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VOL. 116 | NO. 223 | Monday, November 18, 2002

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Market Briefs

Napoli Pizza & Subs has opened in a store in Peabody Place. In addition to serving New York-style submarine sandwiches and pizza by the slice, the Italian eatery offers salads and pastas, including lasagna, spaghetti and ziti. On the second floor of Peabody Place near the theater entrance, Napoli serves customers from 10 a.m. to 12:30 a.m. Monday through Saturday and 11 a.m. to 10:30 p.m. Sunday.

 

International Paper announced a regular quarterly dividend of 25 cents per share for the period from Oct. 1 to Dec. 31, inclusive. The dividend on the common stock of the company is payable Dec. 16 to shareholders of record Nov. 22. The company declared a regular quarterly dividend of $1 per share for the same period on the companys preferred stock.

 

Despite an uptick in yield in October, Northwest Airlines Inc. does not see any signs of revenue recovery in 2003, said Richard Anderson, chief executive officer. Anderson said Northwests yields, or average revenue per passenger, have remained above industry levels due to price initiatives, including cutting off lower-level distribution channels and making successful alliances with other airlines. Anderson said the nations fourth-largest carrier now expects to keep year-over capacity flat in 2003, down from a 3 percent increase forecast earlier this year. Anderson said the company soon will begin another round of cost cutting, in line with its goal to have the lowest cost per available seat mile among airlines.

 

With Schering-Plough Corp.s boss heading out the door, the company might be on the cusp of a turnaround and some think the beleaguered drug maker could end up on the auction block. The planned departure of Schering-Ploughs chief executive, Richard Jay Koga, increases the chances of a sale of the troubled drug company, Raymond James analyst Michael Krensavage said recently. Krensavage considers Merck & Co. the most likely acquirer. Merck, which already is teaming with Schering-Plough to promote recently approved cholesterol drug Zetia and a combination of Mercks Singulair and Schering-Ploughs Claritin allergy drugs, could pay about $24 per share in stock before facing dilution to its cash earnings, assuming it cuts about 12 percent of Schering-Ploughs expenses, he said. Neither Merck nor Schering-Plough officials commented on the news.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 57 405 17,384
MORTGAGES 88 428 20,035
FORECLOSURE NOTICES 8 56 2,645
BUILDING PERMITS 230 853 35,946
BANKRUPTCIES 55 274 11,164
BUSINESS LICENSES 22 117 5,709
UTILITY CONNECTIONS 26 101 6,715
MARRIAGE LICENSES 36 134 3,916