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Today’s headlines
Raymond James picks president for brokerage
Dennis W. Zank has been named president of Raymond James & Associates Inc., the full-service brokerage firm owned by Raymond James Financial Inc. of St. Petersburg.

IMSG tightens belt one more notch
The insurance outsourcing company moves out of its parent company's properties.

Business today
KMART LOSS AGAIN TOPS $1-BILLION: Kmart Corp. lost $1.45-billion and saw sales dive more than 8 percent in its first full quarter since filing for bankruptcy protection. Kmart's heavy losses resulted from reorganization items, including store closings, and mark the second straight quarter of losses exceeding $1-billion. Its loss for the quarter ended May 1 was $2.88 a share, compared with a loss of $233-million, or 48 cents a share, a year ago. Kmart chairman and chief executive James B. Adamson said while the losses are significant, the company is making progress. Revenues for the quarter were $7.64-billion, down from $8.34-billion a year ago. In the fourth quarter, Kmart lost $1.5-billion, or $3.49 per share.