Thursday, February 13, 2003

Tristate summary



From staff and wire reports

Chiquita shares take further fall

Shares of Cincinnati's Chiquita Brands International Inc., the world's largest banana producer, tumbled 30 percent Wednesday after the company reported a fourth-quarter loss and didn't provide a profit forecast.

The stock fell $4.29 to $10.01 in New York Stock Exchange composite trading. It's the biggest one-day decline for Cincinnati-based Chiquita since it emerged from Chapter 11 bankruptcy in March.

Chiquita said after the close of regular trading Tuesday that its quarterly loss narrowed to $26.3 million, or 66 cents a share, from $73.7 million, or 98 cents, a year earlier. Investors have complained about the lack of guidance on profit, according to KDP Investment Advisors.

Value falls after insurer's IPO

Infinity Property & Casualty Corp. shares fell Wednesday, a day after the automobile-insurance unit of Cincinnati's American Financial Group Inc. sold shares in a $198.1 million initial public offering, the first U.S. IPO this year.

Infinity shares fell 10 cents to $15.90 in New York Stock Exchange composite trading, after touching $15.42. American Financial sold 12.38 million shares of the unit at $16 apiece after cutting the price by as much as a third to lure investors.

The company Monday cut the range from $18 to $20 a share, after marketing the shares to investors for as much as $24 two weeks ago.

Building plan for Norwood halted

Mayfield Clinic & Spine Institute, Cincinnati's largest neurological science group, has bowed out of the $35 million effort to redevelop General Motors Corp.'s former parking lot in Norwood.

Ken Schon, vice president of Al Neyer Inc., said Mayfield officials alerted him in the fall that they were no longer interested in building a one-story, glass-facade building on the property at Carthage Avenue and the Norwood Lateral.



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