BIZWATCH : MARKETS.

MARKET LOGIC: Another round of profit-taking gave stocks a second straight losing day Wednesday, but leading market averages cut their losses over the last hour as the slide proved too enticing for bargain hunters. Broader stock measures also recovered.

MEMO

PATENT AWARDED: Biotechnology giant Amgen Inc. has received a patent covering product rights to its white-cell booster Neupogen for 17 years. U.S. Patent No. 5,580,755 provides additional protection against unauthorized making, importation, use or sale of the drug in the United States. This year's domestic sales through September were $534 million.

MEDIA PURCHASE: Viacom Inc. plans to buy half of the UPN Network for $160 million, adding the broadcaster it helped launch to a stable of media assets including MTV, VH-1 and Paramount Pictures. The purchase came 11 days before the deadline for Viacom to notify owner Chris-Craft Industries Inc. that it would exercise its option to buy the 50 percent stake. Viacom Chairman Sumner Redstone indicated in May that he was leaning toward a purchase.

BANKRUPTCY AGREEMENT: A federal bankruptcy court judge in Woodland Hills has approved a petition that allows bankrupt Magic Ford and Magic Lincoln Mercury in Valencia to pay off state Department of Motor Vehicle fees and trade-in liens totaling about $600,000. Used-car buyers had been unable to obtain titles for their vehicles because of the dealership's inability to pay off the liens. The court-appointed trustee is still taking bids for the dealership and hopes to complete a sale by early next year.

TEXACO SALES: Texaco's chairman said a boycott organized by black leaders over allegations of racial discrimination at the company has hurt some local dealers but hasn't had a noticeable impact on overall sales. ``We have not seen any material decrease in our sales, but certainly where they are employed those retailers are suffering and I'm sorry,'' Chairman Peter Bijur told securities analysts at corporate headquarters in White Plains, N.Y. The company reported last month that its $115 million payout for back pay would have no impact on its earnings in the fourth quarter.

PHONE COMPETITION:AT&T says it wants to compete for the opportunity to provide local telephone service in California. The telephone giant has filed a request with the state to launch a controlled introduction of service in Sacramento, where it would compete with Pacific Bell in the deregulated industry. AT&T said it will initially resell local telephone services from Pacific Bell.

UNOCAL PLANS: Unocal announced it plans to use the $2 billion in funds from the proposed sale of its West Coast downstream refining, marketing and transportation assets to invest in new projects, reduce debt and buy back common stock.Unocal announced last month it was negotiating a definitive agreement with Tosco Corp. for the sale, which could be completed in the first quarter. Chairman and CEO Roger Beach said Unocal plans to reduce debt by approximately $800 million and its board has authorized repurchase of up to $400 million of common stock.

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Chart: (1--Color) DOW INDUSTRIALS

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FOREIGN CARS

The U.S. imported more than 4 million assembled, new passenger cars in 1995. Imports, by country of origin

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