[ Breakfast Briefing Chicago ]

Idex to cut about 250 jobs

Idex Corp., the Northbrook-based maker of pumps and dispensingequipment, said it will cut about 250 jobs, or 6 percent of its workforce, and combine two production plants in Michigan. Idex said themoves will result in a first-quarter charge of $5.5 million, or 11cents a share. The company said reduced demand in U.S. manufacturinghas hurt sales. Savings from the cost-cutting measures are expectedto exceed the charge, Idex said.

Merc, Blackbird in deal The Chicago Mercantile Exchange announceda deal Thursday with Blackbird Holdings Inc. to put trading of over-the-counter futures and options on the same screen with exchange-traded products. Officials said it will mark the first time the twomarkets will be accessible on one system. Starting later this year,derivatives dealers using the Blackbird system will gain access toMerc products. Blackbird President Shawn Dorsch said the fit isnatural because derivatives dealers in the over-the-counter marketoften use exchanges to hedge risk.

River City to become condos

American Invsco said Thursday that it will convert the River Cityapartment complex, 800 S. Wells, to condominiums. Units in the twin-tower complex designed by Bertrand Goldberg, who also created theMarina City towers, will sell for between approximately $160,000 and$650,000.

Spirit to fly O'Hare-L.A.

Low-fare carrier Spirit Airlines will launch nonstop servicebetween O'Hare and Los Angeles International Airport beginning May 9.Inaugural $89 one-way fares, valid for travel between May 9 and June13, are available for tickets purchased by April 14, the airlinesaid. Fares are based on a round-trip purchase. The airline said asecond daily nonstop flight from O'Hare will begin July 2 along withnew service to Atlantic City.

Vysis up on Abbott agreement

Shares of Vysis Inc., the Downers Grove-based maker of DNA-basedtests, rose 21 percent after it said Abbott Laboratories has agreedto distribute its breast cancer and bladder cancer tests. Abbott,one of the world's largest medical-test suppliers, will gainexclusive distribution rights in North America and Europe for theVysis PathVysion test that detects the HER-2 gene in breast cancerand the UroVysion test that screens for bladder cancer cells inurine. Vysis shares rose $1.38 to $7.94.

Allscripts, Merck-Medco accord

Allscripts Healthcare Solutions Inc., the Libertyville-based makerof handheld devices doctors use to write prescriptionselectronically, said it signed an agreement with Merck-Medco thatwill provide data on patients' insurance coverage. Merck-Medco, aunit of drugmaker Merck & Co., is the largest manager of drug benefitplans. The agreement gives doctors using Allscripts devices access toinformation on which drugs are preferred for coverage by insurers forcertain illnesses, Allscripts spokeswoman Tracey Moran said.

Bank One unit to pay NASD fine

Bank One Corp.'s investment-banking unit agreed to pay a $1.8million fine to settle regulatory charges that it failed to promptlyreconcile $1 billion in accounting discrepancies caused by a softwareproblem. The Chicago-based unit, Banc One Capital Markets, operated"without a reliable accounting system" for a six-month period in1999, the National Association of Securities Dealers' regulatory armsaid. Banc One, which neither admitted nor denied wrongdoing, alsofailed for months to notify regulators of its problems, NASDRegulation said. The firm's mistakes, though, didn't affect anycustomer accounts, NASDR said.

Bloomberg News