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Show Ghe Salt Lake Tribune BUSINESS @ CONSUMER CORNER, C-9 Indicators Industrials M BUSINESS G LANCE, C-40 ME DILBERT, C-13 MAY25, 1999 Markets May Stretch Out the Trading Day Market Dow UTAHBRIEFS, C-9 Page C-8 Stock exchanges explore extending the session. West Coastlikes idea; small brokerage firms don’t . NYSE BY NOELLE KNOX HE ASSOCIATED PRESS NEWYORK — Thechairman ofthe New York Stock Exchange said Monday the Big Board may extend trading hours starting in July, giving investors more » to buy and sell stocks. The NYSE is not alone. The Nasdaq SLOCExec Loses Millions Mondayin Stock Market Fraser Bullock, the No. 2 executive of the Salt Lake Organizing Commit tee, took a $3.8 million beating Monday in the stock market. ResortquestInternational Inc. — a plex debate from Wall Street to Wash- A Paralegal Quandary: Is Licensing Warranted? Investors, many in different time 20percent and25 percent of its custom- # fe i f HESAOTREE eee aN aa Securities Dealers, said he will vote ers’ orders are placed either before the market opensor afterit closes. against Nasdaq's secondsession. Hesaid he has canvassed small bro- Because wehavea large West Coast keragefirms across the country, and "I haveyet to see one hand go upinfavor of this,’ adding, “I consider it to beananti. small business measure.” Extended hours also would create a Schwab, whichis basedin San Francisco. Lobbying against longer hours, however, are numerous small brokeragefirms that don’t have the resources to meet the demandsof latenight andearly morning challenge for the financial media, which producestocklistings for their publications, The Associated Press, which provides business. Alan Davidson, president of the Inde- pendent Broker-Dealer Association and a governorof theNational Associationof See MARKETS, Page C-14 Internet Firm, Former Execs || To Pay Fines EN | $ ET seiaes. | | Some argue for certification; whowould regulate is disputed 3a It is down 62 percent fromits 52-week 22.57 a share a Resortquest director 8 shares, inclu tions for 10.000 shares, as of last nonth Resortquest said it expects to earn 10 cents to 14 cents a share in its sec d er, Wall Street asensus was 18 cents st The THE SALT LAKE TRIBUNE An Internet commerce company and two ofits former executives have they misled consumers about how much moneycould be madesellingad- vertising for the company’s online shopping mall community want to change that tants as they ) are called. either to be licensedor certified through anaccredit ed organizati Most in the | Studio City, Calif.-based Imall Inc. which operated from Provo until late 1997, will pay $750,000 of the settle ment. Its two former executives, Mark Comer and Craig R. Pickering. will pay the remaining $3.25 million. ensure a 1 claim. whether it is on the Internet 07 They want paralegals, or legal assis quiring a li ‘Adeceptive claim is a deceptive rd of compe tency But who would oversee es questions of the in your local newspaper.” said Jodie regulation of Bernstein, director of the FTC’s Bu- paralegals them- reau of Consumer Protection ion The FTC, which reachedthesettlement with the company and its two former executives in mid-April claimed that between July 1995 and August 1998. Imall marketed two In ternet-related business opportunity ndards,” said ould we be li me other au stants author. ompany attributed the shortfall to costs stemming from acquisitions and advertising ed last year programs companies. in es Property Management Inc. in Park n a transaction known as aroll 1} Th y went public at $11 a 0.199 Sky High BY STEVEN OBERBECK eral Trade Commission (FTC) charges E SALT LAKE TRIBUNE Paralegals do not need a license to work in Utah. But some within the legal quarter earnings would be below Imall, once based in Provo, agrees to FTC settlement agreed to pay$4 million to settle FedBY PHIL SAHM ent after announcing its second. Resortquest was cre The concept of expanded trading hours, while simple, has sparked a com ington, partners — sawits sharesfall 42 per. »y bring g to, we have an interest in,” said Marta Von Lowenfeldt, a spokeswoman for Charles NYSEboard will consider its options zones, want more time to react to news. At Charles Schwab. the nation’s largest online brokerage, for example, between nership headed by Bullock The company’s stock Monday. to $8 during its June 3 meeting plan to create a second trading session from 5:30 to 9 pm. Eastern time. And Eclipse TradingInc., a new trading complans to offer after-hours trading companycreated last year b: Wall Street's forecasts, clientele, extending hours is something Stock Market will vote this week on a om 6 to 9 p.m. by fall tacks tumbled Monday as investors shed internet and bank shar f will be hampered in coming months t threats as diverseas higher interest the Year 2000 bug The New York Stock Exchange owes its customers the samelevel ofservice, said Richard Grasso, chairman and chief executive officer of the NYSE. The They useddirect mail, radio ads and television infomercials that were de signed to get investors to attend free seminars where they could lear about the business opportunities One program offered investors the hich is her spe Paralegals ca vices to opportunity to become “consultants and make the Mick Mt Salt money selling Webpag the Imall site. The other offered the Lalie Tribane chance n plenty of paper as part of her jo’ sell advertising for the com s Internet Yellow Pages The company and its executis claimedthat for a $2,995 fee and five to 10 hours a week. Imall consultant the could make between $2,000 and 20.000 a month. Potential Internet Yellow Pages investors weretold that for a $2,000 investment and a few hours a month, they could earn be tween $2.000 and $5,000 Most i vestors did not earn nearly what the seminar leaders claimed th« could.” the FTC said Under their settlement with the Comer and Pickering will be F ‘TC. fe from selling any In iness opportuniti« pokesman Jeff Lloydsaid the company has discontinued the LEGAL. Page C-14 nars Health-Insurance Groups Cutting Costs By Dropping Popular Prescription Drugs BY PHIL GALEWITZ Health-Care Drugs xClude Drug Coverage Cost Zocor yes $2% F Lipitor Pe Depreswon Cronesterot , requires elves. b xample. P are d € top-two-selling a enear : ARRAS TS \ .™ ar tt saca See HEALTH GROUPS. Page C-13 ‘ ree. = 2 m0 $182 lott yes $ Prozac Myomecnice Precett rm 20 wes StU Prevacd — 73 nese Asta Nas oa Gears . ae \ “eee. se ce ea ‘ |
