MARKETS

The New York Stock Exchange's board is expected to meet today to select William H. Donaldson as the next chairman of the exchange. Donaldson, a former undersecretary of state and a founder of the Wall Street firm of Donaldson, Lufkin & Jenrette, would succeed John J. Phelan Jr. at the end of this year.

COMPANIES

Penn Central's major shareholder, American Financial Corp., has informed Penn Central ''that it does not intend to tender any of its shares'' under a stock-buyback program announced by Penn Central on July 26, according to SEC documents.

United Airlines's parent company gave an employee group an extra two months to arrange financing for its $4.38 billion buyout bid, extending a deadline originally set for today. UAL's board said it was willing to extend the deadline because of the crisis in the Middle East. The company said that if financing is not arranged by Oct. 9, UAL will terminate the buyout agreement it reached with the employees last April.

Occidental Petroleum said a Delaware court approved the settlement of a lawsuit that had been filed by stockholders in an attempt to block the company's $90 million in financial backing for a museum to house Chairman Armand Hammer's art collection. The settlement limits the company's expenditures on the museum to $60 million.

Pan Am said it will add service this winter to eight destinations in Central and South America, the Caribbean and New Jersey..

Magma Copper will give more than 3,000 hourly employees $1,000 each in bonuses for helping the Tucson, Ariz., company achieve record earnings.

INTERNATIONAL

President Bush received Mexico's request for a free-trade agreement and said he would seek congressional permission to begin negotiations, the first step toward his vision of creating a hemisphere-wide open market stretching from the Canadian Yukon to the southern tip of Argentina.

REGULATION

The Casino Control Commission of New Jersey ruled that more than 1,000 pages of documents detailing Donald Trump's financial rescue package must be made public, but they remained secret while his lawyers appeal the decision.

The SEC alleged that a pair of investors, Anthony Serivola and Paul Landerman, violated federal securities laws in their bid to buy the DeLaurentiis Entertainment Group of Los Angeles.

EARNINGS

SmithKline Beecham said second-quarter earnings rose 48 percent.

Woolworth reported that second-quarter earnings were up 4 percent.

Viacom reported a second-quarter loss of $20 million compared with a loss of $34.7 million in the year-ago period.

Hoechst Celanese reported second-quarter earnings dropped 19 percent.

PEOPLE

Richard S. Bodman was named senior vice president of AT&T, handling strategic planning and corporate development. Bodman is a former Comsat executive and, most recently, president of D.C.-based Washington National Investment Corp.

Chemical Banking Corp. named Robert Callander president of the firm and of its flagship bank. He is now a vice chairman.

ODD LOTS

The Army Materiel Command, which handles everything from the distribution of spare parts to the development of small weapons systems, became the first Army command to announce personnel reductions in connection with cuts in defense spending. It announced the elimination of 6,650 civilian jobs nationwide, including 154 at its headquarters in Alexandria.