Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Article excerpt

Intel Chief Makes Stock Options Pay And Pay And PAY

Intel Corp. chief executive Andrew Grove made a startling $94.6 million last year by exercising stock options, leading the pack of corporate chiefs who benefited from buying stock at steep discounts.

Grove profited from a sharp increase in Intel's stock price, buoyed by record revenues and profits at the world's largest maker of computer chips. Intel shares, which nearly tripled in 1996 alone, also have been helped by investor enthusiasm for the broader high-tech industry. Grove exercised options to buy about 1 million shares last year, paying preset prices ranging from $6.94 to $61.38, Intel disclosed in a filing Tuesday with the Securities and Exchange Commission. Those prices are far less than the shares' market value, which ranged in price from $50 near the beginning of 1996 to a high of about $137 toward the end of last year. Grove acquired the stock options over the past seven years. Associated Press Projected Loss, Sales Drop Hits Stock Of Redhook Ale Redhook Ale Brewery Inc.'s shares fell 8 percent after it said Tuesday it will have a first-quarter loss as the company warned investors for the third consecutive quarter that sales will slow. The Seattle-based company's shares fell 75 cents to $8.50 with 141,000 changing hands, more than four times its three-month average. Earlier, the shares touched a record low of $8.12 1/2. The craft brewer's sales have slowed amid intense competition from Boston Beer Co., Pete's Brewing Co. and Nor'wester Brewing Co., which also have reported slower sales. Redhook, which is 25 percent owned by Anheuser-Busch Cos., blamed lower-than-expected sales from its recently opened brewery in Portsmouth, N.H., and declining shipments to the West Coast. Bloomberg Ralph Lauren Going Public With $600 Million Offering Ralph Lauren on Tuesday announced plans for an initial public offering that would raise as much as $600 million for the New York-based company and further expand its already popular brand name. …

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