Also . . .
* Wal-Mart Stores Inc. increased its share repurchase program by $1.6 billion and boosted its annual dividend by 15% to 31 cents a share. The retailer also said family members and charities of its late founder, Sam Walton, plan to sell a total 25 million of their shares, which represents less than 3% of the family’s holdings and about 1.1% of the company’s outstanding shares.
* Staples Inc. posted a 33% increase in earnings for the fourth quarter to 24 cents a diluted share or $64.3 million, as sales jumped 33% to $1.6 billion. Comparable sales rose 12%. For the year, the office supplies retailer’s earnings rose 35% to 58 cents a share or $131 million, with total sales up 31% to $5.2 billion.
* Ford Motor Co. and Mobil Corp. said they will jointly develop fuel and engine technology for cleaner-burning and more fuel-efficient cars and trucks. The pact is similar to last month’s agreement by General Motors Corp. and Amoco Corp. to develop diesel fuel and other products for GM’s alternative power vehicles.
* The New York Stock Exchange said fourth-quarter profit fell 22% to $10.1 million from a year ago even as trading volume rose by almost a third, citing increased advertising spending.
* Textron Inc. said Lewis Campbell, president and chief operating officer of the auto parts and aerospace company, will become chief executive in July, replacing James Hardymon. Hardymon, 63, will remain chairman until retiring at the end of next year.
* Ameritech Corp. asked the Federal Communications Commission to remove regulations that make it difficult for it to deliver data over long distances.
* Glaxo Wellcome said it will slash the price of the AIDS drug AZT for pregnant women in poor countries to help minimize the spread of the deadly disease to their infants.
* Procter & Gamble Co. said it will maintain business in Vietnam after reaching an agreement with its joint-venture partner there. The deal allows the American consumer products giant to raise its stake in the 3-year-old operation from 70% to 93%.
