The News Journal from Wilmington, Delaware • Page 21

The News Journal, Wilmington, Del. www.delawareonline.com Wednesday, Dec. 27, 2000 B7 INSIDE: Tech stocks suffer in dim day of trading BIO Dow Jones Industrial average: Tuesday, 10,692.44 Closa Change I I vi'A'iyi ELaDrD(gs NASDAQ 2,493 52 -23 50 1,315.19 9.24 RUSSELL 2000 466.63 3.64 7 09308 0.005? JAPANESE 113.60 0 67 i gfc- GOLD(FIDELITRADE IMC.) 276.B0 0 30 i -tfe- 30 YEAR T-BOND (ytd.) 5.43 0.03 News tips for Business: 324-2876 or njbiznewsjournal.com Business editor Trif Alatzas, 324-2856 NYSE, AMEX, Nasdaq and mutual fund reports B8-1 0 WNRK all tuned in with no place to go Roundup From staff and wire reports Station may go off the air unless it finds a new home for towers Campagnone said he has found a tentative new site, but he has yet to find a spot for the signal towers within a two-mile radius. "We still need to find a spot to put those towers and we're not having a whole lot of luck," he said. Campagnone said stiff competition for advertiser dollars and listeners, as well as the station's independent status, factored into his decision to sell the land for an undisclosed price.

"If you're an AM station out in the boonies or the Midwest, where you don't have the competition we're faced with, you can survive," Campagnone said. "But there is a market for everybody here. Advertisers have a lot of choices how to spend their money." Radio is the dominant media outlet in Delaware, according to Chuck Tarver, station manager at WVUD-FM (91.3), which is owned by the University of Delaware and run by students and volunteers. He said WNRK has been hurt because the radio indus nies that own 400 stations," he added. WNRK, found at 1260 on the AM dial, broadcasts "oldies" music and sports.

The signal spans four states Delaware, Pennsylvania, Maryland and New Jersey Campagnone said WNRK has developed a loyal following over the past 37 years, but he could not say how many listeners the station has. The station doesn't subscribe to the Ar-bitron rating service. Reach Mlchele Basso at 324-2795 or mbessodelawareonllna.com. try is consolidating, not necessarily because AM radio stations are "dying out." "The Telecommunications Act of 1996 allows owners to own as many stations nationwide and in various markets as they want to, as long as they don't exceed certain caps that the FCC Federal Communications Commission placed on them," Tarver said. "It makes it difficult for single station owners like Al to compete against stations that are part of chains owned by compa Regional COVANCE SOLD: Fisher Scientific International Inc.

plans to acquire the drug-packaging division of Cov-ance Inc. for $137.5 million. Princeton, N.J. -based Cov-ance Pharmaceutical Packaging Services is contracted by drug companies to package drugs for use in clinical trials. It employs about 200 people in North America.

Covance Inc. said it plans to use proceeds from the sale to pay off debt. Company officials said Tuesday that all Al Campagnone sold the site to developers for an undisclosed price a few months ago, and will need to leave before construction begins in the spring. His plan is to lease space in an existing building. Campagnone said he needs to move in part because it is becoming increasingly difficult to remain a "stand-alone" station in a consolidating industry By MICHELE BESSO Staff reporter Newark's WNRK radio station could be forced to go off the air if it can't find a new site for its station and signal towers.

A development of 74 town houses is planned for the Walther Road property where the independent station currently is located. Manager and President Day of the bargain hunters '03 I Sr'f v. employees of Covance's former packaging division would keep their jobs and maintain operations at packaging centers in Allen-town, Horsham, England; and Basel, Switzerland. National 7 LAWSUITS SETTLED: In the last week, Ford Motor has settled at least seven lawsuits over accidents involving Explorers equipped with Firestone tires, and it is in talks to settle more. Ford and Firestone are facing as many as 200 lawsuits filed primarily on behalf of people injured or killed in accidents involving Firestone tires on Ford Explorer and Mercury Mountaineer sport utility vehicles.

The settlement amounts were not disclosed. LOTTERY TROUBLE: Three Canadian telemarketing companies that allegedly sold foreign lottery 1 -i 2 tt( Growth slow, dull, but the bottom line is, it's paying Slowly, but surely The National Association of Investors Corporation (NAIC), an organization for investment clubs, points to i the long term when comparing the performance I of its Top 100 index to major market indexes. i Annualized growth for the five-year period 1 ending Nov. 30, 2000. tickets to US.

citizens have been temporarily barred from operating and will have their U.S. assets frozen, the Federal Trade Commission said Tuesday The FTC, which requested NAIC Top 100 index the action from the U.b District Court for the Nasdaq composite index 4 500 index jj Dow Jones industrial average By AMY BALDWIN Associated Press NEW YORK Invest regularly in growth companies. Buy and hold. Reinvest dividends and capital gains. Diversify Yawn.

In the boom-boom days of the '90s bull market, many investors chasing double- or even triple-digit gains thought the mantra of the nation's stock clubs was pretty dull. But with the Nasdaq on the verge of posting its worst year ever, the investment clubs are feeling vindicated by their stodgy, if somewhat maligned, approach. "We had a lot of people saying, 'You're so said Joanne Briggs, who belongs to two investment clubs in Sacramento, Calif. "Well, now they know." And, so what if their clubs' returns are modest compared with the returns of those few lucky in: vestors who manage to time the rise and fall of the latest hot stocks? "I'm making money. That's the bottom line," said Briggs, secretary of Sacramento Money Makers, which is up almost 10 percent for 2000.

The technology-focused Special to The News JournalBILL HUGHES Sheryl McKlnnon (right) of the Hockessin area and her daughters Whitney (left), 8, and Aly, 6, look through half-price Christmas merchandise at Family Christian Stores In Churchmans Crossing, near Christiana Hospital. Holiday sales surge may be too little, too late, analysts say 'CompHgd from an annual survey the most widely held compamea. Source: National Association ot Investors Corporation Nasdaq composite index so far has skidded about 40 percent this year, and the overall market has turned more bearish. Meanwhile, the Na: tional Association of In vestors Corporation, the uv vestment clubs' national organization, is bragging that its Top 100 index has most major market indexes beat for 2000. i See CLUBS back page 0 -j Q' fk re- Ut Northern District of Illinois, also will ask the court to issue a permanent ban and to order restitution for the victims, the agency said in a statement.

Buying and selling foreign lottery tickets is illegal in the United States. The FTC charged that the telemarketers targeted elderly consumers. CLASS-ACTION STATUS: A 2-year-old lawsuit alleging racial bias at Western Auto stores has been given a major boost by a federal court judge who has granted the complaint class-action status. At least 1,000 black former employees and job candidates could join in the lawsuit and follow the lead of three St. Petersburg store employees who complained they were discriminated against while working for the auto parts chain.

STORE TO CLOSE: Women's clothier Paul Harris plans to close its flagship store in downtown Indianapolis as part of its effort to emerge from bankruptcy. Paul Harris executives announced this fall plans to close about 50 stores nationwide, but had delayed making a decision about their store adjacent to Circle Centre mall. "This was extremely difficult for us. We did not want to make that decision," said Richard Hettlinger, the chain's chief financial officer. International Special to The News JoumaVC ARLA VARISCO Customers arrive at the Dover Mall on Tuesday with gifts in hand to exchange at the mall's shops.

District Tuesday. "We were out with the die-hard shoppers hoping to beat the crowds," said Eric Frett. The traffic in many malls was lighter than expected Tuesday, but John Konarski, vice president of research at the International Council of Shopping Centers, said he expects it will pick up. Sales generated this week could give stores "the final push" to eke out sales needed to make their revenue goals for the month and season, he said. The seven days after Christmas could accpunt anywhere from 11 percent to 15 percent of holiday sales, according to analysts.

Kurt Barnard, publisher of the Barnard Trend Report, said the past weekend's sales surge was too little, too late, and now retailers are "just trying to get rid of inventory, much of it at not much profit." By ANNE D'INNOCENZIO Associated Press No sooner did Christmas end than shoppers were back out in the nation's malls. And given what's turning out to be a disappointing season, retailers are hoping consumers will do more buying than returning this week. The weekend's sales, while strong, were not enough to offset the sales slump merchants have experienced for most of the month. Already, Federated Department Stores, Wal-Mart Stores Inc. and jeweler Zale Corp.

warned Tuesday that December revenues will fall below expectations. The broader question being raised is what a weaker-than-expected Christmas will mean for the nation's retailers as well as the country's economic future. Consumer spending ac- It's now official: Bradlees closing 3.5 percent increase, from 4 percent. Still, retailers in Delaware and nationwide are pinning their hopes on people like Theodore and Eric Frett of Boston, a fa-ther-and-son pair who have made shopping on Dec. 26 an annual ritual.

The pair were searching for clothes, CDs and DVDs at Boston's Downtown Crossing Shopping counts for about two-thirds of the nation's economic activity, and holiday sales typically represent 25 percent of retailers' annual sales. "A weak Christmas is a precursor of next year's economic performance," said Michael Niemera, vice president of the Bank of Tokyo-Mitsubishi, who on Tuesday reduced his holiday sales forecast to a Associated Press BRAINTREE, Mass. Discount retailer Bradlees Inc. confirmed Tuesday that it will go out of business, putting almost 10,000 people out of work. The Braintree-based company announced it has filed for Chapter 11 bank AOL rivals fighting for compatibility Firms' instant The company said it filed for bankruptcy protection because of a general economic downturn, including rising interest rates and higher gas and heating oil prices, that have left customers with less disposable income.

The company also said new competition, unseasonable weather in the first half of the year and the tightening of trade credit contributed to its inability to operate. Bradlees was founded in New London, in 1958. It went public in 1992 and successfully emerged from Chapter 11 bank ruptcy protection in Febru-' ary 1999. The Nasdaq stock market suspended trading in Bradlees stock Tuesday. It closed at 21 .875 cents.

Eric Beder, an equity analyst at Ladenburg, Thallj man Co. a New York! investment bank, said last week that Bradlees' best asset is its well-located; stores, which will be snapped up by other chains. He said many of those stores wouldUkely rehire Bradlees employees. messages can't cross platforms ruptcy protection in New York and agreed to sell its remaining inventory to Gordon Brothers Retail Partners. Bradlees operates 105 stores and three distribution centers in Massachusetts, Connecticut, New Hampshire, Maine, New York, New Jersey and Pennsylvania.

The company expects all stores to close within eight weeks, company spokesman Fred McGrail said. A phaseout of its headquarters and distribution functions will begin this week. The company expects to keep its sales staff through this process, and a bankruptcy court judge has approved severance payments, which will be at least two weeks pay, McGrail said. hi ntnnnvio Paw mlccj cVl ri require AOL to make its product compatible with those offered by competitors as a condition of its merger with Time Warner. So far, the agency appears to favor a more tailored approach.

The commission's staff has recommended that AOL be required to make its system work with at least one other provider, but the requirement would apply only to advanced instant-messaging services offered over Time Warner's cable lines. How the agency defines advanced services is unclear. They could refer to features beyond text mes- See MESSAGES back page IOC iAC lV4i.UVteO CiOO llXHLXiX Online's instant messaging system. Now he does, too. "There are features that I want and I like," said Roelands, a Web developer, who likens it to the battle between VHS and Beta video recorders in the 1980s.

"But the reality is if I use the better product, I get less functionality." Instant messaging rivals such as Microsoft, and ExciteAtHome said users ought to be able to send messages to anyone else, regardless of what service they happen to have. That's not currently possible. The companies are lobbying the Federal Commu- acHruuu uchl; him Union Frozen Products Pic said Tuesday it would buy the 50 percent interest in Tri-Union Seafood it does not already own for $38.5 million. Tri-Union produces and distributes canned tuna fish in the United States under the Chicken of the Sea brand. Thai Union, a major Thai producer and exporter of seafood, would acquire the 25 percent stakes held by its American partners Tri-Marine International Inc.

and the Gann Family Trust in a deal to be financed by internal cash flow and short-term financing, said Thiraphong Chansiri, Thai Union's president. By KALPANA SRINIVASAN Associated Press WASHINGTON All else being equal, Duane Roelands would prefer to dash off short instant text messages to co-workers and friends with the service offered by Microsoft the one he finds easiest to use. But for Roelands, all else is not His office, clients and nearly everyone AP fileMARK REINSTEIN America Online CEO Steve Case addresses shareholders during a June meeting on AOL's merger with Time Warner..