Also...

* Tel-Save Holdings Inc., a U.S. long-distance phone company, expects to announce by Monday whether it will sell the company or resume a share buyback when it reports second-quarter earnings, CEO Daniel Borislow said. Last month, New Hope, Pa.-based Tel-Save said it was in talks with several companies about a sale, including other telecom firms and an Internet company. Borislow has said if he doesn’t sell Tel-Save, he’ll pursue an authorized buyback of as much as $300 million of the company’s stock.

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* A federal court in Portland dismissed a health-care reimbursement lawsuit brought by more than 50 labor union funds in Oregon against the major tobacco makers, according to one of the defendants, Philip Morris Cos. In his opinion, U.S. District Judge Malcolm Marsh said the labor funds had no legal basis for their suit because the funds had not sustained any direct harm.

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* Chancellor Media Corp. reported a wider-than-expected second-quarter loss because of acquisition expenses, the early redemption of a bond and a $59.5-million severance payment to longtime executive Scott Ginsburg. Chancellor, the second-largest U.S. radio company, reported a loss after charges and the payment of preferred-stock dividends of $71.0 million, or 50 cents a diluted share, compared with net income of $4.82 million, or 6 cents, a year earlier. The company didn’t break out net income before the charges. The broadcaster was expected to report a loss of 20 cents.