BIZWATCH : MARKETS.MARKET LOGIC: Major stock indexes turned higher Monday after sending their recent losses to 10 percent, a key benchmark for investors trying to spot the bottom of the past month's slide. Technology shares led the afternoon rally, which boosted the Dow Jones industrial average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. by 60.21 to 6,451.90, its biggest gain in three weeks. MEMO JUDGE APPROVES SETTLEMENT AGAINST GREAT WESTERN: A federal judge gave final approval Monday to a $17.2 million class-action settlement in a securities fraud lawsuit against Chatsworth-based Great Western Bank. U.S. District Judge Irving Hill's decision brings a 2-year-old legal battle to a close for tens of thousands of mostly senior citizens, many of whom lost their retirement savings by investing in GW's mutual funds. It also concludes a companion state court case. CHAD SAYS SALES DECLINED: Chatsworth-based Chad Therapeutics therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. Inc. reported its preliminary sales for its fourth quarter ended March 31 were $5.08 million, down 2 percent from the year-ago period as national-chain account revenues fell 13 percent and foreign sales were off 14 percent. The company, which produces and distributes oxygen-conserving devices and portable oxygen systems used by pulmonary pulmonary /pul·mo·nary/ (pool´mo-nar?e) 1. pertaining to the lungs. 2. pertaining to the pulmonary artery. pul·mo·nar·y adj. Of, relating to, or affecting the lungs. patients, said the decline was due to several factors, including increased competition and uncertainties in Medicare reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. . Chad, which made the announcement after the stock market closed, said the same conditions will influence results during the next two quarters. XIRCOM REPORTS RECORD EARNINGS: Thousand Oaks-based Xircom Inc. reported record earnings from its PC card business for the second quarter of fiscal 1997. Sales jumped 43 percent - $57.1 million - from the same period last year. The firm also announced it will sell its remote-access subsidiary, Netaccess Inc. Xircom's stock price dropped -5/8 Monday, closing at 15-3/8. ENTERTAINMENT PRODUCTION CONTINUES TO RISE: Entertainment production in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County amounted to 4,238 production days, the fourth highest month ever, with television production - at nearly double the level in March 1996 - more than offsetting declines in movie and commercial production. For the first quarter, production reached 11,796 days, up 2.6 percent over the same period of 1996, Entertainment Industry Development Corp. reported Monday. DISNEY BUYS TWO RADIO STATIONS: Burbank-based Walt Disney Noun 1. Walt Disney - United States film maker who pioneered animated cartoons and created such characters as Mickey Mouse and Donald Duck; founded Disneyland (1901-1966) Disney, Walter Elias Disney Co. agreed to buy two radio stations from Evergreen evergreen, term commonly used as synonymous with conifer and applied also to all those broad-leaved plants that bear green leaves throughout the year. Of the latter, most are plants of the tropics, subtropics, and other areas where the growing season is prolonged (e. Media Corp. and Chancellor Broadcasting Co. for $105 million in cash. Disney's ABC Radio ABC Radio is a broadcasting unit of Citadel Broadcasting Corporation.[1] ABC Radio was, from 1945 until 2007, the division of the American Broadcasting Company (ABC) focused on AM radio and FM radio broadcasting. will buy WDRQ-FM in Detroit and WJZW-FM in Washington, D.C. Disney owns 21 stations through ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. and the nation's largest radio network, including two radio stations each in Detroit and Washington. Evergreen expects to complete the transaction in the third quarter. CAPTION(S): 2 Charts Chart: (1--Color) DOW INDUSTRIALS (2--Color) BIZ FACTS FLAT RATES U.S. global priority mail rates for envelopes weighing 4 pounds or less by destination |
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