Tallahassee Democrat from Tallahassee, Florida • Page 35

i tf.lU.-XAI.HUV i Tuesday April 8, 2003 Business Editor Zannah Lyk Phone: (850) 599-2312 E-mail: ztyletallahassee.com Motley Fool Stocks Rates Mutuals 2 3 3 5 Make deals for new wheels. 2E 1 1 jy fLwj.j.LL Station picks up UPN full time Digest WALL STREET Stocks gain modestly on U.S. war advance an extension of last year's federal deadline to begin broadcasting in digital. WTLH is among the stations that isn't yet broadcasting digitally, Hinterschied said. WTLH is owned by Pegasus Communications, as is WFXU, Valdosta's Channel 57 UPN affiliate.

WTLF is owned by KB. Prime Media and operated by WTLH. Both Pegasus and K.B. Prime Media are based in Pennsylvania. UPN and Fox aren't the only local television stations sharing resources.

WTXL and WTWC agreed to combine their sales and operations "WTLH began providing UPN prime-time programming to local viewers last year by buying airtime on Comcast's leased access channel. The station recently decided to go full-time with UPN in the Tallahassee market, and filed for a "must-carry" status with the Federal Communications Commission. Under federal "must-carry" rules, the local cable company must carry certain local broadcast stations. "It's any TV station's desire to be a full-time station," said David Hinterschied, general manager for both the UPN and Fox stations. "Well have a lot of different programming people haven't seen in a while in the market." By Rachel Sams DEMOCRAT STAFF WRITER For the first time in more than two years, Tallahassee has a full-time UPN affiliate.

The WTLF station, operated by WTLH Fox 49, will begin broadcasting full time May 7 on Channel 24. This month, WTLF full-time programming is being shown temporarily on Comcast Channel 19. Comcast took local UPN affiliate WVUP off the air in early 2001 because of broadcast problems caused by financial difficulties at the station. UPN viewers! clamored for their favorite programs, such as "Star Trek: Voyager," and Comcast began broadcasting iirime-time UPN shows on its eased access channel. WTLF is launching as a digital television station.

A digital TV signal contains more pixels, more channels of sound and a wider picture than an analog signal. Any Comcast cable customer can receive WTLFs digital signal, Hinterschied said. TV viewers who don't have cable can view the signal using a digital television or, if they have an analog TV set, with a digital-to-analog converter. The federal government wants all stations to begin broadcasting a digital signal so that it can reclaim the analog spectrum currently being used by TV stations. Many commercial television stations, including several local ones, sought Please see UPN, 2E Rent too sporty? Stocks jumped as U.S.-led troops swept into Baghdad and seized a presidential palace Monday, cheering investors hoping for a swift end to the war.

But a burst of late-day profit-taking left stocks just modestly higher. The Dow closed up 23.26, or 0.3 percent, at 8,300.41, after gaining 1.6 percent in the previous week. The Nasdaq composite index rose 6.00, or 0.4 percent, to 1,389.51, following a weekly advance of 1 percent. The Standard Poor's 500 index gained 1.08, or 0.1 percent to 879.93, after rising 1.8 percent last week. Stocks have fluctuated in recent days as investors focus on the latest developments from Iraq and make bets on how long the war will last.

Analysts say traders are generally optimistic about a short war, although they have been quick to sell on signs of a protracted conflict. FINANCE Salomon becomes Citigroup: The Salomon name in investment banking has ridden off into the sunset. Corporate and investment banking group operations are now branded under the Citigroup Inc. name, replacing the old Salomon Smith Barney, Citigroup said Monday. The new name is part of a long-term plan to re-brand the Salomon operations.

It began showing up in new filings Monday with the Securities and Exchange Commission, including a secondary stock offering for the Chicago Mercantile Exchange, where Citigroup, rather than Salomon, is listed as a co-manager of the deal. New York-based Citigroup had previously dropped the Salomon name from its Salomon Smith Barney brokerage operations. MAPS Rand McNally emerges from bankruptcy: Map maker Rand McNally Co. has emerged from federal bankruptcy protection, the company said Monday. Rand McNally shed more than $250 million in debt during the two-month Chapter 11 restructuring, said Peter Nolan, a managing partner at Leonard Green Partners, a Los Angeles-based equity firm that now owns a majority stake in the 147-year-old company.

Skokie, Rand McNally filed for protection Feb. 11 to shed the debt that had hampered its growth and limited its ability to attract investors. Rand McNally produces maps and operates retail stores. AIRLINES American, Continental cut flights: American Airlines said Monday it would scrap more flights because of the war in Iraq and the weak economy, while Continental Airlines suspended some flights to Hong Kong because of a drop in traffic caused by fear of a mystery illness. The announcements were the latest moves by airlines to cope with a long slump in travel demand.

American, the world's largest carrier, said it would operate about 13-percent fewer international flights and 2-percent fewer domestic flights in May than previously planned. Continental, meanwhile, said it was suspending flights between Newark, N.J., and Hong Kong until June 2 because of a plunge in traffic that it blamed on an outbreak of severe acute respiratory syndrome (SARS). Continental said last week it would reduce capacity by 2 percent this summer and cut more jobs on top of the 1,200 layoffs it announced last month. RESTAURANTS Wendy's reaffirms 2003 forecast: Wendy's International Inc. on Monday said sales at company-owned locations open at least a year dropped 3 percent in March, compared with a rise of 3.6 percent a year ago.

However, the nation's third-largest hamburger chain reiterated its 2003 profit forecast. Wendy's still expects earnings to rise 7 percent to 10 percent, to $2.02 to $2.08 a share this year. The mean estimate of analysts surveyed by Thomson First Call is for full-year earnings of $2.03 a share. The Dublin, Ohio, company posted a profit of $1.89 a share last year. Democrat news services ANDREW DAVIS TUCKER Associated Press Joe Mulllns of Martinez, stands In the back yard at the house he usually rents out during the Masters.

Mulllns, a former sports agent who now arranges tickets and lodging for VIP fans, won't get his $10,000 rental fee this year. His clients asked him to book hotel rooms Instead. aft who now arranges tickets, lodging and catering for VIP sports fans won't get his $10,000 rental fee this Masters. His Fortune 500 clients canceled plans to rent Blame protest or bad economy; companies are spending less houses and asked him to book hotel rooms instead. "Normally, I wouldn't deal with any hotel rooms.

And I've got two houses Bitting empty," said Mullins, who M0S ON THE MASTERS Get the sports angle. 1C Augustans who house, feed and chauffeur tournament visitors say it's a different crowd this year, with fewer fat expense accounts and more casual fans paying out-of-pocket. It's hard to pinpoint which companies aren't coming and which are scaling back. Augusta businesses zealously guard identities of their Masters clients. But Augusta National dropped its three sponsors and IBM to shield their image.

American Express chairman Kenneth Chenault, an Augusta National member, has said the club should admit female members. American Express spokeswoman Molly Faust said the company hasn't held Masters hospitality functions for several years and won't this year, either. As for whether Chenault will attend, Faust said, "We By Russ Bynum THE ASSOCIATED PRESS AUGUSTA, Ga. Joe Mullins' house has all the makings of a perfect Masters party pad five bedrooms, 61-inch television with ceiling-mounted speakers, whirlpool bathtub and deck with attached gazebo. During the tournament last year, the huge deck groaned under the weight of partying New York executives noshing on prime rib, sushi and drinks served by waiters in black tie.

But Mullins a former sports agent declined to name his clients. "Instead of using limos, they might rent a van. That's a big change. It's real low-key for them." Blame Martha Burk's protest against the all-male members of Augusta National Golf Club or the weak wartime economy as most residents do. But more Masters high rollers are slashing spending on Augusta's Southern hospitality.

One of the hottest ticket in sports, the Masters is always a sold-out event. Please see MASTERS, 2E Fed is making plans for possible recession New McDonald's CEO trims spending Pc'lnr the of liocrets it One key element hasn't been used successfully in a half-century. Based on comments by Federal Reserve Chairman Alan Greenspan and other Fed officials, the central bank is expected to move beyond its traditional buying and selling of short-term Treasury securities held by banks to the direct purchase of longer-term securities in an effort to influence long-term interest rates. Also, Fed officials have indicated they are prepared in the event of an unexpected shock to the system to lend massive amounts of money directly to commercial banks The lode the Hmgs: Ef The Iwd Towir 1 By Marba Cnrblager THE ASSOCIATED PRESS WASHINGTON Confronting new fears of recession, the Federal Reserve is refining an emergency economic rescue plan that includes further interest rate cuts and billions of dollars in extra cash for the banking system. The Fed's effort would be aimed at pulling the country out of a nosedive that has seen 465,000 jobs evaporate in the past two months, raising fears among economists that the weak recovery from the 2001 recession, is in danger of stalling out altogether.

"Clearly, the Fed is in uncharted territory," said economist David Jones. "I think they will try some experimental moves." largest restaurant chain. Cantalupo said the company now expects to spend $1.2 billion on capital expenditures this year $700 million less than previously announced and $800 million below1 last year's total The remainder, he said, will be used to strengthen the balance sheet and return cash to shareholders. Lower capital spending will continue until McDonald's achieves a "significant" improvement in sales, margins and returns, Cantalupo said. Investors embraced the news.

McDonald's shares surged to their highest level since Jan. 20 after the announcement, finishing up $1.25, or 8.6 percent, at $15.80 on the New York Stock Exchange. By Dm Carpenter THE ASSOCIATED PRESS Pledging to make McDonald's Corp. "better, not just bigger," the Durger chain's new CEO disclosed plans Monday to sharply reduce capital spending and open fewer restaurants this year amid an unprecedented slump. Jim Cantalupo, under pressure to revive McDonald's sagging sales and stock price, also unveiled a new marketing effort and said the company will improve its menu but overall "do fewer things and do them better." Revealing more specifics of his turnaround strategy, Cantalupo told analvsts in New York that his plan relies on improving sales at existing restaurants rather than more rapid expansion for the world's An Star Wars: Episode i i a it i Die Another Day nun Sourc Vnry GapNc Pal Cht.

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