IN BRIEF.VALLEY INDEX FALLS: The Daily News/Bloomberg Index fell 1.20 to 136.25, led by Sylmar's MiniMed Inc. and Camarillo's Vitesse Semiconductor Corp. MiniMed fell $3.25 to $89.25. Vitesse fell $2.4375 to $46.50. - Bloomberg News HOLIDAY CLOSURE: U.S. financial markets, government offices, banks and most businesses - including the Daily News' business offices - will be closed Friday in observance of Christmas. Most foreign markets will be closed as well. Many financial markets also will be closing early Thursday; the stock markets, for example, will end trading at 10 a.m. PST PST Paroxysmal supraventricular tachycardia, see there . - Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. DISK DEAL: Chatsworth-based Image Entertainment Inc. disclosed that it raised $12 million through an offering of 2.4 million shares at $5 a share to a group of institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . Image Investors Co., owned by billionaire John Kluge John Werner Kluge (born September 21, 1914) is an entrepreneur who was born in Chemnitz, Germany, best known as a television industry mogul in the United States. He earned his B.A. degree in Economics from Columbia University in 1937. who is Image's largest shareholder, bought 600,000 shares. - Daily News PROFIT WARNING: Align-Rite International, a manufacturer of plates containing images of integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. whose patterns are transferred to computer chips, closed at $11.50, down 11 percent Tuesday. The company said earnings for the quarter ending Dec. 31 will be 15 to 18 cents a share, far below the analysts' estimate of 32 cents. Weaker customer demand due to lack of new design activity was the culprit. - Daily News FACE THE MUSIC: An Atlanta-based law firm has slapped music retailer K-tel International Inc. with a class-action lawsuit lawsuit: see procedure; tort. that claims the company made false and misleading statements regarding requirements for being listed on the Nasdaq. The action was filed on behalf of shareholders who bought stock between Nov. 3 and Nov. 17 by the law firm of Chitwood & Harley in United States District Court for the District of Minnesota The United States District Court for the District of Minnesota is the Federal district court whose jurisdiction is the state of Minnesota. It was established by an act of Congress on March 17, 1849. . It claims that the company's statements artificially inflated K-tel's share price, which hit a high of $39 then plunged to $12 during the period. Calabasas-based K-tel did not return a call seeking comment. - Daily News |
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