Also. . .

* Shares of Pillowtex Corp. fell 32% after the blanket, pillow and towel maker said it is considering strategic alternatives to address its financial woes and might be forced to seek bankruptcy protection from its creditors. Dallas-based Pillowtex, whose brand names include Cannon, Fieldcrest and Royal Velvet, said it is in default under senior secured credit facilities totaling about $650 million. It said the default occurred because its senior lenders decided not to extend a temporary waiver it obtained for violating a financial covenant under those facilities. The waiver expired Tuesday. Pillowtex shares fell 44 cents to close at 94 cents on the NYSE.

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* Antitrust regulators are nearing a decision on the fate of a merger between America Online and Time Warner with an eye toward ensuring that the colossal new business won’t squelch consumer choice for high-speed Internet connections and other emerging services. The Federal Trade Commission could rule as early as today on a deal that holds the promise of reshaping the landscape of the online world. Approval by a majority of the five-member FTC panel would clear the way for the Federal Communications Commission to complete its review of the $129-billion deal, the final hurdle facing the companies.

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