T-bill yields were mixed. The Treasury sold 13-week bills at an average discount of 7.49 percent, down from 7.55 percent last week, and 26-week bills at an average discount of 7.48 percent, up from 7.45 percent. The investment rate was 7.74 percent on the 13-week bills and 7.88 percent on the 26-week bills.
General Motors will be selected today by the United Auto Workers as the union's target company for negotiations, industry analysts predicted.
American Airlines sued United Airlines over the schedules it publishes for flights in and out of Chicago's O'Hare Airport. American accused United of listing departures at times when restrictions on takeoffs prevent it from departing and said that the alleged practice misleads travelers and puts American at a competitive disadvantage. United had no immediate comment on the suit.
Stotler Group filed for Chapter 7 bankruptcy protection, in which a firm is liquidated and its assets sold. The move came three weeks after commodity funds managed by Stotler forced the company into involuntary bankruptcy reorganization proceedings, claiming Stotler owed them more than $5 million.
Merrill Lynch and its insurers have settled a set of claims stemming from $250 million in losses from trading mortgage-backed securities announced in April 1987. Merrill also agreed to release more than $1 million in compensation plus interest previously withheld from Howard A. Rubin, a senior trader Merrill had blamed for a substantial portion of the losses.
Nissan and Hitachi are studying the possibility of creating a company to develop and make information systems for automobiles.
BellSouth and CellTelCo said they are launching a joint nationwide paging service.
Child World's parent company, CNC Holding Corp., agreed to sell its 82 percent stake in the toy retailer to Trefoil Capital Investors. Terms of the deal were not disclosed.
Tarmac Virginia of Norfolk acquired the assets of Massaponax Sand and Gravel Corp., a Fredericksburg, Va.-based ready-mixed concrete and aggregates company. Terms were not disclosed.
A $148.8 million judgment against BAT Industries subsidiary Brown & Williamson was overturned by a federal judge. The judgment had been awarded to Brooke Group Ltd., formerly Liggett Group, by a jury that agreed that Brown & Williamson engaged in predatory price discrimination in the market for low-priced generic cigarettes in 1984-85.
FundAmerica, the California-based buying club accused of operating a pyramid scheme, said it has developed a revised marketing plan that will allow it to resume operations. FundAmerica, which filed for bankruptcy protection Aug. 17, said the plan provides restrictions on who can buy memberships and expands the company's refund policy.
General Cinema Corp. said its third-quarter profits plunged 78 percent, in part because of a drop in summer moviegoers.
Nancy Woodhull, president of Gannett News Services, was named executive vice president and editor in chief at Time Warner's Southern Progress Corp.
John A. Consentino Jr., group executive of Washington's Danaher Corp., will become president of Otis elevator's North American operations.