22168005@unknown@formal@none@1@S@The S&P 500 futures contract, which moves in fractions of an index point under normal conditions, jumped two to three points in seconds early yesterday after an initial downturn, then moved strongly higher the rest of the day.@@@@1@38@@oe@2-2-2013
22168006@unknown@formal@none@1@S@Each index point represents a $500 profit for each S&P 500 contract held.@@@@1@13@@oe@2-2-2013
22168007@unknown@formal@none@1@S@For the first time since the 1987 crash, traders said that they were able to trade several hundred S&P 500 contracts at a time in a highly liquid market.@@@@1@29@@oe@2-2-2013
22168008@unknown@formal@none@1@S@Many institutions and individual investors have shied away from stock-index futures, blaming them for speeding the stock market crash on Black Monday two years ago.@@@@1@25@@oe@2-2-2013
22168009@unknown@formal@none@1@S@Since the crash, many futures traders haven't assumed large positions for fear that the S&P 500 market, with much of its customer order flow missing, would dry up if prices turned against them.@@@@1@33@@oe@2-2-2013
22168010@unknown@formal@none@1@S@More than 400 traders jammed the S&P 500 futures pit to await the opening bell.@@@@1@15@@oe@2-2-2013
22168011@unknown@formal@none@1@S@Traders were shouting bids and offers a full five minutes before the start of trading at 8:30 am@@@@1@18@@oe@2-2-2013
22168012@unknown@formal@none@1@S@The contract fell five points at the open to 323.85, the maximum opening move allowed under safeguards adopted by the Merc to stem a market slide.@@@@1@26@@oe@2-2-2013
22168013@unknown@formal@none@1@S@But several traders quickly stepped up and bid for contracts, driving prices sharply higher.@@@@1@14@@oe@2-2-2013
22168014@unknown@formal@none@1@S@The market hovered near Friday's closing price of 328.85 for about a half hour, moving several index points higher or lower in seconds, then broke higher and didn't look back.@@@@1@30@@oe@2-2-2013
22168015@unknown@formal@none@1@S@The S&P 500 contract that expires in December closed up a record 15.65 points on volume of nearly 80,000 contracts.@@@@1@20@@oe@2-2-2013
22168016@unknown@formal@none@1@S@"Traders five feet from each other were making bids and offers that were a full point apart," said one S&P 500 broker.@@@@1@22@@oe@2-2-2013
22168017@unknown@formal@none@1@S@"You could buy at the bid and sell at the offer and make a fortune," he marveled.@@@@1@17@@oe@2-2-2013
22168018@unknown@formal@none@1@S@Several of Wall Street's largest securities firms, including Salomon Brothers Inc. and PaineWebber Inc., were also large buyers, traders said.@@@@1@20@@oe@2-2-2013
22168019@unknown@formal@none@1@S@Salomon Brothers was among the largest sellers of stock-index futures last week, traders said.@@@@1@14@@oe@2-2-2013
22168020@unknown@formal@none@1@S@Brokerage firms as a rule don't comment on their market activity.@@@@1@11@@oe@2-2-2013
22168021@unknown@formal@none@1@S@Unlike the week following Black Monday two years ago, individual traders in the S&P 500 pit were also being uncharacteristically circumspect about their one-day profits.@@@@1@25@@oe@2-2-2013
22168022@unknown@formal@none@1@S@"With the FBI around here, bragging rights are a thing of the past," said one trader, referring to the federal investigation of futures trading that so far has resulted in 46 indictments lodged against individuals on the Merc and the Chicago Board of Trade.@@@@1@44@@oe@2-2-2013
22169001@unknown@formal@none@1@S@The market for $200 billion of high-yield junk bonds regained some of its footing as the Dow Jones Industrial Average rebounded from Friday's plunge.@@@@1@24@@oe@2-2-2013
22169002@unknown@formal@none@1@S@But the junk recovery, led by the bellwether RJR Holdings bonds, was precarious.@@@@1@13@@oe@2-2-2013
22169003@unknown@formal@none@1@S@No trading existed for the vast majority of junk bonds, securities industry officials said.@@@@1@14@@oe@2-2-2013
22169004@unknown@formal@none@1@S@On Friday, trading in practically every issue ground to a halt as potential buyers fled and brokerage firms were unwilling to provide bid and offer prices for most issues.@@@@1@29@@oe@2-2-2013
22169005@unknown@formal@none@1@S@"Nothing traded on Friday, and people weren't really sure where the market should have opened" yesterday, said Raymond Minella, co-head of merchant banking at Merrill Lynch & Co.@@@@1@28@@oe@2-2-2013
22169006@unknown@formal@none@1@S@"But we had a fairly active day yesterday."@@@@1@8@@oe@2-2-2013
22169007@unknown@formal@none@1@S@At Drexel Burnham Lambert Inc., the leading underwriter of junk bonds, "I was prepared to be in a very bad mood tonight," said David Feinman, a junk bond trader.@@@@1@29@@oe@2-2-2013
22169008@unknown@formal@none@1@S@"Now, I feel maybe there's a little bit of euphoria."@@@@1@10@@oe@2-2-2013
22169009@unknown@formal@none@1@S@But before the stock market rebounded from a sharp early sell-off yesterday, he said, "You couldn't buy {junk bonds} and you couldn't give them away."@@@@1@25@@oe@2-2-2013
22169010@unknown@formal@none@1@S@Yesterday's rally was led by RJR Holdings 13 3/4% bonds, which initially tumbled three points, or $30 for each $1,000 face amount, to 96 1/4 before rebounding to 99 3/4.@@@@1@30@@oe@2-2-2013
22169011@unknown@formal@none@1@S@Bonds issued by Kroger, Duracell, Safeway and American Standard also showed big gains, recovering almost all their losses from Friday and early yesterday.@@@@1@23@@oe@2-2-2013
22169012@unknown@formal@none@1@S@But traders said the junk bond market increasingly is separating into a top-tier group, in which trades can be executed easily, and a larger group of lower-quality bonds in which liquidity -- or the ability to trade without too much difficulty -- has steadily deteriorated this year.@@@@1@47@@oe@2-2-2013
22169013@unknown@formal@none@1@S@"Liquidity hasn't returned to the vast middle ground of the market," said Mr. Minella of Merrill.@@@@1@16@@oe@2-2-2013
22169014@unknown@formal@none@1@S@"The deadbeats are still deadbeats," said Mr. Feinman of Drexel.@@@@1@10@@oe@2-2-2013
22169015@unknown@formal@none@1@S@Analysts are concerned that much of the high-yield market will remain treacherous for investors.@@@@1@14@@oe@2-2-2013
22169016@unknown@formal@none@1@S@Paul Asquith, associate professor at the Massachusetts Institute of Technology's Sloan School of Management, citing a pattern of junk-bond default rates that are low in the early years after issuance and rise later, says, "We're now in a period where we're starting to see defaults from the big issue years of 1984 to 1986."@@@@1@54@@oe@2-2-2013
22169017@unknown@formal@none@1@S@Mark Bachmann, a senior vice president at Standard & Poor's Corp., confirms that there is "increasing concern about the future liquidity of the junk bond market."@@@@1@26@@oe@2-2-2013
22169018@unknown@formal@none@1@S@"Junk bonds are a highly stratified market," said Lewis Glucksman, vice chairman of Smith Barney, Harris Upham & Co.@@@@1@19@@oe@2-2-2013
22169019@unknown@formal@none@1@S@"There's a whole bunch of stuff that's money good and a whole bunch of stuff that's not so good."@@@@1@19@@oe@2-2-2013
22169020@unknown@formal@none@1@S@Analysts at Standard & Poor's say junk bond offerings by "tightly stretched" issuers seem to be growing.@@@@1@17@@oe@2-2-2013
22169021@unknown@formal@none@1@S@Almost $8 billion of junk bonds that are considered untradeable include issues from SCI TV, Gillette Holdings (not related to Gillette Co.), Interco, Seaman Furniture, Allied Stores, Federated Department Stores, National Gypsum, M.D.C. Holdings, Micropolis, Leaseway Transportation and Price Communications.@@@@1@40@@oe@2-2-2013
22169022@unknown@formal@none@1@S@"You could still have some very bad times ahead," said Mr. Bachmann.@@@@1@12@@oe@2-2-2013
22169023@unknown@formal@none@1@S@"It's possible to have a 10% default rate in one year, because we're already seeing big problems in the midst of a pretty strong economy.@@@@1@25@@oe@2-2-2013
22169024@unknown@formal@none@1@S@I'm certainly not comfortable saying we've seen the bottom."@@@@1@9@@oe@2-2-2013
22169025@unknown@formal@none@1@S@But yesterday's rally among "good" junk was a badly needed tonic for the market.@@@@1@14@@oe@2-2-2013
22169026@unknown@formal@none@1@S@Many issues "bounced off the floor," Mr. Minella said, and benchmark junk issues "recovered all of their losses" from Friday and early yesterday.@@@@1@23@@oe@2-2-2013
22169027@unknown@formal@none@1@S@In contrast, he says, "The stock market gained back only about half what it lost Friday, and the {government} bond market lost about half what it gained Friday."@@@@1@28@@oe@2-2-2013
22169028@unknown@formal@none@1@S@Traders said yesterday's rally was fueled by insurance companies looking for bargains after a drastic slide in prices the past month.@@@@1@21@@oe@2-2-2013
22169029@unknown@formal@none@1@S@In addition, mutual funds didn't appear to be major sellers of high-yield securities as was expected.@@@@1@16@@oe@2-2-2013
22169030@unknown@formal@none@1@S@"Sometimes a shakeout is healthy," said Drexel's Mr. Feinman.@@@@1@9@@oe@2-2-2013
22169031@unknown@formal@none@1@S@"People will learn to be more circumspect.@@@@1@7@@oe@2-2-2013
22169032@unknown@formal@none@1@S@If they do good credit analysis, they will avoid the hand grenades.@@@@1@12@@oe@2-2-2013
22169033@unknown@formal@none@1@S@I think the market is in good shape.@@@@1@8@@oe@2-2-2013
22170001@unknown@formal@none@1@S@Should you really own stocks?@@@@1@5@@oe@2-2-2013
22170002@unknown@formal@none@1@S@That's a question a lot of people are asking, following the stock market's stunning display of volatility.@@@@1@17@@oe@2-2-2013
22170003@unknown@formal@none@1@S@Whipsawed financially and emotionally by Friday's heartstopping 190-point drop in the Dow Jones Industrial Average and yesterday's 88-point rebound, they're wondering if an individual has any business being in the market.@@@@1@31@@oe@2-2-2013
22170004@unknown@formal@none@1@S@The answer, say academic researchers, money managers and investment specialists, is yes -- as long as you approach the stock market as an investor.@@@@1@24@@oe@2-2-2013
22170005@unknown@formal@none@1@S@But, they say, people shouldn't try to be traders, who buy and sell in an effort to ride the latest economic trend or catch the next hot stock.@@@@1@28@@oe@2-2-2013
22170006@unknown@formal@none@1@S@The case for owning stocks over the long-term is compelling.@@@@1@10@@oe@2-2-2013
22170007@unknown@formal@none@1@S@"If you look at 75 years worth of investment history -- including the Great Depression and every bear market since -- stocks have outperformed almost everything an individual could have owned by a long shot," says Barry Berlin, vice president at First Wachovia Capital Management.@@@@1@45@@oe@2-2-2013
22170008@unknown@formal@none@1@S@A dollar invested in the stock market in 1926 would have grown to $473.29 by the end of last June, according to Laurence Siegel, managing director at Ibbotson Associates Inc.@@@@1@30@@oe@2-2-2013
22170009@unknown@formal@none@1@S@But a dollar invested in long-term bonds in 1926 would have grown to only $16.56, and a dollar put in Treasury bills would equal a meager $9.29.@@@@1@27@@oe@2-2-2013
22170010@unknown@formal@none@1@S@The longer the time period, the less risk there is of losing money in the stock market.@@@@1@17@@oe@2-2-2013
22170011@unknown@formal@none@1@S@Over time, the odds increasingly favor the investor with a diversified portfolio.@@@@1@12@@oe@2-2-2013
22170012@unknown@formal@none@1@S@For instance, Ken Gregory, a San Francisco money manager, calculates that if an investor holds a basket of stocks that tracks the Standard & Poor's 500-stock index, the chance of losing money is 3% to 4% over a 10-year period, compared with 15% over three years and 30% over one year.@@@@1@51@@oe@2-2-2013
22170013@unknown@formal@none@1@S@"If you don't need the money for 10 years, there's a clear-cut case for sticking to a steady core of stocks," Mr. Gregory says.@@@@1@24@@oe@2-2-2013
22170014@unknown@formal@none@1@S@Stock-market investments also help balance the other assets an individual owns, says John Blankenship Jr., president of the Institute of Certified Financial Planners.@@@@1@23@@oe@2-2-2013
22170015@unknown@formal@none@1@S@Stocks have a place in an investors' portfolio along with real estate, bonds, international securities and cash, he says.@@@@1@19@@oe@2-2-2013
22170016@unknown@formal@none@1@S@There are some important caveats: Before investing in stocks, individuals should have at least three to six months of living expenses set aside in the bank, most investment advisers say.@@@@1@30@@oe@2-2-2013
22170017@unknown@formal@none@1@S@Individuals also should focus on building equity in a home, which provides some protection against inflation, as well as a nest-egg that can be cashed in late in life to help cover the cost of retirement living.@@@@1@37@@oe@2-2-2013
22170018@unknown@formal@none@1@S@People also shouldn't invest money in stocks that they'll need in the near future -- for example, for college tuition payments or retirement expenses.@@@@1@24@@oe@2-2-2013
22170019@unknown@formal@none@1@S@"You may have to sell your stocks at a time when the market takes a plunge," says Mr. Blankenship, a Del Mar, Calif. financial planner.@@@@1@25@@oe@2-2-2013
22170020@unknown@formal@none@1@S@But once the basics are covered, "then I would start to invest, even if it's as little as $1,000," says Michael Lipper, president of Lipper Analytical Services Inc.@@@@1@28@@oe@2-2-2013
22170021@unknown@formal@none@1@S@He says individuals should consider not just stocks, but other long-term investments, such as high-quality bonds.@@@@1@16@@oe@2-2-2013
22170022@unknown@formal@none@1@S@Despite the strong case for stocks, however, most pros warn that individuals shouldn't try to profit from short-term developments.@@@@1@19@@oe@2-2-2013
22170023@unknown@formal@none@1@S@"It's very difficult to do," says Donald Holt, a market strategist for Wedbush Morgan Securities, a Los Angeles brokerage firm.@@@@1@20@@oe@2-2-2013
22170024@unknown@formal@none@1@S@"Our markets move so fast and they are so volatile, there's no way the average investor can compete with the pros."@@@@1@21@@oe@2-2-2013
22170025@unknown@formal@none@1@S@Individual investors face high transaction costs of moving in and out of the market.@@@@1@14@@oe@2-2-2013
22170026@unknown@formal@none@1@S@The cost of executing stock orders varies from brokerage to brokerage and with the size of the order, but 2% of the order's value is an average, says Stephen Boesel, manager of T. Rowe Price's Growth and Income mutual fund.@@@@1@40@@oe@2-2-2013
22170027@unknown@formal@none@1@S@And assuming their first investment is successful, investors will have to pay taxes on their gains.@@@@1@16@@oe@2-2-2013
22170028@unknown@formal@none@1@S@That can reduce returns by a third or more, once local taxes are included, Mr. Lipper says.@@@@1@17@@oe@2-2-2013
22170029@unknown@formal@none@1@S@After that, individual traders face the risk that the new investment they choose won't perform well -- so their trading costs could be sustained for nothing.@@@@1@26@@oe@2-2-2013
22170030@unknown@formal@none@1@S@"It's very tough for most individuals to out-trade the mutual funds or the market," says Mr. Lipper.@@@@1@17@@oe@2-2-2013
22170031@unknown@formal@none@1@S@"You should really think twice if you think you can out-smart the system."@@@@1@13@@oe@2-2-2013
22170032@unknown@formal@none@1@S@Then, too, many individual investors lack the sturdy emotional makeup professionals say is needed to plunge in and out of the market.@@@@1@22@@oe@2-2-2013
22170033@unknown@formal@none@1@S@So what's the best way to buy stocks?@@@@1@8@@oe@2-2-2013
22170034@unknown@formal@none@1@S@"Unless an individual has a minimum of between $50,000 and $100,000 to invest in stocks, he's still better off in mutual funds than in individual stocks, in terms of getting enough attention from a competent broker," says Mr. Lipper.@@@@1@39@@oe@2-2-2013
22170035@unknown@formal@none@1@S@Still, he adds, "I could see owning both, given that individuals often have an advantage over big investors in spotting special situations based on their own insights," he adds.@@@@1@29@@oe@2-2-2013
22170036@unknown@formal@none@1@S@George Douglas, first vice president at Drexel Burnham Lambert Inc., says that individuals have a particular edge now in "small to medium-size niche companies with exciting earnings prospects" -- a traditional stomping ground for small investors.@@@@1@36@@oe@2-2-2013
22170037@unknown@formal@none@1@S@This growth sector, which usually carries a price/earnings multiple about twice that of the Standard & Poor's 500, happens to include some of the market's most attractive bargains right now.@@@@1@30@@oe@2-2-2013
22170038@unknown@formal@none@1@S@"It's now selling at a multiple about even with the market," says Mr. Douglas.@@@@1@14@@oe@2-2-2013
22170039@unknown@formal@none@1@S@Moreover, Mr. Douglas sees a revival of institutional interest in smaller growth stocks that could boost the performance of these stocks in the medium term.@@@@1@25@@oe@2-2-2013
22170040@unknown@formal@none@1@S@Many big Wall Street brokerage firms who eliminated their research effort in stocks of emerging growth companies a few years ago are now resuming coverage of this area, he notes.@@@@1@30@@oe@2-2-2013
22170041@unknown@formal@none@1@S@"We're seeing a real turnaround in interest in small growth stocks," he says.@@@@1@13@@oe@2-2-2013
22170042@unknown@formal@none@1@S@The pros strenuously advise individuals to stay away from the latest investment fad.@@@@1@13@@oe@2-2-2013
22170043@unknown@formal@none@1@S@They say that's especially important this late in the growth phase of the economic cycle, when there's no robust bull market to bail investors out of their mistakes.@@@@1@28@@oe@2-2-2013
22170044@unknown@formal@none@1@S@Friday's correction presents "a pretty good buying opportunity, but let's not speculate at this point in the business cycle," says Carmine Grigoli, chief equity portfolio strategist at First Boston Corp.@@@@1@30@@oe@2-2-2013
22170045@unknown@formal@none@1@S@"Buy stocks on weakness for their long-term fundamentals," he says.@@@@1@10@@oe@2-2-2013
22170046@unknown@formal@none@1@S@In the long run, investment advisers say, most investors will be better off using the dollar-cost averaging method of buying stocks.@@@@1@21@@oe@2-2-2013
22170047@unknown@formal@none@1@S@In this method, a person invests a regular amount every month or quarter into the stock market whether the market is up or down.@@@@1@24@@oe@2-2-2013
22170048@unknown@formal@none@1@S@That cuts the risk, Mr. Gregory, the San Francisco money manager, points out.@@@@1@13@@oe@2-2-2013
22170049@unknown@formal@none@1@S@"When the market is low, you are buying more shares, and when it's high, you're buying fewer shares," he says.@@@@1@20@@oe@2-2-2013
22170050@unknown@formal@none@1@S@Otherwise, if you put all your money in at one time, by sheer bad luck, you might pick a terrible time, and have to wait three years to get even, Mr. Gregory says.@@@@1@33@@oe@2-2-2013
22170051@unknown@formal@none@1@S@A disciplined program will work the best, Mr. Boesel says.@@@@1@10@@oe@2-2-2013
22170052@unknown@formal@none@1@S@"One of the hardest things to do is to buy stocks when the market is down," he says.@@@@1@18@@oe@2-2-2013
22170053@unknown@formal@none@1@S@"But that's just the time when you should be buying them."@@@@1@11@@oe@2-2-2013
22170054@unknown@formal@none@1@S@Compound annual returns, including price changes and income from interest and dividends@@@@1@12@@oe@2-2-2013
22170055@unknown@formal@none@1@S@*Actual performance, not annualized@@@@1@4@@oe@2-2-2013
22170056@unknown@formal@none@1@S@Source: Ibbotson Associates Inc.@@@@1@4@@oe@2-2-2013
22171001@unknown@formal@none@1@S@The following issues were recently filed with the Securities and Exchange Commission: Gehl Co., initial public offering of two million shares of common stock, of which 1,450,635 shares are being offered by the company and 549,365 shares by holders, via Blunt, Ellis & Loewi Inc. and Robert W. Baird & Co.@@@@1@51@@oe@2-2-2013
22171002@unknown@formal@none@1@S@Giant Industries Inc., initial public offering of 3,111,000 common shares, of which 2,425,000 will be sold by the company, and the rest by holders, via Shearson Lehman Hutton Inc. and Hanifen, Imhoff Inc.@@@@1@33@@oe@2-2-2013
22171003@unknown@formal@none@1@S@Inefficient-Market Fund Inc., initial offering of five million common shares, via Smith Barney, Harris Upham & Co.@@@@1@17@@oe@2-2-2013
22171004@unknown@formal@none@1@S@Jason Overseas Ltd., initial offering of four million common shares, of which 3.2 million will be sold in the U.S., and the balance outside the U.S., via Smith Barney, Harris Upham & Co. and Mabon, Nugent & Co.@@@@1@38@@oe@2-2-2013
22172001@unknown@formal@none@1@S@Donald Trump, who faced rising doubt about his bid for American Airlines parent AMR Corp. even before a United Airlines buy-out came apart Friday, withdrew his $7.54 billion offer.@@@@1@29@@oe@2-2-2013
22172002@unknown@formal@none@1@S@Separately, bankers representing the group trying to buy United's parent UAL Corp. met with other banks about reviving that purchase at a lower price, possibly around $250 a share, or $5.65 billion.@@@@1@32@@oe@2-2-2013
22172003@unknown@formal@none@1@S@But a lower bid could face rejection by the UAL board.@@@@1@11@@oe@2-2-2013
22172004@unknown@formal@none@1@S@Mr. Trump, who vowed Wednesday to "go forward" with the bid, said he was dropping it "in light of the recent change in market conditions."@@@@1@25@@oe@2-2-2013
22172005@unknown@formal@none@1@S@He said he might now sell his AMR stake, buy more shares, or make another offer at a lower price.@@@@1@20@@oe@2-2-2013
22172006@unknown@formal@none@1@S@The Manhattan real-estate developer acted after the UAL buyers failed to obtain financing for their earlier $300-a-share bid, which sparked a selling panic among that snowballed into a 190-point drop Friday in the Dow Jones Industrial Average.@@@@1@37@@oe@2-2-2013
22172007@unknown@formal@none@1@S@News about UAL and AMR, whose shares never reopened after trading was halted Friday for the UAL announcement, sent both stocks nosediving in composite trading on the New York Stock Exchange.@@@@1@31@@oe@2-2-2013
22172008@unknown@formal@none@1@S@UAL tumbled $56.875 to $222.875 on volume of 2.3 million shares, and AMR declined by $22.125 to $76.50 as 4.7 million shares changed hands.@@@@1@24@@oe@2-2-2013
22172009@unknown@formal@none@1@S@Together, the two stocks wreaked havoc among takeover stock traders, and caused a 7.3% drop in the Dow Jones Transportation Average, second in size only to the stock-market crash of Oct. 19, 1987.@@@@1@33@@oe@2-2-2013
22172010@unknown@formal@none@1@S@Some said Friday's market debacle had given Mr. Trump an excuse to bail out of an offer that showed signs of stalling even before problems emerged with the UAL deal.@@@@1@30@@oe@2-2-2013
22172011@unknown@formal@none@1@S@After reaching an intraday high of $107.50 the day Mr. Trump disclosed his bid Oct. 5, AMR's stock had retreated as low as $97.75 last week.@@@@1@26@@oe@2-2-2013
22172012@unknown@formal@none@1@S@Some takeover stock traders had been betting against Mr. Trump because he has a record of disclosing stakes in companies that are potential takeover targets, then selling at a profit without making a bid.@@@@1@34@@oe@2-2-2013
22172013@unknown@formal@none@1@S@"He still hasn't proven his mettle as a big-league take-out artist," said airline analyst Kevin Murphy of Morgan Stanley & Co.@@@@1@21@@oe@2-2-2013
22172014@unknown@formal@none@1@S@"He's done this thing where he'll buy a little bit of a company and then trade out of it.@@@@1@19@@oe@2-2-2013
22172015@unknown@formal@none@1@S@He's written this book, `The Art of the Deal.'@@@@1@9@@oe@2-2-2013
22172016@unknown@formal@none@1@S@Why doesn't he just follow through on one of these things?"@@@@1@11@@oe@2-2-2013
22172017@unknown@formal@none@1@S@Mr. Trump withdrew his bid before the AMR board, which is due to meet tomorrow, ever formally considered it.@@@@1@19@@oe@2-2-2013
22172018@unknown@formal@none@1@S@AMR had weighed a wide range of possible responses, from flat rejection to recapitalizations and leveraged buy-outs that might have included either employees, a friendlier buyer such as Texas billionaire Robert Bass, or both.@@@@1@34@@oe@2-2-2013
22172019@unknown@formal@none@1@S@AMR had also sought to foil Mr. Trump in Congress by lobbying for legislation that would have bolstered the authority of the Transportation Department to reject airline buy-outs.@@@@1@28@@oe@2-2-2013
22172020@unknown@formal@none@1@S@Yesterday, Mr. Trump tried to put the blame for the collapse of the UAL deal on Congress, saying it was rushing through a bill to protect AMR executives.@@@@1@28@@oe@2-2-2013
22172021@unknown@formal@none@1@S@"I believe that the perception that legislation in this area may be hastily approved contributed to the collapse of the UAL transaction, and the resulting disruption in the financial markets experienced this past Friday," Mr. Trump wrote members of Congress.@@@@1@40@@oe@2-2-2013
22172022@unknown@formal@none@1@S@AMR declined to comment, and Mr. Trump didn't respond to requests for interviews.@@@@1@13@@oe@2-2-2013
22172023@unknown@formal@none@1@S@Mr. Trump never said how much AMR stock he had bought, only that his holdings were "substantial."@@@@1@17@@oe@2-2-2013
22172024@unknown@formal@none@1@S@However, he only received federal clearance to buy more than $15 million of the stock on Sept. 20, when the price rose $2 a share to $78.50.@@@@1@27@@oe@2-2-2013
22172025@unknown@formal@none@1@S@Between then and his bid on Oct. 5, the price fluctuated between $75.625 and $87.375.@@@@1@15@@oe@2-2-2013
22172026@unknown@formal@none@1@S@In an attempt to persuade investors that his bid wasn't just "a stock play," Mr. Trump promised last week to notify the market before selling any shares.@@@@1@27@@oe@2-2-2013
22172027@unknown@formal@none@1@S@AMR was trading at around $84 yesterday before his withdrawal announcement, then immediately fell to about $76.@@@@1@17@@oe@2-2-2013
22172028@unknown@formal@none@1@S@Assuming that he paid a rough average price of $80 a share, and assuming he didn't sell before his announcement reached the market, Mr. Trump could be sitting with a modest loss with the stock at $76.50.@@@@1@37@@oe@2-2-2013
22172029@unknown@formal@none@1@S@Some analysts said AMR Chairman Robert Crandall might seize the opportunity presented by the stock price drop to protect the nation's largest airline with a defensive transaction, such as the sale of stock to a friendly holder or company employees.@@@@1@40@@oe@2-2-2013
22172030@unknown@formal@none@1@S@However, other knowledgeable observers said they believed Mr. Crandall and the AMR board might well decide to tough it out without taking any extra steps.@@@@1@25@@oe@2-2-2013
22172031@unknown@formal@none@1@S@Some analysts said they believed Mr. Trump, whose towering ego had been viewed by some as a reason to believe he wouldn't back out, might come back with a lower bid.@@@@1@31@@oe@2-2-2013
22172032@unknown@formal@none@1@S@Ray Neidl of Dillon Read & Co. said Mr. Trump "is stepping back and waiting for the dust to settle.@@@@1@20@@oe@2-2-2013
22172033@unknown@formal@none@1@S@I'm sure he still wants AMR."@@@@1@6@@oe@2-2-2013
22172034@unknown@formal@none@1@S@But others remained skeptical.@@@@1@4@@oe@2-2-2013
22172035@unknown@formal@none@1@S@"I was never sure Donald Trump really wanted to take AMR," said John Mattis, a bond analyst with Shearson Lehman Hutton Inc.@@@@1@22@@oe@2-2-2013
22172036@unknown@formal@none@1@S@"What happened with United was a gracious way for him to bow out."@@@@1@13@@oe@2-2-2013
22172037@unknown@formal@none@1@S@Mr. Trump never obtained financing for his bid.@@@@1@8@@oe@2-2-2013
22172038@unknown@formal@none@1@S@That skepticism would leave him with an even greater credibility problem should he return that would handicap him in any effort to oust the board in a proxy fight.@@@@1@29@@oe@2-2-2013
22172039@unknown@formal@none@1@S@Meanwhile, Citicorp and Chase Manhattan Corp., the two lead lenders on the UAL buy-out, met with other banks yesterday to determine if they would be willing to finance the buy-out at a lower price.@@@@1@34@@oe@2-2-2013
22172040@unknown@formal@none@1@S@Officials familiar with the talks said Citicorp had discussed lowering the offer to $250 a share, but said that price was a talking point and that no decision has been made.@@@@1@31@@oe@2-2-2013
22172041@unknown@formal@none@1@S@At $250 a share, the group would have to borrow about $6.1 billion from banks.@@@@1@15@@oe@2-2-2013
22172042@unknown@formal@none@1@S@The first UAL deal unraveled after Citibank and Chase couldn't raise $7.2 billion.@@@@1@13@@oe@2-2-2013
22172043@unknown@formal@none@1@S@Citibank and Chase had agreed to commit $3 billion, and said they were "highly confident" of raising another $4.2 billion.@@@@1@20@@oe@2-2-2013
22172044@unknown@formal@none@1@S@Together, Citicorp and Chase received $8 million in fees to raise the rest of the financing.@@@@1@16@@oe@2-2-2013
22172045@unknown@formal@none@1@S@But other banks balked at the low interest rate and banking fees the UAL group was willing to pay them.@@@@1@20@@oe@2-2-2013
22172046@unknown@formal@none@1@S@Officials familiar with the bank talks said the UAL buy-out group -- UAL pilots, management, and British Airways PLC -- is now willing to pay higher bank fees and interest, but isn't likely to boost its $965 million equity contribution.@@@@1@40@@oe@2-2-2013
22172047@unknown@formal@none@1@S@Nor is the group likely to come forward with a revised offer within the next 48 hours despite the hopes of many traders.@@@@1@23@@oe@2-2-2013
22172048@unknown@formal@none@1@S@The group's advisers want to make certain they have firm bank commitments the second time around.@@@@1@16@@oe@2-2-2013
22172049@unknown@formal@none@1@S@Even if the buy-out group is able to obtain financing, the transaction still faces obstacles.@@@@1@15@@oe@2-2-2013
22172050@unknown@formal@none@1@S@UAL's board could reject the new price as too low, especially since there aren't any competing bids.@@@@1@17@@oe@2-2-2013
22172051@unknown@formal@none@1@S@Los Angeles investor Marvin Davis, whose $275-a-share offer was rejected by UAL's board, hasn't shown signs of pursuing a $300-a-share back-up bid he made last month.@@@@1@26@@oe@2-2-2013
22172052@unknown@formal@none@1@S@In addition, the coalition of labor and management, longtime enemies who joined forces only under the threat of Mr. Davis's bid, could break apart now.@@@@1@25@@oe@2-2-2013
22172053@unknown@formal@none@1@S@The group's resilience gets its first test today when 30 top pilot union leaders convene outside Chicago in a previously scheduled meeting.@@@@1@22@@oe@2-2-2013
22172054@unknown@formal@none@1@S@Union Chairman F.C. (Rick) Dubinsky faces the tough task of explaining why banks refused to finance a buy-out the members approved overwhelmingly last week.@@@@1@24@@oe@2-2-2013
22172055@unknown@formal@none@1@S@The pilot union is vowing to pursue an acquisition whatever the board decides.@@@@1@13@@oe@2-2-2013
22172056@unknown@formal@none@1@S@But if the board rejects a reduced bid and decides to explore other alternatives, it could transform what has been a harmonious process into an adversarial one.@@@@1@27@@oe@2-2-2013
22172057@unknown@formal@none@1@S@The pilots could play hardball by noting they are crucial to any sale or restructuring because they can refuse to fly the airplanes.@@@@1@23@@oe@2-2-2013
22172058@unknown@formal@none@1@S@If they were to insist on a low bid of, say $200 a share, the board mightn't be able to obtain a higher offer from other bidders because banks might hesitate to finance a transaction the pilots oppose.@@@@1@38@@oe@2-2-2013
22172059@unknown@formal@none@1@S@Also, because UAL Chairman Stephen Wolf and other UAL executives have joined the pilots' bid, the board might be forced to exclude him from its deliberations in order to be fair to other bidders.@@@@1@34@@oe@2-2-2013
22172060@unknown@formal@none@1@S@That could cost him the chance to influence the outcome and perhaps join the winning bidder.@@@@1@16@@oe@2-2-2013