Underground power line approved

Massachusetts utility regulators have issued a tentative approval for NStar Electric and Gas Corp.'s planned 18-mile, $200 million underground electric power line from Stoughton to Boston. The 345,000-volt line is intended to improve the reliability of power supplies in Greater Boston and potentially reduce electric rates by allowing more low-cost power from Rhode Island and Southeastern Massachusetts to flow into the city. The staff of the Energy Facilities Siting Board recommended the full board approve the project when it meets Jan. 13, despite objections from some officials and property owners in Stoughton and other affected communities. The line would run under Route 138 and Blue Hill Avenue to South Boston with a spur to Hyde Park to bolster supplies in Brookline and Newton. NStar estimates demand for electricity in Greater Boston has risen 21 percent since 1997. (Peter J. Howe)

Raytheon wins $56m missile contract

Raytheon Co., the fifth-largest defense company, won a $55.7 million contract to produce 189 aircraft- launched cruise missiles, in an award that may lead to orders for as many as 3,000, the US Navy said. Total orders for the solid-warhead version of the weapon could be worth as much as $900 million, the Navy said. It's called the Joint Standoff Weapon. "Contracts like this keep the lights on," said Alan Fischer, a Raytheon spokesman at the company's Tucson missile facility, which also produces Tomahawk missiles and hit-to-kill warheads for Boeing Co.'s ground-based missile defense program. The order is the first full-rate production award for Raytheon. Full production is the most important phase of a defense purchase because it means the weapon has passed combat testing. It's also the most profitable for a contractor and usually means the program won't be canceled. (Bloomberg)

N.H. company ends acquisition attempt

StockerYale Inc. is discontinuing efforts to buy Navitar Inc., a maker of optical lens systems. "Although we will be open to further discussions with Navitar, we will continue to search for other acquisition candidates that would provide benefits to our customers and increase value to our shareholders," Mark W. Blodgett, chairman and chief executive said. A StockerYale spokesman was not immediately available to say why the Salem, N.H., company wasn't going ahead with the acquisition. In November, StockerYale agreed to acquire Navitar in a $25.5 million transaction. StockerYale is a designer and manufacturer of structured light lasers; light-emitting diodes; fiber- optic, fluorescent illumination technologies; and other products. (Dow Jones)

American Power Conversion files lawsuit

American Power Conversion Corp. filed a patent-infringement lawsuit against an Eaton Corp. unit over power supply technology. West Kingston, R.I.-based American Power accused Eaton Power Quality Corp. of infringing a patent for the technology behind its uninterruptible power supply products. American Power makes power-management devices. An Eaton representative wasn't immediately available for comment. (Dow Jones)

THE NATION
Cable company restates for three years

Adelphia Communications Corp., which filed for bankruptcy court protection in June 2002, restated financial results for three years and said its loss narrowed last year to $832.6 million. The company's 2003 net loss shrank to $3.31 a share, from $7.19 billion, or $28.87 a share, a year earlier, Adelphia said in a filing with the Securities and Exchange Commission. Sales for the fifth-largest US cable-television operator increased to $3.61 billion from $3.27 billion in the previous year. Restating the financial results allows chief executive William Schleyer to take the company out of bankruptcy or sell its assets. Schleyer was hired in March 2003 after members of the founding Rigas family were ousted. The company said it was unable to restate results for 1999 and 2000 because it couldn't find some supporting documentation for amounts on its balance sheet in those years. (Bloomberg)

SEC OK's buyback of American exchange

The Securities and Exchange Commission approved rules that pave the way for American Stock Exchange members to repurchase the marketplace from the NASD, ending five years of ownership marked by profit declines. Members of the third-biggest US stock-options market will have six months to choose a 15-member board to replace the current 18-member board, according to the rules, which were submitted for approval to the SEC in July. The change in ownership of the exchange comes a month after the SEC told Amex chairman and chief executive Salvatore Sodano, president Peter Quick, and general counsel Michael Ryan that they are under investigation in a probe into options order handling. Under the terms of the deal, Sodano and Ryan, who are paid by NASD, lose their employment contracts and work on a day-to-day basis. Under NASD's ownership, the Amex lost $7.3 million in 2003, $4.3 million in 2002, and $2.6 million in 2001, according to an offering memorandum sent to members this year. The repurchase of the exchange by members triggers a $22 million payment by the NASD to Sodano. (Bloomberg)

Do-not-call rules to take effect sooner

People who register to be left alone by telemarketers can expect that to start happening sooner under new rules. Starting Jan. 1, telemarketers will have to match their contact lists against the national do-no-call registry every 31 days instead of every three months, the Federal Communications Commission said. The registry, which was established in October 2003, is administered by both the FCC and Federal Trade Commission. The ban on unwanted phone solicitations is the government's attempt to safeguard personal privacy and reduce telemarketing abuse. Charities, pollsters, and calls on behalf of politicians are exempt. People can register their phone numbers or file complaints at www.donotcall.gov or by calling 1-888-382-1222. (AP)

Label-piracy legislation becomes law

President Bush signed legislation to impose criminal penalties on bootleggers who use company "authentication devices" to dupe consumers into buying counterfeit software, movies, and other products. Companies such as Microsoft and Walt Disney wanted the legislation to enable law enforcers to fight the growing theft of their holograms, special inks, and other "authentication devices" that are then attached to counterfeit goods. The measure makes it a crime to distribute those devices without the company's authorization. Software makers lost $29 billion in sales last year because of counterfeiting. About 36 percent of all software installed on computers worldwide was pirated, according to a study by the Business Software Alliance and International Data Corp. (Bloomberg)

. . .Etc.

Boston private-equity buyout firm TA Associates said it purchased a minority stake in IntercontinentalExchange Inc. this month, but has no immediate plans for a broader acquisition. Neither TA Associates nor IntercontinentalExchange would disclose financial terms or the size of the stake. . . . Analogic Corp. received notice that it doesn't comply with Nasdaq listing requirements concerning the timely filing of financial reports. The Peabody health and security imaging company said it has requested an extension until Jan. 31. The deadline expired Dec. 10. (Globe wire services)