Daily Press from Newport News, Virginia • Page 18

Dailg Press 4600- 4350 4100 Dow: Down 3.12 'Buniiiiiie r-J- 1 4,550.56 brr 3850 3195 4195 5195 6195 Two toD nWEW executives step down tj 500: 544.98 Nikkei Average: 14,665.70 Financial Times 100: 3,377.2 Gold: (N.Y. Comex) $391 .20 Silver (N.Y. Comex) $5.466 $0.058 Crude oil: (July) $17.90 U.S. dollar (N.Y.) 84.49 Ex-CEO will become technology officer 6.59 0.02 1 30-yr T-bond yield By Ken Baker Daily Press I Vogeley. a 37-year-old engineer who founded nVIEW in 1987 and took it public in 1991, said his expertise lies in technical design and development riVTEWs chief technology officer.

"The more time I spend there, the better product we have." Hoke, 53, will bring mature leadership to nVIEWs marketing and development of digital light-processing technology, Vogeley said. "I need someone with his years of experience," Vogeley said. Since 1987 Hoke has served as chairman of Kinetic Computer Solutions, a microcomputing training and development com- Please see nVIEWB7 port News, a manufacturer of electronic image projection products. He will be replaced by Robert Hoke, an Oregon-based computer executive who served as nVIEWs executive vice president and chief operating officer for five months in 1992. Hoke resigned in November 1992 but remained on the company's board of directors.

His new appointment is effective July 5. The company also announced the resignation of its chief operating officer, Joel Carney, for i VOGELEY. Ex-CEO. CARNEY. Steps down.

HOKE. New CEO. NEWPORT NEWS A manufacturer of equipment that brings computer images into focus blurred its leadership ranks Tuesday with the resignation of two top executives. James Vogeley stepped down as president and chief executive officer of nVIEW Corp. of New STOCKS WEIGHED DOWN.

Stocks settled for a so-so session Tuesday as investors booked profits while awaiting a speech by Federal Reserve Chairman Alan Greenspan. Several broader indicators made up of mainly New York Stock Exchange listings also retreated from previous highs. The Nasdaq Stock Market was the star performer. 1-LINE Wall Street report 928-1 1 1 1 2301 more than in management. "My love is in technology, and I do that real well," said Vogeley, who will continue to serve as whom a replacement may or may not be named.

Vogeley said Hoke may want to keep the position vacant. JMm.ej ges wild. Restaurant opening delayed Underground gas leaks reported at Hampton site Animal Kingdom planned in Florida The Associated Press By Jeanne Peck Daily Press UNION NO AT VALUJET. Mechanics at ValuJet Airlines Inc. the Atlanta-based budget airline starting service to Newport News in July have voted against joining the Teamsters union.

ValuJet said it was informed of the vote by the National Mediation Board. According to the airline, 1 1 of 31 mechanics eligible to vote were in favor of union representation. Flight attendants at ValuJet earlier this month voted to join the Association of Flight Attendants. NEWT AND USED CARS. House Speaker Newt Gingrich helped cut the ribbon this week for Circuit City's latest CarMax outlet.

The used-car lot, in the Atlanta suburb of Norcross, is the Richmond-based retailer's fourth. All have computer systems that shoppers can tap into for details about the chain's inventory a feature that intrigued Gingrich at Monday's ceremony. He said it could be used to show how computers help deliver other services, including health care. "I want to start selling the idea of he said. TAXING QUESTION.

Three former heads of the Internal Revenue Service will be at the Williamsburg Lodge Thursday to discuss whether the tax system needs to be changed. Lawrence B. Gibbs, Fred T. Goldberg, Jr. and Shirley D.

Peterson were IRS commissioners from 1986, when the last major tax reform took place, through 1993. HOTEL OPEN. The Hampton Inn and Suites at 12251 Jefferson Ave. in Newport News has opened for business. The $6.2 million hotel is the first in the Hampton Inn chain to combine regular hotel rooms and suites into one facility.

Promus Companies Inc. of Memphis, owns the Hampton Inn and Suites brand. Yoder Inn Group L.P., led by John David Yoder of Newport News, owns the the Newport News franchise. BIZ BITES Heilig-Meyers the Richmond-based home furnishings retailer, said Tuesday that earnings rose 1.1 percent in its first quarter to $18.5 million, or 37 cents a share. Revenue for the period ended May 31 was up 18.6 percent, to $319.0 million.

Richmond-based United Dominion Realty Trust Inc. declared a quarterly dividend of 22.5 cents per share, payable July 31. HAMPTON Boston Market, the nation's fastest-growing restaurant chain, won't sprout its first Hampton Roads store this month as planned, a company official said Tuesday. Platinum Rotisserie the Boston Market franchisee for southeastern Virginia, said earlier this year that it would open a restaurant in Hampton near the intersection of Mercury Boulevard and Coliseum Drive. But so far, the company has not even broken ground on the site at 3327 Mercury Blvd.

formerly occupied by an Exxon station. "It's not anywhere on my 90-day outlook," said Kelly Jorgenson, a spokeswoman for Golden, Boston Market. The company uses the document to track its rapidly expanding list of stores. Boston Market, which changed its name from Boston Chicken in February to reflect its expanding menu, has 653 stores in 31 states and the District of Columbia, she said. The chain serves $4 to $6 meals of rotisserie-cooked chicken, ham, meatloaf, turkey and home-style vegetables.

Platinum Rotisserie Corp. officials based in Winston-Salem, N.C. could not be reached Monday or Tuesday to comment about the delay. Underground gas leaks have been reported at the site where the franchisee planned to build. Fuel tanks eventually were removed from the site, said Chuck Epps, a Richmond-based spokesman for the state Department of Environmental Quality.

LAKE BUENA VISTA, Fla. Move over, Mickey Mouse some new animals will soon be moving into town. The Walt Disney Co. announced plans Tuesday to build a fourth theme park in Central Florida, Disney's Wild Animal Kingdom, featuring beasts from real life and mythology. Walt Disney Chairman.

Michael Eisner called the new park "a celebration of animals that ever or never existed." Construction is expected to begin in September and should take about 2Vz years to complete, with early 1998 as the target opening date. "Disney's Wild Animal Kingdom will be magical, fanciful and fun in the tradition of all of our theme parks, yet it will incorporate a new dimension of reality with live animals in their natural habitats," Eisner said. The cost of the 500-acre animal park is rumored to be about $760 million, or about twice that of Epcot Center. Disney doesn't release the cost of its projects. In addition to the wildlife part, Disney also announced Tuesday some new and expanded attractions, including new resorts, educational and sports centers, and the construction of two Disney cruise ships.

The centerpiece of the wildlife park will be a 14-story tall Tree of Life, which will be larger than Spaceship Earth at Please see OpeningB7 -4 Shipyard's guesthouse to be sold A poster depicts elements of the planned fourth Disney theme park, Wild Animal Kingdom, ap Please see DisneyB7 By Usa Huber Daily Press 'Orlan Map Miles Foreign investment Share of total number of investment projects in former Soviet-bloc countries, by source, 1990-93 Magic Kingdom 535 NOTE: Does not total 100 due to rounding. I To Orlando A Vorld International VJ Airport NEWPORT NEWS It was once the site of gala dinners thrown for Newport News Shipbuilding execs, customers and guests. Some of them even slept there. Now, 24 years after buying the house near the shipyard's waterfront facility, the company has decided to unload the abode at 6100 Huntington Ave. "We're selling it because it's consistent with our strategic plan to reduce our asset base, which in effect reduces our overhead," shipyard spokeswoman Jerry Dick-seski said.

Cuts in defense spending have translated into fewer Navy contracts in recent years and forced the shipyard to find commercial work to help it stay afloat. The guest house is the only house Newport News Shipbuilding owns and the only property it currently plans to sell, Dick-seski said. Wild Animal Kingdom Lake Buena Vista Disney Village 192 ANIMAL KINGDOM Epcot Center LLTE Disney-MGM Studios sources: Size: 500 acres; twice the size of Epcot Center. Features: Live, wild animals, thrill rides. Projected cost: More than $760 million.

Scheduled opening: 1998. Northern Disney park is still up in the air. B7. Walt Disney 192 Main entrance 3f- news reports KRT JZZZ Please see HouseB7 Mutual funds: With the losses come valuable lessons good rule in life is that you learn more from your defeats than your victories. 928-1111 James K.

Glassman From Isle of Wight, Smitrrfield: 357-6594 From Middle Peninsula: (800) 981-6600 Financial categories 2111 I Business headlines 2000 seems, by hubris overweening pride in his own ability as a stock picker. Doomsday machines. My definition of chutzpah is a mutual fund that averages a 1 percent annual loss but charges a 4.5 percent load, or upfront fee. That's Dreyfus Capital Value which, Lipper said, has the worst three-Please see GlassmanB7 Glassman is former editor of Roll Call and fqrner publisher A of Atlantic Monthly. indicted on fraud charges.

Thieme is unrepentant. He told Bloomberg Business News last fall, "In a few years these stocks will be a lot higher than they are today, and everybody will be calling me a genius." Actually, that's one of the lessons to glean from Thieme's debacle: Never confuse genius with a rising market. From 1991 to late 1993, as stocks in general roared ahead, he tripled his shareholders' money using the same high-risk strategy. But, inevitably, he was undone, it Chicago financial publisher. This year, despite a market that's risen 18 percent, American Heritage is already down another 26 percent.

In other words, an investor who put $10,000 into in American Heritage on Jan. 1, 1994, now has $4,800 left. It's hard to believe you could lose this much money even if you were trying. Thieme did it by taking big risks in obscure, thinly capitalized or questionable stocks. One disaster was Spectrum Information Technologies, whose former CEO was recently In investing, however, such an education can be expensive which is why I prefer to learn from other people's defeats.

Let's consider some of the worst-performing mutual funds in recent years. Why did they do so poorly? How can you avoid their mistakes? Over the past three years, the average U.S. stock fund produced a return of 10.9 percent annually for its shareholders, according to Stock quotes 2001 (For instructions on entering your stock's ticker symbol, please see the liine information box on the first page of our stock listings. B3) The industries report 2901 Lipper Analytical Services. But several funds actually lost money.

Here's a look at some clunkers, and the lessons they offer: Beware hubris. Last year, the American Heritage fund, managed by Heiko Thieme, incurred a loss of 35 percent, the worst showing by, any diversified fund in the giantdatabase maintained by Morningstar a bi.chael Toole, Editor: 247-4766 To add a stock or mutual fund listing: 247-4734.