Pioneer Hi-Bred says '98 results to trail estimates
Article Abstract:
Pioneer Hi-Bred International Inc., the largest seed company in the US, warned investors that its fourth-quarter and year-end earnings will fall short of Wall Street's earlier forecasts. Pioneer suggested that a growing number of competing seed companies developing bug-resistant varieties of corn contributed to triggering a price-cutting war in the industry in the Midwest during the spring of 1998, eroding planned profit levels. A stronger US dollar has also contributed to lagging profits from foreign sales.
Comment:
Warned investors its 4th-qtr and year-end earnings will fall short of Wall Street forecasts
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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America Online Inc. says it plans to offer $500 million in shares
Article Abstract:
In a move that signals future acquisitions, America Online Inc. announced it will sell $500 million in new shares in a move to raise funds. Because AOL's share price has nearly quadrupled in the last year, shares are a good currency to be used for future acquisitions. While AOL could use the money to pay down some debt, most analysts believe AOL will use the funds to finance additional companies. Most recently AOL acquired Mirabilis Ltd., an Israeli software company, in a cash deal for $300 million.
Comment:
AOL announced it will sell $500 million in new shares in a move to raise funds
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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