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Daily Press from Newport News, Virginia • Page 17
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Daily Press from Newport News, Virginia • Page 17

Daily Pressi
Newport News, Virginia
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Dow: Up 27.26 Business B5 3855 3715 SWF 3575 9194 10194 11194 12194 449.47 2.51 Nikkei Average: 18,975.10 Rnanclal Times 100: 2,943.4 Gold: (N.Y. Comex) $377.50 $0.50 Silver: (N.Y. Comex) $4.764 $0.073 Crude oil: (January) $1 6.91 U.S. dollar: (N.Y.) 99.98 30-yrT-bond yield 7.92 0.07 Frequent parking deal offered at airport Intel's troubles worsen Flawed chip stops IBM shipments By Jeanne Peck Daily Press By Catalina Ortiz The Associated Press BHHHHHB STOCKS MIXED. Stocks finished mixed Monday as buyers looking for bargains after last week's market decline fought against those uncertain over the inflation picture and sellers of technology issues.

said last week's decline prompt-fed by the financial turmoil in Orange County, was overdone, leaving stocks at unjustifiably low levels. 1-LINE Wall Street report: 928-1 1 1 1 2301 11 fcf IIPW SAN JOSE IBM stopped shipments Monday of personal computers with Intel's flawed Pentium chip, dealing another blow to Intel as it struggles to cope with the problem in its flagship product. International Business Machines the world's largest PC maker and co-developer of a rival processor, said Pentium's problems are worse than earlier believed. Analysts said it remained to be seen whether IBM's move would hurt Intel, the world's biggest manufacturer of computer chips. Most still consider the bug a minor problem, and sales have not suffered despite the public relations nightmare for Intel.

"It's potentially serious," said Mark Edelstone, an analyst with Prudential Securities Research in san Francisco. "It's "in Wv WWW 1 NEWPORT NEWS Frequent fliers could save money by investing in a $200 annual pass that gives them unlimited access to the parking lot at Newport NewsWilliamsburg International Airport. Passengers would have to keep their cars in the lot 40 days a year to break even on the pass. It costs $5 a day to park in the airport's lot. Airport officials sent out post cards last week announcing the personalized parking pass, which will be offered for the first time next year, said airport spokeswoman Christine Neikirk.

"It's more of a service for the people who are flying a lot," she said. "It's not supposed to be a moneymaker." Parking fees generate about 20 percent of the Peninsula Airport Commission's $2 million operating budget, Neikirk said. The Newport News airport has 635 parking spaces, she said. Neikirk said the Peninsula Airport Commission decided to offer the parking pass after a passenger suggested it. "He came up and said it would be easier just to flash a parking pass," she said, adding, "We have no idea how many people are going to want it." Norfolk International Airport passengers also pay $5 a day for long-term parking, said spokesman Wayne Shank.

The airport does not sell annual parking passes, he said. In the fiscal year ending June 30, the Norfolk airport generated almost $5.2 million of its $16.1 million operating budget from parking fees, Shank said. The airport has 5,450 long-term, short-term and overflow parking spaces, he said. Lynchburg College professor Thomas Nicely is shown in front of his math calculations that helped him discover a flaw in Intel's Pentium microprocessor chip. ap How Virginia professor exposed firm Please see IBMB7 By Martha Slud The Associated Press own name in print." The story of his unlikely celebrity began in June, when he noticed that on some division problems, his Pentium-based PCs churned out faulty numbers beginning with the ninth place to the right of the decimal point.

LYNCHBURG Thomas Nicely was content with his quiet life as a mathematics professor at Lynchburg College, toiling 60 hours a week teaching first-year ECONOMY DIVERSIFYING. Gains in manufacturing and services were behind i Hampton Roads' accelerated economic activity in September and October, I according to the region's Economic Performance Index. David G. Garraty, a Virginia Wesleyan professor who compiles the index, said the figures show the econ- omy is diversifying away from con-' struction. The index grew at a 10.3 per-; cent rate over the period.

POWER TAX. Virginia Power will pay $186.5 million in state and local taxes this year, making it the largest taxpayer in Virginia, the utility said Monday. The amount is 13.1 percent higher than in 1993, primarily due to an increase in gross receipt tax payments to the state, the company said. The largest property tax payment, $9.69 million, went to Louisa County, home of the utility's North Anna Power Station. Chesterfield County had the second-largest payment, $8.17 million, while Surry County was i third with $8.12 million.

CARMAX GROWS. Since opening its first CarMax in Henrico County last year, Circuit City Stores Inc. has added another dealership in Raleigh, N.C., and has two sites under construction in the Atlanta suburbs. The Richmond-based electronics chain recently bought 34 I acres in Winter Garden, Fla. BIZ BITES.

Newport News' Business Recycling Advisory Committee will hold a public hearing at 8 a.m. Wednesday in CNU's campus center to discuss a proposed business recycling ordinance. Business representatives in southwest-I em Virginia told a regional planning commission that they lose millions in potential revenue each year because area tourist attractions can't expand. That may seem very minor, but to me, it was a huge error," Nicely said. He checked and rechecked his own equation but couldn't find anything wrong with students, grading exams and researching number theory.

Then, he found a flaw in Intel top-of-the-line Pentium microprocessor and publicly embarrassed the world's largest computer chip maker. it. But Lynchburg College, a private, Wsm student liberal arts school in central Virginia with no graduate program in math, doesn't have a lot of computers to validate the problem. So Nicely used Please see ProfessorB7 And now, he's enjoying or at least tolerating his moment of fame. "Mathematicians in general have very private lives," Nicely said last week.

"I find it kind of embarrassing to see my ANDREW GROVE. Intel chairman. Cold weather warms up sales across U.S. Roebuck and sales were good in all merchandise categories, said John Costello, senior executive vice president for marketing. At J.C.

Penney Co. where business was hurt because of the lingering balmy weather, the falling temperature has helped over the past week, although sales are little changed from this point a year ago, spokesman Duncan Muir said. But he said "there's a better feeling" in the stores, and Penney, like many other retailers, expects next week to be its busiest as many shoppers wait until the last minute. People seem ready for a winter at home. Electric breadmakers have been big sellers at Farm Fleet in Urbana, 111., a discount store Please see CocoonB7 hats, mufflers, gloves, socks, slippers, shawls, sweaters and robes," said Liz Barrett, a spokeswoman for Neiman-Mar-cus, where cashmere prices range from about $30 to about $550 for a full-length wrap bathrobe.

Retailers reported business picking up over the past week as the weather grew colder. Stores that have had strong business throughout the season said they continued to do well. At Sears, stores, reported big sales of scarves and bed warmers that users can microwave and snuggle with. Sold under names like Bed Buddy or Heart Warmers, they run under $20. People are willing to spend big to keep warm.

"One of our biggest best sellers is cashmere, and that spans all categories from outerwear, loungewear, intimate apparel and accessories. It's everything from By Joyce M.Rosenberg The Associated Press The biggest sellers this Christmas are hot in every sense of the word. Anything that keeps people warm is a guaranteed seller. If it's something that will make your home cozier, that's even better. Several retailers, including the Mervyn's clothing chain and Texas-based Foley's department T-BILLS FALL Interest rates on short-term Treasury securities fell in Monday's auction to the lowest level in two weeks.

I The Treasury Department sold $13.7 bil-i lion in three-month bills at an average discount rate of 5.76 percent, down from 5.83 percent last week. Another $13.7 billion was sold in six-month bills at an average discount rate of 6.32 percent, down from 6.33 percent. Orange County crisis spreads fear beyond Ski business snowballing at Va. resorts The Associated Press Energizing America A look at U.S. energy sources: By David Reed The Associated Press Other sources: 0.2 Nuclear Power: II 21.2 Hydro- to keep the Los Angeles Rams football team from bolting to St.

Louis. Anaheim is one of the largest investors with $169 million, or 20 percent of its investment portfolio, tied up in the Orange County fund. The city, home to Disneyland and two other professional sports teams, had offered to renovate the city stadium for the Rams with a $60 million bond issue. Last week it imposed a hiring freeze and stopped capital improvement projects such as road repairs due to losses in the fund, which was used to finance day-to-day operations of the city. "It does throw a monkey wrench into the things we had been working on," said Anaheim spokesman Bret Colson.

Meanwhile, the market for Please see Orange, B7 NEW YORK From Texas to Ohio, local treasurers sought Monday to assuage investors and taxpayers unnerved by the Orange County financial crisis even as some governments awoke to fresh threats to their fiscal stability. The Southern California trauma, triggered by steep losses in the county's investment fund, also brought to light risky investment strategies employed by municipalities far beyond Orange County's borders. Hit hardest were the roughly 185 Southern California cities, school districts and other governments that invested taxpayer money in the county fund, whose woes forced the county to file for bankruptcy protection last week. Anaheim, said Monday the crisis may hurt its campaign L.U70 ROANOKE All four Virginia ski resorts open this week with increased snow-making capabilities in hopes that people will mount the slopes in record numbers this year. If only the weather will do its part.

"All we need now is Mother Nature's cooperation," Manfred Locher, manager of Bryce Resort in Shenandoah County, said Monday. Last year, winter delivered colder-than-normal temperatures and above-average snowfall, attracting 368,000 skiers to Virginia slopes more than any previous season. "Coming off a great season gives us a Jm: J.O Geothermal, wood, wind, waste power sources SOURCE: National Energy Information center Donny Falls, a snowmaker at Wintergreen resort in Nelson County, walks out to check one of the machines on Dec. 1 The resort has doubled its snowmaking capacity. ap Please see SMB7 When incorporating, it pays to have legal counsel this on your own, there are two 928-1111 I From Williamsburg, James City: 989-01 1 1 i From Isle of Wight, Smithfield: 357-6594 From Middle Peninsula: (800) 981-6600 i Financial cateaories 21 1 1 2000 I Business headlines states.

The guides are updated as law and tax strategies change, and the firm operates a toll-free number so clients can ask questions. The book can be obtained by calling (800) 677-2462. The book on Virginia will cost about $25 and contains sample corporate records, stock certificates, etc. Holloran is executive director of the Small Business Development Center of Hampton Roads. Write him do the Dairy Press, P.O.

Box 746, Newport News 23607. ability, filing paperwork, issuing the stock of the corporation and preparing a corporate record book. These complexities can come back to haunt you if they are handled incorrectly. Your time will be more productively spent on marketing and operating your venture than saving a couple of hundred dollars on legar fees. Books on "incorporating without an attorney" are out of date when they reach the shelf.

The laws change regularly and are different from state to state. However, if you simply must try to do QCan a small business owner incorporate without using an attorney? A Yes, but it would not be wise. While it is possible for a small business owner to understand the requirements of corporate administration, there are enough intricacies to justify good corporate counsel. For example, do you understand what the difference between and corporations and the accompanying filing requirements? Did you know that the corporate structure offers lim- publications that may be helpful. The Virginia Department of Taxation produces the Commonwealth of Virginia Business Registration Guide.

While not developed to replace an attorney, the book contains all the necessary paperwork for you to file a corporation with the State Corporation Commission. A copy of the publication can be obtained by calling (804) 367-8055. W. Dean Brown publishes "Incorporating in Virginia Without a Lawyer" and books on other William J. Holloran ited liability only when management follows prudent practices in carrying out its duties? Did you know that limited liability companies are a relatively new type of legal organization in Virginia for a business that may offer advantages over incorporation? The incorporation process itself involves rules for choosing a corporate name, checking its avail Stock quotes 2001 (For instructions on entering your stock's tick-It er symbol, please see the 1 -Line information box on the first page of our stock listings.

B8) 2901 I The industries report I Michael Toole, Business Editor: 247-4766 To add a stock or mutual fund listing: 247-4734.

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