T-bill yields fell. The Treasury auctioned 13-week bills at an average discount of 7.69 percent, down from 7.80 percent last week, and 26-week bills at an average discount of 7.62 percent, down from 7.74 percent a week ago. The investment rate was 7.95 percent on the 13-week bills and 8.03 percent on the 26-week bills.
Federated Department Stores and Allied Stores Corp., the two U.S. retail divisions of Campeau Corp., reported that they lost $24.5 million in April.
Blue Cross and Blue Shield of Virginia is dividing its $1.4 billion group insurance into three units as part of a reorganization: major account business, regional group business and small group business.
Exxon received a $107.3 million Defense Logistics Agency contract for fuel oil.
Lockheed received a $69.7 million Navy contract for the Trident missile program.
Lamarian Systems, a Maryland software consulting firm, has been acquired by Nynex, the regional telephone company serving the Northeast.
Nippon Credit Bank received Federal Reserve permission to operate as a bank holding company in the United States.
The Justice Department approved a joint-operating agreement between the Las Vegas Sun and the Las Vegas Review Journal. The two newspapers will maintain separate editorial operations but combine business operations.
Robert Maxwell, chairman of Maxwell Communication, said he is involved in talks concerning the acquisition of a newspaper, which he declined to identify. The deal would involve "hundreds of millions" of dollars, he told Dow Jones.
Four Ford executives were killed in a light-airplane crash over the weekend. The dead included Richard G. Bentley, executive vice president for finance at Ford Motor Credit, who was piloting the plane.
Two Japanese groups plan to buy a 40 percent stake in a nearly completed $200 million retail complex on the Rodeo Drive shopping area in Beverly Hills.
FCC Chairman Alfred Sikes said he isn't optimistic that representatives of the TV networks and Hollywood producers can reach agreement on so-called financial interest and syndication rules before a June 4 deadline.
Corporate donations to charities failed, for the fourth year in a row, to match the inflation rate, rising only 4.2 percent to $4.8 billion, according to the American Association of Fund-Raising Counsel Trust for Philanthropy.