Amid Merger Talks, Crown Central Stocks Go Up

The Dow Jones Industrial Average held steady on gains, closing up for the session by 376.65 points, or 3.62 percent, to 10769.01. The CSNews Stock Index also rose, adding 174.5 points, or 3.72 percent, and ending at 4863.47. Advancing issues outpaced declining issues 15 to 7. However, seven companies fell to new annual lows, while only one reached a new annual high.

, Baltimore, announced it is continuing to review strategic alternatives with Credit Suisse First Boston, and revealed that the company has received a letter of intent from Apex Oil Co. regarding the possibility of a merger between the two. Shares of Crown Central moved ahead 1.5 points, or 27.27 percent, and closed at $7. Crown Central was the top percentage gainer.

Shares of , State College, Pa., slid 0.25 points, or 18.18 percent after the company's fourth fiscal quarter results came in below last year's. Uni-Marts posted a net profit of $15,000 for the quarter, compared to net profits of $200,000 for the same quarter a year ago. Revenues increased 6.8 percent to $69.3 million, compared to $69.4 million in the same quarter a year ago. The company cited higher gasoline costs and competitive pressures. Uni-Marts ended at $1.13 and was the largest percentage loser.

, Ankeny, Iowa, increased this trading session by 0.06 points, or 0.49 percent. Merrill Lynch initiated coverage of the company with ratings of "near-term accumulate" and "long-term buy." The research note set a price target of $18, and Merrill Lynch said that it was "cautiously optimistic of the prospects of a sustained rebound in the company." Casey's closed the period at $12.81.