South Florida Sun Sentinel from Fort Lauderdale, Florida • Page 63

SUN-SENTINEL, SOUTH FLORIDA PB Saturday, October 2, 1999 13C iiSHie Sun-Sentinel section Saturday October 2, 1 9 9 9 PB south Florida DOW: 10,273.00 A 500: 1,282.81 (0.10) NASDAQ: 2,736.85 (-931) RUSSELL 2000: 423.53 30-YR BOND: 6.13 (0.09) COMMUNICATIONS Business Briefing FPL's motions rejected A circuit judge in Jacksonville nixed two post-trial motions filed by Florida Power Light after a jury ruled in August that FPL must pay 1 8.5 million in damages for having breached a long-term power contract with Cedar Bay Generating. ponders Excite strategy Telecom giant may sell 26 stake in Internet firm or split it into two companies FPL had asked the judge to overturn the jury's damage award and to reconsider the judge's own ruling that FPL must correct its method of calculating By ANTHONY MASSUCCI BLOOMBERG NEWS REDWOOD CITY, Calif. Excite At Home Corp. shares rose as much as 13 percent after controlling stakeholder Corp. said it's exploring alternatives for its investment in the Internet access provider.

Excite At Home rose $3.06 to $44.50 in trading of 13.8 million shares. Earlier, the stock climbed as high as $46.75. Since At Home Corp. unveiled the purchase of Excite Inc. on Jan.

1 9, its shares The Redwood City, California-based company later issued a statement following the announcement that it is "continuously assessing" its strategic relationships. Excite At Home Corp. delivers services through cable-TV lines at speeds 100 times faster than standard telephone modems. Other investors in Excite At Home include cable operators Comcast Cox Communications Shaw Com- EXCITE continues on 14C have dropped about 22 percent. may sell its 26 percent stake in Excite At Home, or split it into two companies the Excite.com Internet search service and a provider of online access through cable-television lines, analysts said.

acquired 58 percent of the voting shares of Excite At Home through its purchase of cable-TV company Tele-Communications Inc. earlier this year. may recognize that its real business is in access, not as a media company," said David Card, an analyst at Jupiter Communications a re search company. wants to use its cable networks to deliver voice, data and Internet services to customers. It will avoid having to pay fees to other phone companies for carrying voice calls on their wires.

Shares of fell $1.75 to $41.75. The long-distance telephone company, which soon will be the largest U.S. cable-TV provider, made its statement after the close of trading in New York and after Excite At Home President George Bell said the company was not in talks to be acquired. REAL ESTATE Viva, Las Vegas condos Luxurious high-rises 1 i 4 -4 i i I i yV vra (i life IS mAMi.L.y are selling fast as the city continues to attract wealthy new residents. By ROBERT BURGESS BLOOMBERG NEWS LAS VEGAS Move over New York, Chicago and Miami.

The latest hot spot for expensive high-rise condominiums is Las Vegas. The biggest going up is Turnberry Place, a $600 million complex a block off the Strip that will feature European cabinetry, imported marble, private elevators and spas. Prices range from $400,000 to more than $5 million. "Our project is unequaled from what anyone else is doing anywhere," said Jeffrey Soffer, a 3 1-year-old Miamian who is developing the project with partner Lehman Brothers Holdings Inc. and loans from BankAmerica Corp.

Las Vegas, with fanciful new casinos such as Steve Wynn's $1.6 billion gio and the $760 million Paris, is trying to transform itself into a posh, Disney-esque resort for adults. Developers see profits in selling high-end residential apartments to celebrities, corporate chiefs and the city's home-grown wealthy, some of whom seem ready to quit commuting on increasingly congested roads from the suburbs. Turnberry Place, envisioned as four 38-story towers, broke ground only in August, but already 75 percent of the residences in the first tower are sold. Buyers include out-of-town high-rollers such as racehorse owner Bob Lewis and Joe Weider, who made his fortune selling nutritional supplements. Although Las Vegas is booming now, some wonder whether Soffer and the others will be able to sell all the apartments, especially if the economy cools, the stock-market bubble bursts and interest in the new casinos fades.

"The obvious question is if Las Vegas can remain affluent enough to keep drawing people back again and again," said Peter Dennehy, a managing director of housing consulting firm Meyers Group. Developers, always an optimistic bunch, are pushing ahead. Las Vegas, they say, now commands equal footing with other places where the rich and fa- payment on the contract. Cedar Bay, a coal-fired cogeneration plant in Jacksonville owned by California-based power company began producing electricity for FPL under a long-term contract in January 1994. Juno Beach-based FPL said it will take the case to appeals court.

Mortgage.com gets boost Two venture capital firms have purchased more shares in Plantation-based mortgage.com. Technology Crossover Ventures and Dominion Ventures disclosed in regulatory filings that they bought 2.4 million common shares in August at the IPO price of $8 each. The purchases, though, are equivalent to about one-third of the 7. 1 million shares mortgage.com offered to investors. Shares in mortgage.com rose 44 cents to close at $10.06 on Friday.

Ecuador defaults on bond Ecuador failed to gain investor support in time to make an interest payment, becoming the first country to default on its Brady bond debt. Investors balked at Ecuador's plan to have creditors request the bonds' collateral for the remainder of an interest payment due Thursday on part of its $5.9 billion in Brady debt. The default is a sign of Ecuador's inability to pay its foreign debt, the heaviest per capita in Latin America, and means the government must restructure domestic and foreign debt to regain its financial footing, analysts said. BellSouth eyes Sprint stake BellSouth is considering buying at least one multibillion-dollar piece of Sprint, The Atlanta Journal-Constitution reported on Friday, without citing a BELLSOUTH source. While South Florida's leading local phone provider has said previously that it would consider buying a controlling stake in long-distance and data network provider Qwest International, Sprint's network is larger and has been touted as more reliable.

A BellSouth spokesman in Atlanta would not comment on the report. Shopping center exec to meet About 400 shopping center executives from throughout the Americas will gather starting Sunday in Miami for a three-day conference focused on retail and shopping center development in Latin America. The second annual Latin American conference at the Hyatt Regency Hotel includes panel discussions, as well as a trade show featuring some 50 companies. The conference is sponsored by the New York-based International Council of Shopping Centers, which provides services to 38,000 members in 70 countries. Reports jolt Andrx stock Shares of generic drug maker Andrx of Fort Lauderdale fell sharply on Friday after several news reports said Federal Trade Commission lawyers will recommend filing an antitrust lawsuit against the company and Hoechst AG of Germany.

The FTC would not comment on the report, but an agency spokeswoman confirmed for the first time that the FTC has launched "a number of investigations concerning relations between branded pharmaceuticals and their potential generic competitors." Andrx President Elliot Hahn said, "I'm disappointed, obviously, that the stock is down based on these rumors. Andrx shares closed at $51.56, down $6.97. The FTC is said to be concerned that Hoechst paid Andrx $90 million to delay introducing a generic form of the heart drug Cardizem CD. Subs, Nathan's complete deal Nathan's Famous Inc. and Miami Subs Corp.

said the merger of the companies has been completed, effective Friday. The stockholders of Westbury, N.Y.-based Nathan's approved the merger and an increase in the number of shares of common stock to 30,000,000. Shareholders of Miami Subs also approved the merger. Miami Subs will continue operating as a subsidiary of Nathan's. BUILDER: Miami resident Jeffrey Soffer, developer of Turnberry Place, is bullish on Las Vegas' luxury condo market.

Bloomberg News photoLaurie Cain mous play, many of whom are attracted by Nevada's lack of a state income tax. Lounge acts still abound, but Broadway shows are also being booked. Instead of buffets, visitors can check out the latest restaurants from chefs Wolfgang Puck and Emeril Lagasse. Gianni Versace, Hermes, Louis Vuitton and Gucci are opening stores. Sports magazines rank the city as one of the top golf destinations in the country.

"We wouldn't have seen all these new high-rises if not for the growth in luxury gaming, dining and shows that have sprung up," Dennehy said. "Las Vegas is now a must-stop for affluent travelers." The number of half-million-dollar homes sold each year in the city has more than tripled to 309 since 1990, housing research firm Dataquick has found. The population more than doubled since 1985 to 425,000 in 1997. "A lot of people have made a lot of money here in the past 10 years," said CONDOS continues on 14C UNDER CONSTRUCTION: Turnberry Place, a $600 million project a block off the Strip, will feature four 38-story towers. Ground was broken in August, but the first tOWer already 1'S 75 percent leased.

Bloomberg News photoLaurie Cain ECONOMY Income rise Here is a look at Americans' personal income. Seasonally adjusted In trillions Spending increases The nation's personal spending, seasonally adjusted In trillions H-lfrfl te. tc A. Construction slips Monthly construction spending, seasonally adjusted In billions $720 U.S. manufacturing more but saving less Reports spark rate fears as Fed meeting looms 710 $7.6 EEKr iSilll A A 1999 6.2 6.15 6.1 ill MAM i A MAM i A tumbling on worries that the Federal Reserve will 1999 1999 and provides further evidence that the overall economy rebounded from a sluggish second quarter.

Separately, the Commerce Department said Americans' personal income climbed in August for the eighth consecutive month. But their spending rose faster, leaving the nation's savings rate matching a record low. The combination of reports kept alive Wall Street's fears that the economy is overheating, sending stocks and bonds Sun-Sentinel wire services NEW YORK The nation's manufacturing sector grew in September much more strongly than expected, while prices of raw materials soared to the highest level in more than four years, according to a survey released Friday. The report by the National Association of Purchasing Management confirms that industry is recovering from the setbacks of the Asian financial crisis raise interest rates for a third time this year. Fed policymakers meet Tuesday.

The Dow Jones industrial average was down nearly 153 at one point Friday and closed down 63.95 points at 10,273. The purchasing managers' group said the manufacturing sector grew in September for the eighth consecutive month. Its index rose to 57.8 percent the highest since a reading of 59.2 percent in November 1994 and was up sharply from 54.2 percent in August. Analysts had expected little change. A reading of more than 50 is a sign of ECONOMY continues on 14C.