Reported by Star-Bulletin staff & wire
Thursday, August 1, 1996
Reported by Star-Bulletin staff & wire
Thursday, August 1, 1996
Rates on 30-year fixed-rate mortgages rose to an average 8.23 percent in the current week from 8.19 percent last week, while 15-year loans stood at 7.75 percent, up from 7.71 percent.
Adjustable-rate mortgages fell slightly to an average of 5.98 percent from 6.01 percent last week.
A year ago, 30-year loans averaged 7.82 percent, 15-year loans stood at 7.31 percent, and adjustable-rate loans were 5.89 percent.
The world's largest provider of online services hopes the switch to the NYSE will give it greater international exposure and calm its seesawing stock price.
Intensifying competition has whittled away at the Vienna, Va.-based company's profit prospects and dragged its stock price down more than 55 percent since it hit a high of $71 on May 7.
At closing, America Online shares were $2.87-1/2 higher at $33.37-1/2. The company didn't specify when trading on the NYSE would begin.
The telecommunications giant, which is the parent company of GTE Hawaiian Tel, said it will use the shares it buys back over the next year for employee benefit and investment programs. The company has 970 million shares outstanding.
In today's trading on Wall Street, GTE stock ended the day at $42, up 871/2 cents, on the New York Stock Exchange.