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Wednesday, June 26, 2002
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THE NATION
WorldCom Says It Inflated Books
Telecom: An internal audit by MCI's parent uncovers accounting irregularities. The disclosure may force the firm to file for bankruptcy.
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Messier's Key Ally Leaves Board
Media: Respected businessman Bernard Arnault is the fifth Vivendi director to resign this year.
Adelphia Submits Bankruptcy Filing
Cable: The firm, the nation's sixth-largest provider and the leader in Southern California, was plagued by accounting scandals involving its founder.
Coast Guard Revamp
Northrop, Lockheed get contract worth up to $17 billion
Stock Indexes Fall Near Lows of Sept.
Wall Street: Sell-off includes some of year's best performers, raises fear of broader slide.
Study of Suspected Carcinogen Rattles Snack Firms
Food: World Health Organization will discuss research results this week. Industry calls for more testing.
Banker Settles Probe of Threats
Securities: U.S. Bancorp Piper Jaffray and worker will pay $300,000, ending an investigation of possible retaliatory acts.
CALIFORNIA
State's Housing Markets in a 'Bubble,' Report Finds
Real estate: Values may drop as prices exceed incomes, consultant says. Other analysts disagree. San Diego tops list.
CALIFORNIA
Eisners Sue N.Y. Tax Consultants
These are definitely taxing times for Michael Eisner.
CALIFORNIA
Manufacturers Seek Cut in State Sales Tax
Economy: The proposed 5-percentage-point reduction would create 50,000 new jobs a year over the next decade.
CALIFORNIA
Bidding Heats Up for TRW
Deals: Northrop Grumman raises offer to buy the company as three rivals seek only its defense-related units.
CALIFORNIA
KB Home Reports 62% Rise in Quarterly Profit
Home builder KB Home on Tuesday reported a better-than-expected 62% increase in fiscal second-quarter earnings as demand for homes strengthened and selling prices rose.
8 N.Y. Modeling Firms Accused of Price Fixing
Courts: Six models who live in California sue the top agencies, saying they have conspired to control pay.
Suzuki to Get Trial on SUV Claims
Autos: Panel reopens challenge to Consumer Reports' veracity about its test of the Samurai.
Ford to Probe Safety of Its Police Cars
Autos: Panels will review the design of the Crown Victoria's gas tank after fatal crashes.
John Denver's Family, U.S. in a Tax Dispute
Courts: His children deny that the value of the late singer's estate was understated and about $1.5 million is owed.
Stewart Inquiry Said Widened
Securities: Shares of her firm have fallen 34% since insider-trading probe was revealed.
MARKETS
Companies Win IRS Delay of Payroll Tax on Stock Options
Public companies that offer some types of stock-based incentives to their rank-and-file workers won a temporary victory Tuesday when the Internal Revenue Service said it would indefinitely postpone assessing employment taxes on these benefits.
Buy.com Starts Price War With Amazon
Humbled mightily by the tech downturn, the once highflying retailer Buy.com is attempting a comeback.
Consumer Confidence Shows Big Decline in June Survey
Economy: Mood hurt by accounting scandals, job worries. Sales of existing homes dip but remain above expectations.
Andersen Asks U.S. Judge to Throw Out Verdict
Courts: Accounting firm claims flawed reasoning, improper instructions led to obstruction conviction.
Judge Clears Music Royalties Settlement
A Los Angeles judge Tuesday approved a $4.75-million settlement of a class-action royalties suit led by late singer Peggy Lee, despite eleventh-hour objections by actor Larry Hagman.
CALIFORNIA
Disney Offers Summer Deal
Just a month after saying it had no plans for new summer deals, Walt Disney Co.'s California Adventure theme park said Tuesday that it will offer a promotion throughout the summer months.
IN BRIEF / TECHNOLOGY
Also
* Peregrine Systems Inc., a business-management software maker whose accounting is under a Securities and Exchange Commission investigation, named Ken Sexton chief financial officer. Peregrine also hired PricewaterhouseCoopers as its auditor. Shares of San Diego-based Peregrine Systems rose 8 cents to $1 on Nasdaq.
IN BRIEF / TECHNOLOGY
Lantronix Restates Financial Statements
Lantronix Inc., an Irvine maker of network hardware and software products, restated 12 months of financial statements, knocking $7.4 million off its revenue and adding $1.5 million to its losses over the period. The company said the restated results help it comply with Securities and Exchange Commission regulations.
IN BRIEF / TECHNOLOGY
Conexant Completes Alpha Industries Merger
The merger of Conexant Systems Inc.'s wireless business with Alpha Industries Inc. closed Tuesday, and stock in the newly created company, Skyworks Solutions Inc., was scheduled to start trading today.
IN BRIEF / PHARMACEUTICALS
Milan Panic Starts Up New Venture
Milan Panic, the mercurial former chief executive of ICN Pharmaceuticals, has wasted little time in opening up his latest venture, MP Enterprises, which he said would focus on international business and humanitarian issues.
IN BRIEF / TECHNOLOGY
Roxio Slashes Forecast on Weak Demand, Sales
Roxio Inc., whose software is used for home burning of CDs, slashed its quarterly earnings forecast by more than 80% and cut its revenue outlook, citing weak retail sales, particularly in Europe.
IN BRIEF / TRANSPORTATION
Profit Will Miss Estimates, FedEx Says
FedEx Corp. said it expects fiscal first-quarter profit to fall short of Wall Street estimates, hurt by a slow recovery in the technology and manufacturing sectors, key drivers of air shipments.
IN BRIEF / REGULATION
CFTC Nominee Says He'll Prosecute Abuses
A Bush nominee who played a role in easing government oversight of energy products trading promised to prosecute any market manipulation vigorously.
IN BRIEF / INSURANCE
MetLife Agrees to Pay $76-Million Settlement
MetLife Inc., the biggest U.S. life insurer, will pay $76 million to settle a lawsuit brought against one of its units over Medicare payments.
IN BRIEF / TECHNOLOGY
Number of Broadband Users Quadruples
The number of users of high-speed Internet access, or broadband, has quadrupled in two years, and the transmission speed is encouraging people to search the Web more often.
IN BRIEF / TECHNOLOGY
Motorola Credit Rating Cut 2 Levels by Moody's
Motorola Inc.'s credit rating was cut two levels by Moody's Investors Service because of slack demand for communications equipment from the second-largest mobile phone maker.
IN BRIEF / AUTOS
Toyota Camry Receives Low Crash-Test Marks
The newest version of the Toyota Camry, the nation's best-selling car, received a low score in a closely watched U.S. government crash test.
IN BRIEF / TECHNOLOGY
Napster to Tap Into $5.1-Million Credit Line
Napster Inc., the Internet music-swapping service that has filed for bankruptcy protection, won final court approval to tap into a $5.1-million credit line and spend $1.1 million to retain employees.
IN BRIEF / RETAIL
Rite Aid Posts First Profit in Four Years
Rite Aid Corp., whose former executives were indicted last week on charges of accounting fraud, had its first profit in four years.
IN BRIEF / PHARMACEUTICALS
Two AstraZeneca Lawsuits Dismissed
AstraZeneca persuaded a federal judge to dismiss two antitrust lawsuits filed by consumers who accused the drug maker of filing patent infringement claims to block generic competition to Prilosec.
IN BRIEF
Also
* Shares of Big 5 Sporting Goods Corp., the El Segundo-based operator of 250 stores selling athletic apparel and equipment, rose slightly in their debut on Nasdaq. The stock (ticker symbol: BGFV) closed at $13.17. The company late Monday sold 8.05 million shares at $13 each. The initial public offering price had been cut from an original range of $14 to $16.
IN BRIEF / CHEMICALS
DuPont Expects Profit to Beat Estimates
DuPont Co. said second-quarter earnings would surpass analyst estimates, signaling a rebound in sales for a company that had been hurt by the economic slowdown.
IN BRIEF / TECHNOLOGY
Tablet PCs Will Use Microsoft Windows
Microsoft Corp. said tablet-sized personal computers using Windows software will go on sale in November, as the world's biggest software maker seeks to reverse slowing growth.
IN BRIEF / ENERGY
Standard & Poor's Cuts Dynegy Credit Rating
Dynegy Inc.'s credit rating was cut by Standard & Poor's Corp. to one notch above junk, a day after the energy company disclosed plans to cut its dividend in half and sell assets to raise cash.
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Dow: |
9120.11 |
-6.71 |
| Nasdaq: |
1429.33 |
+5.34 |
| S&P 500: |
973.53 |
-2.61 |
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Cost of Drought
Ranchers have folded up spreads that have been in families for generations.
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Reveal Defects?
If you're not sure whether a home defect is worth noting, ask if you'd want to know.
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Interest Rate Updates:
--From Bankrate.com
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Rate Roundup:
Report on the week's interest rate trends, updated Friday.
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Key Rates:
Treasuries benchmarks, updated Wednesday.
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Fed Alert:
News on Federal Reserve interest rate moves plus research tools.
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