T-bill yields fell. The Treasury sold $9.7 billion in three-month bills at an average discount rate of 5.86 percent, down from 5.97 percent last week, and $9.7 billion in six-month bills at an average discount rate of 5.85 percent, down from 5.94 percent last week. The investment rate is 6.03 percent for the 13-week bills and 6.11 percent for the 26-week bills.
Gasoline prices at the pump dropped an average of more than 5 cents nationwide over the past two weeks, reflecting lower winter demand and increased oil supplies, the Lundberg Survey said.
Mylanta's maker has charged its biggest competitor, Tums, of falsely advertising that its product is a safer, more nutritional antacid. Johnson & Johnson-Merck Consumer Pharmaceuticals made the charge in a lawsuit filed in Manhattan's federal court against Tums's producer, SmithKline Beecham.
Apple Computer has dropped the price of its Apple Macintosh Portable computer by more than $1,000.
Compaq Computer plans to open a direct customer service line and designate a special class of high-end dealers to contend with troubles in the computer retailing industry.
Grossman's said it would close or sell 15 of its building supply stores in the Northeast, blaming the weak economy and the tumbling construction market.
Alliant Techsystems, a defense company that provides materials for the Persian Gulf War, has about 1,300 workers on strike, but the Minnesota company said it does not foresee problems filling orders.
Lotus said it will acquire CC:Mail, a private California company that specializes in electronic mail services. Terms were not disclosed.
A GATT agreement is moving closer, but details could take months to complete, said Richard Crowder, undersecretary of agriculture. He said progress has been made to resolve a dispute with the European Community over how to end farm subsidies. The dispute triggered a breakdown Dec. 7 in the worldwide trade talks being held in Brussels.
Thomson Consumer Electronics of France will begin selling a TV set compatible with high definition television next month for about $7,100. HDTV is made up of 1,250 scan lines, compared with a standard 625 lines in current televisions.
Ivan F. Boesky reached an agreement valued at $53.3 million to settle various lawsuits brought by investors who sold six stocks while Boesky was trading them illegally on inside information, according to court papers.
ITT said its earnings fell 67 percent in the fourth quarter compared with the same quarter last year, but its profit for all of 1990 rose 4 percent.
The New York Times Co. said it earned $12.25 million in the fourth quarter, compared with a loss of $18.98 million in the quarter last year, but earnings fell 76 percent for the year.
Hasbro said its fourth-quarter profit rose 16.3 percent but earnings fell 3.3 percent for the year.