOB

Date: 06 April 1995

By Bloomberg News

Bloomberg News

Joseph Antonini, the deposed chief executive of the Kmart Corporation, increased his holdings in the company's stock last month, just 18 days before a tide of shareholder criticism forced his resignation. Mr. Antonini, who bore the blame for eight straight quarters of disappointing earnings at the country's second-biggest retailer, bought 20,000 shares on March 3, increasing his holdings to 174,989 shares. "When he purchased those shares, he did so expecting that he would continue in the post," said Shawn Kahle, Kmart's vice president for corporate affairs. Mr. Antonini bought the shares at $12.375; they fell 50 cents yesterday, to $14.50, on the New York Stock Exchange.

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BEVERLY ENTERPRISES TO SPIN OFF MOST OF PHARMACY UNIT

Date: 07 April 1995

By Bloomberg News

Bloomberg News

Beverly Enterprises Inc. announced plans yesterday to spin off 80 percent of its Pharmacy Corporation of America business to Beverly shareholders as a dividend. Beverly, the largest nursing home operator in the United States, said the spinoff would enhance the value of its shares, which it said it believed had been undervalued by Wall Street. Beverly's shares rose $1.375, to close at $15.875, in New York Stock Exchange trading.

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