Business Notes TOYS

It looks like a 9-in. cloth-covered ruler, but a quick downward flick will send it curling around your wrist. And before you can say Slap Wrap, you are wearing the newest preteen craze. The bracelet's manufacturer, Connecticut- based Main Street Toy, sells nearly 500,000 a week (retail price: $2 to $2.50).

Consumer officials in Connecticut urged retailers to recall a cheap knock- off of the toy last month after the imitation's sharp edges cut a four- year-old girl. The real Slap Wrap, which carries its name on the bracelet, was excluded from the warning. This snappy fad is making some kids downright slaphappy.