June 30, 1994

Reversing a 60-year tradition of nonprofit health service, the national Blue Cross and Blue Shield Association said yesterday that it would allow its member plans to become for-profit companies that could sell stock to the public. Blue Cross executives said that about a dozen of the 69 Blue Cross plans across the country were seriously considering becoming for-profit companies. The move would let them raise money from investors in order to compete in the rapidly changing national health care market.

IT is 90 degrees outside and he doesn't sweat. His shirt is crisp, his suit is seersucker, and his socks are pink argyle. When he walks he bounces. Discussing his new novel, "Thank You for Smoking," Christopher Buckley declares himself "the Cyndi Lauper of American letters -- I just want to have fun." An afternoon in his company confirms his success. He is more Tom Collins than Tom Wolfe. Though Mr. Buckley lives in Washington, he comes to New York once a week in his capacity as editor of Forbes FYI, a life-style supplement to Forbes magazine. And this particular week, he and his father, William F. Buckley Jr., are sailing to Bermuda on the family yacht.

The turmoil in the world's financial markets is giving Americans the jitters, making them reluctant to continue pouring billions of dollars into stock and bond mutual funds, industry officials said yesterday. Instead, investors are heading for the safety of money market funds. Executives at fund companies suggest that investors are merely parking their cash in money market funds until the markets calm down.

Companies A deal in which CBS would merge with QVC is being negotiated between Barry Diller, chairman of QVC Network, and Laurence A. Tisch, chairman of CBS, people familiar with the discussions said. [ Page A1. ] CBS was ripe for change after it lost affiliated stations to Fox. New Analysis. [ D6. ] Mr. Diller's move didn't surprise Hollywood executives, who expect the unexpected from him. [ D6. ] Mr. Tisch has done well in his investment in CBS. [ D7. ] Bell Atlantic and Nynex plan to merge their cellular companies into a single business that would operate from Maine to Virginia. The deal would create a cellular telephone giant second only to the alliance planned by AT&T and McCaw Cellular. [ A1. ]

In a case based in Newark, a Federal court has struck down a United States immigration policy requiring owners of ships and airplanes to pay the cost of detaining stowaways who apply for political asylum. Article, page B8.