[ Dow 12,582.59 +26.51 Nasdaq 2,497.78 -5.04 S&P 500 1,431.90 +1.17 Russell 2000 791.48 -2.78toplocal... ]

DOW 12,582.59 +26.51 NASDAQ 2,497.78 -5.04 S&P 500 1,431.90 +1.17 RUSSELL 2000 791.48 -2.78TOPLOCAL

FedEx flight tests anti-missile system

An MD-10 cargo jet equipped with Northrop Grumman’s Guardian anti- missile system took off from Los Angeles International Airport on a commercial flight Tuesday, the company said.

The FedEx flight marked the start of operational testing and evaluation of the laser system designed to defend against shoulder- fired anti-aircraft missiles during takeoffs and landings. Adapted from military technology, Guardian is designed to detect a missile launch and then direct a laser to the seeker system on the head of the missile and disrupt its guidance signals. The laser is not visible and is eye-safe, the company said.

During the test phase, which finishes in March 2008, nine MD-10s equipped with the Guardian system will be in commercial service. Katie Lamb-Heinz of Northrop Grumman Electronic Systems said all those aircraft will be freighters. The ultimate goal is to defend passenger airliners.

TOPREGION

Tribune stock falls as sale hopes dim

CHICAGO — Tribune Co.’s approaching deadline for potential buyers to submit final proposals to acquire the media conglomerate was being watched with interest Tuesday by Wall Street, but with low expectations that attractive offers were forthcoming.

Investors nudged the company’s slumping stock price still lower before the reported deadline tonight. With the key parties remaining silent, analysts said there was no sign of any offer in the works that would be enticing enough for Tribune to sell itself profitably.

Several have said there likely will be no deal for the whole company, which would leave Tribune to continue its four-month-old review process and decide whether to auction off its most sought- after pieces individually.

The deadline is considered likely to pass without comment or announcement by the company, which owns the Los Angeles Times.

TOPNATION

Homebuilder sees likely quarterly loss

DALLAS — Homebuilder Centex Corp. said Tuesday it expects to post a loss in the quarter ended Dec. 31, as it completed fewer sales and recorded fewer net new orders amid softness in the housing market.

Centex said it expects to lose $2 per share in the quarter. That includes about $150 million of option deposit and walk-away costs, $300 million to write down land values and $60 million in additional taxes because of a previously disclosed federal audit.

Without those costs, the operating loss will be about 75 cents per share, the company said. Analysts were expecting operating income of 81 cents per share excluding the one-time costs, according to a survey by Thomson Financial.

Centex said it closed on 8,360 home purchases in the quarter, down 12 percent from a year earlier. Orders fell 24 percent, to 6,139.

— From news services

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