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BRIEFCASE BLUE SHIELD GRANTS TO AID UNINSURED.

Byline: - Staff and Wire Services

The Blue Shield of California Foundation said Monday that it has awarded $1.5 million to clinics that serve the uninsured in Los Angeles.

Grants valued between $20,000 and $100,000 were given to 38 private, nonprofit, free and community clinics throughout the region.

The grant-money recipients include the Partner in Care Foundation in Burbank, Northeast Valley Health Corp. in San Fernando, Tarzana Treatment Center in Woodland Hills, Valley Community Inc. in North Hollywood, Mission City Community Network Inc. in North Hills and MEND in Pacoima.

'Hulk' strong, but stock weak

AUSTIN, Texas - Marvel Enterprises Inc. shares fell sharply Monday due to what analysts called a disappointing opening weekend for ``The Hulk,'' a movie based on one of Marvel's comic-book characters.

Marvel shares fell $2.45, or 12 percent, to close at $18.75 Monday on the New York Stock Exchange.

The picture brought in $62.6 million in opening-weekend ticket sales, which is a June record. But it fell short of expectations and also lagged some other recent releases based on comic-book characters, such as last month's $85.6 million opening weekend for ``X2: X-Men United.''

Southwest Securities analyst Arvind Bhatia said in a note Monday that the ``weaker-than-expected opening weekend ... will likely put pressure on Marvel's stock.''

21st Century taps Spinella for post

WOODLAND HILLS - Mel Spinella, a former partner in Deloitte & Touche, was named senior vice president and chief financial officer of 21st Century Insurance, the company said Monday.

At Deloitte & Touche, Spinella served as the lead audit partner to the largest insurance and investment companies on the West Coast, including Pacific Life Insurance, Farmers Insurance Group and The Capital Group of Cos.

Bruce W. Marlow, president and chief executive officer of 21st Century Insurance, said Spinella ``will strengthen our capabilities for performance measurement and long-term planning.''

``Low costs and high quality service are the core of our strategy, and Mel will help drive continual improvement in these key areas,'' Marlow said.

At Deloitte & Touche, Spinella was responsible for quarterly and annual SEC reporting by domestic and international filers, IPOs, debt offerings and numerous insurance acquisition and due diligence assignments.

Investors cash in their stocks

NEW YORK- Lacking major earnings or economic news to guide them, investors fell back on profit-taking Monday, sending stocks sharply lower and knocking the Dow Jones industrials down more than 120 points.

Analysts expect the market to pull back or make little progress ahead of a decision Wednesday on interest rates. Investors anticipate the Federal Reserve's Open Market Committee will once again cut rates to stimulate the economy, and analysts say the expectation has largely been factored into higher stock prices.

After tumbling as much as 162.46 points, the Dow ended Monday's session down 127.80, or 1.4 percent, at 9,072.95. The decline followed last week's gain of 0.9 percent, the Dow's fourth consecutive winning week.

The broader market also retreated Monday. The Nasdaq composite index dropped 33.97, or 2.1 percent, to 1,610.75, having risen 1.1 percent last week. The Standard & Poor's 500 index fell 14.05, or 1.4 percent, to 981.64, having climbed 0.7 percent last week for its fourth straight weekly gain.
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Title Annotation:Business
Publication:Daily News (Los Angeles, CA)
Date:Jun 24, 2003
Words:541
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