BIZWATCH : MARKETS.

MARKET LOGIC: Leading stock averages slipped Wednesday as investors locked in some of the market's modest rebound from its recent plunge. In a mirror image of Tuesday's lackluster session, the Dow Jones industrial average traded nearly unchanged until the final hour, but this time sank into the close.

MEMO

BUYOUT CANCELED, STOCK DELISTED: Sherman Oaks-based Voice Powered Technology International Inc. announced Wednesday that the previously announced proposed buyout by Franklin Electronic Publishers Inc. has been terminated for undisclosed reasons. VPTI also said the National Association of Securities Dealers has denied its appeal for a continued listing of its securities on the Nasdaq SmallCap Market, although the company's stock will still be available on Nasdaq's bulletin board. Additionally, Ernest W. Townsend resigned from the board of directors because of personal commitments.

FOUNDATION BUYS OREGON PLAN: Woodland Hills-based Foundation Health Systems Inc. said that it has reached a definitive agreement to acquire PACC, a 116,000-member health plan based in Oregon. Specific terms of the transaction were not disclosed. PACC has health plan operations in Oregon and Washington, with a heavy concentration in the Portland area. Foundation Health was formed through the merger of Foundation Health Corp. and Health Systems International Inc.

AMGEN RECEIVES MORE PATENTS: Thousand Oaks-based Amgen said Wednesday it has received additional patents for its process to manufacture erythropoietin (EPO) products. The biotech giant uses EPO products in the treatment of anemia associated with chronic renal failure for people on dialysis.

CHATSWORTH COMPANY GETS PATENT: Chatsworth-based International Remote Imaging Systems Inc. has been granted a patent for a method of ensuring the focus of microscopic particles in specimens as they flow through its slideless microscope. The patent is for a technique that automatically focuses images using different fields of view, a method used in high-speed image capture in the company's new Model 900UDx urine pathology workstation.This is the company's 19th patent related to its automated intelligent microscopy technology.

INDENET SIGNS DEALS WORTH $20 MILLION: Shares of IndeNet Inc. rose 13 percent Wednesday as it announced the signing of a long-term contract for software, services and technology support for London-based TSMS and TSMS' clients worth in excess of $20 million over seven years. TSMS is one of the largest providers of television sales and marketing services in the United Kingdom. IndeNet said the pact is one of the largest software and service contract awards of its kind in broadcast television history. Stock of Indenet was up 21 cents to $1.91.

UNION FIGHTS NEW OTANI HOTEL: AFL-CIO President John Sweeney threatened Wednesday to widen a boycott campaign against a Japanese hotel chain unless it allows workers at a Los Angeles hotel to form a union. Some workers at the New Otani Hotel and Gardens near City Hall have complained they receive poor pay, are treated unfairly and lack job security. They began organizing a union in 1993 but claim the hotel opposes their efforts.

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MUSHROOMING BUSINESS

Percent increase in sale of mushrooms in the U.S. 1989-95

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