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Show Business TRADEWIND Page D-15 TSE 614.12 -.41 30 INDUST: RIALS . 1042.22 -5.91 $1.2680 +.05¢ TRIBUNE BLOOMBERGINDEX FOR UTAH 14 +1.57 NPS Pharmaceuticals in Salt Lake City reported Thursday that AmgenInc., one of the world’s biggest biotechnology companies, has joinedit in a $43.5 milli ion agreement to develop and market NPS’s thyroid-disease dru; ig, Norcalein Norcalcin has a market potential of several hundred million dollars to $1 billiona year, and could be available commercially by 1998, said Salomon Brothers Inc. analyst Meiray Chovav. Amgen and NPSsaid theywill work jointly on developing Norcalcin, while Amgenwill paya ll the research and marketing costs. After the transaction, NPS said it will have about $25 million in cash. Amgenalso said it will buy one million NPS shares for $7.5 million, representing a 12 fo stake in the Salt Lak City-based company. SmithKline Beechamal: ready has a 22% state in NPS andis working with the company on a treatment for osteoporo SiS. NPSshares closed Thursday at for well-heeled clients by investing their mon- eyin financial markets. Someof his investment advice went awry, according to two clients. Pier 1 Imports, the P.T. Noodles is opening a The closure of U.S. Bureau of Land Management offices because of the federal-government shutdown has complicated the processforfiling mining claims. Anyone who wants to retain an existing claim must make sure that the apprepriate documentation is postmarkedbythe Dec. 30 deadline, said BLM spokesman Doug Koza. Those documentsinclude proofs of assessment and notices of intent to hold a claim “Just make sure you don’t try to hand deliver your paperwork while our offices are closed,” Koza said. “If you're not sure whether the BLMoffice is open, call ahead, Better still, file through the mail.” FDA Approval Boosts newrestaurant Jan. 3 in Drap- er at 1257 E. Draper Parkway. Thestoreis the chain's second in Utah. Thefirst noodle emporiumwas opened in Ogden. o American-type cheese production in Utahtotaled 2.7 million pounds during October, down 27% from the same month a year earlier and down 5% from September 1995. Swi: cheese production in Utah also totaled 2.7 million pounds, 6% higher than October 1994, but 1% below Sep- tration approval Wednesday to marketits Cordguard II umbilical cord clamping device The disposable device clamps and cuts the umbilical cord and collects an uncontaminated blood sample immediately after birth. It was developed by Huntington Beach, Calif.-based OB Tech Inc., whose assets were acquired by Utah Medical in December 1993 The Salt Lake City company’s stock rose 5% to close at 20% on trading of 1.5 million shares, 36 times the three-monthdaily aver age of 43,300. By Sheila R. McCann ing a road-resurfacing project for Geneva Rock when another work er accidentally backed a 10-wheel Mack dumptruck over him in 1988. Averett, 55, died from his injuries His Utah County widow, Judy Averett, filed a wrongful-death lawsuit against driver Timothy L. Grange, who hadleased the truck — with himself as the operator — to Geneva Rock. But 4th District Judge Guy R. Burninghamdis- missed her case, ruling Grange was a Geneva Rock employee and the Utah Workers’ Compensation Act prohibited the suit against a co-worker The Utah Supreme Court agreed Thursday, rejecting Jus- tice Christine Durham's advocacy of a “more contemporary, expansive approach” to examining em- ployment relationships The Utah Workers’ Compensation Act forbids employees from Goldinger's alleged tion used bylarge and small investors ‘ON RESS Thirty | as Dec. 15, 1994, rates were at percent before hey tbegan de- events. k But he apparently was not averse to risk. In an updated edition of his soft-cover book, Keys to Investing in GovernmentSecurities, Goldinger wrote: ‘Losing cleanses the soul. Whenyou'rein a losing trade, you can’t think straight until you makethat disciplined decision to cut the losses and pain and reverse yourposition.” clined to comment. Neither agency can bring criminal charges. Employees at Capital Insight declined to respond to reports the firm was closing. They said Goldinger wasnot in the office and they referred all questions to his attorney, Brian O'Neill, who said Goldinger was not immediately available. Goldinger has been quoted in numerousfinancial stories this year, including more than a dozen Associated Pressarticles, on the Treasury bond market and the economy, forecasting the direction of interest rates and market dence in the opulent Bel-Air section in the hills north of Beverly Hills. Despite Goldinger’s high profile, some financial experts said they were not surprised at the accusations, since it was not thefirst time Goldingerhasgotten into trouble. The SECin 1991 charged Goldinger with giving insider trading tips to colleagues about the pending mergerof Thrifty Corp. A federal court dismissed the charges, but the SEC has appealed them to an appeals court in San Francisco. The Securities and Exchange Commission and the Commodity Futures Trading Commission reportedly have started investigating Goldinger's firm. Government regulators No one was at home at Goldinger’s resi- By John Keahey THE SALT LAKE TRIBUNE Some construction workers known as “tr ers" go from job overtime Many travelers are among the ing and marketing firm, has es- Technology's $2.5 billion manu- tablished a site on the Inter- facturing plant in Lehi, Some may net's World Wide Web, The agency's newsite can be found at http://www.wr.com not be on the job long, however. The company announced Thursday it is slowing down its con- struction schedule, putting an end ZCMI Department Stores ther’s Day/Mother’s Day Council of New York City. The Utah-based chain's ads “contain the qualities the council upholds,” to lucrative overtime pay. And high-priced construction materials, ordered at a premium rate to give the companyhigh priority so it could support a fasttrack schedule, will be returned Instead of two 10-hour con- says a council state- structionshifts daily, the compa- Arctic Circle Restaurants nyis sealing back to two eighthour shifts, and it may reducethe construction work force used on the secondshift ment Inc. of 2.2% Lake City reports higher sales figures for 1995 over 1994. The company attributes most of the increase to boosts in sales at new or newly remodeledstores. Arctic Circle has operations throughout nine Western states, with 68franchises and 28 company owned stores. ers, but allows litigation against independent contractors. In deciding whethera specific worker is an “employee,” previous Utah Supreme Court rulings have focused on the employer's right to control the worker 1 Justice Leonard H. Russon, writing for the majority In Grange’s case, his work was clearly being controlled by Geneva Rock, Russon concluded. Aver- ett, as foreman, was directing Grange andall other leased and regular employees, who were all doing the same work at the same site and were being paid on the same schedule The fact that Grange was re. quired to maintain his own insur- ance and workers’ compensation coverage does not alter his status. Russon said. Since Grange was a co-worker, Judy Averett’s only avenue for damages after the July 5, 1988, accident was the workers compensation fund, the justice said @ See ACCIDENT, D-14 30-Year Mortgage Rates at a 95 Low THE ASSOCIATE Jay Goldinger’s MONEYWATCH column, which has been published every other week in the Sunday Business section of The Salt Lake Tribune, has been canceled indefinitely. In Micron Slowdown Micron officials say they don’t know how many construction workers will lose their jobs as a result of the slowdown. “It is too early to tell,” says Julie Nash, spokeswomanforthe Boise-based company The job fallout is expected to hit regular workers hired by contractors and subcontractors as well. Nash says the slowed-down schedulewill not affect thesite's completion date. Micronstill ex- pects to begin manufacturing computerchips there by the end of 1996. The construction frenzy was launched last July. It combined with a mild winter to push the massive project well ahead of schedule. Micron, which manufactures specialized chips for random-access computer memory, earlier this year picked Lehi in northern Utah County as thesite for its plant. Described as campuslike the cluster of Micron buildings will employ up to 4,000 comput- er-chip-manufacturing employ ees by century’s end, Nash s Originally, the facility was go- ingto cost $1.3 billion and employ 3,500. A few months later, Micron saidit would cost $1.7 billion, and still later it boosted the price to $2.5 billion with a potential work to fall Onone: adjustable-rate mortgages, lenders were ask ing an average initial rate of percent, down from 5.64 percent last week Fifteen-year mortgages, a popular option for thoserefi nancing mortgages, averaged 6.65 percent this week, down from6.73 percent a week earli er The rates do not include add- on fees knownas points SteveGriffin/The Salt Lake Tribune Cliff Voohrees sits under a 100-year-old pear tree with grandchildren Garrick, 5, and Kaylee, 7, at the farm in Leland. |i has been namedas Utah’s first “Century Farm.” 1873 Homestead Ist ‘Century Farm’ force of 4,000 Industry analysts are still bull- ish on the Idaho company, whose product is subject to the vagaries By Steven Oberbeck THE SALT LAKE TRIBUNE LELAND — Cliff Voorhees of a highly cyclical marketplace. sweeps an armacross thehori- Micron could theoretically earn as muchas $8 [per share] in zon and the gesture seems to fiscal year 1996 and $11-$13 in fiscal year 1997,” say Thomas A Thornhill, micropro try analyst for San WASHID furnishings chain, said this week that an adviser, separately identified as Goldinger’s firm, had engagedin “inappropriate trading activities” that had resulted in a $20 millionloss. It said the adviser was managing the firm’s excess cash and short-term securities. Anotherclient, PairGain Technologies Inc., also said that unauthorized trading by a consultant, also identified as Capital Insight, had cost it millions of dollarsin losses. @ Column Suspended Pay to Drop 4,600 workers building Micron suing their employers or co-work year, fixed-rate mortgages averaged 7.11 percent this week down from 7.23 percent last week, according to a national survey released Thursday by the Federal Home Loan Mort gage Corp. It was the lowest since Feb. 17, 1994, when rates also aver aged 7.11 percent. As recently activities In addition to his published advice, Goldinger runs Capital Insight, an advisory firm o Suit Fails Because Accident Involved Victim’s Co-Worker THE SALT LAKE TRIBUNE Glen A. Averett was supervis: Allegations of improper investment activi ties regularly pepper the financial markets Nonetheless, Williams & Rockwood, a Salt Lake City-based advertis- has wonan award fromthe Fa- Utah Medical Products Inc. shares rose 35% Thursdayfollow- week. But the usually accessible adviser wasn't answering the phone. to job to take advantageof highspeed projects paying significant tember 1995. Utah Medical Shares ing U.S. Food and Drug Adminis- of the accusations, which emergedearlierthis % Furloughs at BLM Complicate Filings NEWYORK — Hehaswritten how-to books on therisksof investing, syndicates his advice in newspaper columns and is an oft-quoted source for reporters covering the $4.9 trillion Treasury bond market Soit is with some surprise that accusations have surfaced against Jay Goldinger, a financial consultantin BeverlyHills, Calif. Twoclient companies havesaid his firm squandered tens of millions of dollars they entrusted to him. There was no indication Thursdaythat Gol dingeris under criminalinvestigation because seemed particularly out of proportion to his reputation as a dispenser of complex informa- BRIEFLY... 17, up 2% on trading of 86,300 Page D-16 in tony Beverly Hills that tries to make profits Goldinger Firm Lost Millions, Clients Say ByDavid E. Kalish NPS Reveals Dea | With Amgen WEATHER Famed Consultant Headedfor a Fall? THE ASSOCIATED PRESS shares, PAGE D-12 Che Salt Lake Tribune FRIDAY, December 29, 1995 based Montgomery Securities Thornhill’s comments wereincludedin a research report after Dec 15 the company’s release of earnings for the first quarterof the fiscal year. Those figures showed per-share earnings were 3 cents less { the average foreast by 14 analysts recentlypolled Zacks Investment Research Despite that, Thornhill and oth- ers were encouraged by Micron’s quarterly numbers, which showed the company more than doubled first-quarter earnings to $328.5 million, or $1.51 per share, from cents per $159.3 million, or share during the sa’ me period a year ago. \ takein all 35 acres of the farm he and his wife run and his family’s 122-year tie to the land When he talks, his words are of his great-grandfather, C.O. Hansen, whosettled in a one- roomcabin on a 100-acre plot just west of Spanish Fork in 873 Centennial Commission's Cen- tury Farms & Ranches Commit- Wallentine says farms. It was designatedthestate’s first “Century Farm,” in recog- acre propertyfrom his mother. But the property was too small for full-scale farming op- The committee is seeking out homestead given to himbyhis throughout the state,’ Wallen- That's the home right there,"’ Voorhees says, nodding to a small, light-brown farm house with weathered cedar shingles. “My daughter Brenda lives theretoday andhis unclein the early 1960s. tions by C.0. Hansen's descendants. his grandfather, John Hansen built a home onasectionof the father in 1888 Voorhees acquired his 35Beulah Voorhees, his brother nition of its continuous opera- other Utah family farms that have been operated for more than100 years by the same family for similar designations, says C, Booth Wallentine, chairman There must be hundreds Voorhees goes on to tell how mind consumers of the role family farms playin the state, tee as one of the state's oldest, continually operating family tine says Utah agriculture and agribusiness generate more than 100,000jobs in Utah and pump some $1.3billion in annual payrolls into the state’s economy, according to a Utah State University study Farms like the Voorhees’ re- erations. “I was a meat-cutter, so in 1965 we built Circle V Meat, a full-service slaughtering and meat-processing plant,” which employs some 18 people, ineluding his wife Jacqueline, two sons and a daughter. The farmis used nowtoraise food for the family’s cattlefeeding operations and to raise quarter horses. “Agricultureis a tough way to make a living,” Voorhees says “But it is a great way to raise kids. The problem with kids to- day is they arenot taught howto work. We don't have enough sugar-beet patches |
