BRIEFCASE NORTHROP AWARDED SENSOR CONTRACT.

Byline: - Staff and Wire Services

WOODLAND HILLS - Northrop Grumman Corp. announced Thursday that it has been awarded a $21.5 million subcontract by Lockheed Martin to make key elements of acoustic sensor systems for Virginia-class submarines.

The lightweight wide aperture array fiber-optic sensor system is a set of large array panels mounted on the sides of submarines, which provide major sonar sensor input to the submarine's combat system.

Madonna's label sues over profits

Madonna's Maverick Records sued Warner Music Group and Time Warner Inc. for breach of contract Thursday, accusing the record company and its former parent of improper accounting and management that cost the singer and her partners millions of dollars.

The lawsuit, filed in Los Angeles Superior Court, is the latest chapter in a long-running dispute between Madonna and Warner over Beverly Hills-based Maverick, a joint venture launched in 1992 by the singer and the record company.

In the suit, Maverick accuses Warner Music and the other defendants of ``engaging in acts of self-dealing and profit-taking, falsely accounting for receipts and expenses of the partnership ... and secretly attempting to seize partnership opportunities for their own benefit.''

Comcast to buy TechTV network

Comcast Corp. has signed an agreement to buy the TechTV cable network from billionaire Paul Allen's Vulcan Programming Inc., the company said Thursday.

Comcast will merge TechTV with its G4 network, which is devoted to the world of video games.

The deal is valued at around $300 million, according to a source familiar with the terms who spoke on condition of anonymity. EchoStar Communications Corp., which runs the Dish Network satellite television service, is taking a stake in the network of about 12 percent, according to the source.

The deal more than doubles the reach of G4, which is now seen in about 15 million homes on digital cable. The new network will be seen in about 44 million homes.

The purchase is subject to regulatory approval and could take several months to close, the company said.

Activision to see better Q4 results?

SANTA MONICA - Activision Inc. raised its outlook Thursday for the fourth quarter and full fiscal year 2004.

The new outlook is based on better-than-expected performance of its publishing and distribution divisions, as well as an adjustment to the company's estimated effective tax rate related to its international operations.

For the fiscal fourth quarter ending March 31, Activision expects earnings per diluted share of 1 cent on net revenues of $155 million, up from the company's prior outlook of a penny-a-share loss on net revenues of $125 million.

In the fiscal fourth quarter ending March 31, 2003, the company had a loss per share of 6 cents on net revenues of $125 million.

One-year ARMs hit a record low

WASHINGTON - Rates on 30-year and 15-year mortgages nudged up this week, while rates on one-year adjustable mortgages dropped to their lowest level on record.

The average rate on benchmark 30-year, fixed-rate mortgages rose to 5.40 percent, up from 5.38 percent last week, mortgage giant Freddie Mac reported Thursday in its weekly nationwide survey of mortgage rates.

In mid-June last year, rates on 30-year mortgages sank to 5.21 percent, their lowest level on record. Rates on 30-year mortgages have bounced around since then.

For 15-year, fixed-rate mortgages, a popular option for refinancing, rates this week increased slightly to 4.70 percent from 4.69 percent last week.

Rates for one-year adjustable mortgages fell this week to 3.36 percent. That was down from 3.39 percent last week and was the lowest since Freddie Mac began tracking rates on one-year ARMs in 1984.