[IN Q=if we decide...]
M. CARY LEAHEY, HIGH FREQUENCY ECONOMICS:MAYBE I OUGTH TO CUT BACK...IF THEY CONSUMER GETS
NERVOUS YOU'VE GOT A PROBLEM.
[OUT Q=you've got a problem.]
The roller coaster is off and running on Wall Street following yesterday's 500 point plunge.
And the DNA test results are back in on both children switched at birth at the University if Virginia Medical Center.
News 7 at noon is next.
It looks like it's going to be another bumpy ride on Wall Street.
So far it can't decide which way to run.
After an early surge the Dow has see- sawed up and down all morning, indicating continued uncertainity among investors.
Meantime, Japan's stock market continues to defy Wall Street.
For the second day in a row the Nikkei average closed on the plus side.
From Moscow, the President tried to reassure nervous investors, calling the U-S economy sound.
Liz Gonzalez is outside the the New York Stock Exchange with the latest.
[SUPER=05-New York, NY;]
( ad lib)
[SUPER=01-M. Cary Leahey/High Frequency Economics;]
( ad lib)
The opening bell at the New York Stock Exchange marked the beginning of
more nervous trading by investors, especially after yesterday's near
record drop of 512 points for the dow.
Continued economic and political turmoil in Russia is behind part of the
nervousness on Wall Street. Investors are worried financial problems
there will spillover into Europe and Latin America, cutting off key u.s.
export markets. And despite a rise in Tokyo's NIkkei overnight, the
banking sector there remains a threat to the country and the region.
With no quick fixes in sight, u.s. corporate profits remain at risk.
M.CARY LEAHEY, CHIEF ECONOMIST, HIGH FREQUENCY ECONOMICS, INC.
But the Clinton administration has sought to reassure global markets.
The president spoke to students at Moscow State University about the
President clinton, We believe our fundamental economic policy is
The people are working at record rates...
(GONZALEZ STANDUP CLOSE: But whether u.s. workers will put their money
to work in the stock market remains to be seen. Many on Wall Street are
afraid to predict a bottom to the selloff. Until that happens investors
may stay on the sidelines. In New York, Liz Gonzalez for CBS News.)))
[SUPER=05-New York, NY;]
[OUT Q=back to you in the studio.]
DNA test results have confirmed that Rebecca Chittum and Callie Johnson were switched at birth at the UVA medical center.
Michael Irvine, the attorney representing one set of grandparents in the case, released a statement this morning, saying test results indicate Callie IS the biological daughter of Kevin Chittum and Whitney Rogers, the Buena Vista couple killed in a July 4th accident.
Previous tests indicated their child, Rebecca, was the biological daughter of Paula Johnson.
So far, no reaction from family members in Buena Vista, or the UVA Medical Center.
[GRAPHIC=VA Death Penalty]
Governor Gilmore says executed killer Johnile (Jhon-neal Dwa-bwah) DuBois knew that he COULD be sentenced to death, despite cooperating with prosecutors.
Gilmore refused to intervene, and last night the 31-year-old was put to death for the robbery and murder of a disabled convenience store clerk in Portsmouth.
DuBois admitted the 1991 murder in court and cooperated with prosecutors against his co-defendants.
In return, prosecutors did NOT seek the death penalty.
But that was NOT justice to a Portsmouth judge, who imposed a death sentence anyway.
Eleven members of the victim's family witnessed last night's execution.
President Clinton is in Moscow today for a two-day Summit he hopes
will help out his Russian counterpart, Boris Yeltsin.
Mr. Clinton is trying to keep the Kremlin from abandoning its moves
toward democracy and the free market... in the wake of political and
In a speech at a Moscow university, President Clinton said if Russia
carries through a real marketplace revolution, its economy stands
to take off.
[IN Q=Today's financial]
BILL CLINTON:TODAY'S FINANCIAL CRISIS DOES NOT REQUIRE YOU TO ABANDON YOUR MARCH TOWARD A FREE MARKET...CLEAR LESSONS FROM INTERNATIONAL EXPERIENCE. ))
[OUT Q=FROM INTERNATIONAL EXPERIENCE.]
Boris Yeltsin is struggling to stem a banking and currency melt-down -- and to win parliamentary approval for a new Cabinet in the face of hard-line Communist opposition.
Close to 100 people spent the night in an evacuation center as a wildfire burned out of control in Southern California.
[SUPER=03-Riverside Co., CA;]
The fire, some 80 miles east of Los Angeles has so far destroyed 26 homes.
Dry conditions and 20 mile- an- hour winds are feeding the flames.
Authorities aren't sure how the fire began, but they're investigating reports of lightning strikes from thunderstorms.
A former police officer has leveled charges of sexual harrassment against the Blacksburg Police Department.
Alicia LaChance filed the claim against the department, alleging, among other things, that when she was interviewed for a job she was asked whether she'd slept with some police officers.
She'd been on the Christiansburg police force before Blacksburg hired her in February of 1996.
She quit a year ago.
A Franklin County jury finds a man charged with murder GUILTY of VOLUNTARY MANSLAUGHTER.
41-year-old Johnny Nolen says he killed Thomas Darnell Palmer by accident.
He says Palmer exposed himself and made sexual advances to Nolen's girlfriend, Sharon Austin, early in the morning on March 29th.
The two men scuffled, and Nolen says he does not know where the knife came from.
[IN Q=I remember]
((JOHNNY NOLEN/DEFENDANT: I REMEMBER DARNELL GETTING TRIPPED ... EVIDENTLY IT WENT INTO DARNELL.))
[OUT Q=into Darnell]
The jury did not believe Nolen killed Palmer by accident.
But they still reduced his charge from murder to voluntary manslaughter.
They recommended Nolen serve five years in prison.
[GRAPHIC=Drug Bust Cocaine]
A year-long undercover drug sting is netting more arrests in Halifax County.
The Regional Drug Task Force arrested Hattie Waller of Nathalie and Hassan Fountain of South Boston.
Both are accused of distributing crack cocaine.
These drug arrests follow three others several weeks ago-- all part of an police operation which has netted cocaine, marijuana, guns, and thousands in cash.
More arrests are pending.
[HARD MUSIC UNDER]
Still to come on News 7, a Blacksburg man is busted for allegedly distributing child pornography.
And I-D badges are back in one southside school, as officials look to stop school violence before it starts.
Details coming up.
Right now, Patrick has your forecast.
[music up full]
A prosecutor says a judge is giving special treatment to a former Pulaski County Sheriff's deputy who stole a swimming pool.
Terry Smith pleaded guilty in March to FELONY theft for taking the above-ground pool.
Yesterday he was fined and sentenced to community service, with NO time behind bars.
Judge Colin Gibb had decided to reduce the FELONY charge to a MISDEMEANOR, and issued the sentence despite news that Smith was recently caught driving with a radar detector.
Commonwealth's attorney Everett Shockly says that amounts to preferential treatment.
Controversy is brewing in Lynchburg over a sex education tape intended to prevent domestic violence among teens.
Some school board members object to two videos the Family Life education committee is recommending this year.
One video about abusive relationships shows a young woman being struck repeatedly in the head, an image some feel is too violent for high school seniors.
[IN Q=I think that]
((WAYNE BRINDLE/SCHOOL BOARD MEMBER: I THINK THAT THE PROCEDURE OF GOING FOR THE MOST GRAPHIC PRESENTATION OF SOMETHING THAT'S OUT THERE WHERE KIDS ARE, LIKE SHOWING THEM WAR BY MOVING INTO THE WAR BY SOME KIND OF VIRTUAL SCENE, IS NOT SOMETHING THAT SHOULD BE BROUGHT INTO THE CLASSROOM.))
[SUPER=01-Wayne Brindle/School Board Member; :00]
[OUT Q=into the classroom.]
But educators say the video gets the point across to children.
[IN Q=Then it's worth]
((JANET JONES/FAMILY LIFE COMMITTEE: THEN IT'S WORTH IT. I KNOW KIDS SEE A LOT WORSE, BUT YES, IT'S DISTURBING. IT BOTHERED ME JUST THE FACT THAT THAT COULD BE GOING ON OUT THERE.))
[SUPER=01-Janet Jones/Family Life Committee; :00]
[OUT Q=on out there.]
The school board will vote on the material tonight.
School violence across the nation last year provoked Southside High School officials to revive old security measures this school year.
Students returning to class yesterday at Halifax County High School posed for their security badges.
The I-D policy started in 1994-- but last year, instead of wearing the badges, students were allowed to carry them.
Now the orginal policy is back.
[IN Q=You will probably ]
((LARRY CLARK/PRINCIPAL: YOU WILL PROBABLY SEE MORE SCHOOLS TAKING THIS KIND OF PRO-ACTIVE APPROACH ESPECIALLY YOUR LARGER HIGH SCHOOLS WHERE IT WOULD BE IMPOSSIBLE FOR PEOPLE TO KNOW EVERYBODY IN THE BUILDING ALSO FOR SCHOOLS THE SIZE OF THIS ONE WITH THE NUMBER OF ENTRANCES AND EXITS TAHT WE HAVE IT WOULD BE AWFULLY DIFFICULT TO MAKE PEOPLE GO THROUGH JUST ONE ENTRANCE TO COME INTO THE BUILDING.))
[OUT Q=come into the building.]
Some students are opposed to the badges, but most faculty agree the photo I-D's will add a degree of security in the building.
A 25-year-old Blacksburg man is found guilty in Bedford County of distributing child pornography on the Internet.
Thomas Brooks Jenkins pleaded no contest to charges that he e-mailed pornographic images of children.
Jenkins was arrested after he allegedly e-mailed illicit photos of young boys to an undercover Sheriff's Deputy who contacted Jenkins through a chat room.
[TAPE#=98-61 TC 24:21]
Despite recent U.S. bombings in Sudan, a Roanoke County Episcopal church is going ahead with relief efforts in Africa's biggest country.
This morning, Church of the Holy Spirit Missions director Dave Fuller departed from Roanoke Regional Airport headed for southern Sudan.
In March, Fuller lead a missions group into the country. He will coordinate the delivery of a 32 ton food shipment to the refugees in the Southern Sudan.
[IN Q="10 tons]
[SUPER=01-Dave Fuller/Church of the Holy Spirit Missions Cord.; :00]
[OUT Q=they've experienced"]
[SOFT MUSIC UNDER]
When the news returns, heirs to the Fralin family fortune will not receive a disputed refund from the IRS.
And one unexpected result of Hurricane Bonnie -- a NOrth Carolina beach is turned into "Tire Beach".
We'll have the story.
[MUSIC UP FULL]
[COMM BREAK #2]
Horace Fralin's beneficiaries will NOT receive a 6-figure refund from the Internal Revenue Service.
Heirs to Fralin's fortune sued the government, trying to force the I-R-S to cough up a refund worth 3-quarters of a million dollars.
They claimed changes in federal estate and gift taxes should have been applied retroactively, but judge Jackson Kiser didn't buy the argument.
Fralin left 85-million dollars when he died in 1993.
Residents are finding some unexpected aftermath from Hurricane Bonnie's brush with the North Carolina seashore.
Topsail Beach is now Tire beach.
It seems a few years back officials decided to try chaining groups of tires together and then bury them along the dune lines to keep the sand from eroding.
Well Bonnie threw a crimp into that plan.
The heavy surf from the storm tore the dunes apart and the tires now have come back to haunt beach goers.
On Wall Street at 12:15, the Dow was UP 178 points.
Most of us have spent at least part of the last month watching the stock market tumble.
But how much we're bothered by what happens depends -- in part -- on how old we are.
At one Roanoke law firm, the lawyers who have been in the market for a while are not too worried about their investments.
Even those who are close to retirement say they expect the market to shoot back up by the time they start cashing in their money.
It's the younger people who seem to worry about the stock market.
They have some major expenses ahead -- like buying homes and putting kids through school.
[SOT 11 41 15]
[IN Q=you plan]
((CHERISE COCHRAN: YOU PLAN FOR THE FUTURE...YOU HAVE TO INVEST.))
[SUPER=01-Cherise Cochran/Legal Secretary;]
[OUT Q=you have to invest]
Even though the stock market has dropped a lot lately, most people seem willing to ride out the tough times.
[SPORTS MUSIC UNDER]
Still ahead in sports, the Roanoke Express get ready to play some hockey.
Plus, college football's second-ranked team powered its way to victory last night in New Jersey. We'll have the highlights from the Meadowlands, when News 7 at Noon continues.
[MUSIC UP FULL]
[COMM BREAK #3]
The Kickoff Classic pitted Florida State against Texas A & M last night at Giants Stadium in New Jersey.
[SUPER=03-E. Rutherford, NJ/ABC;]
The second-ranked Seminoles would score first in this one as Travis Minor, who had his coming out party against UVa last year, blasts in from the 2. 7 -nothing FSU.
But the Aggies defense would put them on top in the second quarter as Travis Brooks picks up the loose ball on the blind side hit and he rumbles in for the 21 yard TD.
[super=36-Florida State/23/Texas A&M/14;]
But the Seminoles win it 23 to 14.
All was quiet on the Maris front yesterday, with the exception of the unstoppable Sammy Sosa. He hasn't gotten the publicity that McGwire
[SUPER=03-Chicago, IL/Reds vs. Cubs-MLB; :00]
has received, but last night he came through with his 55th blast of the season.
With two out in the third, Sosa rocked this two run shot to left field off the Reds' Brett Tomko.
He and McGwire are now tied at 55 for the big league lead.
The Roanoke Express continues to steam towards opening night. Sixteen hundred season tickets have been sold and six players have been signed.
According to General Managaer Tony Mancuso, forward Chris Lipsett has signed a 25 game contract with the International Hockey League's Phoenix Road Runners, a team currently under suspension according to Hockey News.
At this time, Lipsett has a one-way IHL contract but is still the property of the Express. He had 67 points last season.
Girls' high school hoops heated up last night, as Staunton River paid a visit to James River.
[SUPER=03-Buchanan/Staunton River vs. James River;]
James River was looking to defend it's home court.
The Lady Knights had a 7 point lead early- before the Eagles cut into that with this three pointer by Meghan White.
But back come the Knights, as they push the ball to the opposite end and Rachel Smith finishes the play with the lay-in.
White would keep the Eagles close throughout the first half as she takes Jennifer Bonds' assist and banks in a trey.
[super=33-Staunton River/41/James River/45;]
But this battle of Rivers would be won by the Knights as Cara Hall gets the home court bounce, and James River gets the 45-to-41 win.
[TAPE#=net- ;from 98-64 TC 4:30]
It's a day of sheer bliss for local Titanic fans, who lined up at midnight to buy their own copies of the biggest box office smash of all time.
[IN Q=IT'S JUST SOMETHING]
((LEIA THOMAS/"TITANIC" FAN; IT'S JUST SOMETHING THAT YOU CAN'T SEE ENOUGH OF AND IT JUST GETS BETTER AND BETTER EVERY TIME YOU SEE IT. YOU JUST LEARN A LOT FROM IT AND YOU GET TO SEE LEONARDO.))
[super=01-Leia Thomas/"Titanic" Fan;]
[OUT Q=SEE LEONARDO.]
The fans aren't the only ones getting a big boost from the film.
Video stores are cashing in and counting on the millions who paid to see the film on the big screen to also pay to see the movie again
[SOT=19:51:44 - TAPE#1 - 18:06:01 - TAPE#2]
[IN Q=WE HAVE NOT]
((DENISE MILLER/HOLLYWOOD VIDEO MGR.; WE HAVE NOT HAD ANY MOVIES TO THIS POINT THAT HAVE TAKEN SO MUCH PREPARATION. WE HAVE ACTUALLY BOUGHT A LOT MORE COPIES OF THIS THAN ANYTHING WE'VE EVER GOTTEN BEFORE.))
((PAUL HILDENBERGER/BLOCKBUSTER VIDEO MGR.; THE LAST ONE THAT WAS EVEN CLOSE TO IT MAYBE WAS "FOREST GUMP". WE HAD A BIG PROMOTION FOR THAT. BUT THIS IS BY FAR THE BIGGEST TITLE THAT WE'VE HAD TO COME TO BLOCKBUSTER.))
[SUPER=01-Denise Miller/Hollywood Video Manager; ]
[SUPER=01-Paul Hildenberger/Blockbuster Video Manager;]
[OUT Q=TO BLOCKBUSTER.]
Two different versions of Titanic are available on video cassette:
a regular version, and one with a widescreen format.
Local stores expect the video to be one of the hottest sellers for Christmas.