November 13, 1986

Almost overnight, fiber optics has gone from one of America's hottest new industries to yet another high-tech business experiencing growing pains. Five years ago, the tiny hair-thin strands of glass used to transmit information on beams of laser light were regarded as the wave of the future in telecommunications, as well as a myriad of other functions, from the beaming of television shows to the detection of cancer. Analysts predicted that the fiber optics industry would grow exponentially. And for five years, it did. By far the biggest users were long-distance telephone companies, since replacing copper wires with fiber optics increased their capacity at the same time that it decreased their costs.

Companies Lorimar-Telepictures ended a deal to buy six TV stations from Kohlberg, Kravis, Roberts, the management buyout specialists. Lorimar said the $1.4 billion deal for six Storer stations fell through because of the soft advertising market and lower expectations for growth. The original deal, for $1.85 billion, had included a Wometco station, whose purchase was called off earlier. [ Page D1. ] A $2.8 billion recapitalization plan by Holiday will pay shareholders of the hotel and casino company $65 a share in cash and allow them to retain ownership of 90 percent of the company. The company also moved to protect itself from a takeover, but an oft-rumored suitor, Donald Trump, has reportedly sold his stake. [ D1. ]

In a meeting with Congressional leaders, President Reagan today for the first time personally acknowledged sending military supplies to Iran, according to Administration officials. He also defended the action as necessary for establishing ties to moderate elements there, they added. The officials said the meeting occurred after Mr. Reagan unexpectedly summoned key Congressional leaders to the White House to respond to increasing demands by legislators for an explanation of the Administration's reversal of its policy ruling out any deals for the release of American hostages. The officials said Mr. Reagan told the group of four senators and House members that he saw some hope that the current secret negotiations with Iran would lead to the release of two more hostages. 'Interest in U.S. Ties' In acknowledging the Administration's involvement in supplying arms to Iran, Mr. Reagan argued that the United States had undertaken clandestine contacts with the Teheran Government because some factions in Iran were viewed, in the words of one participant at the meeting as ''traditionalists or nonradicals who have a greater interest in U.S. ties.''

IN another life Dan Scully would probably come back as a car. Given his present state as a human being, however, the New Hampshire architect has done the next best thing. He has designed and built himself a new house that from bumpers to rooftop hood ornament is the ultimate metaphor for his own special passions: Speed, motion and all things automotive. Called ''Highway 101 - Two Lane Blacktop,'' Mr. Scully's residence is set on an eight-acre wooded site in Dublin, N.H., just a hubcap's throw from its namesake, State Highway 101. Like the dwellings indigenous to this old established New England lake community, the house combines the classic look of weathered shingles with dark green trim, but the similarity ends there.

The Lorimar-Telepictures Corporation, the big West Coast entertainment company, said yesterday that it had terminated a $1.42 billion agreement to buy six television stations from Kohlberg, Kravis, Roberts & Company of New York, the nation's biggest management buyout firm. A month ago Lorimar dropped plans to buy a seventh, for $405 million, from the Wometco Broadcasting Company in Miami and cut the cost of the six others by $30 million. It thus broke off a $1.85 billion deal. Merv Adelson, chairman of Lorimar, attributed the final breakdown to softness in the advertising market.