BIZWATCH : MARKETS.MARKET LOGIC: 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. rose 257.36 to 7,879.78, wiping out most of last week's 265-point slide. It was the biggest one-day point gain ever for the Dow, beating a nearly 10-year-old record of 186.84 points that came two days after the Black Monday Black Monday, Oct. 19, 1987, in U.S. history, day of financial panic. The Dow Jones Average fell 508.32 points, a drop of 22.6%, the largest since 1914. The point decline as well as the volume, 604.33 million shares, exceeded previous records. crash of October 1987. MEMO DEALERS CALLED ON CHRYSLER TO COME CLEAN: Chrysler's California dealers sided with a state agency and consumer groups in a dispute over the alleged resale of ``lemon'' cars, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a document made public Tuesday. The California Motor Car Dealers Association, which asked Chrysler to admit ``serious mistakes were made,'' said its assessment was based on an independent review of evidence. The association called on Chrysler to cease ``denying the obvious'' and settle the case. A spokesman for Chrysler dismissed the letter as not truly representing the views of its dealers. The state New Motor Vehicle Board last month overturned a 45-day suspension of Chrysler's license to do business in the state, which the DMV DMV abbr. Department of Motor Vehicles had imposed for violations of the state's lemon law lemon law n. statutes adopted in some states to make it easier for a buyer of a new vehicle to sue for damages or replacement if the dealer or manufacturer cannot make it run properly after a reasonable number of attempts to fix the car. . ?13Daily News XYLAN xylan /xy·lan/ (zi´lan) any of a group of pentosans composed of xylose residues; major structural constituents of wood, straw, and bran. ANNOUNCES FOUR CONTRACTS: Xylan Corp., a Calabasas-based maker of telecommunications switching equipment, announced Tuesday that it has won four separate contracts to supply equipment to regional telecom and computer network companies. Under the deals, Xylan will supply equipment to the four firms over several years. The contracts should generate at least $2 million in third-quarter revenues for Xylan, a company spokesman said. Xylan penned the deals with Bell Atlantic, BellSouth, Brooks Fiber Communications of Texas Inc. and Telewest Communications Plc. ?13Daily News CB COMMERCIAL, KOLL MERGER COMPLETE: CB Commercial Real Estate Services Group Inc. said Tuesday that it has completed the merger with Koll Real Estate Services of Newport Beach. The combined company will operate under the CB Commercial name and be based in Los Angeles. The merger did not include several other entities bearing the Koll name, including Koll Construction, Koll Real Estate Group or Koll Resorts International. ?13Daily News DISNEY APPOINTS INTERNET CZAR CZAR. A title of honor which is assumed by the emperor of all the Russias. See Autocracy. : Disney Online President Jake Winebaum will head a newly formed division encompassing all of The Walt Disney Co.'s Internet businesses, officials announced Tuesday. As president of Buena Vista Internet Services, Winebaum will oversee Disney's Daily Blast, Family.com, 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. .com, ABCNews.com and ESPN ESPN Entertainment and Sports Programming Network Sportszone as well as Disney Online. Winebaum, 38, was president of Walt Disney Magazine Publishing before becoming president of Disney Online. Before that, he was founder of FamilyFun and FamilyPC magazines, which were bought by Disney in 1992. ?13Associated Press OROAMERICA SETTLES SUIT: Burbank-based jewelry maker OroAmerica Inc. said Tuesday that it received $4.6 million in settling a lawsuit against some insurance companies. The insurers denied claims OroAmerica made against two subcontractors in 1994. ?13Daily News CAPTION(S): 2 Charts CHART: (1--Color) BIZ FACTS Who eats out: Percentage of adults who were food service patrons, January to June 1997, by age group. Knight-Ridder Tribune Graphics Network (2--color) DOW INDUSTRIALS |
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