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BIZWATCH : MARKETS.

MARKET LOGIC: A late-afternoon technical rally pulled stocks out of a sharp decline, allowing blue chips to finish higher. But weak technology shares and uncertainty about the future of the economy kept the broader market mixed. The Dow Jones industrial average, which had been down nearly 50 points, turned around in the last hour of trading thanks to computer-triggered buying programs and the perception that bargains could be had.

MEMO LITTON CONTRACT: Woodland Hills-based Litton Industries has been awarded a $41.3 million Navy contract to provide repair work and logistics support for carrier aircraft navigation systems. The two-year contract given to Litton's Guidance and Control Systems Division includes options that could raise the amount of work to $95.1 million, said Litton spokesman Robert Knapp. The contract covers work on navigation systems used on carrier-based F-14 fighters, S-3 anti-submarine and E-2C surveillance aircraft, he said.

PARTNERS: CBS and the television production studio of Sony Corp. announced a partnership with 3 Arts Entertainment Inc., a growing Hollywood management firm, to create an entity that will produce television shows for the network. It is the first deal to unite one of the established networks with both a production studio and a talent-management company to form a production venture.

IMPROVED RESULTS: Creative Computer Applications Inc., a Calabasas medical information systems provider, reported improved third-quarter financial results. Creative posted net profits of $31,915 for the quarter ending May 31, compared with a loss of $473,040 a year ago. Sales increased 77 percent to $1.5 million, compared with a year earlier. The company attributed the increase to software sales, which yield a higher profit margin than some of the company's other revenue sources.

ACQUISITION: T-HQ Inc., a Calabasas interactive entertainment software developer, said Wednesday it acquired a 25 percent stake in a software game developer. Inland Productions Inc., of Chicago, creates 3D action games and is involved in the next generation of home entertainment game systems, including the Nintendo 64, Sony PlayStation and Sega Saturn, as well as PC CD-ROM. Terms of the deal were not disclosed.

NEW EXECUTIVE: Michael J. Madden has been named chief executive officer for the Providence Health System in the Los Angeles service area. Madden previously served as chief executive officer of Providence Saint Joseph Medical Center in Burbank. Now, he will oversee that facility plus Providence Holy Cross Medical Center in Mission Hills and Providence St. Elizabeth Care Center in North Hollywood. The change follows the addition of Holy Cross Medical Center and St. Elizabeth Convalescent Hospital into the Providence Health System.

CHANGING CHARGES: A court injunction will force General Motors' finance division to change the way it charges California car buyers for insurance. Sacramento Superior Court Judge James Long ruled that General Motors Acceptance Corp. can not charge customers for insurance coverage for more than one year at a time. The ruling comes in a class-action suit filed on behalf of 116,000 Californians whose car loans were financed by GMAC from February 1989 through August 1994.

MOTOROLA PLUNGE: Motorola Inc.'s 68-year track record and $33 billion market capitalization couldn't deter investors from punching an 8-1/2-point hole in its stock price amid sagging second-quarter profits. Motorola closed down 13 percent at 58, a shellacking similar in scope to those suffered recently by less-recognized computer companies amid a spate of profit warnings.

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Title Annotation:BUSINESS
Publication:Daily News (Los Angeles, CA)
Date:Jul 11, 1996
Words:582
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