BIZWATCH : MARKETS.MARKET LOGIC: A spooked market found plenty of reasons to sell Tuesday, taking cues from a famed naysayer nay·say tr.v. nay·said , nay·say·ing, nay·says To oppose, deny, or take a pessimistic or negative view of: They will naysay any policy that raises taxes. and interpreting a strong profit report by software giant Microsoft as cause for disappointment. 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. fell 44.39 to 5,346.55, shedding an early gain of about 43 points as investors remained unconvinced that last week's nail-biting sell-off represented a bottom in the market's correction. MEMO VALUJET: The union representing ValuJet's flight attendants wants the airline's top two executives removed before the airline is allowed to resume flying. ValuJet's chairman, Robert Priddy, and president, Lewis Jordan, are either incapable or unwilling to run a safe airline and ``should not be trusted with the public safety,'' the Association of Flight Attendants The Association of Flight Attendants (commonly known as AFA) is a union representing flight attendants in the United States. AFA represents 55,000 flight attendants at 20 airlines, making it the world's largest flight attendant union. , AFL-CIO AFL-CIO: see American Federation of Labor and Congress of Industrial Organizations. AFL-CIO in full American Federation of Labor-Congress of Industrial Organizations U.S. , said in a filing with the Department of Transportation. The airline said that the union's filing is ``an outrageous attempt to involve the DOT in labor relations matters.'' PAINEWEBBER SETTLEMENT: A federal judge has given tentative approval to an agreement by PaineWebber Group Inc. to pay an estimated $200 million to settle investors' claims it sold them risky limited partnerships over a 12-year period. A lawyer for the investors said that the deal will pay thousands of people nearly all the money they lost when their PaineWebber investments unexpectedly soured. PaineWebber sold the $2.5 billion in partnerships to investors between 1980 and 1992. The approval last week by U.S. District Court Judge Sidney Stein in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of tentatively resolves the biggest remaining legal action against the big brokerage stemming from the investments in real estate, oil and gas, aircraft and other types of businesses. LOCKHEED LAWSUIT: A whistle-blower whis·tle·blow·er or whis·tle-blow·er or whistle blower n. One who reveals wrongdoing within an organization to the public or to those in positions of authority: "The Pentagon's most famous whistleblower is . . lawsuit charges Lockheed Martin For the former company, see . Lockheed Martin (NYSE: LMT) is a leading multinational aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed Corporation with Martin Marietta. Corp. with inflating by $147 million the costs of a weapons system for fighter jets. The allegations in a federal court lawsuit have triggered investigations of contracts for Lockheed's ``Lantirn'' night vision program by the U.S. Justice Department and the Department of Defense. Lockheed Martin, the company resulting from last year's merger of Lockheed and Martin Marietta Corp. has won about $6 billion worth of contracts for the Lantirn system over the past 10 years. Clients include the U.S. Air Force, Israel, Egypt, Turkey, South Korea, Saudi Arabia, Greece and Bahrain. The lawsuit, filed by former employee Albert D. Campbell in 1995 and unsealed last week in U.S. District Court in Orlando, charges that Lockheed's Orlando defense plant falsified documents, double-billed and otherwise inflated costs. STRIKE ON HOLD: A union representing 32,000 clerical and maintenance workers pledged not to strike for at least seven days as the cooling-off period An interval of time during which no action of a specific type can be taken by either side in a dispute. An automatic delay in certain jurisdictions, apart from ordinary court delays, between the time when Divorce papers are filed and the divorce hearing takes place. in its dispute with the nation's freight railroads came to an end. The 30-day no-strike, no-lockout period was expected to end at 12:01 a.m. today. While the contract dispute involves only freight railroads, a shutdown could affect thousands of travelers and commuters since Amtrak Amtrak, the National Railroad Passenger Corp., authorized to operate virtually all intercity passenger railroad routes in the United States. Amtrak was created by Congress in 1970 in response to more than two decades of continuous operating deficits by privately run and other passenger lines operate over tracks owned by the freight companies. PARTNERSHIP: Rockwell International Corp. signed a commercial launch agreement to provide marketing, sales and other assistance to Ukrainian rocket-maker NPO NPO [L.] nil per os (nothing by mouth). NPO abbr. Latin nil per os (nothing by mouth) NPO Nothing by mouth Yuzhnoye. In addition to sales and marketing, Rockwell will install payloads on NPO Yuzhnoye's Cyclone rocket, a direct competitor to McDonnell Douglas' Delta II. The terms of the deal were not disclosed. CAPTION(S): 2 Charts Chart: (1--Color) DOW INDUSTRIALS (2--Color) BIZ FACTS T URNAROUNDS Percent reduction in carbon emissions in countries with the greatest percent change, 1994 Knight-Ridder Tribune Graphics Network |
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