THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Wednesday, March 8, 1995 TAG: 9503080490
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Short : 42 lines
Shares of Dollar Tree Stores Inc. rose 2 3/4 Tuesday to 17 3/4 in their first day of public trading. On Monday, underwriters offered 2.5 million shares in the Norfolk-based retailer at $15 each. The underwriters, led by Montgomery Securities and Smith Barney, have an option to buy another 375,000 shares. All of the shares offered were sold by existing shareholders, including six directors and executives of Dollar Tree. The company, which operates 409 stores in 20 states, has about 16.5 million shares outstanding. (Bloomberg Business News) BellSouth Corp. plans to cut additional jobs
BellSouth Corp. said it will accelerate a cost-cutting plan, eliminating 15,000 jobs by early 1997, in a move to boost profits amid mounting competition in its local telephone markets. Atlanta-based BellSouth, the nation's largest regional phone company, had planned to cut 10,200 jobs, about one of eight in its work force, by the end of 1996. ``Our staff reduction of 10,200 jobs will be reached by the end of 1995, one year ahead of schedule,'' investor relations executive director Nancy Humphries said Tuesday. BellSouth will continue cutting jobs at the rate of about 5,000 each year, she said. (Bloomberg) CENIT's shares jump on news of purchases
The price of CENIT Bancorp Inc. shares climbed to a 52-week high of 36 in heavy trading Tuesday. However, they fell back to 32 1/2 by the end of the day, for a gain of 2. More than 98,000 shares of the Norfolk-based thrift holding company changed hands. A South Carolina partnership notified the Securities and Exchange Commission on Monday that it had accumulated a 9.9 percent stake in CENIT ``to take actions which may enhance the alure of the securities as an investment.'' The partnership said it purchased 123,000 shares of CENIT in recent weeks for $25.88 to $29.50 per share. (Staff) by CNB