ECONOMY

Industrial production rose 0.4 percent in June, largely because of a jump in automobile production and a heat wave that boosted utility output, the Federal Reserve said.

COMPANIES

Virginia Power signed contracts with three nonutility generators to begin supplying 448 megawatts of summer capacity to the utility between 1995 and 1997. The contracts are with Virginia Iron Industries of Winchester, Va., Wheelabrator Tidewater Inc. of Hampton, Va., and SEI Birchwood Inc. of Atlanta.

IBM is expected to announce today a technology relationship with Go Corp., a small California firm developing a method for entering data into a computer using a stylus. IBM has forged numerous partnerships with small companies in recent months to pursue markets it cannot penetrate alone.

Tupperware Home Parties announced a sweeping corporate reorganization and layoffs designed to save the company an estimated $25.8 million through 1992.

Field Publications, the educational publishing company that puts out the Weekly Reader and Funk & Wagnalls encyclopedia, has been put up for sale by Field Corp., its Chicago owner.

REGULATION

The federal government, which sought $400 million in a lawsuit against former officers of Eureka Federal Savings and Loan, has agreed to settle for $68 million. The officers were accused of mismanaging the San Carlos, Calif.-based institution's loan portfolios in 1983 and 1984, incurring more than $200 million in losses.

The National Association of Securities Dealers, bending to criticism, said it will not pursue a controversial proposal to require companies whose stocks are listed on the Nasdaq market to maintain a bid price of at least $1 for their shares.

Several small U.S. firms filed an anti-dumping complaint against a dozen Japanese firms, alleging they are selling flat-panel display screens for computers, TVs and medical equipment below fair market prices.

CONTRACTS

Contel Federal Systems of Chantilly won a three-year, $36 million contract to provide computer maintenance services to the Defense Department's worldwide military command and control modernization programs.

EARNINGS

Charles Schwab reported a 14.3 percent increase in second-quarter earnings from same period a year ago.

Coca-Cola said its profit in the second quarter rose 18.6 percent.

Eli Lilly said its earnings rose 26 percent in the second quarter.

The Ethyl Corp. reported its second-quarter earnings fell 0.8 percent.

GTE reported second-quarter earnings rose by 11.5 percent.

Intel reported a 72 percent increase in second-quarter earnings.

McGraw-Hill said second-quarter earnings fell 26.7 percent.

Merrill Lynch said its second-quarter earnings were up 5.6 percent.

PaineWebber Group reported second-quarter earnings of $14.6 million, down from $15.1 million.

Pfizer said its second-quarter earnings increased 11 percent.

Polaroid said its earnings were down nearly $10 million in the second quarter.

Sott Paper reported second-quarter earnings were up 4 percent.

Sundstrand reported second-quarter earnings fell 38 percent.

Upjohn said its second-quarter earnings rose 21 percent.

Reynolds Metals said its earnings fell 32 percent in the second quarter and 34 percent in the first half.

Rockwell International reported its third-quarter earnings were down 3.9 percent.

PEOPLE

John Berentson, chief operating officer of Infotechnology Inc., the parent company of United Press International, was appointed vice chairman of the news agency.

Martin L. Grass, president of Rite Aid, said he will take legal action against Ohio Board of Pharmacy officials who waged what he called an ''outrageous'' prosecution against him. Grass and Rite Aid were cleared Monday of a bribery charge.

Paul Trible, the former Republican U.S. senator from Virginia, is leading a group of investors who plan a cash infusion of $2.1 million into Resource Bank, small Virginia Beach bank founded in 1988. The investors will receive 30 percent of the stock in a new holding company.

ODD LOTS

Attorneys representing more than 1,100 asbestos victims from Virginia asked a federal appeals court to overturn a temporary halt in payments from the Manville trust.

Nynex said it neither funded nor supported annual Florida parties that featured call girls and clients. The parties, which occurred between 1984 and 1988, were attended by employees of Materiel Enterprises Co. -- which at the time was Nynex's unregulated purchasing arm -- and about 30 suppliers.

Eli Lilly was accused of failing to properly test a drug called Prozac in a $150 million lawsuit filed by a Long Island, N.Y., woman. The woman charged that the anti-depressant drove her to attempt suicide.

The National Futures Association is setting up a national clearinghouse for information on disciplinary actions taken against futures brokers.