A $6 billion deal to sell Lockheed Martin's F-16 fighter jets to the United Arab Emirates could be closer to completion, industry sources said. The Bethesda company won an order to sell the plane to the UAE more than a year ago, but the deal has been stalled over a conflict with the Pentagon about how sophisticated the electronics could be. That dispute is apparently resolved, but the final contract has yet to be signed. Lockheed told analysts earlier this year it expected to finish the sale by year-end.
Carol Parry, retired Chase Manhattan Bank executive vice president, was named by President Clinton to serve as a member of the Federal Reserve Board of Governors. The Senate must confirm Parry to the 14-year term; Parry would fill one of two vacancies on the seven-member board.
Martin Baily won Senate confirmation as chairman of the White House Council of Economic Advisers. Baily, of the consulting firm McKinsey & Co., served on the council from October 1994 to August 1996. He replaces Janet Yellen, who resigned in June.
"Cybersquatting," or the practice of registering Internet domain names and selling them for inflated prices to famous companies, would be limited under a bill passed by the Senate. The bill, sent to the House on a unanimous voice vote, would allow trademark owners to recover statutory damages if is proved that a trademarked name was registered in bad faith. The Clinton administration favors resolving such complaints in the courts.
Pier 1 Imports shares fell 33 percent, to $5.87 1/2, after the home-furnishings retailer said fiscal second-quarter profit will miss estimates and that it has ended talks with an undisclosed potential acquisition target. The company also said its chief financial officer, Stephen Mangum, resigned.
Estee Lauder said it agreed to buy Stila Cosmetics for an undisclosed amount to gain its line of prestige makeup and body products.
Neiman Marcus Group said profit in its fiscal fourth quarter and full year won't meet analysts' estimates because of slow summer sales. The company said profit in the quarter ended July 31 may be as low 5 cents a share. The consensus estimate of analysts polled by First Call was that the company would earn 12 cents a share. The company said full-year profit could be about $1.90 a share, less than the $1.95 average estimate.
Radio One of Washington reported net income of $1.1 million in the second quarter, up more than fourfold from a year ago. For the first six months of the year, the nation's largest radio broadcasting company targeting African American listeners lost $572,000, compared with a loss of $3.7 million for the same period a year ago.
Digex of Beltsville reported a second-quarter loss of $18.1 million, compared with a loss of nearly $5 million for the period last year. The provider of Web and application-hosting services for businesses lost $26.7 million in the first six months of the year, compared with a loss of $8.8 million a year ago.
Credit Management Solutions of Columbia said it earned $53,697 for the second quarter, compared with a loss of $2.6 million for the same period a year earlier. The loan- processing software provider posted a net loss of $591,908 for the first six months of the year, compared with a loss of $3.9 million for the same period a year ago.
America Online will launch a new section devoted to after-hours stock trading, allowing the Web's biggest mainstream audience into a market dominated by elite investors. The new service, to be started in November, will provide Dulles-based AOL's 17 million subscribers with stock quotes and related information on the dealings that take place outside the regular hours on traditional markets such as the New York Stock Exchange. AOL members will be able to use participating Internet brokers to connect to an electronic trading system operated by Wit Capital.