[GRAPHIC=News 7 Mornin']
More negative financial news today from Governor Warner--
The governor is expected to announce that state revenues for the fiscal year ending last month came in nearly 240- million dollars below forecasts.
In a private meeting with leaders of the House Appropriations
and Senate Finance committees, the governor will outline the damage
done to the state's tax collections by a year of falling stock
State agencies already have to trim spending by seven percent this year, and eight percent next year.
A police chase ends in a crash after the suspect takes off with his young daughter in the back seat.
Now a Campbell County man faces a whole new set of charges.
24-year-old Jason Lee Mays and his young daughter received minor injuries after he crashed yesterday on the Lynchburg Expressway.
Police had tried to stop Mays after learning he had failed to appear in court to face several felony charges.
(///// SOT /////)
[IN Q=I think the]
((CHARLES BENNETT/LYNCHBURG POLICE CHIEF: I THINK THE OFFICERS INVOLVED DID A.. MADE THE CORRECT CHOICES IN THIS CASE.))
[SUPER=01-Col. Charles Bennett/Lynchburg Police Chief]
[OUT Q=choices in this case.]
Police say Mays will now face more charges related to the pursuit, including felony child endangerment.
Roanoke police are still searching for a suspect in the city's most recent shooting.
The victim was shot around one o'clock yesterday afternoon at Loudon Park.
Teresa Hamilton has more.
(///// SOT /////)
[IN Q=The victim's body]
[SUPER=01-Shelly Alley/Roanoke Police Spokesperson; :16]
[OUT Q=Hamilton, NEWS 7, Roanoke.]
(( The victim's body was discovered inside this bathroom stall at Loudon Park by employees with Roanoke's parks and recreation department.
The workers had been mowing the lawn when they heard multiple gunshots and discovered the man's body on the bathroom floor.
[in q= At this time]
((SHELLY ALLEY/ROANOKE POLICE: AT THIS TIME WE DID SPEAK TO SOME PEOPLE IN THE AREA BUT WOULD STILL LIKE TO TALK TO ANYONE ELSE WHO WAS IN THE AREA AND EITHER SAW OR KNEW WHO MIGHT BE INVOLVED IN THIS INCIDENT.))
[out q= involved in this incident. ]
Police have not yet released this victim's identity.
Acquaintances at the scene have given police a name.
But the victim was NOT carrying identification-- so police are using finger prints to confirm his identity.
The man is believed to be in his mid 20's and to have moved to Roanoke from Michigan.
In the meantime-- police are continuing to follow up on leads.
[in q= We're ][out q= 344-8500.]
((WE'RE ENCOURAGING PEOPLE TO CALL THE POLICE CRIMINAL INVESTIGATION'S UNIT... CALL ANONYMOUSLY AT 344- 8500.))
An arrest has NOT been made-- but witnesses have given police a potential lead. They say a man wearing blue shorts was seen fleeing the park shortly after shots were fired.
Teresa Hamilton, NEWS 7, Roanoke.))
Making national news--
A leading Hamas militant and at least 14 other Palestinians are dead after an Israeli air strike in the Gaza Strip today.
Hamas says (suh-LAH) (shuh-HAH'-deh) Salah Shehadeh was killed in the air strike-- along with his wife and three children.
At least 100 others were wounded.
The attack came as Palestinians and Israelis were trading ideas
to relieve tensions in the West Bank.
But Israel targeted the home of the Hamas militant because they say he is responsible for hundreds of terror attacks.
(///// SOT /////)
[IN Q=In those areas]
((IN THOSE AREAS WHERE WE SEE THE PALESTINIAN SIDE TAKING MEASURES
> TERRORISM, WE'LL BE ABLE TO MOVE TOWARD A PULLBACK".))
[SUPER=01-Daniel Taub/Israel's Foreign Minister;]
But now Israel will have to brace itself for almost certain violence, as Hamas vows revenge.
The man arrested for killing a five- year- old girl has been charged with crimes that could bring the death penalty.
Yesterday, (ah-LAY-hahn-droh) Alejandro Avila was charged wtih the murder and kidnapping of Samantha Runnion.
Last week, the little girl was abducted outside her California apartment building.
Avila did NOT enter a plea, and the judge ordered him held without bail.
He's scheduled to be back in court August ninth.
Carvins Cove has reached the lowest point it's ever been... and it may set a new record today.
Roanoke's reservoir is currently 29-point-2 feet below the spillway.
That's where it stood in September of 1999- -just before the rain came... and eventually filled the Cove up again. But this time there's no sustained rainfall in sight.
City officials will hold a news conference later today- -if the Cove does fall below 29-point-2- -perhaps anticipating
new water use restrictions that may go into effect if the level hits THIRTY-feet below the spillway.
In business news, Friday's sell off carried over into the new week.
Stocks tumbled yesterday in another volatile trading session.
Alexis Christoforous has that story and more in this morning's Marketwatch.
[SUPER=01-Alexis Christoforous/Reporting; :00]
[OUT Q=I'm AC in New York.]
((INVESTORS CONTINUE TO SEARCH FOR A BOTTOM AND GIVEN SOME AFTER THE BELL
PROFIT REPORTS, WALL STREET COULD BE IN FOR ANOTHER BUMPY RIDE TODAY.
AFTER PLUNGING 300 POINTS MIDDAY, THE DOW CLAWED ITS WAY BACK INTO THE
COLUMN ALONE TO FALL HARD AGAIN DOWN 234 POINTS.. TO A FOUR YEAR LOW
THE SP 500 SANK 28
AND THE NASDAQ GAVE BACK 36 POINTS
IN AFTER THE BELL NEWS.. Novellus Systems said that profit for the
quarter fell 80 percent from the year-ago period as the chip equipment
maker's revenue slumped.
BUT TEXAS INSTRUMENTS AND 3COM WERE ABLE TO POST PROFITS THAT WERE IN
WORLDCOM RALLIED MORE THAN 50 PERCENT AFTER THE TELECOM GIANT DID THE
EXPECTED AND FILED FOR CHAPTER 11 BANKRUPTCY PROTECTION.. THE BIGGEST
BANKRUPTCY IN U-S HISTORY. WORLDCOM HOPES TO EMERGE A STRONGER, BETTER
COMPANY IN A YEAR.
THE LATEST RESEARCH SHOWS INVESTORS WERE HEADING FOR THE EXITS BEFORE
FRIDAY'S BIG SELLOFF. According to TrimTabs research, $23 billion was
pulled from stock funds in the two weeks ended last Tuesday. The record
an entire month was last September when $27 billion was pulled from
AND Merrill Lynch has set a succession plan Merrill says its its
and CEO David Komansky will step aside in April 2003 and will be
current president and COO Stanley O'Neal. The move has been widely
since O'neal was promoted last year.
TRACK ALL THE PRE-MARKET ACTION AT CBS.MW.COM ...
AT THE NASDAQ I'M ALEXIS CHRISTOFOROUS IN NY.))
[TAPE#=02-18 TC1:37:02 ]
A local financial expert says he expects the market to slide even further.
Tyler Pugh (PYOO) says panicked investors are focusing only on the current bear market and not on the healthy economy.
He predicts the market will settle down once investors get wind of what many companies say are positive earnings reports.
In the meantime, if you can afford to leave your money in the market, do.
Pugh says the current fluctuations are necessary.
(///// SOT at top /////)
[IN Q=The market went to an excess...]
((J. TYLER PUGH/WACHOVIA SECURITIES: THE MARKET WENT TO AN EXCESS IN LATE 2000. IT NEEDED TO BE CORRECTED. IT'S BEING CORRECTED. WE'LL GET THE MARKET BACK TO SOME FAIR VALUES AND, IN THE PROCESS, WE'LL CREATE SOME VERY GOOD BUYS IN SOME STOCKS.))
[SUPER=01-J. Tyler Pugh/Wachovia Securities;]
[OUT Q=create some very good buys in some stocks.]
Pugh (PYOO) says it's not how you *time* the market but the time you spend *in* the market that will determine your performance.
Now here's a look at your local stocks.
(Kim tosses to stocks)
Martinsville and Henry County are thinking about merging school systems.
A joint school board subcommittee has hired Virginia Tech to do a feasibility study.
The consulting team will study everything from personnel rules to bell schedules.
The Martinsville-Henry County Chamber of Commerce has committed to raising private funds to cover the nearly 85-thousand dollar price tag.
Once funding is secured, the study will take about a year to complete.
Virginia's senior State Senator has made his resignation official.
The Democratic Party of Virginia says Madison Marye submitted his resignation to Governor Warner yesterday.
It takes effect on August First.
Marye has represented the 39th Senate District for 29 years.
He says he wants to have more time with his family and that redistricting played a role.
When the new lines were drawn - the 39th District was moved to Northern Virginia.
Open-burning is now prohibited in the City of Danville.
The Danville Fire Department has banned all open burning without a permit within city limits.
The move is a response to hazardous fire conditions and a lack of rain.
The ban will be lifted once weather conditions improve.
Help is on the way for flood victims in Buchanan County.
The community of Hurley has been floated one-point-six million dollars in government aid to rebuild.
Flash floods in May destroyed more than 200 homes and businesses.
State and federal funds will be used to re-build houses for the 90 families who lost homes in the flooding.
Governor Mark Warner says the money will allow Hurley residents to improve the community.
[IN Q=THIS SET OF FEDERAL AND STATE DOLLARS]
((GOVERNOR MARK WARNER: THIS SET OF FEDERAL AND STATE DOLLARS COMING IN ALLOWING THEM TO REBUILD, ALLOWING MANY OF THE HOMES TO GET NOW INDOOR PLUMBING WHERE PERHAPS IN THE PAST THEY DIDN'T HAVE INDOOR PLUMBING. IN MANY WAYS, THE COMMUNITY MAY COME OUT EVEN STRONGER.))
[OUT Q=COMMUNITY MAY COME OUT EVEN STRONGER.]
The town of Appalachia will also receive government aid to stem flood damage to the town's water source.
An Alfred Hitchcock classic is hitting the big screen in Floyd County.
John and Mary Peluso will show Vertigo at their Fourth Annual Horse Ridge Film Festival.
The couple opens their property to the public... showcasing the film on a 70 millimeter projector with digital sound and a large outdoor screen.
The event is free. Up to 3-hundred people are expected to attend.
(///// SOT /////)
[IN Q=last year]
((MARY PELUSO/FESTIVAL HOST; LAST YEAR WE GOT A LOT OF CARDS ABOUT HOW MUCH PEOPLE APPRECIATE THAT WE'RE DOING IT AND THAT WE DON'T CHARGE ANYTHING FOR IT AND ITS SOMETHING PEOPLE REALLY SEEM TO ENJOY COMING TO DO. ))
[SUPER=01-Mary Peluso/Festival Host;]
[OUT Q=TO DO.]
The Peluso's describes Vertigo as a good family film - not scary but full of suspense.
If you go, bring a blanket to sit on.
The movie begins at dark on August Third.
(Kimberly tosses to bump)
A maintenance worker who stopped on the side of Interstate 77, was struck by a truck and dragged nearly 200 feet to his death.
43-year-old Joseph White McCarthy, the Third, of Woodlawn, was standing beside his pick up truck in the emergency lane in Carroll County.... when a tractor trailer hit him and dragged him 180 feet before stopping.
McCarthy was pronounced dead at the scene.
A truck driver from Waynesboro is charged with reckless driving.
Automakers say they'll fight a new law in California--
Governor Gray Davis has signed a first-in-the-nation law that restricts auto emissions of carbon dioxide and other greenhouse gases.
Scientists think the heat- trapping gases cause global warming.
The restrictions take effect, beginning in 2009.
In business news, K-Mart is reporting a loss for June.
Here's Barton Eckert with a look at the morning's top business stories..
[SUPER=01-Barton Eckert/Reporting; :00]
[OUT Q=in Washington.]
(( GOOD MORNING THIS TUESDAY THE 23RD OF JULY.
HERE'S WHAT'S HAPPENING THIS MORNING.
SOMETIMES THE ROLLER COASTER ROLLS ARE SO SEVERE.. THAT THE
ENTIRE WORLD NOTICES... AND CLEARLY TODAY IS A DAY WHEN THE UPS AND
DOWNS OF WALL STREET ARE AT THE TOP OF MANY MINDS.
VISITING ILLINOIS, PRESIDENT BUSH TOLD REPORTERS HE THINKS THE MARKET
HAS ALREADY ADJUSTED FOR THE WORLDCOM BANKRUPTCY FILING.
TODAY.. THE QUESTION IS.. WILL BARGAIN HUNTERS RULE THE ROOST?
THERE IS NO MAJOR ECON DATA DUE OUT!
MORE BAD NEWS FOR FORMER WORLDCOM EMPLOYEES...
THOSE 17-THOUSAND THAT WERE FIRED BEFORE THE COMPANY FILED FOR
BANKRUPTCY PROTECTION AND PROMISED WEEKS OF SEVERANCE PAY MAY NOT SEE
ANY MONEY FOR MONTHS OR EVEN YEARS.
AN ATTORNEY SAYS THAT'S BECAUSE DEBTS INCURRED AFTER BANKRUPTCY
FILINGS TAKE PRECEDENCE OVER EXISTING OBLIGATIONS.
BANKRUPT DISCOUNT RETAILER KMART IS REPORTING A LOSS FOR JUNE, AS
SALES AT STORES OPEN FOR AT LEAST A YEAR FELL 8.7%, WHILE SALES
STRENGTH AT INDUSTRY LEADER WAL-MART KEEPS CHUGGING ALONG.
CALIFORNIA IS THE FIRST STATE IN THE NATION TO RESTRICT CARBON
DIOXIDE AND OTHER GREENHOUSE GAS EMISSIONS.
SIGNING THE BILL MONDAY, GOVERNOR GRAY DAVIS PREDICTED OTHER
STATES AND THE FEDERAL GOVERNMENT WOULD EVENTUALLY FOLLOW SUIT.
AUTOMAKERS WHO FOUGHT THE BILL HAVE THEIR OWN PREDICTION: HIGHER
PRICES WHEN THE RESTRICTIONS ON NEW CARS AND LIGHT TRUCKS
BEGIN IN 2009.
AND THAT'S YOUR FIRST BUSINESS CHECK ON THE MORNING'S TOP
I'M BARTON ECKERT IN WASHINGTON.))
(tape tosses to stocks)
The Roanoke Civic Center's hoping for more than a repeat performance from Elton John.
John will perform in Roanoke on Friday September Sixth.
[SUPER=03-Roanoke/February 19, 1999]
Last time he came to the Star City, tickets sold out in just 46 minutes.
Tickets for this performance go on sale Saturday July 27th at ten A-M.
Just like 1999, wristbands will help determine the order of ticket-buyers.
They'll be distributed at the civic center the night before from seven to nine.