Wang Labs is planning to default on debt
Article Abstract:
Wang Laboratories Inc will default on almost $1 billion in debt in an attempt to loosen itself from financial problems. Wang had been involved in negotiations with its bankers, trying to restructure a $962 million debt, but the company failed to meet an extended deadline. The computer company posted a loss of $423.3 million in its fiscal year ended Jun 30, 1989. In light of Wang's financial problems, Pres Frederick C. Wang resigned, but will remain a director of the company. There is no obvious choice for a replacement for Wang, who is a son of An Wang, the company's founder. Wang Lab's stock, although heavily traded on the American Stock Exchange, fell to $6. Wang's financial problems are complicated by cancelled orders, but most of its customers are dependent on Wang products and wish the company to stay afloat.
Publication Name: The New York Times
Subject: News, opinion and commentary
ISSN: 0362-4331
Year: 1989
User Contributions:
Comment about this article or add new information about this topic:
I.B.M. sees sharp drop in earnings; stock declines 10% amd helps to send Wall St. tumbling
Article Abstract:
IBM has announced that first quarter profits would be down 50 percent from the same quarter last year. The news took the stock market by surprise and led to a 10 percent reduction in IBM stock price. IBM stock ended the day at $115.125, which was a drop of $12.75. Some analysts are fearing that the decline is an indication of worse things to come for the US economy on a national level because IBM is seen as the main indicator of technology stocks. Some analysts maintain that the figures suggest a slow product transition by the company to its new family of mainframe computers. IBM denies the claim, maintaining that all its products, with the exception of the RS/6000 workstation line, software and services have been equally affected.
Publication Name: The New York Times
Subject: News, opinion and commentary
ISSN: 0362-4331
Year: 1991
User Contributions:
Comment about this article or add new information about this topic:
I.B.M. sees shortfall in profits; warning is issued about 3d quarter; stock off $6 a share
Article Abstract:
IBM announces its 3rd qtr 1989 earnings will be lower than expected. The reasons involve include product delays, the effects of a strong dollar and a growing corporate trend toward leasing rather than buying new equipment. The announcement comes at a time when demand for IBM mainframes and desktop computers outweighs supply. Analysts say the lower earnings are typical at IBM when a new generation of products is set to be introduced. Customers lease so they can use current machines, saving major financial commitments until the new machines arrive. IBM estimates leasing will cost the company $1.5 billion in lost revenues for 1989.
Publication Name: The New York Times
Subject: News, opinion and commentary
ISSN: 0362-4331
Year: 1989
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: CPR plans to lay off more than 1,000 workers. CN profit rises 11% for quarter
- Abstracts: Where death is final, and caution is a must. Fly in a retro world under Crimson Skies. A horror movie adds shudders to a shooter
- Abstracts: Long tradition brewed into every bottle at Coors. Sun Micro warning jolts battered computer sector. Microsoft launches marketing blitz
- Abstracts: Teachers opposes Cognos plan. CryptoLogic profits, sales leap in third quarter
- Abstracts: Vasogen shares soar on tests of heart surgery technology. Canadian hotel stocks down sharply. Canadian Tire rolls back