Money market fund assets rose $3.19 billion in the seven-day period ended Wednesday to an all-time high, the Investment Company Institute said.
Yields on five-year T-notes averaged 7.62 percent, the Treasury reported. It was the first offering of five-year Treasury notes. Silver prices fell to 15-year lows, battered by a lack of investment interest and mounting concern about a recession in consuming countries. Silver for March delivery on the New York Commodity Exchange closed 15.2 cents lower at $3.785 an ounce, the lowest level since January 1976.
COMPANIES NCR was ordered by a federal judge to release a list of its shareholders to AT&T as part of the phone company's $6.1 billion attempt to acquire the computer maker. First Maryland Bancorp's long-term debt rating was lowered by Moody's Investors Service. System One, the reservation service owned by Continental Airlines Holdings, said it plans an unspecified number of layoffs nationwide. System One lost about a quarter of its revenue with the demise of Eastern Air Lines, another unit of Continental Holdings. Federated Department Stores and Allied Stores said they will be prepared to file a bankruptcy court reorganization plan by a Feb. 28 deadline but may still request an extension. Computer Data Systems of Rockville is likely to report lower earnings and flat revenue this fiscal year, primarily because of a slowdown in government spending, according to Clifford M. Kendall, chairman and chief executive. RJR Nabisco said it had settled two lawsuits filed in connection with its $24.5 billion leveraged buyout, including an action brought by Metropolitan Life Insurance. Zenith said it will fight an attempt by Nycor Inc., which holds an 8.2 percent stake in Zenith, to replace the Zenith board of directors and possibly spin off the company's unprofitable television business. United Airlines plans to pay $60 million for airport space and takeoff rights owned by bankrupt Eastern Air Lines in Chicago and Los Angeles, a United spokeswoman said.
ACQUISITIONS Computer Sciences Corp. has acquired Analytics Inc., a private technology services company with 350 employees in Northern Virginia; Columbia, Md.; and several other locations. Analytics will be part of Computer Science's Systems Group in Falls Church. Terms were not disclosed.
INTERNATIONAL Lloyd's of London has cut insurance rates sharply for sea and air cargoes traveling to several Middle East locations, reflecting optimism about the risks to shipping during the gulf war, officials said.
EARNINGS AT&T said earnings slipped 1 percent in the fourth quarter but rose 1.4 percent for all of 1990. Blockbuster Entertainment reported that earnings rose 36 percent in the fourth quarter and 55 percent in all of 1990. Data General reported a $12.4 million profit for the first quarter of its fiscal year, compared with a loss of $20.5 million in the same period a year earlier. Schering-Plough said its earnings increased 18 percent in the fourth quarter and 20 percent in all of 1990. Dow Jones & Co. said earnings plunged 41.2 percent in the fourth quarter and 66.3 percent for 1990. Houghton Mifflin reported a fourth-quarter loss of $8.3 million, compared with a loss of $1.1 million in the same period of 1989. For the year, net income was $18 million, down from a profit of $23 million the year before. American Express said 1990 earnings tumbled 84 percent because of nearly $1 billion is losses at its securities subsidiary Shearson Lehman Brothers Inc.
ODD LOTS The machinists union officially ended its 22-month strike against Eastern Air Lines, six days after the airline ceased operations, so that strikers could become eligible for government benefits for dislocated workers.