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[ Local | National ]
By Newsradio 88 Staff
DOW JONES: 8013.11, +189.98
A big bank merger is brewing in Detroit. National City has agreed to buy First of America Bank for more than seven (b) billion dollars in stock. The deal will create the nation's 13th largest banking company, with assets of 74 and a-half (b) billion dollars. First of America stock is up about 13 and a-half dollars a share.
Warner-Lambert stock is slipping because one of its drugs might cause liver damage. Glaxo Wellcome is suspending sales of the diabetes drug in Great Britain because of reports that it damaged patients' livers. Warner-Lambert markets it in the U-S. Warner-Lambert stock is down more than 26 dollars a share.
Manufacturing growth slowed during November. The National Association of Purchasing Management says the nation's factories received fewer orders and production dipped slightly. That assessment helped energize the stock market, which has been looking for signs the economy is growing without overheating.