BIZWATCH\MARKETS.

LIMITING GENZYME: Genzyme Corp. closed down 6-1/4 at 57-1/4. In early trading, it plunged as much as $8 a share from the day's high after one of its most promising new products, Seprafilm, won the backing of a government advisory panel for only limited use in reducing internal scarring after abdominal surgery.

MICROSOFT NETWORK: The Microsoft Network has signed up more than 1 million subscribers in its first seven months, making it the fastest start of any on-line service. Microsoft also announced Monday that Bob Bejan, former vice president of creative development at Warner Bros. Interactive Entertainment, will become executive producer for the U.S. version of MSN, responsible for content and programming.

MR. ZOOM-ZOOM: General Motors Corp. touted prototypes of its newest electric cars Monday in the Washington, D.C., area. In a program sponsored by the Potomac Electric Power Company and General Motors, 60 drivers will test the cars over the next six months. The Impact can travel at up to 80 mph and can cover 70 to 90 miles before requiring a three-hour recharge, according to General Motors.

THEY'RE FALLING: Interest rates on short-term Treasury securities fell in Monday's auction. The Treasury Department sold $13.6 billion in three-month bills at an average discount rate of 4.99 percent, down from 5.02 percent last week. An additional $13.5 billion was sold in six-month bills at an average discount rate of 4.97 percent, down from 5.06 percent. However, the Treasury Department postponed on Monday this week's auctions of new 2-year and 5-year notes after Congress did not raise the limit on the national debt.

MACY'S BOSTON PARADE: Its formal name was Jordan Marsh, but for 145 years it was just Jordan's - JAW-duns as Bostonians pronounce it - home to the best blueberry muffins in town and a mecca for twice-a-year clothes shopping pilgrimages. The flagship department store, now bearing the Macy's name, was festooned with flags and giant balloons from the Macy's Thanksgiving Day Parade. Confetti guns blasted paper into the air, bands played and clowns juggled.

FORD RECALL: Ford Motor Co. announced Monday that it is recalling 118,000 Explorer and Ranger vehicles - designed for sale in Southern California - because of a brake defect. The company said the 1991-94 model sport-utility vehicles may have defective fasteners that attach the brake master cylinder to the brake booster assembly. The fasteners can break, causing a loss or weakening of brake power, Ford said.

HOME SALES CLIMB: Sales of previously owned homes shot up 6.5 percent In February to a seasonally adjusted annual rate of 3.96 million homes, the National Association of Realtors said Monday. It was the first gain since a 1 percent advance last September. Sales of California homes climbed 24.7 percent during February from a year ago. But the median price slipped 1.2 percent $170,920.

CAPTION(S):

CHART

Chart (1--Color) DOW INDUSTRIALS (2--Color) BIZ FACTS CASH COWS Top five dairy states, ranked by cash receipts in billions of dollars, 1993. Knight-Ridder Tribune Graphics Network