20326002@unknown@formal@none@1@S@The campaign, a patriotic celebration of the 200th anniversary of the Bill of Rights, doesn't mention cigarettes or smoking; cigarette ads have been prohibited on television since 1971.@@@@1@28@@oe@2-2-2013
20326003@unknown@formal@none@1@S@But even before it begins, the campaign is drawing fire from anti-smoking advocates, who criticize Philip Morris's attempt to bolster its beleaguered image by wrapping itself in the document that is a cornerstone of American democracy.@@@@1@36@@oe@2-2-2013
20326004@unknown@formal@none@1@S@Philip Morris, which became the U.S.'s largest food company last year with its $12.9 billion acquisition of Kraft Inc., seems determined to evolve beyond its roots in Marlboro country.@@@@1@29@@oe@2-2-2013
20326005@unknown@formal@none@1@S@The company's research suggests that its name recognition among most consumers remains unusually low, although its array of brands -- including Maxwell House coffee, Jell-O, Cheez Whiz, and Miller beer -- blanket supermarket shelves.@@@@1@34@@oe@2-2-2013
20326006@unknown@formal@none@1@S@The company is expected to spend about $30 million a year on its two-year corporate campaign, created by WPP Group's Ogilvy & Mather unit in New York.@@@@1@27@@oe@2-2-2013
20326007@unknown@formal@none@1@S@The initial spots will appear during morning and prime-time news shows.@@@@1@11@@oe@2-2-2013
20326008@unknown@formal@none@1@S@Philip Morris hopes that by taking its Bill of Rights theme to the airwaves, in addition to publications, it will reach the broadest possible audience.@@@@1@25@@oe@2-2-2013
20326009@unknown@formal@none@1@S@Until now, its corporate ads, mainly promoting its sponsorship of the arts, have appeared almost exclusively in newspapers and magazines.@@@@1@20@@oe@2-2-2013
20326010@unknown@formal@none@1@S@"Most people -- whether in Toledo, Tucson or Topeka -- haven't got a clue who we are," says Guy L. Smith, Philip Morris's vice president of corporate affairs.@@@@1@28@@oe@2-2-2013
20326011@unknown@formal@none@1@S@"If they think well of the company through our support of the Bill of Rights, it follows they'll think well of our products."@@@@1@23@@oe@2-2-2013
20326012@unknown@formal@none@1@S@Mr. Smith says the Bill of Rights commercial, which trumpets the themes of liberty and freedom of expression, isn't designed to have any special appeal for smokers.@@@@1@27@@oe@2-2-2013
20326013@unknown@formal@none@1@S@Although Philip Morris typically tries to defend the rights of smokers with free-choice arguments, "this has nothing to do with cigarettes, nor will it ever," the spokesman says.@@@@1@28@@oe@2-2-2013
20326014@unknown@formal@none@1@S@But some anti-smoking activists disagree, expressing anger at what they see as the company's attempt to purchase innocence by association.@@@@1@20@@oe@2-2-2013
20326015@unknown@formal@none@1@S@"I'm outraged because this company is portraying itself at the heart of American culture and political freedom and in fact it's a killer," says Michael Pertschuk, former chairman of the Federal Trade Commission and a tobacco-industry critic.@@@@1@37@@oe@2-2-2013
20326016@unknown@formal@none@1@S@"It should be treated like the Medellin {drug} mafia, not the Founding Fathers."@@@@1@13@@oe@2-2-2013
20326017@unknown@formal@none@1@S@Mr. Pertschuk adds that the new commercial dovetails perfectly with major aspects of Philip Morris's political strategy.@@@@1@17@@oe@2-2-2013
20326018@unknown@formal@none@1@S@These include trying to protect its print advertising by invoking the First Amendment, and wooing blacks by portraying itself as a protector of civil rights.@@@@1@25@@oe@2-2-2013
20326019@unknown@formal@none@1@S@(The commercial features, among others, the voice of Martin Luther King Jr., the slain civil rights leader.)@@@@1@17@@oe@2-2-2013
20326020@unknown@formal@none@1@S@Many marketers say Philip Morris's approach will be effective, but they agree that the ads' implied smoking message is unmistakable.@@@@1@20@@oe@2-2-2013
20326021@unknown@formal@none@1@S@"This is clever, subliminal advertising that really says, `Smokers have rights, too,'" says Al Ries, chairman of Trout & Ries Inc., a Greenwich, Conn., marketing strategy firm.@@@@1@27@@oe@2-2-2013
20326022@unknown@formal@none@1@S@"This is designed to get the wagons in a circle and defend the smoking franchise."@@@@1@15@@oe@2-2-2013
20326023@unknown@formal@none@1@S@Richard Winger, a partner at Boston Consulting Group, adds: "It's very popular to drape yourself in the flag these days.@@@@1@20@@oe@2-2-2013
20326024@unknown@formal@none@1@S@If you can do that and at the same time send a message that supports your business, that's brilliant."@@@@1@19@@oe@2-2-2013
20326025@unknown@formal@none@1@S@RJR Nabisco Inc. and American Brands Inc. say they have no plans to follow Philip Morris's lead.@@@@1@17@@oe@2-2-2013
20326026@unknown@formal@none@1@S@(Indeed, RJR Nabisco is currently under fire for having sent 80-second videotapes touting its Now brand to consumers who smoke American Brands' Carltons.)@@@@1@23@@oe@2-2-2013
20326027@unknown@formal@none@1@S@Despite the criticism, Philip Morris's corporate campaign runs little risk of getting yanked off the tube.@@@@1@16@@oe@2-2-2013
20326028@unknown@formal@none@1@S@"They aren't showing James Madison taking a puff or lighting up," says Laurence Tribe, a professor of constitutional law at Harvard University.@@@@1@22@@oe@2-2-2013
20326029@unknown@formal@none@1@S@"All they are trying to do is borrow some of the legitimacy of the Bill of Rights itself.@@@@1@18@@oe@2-2-2013
20327001@unknown@formal@none@1@S@Technology stocks woke up, helping the over-the-counter market rise from its recent doldrums.@@@@1@13@@oe@2-2-2013
20327002@unknown@formal@none@1@S@The Nasdaq Composite Index surged 4.26, or about 0.94%, to 455.63.@@@@1@11@@oe@2-2-2013
20327003@unknown@formal@none@1@S@It was the market's biggest gain since rising more than 7 points on Oct. 19.@@@@1@15@@oe@2-2-2013
20327004@unknown@formal@none@1@S@Advancing OTC stocks outpaced decliners by 1,120 to 806.@@@@1@9@@oe@2-2-2013
20327005@unknown@formal@none@1@S@But the move lagged a stronger rise in New York Stock Exchange issues.@@@@1@13@@oe@2-2-2013
20327006@unknown@formal@none@1@S@The Big Board's composite index was up more than 1.4%, and the Dow Jones Industrial Average jumped 1.6%.@@@@1@18@@oe@2-2-2013
20327007@unknown@formal@none@1@S@Nasdaq's gain was led by its biggest industrial stocks.@@@@1@9@@oe@2-2-2013
20327008@unknown@formal@none@1@S@The Nasdaq 100 rose 7.08 to 445.23.@@@@1@7@@oe@2-2-2013
20327009@unknown@formal@none@1@S@The Financial Index of 100 biggest banks and insurance issues added 2.19 to 447.76.@@@@1@14@@oe@2-2-2013
20327010@unknown@formal@none@1@S@Other strong sectors were indicated in gains of the Transportation Index, up 7.55 to 475.35, and the Utility Index, up 8.68 to 730.37.@@@@1@23@@oe@2-2-2013
20327011@unknown@formal@none@1@S@National Market System volume improved to 94,425,000 shares from 71.7 million Monday.@@@@1@12@@oe@2-2-2013
20327012@unknown@formal@none@1@S@Many of Nasdaq's biggest technology stocks were in the forefront of the rally.@@@@1@13@@oe@2-2-2013
20327013@unknown@formal@none@1@S@Microsoft added 2 1/8 to 81 3/4 and Oracle Systems rose 1 1/2 to 23 1/4.@@@@1@16@@oe@2-2-2013
20327014@unknown@formal@none@1@S@Intel was up 1 3/8 to 33 3/4.@@@@1@8@@oe@2-2-2013
20327015@unknown@formal@none@1@S@But traders who watch the stocks warned the rise may be yet another "one-day phenomenon."@@@@1@15@@oe@2-2-2013
20327016@unknown@formal@none@1@S@Technology stocks bore the brunt of the OTC market's recent sell-off, and traders say it's natural that they rebound sharply now that the market has turned around.@@@@1@27@@oe@2-2-2013
20327017@unknown@formal@none@1@S@But, they caution, conservative investors would do well to sell into the strength.@@@@1@13@@oe@2-2-2013
20327018@unknown@formal@none@1@S@"They are always the first to be sold when people are taking profits, because people are most scared of the high-technology stocks," said Robin West, director of research for Ladenburg Thalmann's Lanyi division, which specializes in emerging growth stocks.@@@@1@39@@oe@2-2-2013
20327019@unknown@formal@none@1@S@The technology group includes many of the OTC market's biggest stocks, which dominate the market-weighted Nasdaq Composite Index.@@@@1@18@@oe@2-2-2013
20327020@unknown@formal@none@1@S@Analysts say rallies in the group historically have lifted the market, while weakness in the sector often sank unlisted share prices broadly.@@@@1@22@@oe@2-2-2013
20327021@unknown@formal@none@1@S@But increasing volatility in the sector has exhausted investors who try to follow its dips and swings.@@@@1@17@@oe@2-2-2013
20327022@unknown@formal@none@1@S@The stocks have been pummeled repeatedly by inventory gluts and disappointing earnings as the industry matures and slows.@@@@1@18@@oe@2-2-2013
20327023@unknown@formal@none@1@S@Some even claim the group has become a lagging, not leading, indicator.@@@@1@12@@oe@2-2-2013
20327024@unknown@formal@none@1@S@The technology sector of the Dow Jones Equity Market Index has risen only about 6.24% this year, while the Nasdaq Composite Index has gained 18.35%.@@@@1@25@@oe@2-2-2013
20327025@unknown@formal@none@1@S@While the composite index lost less than a third of its year-to-date gains in the market's recent decline, the technology group's gains were more than halved.@@@@1@26@@oe@2-2-2013
20327026@unknown@formal@none@1@S@The OTC technology sector is far from a cohesive unit.@@@@1@10@@oe@2-2-2013
20327027@unknown@formal@none@1@S@The group is divided primarily between software, semiconductors and computers.@@@@1@10@@oe@2-2-2013
20327028@unknown@formal@none@1@S@While computer stocks have taken the biggest hit from the slowdown in the industry, many software and semiconductor stocks have continued to outperform the market.@@@@1@25@@oe@2-2-2013
20327029@unknown@formal@none@1@S@Microsoft is up more than 50% this year, while Intel is up more than 40%.@@@@1@15@@oe@2-2-2013
20327030@unknown@formal@none@1@S@The technology group is also split between large companies and small, with the biggest stocks trading as blue-chip issues in the institutional marketplace, while the smaller stocks churn on their individual merits or faults, analysts say.@@@@1@36@@oe@2-2-2013
20327031@unknown@formal@none@1@S@The volatility of smaller technology companies has served the group well overall in recent stock trading, according to Hambrecht & Quist's technology stock indexes.@@@@1@24@@oe@2-2-2013
20327032@unknown@formal@none@1@S@The brokerage firm tracks technology stocks with its Technology Index, which appreciated only 10.59% in the first nine months of this year.@@@@1@22@@oe@2-2-2013
20327033@unknown@formal@none@1@S@But the firm also tracks smaller technology companies as a subset of the larger group.@@@@1@15@@oe@2-2-2013
20327034@unknown@formal@none@1@S@That index, which contains technology companies with annual revenues of $200 million or less, gained 17.97% by Sept. 30 this year -- still lagging the S&P 500, but leading larger technology firms.@@@@1@32@@oe@2-2-2013
20327035@unknown@formal@none@1@S@Yesterday, bank stocks lagged behind the overall OTC market.@@@@1@9@@oe@2-2-2013
20327036@unknown@formal@none@1@S@The Nasdaq Bank Index rose 0.17 to 432.78.@@@@1@8@@oe@2-2-2013
20327037@unknown@formal@none@1@S@George Jennison, who trades bank stocks for Shearson Lehman Hutton, said the stocks tend to fall behind because they aren't traded as much as many other issues.@@@@1@27@@oe@2-2-2013
20327038@unknown@formal@none@1@S@But, he added, interest-rate-sensitive stocks in general are stalled.@@@@1@9@@oe@2-2-2013
20327039@unknown@formal@none@1@S@"The interest-rate sensitives aren't rallying with the rest of the market because of fears about what the (Federal Reserve) will do," Mr. Jennison said.@@@@1@24@@oe@2-2-2013
20327040@unknown@formal@none@1@S@He said that investors will scour the October employment report, due out Friday, for clues about the direction of the economy and the immediate outlook for interest rates.@@@@1@28@@oe@2-2-2013
20327041@unknown@formal@none@1@S@On the other hand, Mr. Jennison noted that the recent slide in bank and thrift stocks was at least halted yesterday.@@@@1@21@@oe@2-2-2013
20327042@unknown@formal@none@1@S@Shearson Lehman Hutton gave small investors some welcome news by announcing that it would no longer handle index-arbitrage-related program trades for its accounts.@@@@1@23@@oe@2-2-2013
20327043@unknown@formal@none@1@S@Shearson, with its in-house order execution system, has handled the bulk of such program trades in the over-the-counter market.@@@@1@19@@oe@2-2-2013
20327044@unknown@formal@none@1@S@The trading has been blamed for much of the market's recent volatility.@@@@1@12@@oe@2-2-2013
20327045@unknown@formal@none@1@S@Jaguar topped the most-active list, as its American depository receipts climbed 1 3/4 to 13 5/8 with more than 6.6 million ADRs traded.@@@@1@23@@oe@2-2-2013
20327046@unknown@formal@none@1@S@Britain said it would waive its "golden share" in the luxury auto maker if shareholders vote to allow a suitor to acquire more than 15% of the company.@@@@1@28@@oe@2-2-2013
20327047@unknown@formal@none@1@S@The announcement effectively removes the British government as an impediment to a takeover of the company, which is being stalked by General Motors and Ford.@@@@1@25@@oe@2-2-2013
20327048@unknown@formal@none@1@S@Gen-Probe was another active takeover stock.@@@@1@6@@oe@2-2-2013
20327049@unknown@formal@none@1@S@It surged 2 3/4 to 6 on volume of more than 1.7 million shares after the company agreed to be acquired by Japan's Chugai Pharmaceutical for about $110 million -- almost double the market price of Gen-Probe's stock.@@@@1@38@@oe@2-2-2013
20327050@unknown@formal@none@1@S@Priam Corp. lost 5/32 to 3/32 after filing for protection from its creditors under Chapter 11 of the federal Bankruptcy Code.@@@@1@21@@oe@2-2-2013
20327051@unknown@formal@none@1@S@MCI Communications added 1 1/2 to 43 3/8.@@@@1@8@@oe@2-2-2013
20327052@unknown@formal@none@1@S@The company has toted up over $40 million in contracts in the past two days.@@@@1@15@@oe@2-2-2013
20327053@unknown@formal@none@1@S@Monday, MCI announced a $27 million multiyear contract with the investment bank Stuart-James.@@@@1@13@@oe@2-2-2013
20327054@unknown@formal@none@1@S@Yesterday, it received a $15 million, three-year contract from Drexel Burnham Lambert.@@@@1@12@@oe@2-2-2013
20327055@unknown@formal@none@1@S@Florida National Banks of Fla. slid 1 1/8 to 24 3/4.@@@@1@11@@oe@2-2-2013
20327056@unknown@formal@none@1@S@Late Monday, the Federal Reserve Board said it is delaying approval of First Union Corp.'s proposed $849 million acquisition of Florida National Banks pending the outcome of an examination into First Union's lending practices in low-income heighborhoods.@@@@1@37@@oe@2-2-2013
20327057@unknown@formal@none@1@S@Florida National said yesterday that it remains committed to the merger.@@@@1@11@@oe@2-2-2013
20327058@unknown@formal@none@1@S@Dycom Industries gained 3/4 to 16 3/4 after it said it agreed to buy Ansco & Associates and two affiliates for cash and stock.@@@@1@24@@oe@2-2-2013
20327059@unknown@formal@none@1@S@The value of the transaction wasn't disclosed.@@@@1@7@@oe@2-2-2013
20327060@unknown@formal@none@1@S@The companies being acquired provide telecommunications services to the telephone industry.@@@@1@11@@oe@2-2-2013
20327061@unknown@formal@none@1@S@Willamette Industries, whose stock has suffered steep losses in recent sessions, surged 1 1/2 to 49.@@@@1@16@@oe@2-2-2013
20327062@unknown@formal@none@1@S@The stock was one of many in the paper products industry that rose following Georgia-Pacific's $3.18 billion bid for Great Northern Nekoosa.@@@@1@22@@oe@2-2-2013
20328001@unknown@formal@none@1@S@A permanent smoking ban on virtually all domestic airline routes won approval from the House, which separately sent to President Bush a nearly $67 billion fiscal 1990 bill including the first construction funds for the space station.@@@@1@37@@oe@2-2-2013
20328002@unknown@formal@none@1@S@The smoking prohibition remains attached to a $27.1 billion transportation bill that must still overcome budget obstacles in Congress.@@@@1@19@@oe@2-2-2013
20328003@unknown@formal@none@1@S@But yesterday's action put to rest any lingering resistance from tobacco interests.@@@@1@12@@oe@2-2-2013
20328004@unknown@formal@none@1@S@Faced with inevitable defeat, the once dominant industry declined any recorded vote on the ban, which covers all but a fraction of 1% of daily flights in the U.S.@@@@1@29@@oe@2-2-2013
20328005@unknown@formal@none@1@S@The sole exceptions are an estimated 30 flights of six hours or more beginning or ending in Hawaii and Alaska.@@@@1@20@@oe@2-2-2013
20328006@unknown@formal@none@1@S@Assuming final enactment this month, the prohibition will take effect 96 days later, or in early February.@@@@1@17@@oe@2-2-2013
20328007@unknown@formal@none@1@S@On a 394-21 roll call, the House adopted the underlying transportation measure.@@@@1@12@@oe@2-2-2013
20328008@unknown@formal@none@1@S@But the bill still faces budget questions because it also is the vehicle for an estimated $3.1 billion in supplemental appropriations for law enforcement and anti-drug programs.@@@@1@27@@oe@2-2-2013
20328009@unknown@formal@none@1@S@The additional spending pushes the measure more than $2 billion above its prescribed budget ceiling, and the House Appropriations Committee leadership must now seek a waiver in hopes of completing action today.@@@@1@32@@oe@2-2-2013
20328010@unknown@formal@none@1@S@The separate $67 billion bill sent to the White House had budget difficulties, too, but was saved ultimately by its importance to a broad spectrum of interests in Congress and the administration itself.@@@@1@33@@oe@2-2-2013
20328011@unknown@formal@none@1@S@No single bill this year includes more discretionary spending for domestic programs and, apart from the space station, the measure incorporates far-reaching provisions affecting the federal mortgage market.@@@@1@28@@oe@2-2-2013
20328012@unknown@formal@none@1@S@The current ceiling on home loans insured by the Federal Housing Administration is increased to $124,875 during fiscal 1990.@@@@1@19@@oe@2-2-2013
20328013@unknown@formal@none@1@S@And in anticipation of increased lending, the cap on FHA loan guarantees would rise to approximately $73.8 billion.@@@@1@18@@oe@2-2-2013
20328014@unknown@formal@none@1@S@Separately, the bill gives authority to the Department of Housing and Urban Development to facilitate the refinancing of high-interest loans subsidized by the government under the so-called Section 235 home-ownership program for lower-income families.@@@@1@34@@oe@2-2-2013
20328015@unknown@formal@none@1@S@This provision met early and strong resistance from investment bankers worried about disruptions in their clients' portfolios.@@@@1@17@@oe@2-2-2013
20328016@unknown@formal@none@1@S@But the promise of at least $15 million in new savings helped to forge a partnership between HUD Secretary Jack Kemp and lawmakers wanting to protect their projects elsewhere.@@@@1@29@@oe@2-2-2013
20328017@unknown@formal@none@1@S@The estimated $1.8 billion for the space station would be double last year's level, and total appropriations for the National Aeronautics and Space Administration would grow 16% to nearly $12.4 billion.@@@@1@31@@oe@2-2-2013
20328018@unknown@formal@none@1@S@A string of costly projects, including the high-speed national aerospace plane and the advanced communications technology satellite, would continue to be developed within these limits.@@@@1@25@@oe@2-2-2013
20328019@unknown@formal@none@1@S@And while imposing a statutory cap of $1.6 billion on future spending, the bill would give NASA $30 million for the start-up of the CRAF-Cassini mission, a successor to the Voyager space probe.@@@@1@33@@oe@2-2-2013
20328020@unknown@formal@none@1@S@Separately, the National Science Foundation is promised a 7.7% increase to bring its appropriations to $2.07 billion.@@@@1@17@@oe@2-2-2013
20328021@unknown@formal@none@1@S@And while pursuing these initiatives, Congress and the White House are squeezed too by steady increases -- $551 million -- in veteran's medical care.@@@@1@24@@oe@2-2-2013
20328022@unknown@formal@none@1@S@The result is that all sides resort to sleight of hand to make room for competing housing and environmental programs, and the commitments now will drive excess spending into fiscal 1991.@@@@1@31@@oe@2-2-2013
20328023@unknown@formal@none@1@S@Senior members of the House Budget Committee are reduced in frustration to raising doomed parliamentary obstacles to individual bills, yet admit that much of the disorder now stems from the fiscal legerdemain associated with their own summit agreement with the White House this past spring.@@@@1@45@@oe@2-2-2013
20328024@unknown@formal@none@1@S@"It's hard to get the administration's attention on anything," said Rep. Bill Frenzel (R., Minn.), "because the whole agreement was built on gimmickry."@@@@1@23@@oe@2-2-2013
20328025@unknown@formal@none@1@S@Among the subsidies continued in the transportation bill is $30.7 million to maintain commercial air service for an estimated 92 communities, often in rural areas.@@@@1@25@@oe@2-2-2013
20328026@unknown@formal@none@1@S@Senate Appropriations Committee Chairman Robert Byrd (D., W.Va.) strongly resisted deeper cuts sought by the House.@@@@1@16@@oe@2-2-2013
20328027@unknown@formal@none@1@S@But at a time when the White House wants to kill the entire program, Republicans have been among its leading champions.@@@@1@21@@oe@2-2-2013
20328028@unknown@formal@none@1@S@Sen. Pete Domenici (R., N.M.), the ranking Republican on the Senate Budget Committee, used his influence to preserve more than $132,000 in subsidies for air service to Sante Fe, N.M., and more than $2.1 million would go for service to eight communities in the western Nebraska district of GOP Rep. Virginia Smith on the House Appropriations Committee.@@@@1@57@@oe@2-2-2013
20328029@unknown@formal@none@1@S@GP Express, an independent airline serving much of Nebraska, estimates that nearly 40% of its revenues come from the subsidies that, in some cases, exceed the cost of a ticket.@@@@1@30@@oe@2-2-2013
20328030@unknown@formal@none@1@S@For example, a passenger can fly from Chardon, Neb., to Denver for as little as $89 to $109, according to prices quoted by the company.@@@@1@25@@oe@2-2-2013
20328031@unknown@formal@none@1@S@But given the few number of users, the cost to the federal government per passenger is estimated at $193, according to House and Senate appropriations committees.@@@@1@26@@oe@2-2-2013
20328032@unknown@formal@none@1@S@The House action yesterday came as the Senate remained mired in difficulties over a $17.25 billion measure covering the budgets for the State, Commerce, and Justice departments in fiscal 1990.@@@@1@30@@oe@2-2-2013
20328033@unknown@formal@none@1@S@The compromise bill passed the House last week but has now provoked jurisdictional fights with the Senate Foreign Relations Committee, which jealously protects its prerogatives over operations at the State Department.@@@@1@31@@oe@2-2-2013
20328034@unknown@formal@none@1@S@The same jealousy can breed confusion, however, in the absence of any authorization bill this year.@@@@1@16@@oe@2-2-2013
20328035@unknown@formal@none@1@S@House and Senate appropriators sought to establish a Nov. 30 deadline after which their bill would become the last word on how funds are distributed.@@@@1@25@@oe@2-2-2013
20328036@unknown@formal@none@1@S@But on a 53-45 roll call this provision was stripped from the bill last night after Foreign Relations Chairman Claiborne Pell (D., R.I.) complained that it was an intrusion on exclusive powers vested in his panel for more than three decades.@@@@1@41@@oe@2-2-2013
20329001@unknown@formal@none@1@S@Coda Energy Inc. said it arranged a $50 million credit facility with NCNB Texas National Bank, a unit of NCNB Corp., of Charlotte, N.C.@@@@1@24@@oe@2-2-2013
20329002@unknown@formal@none@1@S@The Dallas oil and gas concern said that $10 million of the facility would be used to consolidate the company's $8.1 million of existing bank debt, to repurchase 4 million of its 4.9 million shares outstanding of Series D convertible preferred stock, and to purchase a 10% net-profits interest in certain oil and gas properties from one of its existing lenders, National Canada Corp.@@@@1@64@@oe@2-2-2013
20329003@unknown@formal@none@1@S@The remaining $40 million can be used over three years for oil and gas acquisitions, the company said.@@@@1@18@@oe@2-2-2013
20329004@unknown@formal@none@1@S@Ted Eubank, Coda's president, said the loan carries an interest rate of prime plus one percentage point, with 85% of the company's net oil and gas revenue each month dedicated to repayment.@@@@1@32@@oe@2-2-2013
20329005@unknown@formal@none@1@S@The company put up "virtually all" of its oil and gas properties as collateral, he said.@@@@1@16@@oe@2-2-2013
20330001@unknown@formal@none@1@S@General Dynamics Corp. was given an $843 million Air Force contract for F-16 aircraft and related equipment.@@@@1@17@@oe@2-2-2013
20330002@unknown@formal@none@1@S@Loral Corp.'s defense systems division received a $54.9 million Air Force contract for a F-15 weapons system trainer.@@@@1@18@@oe@2-2-2013
20330003@unknown@formal@none@1@S@Southern Air Transport Inc. won $47.5 million in Air Force and Navy contracts for transportation services.@@@@1@16@@oe@2-2-2013
20330004@unknown@formal@none@1@S@International Business Machines Corp. was given a $31.2 million Air Force contract for satellite data systems equipment.@@@@1@17@@oe@2-2-2013
20330005@unknown@formal@none@1@S@Directed Technologies received a $28.3 million Defense Advanced Research Projects Agency contract for advanced propulsion systems research.@@@@1@17@@oe@2-2-2013
20330006@unknown@formal@none@1@S@Propper International Inc. got a $22.8 million Defense Logistics Agency contract for combat camouflage trousers.@@@@1@15@@oe@2-2-2013
20331001@unknown@formal@none@1@S@Santa Fe Pacific was the kind of story Wall Street loved.@@@@1@11@@oe@2-2-2013
20331002@unknown@formal@none@1@S@Since the value of its assets wasn't known, analysts were free to pick a number.@@@@1@15@@oe@2-2-2013
20331003@unknown@formal@none@1@S@In one of many rosy scenarios, Bear Stearns's Gary Schneider wrote in March that its real estate alone had a value of $4.5 billion.@@@@1@24@@oe@2-2-2013
20331004@unknown@formal@none@1@S@Throw in its railroad, minerals, pipeline and oil assets, he and others argued, and the Chicago-based conglomerate should be worth 30 a share.@@@@1@23@@oe@2-2-2013
20331005@unknown@formal@none@1@S@And why should holders expect to realize that presumed "worth?"@@@@1@10@@oe@2-2-2013
20331006@unknown@formal@none@1@S@That was another reason the Street loved Santa Fe.@@@@1@9@@oe@2-2-2013
20331007@unknown@formal@none@1@S@With real estate experts Olympia & York and Samuel Zell's Itel owning close to 40% of Santa Fe's stock, management was under pressure -- in a favored phrase of Wall Street -- to quickly "maximize values."@@@@1@36@@oe@2-2-2013
20331008@unknown@formal@none@1@S@But value, it turns out, is only what a buyer will pay.@@@@1@12@@oe@2-2-2013
20331009@unknown@formal@none@1@S@And with the company's recent announcement that it is contemplating a partial sale of its real estate, the values suddenly look poorer.@@@@1@22@@oe@2-2-2013
20331010@unknown@formal@none@1@S@Santa Fe has disclosed that it is negotiating to sell a 20% interest in its real estate unit to the California Public Employees Retirement System for roughly $400 million.@@@@1@29@@oe@2-2-2013
20331011@unknown@formal@none@1@S@Since the real estate unit also includes debt, the imputed value of the real estate itself is close to $3 billion.@@@@1@21@@oe@2-2-2013
20331012@unknown@formal@none@1@S@"The implied current net asset value of 22.70 {per share} is well below the 30 level that the Street believed," PaineWebber says.@@@@1@22@@oe@2-2-2013
20331013@unknown@formal@none@1@S@"The upside was in the intangible real estate . . . which is no longer an intangible."@@@@1@17@@oe@2-2-2013
20331014@unknown@formal@none@1@S@So what is Santa Fe worth?@@@@1@6@@oe@2-2-2013
20331015@unknown@formal@none@1@S@If the railroad is valued on a private market basis -- at the same multiple of earnings as in the recent sale of CNW -- it would have a value of $1.65 billion.@@@@1@33@@oe@2-2-2013
20331016@unknown@formal@none@1@S@A compromise between bulls and bears puts remaining assets and cash -- including its 44% stake in its publicly traded pipeline -- at $2 billion.@@@@1@25@@oe@2-2-2013
20331017@unknown@formal@none@1@S@Santa Fe also has $3.7 billion in debt.@@@@1@8@@oe@2-2-2013
20331018@unknown@formal@none@1@S@In addition, its railroad lost a $750 million antitrust suit, which is on appeal, and which analysts say could be settled for one-third that amount.@@@@1@25@@oe@2-2-2013
20331019@unknown@formal@none@1@S@That nets out to about $17 a share for the company on a private market basis.@@@@1@16@@oe@2-2-2013
20331020@unknown@formal@none@1@S@But Santa Fe, currently trading at 18 7/8, isn't likely to realize private market values by selling assets, because the tax against it would be onerous.@@@@1@26@@oe@2-2-2013
20331021@unknown@formal@none@1@S@Its plan, instead, is to spin off the remainder of its real estate unit and to possibly do the same with its mining and energy assets.@@@@1@26@@oe@2-2-2013
20331022@unknown@formal@none@1@S@Robert D. Krebs, Santa Fe's chairman, argues that since its businesses are valued in different ways, "the sum of the parts may be greater than the whole."@@@@1@27@@oe@2-2-2013
20331023@unknown@formal@none@1@S@But it isn't clear why that should be so.@@@@1@9@@oe@2-2-2013
20331024@unknown@formal@none@1@S@The spinoff argument, after all, reverses the current notion that assets are worth more to private buyers than to public shareholders.@@@@1@21@@oe@2-2-2013
20331025@unknown@formal@none@1@S@And real estate usually hasn't traded well under public ownership.@@@@1@10@@oe@2-2-2013
20331026@unknown@formal@none@1@S@Salomon Brothers says, "We believe the real estate properties would trade at a discount . . . after the realty unit is spun off. . . .@@@@1@27@@oe@2-2-2013
20331027@unknown@formal@none@1@S@And what about the cost, and risk, of waiting to realize the hypothetical private market values?"@@@@1@16@@oe@2-2-2013
20331028@unknown@formal@none@1@S@Some analysts remain bullish.@@@@1@4@@oe@2-2-2013
20331029@unknown@formal@none@1@S@Mr. Schneider of Bear Stearns says he is recalculating the worth of the company's assets and, in the meantime, is sticking to his "buy" recommendation on the belief that he will find "values" of 30 a share.@@@@1@37@@oe@2-2-2013
20331030@unknown@formal@none@1@S@He adds: "If for any reason I don't have the values, then I won't recommend it."@@@@1@16@@oe@2-2-2013
20331031@unknown@formal@none@1@S@First Boston's Graeme Anne Lidgerwood values Santa Fe at 24, down from her earlier estimate of 29.@@@@1@17@@oe@2-2-2013
20331032@unknown@formal@none@1@S@Her recent report classifies the stock as a "hold."@@@@1@9@@oe@2-2-2013
20331033@unknown@formal@none@1@S@But it appears to be the sort of hold one makes while heading for the door.@@@@1@16@@oe@2-2-2013
20331034@unknown@formal@none@1@S@Quoting from the report: "The stock's narrow discount to asset valuation makes it a relatively unappealing investment at current prices, especially given the risk that our projections could be on the aggressive side."@@@@1@33@@oe@2-2-2013
20331035@unknown@formal@none@1@S@Chairman Krebs says the California pension fund is getting a bargain price that wouldn't have been offered to others.@@@@1@19@@oe@2-2-2013
20331036@unknown@formal@none@1@S@In other words: The real estate has a higher value than the pending deal suggests.@@@@1@15@@oe@2-2-2013
20331037@unknown@formal@none@1@S@Since most of the unit's real estate is in California, the pension fund will be a useful political ally in a state where development is often held hostage to zoning boards.@@@@1@31@@oe@2-2-2013
20331038@unknown@formal@none@1@S@And, as Mr. Zell says, with Itel and O&Y on the unit's board, the real estate will be run by "a very unusual group" to say the least.@@@@1@28@@oe@2-2-2013
20331039@unknown@formal@none@1@S@It is possible then that Santa Fe's real estate -- even in a state imperiled by earthquakes -- could, one day, fetch a king's ransom.@@@@1@25@@oe@2-2-2013
20331040@unknown@formal@none@1@S@But as Drexel analyst Linda Dunn notes, its properties will be developed over 15 to 20 years.@@@@1@17@@oe@2-2-2013
20331041@unknown@formal@none@1@S@So despite Wall Street's rosy talk of quickly "maximizing values," holders could be in for a long wait.@@@@1@18@@oe@2-2-2013
20331042@unknown@formal@none@1@S@Santa Fe Pacific (NYSE; Symbol: SFX)@@@@1@6@@oe@2-2-2013
20331043@unknown@formal@none@1@S@Business: Railroad, natural resources and real estate@@@@1@7@@oe@2-2-2013
20331044@unknown@formal@none@1@S@Year ended Dec. 31, 1988:@@@@1@5@@oe@2-2-2013
20331045@unknown@formal@none@1@S@Revenue: $3.14 billion@@@@1@3@@oe@2-2-2013
20331046@unknown@formal@none@1@S@Net loss: $46.5 million; 30 cents a share@@@@1@8@@oe@2-2-2013
20331047@unknown@formal@none@1@S@Third quarter, Sept. 30, 1989:@@@@1@5@@oe@2-2-2013
20331048@unknown@formal@none@1@S@Net income: 21 cents a share vs. net loss of $4.11 a share@@@@1@13@@oe@2-2-2013
20331049@unknown@formal@none@1@S@Average daily trading volume: 344,354 shares@@@@1@6@@oe@2-2-2013
20332001@unknown@formal@none@1@S@Orkem S.A., a French state-controlled chemical manufacturer, is making a friendly bid of 470 pence ($7.43) a share for the 59.2% of U.K. specialty chemical group Coates Brothers PLC which it doesn't already own, the two sides said.@@@@1@38@@oe@2-2-2013
20332002@unknown@formal@none@1@S@The offer, which values the whole of Coates at #301 million, has already been accepted by Coates executives and other shareholders owning 12.4% of the company.@@@@1@26@@oe@2-2-2013
20332003@unknown@formal@none@1@S@The acceptances give Orkem a controlling 53.2% stake in the company.@@@@1@11@@oe@2-2-2013
20332004@unknown@formal@none@1@S@Orkem and Coates said last Wednesday that the two were considering a merger, through Orkem's British subsidiary, Orkem Coatings U.K. Ltd.@@@@1@21@@oe@2-2-2013
20332005@unknown@formal@none@1@S@Orkem, France's third-largest chemical group, said it would fund the acquisition through internal resources.@@@@1@14@@oe@2-2-2013
20332006@unknown@formal@none@1@S@The takeover would be followed by a restructuring of Orkem's U.K. unit, including the addition of related Orkem businesses and possibly further acquisitions.@@@@1@23@@oe@2-2-2013
20332007@unknown@formal@none@1@S@Orkem said it eventually would seek to make a public share offering in its U.K. business.@@@@1@16@@oe@2-2-2013
20333001@unknown@formal@none@1@S@Intelogic Trace Inc. said it is exploring alternatives to maximize shareholder value, including the possible sale of the company.@@@@1@19@@oe@2-2-2013
20333002@unknown@formal@none@1@S@But Asher B. Edelman, who controls about 16% of the San Antonio, Texas, computer-servicing company, insisted that the announcement didn't have anything to do with the ongoing battle for control of Datapoint Corp.@@@@1@33@@oe@2-2-2013
20333003@unknown@formal@none@1@S@Any sale of Intelogic could have an impact on the battle between Mr. Edelman and New York attorney Martin Ackerman for control of Datapoint.@@@@1@24@@oe@2-2-2013
20333004@unknown@formal@none@1@S@Intelogic holds 27.5% of Datapoint's common shares outstanding.@@@@1@8@@oe@2-2-2013
20333005@unknown@formal@none@1@S@Mr. Edelman said the decision "has nothing to do with Marty Ackerman."@@@@1@12@@oe@2-2-2013
20333006@unknown@formal@none@1@S@Mr. Ackerman contended that it was a direct response to his efforts to gain control of Datapoint.@@@@1@17@@oe@2-2-2013
20333007@unknown@formal@none@1@S@Intelogic was spun off from Datapoint four years ago, shortly after Mr. Edelman took control of Datapoint.@@@@1@17@@oe@2-2-2013
20334001@unknown@formal@none@1@S@Marks & Spencer PLC reported a 12% gain in first-half pretax profit, mainly because of improving performances in the U.K. and continental Europe.@@@@1@23@@oe@2-2-2013
20334002@unknown@formal@none@1@S@In the six months ended Sept. 30, pretax profit at the British clothing and food retailer rose to #208.7 million ($330.1 million) from #185.5 million a year ago.@@@@1@28@@oe@2-2-2013
20334003@unknown@formal@none@1@S@The results surpassed analysts' forecasts, which averaged around #200 million, and Marks & Spencer responded in trading on London's Stock Exchange with an eight pence rise to 188 pence.@@@@1@29@@oe@2-2-2013
20334004@unknown@formal@none@1@S@Profit after tax and minority interest but before extraordinary items rose 12% to #135.2 million; per-share earnings rose to five pence from 4.5 pence.@@@@1@24@@oe@2-2-2013
20334005@unknown@formal@none@1@S@Marks declared an interim per-share dividend of 1.85 pence, compared with 1.7 pence a year earlier.@@@@1@16@@oe@2-2-2013
20334006@unknown@formal@none@1@S@Sales increased 11% to #2.5 billion from #2.25 billion, while operating profit climbed 13% to #225.7 million from #199.8 million.@@@@1@20@@oe@2-2-2013
20334007@unknown@formal@none@1@S@Sales in North America and the Far East were inflated by acquisitions, rising 62% to #278 million.@@@@1@17@@oe@2-2-2013
20334008@unknown@formal@none@1@S@Operating profit dropped 35%, however, to #3.8 million.@@@@1@8@@oe@2-2-2013
20334009@unknown@formal@none@1@S@Brooks Brothers, which Marks bought last year, saw operating profit drop in half to #5 million.@@@@1@16@@oe@2-2-2013
20335001@unknown@formal@none@1@S@Federal and state thrift examiners said they saw evidence of criminal wrongdoing in the collapse of Lincoln Savings & Loan Association, and a California regulator described an attempted "whitewash" by deputies of chief federal regulator Danny Wall.@@@@1@37@@oe@2-2-2013
20335002@unknown@formal@none@1@S@In a riveting day of hearings before the House Banking Committee, the examiners described finding shredded documents, a mysterious Panamanian subsidiary, millions of dollars funneled into a Swiss bank, and a complacent attitude by Mr. Wall's deputies, one of whom was portrayed as acting more like a public-relations man for the thrift than a federal regulator.@@@@1@56@@oe@2-2-2013
20335003@unknown@formal@none@1@S@A California official also said he sent the Federal Bureau of Investigation a packet of documents relating to a previously reported $400,000 contribution from Lincoln's parent solicited by Sen. Alan Cranston (D., Calif.).@@@@1@33@@oe@2-2-2013
20335004@unknown@formal@none@1@S@Federal examiner Alex Barabolak said Lincoln's operations amounted to "pyramiding debt to provide a luxurious life style for its owners."@@@@1@20@@oe@2-2-2013
20335005@unknown@formal@none@1@S@Another federal examiner, John Meek, said Lincoln's principal owner, Charles Keating Jr., and his family drew off at least $34 million from the thrift in salaries, bonuses and proceeds from securities sales in the 3 1/2 years before federal authorities seized it earlier this year.@@@@1@45@@oe@2-2-2013
20335006@unknown@formal@none@1@S@Lincoln's collapse may cost taxpayers as much as $2.5 billion, according to estimates, making it the most expensive thrift failure in history.@@@@1@22@@oe@2-2-2013
20335007@unknown@formal@none@1@S@"I think there's overwhelming evidence to indicate probable criminal activity," said Mr. Meek, who participated last year in an examination of the Irvine, Calif., thrift.@@@@1@25@@oe@2-2-2013
20335008@unknown@formal@none@1@S@He said the evidence pointed to wrongdoing by Mr. Keating "and others," although he didn't allege any specific violation.@@@@1@19@@oe@2-2-2013
20335009@unknown@formal@none@1@S@Richard Newsom, a California state official who last year examined Lincoln's parent, American Continental Corp., said he also saw evidence that crimes had been committed.@@@@1@25@@oe@2-2-2013
20335010@unknown@formal@none@1@S@"It sure smells like it," he said.@@@@1@7@@oe@2-2-2013
20335011@unknown@formal@none@1@S@He said 30% of the loans he sampled were "dead meat on the day they were made."@@@@1@17@@oe@2-2-2013
20335012@unknown@formal@none@1@S@The state examiner also said supervisors of a parallel federal examination seemed so reluctant to demand write-downs of Lincoln's bad loans that he immediately grew suspicious.@@@@1@26@@oe@2-2-2013
20335013@unknown@formal@none@1@S@"Later on, my concerns about a whitewash became even more serious," he said.@@@@1@13@@oe@2-2-2013
20335014@unknown@formal@none@1@S@He called the sour loans "appalling" and added, "You opened the file up and it just jumped at you."@@@@1@19@@oe@2-2-2013
20335015@unknown@formal@none@1@S@Leonard Bickwit, a Washington attorney for Lincoln's parent corporation, said in an interview, "We deny any criminal behavior by the association or its officers."@@@@1@24@@oe@2-2-2013
20335016@unknown@formal@none@1@S@"Those who testified {yesterday} have consistently maintained that anyone who didn't agree with them is part of a coverup, a whitewash, or the subject of excessive influence," Mr. Bickwit said.@@@@1@30@@oe@2-2-2013
20335017@unknown@formal@none@1@S@"We simply don't agree with that or the findings of their investigation."@@@@1@12@@oe@2-2-2013
20335018@unknown@formal@none@1@S@Mr. Wall's deputies complained that they hadn't been given an opportunity to respond to the criticism brought out during the Banking Committee's hearings, which Committee Chairman Henry Gonzalez (D., Texas) has used as a forum to flay Mr. Wall's handling of the affair and to demand that he step aside from his job.@@@@1@53@@oe@2-2-2013
20335019@unknown@formal@none@1@S@"A couple of things Mr. Newsom said were at least misleading," said Kevin O'Connell, one of the Washington regulators responsible for the handling of Lincoln.@@@@1@25@@oe@2-2-2013
20335020@unknown@formal@none@1@S@In an interview, he said federal regulators eventually declared one of the loans the state regulator cited to be a total loss, and forced Lincoln to make an $18 million downward adjustment on another.@@@@1@34@@oe@2-2-2013
20335021@unknown@formal@none@1@S@"Our response to the whitewash would simply be, look what happened," another Washington official, Alvin Smuzynski, said in an interview.@@@@1@20@@oe@2-2-2013
20335022@unknown@formal@none@1@S@Federal officials seized the association in April, a day after the parent corporation entered bankruptcy-law proceedings.@@@@1@16@@oe@2-2-2013
20335023@unknown@formal@none@1@S@The government later brought a $1.1 billion fraud suit against Mr. Keating and others.@@@@1@14@@oe@2-2-2013
20335024@unknown@formal@none@1@S@Rep. Gonzalez has complained that regulators waited far too long, however, ignoring a recommendation from regional officials to place Lincoln into receivership two years before it failed.@@@@1@27@@oe@2-2-2013
20335025@unknown@formal@none@1@S@"He took the reckless course of ignoring the evidence," Rep. Gonzalez said.@@@@1@12@@oe@2-2-2013
20335026@unknown@formal@none@1@S@State thrift examiner Eugene Stelzer said he found the chief federal examiner Steve Scott to be totally uninterested in one allegedly fraudulent series of transactions.@@@@1@25@@oe@2-2-2013
20335027@unknown@formal@none@1@S@"Frankly, it was like he worked for the Lincoln public-relations department," Mr. Stelzer testified.@@@@1@14@@oe@2-2-2013
20335028@unknown@formal@none@1@S@And David Riley, a federal examiner who worked under Mr. Scott, said he found his chief oddly upbeat about Lincoln.@@@@1@20@@oe@2-2-2013
20335029@unknown@formal@none@1@S@Asked to comment, a spokesman for Mr. Scott said: "Mr. Scott has spoken to his attorney, who has advised him not to talk to anybody."@@@@1@25@@oe@2-2-2013
20335030@unknown@formal@none@1@S@Mr. Meek said that a day or two before Lincoln's parent entered bankruptcy proceedings, he and other examiners saw "a truck with a sign on it that said it was from the `Document Destruction Center.'@@@@1@35@@oe@2-2-2013
20335031@unknown@formal@none@1@S@We observed at least two large plastic bags of shredded paper loaded into this truck."@@@@1@15@@oe@2-2-2013
20335032@unknown@formal@none@1@S@Mr. Bickwit said the paper had been donated to "a charitable organization that sells it for recycling.@@@@1@17@@oe@2-2-2013
20335033@unknown@formal@none@1@S@They shredded it simply because it contained financial information about their creditors and depositors."@@@@1@14@@oe@2-2-2013
20335034@unknown@formal@none@1@S@Mr. Meek said his suspicions were aroused by several foreign investments by Lincoln, including $22 million paid to Credit Suisse of Switzerland, an $18 million interest in Saudi European Bank in Paris, a $17.5 million investment in a Bahamas trading company, and a recently discovered holding in a Panama-based company, Southbrook Holdings.@@@@1@52@@oe@2-2-2013
20335035@unknown@formal@none@1@S@Mr. Bickwit said, "I can see why an S&L examiner would regard these as unusual activities," but said the overseas investments "essentially broke even" for the S&L.@@@@1@27@@oe@2-2-2013
20336001@unknown@formal@none@1@S@LTV Steel Co. is boosting the prices of flat rolled steel products by an average of 3% following a recent erosion in the prices of such crucial steel products.@@@@1@29@@oe@2-2-2013
20336002@unknown@formal@none@1@S@The big questions are whether the increase, effective Jan. 1, 1990, will stick, and whether other major steelmakers will follow suit.@@@@1@21@@oe@2-2-2013
20336003@unknown@formal@none@1@S@It is widely expected that they will.@@@@1@7@@oe@2-2-2013
20336004@unknown@formal@none@1@S@The increase is on the base price, which is already being discounted by virtually all steel producers.@@@@1@17@@oe@2-2-2013
20336005@unknown@formal@none@1@S@But LTV's move marks the first effort by a major steelmaker to counter the free fall in spot prices.@@@@1@19@@oe@2-2-2013
20336006@unknown@formal@none@1@S@Major steel producers are selling cold rolled sheet steel at about $370 a ton, compared with a peak price of $520 a ton in 1988.@@@@1@25@@oe@2-2-2013
20336007@unknown@formal@none@1@S@Second-tier companies are receiving even less per ton.@@@@1@8@@oe@2-2-2013
20336008@unknown@formal@none@1@S@LTV's planned increase, which was announced in an Oct. 26 memo to district managers, doesn't affect electrogalvanized steel or tin plate.@@@@1@21@@oe@2-2-2013
20336009@unknown@formal@none@1@S@LTV confirmed the price-increase plan, saying the move is designed to more accurately reflect the value of products and to put steel on more equal footing with other commodities.@@@@1@29@@oe@2-2-2013
20336010@unknown@formal@none@1@S@A spokesman for LTV Steel, which is a unit of Dallas-based LTV Corp., noted that steel prices, adjusted for inflation, increased only 1.7% between 1981 and the fourth quarter of 1988, while the prices of other industrial commodities increased nearly five times as much.@@@@1@44@@oe@2-2-2013
20336011@unknown@formal@none@1@S@At the same time, steelmakers are trying to invest more to modernize technology and make themselves more competitive.@@@@1@18@@oe@2-2-2013
20336012@unknown@formal@none@1@S@But analysts say the company is also trying to prevent further price drops.@@@@1@13@@oe@2-2-2013
20336013@unknown@formal@none@1@S@Moreover, they note that LTV may be trying to send a signal to major customers, such as Chrysler Corp. and Whirlpool Corp., that steelmakers need more money.@@@@1@27@@oe@2-2-2013
20336014@unknown@formal@none@1@S@Both companies are in the process of negotiating contracts with LTV and others.@@@@1@13@@oe@2-2-2013
20336015@unknown@formal@none@1@S@"They {LTV} may believe this can impact contract negotiations and is their signal to the world that now is the time to get tough on prices," said Peter Marcus, an analyst with PaineWebber Inc.@@@@1@34@@oe@2-2-2013
20336016@unknown@formal@none@1@S@Mr. Marcus believes spot steel prices will continue to fall through early 1990 and then reverse themselves.@@@@1@17@@oe@2-2-2013
20336017@unknown@formal@none@1@S@He isn't convinced, though, that the price decline reflects falling demand because the world economy remains relatively strong.@@@@1@18@@oe@2-2-2013
20336018@unknown@formal@none@1@S@And while customers such as steel service centers are continuing to reduce inventories through the fourth quarter, they eventually will begin stocking up again, he notes.@@@@1@26@@oe@2-2-2013
20336019@unknown@formal@none@1@S@It won't be clear for months whether the price increase will stick.@@@@1@12@@oe@2-2-2013
20336020@unknown@formal@none@1@S@Steelmakers announced a round of base-price increases last year, but began offering sizable discounts over the summer.@@@@1@17@@oe@2-2-2013
20336021@unknown@formal@none@1@S@In fact, LTV was the first steelmaker to publicly boost discounts for buyers of cold rolled sheet steel and hot-dipped galvanized sheet steel.@@@@1@23@@oe@2-2-2013
20336022@unknown@formal@none@1@S@In composite New York Stock Exchange trading yesterday, LTV common shares fell 12.5 cents to close at $1.50.@@@@1@18@@oe@2-2-2013
20337001@unknown@formal@none@1@S@The Treasury plans to raise $2.3 billion in new cash with the sale Monday of about $16 billion in short-term bills to redeem $13.71 billion in maturing bills.@@@@1@28@@oe@2-2-2013
20337002@unknown@formal@none@1@S@However, the Treasury said it will postpone the auction unless it has assurances of enactment of legislation to raise the statutory debt limit before the scheduled auction date.@@@@1@28@@oe@2-2-2013
20337003@unknown@formal@none@1@S@The offering will be divided evenly between 13-week and 26-week bills maturing on Feb. 8, 1990, and May 10, 1990, respectively.@@@@1@21@@oe@2-2-2013
20337004@unknown@formal@none@1@S@Tenders for the bills, available in minimum $10,000 denominations, must be received by 1 p.m. EST Monday at the Treasury or at Federal Reserve banks or branches.@@@@1@27@@oe@2-2-2013
20338001@unknown@formal@none@1@S@J.C. Penney Co. is extending its involvement in a televised home-shopping service by five to 10 years.@@@@1@17@@oe@2-2-2013
20338002@unknown@formal@none@1@S@Shop Television Network Inc., of Los Angeles, said Penney agreed to continue its exclusive arrangement with Shop Television, which does the production, marketing and cable distribution for the J.C. Penney Television Shopping Channel.@@@@1@33@@oe@2-2-2013
20338003@unknown@formal@none@1@S@The channel reaches 6.5 million homes, a Penney spokesman said.@@@@1@10@@oe@2-2-2013
20338004@unknown@formal@none@1@S@Michael Rosen, president of Shop Television, said Penney decided to extend its involvement with the service for at least five years.@@@@1@21@@oe@2-2-2013
20338005@unknown@formal@none@1@S@If, by that time, the network reaches 14 million homes, the contract will be renewed for five more years.@@@@1@19@@oe@2-2-2013
20338006@unknown@formal@none@1@S@Earlier this year, Penney abandoned another home shopping venture, Telaction Corp., after investing $106 million in it.@@@@1@17@@oe@2-2-2013
20338007@unknown@formal@none@1@S@The company took a $20 million charge in the fiscal first quarter ended April 29, related to discontinuing the service.@@@@1@20@@oe@2-2-2013
20339001@unknown@formal@none@1@S@(During its centennial year, The Wall Street Journal will report events of the past century that stand as milestones of American business history.)@@@@1@23@@oe@2-2-2013
20339002@unknown@formal@none@1@S@LUTHER BURBANK CROSS-BRED PLANTS to produce the billion-dollar Idaho potato.@@@@1@10@@oe@2-2-2013
20339003@unknown@formal@none@1@S@Bioengineers set out to duplicate that feat -- scientifically and commercially -- with new life forms.@@@@1@16@@oe@2-2-2013
20339004@unknown@formal@none@1@S@In 1953, James Watson and his colleagues unlocked the double helix of DNA (deoxyribonucleic acid), the genetic key to heredity.@@@@1@20@@oe@2-2-2013
20339005@unknown@formal@none@1@S@Twenty years later, two California academics, Stanley Cohen and Herbert Boyer, made "recombinant" DNA, transplanting a toad's gene into bacteria, which then reproduced toad genes.@@@@1@25@@oe@2-2-2013
20339006@unknown@formal@none@1@S@When Boyer met Robert Swanson, an M.I.T.-trained chemist-turned-entrepreneur in 1976, they saw dollar signs.@@@@1@14@@oe@2-2-2013
20339007@unknown@formal@none@1@S@With $500 apiece and an injection of outside capital, they formed Genentech Inc.@@@@1@13@@oe@2-2-2013
20339008@unknown@formal@none@1@S@Commercial gene-splicing was born.@@@@1@4@@oe@2-2-2013
20339009@unknown@formal@none@1@S@Genentech's first product, a brain protein called somatostatin, proved its technology.@@@@1@11@@oe@2-2-2013
20339010@unknown@formal@none@1@S@The next to be cloned, human insulin, had market potential and Genentech licensed it to Eli Lilly, which produced 80% of the insulin used by 1.5 million U.S. diabetics.@@@@1@29@@oe@2-2-2013
20339011@unknown@formal@none@1@S@Their laboratory credentials established, Boyer and Swanson headed for Wall Street in 1980.@@@@1@13@@oe@2-2-2013
20339012@unknown@formal@none@1@S@At the time, Genentech had only one profitable year behind it (a modest $116,000 on revenue of $2.6 million in 1979) and no product of its own on the market.@@@@1@30@@oe@2-2-2013
20339013@unknown@formal@none@1@S@Nonetheless, the $36 million issue they floated in 1980 opened at $35 and leaped to $89 within 20 minutes.@@@@1@19@@oe@2-2-2013
20339014@unknown@formal@none@1@S@The trip from the test tube was not without snags.@@@@1@10@@oe@2-2-2013
20339015@unknown@formal@none@1@S@Boyer and Cohen, for instance, both still university researchers, had to be talked into applying for a patent on their gene-splicing technique -- and then the Patent Office refused to grant it.@@@@1@32@@oe@2-2-2013
20339016@unknown@formal@none@1@S@That judgment, in turn, was reversed by the U.S. Supreme Court, leaving Cohen and Boyer holding the first patents for making recombinant DNA (now assigned to their schools).@@@@1@28@@oe@2-2-2013
20339017@unknown@formal@none@1@S@Gene-splicing now is an integral part of the drug business.@@@@1@10@@oe@2-2-2013
20339018@unknown@formal@none@1@S@Genentech's 1988 sales were $335 million, both from licensing and its own products.@@@@1@13@@oe@2-2-2013
20340001@unknown@formal@none@1@S@The portfolio unit of the French bank group Credit Lyonnais told stock market regulators that it bought 43,000 shares of Cie. de Navigation Mixte, apparently to help fend off an unwelcome takeover bid for the company.@@@@1@36@@oe@2-2-2013
20340002@unknown@formal@none@1@S@Earlier yesterday, the Societe de Bourses Francaises was told that a unit of Framatome S.A. also bought Navigation Mixte shares, this purchase covering more than 160,000 shares.@@@@1@27@@oe@2-2-2013
20340003@unknown@formal@none@1@S@Both companies are allies of Navigation Mixte in its fight against a hostile takeover bid launched last week by Cie.@@@@1@20@@oe@2-2-2013
20340004@unknown@formal@none@1@S@Financiere de Paribas at 1,850 French francs ($297) a share.@@@@1@10@@oe@2-2-2013
20340005@unknown@formal@none@1@S@Navigation Mixte's chairman had suggested that friendly institutions were likely to buy its stock as soon as trading opened Monday.@@@@1@20@@oe@2-2-2013
20340006@unknown@formal@none@1@S@The Credit Lyonnais purchase, for 33,000 regular common shares and 10,000 newly created shares, is valued at about slightly more than 80 million French francs.@@@@1@25@@oe@2-2-2013
20341001@unknown@formal@none@1@S@Unocal Corp., Los Angeles, said it and Petroleos de Venezuela S.A. would create a petroleum marketing and refining general partnership in the Midwest.@@@@1@23@@oe@2-2-2013
20341002@unknown@formal@none@1@S@The joint venture, Uno-Ven Co., would generate total annual revenue of about $500 million and have 1,100 employees, a Unocal spokesman said.@@@@1@22@@oe@2-2-2013
20341003@unknown@formal@none@1@S@Unocal said the venture would enable it to recover more of its refining and marketing investment and prepare for expected growth in exploration, production, chemicals and other areas.@@@@1@28@@oe@2-2-2013
20341004@unknown@formal@none@1@S@It said financing would consist of $250 million from a private placement obtained through Shearson Lehman Hutton Inc. and a $150 million revolving credit line underwritten by Chase Manhattan Bank.@@@@1@30@@oe@2-2-2013
20341005@unknown@formal@none@1@S@In addition to Unocal's 153,000 barrel-a-day refinery near Lemont, Ill., the new venture would control 17 distribution terminals, a lubricating-oil blending and packaging plant, and 131 company-owned Unocal service stations.@@@@1@30@@oe@2-2-2013
20341006@unknown@formal@none@1@S@It said the venture, expected to take control of the facilities Dec. 1, would also serve another 3,300 independent Unocal gasoline stations.@@@@1@22@@oe@2-2-2013
20341007@unknown@formal@none@1@S@Petroleos will supply 135,000 barrels of oil a day for the refinery, Unocal said.@@@@1@14@@oe@2-2-2013
20342001@unknown@formal@none@1@S@Mitsubishi Heavy Industries Ltd. said unconsolidated pretax earnings in the fiscal first half surged 79% to a record 63.25 billion yen ($445.7 million), reflecting strong demand for a variety of products.@@@@1@31@@oe@2-2-2013
20342002@unknown@formal@none@1@S@In the period ended Sept. 30, net income rose 90% to 31.18 billion yen, or 9.34 yen a share, from 16.38 billion yen, or 5.05 yen a share.@@@@1@28@@oe@2-2-2013
20342003@unknown@formal@none@1@S@A year ago, the Tokyo company had pretax profit of 35.38 billion yen.@@@@1@13@@oe@2-2-2013
20342004@unknown@formal@none@1@S@Sales amounted to 1.011 trillion yen, climbing 29% from 787.02 billion yen.@@@@1@12@@oe@2-2-2013
20342005@unknown@formal@none@1@S@Encouraged by the brisk performance, Mitsubishi plans to raise its per-share dividend to 3.50 yen from three yen.@@@@1@18@@oe@2-2-2013
20342006@unknown@formal@none@1@S@Company officials said the current robust domestic demand that has been fueling sustained economic expansion helped push up sales of products like ships, steel structures, power systems and machinery and resulted in sharply higher profit.@@@@1@35@@oe@2-2-2013
20343001@unknown@formal@none@1@S@Senate leaders traded proposals aimed at speeding action on legislation to narrow the deficit and raise the federal government's debt limit -- but the major stumbling block remains President Bush's proposal to cut the capital-gains tax rate.@@@@1@37@@oe@2-2-2013
20343002@unknown@formal@none@1@S@Democrats want the tax provision to be a separate bill, subject to the usual procedural obstacles.@@@@1@16@@oe@2-2-2013
20343003@unknown@formal@none@1@S@Republicans, meanwhile, want to try to protect the measure by combining it with two politically popular issues that Democrats could find hard to block.@@@@1@24@@oe@2-2-2013
20343004@unknown@formal@none@1@S@The talks between Senate Majority Leader George Mitchell of Maine and his GOP counterpart, Sen. Robert Dole of Kansas, are expected to resume today.@@@@1@24@@oe@2-2-2013
20343005@unknown@formal@none@1@S@Last night, after meeting with Mr. Bush and administration officials at the White House, Mr. Dole proposed streamlining the fiscal 1990 deficit-reduction bill, now stalled in a House-Senate conference committee, and passing a long-term extension of the federal debt ceiling without any accompanying amendments.@@@@1@44@@oe@2-2-2013
20343006@unknown@formal@none@1@S@Under this plan, two provisions currently in the House version of the deficit-cutting bill -- repeal of both the catastrophic-illness insurance program and a controversial 1986 tax provision intended to counter discrimination in employee-benefit plans -- would be made into a separate bill.@@@@1@43@@oe@2-2-2013
20343007@unknown@formal@none@1@S@Republicans would try to attach a capital-gains provision to that legislation, hoping the political popularity of its other two parts would dissuade Democrats from blocking it.@@@@1@26@@oe@2-2-2013
20343008@unknown@formal@none@1@S@Democrats want to avoid having to make that choice by making the capital-gains tax cut an individual bill.@@@@1@18@@oe@2-2-2013
20343009@unknown@formal@none@1@S@Sen. Mitchell is confident he has sufficient votes to block such a measure with procedural actions.@@@@1@16@@oe@2-2-2013
20343010@unknown@formal@none@1@S@Both plans would drop child-care provisions from the House version of the deficit-reduction legislation and let it progress as a separate bill.@@@@1@22@@oe@2-2-2013
20343011@unknown@formal@none@1@S@While that could make it vulnerable to a veto by Mr. Bush, Democrats argue that a presidential rejection would give their party a valuable issue in next year's congressional elections.@@@@1@30@@oe@2-2-2013
20343012@unknown@formal@none@1@S@Senate Democrats are to meet today to consider the GOP proposal.@@@@1@11@@oe@2-2-2013
20343013@unknown@formal@none@1@S@Yesterday, Mr. Dole seemed weary of the Bush administration's strategy of pushing the capital-gains measure at every chance in the face of Democratic procedural hurdles.@@@@1@25@@oe@2-2-2013
20343014@unknown@formal@none@1@S@Pushing the issue on legislation needed to avoid default by the federal government, he told reporters, "doesn't seem to be very good strategy to me."@@@@1@25@@oe@2-2-2013
20343015@unknown@formal@none@1@S@At 12:01 a.m. EST today, the federal government's temporary $2.87 trillion debt limit expired.@@@@1@14@@oe@2-2-2013
20343016@unknown@formal@none@1@S@To avoid default, lawmakers must pass legislation raising the limit to $3.12 trillion from $2.80 trillion by next Wednesday, according to the Treasury.@@@@1@23@@oe@2-2-2013
20343017@unknown@formal@none@1@S@Pressed by Chairman Dan Rostenkowski (D., Ill.) of the House Ways and Means Committee, Treasury Undersecretary Robert Glauber told a congressional hearing that the administration would give up its demand for the capital-gains tax cut if faced with a potential default.@@@@1@41@@oe@2-2-2013
20344001@unknown@formal@none@1@S@Price Stern Sloan Inc. said it hired an investment banking firm to assist in evaluating restructuring or merger alternatives and reported a net loss of $8.1 million, or $2.14 a share, for the third quarter ended Sept.@@@@1@37@@oe@2-2-2013
20344002@unknown@formal@none@1@S@These results compare with net income of $1.8 million, or 44 cents a share, for the corresponding period last year.@@@@1@20@@oe@2-2-2013
20344003@unknown@formal@none@1@S@This quarter's loss includes pretax charges of $4.9 million on the proposed discontinuation of the company's troubled British subsidiary, and $3.7 million of other write-offs the company said were non-recurring and principally related to inventory, publishing advances and pre-publication costs.@@@@1@40@@oe@2-2-2013
20344004@unknown@formal@none@1@S@The publishing concern said it retained the investment banking firm of Donaldson, Lufkin & Jenrette Securities Inc. to act as its financial adviser, assisting in the evaluation of various financial and strategic alternatives, including debt refinancing, raising capital, recapitalization, a merger or sale of the company.@@@@1@46@@oe@2-2-2013
20344005@unknown@formal@none@1@S@The company also retained attorney Martin P. Levin, a director of the company and former head of the Times-Mirror Publishing Group, as an adviser.@@@@1@24@@oe@2-2-2013
20344006@unknown@formal@none@1@S@Net sales for this year's third quarter were $14 million, down from $21.4 million last year.@@@@1@16@@oe@2-2-2013
20344007@unknown@formal@none@1@S@The company attributed the decrease in part to the exclusion of the company's British sales from the current year's figures as a result of the subsidiary's status as a proposed discontinued operation and, in part, to lower sales in certain key foreign and domestic accounts.@@@@1@45@@oe@2-2-2013
20344008@unknown@formal@none@1@S@U.K. sales for last year's quarter were about $3 million.@@@@1@10@@oe@2-2-2013
20345001@unknown@formal@none@1@S@Stock prices surged as a multibillion-dollar takeover proposal helped restore market players' confidence about the prospects for further deal-making.@@@@1@19@@oe@2-2-2013
20345002@unknown@formal@none@1@S@Paper and forest-products stocks were especially strong, as the offer for Great Northern Nekoosa by Georgia-Pacific triggered speculation that the industry could be in for a wave of merger activity.@@@@1@30@@oe@2-2-2013
20345003@unknown@formal@none@1@S@The Dow Jones Industrial Average climbed 41.60 to 2645.08 even though some late selling caused the market to retreat from session highs.@@@@1@22@@oe@2-2-2013
20345004@unknown@formal@none@1@S@Trading was moderate, with 176,100,000 shares changing hands on the New York Stock Exchange.@@@@1@14@@oe@2-2-2013
20345005@unknown@formal@none@1@S@Aside from the takeover news, big buy orders were placed for blue-chip shares in afternoon trading.@@@@1@16@@oe@2-2-2013
20345006@unknown@formal@none@1@S@Traders said the buy programs came from very large institutional accounts that were also active in the stock-index futures markets.@@@@1@20@@oe@2-2-2013
20345007@unknown@formal@none@1@S@At one point, almost all of the shares in the 20-stock Major Market Index, which mimics the industrial average, were sharply higher.@@@@1@22@@oe@2-2-2013
20345008@unknown@formal@none@1@S@Some 1,111 Big Board issues advanced in price and only 448 declined, while broader market averages rose sharply.@@@@1@18@@oe@2-2-2013
20345009@unknown@formal@none@1@S@Standard & Poor's 500-Stock Index climbed 5.29 to 340.36, the Dow Jones Equity Market Index added 4.70 to 318.79 and the New York Stock Exchange Composite Index climbed 2.65 to@@@@1@30@@oe@2-2-2013
20345010@unknown@formal@none@1@S@Great Northern surged 20 1/8 to 62 7/8, well above Georgia-Pacific's offering price of $58 a share, amid speculation that other suitors for the company would surface or that the bid would be raised.@@@@1@34@@oe@2-2-2013
20345011@unknown@formal@none@1@S@Nearly 6.3 million shares, or about 11.5% of the company's shares outstanding, changed hands in Big Board composite trading.@@@@1@19@@oe@2-2-2013
20345012@unknown@formal@none@1@S@With stocks having been battered lately because of the collapse of takeover offers for UAL, the parent company of United Airlines, and AMR, the parent of American Airlines, analysts viewed the proposal as a psychological lift for the market.@@@@1@39@@oe@2-2-2013
20345013@unknown@formal@none@1@S@The $3.18 billion bid, which had been rumored since last week, "creates a better feeling that there's value in the market at current levels and renews prospects for a hot tape," says A.C. Moore, director of research at Argus Research Corp.@@@@1@41@@oe@2-2-2013
20345014@unknown@formal@none@1@S@Traders and analysts alike said the market's surge also reflected an easing of concerns about volatility because of moves by a number of brokerage firms to curtail or cease stock-index arbitrage.@@@@1@31@@oe@2-2-2013
20345015@unknown@formal@none@1@S@Much of the instability in stock prices lately has been blamed on arbitrage trading, designed to profit from differences in prices between stocks and index futures.@@@@1@26@@oe@2-2-2013
20345016@unknown@formal@none@1@S@"People are looking for an ability to try and read the market, rather than be manipulated," said Dudley A. Eppel, manager of equity trading at Donaldson, Lufkin & Jenrette.@@@@1@29@@oe@2-2-2013
20345017@unknown@formal@none@1@S@He noted that institutional investors showed "pretty general" interest in stocks in the latest session.@@@@1@15@@oe@2-2-2013
20345018@unknown@formal@none@1@S@But traders also said arbitrage-related trading contributed to the market's surge, as buy programs boosted prices shortly after the opening and sporadically through the remainder of the session.@@@@1@28@@oe@2-2-2013
20345019@unknown@formal@none@1@S@Georgia-Pacific fell 2 1/2 to 50 7/8, but most paper and forest-products stocks firmed as market players speculated about other potential industry takeover targets.@@@@1@24@@oe@2-2-2013
20345020@unknown@formal@none@1@S@Within the paper sector, Mead climbed 2 3/8 to 38 3/4 on 1.3 million shares, Union Camp rose 2 3/4 to 37 3/4, Federal Paper Board added 1 3/4 to 23 7/8, Bowater gained 1 1/2 to 27 1/2, Stone Container rose 1 to 26 1/8 and Temple-Inland jumped 3 3/4 to 62 1/4.@@@@1@54@@oe@2-2-2013
20345021@unknown@formal@none@1@S@Forest-products issues showing strength included Champion International, which went up 1 3/8 to 31 7/8; Weyerhaeuser, up 3/4 to 27 1/4; Louisiana-Pacific, up 1 1/8 to 40 3/8, and Boise Cascade, up 5/8 to 42.@@@@1@35@@oe@2-2-2013
20345022@unknown@formal@none@1@S@The theme of industry consolidation had surfaced earlier this year among drug stocks, which posted solid gains in the latest session.@@@@1@21@@oe@2-2-2013
20345023@unknown@formal@none@1@S@Pfizer gained 1 7/8 to 67 5/8, Schering-Plough added 2 1/4 to 75 3/4, Eli Lilly rose 1 3/8 to 62 1/8 and Upjohn firmed 3/4 to 38.@@@@1@28@@oe@2-2-2013
20345024@unknown@formal@none@1@S@Also, SmithKline Beecham rose 1 3/8 to 39 1/2.@@@@1@9@@oe@2-2-2013
20345025@unknown@formal@none@1@S@An advisory committee of the Food and Drug Administration recommended that the agency approve Eminase, the company's heart drug.@@@@1@19@@oe@2-2-2013
20345026@unknown@formal@none@1@S@Two rumored restructuring candidates in the oil industry moved higher: Chevron, which rose 1 3/4 to 68 1/4 on 3.5 million shares, and USX, which gained 1 1/4 to 34 5/8.@@@@1@31@@oe@2-2-2013
20345027@unknown@formal@none@1@S@Pennzoil is rumored to be accumulating a stake in Chevron in order to push for a revamping of the company; investor Carl Icahn has recently increased his stake in USX, which separately reported earnings that were in line with expectations.@@@@1@40@@oe@2-2-2013
20345028@unknown@formal@none@1@S@Paramount Communications, which completed the $3.35 billion sale of its Associates Corp. financial-services unit to Ford Motor, gained 1 1/8 to 55 7/8 after losing one point Monday amid rumors of a delay.@@@@1@33@@oe@2-2-2013
20345029@unknown@formal@none@1@S@The company said the sale would produce a $1.2 billion gain in the fourth quarter.@@@@1@15@@oe@2-2-2013
20345030@unknown@formal@none@1@S@BankAmerica climbed 1 3/4 to 30 after PaineWebber boosted its investment opinion on the stock to its highest rating.@@@@1@19@@oe@2-2-2013
20345031@unknown@formal@none@1@S@The upgrade reflected the 20% decline in shares of the bank since the firm lowered its rating in early October, based on the belief the stock had become expensive.@@@@1@29@@oe@2-2-2013
20345032@unknown@formal@none@1@S@Sea Containers, which unveiled a proposed restructuring, advanced 1 to 62.@@@@1@11@@oe@2-2-2013
20345033@unknown@formal@none@1@S@The company said it would repurchase half of its common shares at $70 each, sell an estimated $1.1 billion in assets and pay a special preferred-stock dividend to common-stock holders.@@@@1@30@@oe@2-2-2013
20345034@unknown@formal@none@1@S@Shaw Industries, which agreed to acquire Armstrong World Industries' carpet operations for an undisclosed price, rose 2 1/4 to 26 1/8.@@@@1@21@@oe@2-2-2013
20345035@unknown@formal@none@1@S@Armstrong added 1/8 to 39 1/8.@@@@1@6@@oe@2-2-2013
20345036@unknown@formal@none@1@S@ERC Corp. rose 7/8 to 12.@@@@1@6@@oe@2-2-2013
20345037@unknown@formal@none@1@S@The company agreed definitively to be acquired by Ogden Corp. in a stock swap valued at about $82.5 million.@@@@1@19@@oe@2-2-2013
20345038@unknown@formal@none@1@S@Ogden gained 1 1/4 to 32 7/8.@@@@1@7@@oe@2-2-2013
20345039@unknown@formal@none@1@S@Ocean Drilling & Research dropped 1 1/4 to 21 1/2 following news of a restructuring plan that calls for the company to reorganize its drilling business into a separate company and offer a 15% to 20% stake to the public.@@@@1@40@@oe@2-2-2013
20345040@unknown@formal@none@1@S@The American Stock Exchange Market Value Index rose 1.71 to 370.58.@@@@1@11@@oe@2-2-2013
20345041@unknown@formal@none@1@S@Volume totaled 11,820,000 shares.@@@@1@4@@oe@2-2-2013
20345042@unknown@formal@none@1@S@Imperial Holly fell 1 5/8 to 27 1/8 in the wake of its third-quarter earnings report.@@@@1@16@@oe@2-2-2013
20345043@unknown@formal@none@1@S@Net income was down from a year ago, when a gain from the restructuring of a retirement plan boosted earnigs.@@@@1@20@@oe@2-2-2013
20346001@unknown@formal@none@1@S@Cilcorp Inc., Peoria, Ill., said it agreed to acquire the environmental consulting and analytical service businesses of Hunter Environmental Services Inc. of Southport, Conn.@@@@1@24@@oe@2-2-2013
20346002@unknown@formal@none@1@S@The utility holding company said Hunter will receive 390,000 shares of a new series of Cilcorp convertible preferred stock with a face value of $39 million for the businesses.@@@@1@29@@oe@2-2-2013
20346003@unknown@formal@none@1@S@Cilcorp will also assume $22 million of Hunter's existing debt.@@@@1@10@@oe@2-2-2013
20346004@unknown@formal@none@1@S@As part of the agreement, Cilcorp said it will pay Hunter $4 million in exchange for agreements not to compete.@@@@1@20@@oe@2-2-2013
20346005@unknown@formal@none@1@S@Cilcorp said the businesses to be acquired had revenue of $76 million for the year ended March 31.@@@@1@18@@oe@2-2-2013
20346006@unknown@formal@none@1@S@Separately, Cilcorp said it plans to purchase as many as 1.4 million shares, or 10% of its common stock outstanding from time to time on the open market and through privately negotiated transactions.@@@@1@33@@oe@2-2-2013
20346007@unknown@formal@none@1@S@The company, which currently has 13.5 million common shares outstanding, said it has no specific plans for the shares.@@@@1@19@@oe@2-2-2013
20347001@unknown@formal@none@1@S@BUSH AND GORBACHEV WILL HOLD two days of informal talks next month.@@@@1@12@@oe@2-2-2013
20347002@unknown@formal@none@1@S@The president said that he and the Kremlin leader would meet Dec. 2-3 aboard U.S. and Soviet naval vessels in the Mediterranean to discuss a wide range of issues without a formal agenda.@@@@1@33@@oe@2-2-2013
20347003@unknown@formal@none@1@S@A simultaneous announcement was made in Moscow.@@@@1@7@@oe@2-2-2013
20347004@unknown@formal@none@1@S@Bush said that neither he nor Gorbachev expected any "substantial decisions or agreements."@@@@1@13@@oe@2-2-2013
20347005@unknown@formal@none@1@S@The seaborne meetings won't disrupt plans for a formal summit next spring or summer, at which an arms-control treaty is likely to be completed.@@@@1@24@@oe@2-2-2013
20347006@unknown@formal@none@1@S@The two leaders are expected to discuss changes sweeping the East bloc as well as human-rights issues, regional disputes and economic cooperation.@@@@1@22@@oe@2-2-2013
20347007@unknown@formal@none@1@S@Israel's army lifted a blockade around a Palestinian town in the occupied West Bank, ending a 42-day campaign of seizing cars, furniture and other goods to crush a tax boycott.@@@@1@30@@oe@2-2-2013
20347008@unknown@formal@none@1@S@While residents claimed a victory, military authorities said they had confiscated the equivalent of more than $1.5 million to make up for the unpaid taxes.@@@@1@25@@oe@2-2-2013
20347009@unknown@formal@none@1@S@East German leader Krenz arrived in Moscow for talks today with Gorbachev on restructuring proposals.@@@@1@15@@oe@2-2-2013
20347010@unknown@formal@none@1@S@In East Berlin, Communist Party officials considered legalizing New Forum, the country's largest opposition alliance, as about 20,000 demonstrators staged protests in three cities to press demands for democratic freedoms.@@@@1@30@@oe@2-2-2013
20347011@unknown@formal@none@1@S@The House approved a permanent smoking ban on nearly all domestic airline routes as part of a $27.1 billion transportation bill that must still overcome budget obstacles in Congress.@@@@1@29@@oe@2-2-2013
20347012@unknown@formal@none@1@S@The chamber also sent to Bush a nearly $67 billion fiscal 1990 measure that includes the first construction funds for a space station.@@@@1@23@@oe@2-2-2013
20347013@unknown@formal@none@1@S@Nicaragua's Ortega postponed until today a decision on whether to end a 19-month-old cease-fire in the conflict with the Contra rebels.@@@@1@21@@oe@2-2-2013
20347014@unknown@formal@none@1@S@In Washington, the Senate voted to condemn Ortega's threat to cancel the truce, and Bush said he would review U.S. policy toward Managua, including the possibility of renewing military aid to the rebels.@@@@1@33@@oe@2-2-2013
20347015@unknown@formal@none@1@S@Chinese leader Deng told former President Nixon that the U.S. was deeply involved in "the turmoil and counterrevolutionary rebellion" that gripped Beijing last spring.@@@@1@24@@oe@2-2-2013
20347016@unknown@formal@none@1@S@Nixon, on the fourth day of a private visit to China, said that damage to Sino-U.S. relations was "very great," calling the situation "the most serious" since 1972.@@@@1@28@@oe@2-2-2013
20347017@unknown@formal@none@1@S@Afghanistan's troops broke through a guerrilla blockade on the strategic Salang Highway, allowing trucks carrying food and other necessities to reach Kabul after a missile attack on rebel strongholds.@@@@1@29@@oe@2-2-2013
20347018@unknown@formal@none@1@S@The convoy of about 100 vehicles was the first to make deliveries to the capital in about 10 days.@@@@1@19@@oe@2-2-2013
20347019@unknown@formal@none@1@S@Turkey's legislature elected Prime Minister Ozal as the country's first civilian president since 1960, opening the way for a change of government under a new premier he will select.@@@@1@29@@oe@2-2-2013
20347020@unknown@formal@none@1@S@The vote in Ankara was boycotted by opposition politicians, who vowed to oust Ozal.@@@@1@14@@oe@2-2-2013
20347021@unknown@formal@none@1@S@He begins his seven-year term Nov. 9, succeeding Kenan Evren.@@@@1@10@@oe@2-2-2013
20347022@unknown@formal@none@1@S@South Africa's government dismissed demands by right-wing Conservatives, the nation's main opposition party, for emergency talks on Pretoria's recent tolerance of dissent.@@@@1@22@@oe@2-2-2013
20347023@unknown@formal@none@1@S@The government also urged whites to refrain from panic over growing black protests, such as the massive anti-apartheid rally Sunday on the outskirts of Soweto.@@@@1@25@@oe@2-2-2013
20347024@unknown@formal@none@1@S@Researchers in Belgium said they have developed a genetic engineering technique for creating hybrid plants for a number of crops, such as cotton, soybeans and rice.@@@@1@26@@oe@2-2-2013
20347025@unknown@formal@none@1@S@The scientists at Plant Genetic Systems N.V. isolated a gene that could lead to a generation of plants possessing a high-production trait.@@@@1@22@@oe@2-2-2013
20347026@unknown@formal@none@1@S@A bomb exploded at a leftist union hall in San Salvador, killing at least eight people and injuring about 30 others, including two Americans, authorities said.@@@@1@26@@oe@2-2-2013
20347027@unknown@formal@none@1@S@The blast, which wrecked the opposition labor group's offices, was the latest in a series of attacks in El Salvador's 10-year-old civil war.@@@@1@23@@oe@2-2-2013
20347028@unknown@formal@none@1@S@Hungary's Parliament voted to hold a national referendum on an election to fill the new post of president.@@@@1@18@@oe@2-2-2013
20347029@unknown@formal@none@1@S@The balloting to decide when and how to fill the position, which replaces a collective presidency under a pact signed by the ruling Socialists and opposition groups, is to be held Nov.@@@@1@32@@oe@2-2-2013
20347030@unknown@formal@none@1@S@The State Department denied asylum to a Vietnamese man who escaped from his homeland by lashing himself to the rudder housing of a tanker for two days in monsoon seas.@@@@1@30@@oe@2-2-2013
20347031@unknown@formal@none@1@S@A spokesman for Democratic Sen. Pell of Rhode Island said, however, that the Immigration and Naturalization Service would review the stowaway's request.@@@@1@22@@oe@2-2-2013
20348001@unknown@formal@none@1@S@Ogden Projects Inc. said net income jumped to $6.6 million, or 18 cents a share, in the third quarter.@@@@1@19@@oe@2-2-2013
20348002@unknown@formal@none@1@S@The Fairfield, N.J., company, which is 92%-owned by Ogden Corp., New York, had net of $1.1 million, or four cents a share, a year ago.@@@@1@25@@oe@2-2-2013
20348003@unknown@formal@none@1@S@Revenue soared to $101.7 million from $39.5 million.@@@@1@8@@oe@2-2-2013
20348004@unknown@formal@none@1@S@Ogden Projects, whose shares began trading on the New York Stock Exchange in August, closed yesterday at $26.875, down 75 cents.@@@@1@21@@oe@2-2-2013
20348005@unknown@formal@none@1@S@The stock began trading this summer at $14 apiece.@@@@1@9@@oe@2-2-2013
20348006@unknown@formal@none@1@S@Ogden Projects, which has interests in solid-waste recovery and hazardous-waste cleanup, said it has 13 facilities in operation, up from seven a year ago.@@@@1@24@@oe@2-2-2013
20348007@unknown@formal@none@1@S@Meanwhile, Ogden Corp., which also has interests in building maintenance and management, reported third-quarter net income of $27.1 million, or 67 cents a share, more than twice the $13.5 million, or 34 cents a share, a year earlier.@@@@1@38@@oe@2-2-2013
20348008@unknown@formal@none@1@S@Revenue rose 33% to $378.1 million from $283.8 million.@@@@1@9@@oe@2-2-2013
20349001@unknown@formal@none@1@S@Under attack by its own listed companies and powerful floor traders, the New York Stock Exchange is considering reinstituting a "collar" on program trading that it abandoned last year, according to people familiar with the Big Board.@@@@1@37@@oe@2-2-2013
20349002@unknown@formal@none@1@S@The exchange also may step up its disclosure of firms engaged in program trading, these people said.@@@@1@17@@oe@2-2-2013
20349003@unknown@formal@none@1@S@Big Board officials wouldn't comment publicly.@@@@1@6@@oe@2-2-2013
20349004@unknown@formal@none@1@S@But in an interview in which he called the stock market's volatility a "national problem," Big Board Chairman John J. Phelan Jr. said, "We are going to try to do some things in the short intermediate term" to help the situation.@@@@1@41@@oe@2-2-2013
20349005@unknown@formal@none@1@S@Mr. Phelan has been viewed by many exchange members as being indifferent to stock-price swings caused by program trades.@@@@1@19@@oe@2-2-2013
20349006@unknown@formal@none@1@S@He said he is "very surprised" by the furor over program trading and the exchange's role in it that has raged in recent days.@@@@1@24@@oe@2-2-2013
20349007@unknown@formal@none@1@S@Mr. Phelan said that the Big Board has been trying to deal quietly with the issue, but that banning computer-assisted trading strategies entirely, as some investors want, would be like "taking everybody out of an automobile and making them ride a horse."@@@@1@42@@oe@2-2-2013
20349008@unknown@formal@none@1@S@The exchange has a board meeting scheduled for tomorrow, and it is expected that some public announcement could be made after that.@@@@1@22@@oe@2-2-2013
20349009@unknown@formal@none@1@S@Big Board officials have been under seige from both investors and the exchange's own floor traders since the Dow Jones Industrial Average's 190-point tumble on Oct. 13.@@@@1@27@@oe@2-2-2013
20349010@unknown@formal@none@1@S@Mr. Phelan hasn't been making public remarks in recent days, and many people have urged him to take more of a leadership role on the program trading issue.@@@@1@28@@oe@2-2-2013
20349011@unknown@formal@none@1@S@What the Big Board is considering is re-establishing a "collar" on program trading when the market moves significantly.@@@@1@18@@oe@2-2-2013
20349012@unknown@formal@none@1@S@Early last year, after a 140-point, one-day drop in the Dow, the Big Board instituted the collar, which banned program trading through the Big Board's computers whenever the Dow moved 50 points up or down in a day.@@@@1@38@@oe@2-2-2013
20349013@unknown@formal@none@1@S@It didn't work.@@@@1@3@@oe@2-2-2013
20349014@unknown@formal@none@1@S@"The collar was penetrated on a number of occasions," meaning securities firms figured out ways to conduct program trades to circumvent the collar and use the Big Board's electronic trading system, Mr. Phelan said.@@@@1@34@@oe@2-2-2013
20349015@unknown@formal@none@1@S@That was when the exchange took a new tack by publishing monthly statistics listing the top 15 program trading firms.@@@@1@20@@oe@2-2-2013
20349016@unknown@formal@none@1@S@Exchange officials emphasized that the Big Board is considering a variety of actions to deal with program trading.@@@@1@18@@oe@2-2-2013
20349017@unknown@formal@none@1@S@People familiar with the exchange said another idea likely to be approved is expanding the monthly reports on program trading to cover specific days or even hours of heavy program trading and who was doing it.@@@@1@36@@oe@2-2-2013
20349018@unknown@formal@none@1@S@Meanwhile, another big Wall Street brokerage firm joined others that have been pulling back from program trading.@@@@1@17@@oe@2-2-2013
20349019@unknown@formal@none@1@S@American Express Co.'s Shearson Lehman Hutton Inc. unit said it ceased all index-arbitrage program trading for client accounts.@@@@1@18@@oe@2-2-2013
20349020@unknown@formal@none@1@S@In stock-index arbitrage, traders buy and sell large amounts of stock with offsetting trades in stock-index futures to profit from fleeting price discrepancies between the two markets.@@@@1@27@@oe@2-2-2013
20349021@unknown@formal@none@1@S@Shearson, which in September was the 11th-biggest program trader on the Big Board, had already suspended stock-index arbitrage for its own account.@@@@1@22@@oe@2-2-2013
20349022@unknown@formal@none@1@S@Also, CS First Boston Inc.'s First Boston Corp. unit, the fifth-biggest program trader in September, is "preparing a response" to the program-trading outcry, officials of the firm said.@@@@1@28@@oe@2-2-2013
20349023@unknown@formal@none@1@S@First Boston is one of the few major Wall Street firms that haven't pulled back from program trading in recent days.@@@@1@21@@oe@2-2-2013
20349024@unknown@formal@none@1@S@Mr. Phelan is an adroit diplomat who normally appears to be solidly in control of the Big Board's factions.@@@@1@19@@oe@2-2-2013
20349025@unknown@formal@none@1@S@But he has been getting heat from all sides over program trading.@@@@1@12@@oe@2-2-2013
20349026@unknown@formal@none@1@S@Mr. Phelan's recent remarks that investors simply must get used to the stock-market volatility from program trading have drawn criticism from both the exchange's stock specialists, who make markets in individual stocks, and from many companies that have shares listed on the Big Board.@@@@1@44@@oe@2-2-2013
20349027@unknown@formal@none@1@S@Mr. Phelan said that his predicting continued volatility is just "how the world is.@@@@1@14@@oe@2-2-2013
20349028@unknown@formal@none@1@S@If bringing the message is a crime, I'm guilty of it."@@@@1@11@@oe@2-2-2013
20349029@unknown@formal@none@1@S@But he said this doesn't mean he is satisfied with the market's big swings.@@@@1@14@@oe@2-2-2013
20349030@unknown@formal@none@1@S@"We're trying to take care of a heck of a lot of constituents," Mr. Phelan said.@@@@1@16@@oe@2-2-2013
20349031@unknown@formal@none@1@S@"Each one has a different agenda."@@@@1@6@@oe@2-2-2013
20349032@unknown@formal@none@1@S@For example, in a special meeting Monday with Mr. Phelan, senior officials of some of the Big Board's 49 stock specialist firms complained that the exchange is no longer representing their interests.@@@@1@32@@oe@2-2-2013
20349033@unknown@formal@none@1@S@"We are looking for representation we haven't had," a specialist said.@@@@1@11@@oe@2-2-2013
20349034@unknown@formal@none@1@S@"We've had dictation."@@@@1@3@@oe@2-2-2013
20349035@unknown@formal@none@1@S@After another session Mr. Phelan held yesterday with major brokerage firms such as Morgan Stanley & Co., Goldman, Sachs & Co., PaineWebber Group Inc. and First Boston -- all of which have engaged in program trading -- an executive of a top brokerage firm said, "Clearly, the firms want the exchange to take leadership."@@@@1@54@@oe@2-2-2013
20349036@unknown@formal@none@1@S@Many specialist firms resent the Big Board's new "basket" product that allows institutions to buy or sell all stocks in the Standard & Poor's 500-stock index in one shot.@@@@1@29@@oe@2-2-2013
20349037@unknown@formal@none@1@S@Ultimately, the specialists view this as yet another step toward electronic trading that could eventually destroy their franchise.@@@@1@18@@oe@2-2-2013
20349038@unknown@formal@none@1@S@"His {Phelan's} own interests are in building an electronic marketplace," said a market maker.@@@@1@14@@oe@2-2-2013
20349039@unknown@formal@none@1@S@The basket product, while it has got off to a slow start, is being supported by some big brokerage firms -- another member of Mr. Phelan's splintered constituency.@@@@1@28@@oe@2-2-2013
20349040@unknown@formal@none@1@S@Mr. Phelan has had difficulty convincing the public that the Big Board is serious about curbing volatility, especially as the exchange clearly relishes its role as the home for $200 billion in stock-index funds, which buy huge baskets of stocks to mimic popular stock-market indexes like the Standard & Poor's 500, and which sometimes employ program trading.@@@@1@57@@oe@2-2-2013
20349041@unknown@formal@none@1@S@The Big Board wants to keep such index funds from fleeing to overseas markets, but only as long as it "handles it intelligently," Mr. Phelan said.@@@@1@26@@oe@2-2-2013
20349042@unknown@formal@none@1@S@Despite what some investors are suggesting, the Big Board isn't even considering a total ban on program trading or stock futures, exchange officials said.@@@@1@24@@oe@2-2-2013
20349043@unknown@formal@none@1@S@Most revisions it will propose will be geared toward slowing down program trading during stressful periods, said officials working with the exchange.@@@@1@22@@oe@2-2-2013
20349044@unknown@formal@none@1@S@Computers have made trading more rapid, but that can be fixed with some fine-tuning.@@@@1@14@@oe@2-2-2013
20349045@unknown@formal@none@1@S@"I think if you {can} speed things up, you can slow them down," Mr. Phelan said.@@@@1@16@@oe@2-2-2013
20349046@unknown@formal@none@1@S@"That's different than wrecking them."@@@@1@5@@oe@2-2-2013
20349047@unknown@formal@none@1@S@While volatility won't go away, he said, "Volatility is greater than program trading.@@@@1@13@@oe@2-2-2013
20349048@unknown@formal@none@1@S@What I'm trying to say to people is, it's proper to worry about program trading, but it's only a piece of the business."@@@@1@23@@oe@2-2-2013
20349049@unknown@formal@none@1@S@For example, Mr. Phelan said that big institutions have so much control over public investments that they can cause big swings in the market, regardless of index arbitrage.@@@@1@28@@oe@2-2-2013
20349050@unknown@formal@none@1@S@"A lot of people would like to go back to 1970," before program trading, he said.@@@@1@16@@oe@2-2-2013
20349051@unknown@formal@none@1@S@"I would like to go back to 1970.@@@@1@8@@oe@2-2-2013
20349052@unknown@formal@none@1@S@But we're not going back to 1970."@@@@1@7@@oe@2-2-2013
20349053@unknown@formal@none@1@S@Indeed, Mr. Phelan said that if stock-market volatility persists, the U.S. may lose its edge as being the best place to raise capital.@@@@1@23@@oe@2-2-2013
20349054@unknown@formal@none@1@S@"Japan's markets are more stable," he said.@@@@1@7@@oe@2-2-2013
20349055@unknown@formal@none@1@S@"If that continues, a significant number of {U.S.} companies will go over there to raise money."@@@@1@16@@oe@2-2-2013
20349056@unknown@formal@none@1@S@In coming days, when the Big Board formulates its responses to the program-trading problem, Mr. Phelan may take a more public role in the issue.@@@@1@25@@oe@2-2-2013
20349057@unknown@formal@none@1@S@Lewis L. Glucksman, vice chairman of Smith Barney, Harris Upham & Co., said: "This is a problem that's taking on a life of its own.@@@@1@25@@oe@2-2-2013
20349058@unknown@formal@none@1@S@The program trading situation seems to have driven individual investors as well as others out of the market, and even Europeans are suspicious.@@@@1@23@@oe@2-2-2013
20349059@unknown@formal@none@1@S@The exchange should take a pro-active position."@@@@1@7@@oe@2-2-2013
20349060@unknown@formal@none@1@S@For now, however, Mr. Phelan said: "I refuse to get out there and tell everybody everything is hunky-dory.@@@@1@18@@oe@2-2-2013
20349061@unknown@formal@none@1@S@We have a major problem, and that problem is volatility."@@@@1@10@@oe@2-2-2013
20349062@unknown@formal@none@1@S@Craig Torres contributed to this article.@@@@1@6@@oe@2-2-2013
20350001@unknown@formal@none@1@S@A NEW MINIMUM-WAGE PLAN has been worked out by Congress and Bush, opening the way for the first increase in over nine years.@@@@1@23@@oe@2-2-2013
20350002@unknown@formal@none@1@S@The compromise proposal, ending a long impasse between Democrats and the president, would boost the minimum wage to $4.25 an hour by April 1991 from $3.35 now.@@@@1@27@@oe@2-2-2013
20350003@unknown@formal@none@1@S@The legislation also includes a lower "training wage" for new workers who are teen-agers.@@@@1@14@@oe@2-2-2013
20350004@unknown@formal@none@1@S@The Big Board is considering reviving a curb on program trading when the market is volatile.@@@@1@16@@oe@2-2-2013
20350005@unknown@formal@none@1@S@The exchange, which abandoned such a "collar" last year because it didn't prevent sharp price swings, has been under attack recently for not taking action against program trading.@@@@1@28@@oe@2-2-2013
20350006@unknown@formal@none@1@S@Great Northern Nekoosa reacted coolly to Georgia-Pacific's takeover bid of $58 a share, or $3.19 billion, though the suitor said all terms are negotiable.@@@@1@24@@oe@2-2-2013
20350007@unknown@formal@none@1@S@Great Northern's stock soared $20.125, to $62.875, on speculation that a higher bid would emerge.@@@@1@15@@oe@2-2-2013
20350008@unknown@formal@none@1@S@Stock prices rallied as the Georgia-Pacific bid broke the market's recent gloom.@@@@1@12@@oe@2-2-2013
20350009@unknown@formal@none@1@S@The Dow Jones industrials finished up 41.60, at 2645.08.@@@@1@9@@oe@2-2-2013
20350010@unknown@formal@none@1@S@The dollar and bond prices also closed higher.@@@@1@8@@oe@2-2-2013