Albuquerque Journal from Albuquerque, New Mexico • 21

I Albuquerque journal DOW NASDAQ ON THE WEB The latest business news from the Associated Press at ABQjournal: Co Jo www.abqjournalcom. 1 0 fra TTi NYSE Section 8,253.79 177.83 S23.14 534.35 7X5 Stocks 2 Btoeet Braces for Retam to September Warning Season Frays the Nerves warnings season. On Friday, the Dow fell 177.98, or 1.9 percent, to 9,253.79, its lowest close since Oct. 31, when it stood at .9,075.14. Over the last three sessions, it fell 452.33.

Broader stock indicators dropped to their lowest closes since A'if Sept. 21, the' end of the first week of trad- ing following Wctch how stocks have suffered: Over the past the week, the Dow has lost 2.3 percent, the" Nasdaq has stumbled 4.2 percent and the is down 1.8 percent Since May 17, the last time the market had a winning week, the Dow and have fallen 10.6 percent, while the Nasdaq has lost 17.3 percent The Nasdaq is just 1.3 percent above its Sept. 21 close, and the has 2.4 percent to go. The Dow is in somewhat better shape, standing 12.4 percent above its post-attack low. Judging by the market's steep losses and what some companies have already said about their second-quarter results, trading is likely to be turbulent for a few weeks.

ingstar, a Chicago-based research and investor services company. Or more simply put: "It's a show-me market," said Michael Murphy, head trader at Wachovia Securities. The market's big drop looks bad, but there's a contrarian viewpoint that suggests that it might be exactly what stocks need. The theory is that a sharp sell-off over the course of several days might give the market a bottom to work up from and would provide investors with cash to reinvest. Many on Wall Street believe that what has kept the market from really reaching its lows is its resiliency.

Days of steep declines have been followed by rallies. "I am looking for a few days when everyone just gives up," said Al Mirman, strategist at Finance in Sarasota, Fla. market is likely to have some blips upward when some -companies issue upbeat second-quarter forecasts, as McDonald's and Qualcomm did this week. But analysts expect to see losses similar to the declines the market suffered when companies including Apple Computer and Ciena issued warnings, and when Lehman Brothers reduced its earnings estimates for IBM. "I don't think anyone I have talked with has been especially optimistic.

I think investors, in general, are waiting to see what the second quarter looked like," said Peter DiTeresa, senior fund analyst for Morn- By Amy Baldwin' The Associated Press NEW YORK Wall Street's losses over the past five weeks have been stunning, with the market's major indicators falling by double-digit percentages, and the Nasdaq composite and Standard Poor's 500 indexes dropping to levels not seen since the post-Sept 11 lows. While concerns about terrorism still haunt investors, the greater influence on trading is the fact that the market is in the throes of one of its most anxiety-producing periods lj i the terror c5.f70, 1. attacks. The Standard BEBETO MATTH EWSAP A SINKING FRIDAY: A trader works on the littered floor of the New York Stock Exchange on Friday afternoon. The Dow Industrials ended the- day at 9,253.79.

Poor's 500 index lost 17.15, or 1.7 percent, to 989.14, while the Nasdaq composite index fell 23.79, or 1.6 percent, to 1,440.96. Market statistics bear out AROUND NEW MEXICO Realco Has New Address N.M. Company Is Now in Minnesota Staff and Wire Reports Horizon Award Is the First Nominations are being sought for the first Horizon Award recognizing an individual who has greatly contributed toward advancing women and girls in science, engineering, math or technology, The award is to be presented at the New Mexico Commission on the Status of Women's Estrella Awards in September; it is sponsored by the New Mexico Team for Advancing Women and Girls in Technology on behalf of the Women's Bureau of the U.S. Department of Labor. Nominations forms are available through 844-1321.

Gas, Oil Rig Count at 833 The number of rigs exploring for oil and natural gas in the United States this week dropped by 6 to 838. Of the rigs running nationwide, 698 were exploring for gas, 139 were looking for oil, and one was listed as miscellaneous, Houston-based Baker Hughes Inc. reported Friday. A year ago, the rig count was 1,277. New Mexico gained three rigs.

Fax or e-mail your New Mexico business briefs to (505) I RICK SCIBELLIFOR THE JOURNAL, LAYING TRACK IN THE SKY: Omar Corral, foreground, of Custom Coasters carries another tie up to the track of the New Mexico Rattler roller coaster at Clin" Amusement Park, which Is behind schedule for opening the ride. Roller Coaster Delayed NATION By Aaron Baca Journal Staff Writer New Mexico has lost another publicly traded company. Albuquerque's Realco a real estate and financial services company, reincorporated in Minneapolis earlier this month and changed its name to the Oak Ridge Capital Group. Company officials decided on the new incorporation and name to bolster the company's financial services arm and distance the company from being perceived as focused only on real estate. "We're still the same company.

This really doesn't mean much for the day-to-day operations," said Edward S. Adams, the chief executive of Oak Ridge Capital. "Actually, we're very pleased with our real estate operations. What we're trying to do now is address the needs of the financial services division. "Once the markets pick up again, we will be well positioned as a company with a strong real estate division and a strong financial services division," Adams said.

Because of the new incorporation, Realco stock, RLCO, now trades under the ORCG ticker symbol. ORCG is traded on the Nasdaq. Other companies that were once publicly traded and headquartered in New Mexico include Lukens Medical, Mesa Air, Muse Technologies and Specialty Teleconstructors. But the former Realco's New Mexico operations will continue operations, Adams said. As Realco, the company operated several subsidiaries locally.

Those subsidiaries include PHS Mortgage, Charter Builders, First Commercial and Realco Construction. The configuration of Realco began to take shape earlier last year when it bought Minneapolis-based Equity Securities Investments, a securities broker. Former Realco CEO James A Arias, a company founder, stepped down in April this year and was succeeded by Adams. Realco reported profits of $287,000, or 6 cents per share, in the first quarter on $10 million in revenues. Company shares closed this week at $1.50.

from prefabricated units. "It's nothing to compare with what the new one is. It's just a whole different banana," Hays said. Riders can expect swoops and drops that leave the stomach a-flutter but no loops, Hays said. "It's not the real scary kind of coaster, but a thrilling ride," she said.

Crews from Custom Coaster began erecting the steel framework in early May after building the concrete foundations. A separate crew is constructing the wooden track, which will give the ride a distinctive feel and sound, Hays said. "It's not uncommon for delays in construction. We were just going by what the manufacturer told us (about the initial completion date)," said Cliff co-owner Linda Dubbed the "New Mexico Rattler," the $2 million steel and wood coaster is being constructed by West Chester, Ohio-based Custom Coaster' which built the Ghostrider at Knott's Berry Farm in Buena Vista, and the Mega Zeph at Jazzland in New Orleans. Custom Coaster has designed the 80-foot-tall coaster to fit in and around existing rides at Cliffs.

For 25 years, Cliffs patrons have ridden a small roller coaster built Cliff's newest amusement ride won 't open until mid-July By Rosalie Rayburn Journal Staff Writer Thrill seekers will have to wait at least three more weeks to shake, rattle and roll on New Mexico's first serious roller coaster. The debut of the New Mexico rattler at Cliffs Amusement Park had been scheduled for Friday, but construction delays mean that it won't be ready for its first public rides until at least mid-July. Ex-Rite Aid Execs Indicted HARRISBURG, Pa. Three former Rite Aid Corp. executives were indicted Friday for allegedly falsifying the books in a scheme that inflated the drugstore chain's profits by $1.6 billion and forced the biggest restatement of corporate earnings in U.S.

history. Martin L. Grass, 47, former chairman and chief executive; Franklin Brown, 74, former chief counsel and vice chairman; and Franklyn Bergonzi, 57, a former executive vice president land chief financial officer, face the most seri-jdus charges. i Eric S. Sorkin, 53, executive vice president for pharmacy services, was charged with conspiracy to obstruct justice and making false Statements to a grand jury.

Martha's Broker Suspended NEW YORK Merrill Lynch has suspended the broker who handled a trade for Martha Stewart in the shares of ImClone Systems a troubled biotech company. Merrill Lynch said Friday it put Peter Bacanovic, as well as his assistant, Douglas Faneuil, on paid leave following an internal investigation. Stewart has come under scrutiny over the sale of nearly 4,000 shares of ImClone in December, a day before federal regulators said they would not consider the company's new cancer drug. ImClone's shares plummeted after the news came out. Michelin Replacing Some Tires LT 23585R16 Phantom AP Load Ranger 23575R15 Phantom AP Standard Load; and 23575R15 Phantom AP Extra Load.

Nan Banks, director of public relations for Michelin North America said in a phone interview Friday that the replacement offer is not a recall but a "customer satisfaction campaign." A Michelin news release said there have been no reported injuries associated with the tires. "We simply noticed that in areas where conditions are extreme or in extreme uses the tire would separate," Banks said. As many as 30,000 Phantom AP tires could be susceptible to failure, she said. Michelin North headquartered in Greenvile, N.C., ran ads in newspapers, including the Albuquerque Journal, and mailed notifications to purchasers to notify consumers about the replacement offer. Purchasers of the tires can obtain no-charge replacements at any Discount TireAmerica's Tire store before July 16.

By Charles D. Brunt Journal Staff Writer Tire maker Michelin North America is offering free replacement of four sizes of its Phantom AP tires that con fail when driven under extreme conditions, the company said Friday. The tires, sold exclusively by Discount Tire Co7America's Tire Co. in New Mexico and the rest of the country, were sold between 1997 and 1999. The affected tires are LT 24575R16 Phantom AP Load Ranger 1 4 i not Equalizer Is Added to House Medical Legislation Ail U.S.

i ou'riik's compared to those I lci.3 than $1.0,000: I If 1 I I Income lss r- Own home Tl i ran tor omy several mon'hs Spend more j- i22 thnn income Medicare New Mexico's physician work factor is currently 0.973. doctor in San Francisco receives an 1 adjustment of 1.068. A Cimarron Health Plan study found that Medicare paid a New Mexico physician $525.25 to perform an appendectomy, 1 while the national average is $558.95. Wilson said the difference is unfair and can contribute to New Mexico doctors' leaving the state to seek work in other states where reimbursements are better. Her amendment would raise the minimum geo-, graphic adjuster to 0.985 from the current minimum of 0.88.

"This is a big step forward for a lot of us in underserved parts of the country," Wilson "It is not right to discriminate based on where you live." 1 Wilson said her amendment was approved for inclusion in the prescription drug bill early Friday by the( House Energy and Commerce Committee. The measure is expected to be debated on the House floor next week. 1 A Don't save r. United States. Physicians' fees have, three components: the work they do, the expense of running their practice and the cost of malpractice insurance.

Roughly 14 percent of the average physi-cian'sMedicare reimbursement is adjusted according to the value of their wages in the area where they practice, according to Wilson. 1 The adjustment is made by multiplying the payment rate by a geographic factor for each of the 7,000 procedures By Michael Coleman Journal Washington Bureau WASHINGTON A House committee early Friday amended a major prescription drug bill to include a measure written by Rep. Heather Wilson, to help rural states like New Mexico retain and recruit doctors. Wilson said her amendment, which she first introduced as a bill in April, would raise Medicare reimbursement rates for doctors in New Mexico and 32 other "localities" across the 23 3 regularly :3 SOURCE: Con wrmr fedwaf mfl OtAimrtcm WILSON: Not right to base doctor pay on region 1.