The Dow Jones industrial average lost 22.79 points Tuesday to 3,809.23.
Judge rejects suit in Blockbuster deal
A Delaware judge on Tuesday rejected a request by Blockbuster Entertainment Corp. shareholders for an emergency hearing to try to block the company's $1.25-billion infusion into Viacom Inc.
The decision came on the same day that Viacom's tender offer for Paramount Communications Inc. was to expire. It was important because Viacom planned to use the funds from Blockbuster to help pay for Paramount, the highly sought-after entertainment and publishing conglomerate.
MUTUAL FUNS STAY HOT. The mutual fund industry began 1994 where it left off last year, attracting record inflows of money in January. Monthly statistics from the Investment Company Institute, a trade group in Washington, showed net cash flow of $32-billion into long-term stock and bond funds in January, breaking the record of $31.4-billion set in December.
SATURN DEALERSHIP TO EXPAND. Saturn of Clearwater, which owns the franchise rights to sell Saturns in Pasco and Pinellas counties, is negotiating to lease a former Oldsmobile dealership on U.S. 19 near State Road 52 site so it can open Saturn of Pasco, said Mark Belviso, the dealerships' general manager. The dealership is also looking for a site in St. Petersburg to start Saturn of St. Petersburg.
BYRONS TO OPEN IN TAMPA. Byrons, a Miami-based department store chain, plans to open its ninth Tampa Bay store in August. The company is taking over space in Tampa's Britton Plaza that previously housed a Belk Lindsey store. The store's first floor is being expanded by 10,000 square feet for the move, but the second floor will remain vacant.
CABLE TEST DELAYED. Time Warner Cable postponed a high-profile test of advanced two-way TV in Orlando from next month to at least October, a sign that the building of advanced electronic networks will take longer than expected. Time Warner Cable, the nation's second-largest cable operator, said Tuesday it would still meet its goal of reaching 4,000 Orlando homes by the end of the year with the test, dubbed the "Full Service Network."
MOTH THREATENS CITRUS. The microscopic citrus leafminer has entrenched itself throughout Florida's citrus belt, and scientists are working to head off serious economic losses to growers, according to the University of Florida's Institute of Food and Agricultural Sciences. The destructive Oriental moth was discovered in South Florida early last year and has spread quickly. The pest bores into leaves as they hatch and "mines" the leaves for food.
EVA-TONE CONTRACTS RENEWED. Eva-Tone Inc. of Clearwater has won renewed contracts of $2-million and $176,406 from the Library of Congress for flexible disc magazines for the blind and handicapped. Using narrators, the company records dozens of magazines, including Sports Illustrated, U.S. News & World Report and Good Housekeeping, onto thin flexible discs that can be sent through the mail. The company has been providing this service for more than 20 years.
Best Mortgage Rate
The best 30-year fixed mortgage rate in the Tampa Bay area as reported Tuesday was 7.500 percent with 0 points offered by, among others, C
C Financial (813) 287-2878, Richard Rahall Mortgage (813) 327-0899, and Action Mortgage (813) 725-8888. The rate is based on a $100,000 purchase with a 5 to 10 percent down payment. For additional mortgage rate information, see the complete list of rates offered by area institutions in Saturday's Home & Garden section. The information is supplied by National Financial News Services in West Chester, Pa.
DOW 30 INDUSTRIALS 3809.23 -22.79
DOLLAR JAPANESE YEN 104.595 -0.005
YIELD 30-YEAR U.S. BOND 6.78 +0.13