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November 21, 2000

* Neiman Marcus Group Inc. reported a 29% rise in profit for its fiscal first quarter to $48.1 million, or $1.01 a share, on an 11% increase in sales to $739.7 million. But the upscale retailer said its second-quarter earnings probably will be flat, based on weak sales so far this month. The company said sales in stores open at least a year probably will be down 9% in November. In the latest quarter, same-store sales were up 11%.

* Medtronic Inc., the world's largest pacemaker company, said fiscal second-quarter profit rose 21% to $314.1 million, or 26 cents a share, matching expectations, as sales rose 14% to $1.36 billion. Medtronic has expanded beyond heart pacemakers, buying makers of products that treat clogged arteries and spinal and neurological diseases. Sales of the newer units are outpacing the pacemaker business.

* Mylan Laboratories Inc. said Chief Financial Officer Donald Schilling resigned and it named John Hanson, CFO of Zenith Goldline Pharmaceuticals, a unit of IVAX Corp. Schilling will stay on until until Jan. 31 to help with the transition, Mylan said.

* KeraVision Inc. said it would fire 64 people, or 58% of its staff, so it can direct money to test marketing a device to correct the vision of people suffering from nearsightedness. The Fremont, Calif.-based company is promoting its Intacs, which are implanted in a patient's eye to reshape the cornea and correct myopia, as an alternative to laser surgery to correct vision. The product and procedure to implant it are undergoing clinical trials for Food and Drug Administration approval.

* Bear Stearns Cos. agreed to buy privately held Helios Group to expand in the electronic-trading business. Terms were not disclosed.


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