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SPEEDWAY MOTORSPORTS STOCK TAKES THE POLL POSITION
Published February 13, 1996
Speedway Motorsports' stock jumped "significantly" yesterday after the company reported "robust" annual and quarterly profits, according to the FT. WORTH STAR-TELEGRAM. The Bruton Smith-led racing track operating company, whose holdings included the soon- to-be-completed Texas Motor Speedway in Ft. Worth and tracks in Atlanta and Charlotte, reported earnings from continuing operations of $19.6M, or $1.05/share for the year ending December 31. Those figures are more than double the $7.5M, or $.49/share reported in '94. Revenues were $75.6M last year, up 16% from '94. The company said it expects continued growth in '96 with the addition of Bristol Speedway in TN and the Texas speedway this summer (Kathryn Hopper, FT. WORTH STAR-TELEGRAM, 2/13). "Nightly Business Report" reported Speedway was up 3 1/2 on NYSE after announcing a two-for-one stock split (PBS, 2/12). NISSAN JOINING IRL? Nissan is "on the verge" of joining Oldsmobile in supplying engines for the IRL, including the Indianapolis 500, in '97, according to the INDIANAPOLIS STAR- NEWS. A U.S. Auto Club source said that Nissan told the USAC board at its Friday meeting that the auto firm agreed to supply the racing engines (Dick Mittman, INDIANAPOLIS STAR, 2/10)....In other news, Holly Cain writes to look for the retail chain Target to "come on board in the near future" as a sponsor of the U.S. 500, joining Mercedes-Benz, Toyota, Pennzoil and Texaco (TAMPA TRIBUNE, 2/11).