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Business Today

AT&T, CRIST TALK INJUNCTION: Representatives of state Attorney General Charlie Crist and AT&T tried to reach a settlement Wednesday on Crist's request for an injunction against the company's erroneous billing of consumers for long-distance services. Leon County Circuit Judge Nikki Clark is expected to review a proposed settlement today, AT&T spokeswoman Betsy Palmer said. Even if the settlement is approved, Crist's suit on behalf of Florida consumers who were billed by the carrier for services they did not request would proceed. Crist wants civil penalties against AT&T of up to $10,000 for each billing error.

MORTGAGE APPLICATIONS DROP OFF: The Mortgage Bankers Association said its gauge of mortgage loan demand fell 12 percent last week as home purchases slowed for the first time in more than a month and loan refinancing dropped to the lowest level since early January, hurt by rising interest rates. The index of mortgage applications fell to 654.1 from 742.2. It was the second straight decline in the index and came as 30-year mortgage rates exceeded 6 percent for a fourth straight week. The group's home purchases index, which fell 8.1 percent to 454.2 from 494.3, is still close to the all-time high of 501.6 reached in January and exceeds last year's average of 395.1.

ODYSSEY MARINE WANTS TO BE DELISTED: A Tampa company that searches the world's oceans for sunken treasure said an unauthorized party had listed its stock on three German stock exchanges. Odyssey Marine Exploration Inc. said Wednesday that it only recently discovered the listings and that, after requesting delisting, it expected them to be removed by day's end. Odyssey's stock trades on the American Stock Exchange under the ticker symbol "OMR."

CARDINAL HEALTH BUYS ALARIS: Drug wholesaler and distributor Cardinal Health Inc. said Wednesday it has agreed to pay $1.6-billion for Alaris Medical Systems Inc., a maker of intravenous medication products and services. Cardinal, of Dublin, Ohio, ships more than 1-million products daily to hundreds of hospitals, pharmacies and health care providers. Alaris, of San Diego, operates in 13 countries, and more than 30 percent of its revenue is from foreign countries. Alaris employs 3,000 people at four sites in North America and Europe.

ANOTHER ENRON EXEC GETS PLEA DEAL: Paula Rieker, the former No. 2 executive in Enron Corp. investor relations, pleaded guilty to an insider trading charge Wednesday for cashing out stock options after learning about bad news for Enron's highly touted broadband unit. She agreed to cooperate with a Justice Department investigation, turn over $499,333 from her illegal stock sales and return $130,000 in retention bonuses to Enron she received since the energy company went bankrupt in a sea of scandal in 2001. Rieker also settled with the Securities and Exchange Commission.

SONY WEIGHS PURCHASE OF MGM: Sony CEO Nobuyuki Idei said Wednesday the Japanese electronics and entertainment giant was seriously considering the acquisition of U.S. film studio Metro-Goldwyn-Mayer but declined to say when a decision was expected. "We will not go into an unprofitable business," he told reporters, adding that Sony has been thinking about movie deals since the 1990s. Sony agreed to weigh a $5-billion bid for the legendary studio, the Associated Press said, citing sources who spoke on condition of anonymity. Sony bought Columbia Pictures Entertainment in 1989 for $3.4-billion.

FREDDIE MAC, BofA INVESTIGATED: Freddie Mac's regulator, the Office of Federal Housing Enterprise Oversight, is investigating loan servicing transactions between the company, the second-largest buyer of home mortgages, and Bank of America Corp, OFHEO spokeswoman Corinne Russell said. Mortgage servicing involves calculating fees and interest due and collecting them from borrowers. OFHEO began an accounting investigation last year after Freddie Mac revealed it had understated earnings from 2000 until 2002 by $5-billion. Spokesman Doug Robinson said Freddie Mac has hired "outside legal counsel" to examine a transaction made in 2000.

SBC'S UNION SETS 4-DAY STRIKE: The union representing 102,000 employees of SBC Communications Inc. said Wednesday it would stage a four-day strike starting Friday because of a deadlock in contract negotiations with the nation's second-largest local phone company. SBC's 13-state coverage area includes Texas, California, Illinois, Michigan, Ohio and Connecticut. Among the workers planning to strike are telephone operators, customer service representatives, linemen and other technicians. Communications Workers of America president Morton Bahr said the union hoped to avoid doing too much harm to SBC.

SYMANTEC TO BUY BRIGHTMAIL: Security software maker Symantec Corp. announced Wednesday it is acquiring the anti-spam firm Brightmail Inc. in a cash deal valued at about $370-million. Symantec said the acquisition will complement its security products. The acquisition is expected to close by early July, after regulatory approval, the companies said. Brightmail provides software that uses filters and other technologies to block spam at the customer's Internet gateway, the point at which Internet traffic enters the public network.

DOMINO'S SETS TERMS OF IPO: Domino's Pizza Inc., the world's second-largest purveyor of pizzas, set the terms Wednesday of its initial public offering at 24.1-million shares at an estimated price between $15 to $17 a share. The Ann Arbor, Mich., company is selling 9.4-million common shares, according to a filing with the Securities and Exchange Commission. Current shareholders are selling the 14.7-million other shares. Domino's expects the net proceeds to be between $218.9-million and $272.7-million. The company will list on the New York Stock Exchange under the symbol "DPZ."

Goodyear Tire & Rubber: The world's largest tiremaker said Wednesday it had a narrower loss in the fourth quarter of 2003 than a year earlier in a financial report delayed by two months while it investigated accounting irregularities at its European operations. The company said its latest results were helped by increased sales and fewer charges against earnings.

Danka Business Systems: Danka, a seller and servicer of office technology manufactured by companies like Canon and Ricoh, ended fiscal 2004 with a substantial loss. Contributing to the loss were a $50.8-million charge against deferred tax assets and a $30.5-million restructuring charge, both taken in the fourth quarter ended March 31.

We're interested in how the increase in gas prices has affected your commute and pocketbook. Is there a threshold at which you'd have to change some patterns? Let us know in 50 or fewer words - about the length of this note - by Friday morning, either by e-mail (biznews@sptimes.com) or fax (727-892-2327). Please include your name, city of residence and phone number.