And export business is still good
While some automotive programs have been delayed they have n't been canceled
At a recent meeting of manufacturing executives everybody I talked with was very positive he says
The company said the move was necessary to meet capital requirements
The agreement is subject to the banking company 's board approval which is expected next month
Other analysts are nearly as pessimistic
The companies in question believe the analysts are too pessimistic
He expects the price for that product to rise even more next year
The pilot program was received well by teachers and students but there was n't reason enough to sign up
Advertisers are showing interest
The charge on loans to brokers on stock exchange collateral
Negotiable bank-backed business credit instruments typically financing an import order
These rate indications are n't directly comparable lending practices vary widely by location
The new rules will allow investors to buy foreign stocks directly
It 's an attractive market with good growth opportunities he added
But such an increase he says could be viewed by the market as too little too late
Economists said greatly increased consumer optimism a larger money supply and higher stock prices helped lift the index
In these circumstances I think they 'd win
Some of the large amounts are being raised by small firms
In addition once money is raised investors usually have no way of knowing how it is spent
If the output was too great for the domestic market he said companies should export
So far the mega-issues are a hit with investors
Once the money is raised it is n't always certain how it is used
The government insists that such a possibility is low
We 'd do the strategy and then we 'd come around and do the budget
This city does n't work that way
How can we turn this situation around
They would also identify the best way to add programs should the budget come in at higher levels
There is no reason that it can not be done for defense planning
This exercise would reveal the true cost of a particular program by forcing the strategists to make hard decisions
A strategic review is fundamentally different
It stopped selling a standard personal computer a while ago
Neither disclosed details pending board meetings next month
Now the firm says it 's at a turning point
He also improved the firm 's compliance procedures for trading
Most dealers can not continue to absorb this supply
People are very concerned about who is going to step up to the plate and buy municipal bonds in the absence of institutional buyers
How quickly things change
But while analysts say that municipal bonds still offer good value you would n't know it by the way institutional investors are rushing to dump their holdings
Bond market analysts say the institutional selling was triggered by several factors
Some of the recent selling could actually be considered a positive sign
The city 's economy is growing weaker and expenditures are rising as tax revenue is falling
The city has issued so much supply recently that some people are getting a little concerned
In other markets
Scientists felt differently
By the end of the century scientists had embraced the system
Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates
Estimated and actual results involving losses are omitted
Otherwise actual profit is compared with the 300-day estimate
The council plans to release its regional reports monthly
If there is n't the deal wo n't be put forward to shareholders
Sales of electric appliances were flat and sales of electronic equipment declined slightly
Terms of the transaction were n't disclosed
He wants it now
They prefer to put off the line-item veto until at least next year
Republicans have as much interest as Democrats in the way the system works he notes
But weak car sales raise questions about future demand from the auto sector
But some analysts wonder how strong the recovery will be
Markets
He previously held posts of senior vice president of compliance and senior vice president and general counsel
We recognized the problem and took care of it
So far there is little to show for such efforts
The cost of competition has become extremely high he says
Looking ahead to commodity markets this week
Copper
He thought the moves in the metals last week were most influenced by the uncertainty in the equity and other financial markets
He noted that for the first time in months there was some light investor interest in the metals
We 've got to move quickly
But investors looking for alternatives are n't finding it easy
A mix of CDs and other holdings may make the most sense
Here 's a look at some of the alternatives
The idea is to have money rolling over each year at prevailing interest rates
Bond mutual funds offer diversification and are easy to buy and sell
But they will have disappointing returns or even losses if interest rates rise instead
If interest rates do n't change bond fund investors ' returns will be about equal to the funds ' current yields
Some current rates exceed those on CDs
That 's right money market mutual funds
The conventional wisdom is to go into money funds when rates are rising and shift out at times such as the present when rates seem headed down
It was down a little
Yet the evidence that we have not hit bottom is found in the fact that we are not yet helping ourselves
We would even save on freight
Many of the problems you presented exist in every part of this country
The transaction will take place tomorrow
The reductions should be complete by the end of the year a spokesman said adding that the exact number to be cut has n't been determined
The pain is too great
These are the raw materials used in making plastics
The project has been in and out of the pipeline for more than a decade
Some patent lawyers had hoped that such a specialty court would be filled with experts in the field
But we will take it into consideration
However companies with few catastrophe losses this year and already big buyers of reinsurance are likely to see their rates remain flat or perhaps even decline slightly
Our president said acquisition is an effective method
So far it appears cautious about taking the big step
It is setting up a special team in charge of international markets and training workers to do business abroad
Thus an acquisition may prove the necessary course
But Japanese agencies are cautious about expanding abroad because client relationships are different
And You Are There sort of
I got my feet on the floor
Do n't worry
Call it a fad
Or call it the wave of the future
No way
So the results while not news are n't exactly theater either at least not good theater
They should never be on
Never
I do n't talk about my work he says
We are now monitoring for it much more closely he said
The bill 's managers face criticism too for the unusual number of conditions openly imposed on where funds will be spent
There may not be as many and the buyers may not get away with some of the things they 've done in the past but deals wo n't disappear
He forecasts that the emphasis in mergers and acquisitions may soon return to what he calls strategic deals in which somebody is taking over a company not to milk the cash flow but because it 's a good fit
Those stocks are up because their earnings are up and their dividends are up he says
Maybe maybe not
At current levels of economic activity and earnings stocks are fairly valued she says
I 'm not saying they 've stopped altogether but future deals are going to be structured differently and bids probably wo n't be as high
But that 's not the only problem for stocks
With all this can stock prices hold their own
It depends on what happens
A company spokesman said it was possible but highly unlikely that the plant might never be built
He intends to add to the litigation staff
The lawyers also monitor suits to identify specific automobile parts that cause the biggest legal problems
His attorney could n't be reached for comment
No employee or vendor would be involved
We have no further developments to report he said
And prosecutors declined to comment
Stocks rallied on good earnings reports and on data that showed less inflation than expected
Traders said a variety of factors triggered the rally
Stock-index arbitrage buy programs in which traders buy stock against offsetting positions in futures to lock in price differences helped the rally 's momentum
Stock-index arbitrage trading was a minor influence in yesterday 's rally traders said
But some traders thought there was less to the rally than met the eye
It 's not good the market is setting up for another fall
Stocks of major toy makers rallied in the wake of strong third-quarter earnings reports
We may ask questions as you go along or we may wait until the end
No lawyers or tape recorders were present
When he was through the court members asked many questions then the chairman said they would like to hear his manager 's side and talk to witnesses
Corporate due process appeals to management for a variety of reasons
It helps to keep out unions
It increases employee commitment to the company with all that means for efficiency and quality control
What must your management team do to establish corporate due process
In a large company that means many hundreds of complaints for personnel to handle
4 Make your due-process system visible
It wo n't do any good for anybody unless employees know about it
Who will take over these places
Perhaps it does
He may sell more shares in the open market or in private transactions but would n't rule out changing his intentions and buying shares the filing said
These figures are n't seasonally adjusted
Although the bidding group has n't had time to develop its latest idea fully or to discuss it with banks it believes bank financing could be obtained
Those current holders would also receive minority interests in the new company
The new structure would be similar to a recapitalization in which holders get a special dividend yet retain a controlling ownership interest
The difference is that current holders would n't retain majority ownership or control
So this year the airlines are getting a jump on holiday discounts
This sets things way back
This year the older someone is the bigger the discount
The bottom line however is not economic but political reform
But programs in individual computers must be revised in order to work with that system
For years the canceled checks of a small number of well-known baseball players have been bought and sold
But these players were dead
He probably has n't done it for the cash
He has good investments
Or at least he should
I do n't think he 'd want to give out his current account numbers
But reform has n't taken hold yet
His group like others wants minimum standards applied to all who call themselves financial planners
The bad news however has n't been bad enough to kill the growing demand for financial planning
The most common conflict involves compensation
They want it back
But he does say that all of his activities have been entirely proper
I do n't know anybody in the industry who has n't experienced litigation he says
He now calls himself an investment banker
Never mind
You already know the answer
The reason is cost
So what 's a parent to do
Some investment advisers are suggesting in effect a bet on a start-up investment pool maybe even on margin
In other words a little volatility never hurt
It never hurt anyone that is unless the growth funds do n't grow when you need them to
Although many experts are advising risk no one has a good answer for you if the risk does n't pay off
And they can further reduce the monthly amount if they start saving earlier when mother and child come home from the hospital
Not everyone is so pessimistic
He takes issue with projections that do n't factor in students ' own contribution which reduces most parents ' burden substantially
The situation you want to avoid is having somebody not save anything and hope they 'll be able to do it out of current income he says
That 's crazy
His advice Do n't panic
That wo n't matter if they are held to maturity but if for any reason the parents need to sell them before then there could be a severe loss of principal
But buyers are essentially betting on a start-up investment fund with no track record and some have been encouraged to borrow to do so
The colleges as educational institutions had hoped that would n't be the case
But sponsors might not pick the stocks that will match the market
Its plan is set up as an independent agency
If the whole market thinks what you 're doing is crazy you do n't have much competition
But we certainly like what we 've seen so far
But analysts caution an expected fall in metal prices next year could slow profit growth
That 's beginning to change
Sales growth in the quarter was slowed by mounting pressure from groups of buyers such as hospitals to hold down prices
In some cases competition has squeezed margins
But not every company expects to report increased earnings
And he nearly always bought and sold for cash
Firms that are paying employment taxes also provide leads to competitors that are n't he says
The percentage change is since year-end
The carriers were competing fiercely for market share
We call them fraud farms
Nothing seems hard here
That 's what they 're after
Actually we do n't get much negative publicity about this he insists except for the press who write about it
You know who you are
Not really
All have paid off for me in double-digit annual growth and continue to provide significant potential
At least according to my calculations
But with every step I take I 'm building wealth
So go out there and eat that debt
The move by the nation 's largest steelmaker follows a string of earlier announcements by other major steel companies
Silver however is in a deeper slump than are gold and platinum
Yet if gold prices improve silver prices could rally sharply he says
Looking ahead to other commodity markets this week
Energy
Most traders and analysts attributed the decline to technical factors associated with the contract 's going off the board
Copper
The mine is expected to return to production in about a week
That brought in considerable fund selling which continued until the close of trading
You 're probably right and you are n't alone
Terms were n't disclosed
The operating chief 's post is new
He remains chief executive officer
You just call your broker and say buy or sell
There are all sorts of ways to give buy and sell instructions to a broker and just as many ways to get burned if you do n't know what you 're doing
And even when a specific order is acceptable to an exchange a brokerage firm can refuse to enter it for a customer
With a market order an investor tells a broker to buy or sell at the market
It 's like saying get me in now or get me out now
A limit order to sell could be entered at that price
In contrast sell limit orders must be placed above the market price and buy limit orders are placed below
If it ca n't be made at that price it does n't get filled
But if the market moves quickly enough it may be impossible for the broker to carry out the order because the investment has passed the specified price
As soon as the market trades at the specified price the floor broker will fill it at the best possible price
But if the investment ca n't be bought or sold immediately the order is automatically canceled
I like to use them to feel out the market he says
If they do n't fill it immediately then I can start over at a new price or try again with the same price
It is a market order that allows floor brokers to take more time to buy or sell an investment if they think they can get a better price by waiting
On the close can be added to many types of orders
Most brokers assume that all orders are day orders unless specified otherwise
It is always the responsibility of investors to keep track of the orders they have placed
Investors who change their mind about buying or selling after an order has been filled are usually stuck with the consequences
We were wrong
The second portion will be completed the following year
There is a reality to the excess energy he said
He also says he is losing money now
He blames imports
He credits imports
And those who did n't move some production overseas suffer labor shortages
The name of the game is to move goods
Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates
Estimated and actual results involving losses are omitted
Most recently a lack of buyers has been added to the list
At the end of the month the agency again will offer the bank
But instead of a minimum price only a target price will be established
The bank has a negative net worth they say
His ability to match any bid has scared off many potential buyers
But according to bankers and stock analysts who have studied the paper mill price is n't the only consideration
It noted however that it has n't determined any specific terms of a possible transaction
The company 's domestic business especially its household products division has performed poorly for years
Analysts say the earnings improvement came from cutting costs rather than increasing sales
Terms of the agreement were n't given
And my time has come
What to do
It 's much cheaper than permanent insurance bought at the same age
But term means just that the policy is written for a specific time period only and must be renewed when it expires
So term insurance may not be as cheap as it looks
The fact is that as a savings or investment vehicle insurance generally runs a poor second to any direct investment you might make in the same things the insurance company is putting your money into
That 's because you have to pay for the insurance portion of the policy and the effort required to sell and service the whole package
You pay a set premium for a set amount of coverage the company invests that premium in a portfolio of its choosing and your cash value and dividends grow over the years
I 'm not prepared in any case to put that much money into a policy immediately so I look into the broad category called universal life
Not likely I think
These are not certain either
I do n't like the sound of that
Well not yet
A person can do some heavy thinking about insurance there and shop for something more exciting while she 's doing it
The computers will display stock prices selected by users
Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates
Estimated and actual results involving losses are omitted
That brought a chain reaction in the industry
It 's almost as if you 're doing extra work to give away the food he says
In any case many franchisees in order to stay on good terms with franchisers routinely go along with promotions
We have invested in improved editorial quality and expanded our quality audience without substantially increasing our costs
That is usually measured by the standard deviation or divergence of annual results from the average return over time
They estimate the return a person 's current portfolio is likely to generate over time along with a standard deviation that suggests how much the return will vary year by year
They try to figure out the long-term results the person needs to meet major goals
Of course the greater volatility of the younger couple 's portfolio does n't necessarily mean those investments are riskier in terms of meeting the holders ' long-term goals
Indeed the older couple 's portfolio could actually be riskier in that sense if the expected return wo n't generate enough dollars to meet their spending plans
But while history can suggest what is reasonable to expect there 's no guarantee that the past will repeat itself
And returns on cash investments may continue to exceed inflation by a wider margin than they did over the long-term past
But investors better not ignore its limitations either
In reality it 's very volatile but the movements are not because of market movements
Nevertheless he noted No one will want to go into the trade figures without a flat position in the pound
The most obvious pitch of course is the lure of big returns
We 're all a little greedy
It also adds to the mystery of the venture
Once people got into it I was allowing them to live a dream he says
Experts say that whatever a person 's particular weak point timing is crucial
Maybe the next day or even an hour later I would n't have done it
He said the company is still looking for a strong fourth quarter in all areas sales operating income and net income
Most bond prices fell but junk bonds and the dollar rose
Markets
Stocks
Bonds
Some cut their earnings estimates for the stock this year and predicted more efforts to control costs ahead
Margins will remain under pressure and when the new mainframe does ship I 'm not sure it will be a big winner
But he does n't appear to be ready to make broad changes either
For the first time in my life I was n't sure whether I was listening to our news or West German television
And that 's a problem
The most important thing is that he have a chance
People have a sense the government is ignoring the real problems in our society
But if he 's sharp and quick he has a chance
I have to come here to read the walls says the doctor because it 's information I still ca n't get through the newspapers
And he added that manufactured goods exports are still rising
The federal funds rate is the overnight lending rate that banks charge each other
Market participants said that the mark continues to post the most significant gains against the dollar
Bond prices ended lower after an early rally while the dollar was mixed
An analyst cited weaker capital spending and exports
The move is likely to anger traders
Markets
Yesterday gold traded within a narrow range
There is n't any rush on the part of investors in the West to buy gold he said
It 's an experience they do n't want to repeat
The dollar has n't reacted much to it so gold has n't either he said
In other commodity markets yesterday
It was the possibility of this demand that helped firm prices the analyst said
To the professionals in the trade it did n't cause much surprise
GRAINS AND SOYBEANS
There was no cost estimate for the second phase
There were many more
Local pollution problems require cheap energy and capital for their solution
The point was to answer the question in the conference title not to try to create news stories for the event itself
This leads to a very special sense of urgency
The consensus from the scientific community is that there is sufficient evidence to advise major policy changes
We 've actually read the speech
What 's really going on here
Who is going to carry the water
You hate to do it because he 's your father
The volatility wo n't end soon
In stock-index arbitrage traders buy or sell big baskets of stocks against offsetting positions in futures
Trading also was heavy in the over-the-counter market
The company 's third-quarter earnings were below both analysts ' forecasts and the year-earlier level
The Americans have left him without a way out
It is easy to fight when you do n't have any other option
Even at this early stage drugs caused additional concerns
In the world of intelligence if you want to get information you get it from seedy characters
If he had been found guilty we could have stopped him
The end of the marriage was at hand
Few American officials were willing any longer to defend him
For short-term gains people were willing to put up with him
That allowed him to get stronger and stronger he says
Yesterday 's edition provided analysts ' estimates for the company when actual earnings were available
But a committee staff member said the panel is unlikely to pursue closely the role of the senators
We have no plans at this time to pay off those notes he said
Although stocks have led bonds this week some traders predict that relationship will reverse during the next few weeks
The dollar was mixed
And after weeks of delay the appropriations process is beginning to take some final shape
The move was meant to keep a lid on interest rates and to boost investor confidence
She said a more aggressive move was n't needed
But most junk bonds closed unchanged after opening slightly higher on bargain-hunting by institutional investors
Another agency issue came to market yesterday
Short-term rates increased
Municipals
Meanwhile several new issues were priced
British government bonds surged on renewed volatility in the stock market
But Japanese bonds ended weaker
It would n't discuss a price
However that does n't mean they can benefit from the vaccine
In addition the report recommends that federal and state governments provide free treatment to all who test positive
Some economists expect further declines in investment spending
You have n't seen the full effect of that yet
The figures are seasonally adjusted
We do n't want to bring back something the members will reject
Not so the Soviets
Even if not all these forces are committed to the regime they are now dependent on it
Moreover serious questions have been raised about the claimed withdrawal of Soviet forces
This is not nearly good enough
We have very exciting prospects for far more impressive advances in the treatment of colon cancer during the years immediately ahead
He will continue as a director
Then there 'll be fair competition
However the officials said it was too early to disclose the nature of the proposed projects or indicate when the talks might be concluded
The post had been vacant for more than a year
Clearly not
Conservatives have an important decision to make this fall
First it argues that its capital base must be increased in order to maintain its size relative to world financial markets for which it feels some responsibility
While international politics may argue for the capital increase there is a clear economic case against it
The issues are too important to be left to the financial and budget ministries fighting over the size of the capital increase rather than its purpose
Banks are continuing to go after individual investors despite falling interest rates
No replacement was immediately named
We do n't know yet how useful it 's going to be he said
Both said the new plan would n't work
However he added it 's not a requirement that the plan be accepted by creditors
It must be accepted by the court
But creditors are free to press for court approval of their own plan or the court could ignore both sides and draw its own
But its stock jumped again yesterday as it disclosed surprisingly strong margins on those sales
The net interest margin the difference between the bank 's cost of funds and what it receives as interest payments improved in the quarter as did certain areas of wholesale banking
We did n't take part in a lot of deals in the quarter because their credit quality was poor the spokesman said
That 's not fair they 're not all fat
The results were in line with analysts ' expectations
He declined to elaborate
That 's the conventional theory anyway
Finally was the information material
Yet all these issues are subsidiary to a more central issue Who is and who should be making the criminal law here
Why is the stock market suddenly so volatile
And apparently it is here to stay
But most are linked by a single theme liquidity the ability to get in and out of the market quickly
Trading in futures and options some people believe can add to volatility
Investors believe they can can rely on such derivative securities to get in and out of the stock market without actually selling any stocks that is a way of staying liquid even when they own stocks
Others are doing index arbitrage a strategy of taking advantage of price discrepancies between stocks and futures
Brokers do n't deny that
All you get is risk
It was scary to people thinking that they could n't get their trades off
The takeover mania also adds to volatility
In part the trust cited the need to retain cash for possible acquisitions
Every time you thought it was going into a rally it gave up and every time you thought it would rally it came down
This is a tough market
Most of trading action now is from professional traders who are trying to take advantage of the price swings to turn a quick profit he and other traders said
A lot of the professional traders are just going back and forth
But favorable earnings was n't a guarantee that a stock 's price would improve yesterday
The drop is particularly large for white males although black males and white and black women also show lower mortality rates
Maybe so if you can find where your favorite writer went
Trouble was nobody thought they looked right
There was a difference of opinion as to the future direction of the company a spokeswoman said
Terms were n't disclosed
Funds will be used to repay existing short-term debt and to finance capital spending it said
Terms were n't disclosed
This could be a big protest against an administrative failure
When there are well problems light problems road problems the government tells us to forget it
That is the truth
BRIEFS
I think we 're making progress
The majority of the bikes never even make it into the high country
It was a timing mistake
They repeatedly noted that environmental progress could not be secured without true ownership genuine competition based on market factors and the risk of bankruptcy if a business makes the wrong decisions
The Palestinians are talking elections
That means simple clear rules that secure the first large blocks of reduction deferring more complex issues such as risk
He predicted the problem will be solved very soon
He declined to make a specific earnings estimate
Sales of parts for cars and construction vehicles rose
How easy it is To attack others ' views Without ever setting A foot in their shoes
Daffynition
We ca n't afford to wait
But does it have to be so soon
The ozone layer is constantly in motion and thus very hard to measure
There are still others who do n't mind seeing new crises arise
They needed new crises to generate new grants and contracts
If they were really getting insurance against environmental disaster the price would be cheap
Thus the shadow jury was born
They are what they are
The defense won
Others point out that lawyers in small communities have always had a feel for public sentiment and used that to advantage
For complex cases judges sometimes allow many more
Even some lawyers who have used consultants to their advantage see a need to limit their impact
Officials also suspect that traffic benefited from steps by major employers to get workers to come in at odd hours or that many workers are still staying at home
Not that getting into town was easy
It 's worse than I thought she said
It looks like a holiday
There were many indications that the new work hours implemented by major corporations played a big role
But transportation officials worry that such extraordinary measures and cooperation may not last
The deal requires regulatory and shareholder approval
The company said the plant will ensure that it has adequate energy for the mill and will reduce the mill 's energy costs
Copper futures sold off sharply yesterday influenced by declines in the stock market and dollar and a rally in bonds
She thinks a recovery in the stock market would help copper rebound as well
I believe that number reflects a slowing economy
In other commodity markets yesterday
But he noted that speculators apparently do n't believe there is much more of a decline in store for cocoa
Terms were n't disclosed
The first real test of whether prices have hit bottom may come in the next several weeks when the new prices become effective
But the marketplace changed
They are coming to publishers looking for ideas
But junk bonds took more hits
That happens when nervous stock investors dump equities and buy Treasurys which are higher in quality and thus considered safe
Trading activity in the junk market was extremely light as dealers could n't find enough buyers to match sellers
The initial bond offering by the new government agency which was created to help rescue the nation 's troubled thrifts is n't expected to see robust demand
Short-term rates were unchanged to slightly lower
Rates are determined by the difference between the purchase price and face value
Thus higher bidding narrows the investor 's return while lower bidding widens it
Municipals
That lawsuit is still pending
This is just not so
What are the facts on this type of lending
It 's nothing dramatic just a routine sell-off
But some of it also represented profit-taking by investors who have made big gains in some issues
Some analysts say investors will begin paying more attention to earnings partly in response to the latest round of disappointments
The agency 's workers and private companies would be allowed to bid for the assets up for sale
Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates
Estimated and actual results involving losses are omitted
Otherwise actual profit is compared with the 300-day estimate
Terms were n't disclosed
Terms of the transaction were n't disclosed
They also support a tax credit for employers to offset the cost of hiring and training workers who temporarily replace employees on parental leave
Firms are permitted wide flexibility in the child-care arrangements they provide
He reports his business is up slightly from customers replacing old stock
The announcement got wide exposure in the Japanese media and even moved some pharmaceutical stocks yesterday
That 's a big number
Fund managers do n't like to have rights issues that do n't have an obvious reason
In any case he added most institutions probably wo n't sell the bonds
He remains secretary
It would make sense for somebody to do it
I have never seen a case of incompetence shared by so many participants
But those would require pilots ' cooperation
That gives them enormous leverage including the threat of a strike to block any buy-out or recapitalization attempt they oppose
They check in but they ca n't check out
But both the traders and the pilots remain interested in some transaction
The company rejected those past proposals
It is unclear however if the machinists would support a majority stake as the pilots want
The biggest problem we have is that investors realize after the fact that they did n't understand what they were investing in
There 's a question whether brokers at the time were fully aware of the risks
We were n't sure that full disclosure as we wanted it was being made
But investors who bought zero-coupon CDs in the secondary market are n't the only ones who may be surprised to learn the full amount of their investments is n't insured
People who paid a premium for standard CDs purchased on the secondary market could also find that those premiums are n't insured if the institutions that issued the CDs failed
And he says he 's learned a lesson You always have to watch out for yourself
No one else will watch out for you
And there is more volatility to come
I have never had as many calls as I had this morning
But at a critical moment stock-index arbitrage traders showed their power and control
These guys wanted to do something to show how powerful they are
Some institutional traders loved the wild ride
She said she used the market 's wild swings to buy shares cheaply on the sell-off
But I think we are losing credibility because when the market does this it does n't present itself as a rational investment
Analysts said a big Japanese buy order was behind the rise
Its third-quarter earnings were higher than a year ago but fell short of expectations
The company denied the rumors and noted that it does n't own the building
The company noted that its third-quarter results should be released later this week or early next week
But the shift has also been fueled by necessity
In recent years growth has come in the foreign markets
How was the West won
And most of these are absolutely unnecessary
Corporate managers who want to start their own business are the highest failure risks
Unfortunately they are in the minority
It 's unfortunate so many must learn the hard way
Bond prices surged in reaction to the sell-off in stocks then eased slightly during the afternoon recovery
The dollar finished lower
Markets
As a result brokerage house officials said appropriate comparisons from the same period a year earlier were unavailable
It 's not that we do n't know how to because we do
It 's that we do n't want to
Here is an example
No one can say
Fortunately these same parents do want their children to get a decent education as traditionally understood and they have enough common sense to know what that demands
But they need not be to do their jobs well
In this sense a teacher can be compared to one 's family doctor
Our teachers are not an important factor in our educational crisis
If there were such evidence you can be sure you would have heard of it
If we wish to be serious about American education we know exactly what to do and just as important what not to do
Whether desirable or not this is a child-care program not an educational program
In most states increasing expenditures on education in our current circumstances will probably make things worse not better
That is the way the system works
The purpose of education is to encourage young men and women to realize their full academic potential
The provision will help provide for tax liabilities that may stem from the restructuring
In such positions he explained you have to create something new and the computer is n't able to do that right now
In both games I got exactly what I wanted he said
The manufacturers ' association will issue statistics on vehicle exports later this month
He had been vice president in that office
Americans stay longer with Japanese firms than American companies
But they think promotions are limited
The company said it would have no further comment
I can see both sides
Still I understand the reasons that other states are holding out he said
Asked about states that are taking a hard line he said There are states that have asked for additional information which we are providing to them
We need to have somebody worried so they do n't do this again
The aim ultimately is to increase the flow of information into a manufacturer 's main computer network for use in business planning marketing and other operations
This is not the case
We think we 're on target in looking for renewed economic deterioration he said
Bond prices rallied
The dollar weakened against most other major currencies
Most of the buying was institutional he added
There should be no great rush for investors to buy this
I think it 's more an issue of style
I would view it as a net positive
The company can go about its business
They 're in the midst of a turnaround she noted
Odds and Ends
But they are also talking about new magazines
And despite the recent tough advertising climate industry figures released at the meeting here indicate things may be turning around
The magazine is strong
Some entrepreneurs are still active though
He would not reveal which magazines he is considering
They could be old or new but they are magazines whose editorial quality needs to be improved
They will be the next hot magazines
We were out of the box
It was horrible
Now it wants to concentrate on beer and its newer hotel and restaurant operations
The spirits business would require substantial additional investment to enable it to compete effectively in the first division of global players
We have no problem to our freight service at all expect for the fact businesses are shut down
We 're in the dark he said
The charge on loans to brokers on stock exchange collateral
Negotiable bank-backed business credit instruments typically financing an import order
These rate indications are n't directly comparable lending practices vary widely by location
Despite recent declines in interest rates money funds continue to offer better yields than other comparable investments
That included capital gains that were passed along to customers
It implies very dramatic growth he said
All operations have stopped he said
Ad Notes
NEW ACCOUNT
The press has been doing an excellent job
You 'll find her there
Neither side would comment
I did n't expect it to be this quiet
I would suspect that a lot of investment committees are looking into whether they want to be in stocks at all he said
Insurance stocks were sold at the opening amid concerns about the level of damage claims the companies would receive as a result of the earthquake
Issues of insurance brokers were especially strong
None of the firms reported any major damage to facilities as a result of the quake
The price can be expected to erode further because the loss estimate came after the market closed
In the meantime the strategies will increase expenses
Investors were concerned that they might be unable to exercise options that expire tomorrow
That should happen by today he said
We are having a regular day
Pricing details were n't available
It has never been done before but there 's always a first
We think these trends will continue and will produce a very disappointing fourth quarter as well he said
As an alternative he said taxpayers could chose to reduce their gains by an inflation index
But he added Since the late 1960s the distribution of income has been slowly getting less equal
But two-thirds of all poor Americans were white
More than half of poor families were headed by women living without men the bureau said
As thanks the egg industry tried to break him
And the egg producers have done a pretty good job
Part of the answer lies in the nature of the industry
But for companies that use hundreds of eggs a day breaking them by hand can get well out of hand
I do n't want to see some guidelines change that 's going to inhibit my city 's opportunity to use its money
Terms were n't disclosed
Obviously things are going to have to go on hold for many companies
Most banks were closed but were expected to reopen today with few problems anticipated
The volume we received from the banks was a lot lower than usual he says
The telephone network simply could n't handle the large number of people seeking to make a call at the same time
The construction industry is sure to feel increased demand
But any increase is n't likely to be any kind of a surge
It 's something likely to be spread out over a long period of time
The money spent on repairs will be counted as a plus
You certainly can say it 's going to be extremely severe
But many Californians may not have adequate insurance coverage to pay for damages to their property
We always heard about the earthquake but as children we did n't always listen
The shareholders effectively will support the share price by clearing the share buy-back
We are n't forced sellers
The announcement made after the close of trading caught analysts by surprise
He declined to elaborate
We had heard from people who had n't been active for a long time
But those dollars have been going into such safe products as money market funds which do n't generate much in the way of commissions for the brokerage firms
But there did seem to be a retail activity pickup
It could be a long wait say some industry observers
Then there 'll be another swing
The announcement came after the market 's close
We view it as a good long-term investment the spokesman said
In the short term the move is likely to have little effect
Meanwhile shares of some big housing lenders got hit on the likelihood that the lenders ' collateral people 's homes suffered physical damage and perhaps a loss in value
A computer failure delayed its earnings announcement and some investors think it might have extra costs to repair damaged telephone lines
Not so
The amount was n't disclosed
But when it does matter then it 's the only thing that matters
In major market activity
Bond prices were little changed in sluggish activity
The dollar dropped
Indeed the earthquake could contribute to a turnaround in the insurance cycle in a couple of ways
His firm along with some others issued new buy recommendations on insurer stocks yesterday
People close to the investor say that was an experiment he is unlikely to repeat
Other airlines would have access to the system they said and negotiations with partners were already under way
Indeed some investment bankers have already started restructuring deals to cope with the expected rules
We would have paid more if we thought that law was n't going to pass he said
That would force the buy-out firm and the target company 's management to reduce their level of ownership
There 's no question it will make LBOs more expensive he said
Some couples continue to try
But the utility may not continue next year
BRIEFS
The company reiterated that it expects another loss in the second quarter and for the full year although it expects a profitable fourth quarter
The buyer was n't identified
The company said it also is making progress in negotiating the buy-out of its design division by management
Surely the past suffering of any people at any time can not be simply filed away and forgotten
For example some securities analysts warned that stocks of certain insurance companies which face massive damage claims would get hit hard
But some so-called high-quality junk issues fell as some mutual funds sold their most liquid issues to raise cash
The move had been widely expected
I think this is a market that required some level of security
Its securities have been dubbed bailout bonds by traders
Short-term rates were little changed
Corporate Issues
Municipals
Mortgage-Backed Securities
Foreign Bonds
Traders said today may be an anxious day for the market
Now though enormous costs for earthquake relief will pile on top of outstanding costs for hurricane relief
The federal government is n't even attempting yet to estimate how much the earthquake will cost it
It just makes it a little rough when you have to worry about the budget
The agency plans to announce specific relief procedures in the coming days
To get that money states must go through an elaborate approval process but officials expect red tape to be cut this time
The buyer then picks a price and buys shares at that price from holders who offered to sell at that price or lower
Terms were n't disclosed
In addition its machines are typically easier to operate so customers require less assistance from software
Part of a Series
Money is n't the only thing that makes her dump once favorite brands
Without some real product improvements it 's going to be difficult to win that loyalty back
An established brand name is insurance that at least the product will be of acceptable quality if not always the best value for the money
It 's sort of loyalty by default
They 're buying whatever 's cheaper
But most companies are too afraid to take that chance
And perhaps with good reason
Even though brand loyalty is rather strong for coffee we need advertising to maintain and strengthen it
The best odds are with your core franchise
But the statistics released yesterday show the firms did nothing of the sort
But the man who built it has fallen
But will it be enough
At the same time the expectations of the East German people are great and will continue to grow
Not just that people are being heard but that their interests are being taken seriously
The first signs were economic
It was only a matter of time
The computer giant 's current mainframe line which has sold well and has huge profit margins is starting to show its age
As that system grows larger computers may be needed
Now they do n't have to he says
From what we and the nation have been reading the money is n't being spent very well
The case is pending
In theory the value attached to a firm by the market and the cost of replacing its assets should be the same
But of course the market could decide that the firm 's capital stock its assets means nothing if the firm is not producing profits
This is indeed what the market decided
But this is not where the rewards of junk financing were found
The whole structure is extremely shaky
These are real costs
But there 's disagreement over how to do it
He also claims the carrier costs less and takes up less space than most paper carriers
The Soviets who normally have few clients other than the state will get exposure to a market system he says
Americans will learn more about making products for the Soviets
A spokesman for the state however calls the idea not effective or cost efficient
We have made no such statement
The causes of homelessness are poorly understood and complex in any individual case
The thrift surely could be sold for more than the value of its equity financial industry executives say
This has some logic
This raises the key issue What to do about people who suffer serious injuries from beneficial drugs
We now know that holding drug makers liable where there 's no evidence that they or anyone else knew of any risks only means the drugs wo n't be available to anyone
Also several key blue chips were pushed higher in thin volume because of a technical squeeze among market makers
Dealers said the market agreed
South African gold stocks closed marginally lower
The percentage change is since year-end
Proceeds of that sale are to be used to reduce debt and buy back shares
Both indicators were viewed as signs that the nation 's industrial sector is growing very slowly if at all
The employment report which at times has caused wide swings in bond prices is due out tomorrow
Terms were n't disclosed
The biggest firms still retain the highest ratings on their commercial paper
A sweeping restructuring of the industry is possible
He did n't see why the taxpayers should help build something he would then use to turn a healthy profit
It is the very building of it that is important not how much of it is used or its economics
He notes that program traders have a commission cost advantage because of the quantity of their trades that they have a smaller margin requirement than individual investors do and that they often can figure out earlier where the market is heading
But he blames program trading for only some of the market 's volatility
Yet he is n't in favor of new legislation
I think we 've got enough securities laws he says
I 'd much rather see them dealing with interest rates and the deficit
He adds that program trading increases liquidity in the market
You ca n't hold back technology
The market is just becoming more efficient
He adds that his shares in a company savings plan are invested in a mutual fund and volatility on a given day may hurt the fund
But I 'm a long-term investor he says
What else can a small investor do
She believes that the only answer for individuals is to buy stocks that 'll weather any storm
My stocks are all blue chips she says
If the market goes down I figure it 's paper profits I 'm losing
You do n't want to get yourself too upset about these things
Actually the long deterioration in daily newspapers shows signs of coming to an end and the industry looks pretty healthy
His wife also works for the paper as did his father
It does n't make any difference now
Most of those states set farm income records
Many lost their farms
Indeed net cash income is likely to fall this year as farm expenses rise and government payments to farmers decline
It is going to be real tight
Farmers are in the best position of many years to push up corn prices
It is n't clear however who would win a waiting game
Some analysts are worried that reports of the grain industry 's problems might spark investors to begin buying corn futures contracts only to see little appreciation
In other commodity markets yesterday
The recent rally in precious metals was a result of uncertainty and volatility in equities he said
Yesterday the stock market rose strongly creating a more defensive attitude among precious metals traders he said
Silver and platinum which have more of an industrial nature than gold were even weaker he said
The truck maker said the significant drop in net income will result in lower earnings for the fiscal year
Still many economists are n't predicting a recession anytime soon
But it is n't clear yet whether the central bank will make such a move
Markets
Once we do they will receive very serious evaluation the spokesman said
No consideration is more important than the health and safety of our employees
He said that if and when safety problems were identified they were corrected
The company said the one-time provision would substantially eliminate all future losses at the unit
The question is whether his only means of defense is the veto
The other concern was n't identified
There is finally some sort of sense in the market she says
BRIEFS
But some analysts questioned how much of an impact the retirement package will have because few jobs will end up being eliminated
Producers were granted the right earlier this year to ship sugar and the export licenses were expected to have begun to be issued yesterday
Last year it had to buy sugar on the world market to meet export commitments they noted
In other commodity markets yesterday
However some workers have n't yet accepted the new contract and are continuing negotiations the analyst said
The company said the restructuring is n't expected to have any impact adverse or otherwise on its financial results
These are the main proponents of program trading
That divergence is what stock index traders seek
Such program trades which can involve the purchase or sale of millions of dollars of stock occur in a matter of seconds
To keep program-trading units profitable in the eyes of senior brokerage executives traders must seize every opportunity their computers find
But many experts and traders say that program trading is n't the main reason for stock-market gyrations
The buyers walk away and the specialist is left alone as the buyer of last resort for his stable of stocks he contends
Too much money is at stake for program traders to give up
Now the stage is set for the battle to play out
We have to have a system that says to those largest investors
You will not panic
But the prospects for legislation that targets program trading is unlikely anytime soon
Program trading is here to stay and computers are here to stay and we just need to understand it
Futures traders respond that low margins help keep their markets active
Index arbitrage is a common form of program trading
That represents a very thin excess return certainly far less than what most fundamental stock pickers claim to seek as their performance objective
A large investor will likely cause the futures market to decline when he sells his futures
In a competitive market this investor has many ways to execute his transactions and he will have more alternatives both foreign and domestic if his volume is profitable for an exchange to handle
That ought to make sure we 're all thinking for the long term
They continually advise their clients on which individual stocks to buy or sell while their clients continue to hope for superior performance
So what is next for program trading
It can be said that the trend of financial improvement has been firmly set he added
Neither company would disclose the program 's cost
He declined to elaborate other than to say It just seemed the right thing to do at this minute
The company is doing well it 's stable it 's got good people
There is no business reason for my departure nor any disagreement over policy he added
If I were choosing the people of tomorrow I would have chosen the people who are now on the board he said
I would be very surprised if his departure signals any change in strategy or change in profit expectations
In addition operating results were hit by an increase in loan and real estate loss reserves
The charges were offset in part by a gain from the sale of the company 's construction division
But some investors have used such filings to boost the value of their stock holdings which without buying more stock they then sold
The company said its industrial unit continues to face margin pressures and lower demand
But a takeover battle opens up the possibility of a bidding war with all that implies
He also is a consensus manager insiders say
The formula has paid off so far
The record of companies that have diversified is n't all that impressive he says
In an joint interview yesterday both men said they would like to be the company 's next chief executive
You 've got to make those savings now
We look upon this as a great opportunity to prove the fact that we have a tremendous management team he said
We play to win
Both sides are in talks to settle the dispute
When necessary it sought and received assistance from organized crime
Why are programs like this not eliminated
Terms were n't disclosed
The charge on loans to brokers on stock exchange collateral
Negotiable bank-backed business credit instruments typically financing an import order
These rate indications are n't directly comparable lending practices vary widely by location
An appeal is expected
Officials from the various banks involved are expected to meet during the next few days to consider other arrangements with local authorities that could be questionable
Currently the government charges nothing for such filings
Corporate lawyers said the new fees would n't inhibit many mergers or other transactions
The psychology is still We want stocks up but if they do n't carry we 're going to sell them
The company forecast that fourth-quarter income from continuing operations would be significantly lower than a year earlier
That was the law
It was censorship
And it was stupid
How 's that again
At least that 's the way it was reported
And indeed the lawsuit was dismissed
But I I like to think of it in terms of we all of us won the point
So now the situation is this
So the next step I suspect is to try to get the law changed
At the time he was director of the
He had no answers then
Now there are some
I feel pretty good about it
The president 's plan includes a commitment to help negotiate a new international coffee agreement
He declined to discuss other terms of the issue
For stock indexes the underlying investment may be a stock-index futures contract or the cash value of a stock index
Terms were n't disclosed
An equal number in each month said that employment conditions were good
Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates
Estimated and actual results involving losses are omitted
Otherwise actual profit is compared with the 300-day estimate
Moreover both sides may face political critics
Among the economic effects of the hurricane was a sharp drop in rental income
Many economists expect the weakness to continue
All the figures are adjusted for seasonal variations
The price was n't disclosed
The agreement is subject to government approval
Japanese companies have long been accused of sacrificing profit to boost sales
We expect a big market in the future so in the long term it will be profitable
It 's a kind of an investment
It 's contrary to common sense she added
Japanese local governments are expected to invest heavily in computer systems over the next few years and many companies expect that field to provide substantial revenue
The rationale for responding to your customers ' needs faster than the competition can is clear Your company will benefit in terms of market share customer satisfaction and profitability
First we have better quality assurance than ever because the people building the product have taken on more responsibility for the quality of their own work
They effectively lead team efforts to reduce cycle time
That sale however could still fall through if financing problems develop
For them it makes all kinds of sense
The percentage change is since year-end
Soon all hell broke loose
Stock-index funds have grown in popularity over the past decade as pension funds and other institutional investors have sought a low-cost way to match the performance of the stock market as a whole
Some stock-index funds are huge
There is no question that investor confidence in the stock market is critical
Current rules permit investors to put up less cash for futures than for stocks
To date we see no clear indication that the government is serious about negotiations
We do n't need the cash
He would n't elaborate
The company 's strategy for keeping its computer products business profitable it recently achieved profitability after several quarters of losses calls for a narrow focus and a lid on expenses
We 're in environments that are going to spend a lot of money on that
He could not be reached for comment
Before that he was an executive with a manufacturing concern
And indeed as he later reported that was the import of the meeting
The government is nervous
What is that point
What is the mission of the financial community
Their powerful members manage them
The focus of the outcry has been stock-index arbitrage which accounts for about half the program trading that goes on
They wo n't fight the listed companies
None of these chief executives were available for comment
Obviously we are looking at making economies across the board
A surprisingly small amount of reserves was added to the banking system
Those concerns are n't expressed in public
The economy is showing signs of weakness particularly among manufacturers
But such caution is no guarantee against mistakes
If the economy turns down such proposals could gain strong momentum
Others were more cautious
The question as many people see it is how long such uncertainty will last
Over the next few years I would advise caution
It does n't have to be a disaster
But clearly we 're entering a difficult period
A large number of those leaving are managers and professionals
The year-earlier results have been restated to reflect an accounting change
But because these claims are more difficult to evaluate and have been coming in more slowly the company has no estimate of the impact of the earthquake on fourth-quarter results
The other half we may have before long
For now both companies are keeping quiet about their specific plans
Both companies are conservative marketers that rely on extensive market research
The company says sales have soared
The transaction is expected to close around year end
The report is to be released today
The people who tape the most buy the most
I bought from willing shareholders
But after restructuring under new management the profits began rolling in
He explains that companies with real estate give security
The real estate can be used he points out as guarantees for bank loans for corporate development
He says he wants to influence but not manage companies
I do n't want companies to be built around me as a person
I want them to stand alone
For employee and employer alike the worry is widespread
The concern grows out of increased efforts by the insurers to woo the small-business market
But it says that rapid rate increases are directly tied to the soaring cost of health care
Some business analysts blame the problem on tough competition in the insurance market
The apparel maker would n't disclose terms of the agreement
Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates
Estimated and actual results involving losses are omitted
Otherwise actual profit is compared with the 300-day estimate
It would n't identify the bankers
It 's a matter of being close to those suppliers many of those companies do n't know us as well as they should
That money also would have to be borrowed
But I do n't think we 're at that point yet
We 're surprised
Investment analysts generally agree
The company is exposed to bulk chemicals however
In the fibers division profit remains weak largely because of persistent overcapacity
But by all accounts foreign companies have bought only a relative handful of Japanese companies this year while Japanese companies have acquired hundreds of foreign companies
The officials said this meeting put in motion procedural steps that would speed up both of these functions but that no specific decisions were taken on either matter
However risky the business it 's brisk these days
This is the commercial version
No sophisticated professional expects economists to be right all the time
Some smaller clients do n't seem to notice his switch
But with some clients the talk can heat up a bit
Or can we ask you why you changed your forecast just when it 's about to be right
We could still have a recession at some point
Sometimes like now it 's gray
He adds I think it was a fairly decent call
Our business is constantly looking at all these things he says
His new forecast calls for a soft landing
For some time we had forecast negative third and fourth-quarter growth
These farmers may have a grip on the world 's very heart
Or at least its heart disease
In the newspapers on the radio and TV psyllium is everywhere
They want psyllium prices low for their purchases next year
But there 's a catch
This is partly due to the particular demands of the crop
And the world could experience its first psyllium shortage
You can take them with you
The matter may never even be tried in court
If he calls you up just tell him everything is fine
The less they know the easier it is for us
If the pound had been tied to the mark the British would have been unable to cut their exorbitant tax rates
The reason is simple
When a country cuts tax rates it makes itself more attractive to investors and drives up the value of its currency
The most important governments have ignored the role of low tax rates in attracting real capital investment instead emphasizing financial flows in response to high interest rates
Then when the currency falls interest rates are raised to attract financial flows in order to stabilize the exchange rate
While there are no easy low-cost solutions simply ignoring our problems will result in their severity increasing and spreading throughout the state the nation and the world
I have a different approach to offer not only to Californians but to all Americans
The association said that lack of airport and air space capacity is the biggest problem facing the airline industry
That may be the last thing she needs
She could end up seeking a fourth term in an economy sick with inflation high interest rates and a heavy trade deficit
The confusion could be costly
Since then the government has left observers wondering if it ever meant to join
Moreover they note those who manage to pay their own way often do so only by selling their homes using up life savings or drawing heavily on children and other relatives
Odds and Ends
The maker of chemical and industrial materials did n't say how much it would pay or when it would make the transactions
The quarter was terrible and the future looks anything but encouraging
He said the strength of the world-wide economy is suspect and does n't see much revenue growth in the cards
I was feeling like I was too high to begin with he said
He will remain chairman
They showed up but did n't or could n't challenge
The ball he hit was n't a strike
The best team won this Series which is more unusual than it may sound
It 's easier to get worse than better in this game
Analysts agreed
They had to do it
Inflation is easier to spark and harder to control
For that matter perhaps he fixed to the wrong currency
In the end neither policy was followed and instead of learning anything we are left with a mystery
It just is n't done
In such an environment market makers can suffer huge losses both on trades made that day at steadily dropping prices and in the value of their inventories of shares
It 's harder to sell stocks when the sell programs come in because some market makers do n't want to take the orders
No one has big positions and no one wants to take big risks
Sometimes traders lose sight of that he says
How could he be
Surely the question is obvious
That 's not all
Terms on both deals were n't disclosed
The companies said the acquisition is subject to a definitive agreement
The spokeswoman said the company does n't have a timetable for the sale adding that the board 's decision just starts the search for a buyer
But yesterday the company said this year 's profit will be lower
It did n't say by how much
He said the bank could n't wait any longer for prices to recover and for borrowers to service their loans
The company attributed the earnings drop to lower volume related to seasonal demand and the soft consumer durable market especially in the automotive sector
However the company also lost orders because of prolonged labor talks in the second quarter
Analysts noted that the disappointing results do n't reflect lower prices for steel products
The company said its integrated steel sector was also hurt by higher raw material repair and maintenance and labor costs
We 're not rushing into anything
We do n't want to be party to a second rejection
The carrier also seemed eager to place blame on its American counterparts
They have maintained that banks remain interested in financing the transaction
Even if there is n't any widespread discounting the outlook for industry profits is n't good
The estimate includes the results of new stores
But many consumers probably will use the extra time to put off some purchasing until the last minute
Having only a Republican measure makes the task harder
Yesterday in an interview he added that the Democrats ' decision increases the likelihood that a capital-gains tax cut will not pass this year
As an alternative taxpayers could chose to reduce their gains by an inflation index
But many newspapers are facing similar comparisons
That 's a good sign when profits are stable during a time revenue is in the trough
The company also makes optical character recognition equipment
But the dollar was mixed
This news raised hopes for further interest-rate cuts
Economists expected twice as large an increase
The dollar was mixed
He said the toy company 's prospects for a strong fourth quarter are also good
The charge did n't affect net for the quarter as it was offset by tax benefits
First they get us to buy computers so we can get more information
Then the computers give us more information than we can ever read
But some investors and consultants who have tried it are enthusiastic
This is the first time I 've seen something I could imagine a lot of people using
Analysts expect others to show a similar pattern
The industry 's chemical profits also declined because excess capacity has depressed prices
With pleasure
How interesting
I think so
I do n't doubt it for a moment
He predicted the debt ratio will improve further in coming quarters
Much of what we set out to do is completed
I do n't want to give the impression that everybody can relax now he said
We have to keep working at improving our core business to stay efficient
It 's a process that never really ends
I felt kind of safe she says
No longer
People my age thought it was n't going to be an issue
Now it has especially for people my age
I do n't think we do now he says
I think we did
I ca n't support him because of abortion
If you want more opinions ask my wife
She has lots of opinions
They got a transaction that 's good for both companies
The banks said they do n't expect the merger to face any regulatory hurdles
Now it matters
Now many Republicans are listening
On abortion their own day will come
The pro-choice lobby does n't
The lobby says no again
This is where the voters are which is where politicians usually end up
He produced it
That was the first time they lost and I won he says
They did n't return the rubber stocks that represent his capital
He wants to recover more than just his property though
I want my dignity back he says
The paper reflected the truth
For the leadership that was too painful to bear
She expects both revenue and profit to gain this year
I do n't mind the competition inside the country she says
The names of some of these products do n't suggest the risk involved in buying them either
In such cases the game has n't changed only the name
And do n't expect anyone to change the term blue chip either even though some of the companies that still enjoy the title may be riskier investments than they were
Also blue chips in general have suffered much more short-term price volatility in recent years
For the most part the changes were slight
Those percentages hardly changed from the previous year 's poll
And the respondents ' commitment to the stock market remains somewhat lighter than usual
What accounts for the results of recent decades
With the market down we wanted to tell people to put their orders in on the opening
No one around me was saying anything
Because we all were busy riding a wave
What should I do
How would I file
The rest is of course history
Most of the commodity traffic was off the company said
But wait a second
Now the interest is in what else can I do with that money
And in some months he buys stock-index futures and not stocks at all
The more turnover the better for our clients
There are many other strategies to bolster the returns of index funds
They include
This is an index fund with a bet
He was turning himself in
As I was driving home I did not feel very good about myself
But there are grounds for complaint
First there 's the name asset-backed securities
And there 's more
The assets backing the securities come from some of the country 's biggest and most secure institutions
Most earn high ratings from credit agencies
Well think twice
They warn that asset-backed securities are only as good as the assets and credit backing that support them and those are hard to evaluate
We do n't know how this whole market will work in a serious economic downturn
Most issues have been sold to professional money managers pension funds bank trust departments and other institutions
Issues typically come with credit enhancements such as a bank letter of credit and thus have received high credit ratings
But if you 're an individual investing money and trying to get it back again then that is n't of overwhelming importance
Another concern is liquidity or how easily a security can be converted into cash
It is n't
The prospectus also notes that the securities are not guaranteed by any government agency
That also is n't easy
The letter of credit typically is not offered by the bank selling the assets to back the securities
Nor does it cover the entire portfolio
Details of credit enhancements vary widely from issue to issue
Still they play a crucial role in winning top ratings for most asset-backed issues which in turn is why the yield above Treasurys is so slim
When you buy an asset-backed issue you take the risk that a bank or an insurer could run into unexpected difficulties
But it could be much worse
Some analysts are especially wary of credit-card issues
All this makes asset-backed securities seem too risky for many people
If the whole story were told it would read something like this
What if it happened to us
Others say they feel confident that steps they 've already taken would see them through a disaster
If you do n't save your critical people you wo n't be able to bring up your vital business functions
Some companies are confident that they 're prepared
With a hurricane you know it 's coming
Many groups are n't waiting that long
Other tax benefits probably will be restored and created
So is the tax code now open game again
These days anything can happen
The harvest delays however are expected to be temporary
The heavy selling by farmers helped to damp the price rally
In other commodity markets yesterday
PRECIOUS METALS
Futures prices declined
Futures prices recovered in quiet trading
Crude oil prices ended mixed
New telephone lines posted healthy growth
The recession that is
Some may have forgotten and some younger ones may never have experienced what it 's like to invest during a recession
But that may not be possible because recessions often take investors by surprise
They always seem to come a bit later than you expect
They are worth more because they pay higher interest than newly issued bonds do
But not just any bonds will do
When interest rates have dropped it makes sense for corporations to do just that they then save on interest costs
If corporate bonds are bad in recessions junk bonds are likely to be the worst of all
Such bonds are very sensitive to the downside and this could be a disaster
During an economic slump local tax revenues often go down raising the risks associated with at least some municipals
It has to be engineered over and over again month after month
It comes down to a question of whether to try to time the market
That 's well above what bonds or bank certificates have paid
Moreover because no one knows for sure just when a recession is coming some analysts think investors should n't even worry too much about timing
Still few investors are able to sit tight when they are convinced a recession is coming
For the portion of an investor 's portfolio that stays in stocks professionals have a number of suggestions
What 's in a name
Some analysts said the restructuring of the railroad concern 's issue shows how tough it is for underwriters to sell even the junk bonds of a company considered to be a relatively good credit risk
If you 're going to take the risk in this market you want something extra
That raised hopes that interest rates will continue to move lower
The closely watched funds rate is what banks charge each other on overnight loans
Short-term rates rose yesterday
Here are details of the auction
Rates are determined by the difference between the purchase price and face value
Thus higher bidding narrows the investor 's return while lower bidding widens it
Corporate Issues
Municipals
There was speculation that the supply was coming from a commercial bank 's portfolios
Mortgage-Backed Securities
Foreign Bonds
Bond prices also jumped as traders appeared to read the data as a sign that interest rates may fall
The climb in wholesale energy prices is certain to push up retail energy prices in the next few months they warned
As a result many economists were expecting the consumer price index to increase significantly more than it did
Though analysts say competition will probably hold down increases in retail energy prices many expect some of the wholesale rise to be passed along to the consumer before the end of the year
All the numbers are adjusted for seasonal fluctuations
But you knew that did n't you
Like just about everything else that remains to be seen
I saw neither
Still its edge is lost
We are determined to get good prices
It 's impossible to put an exact figure on it at this time
And they are a very odd team in any case
But by and large this company has only been profitable
It 's no accident that they 've been able to develop such successful material
He cut her hair
We are the producers of that movie
They got a small piece of the net profits and a screen credit as executive producers
But he wanted to pursue his own dream and he went
Money helped too
The new deal was considered the most generous of its kind both financially and in terms of creative freedom
Short interest is the number of shares that have n't yet been purchased for return to lenders
Although a substantial short position reflects heavy speculation that a stock 's price will decline some investors consider an increase in short interest bullish because the borrowed shares eventually must be bought back
Some analysts suggest however that the ratio has weakened in value as an indicator because options and other products can be used to hedge short positions
I expect all the companies to appeal he added
Officials for the other named companies did n't return telephone calls seeking comment
We did n't take part in a lot of deals because their credit quality was poor says a bank spokesman
But another big problem has been the aging of baby boomers
Many resorts also are focusing more on the service side of their business
It is also planning another night of original series
It is n't
But lawyers looking to cash in on the quake may have a tough time once their cases reach a judge
No
Well how about a loan he 'll take your name and address
But will it
But the problem clearly is widespread and persistent
Both deny wrongdoing
I think some people may believe they 're helping fund a massive TV and print campaign but we could n't find that the charity does anything except write these letters he says
And sometimes a reputable charity with a household name gets used and does n't even know it
That structural lack is crucial because investors are the only source of market liquidity
When they halt trading all market liquidity is gone
I 'm not certain
It may not be weeks or months but they are also opportunistic and if they feel comfortable they will move on a deal he said
American publishers appear more than ready to do some selling
Before they were interested in hard assets and they saw magazines as soft
The real estate and mortgage banking concern had hoped to use proceeds from the sale to reduce its debt
There 's a program for women and a science show
Every moment we want to know everything about the world
Both companies rejected the offers
A deeper market plunge today could give them their first test
But for the moment attention focuses on the reforms that were put into place and market regulators and participants said the circuit breakers worked as intended
There was no panic
Only the last of those recommendations ever was implemented
Make margins consistent across stock and futures markets
The results were announced after the stock market closed
On the contrary it is as robust as ever
Or we might provide a tax credit for working students
Not necessarily
There 's no need for such concessions
Markets
And that 's why the rules for the most part must stay in place he says
That 's the problem is n't it
Indeed it is
The networks admit that the chances of getting the relief they want are slim for several years at the least
It 's totally different
He said the offering was designed to create long-term incentives for employees
We 're in a service business and in that context it 's vital to have your employees involved in the ownership so they have a stake in the success
The brokerage firm wo n't pay a dividend on the stock
Employees have the right to trade stock among themselves and the company will establish an internal clearing house for these transactions
I made a similar line and I produced it cheaper he says
It 's also costly
But on the bearish side that may be too much to expect
The company and its executives deny the charges
What is one to think of all this
If the market wo n't pay for it they argue it ca n't be worth its cost
How should we think about national service
Short or long
What kinds of work would they do
What does national mean
Would the program be run by the federal government by local governments or by private voluntary organizations
And who would serve
Many or few
Then how should we think about national service
Why call that service
But through tax policy and in other ways the federal government encourages many kinds of behavior
4 Good programs are not cheap
Are they worth that
Are such expenditures worthwhile then
They are unlikely to be employed
Some wo n't accept the discipline others drop out for other reasons
That is a service to the nation
No one can say for sure what will happen today
On the other hand it 's not necessarily a good time to jump in and buy
So it 's more prudent to wait and see how things stabilize
But he also thinks it is a good week to consider buying
Over the next days and weeks they say investors should look for stocks to buy
Stocks were being thrown out of windows at any price
It will be chaotic at first but I would not be buying if I thought we were headed for real trouble he says
Other investment pros are more pessimistic
They say investors should sell stocks but not necessarily right away
A put option gives its holder the right but not the obligation to sell a stock or stock index for a specified price the strike price until the option expires
Whether this insurance is worthwhile depends on the cost of an option
The cost or premium tends to get fat in times of crisis
Thus buying puts after a big market slide can be an expensive way to hedge against risk
We wo n't put any burden on Farmers he said
It would have severe implications for Farmers ' policy holders
He said he will now consider those offers
He 's not exactly sitting pretty at this stage
I look at where deals can get done he says and they 're not getting done at current prices
And banks appear to be taking an increasingly skeptical view of requests for high-risk takeover loans
Just as there are people waiting to become bargain hunters in the stock market there are people waiting to become bargain hunters in the deal market
Given the weakness in both the junk bond market and the stock market traders fear that these transactions may be revised yet again
To take full advantage of the financial opportunities in this commitment however the corporation or professional firm must do more than negotiate the best purchase price or lease terms
It must also evaluate the real-estate market in the chosen location from a new perspective
Because real-estate purchases and leases are such major long-term commitments that most companies and individuals make these decisions only when confident of future economic stability and growth
However the real-estate market was hurt even more
But now appears to be the time to act
The real-estate market suffered even more severe setbacks
Those looking for real-estate bargains in distressed metropolitan areas should lock in leases or buy now those looking in healthy metropolitan areas should take a short-term three-year lease and wait for the bargains ahead
I 'm sure they 'll do what 's right what 's prudent what 's sensible he said
But in this context that 's the smart thing to do
Today 's stock market decline does n't signal any fundamental change in the condition of the economy he said
I think that 's less likely
After the initial slide the market appeared to be turning around but by early afternoon was headed lower
As a result they have extensive knowledge in financial markets and financial market crises
There 's no turning back
They never considered themselves to be anything else
You 've either got a chair or you do n't
I do n't believe that 's the case but I believe that people are running scared
There is a flight to quality and the quality is not in equities and not in junk it 's in Treasurys
When the rally comes insurance companies will be leading it because they have billions to invest and invest they will
That really affected the market in that people started to ask What else is in trouble
Also the company said its commercial products operation failed to meet forecasts
The company did n't elaborate
Interest income and most fee income was strong
Trouble is she has lost it just as quickly
But the investigation continues
After all this is n't old money but new money and in many cases young money
The seeds already are in the script
It 's very much a growing concern
But when something is inevitable you learn to live with it he said
You ca n't live on that
But that wo n't be easy
That 's less than one-third the time that viewers watch the major broadcast networks
Its strategy in the past has been to serve as a TV wire service
Some in the industry are skeptical
But to improve they 've really got to make the investment in people
The charge on loans to brokers on stock exchange collateral
Negotiable bank-backed business credit instruments typically financing an import order
These rate indications are n't directly comparable lending practices vary widely by location
But his release within the next few months is widely expected
He reiterated his opposition to such funding but expressed hope of a compromise
The device was replaced
The market is so new nobody knows yet how big it can be
It 's huge
We do n't look at it as not being a standard we look at it as a new standard he argues
Analysts do n't see it that way
Terms were n't disclosed
The core rate is not really out of line
Some analysts expect oil prices to remain relatively stable in the months ahead leaving the future pace of inflation uncertain
He predicted that inflation will moderate next year saying that credit conditions are fairly tight world-wide
But at least part of the increase could have come from higher prices analysts said
In the latest quarter at least profit is expected to fall sharply
The answer is n't price reductions but new systems he said
We 're after a little bigger niche he said
What plunge
Stocks of utilities held up relatively better than other market sectors during the sell-off
The exchange ratio was never established
The projects are big
But he added I believe Republicans and Democrats will work together to get capital-gains reform this year
We do n't need this as a way to get capital gains he said
Such legislation must be enacted by the end of the month
The measure also includes spending cuts and increases in federal fees
Among its provisions
In a stock-index arbitrage sell program traders buy or sell big baskets of stocks and offset the trade in futures to lock in a price difference
We did n't even get a chance to do the programs we wanted to do
But stocks kept falling
But there were no buyers
Stock-index futures contracts settled at much lower prices than indexes of the stock market itself
But nobody knows at what level the futures and stocks will open today
But the exchange will look at the performance of all specialists in all stocks
The maker of scientific instruments and laser parts said orders fell below expectations in recent months
The company did n't break out its fourth-quarter results
Major oil companies in the next few days are expected to report much less robust earnings than they did for the third quarter a year ago largely reflecting deteriorating chemical prices and gasoline profitability
The gasoline picture may improve this quarter but chemicals are likely to remain weak industry executives and analysts say reducing chances that profits could equal their year-earlier performance
That change will obviously impact third and fourth quarter earnings for the industry in general he added
Now greatly increased supplies are on the market while the dollar is stronger and domestic economic growth is slower
The excess supply pushed gasoline prices down in that period
Crude oil production may turn out to be the most surprising element of companies ' earnings this year
While oil prices have been better than expected natural gas prices have been worse
The main reason remains weather
But he 's not so sure about everyone else
And I think institutions are going to come in and buy
I 'm going to hold on
If I sell now I 'll take a big loss
I have this feeling that it 's built on sand she says that the market rises but there 's no foundation to it
Others wonder how many more of these shocks the small investor can stand
Now it 's happening again
This time he 's ready to buy in when the panic wears off
Still he adds We ca n't have this kind of thing happen very often
But it 's not only the stock market that has some small investors worried
I just stopped by to see how much I would have lost
That perception takes the focus off the magazine
We are trying to create quality and involvement
And they plan to buy more today
Then he jumped into the market
It can happen before you can turn around
All that now has changed
Companies will continue to war over standards
On the other hand the battle of the bus is expected to grow increasingly irrelevant
A bus is the data highway within a computer
Some lagging competitors even may leave the personal computer business altogether
But they will have to act quickly
The companies hope for a final agreement by year-end
And many fund managers have built up cash levels and say they will be buying stock this week
The test may come today
But fund managers say they 're ready
Not all funds have raised cash levels of course
But a strong level of investor withdrawals is much more unlikely this time around fund managers said
Many fund managers argue that now 's the time to buy
But most investors were seeking share prices and other information
Trading volume was only modestly higher than normal
Still fund groups are n't taking any chances
The centers normally are closed through the weekend
Several fund managers expect a rough market this morning before prices stabilize
Some early selling is likely to stem from investors and portfolio managers who want to lock in this year 's fat profits
This is not a major crash she said
She added If they all were bullish I 'd really be upset
This time I do n't think we 'll get a panic reaction
Just thought you 'd like to know
Your paper needs a serious reality check
It also is sure to help the machinists put added pressure on the company
I do n't think their customers would like it very much
Still he said it 's possible that the strike could last considerably longer
Do n't jump yet
After all until a few years ago the stock market was viewed as a barometer of the national economy
When it went down by all tradition the economy followed
There 's nothing rational about this kind of action
That was offset by strength elsewhere
The effects were much less severe and less prolonged than some had feared or expected
They are more sophisticated this time
They wonder should they sign a lease if prices are still coming down
Is this the wrong time to open a store
Who is going to be in the space next door
The same factors limiting demand for office space have affected retailing
It had traded over-the-counter
Pricing details were n't immediately available
The collateral is being sold by a thrift institution
But it 's uncertain whether these institutions will take those steps
Everybody was trying to do the same thing at the same time
Market makers keep supplies of stock on hand to maintain orderly trading when imbalances occur
Everyone was hitting everyone else 's bid he said
The pace of trading was orderly he said
But they are worried
If they could n't sell some of them put the shares back on the shelf
But they fell sharply
Yes he did
That 's not a bad way to proceed just somewhat different from standard American practice
How was that practice referred to when I was in school
No doubt that 's partially true
The system is the problem not an individual member
Canadian investment rules require that big foreign takeovers meet that standard
The government 's action was unusual
Analysts and competitors however doubt the numbers were that high
They 've been looking to get their costs down and this is a fairly sensible way to do it he said
Where 's the leadership
But some big brokerage firms said they do n't expect major problems as a result of margin calls
It said analysts had been expecting a small profit for the period
A spokesman said the company 's first quarter is historically soft and computer companies in general are experiencing slower sales
And they 're likely to stay that way for months to come analysts say
Looking ahead to other commodity markets this week
Energy
I do n't feel very ferocious
I do n't feel either hard or soft
I feel committed to the program of opening markets and expanding trade
Call it the we 're too broke to fight defense
The woman won the bet
European programs usually target only their own local audience and often only a small portion of that
For the most part what 's made here stays here and for good reason
Most British programming is more of an acquired taste
The most popular such shows focus on narrow national concerns
But frequently there is n't much choice
Since production costs were guaranteed it did n't matter that a program could n't be sold abroad or put into syndication as most American programs are
The result is a new and huge appetite for programming
The gains to be sure are rather small
This does n't mean they 're less likely to live alone however
Like their younger counterparts the older elderly are less likely to live with other relatives
Being successful in careers and spending the money they make are top priorities for this group
Odds and Ends
Pricing cycles to be sure are nothing new for plastics producers
Meanwhile the price of ethylene the chemical building block of polyethylene has n't dropped nearly so fast
Now producers hope prices have hit bottom
Some viewed his response that company directors review the dividend regularly as nothing more than the standard line from executives
And then you still have to negotiate
There are really very few companies that have adequate capital to buy properties in a raw state for cash
It said it is considering all of its options in light of the decision including a possible appeal
He was brought in to turn around the company
Ad Notes
NEW ACCOUNT
This will raise the energy level of the show
This is exactly the same thing as far as I 'm concerned
My advice is to buy
There was tremendous public enthusiasm for stock mutual funds
Over the next several months though he says things look bad
We will probably have a year-end rally and then go down again
That would be a normal bear market he says
I guess that 's my forecast
But the economy 's slower growth this year also means the outlook for corporate profits is n't good he says
So it 's a very mixed bag
Companies are still going to buy companies around the world he says
Stocks that were thrown out just on an emotional basis are a great opportunity this week for guys like me he says
We want to build and hold
People are fast leaving the place where he is stuck
But these are not the differences that make headlines
The studies on closing the unit could n't be completed until now he said
He said the thrift will try to get regulators to reverse the decision
The suspension of a preferred stock dividend is a serious step that signals that regulators have deep concerns about an institution 's health
He also said substantial reserves have been set aside for possible losses from the junk bonds
A new president was n't named
I 'd like to see that initiative and I have n't
There is n't a big shot an agenda
Consider this
That did not happen
They learned they could survive it without much problem
In that case there will be plenty of blame to go around
But some players were quick to seize the moment
But the outcome of a legal dispute almost always turns on the facts
She said the company will study results from this market before expanding to others
The charge on loans to brokers on stock exchange collateral
Negotiable bank-backed business credit instruments typically financing an import order
These rate indications are n't directly comparable lending practices vary widely by location
That is in part because of the effect of having to average the number of shares outstanding she said
The buy-back is really a comfort to those who want to buy the stock that there is a price floor he said
At a certain price if the management thinks the stock is cheap they can go in and buy it
How do readers feel about the magazine
How deeply do they read it
We are constantly faced with deciding which partnerships with magazines we can keep
But advertisers would n't think of it she said
The trade group official added Certainly the federal government should take a hard look at it
The market however is expected to remain stable and expectations for future gains are high traders said
In addition to a large amount of investment trust fund cash analysts generally see the market environment improving compared with the past couple of weeks
Investors expect these shares will be targets of investment trust funds which often buy small amounts spread across a wide range of issues
The percentage change is since year-end
He also questioned whether recent gains in that country can be sustained
But the shaky economic outlook and the volatile stock market forced the dollar lower against major currencies
As the stock market recovered some of its losses later in the day bond prices retreated
In major market activity Bond prices rose
The dollar retreated
Generally a short seller expects a fall in a stock 's price and aims to profit by selling borrowed shares that are to be replaced later the short seller hopes the replacement shares bought later will cost less than those that were sold
Short selling is n't necessarily bad for the overall market
In addition changes in short interest in some stocks may be caused by arbitrage
We do not intend to hide these costs from the American people
Here are some ideas
Terms were n't disclosed
He also said investment by businesses is falling off
Increasingly economists say the big deficit reflects the slipping competitive position of British industry
They are holding their own in a weak market and the restructuring is working he says
But we hope to keep a balance between the office and the family
Those viewers find the show confusing
A company spokesman declined to comment and said that the officials who sold shares would n't comment
Both insiders declined to comment
Developers and money managers are looking for bargains among the thousands of financially troubled properties around the country
Real estate professionals now often bill themselves as turnaround experts and workout specialists
So developers are saying they will look into distressed properties
Not yet anyway
BRIEFS
She added however It is not robust by any means
Now at least there are question marks about that and without any question the pace of growth has slowed
People start their own businesses for many reasons
There is hope of change
Some entrepreneurs say the red tape they most love to hate is red tape they would also hate to lose
To justify their exempt status and avoid penalties these businesses must show once a year that each and every transaction on which they did n't pay sales tax was a legitimate business expense
It said sales of such properties were slower than anticipated in the third quarter but it expects sales to pick up in the rest of the year
Just imagine how exciting that would be if that 's your horse he says
And many have done just that
Maybe it 's not that simple
There are n't too many winners
Some badly managed partnerships have burned investors sometimes after they received advice from industry consultants
So far this list does n't change our view
A company spokesman reached at his home last night would only say that there will be a public announcement of the reduction program by the end of the week
The company said its core businesses have performed well and it expects them to continue to do so in the remainder of the fiscal year
They still are
Here they are searching for a higher price
Why should anybody want to sell to them
There 's no feed he says
I do n't know why
It 's nice
It wo n't be cheaper
We sell direct
They ca n't buy feed from the state
There is n't enough
I sell a little
I am waiting
I have plenty more at home
A private market like this just is n't big enough to absorb all that business
There are a lot of them and they have property
The Poles have had it all along
And they did try
Their protest was ignored
He expected as much
No phones
No gas
We wanted them to build a road here he says
They started and then abandoned it
Good for nothing
Even if I had a lot of money I could n't buy what I need
There is a lot of waste
But it never did let up on the pressure
The pension 's size still depends on how much produce he sells the state
Yet the state alone sells seeds and machines
When supplies are short it often hands them over only in exchange for milk or grain
He has plenty of freedom but no choices
I do n't have to listen to what anybody tells me to do
Sometimes says his wife we 're happy about that
Without machines good farms ca n't get bigger
I hire transportation and my customers have fresh cold cuts every day
I do n't subsidize anyone
Everyone around me lives well
Yes my prices are high
If nobody buys I bring my prices down
That 's the rule
That 's the market
I do n't want expensive machines
If the situation changes I 'll get stuck with them
That 's politics
That 's what the naczelnik counts on
He is our most dangerous enemy
Every time he sees me he gets very nervous
A thin man in a gray suit looks up from a newspaper
He ca n't guarantee that he can use it any better
I am ready at any moment to compete with a state farm
What have you got
The farmer stands to go
The naczelnik stands too
I care very much for this post he says
A cultural center has been built shops
They want to do more
I wish them all the best
The farmer leaves
The new pricing strategy is working the spokesman asserted
You see some improvement in these other areas but it 's a very small and slow process
Now you go to districts you 're likely to get candidates whose views are more extreme white and black on racial issues
That suit is pending
The pool invested idle cash for many state agencies and local governments
The volatility inherent in program trading troubled other traders too
Market makers are supposed to keep supplies of stocks on hand to maintain orderly trading when imbalances occur
In such an environment a market maker can absorb huge losses
Ad Notes
He added Banks must open their books
It will be very expensive the spokesman warned
He added that federal agents hope to recover at least half that amount
It certainly wo n't get there on looks
But how sweet it is
I 'm going to have to get another job this year just to eat
A guy is sitting up in an office deciding what you 're going to eat
Or for that matter the core
Details about its size and cost have n't yet been determined
Yields on certificates of deposit at major banks were little changed in the latest week
Both issues are among the most popular with individual investors
It 's unclear how much rates can fall and how soon
It 's very easily influenced by changes in the stock market and the junk bond market
The small changes in averages reflect generally unchanged yields at many major banks
It said it would purchase the stock at market price
We are considering that offer along with all other alternatives the trust spokeswoman said
We need to look at how to maximize our cash flow to pay our beneficiaries
Some of the oil interests already have been sold
A related editorial appears today
It 's not enough
We do n't believe it
In recent weeks airlines have cut numerous fares in leisure markets to try to win back customers
Yesterday it provided the details
But so far the effort has failed and traffic is still slow
As we will see many of these obligations do n't show up as part of the federal deficit
But recent events indicate that federal credit is out of control
There is a fundamental conflict between providing a subsidy and maintaining the integrity of a credit program
To avoid this problem government should issue credit only if it intends to use every legal method to collect
In contrast credit programs can be appropriate tools to improve the operation of capital markets
While the student was in school interest costs would either be paid by the student or added to the loan balance
Given the structure of most credit programs it is surprising that default rates are not even higher
In addition it is often possible to obtain a new government loan even if existing debts are not paid off
In any case they avoid having to write off the loans
But the firm has never had a day like yesterday
It was chaotic
Who was doing all the selling
Not yesterday
The heavy buying in the last half hour led the specialists to take special steps
A sales tax increase would require two-thirds approval in both houses of the state 's legislature
But observers expect broad support
Not everyone is convinced the state must raise new revenue to meet its earthquake needs
When industries were weak it protected them
That system has worked
The Japanese government does n't allow this
So most bills are passed without full discussion particularly difficult bills are passed in the absence of the opposition parties
And so on
A hearing is scheduled on the issue today
He added that the company expects strong operating profit for the year but at a level significantly lower than last year
Currently the rules force executives directors and other corporate insiders to report purchases and sales of their companies ' shares within about a month after the transaction
Not all those who wrote oppose the changes
According to some estimates the rule changes would cut insider filings by more than a third
The proposed rules also would be tougher on the insiders still required to file reports he said
For its employees to sign up for the options a college also must approve the plan
But both sides appear to be more willing now to meet each other 's terms to resolve the issue
But other sectors failed to attract investor interest and remained sluggish making overall trading appear mixed
First he said domestic interest rates are likely to stay at higher levels as increased anticipation of inflation followed rising consumer prices reported last week
The gains also sparked buying interest in other real-estate companies traders said
No one wants stock on their books
The golden share was scheduled to expire at the beginning of
The percentage change is since year-end
He ultimately became so well-known for cutting compensation however that clients did n't seek him out for anything else
Ad Notes
He added How is a travel agent going to sell a holiday when he can not guarantee a return flight
For instance the documents could involve foreign business dealings or bank accounts
The firms will be registered under Japanese law as foreign legal consultants and their practice with Japanese clients will be limited to advising them on matters of foreign law
The company had no comment on whether a replacement would be named
Terms were n't disclosed
Nobody told us nobody called us says an official close to the case who asked not to be named
Certainly not the lawyers
Until this came up and hit the press there was never any indication that he was doing anything wrong
The inquiry soon focused on the judge
Even his routine business transactions caused trouble according to the grand jury report
The judge wrote again
The judge says he is confident he will return to his old bench
Most of the allegations no longer pending were ethics charges withdrawn by state prosecutors as part of a pre-trial agreement
If I lose I lose my position my career my pension my home and my investments says the judge
BRIEFS
The clause was part of an agreement in which pilots accepted a substantial pay cut as long as no other labor group got a raise
The pilots argued that this triggered a pay raise for them
So long as you do n't look down
I still say do n't look down
No wonder
And neither can your pilot
I looked at my watch
This is only a further step in a lengthy investigation
Government officials declined to say whether the investigation includes the ad agencies or the politicians involved
A record date has n't been set
On balance we think it will be positive
But they did n't have to choose this particular moment
Now was that a quarter cup or a half cup
It 's an overwhelming job she says
Perhaps
And not just for the players
For a long time he ignored baseball altogether even the sports pages
You ca n't give it up that easily he says
I tried
He means the rule that a player ca n't cut it after a certain age
Some have been training for months others only recently left active status
And there 's pride
He 's not thinking about home runs anymore just base hits
But he is n't worried
He has good control
He will keep the ball down move it around
After all he says Even to make love you need experience
All the figures are adjusted to remove usual seasonal patterns
The price was n't disclosed
But that was not to be
Some components of the American church had their budgets cut in half last year and again this year
The charge on loans to brokers on stock exchange collateral
Negotiable bank-backed business credit instruments typically financing an import order
These rate indications are n't directly comparable lending practices vary widely by location
Already the consequences are being felt by other players in the financial markets even governments
The banks badly want to break into all aspects of the securities business
In the past year both have tried to stretch the limits of their businesses
The borrowing to raise these funds would be paid off as assets of sick thrifts are sold
In the meantime the agency must raise cash to maintain assets such as real estate until they can be sold
Then the short-term debt is paid off through the proceeds of selling the assets
But the worst possibility would be raising no working capital he said
But he added The mere fact of a meeting does n't deal with the substance of policy
Democrats had been negotiating with some Republican congressional leaders on a compromise lately
It 's also unnecessary
Finally he got help
He became angry in return
But in the end top management decided to follow the voice of the younger generation
The company 's turnaround is far from complete many crucial tests are just beginning
No wonder
The next level down did doors
Why
All we could do was tell a patient squeeze my fingers as hard as you can or raise your arm
But such operations typically are n't performed because there is no sign right after an injury that surgery would be beneficial
The devices ' most remarkable possibilities though involve the brain
It is true that both are non-violent but there is a fundamental difference between them
There are better ways to promote a cause
The crimes may appear small but the prices can be huge
Or maybe the TV network would lose nothing
In either case ask yourself whether you have become better informed on the issues under protest by watching the act of civil disobedience
The index is intended to measure future economic performance
The trust will issue the certificates
Interest is a great deal higher than it was a year ago
This year some investors are changing their policies and investing a lot
First they are safe
But there are limits
Odds and Ends
No cholesterol of course
They 're getting some major wins she added
The machine is essentially a mainframe computer he said
I am sure they will be going for a full bid
Many investors certainly believe a bidding war is imminent
Indeed the government is taking a calculated risk
Terms were n't disclosed
These critics are backed by several academic studies showing that the adoption of poison pills reduces shareholder values not merely in the short run but also over longer periods
Does this corporation have a high-quality management team with a good track record
Will the adoption of this particular form of a poison pill significantly improve the chances for management to carry out this strategy
More widespread time limits on poison pills would allow shareholders to evaluate a specific poison pill within the context of a specific management team 's strategy
What 's next
An official linked the gain essentially to higher prices for beef and pork
In such an arrangement all benefit he said
That 's not possible
It 's the total relationship that is important
I just do n't understand it
My relationships with the British are totally different
They did me some good
They did themselves even more good
I mean it is a normal adult relationship
But they have just taken it for granted
Is the trouble over
He ca n't
What is the way forward
People have a different reputation country by country
In the long run the stock prices will go up
You should know what questions to ask to get people to answer
From there he set up his finance company and rapidly expanded from lending to investment in real estate to building golf courses
The company did n't announce the sale until after the close of the market
We all did what we had to do to stay within sight of them
Analysts have complained that third-quarter corporate earnings have n't been very good but the effect hit home particularly hard yesterday
In major market activity
Bond prices were barely higher
The dollar rose modestly against most major currencies
This time however some analysts think he could face a real battle
If you 're for paying the claims I do n't know how anyone can oppose this
The problem here is not in the concept but in its lack of discrimination
But it is clear he is going to give it a shot
We have the money to buy
Japanese department stores are also wary of attracting negative publicity
Looking only at a narrow American strategy is n't where it 's at
But it looks tough
But we 're going to be in the exact same situation next year
They are angry about the government so they hold back the goods he said
And neither Democrats nor Republicans are predicting that the capital-gains forces can produce enough votes
They do n't have the votes to get it passed
I 'm not sure what 's going to happen he said
The strategy is Let 's vote
Democrats counter that the Republicans have often used the same rules to suit their own ends
Now she says it 's no longer an issue
But advertising revenue is inadequate
But the production is the equal of any local program
The program is n't afraid to tackle controversial topics such as nuclear weapons and the environment
Despite the enormous sums of money they 're paid to stand up at a Japanese plate a good number decide it 's not worth it and run for home
It 's a shame their meeting never took place
More and more corners of the globe are becoming free of tobacco smoke
A major concern about the current plan is whether the new center can be built in such a short time
It said the man whom it did not name had been found to have the disease after hospital tests
The man had for a long time had a chaotic sex life including relations with foreign men the newspaper said
The Japanese industrial companies should know better
What 's wrong with asking for more money
Unfortunately Japanese manufacturers have neither good working conditions nor good compensation packages
I get the impression that some Japanese managers believe working harder for less money is beautiful
Many of them recently have been spending a lot of money on public relations and advertising to improve their images but they should realize that the most important thing is real change not changing people 's perceptions
He is his own man
He has a point he wants to make and he makes it with a great deal of force
Bond prices and the dollar both gained modestly
As expected a national purchasing managers ' report indicated the nation 's manufacturing sector continues to contract modestly
In major market activity
Bond prices were up
The dollar rose
Terms were n't disclosed
That got hard to take he added
That attracts attention
But he has failed to gain any influence at the company
Among them are differences in savings and investment rates corporate structures and management and government spending
Both sides are taking action
So it goes in the competitive world of consumer banking these days
The competitive rates were generally offset by hefty fees on various services
But many banks are turning away from strict price competition
The theory Such individuals many with young children are in their prime borrowing years and having borrowed from the bank they may continue to use it for other services in later years
Those efforts are being stepped up
Banks have tried packaging before
The additional technology personnel training and promotional effort can be expensive
IRAs
Yields on money-market mutual funds continued to slide amid signs that portfolio managers expect further declines in interest rates
We 're talking about years ago before anyone heard of asbestos having any questionable properties
There is no asbestos in our products now
What 's different is that it is happening with young wines just coming out
Even if there is consumer resistance at first a wine that wins high ratings from the critics will eventually move
Producers have seen this market opening up and they 're now creating wines that appeal to these people
That explains why the number of these wines is expanding so rapidly
It 's interesting to find that a lot of the expensive wines are n't always walking out the door
Terms were n't disclosed
I loved the school its history
Because of deteriorating hearing she told colleagues she feared she might not be able to teach much longer
But the most important source of points was student improvement on tests
These kids broke my heart she says
A whole day goes by and no one even knows they 're alive
They found students in an advanced class a year earlier who said she gave them similar help although because the case was n't tried in court this evidence was never presented publicly
Not really
I believe in the system
I believe you have to use the system to change it
What she did was like taking the law into your own hands
She said something like You just want to make it easy for the school
There may be others doing what she did
The figures in both reports were adjusted to remove the effects of usual seasonal patterns but were n't adjusted for inflation
At the same time the drop in interest rates since the spring has failed to revive the residential construction industry
By most measures the nation 's industrial sector is now growing very slowly if at all
They cite a lack of imbalances that provide early warning signals of a downturn
I do n't see any signs that inventories are excessive
The report offered new evidence that the nation 's export growth though still continuing may be slowing
They expect him to cut costs throughout the organization
A company spokesman declined to elaborate on the departure
But for small American companies it also provides a growing source of capital and even marketing help
We want to see the glass market from the inside not the outside
They operate ships and banks
Profit at least in the short term is usually a secondary goal
Terms were n't disclosed
TV
We have and I 'm sure others have considered what our options are and we 've had conversations with people who in the future might prove to be interesting partners
He added There 's nothing very hot
We 're offering this plan now because we feel it 's the right time
At the prices we were charged there should have been some return for the dollar
There was n't
The others here today live elsewhere
The sound of bells is a net to draw people into the church he says
They are n't accepted everywhere however
However it has n't yet made any proposals to shareholders
It did n't elaborate
These cases lead to the loss of the firms ' social and international credibility a ministry statement said
The bids he added were contrary to common sense
Japanese companies have long had a reputation for sacrificing short-term profits to make a sale that may have long-term benefits
The fire is also fueled by growing international interest in Japanese behavior
So far there have been no public overseas complaints about the issue
The municipalities said they have n't decided whether to try to force the company to go through with the contracts
Profit may be low but at least costs should be covered
Like healthy regulatory capital
A steady deposit base
Do n't wait a savings institution needs your help now
Every day you delay a savings institution 's health and the federal budget deficit grows worse
The court has indicated it will rule on the case by the end of the month
No price for the new shares has been set
Instead the companies will leave it up to the marketplace to decide
We 're in a very different regulatory environment
And construction also was described as slow in most areas
Despite the economic slowdown there are few clear signs that growth is coming to a halt
Several candidates have withdrawn their names from consideration after administration officials asked them for their views on abortion and fetal-tissue transplants
The matter did n't involve anybody 's securities transactions he added
I never had any clients at all
Such is hardly the case
These individuals may not necessarily be under investigation when they hire lawyers
Lawyers worry that if they provide information about clients that data could quickly end up in the hands of prosecutors
But because it 's all we 've got I 'm going to vote for it
Not this year
The plant will produce control devices used in motor vehicles and household appliances
He was previously vice president
We do n't spend much on print advertising she says
It plans to sell the ad time to its clients at a discount
Terms were n't disclosed
A spokesman declined to speculate about possible reductions in force
I think the stock is dead money for a while
Yesterday 's announcement was made after markets closed
Terms were n't disclosed
The computers were crude by today 's standards
Big mainframe computers for business had been around for years
With the limit in effect members would be able to execute trades at the limit price or at higher prices but not below it
But most said the index had no more than a minimal effect on trade
He said the company 's core business remains strong
These funds now account for several billions of dollars in assets
But it does n't take much to get burned
Another concern The funds ' share prices tend to swing more than the broader market
And several new funds that are n't even fully invested yet have jumped to trade at big premiums
That way investors can essentially buy the funds without paying the premium
The total marks the sixth consecutive monthly decline
This is the year the negative ad for years a secondary presence in most political campaigns became the main event
One claims he 's pro-choice
The other has opposed a woman 's right to choose
Who 's telling the truth
Everybody and nobody
He was on the board of an insurance company with financial problems but he insists he made no secret of it
The campaign has blamed these reporting problems on computer errors
Who 's really lying asks a female voice
Who 's telling the truth
But it 's building on a long tradition
That pattern has n't always held but recent strong growth in dividends makes some market watchers anxious
Many people believe the growth in dividends will slow next year although a minority see double-digit gains continuing
And in each case he says a sharp drop in stock prices began within a year
So while stock prices may look fairly high relative to dividends they are not excessive relative to the underlying corporate strength
What will happen to dividend growth next year
In any case opinion is mixed on how much of a boost the overall stock market would get even if dividend growth continues at double-digit levels
But regulators are wary
They do n't have plans to cut back
We do n't think there is cause for concern at the moment
The thrift holding company said it expects to obtain regulatory approval and complete the transaction by year-end
Terms were n't disclosed
The service supplies weekly reports on school and college construction plans
It also said the union had agreed to meet the company for further talks tomorrow
The company develops and markets products for the food service industry
But he gave few details on the progress toward a new bid saying only We are working toward a revised proposal for majority employee ownership
Some can be bought off relatively cheaply
So far no one has
But that ghost would n't settle for words he wanted money and people lots
They know that they can hold off the ghosts only a little while longer by cutting carriers and ships
But we had a fairly active day yesterday
But before the stock market rebounded from a sharp early sell-off yesterday he said You could n't buy junk bonds and you could n't give them away
There 's a whole bunch of stuff that 's money good and a whole bunch of stuff that 's not so good
I 'm certainly not comfortable saying we 've seen the bottom
Traders said yesterday 's rally was fueled by insurance companies looking for bargains after a drastic slide in prices the past month
In addition mutual funds did n't appear to be major sellers of high-yield securities as was expected
I think the market is in good shape
Although time and place have yet to be determined some details are in place
That may just be the nature of these highly leveraged little creatures
They then had no choice in many cases but to sell the contracts at prevailing prices in most cases at a substantial loss
It was their business decision the official said
We do not see anything in the fundamentals of our business that would cause us to change our strategy of investing for profitable growth
And the input I 've had from customers is that it still could be a while
Proceeds from the offering will be used to repay borrowings under the short-term parts of a credit agreement
Should you really own stocks
But they say people should n't try to be traders who buy and sell in an effort to ride the latest economic trend or catch the next hot stock
The longer the time period the less risk there is of losing money in the stock market
Over time the odds increasingly favor the investor with a diversified portfolio
Stocks have a place in an investors ' portfolio along with real estate bonds international securities and cash he says
People also should n't invest money in stocks that they 'll need in the near future for example for college tuition payments or retirement expenses
He says individuals should consider not just stocks but other long-term investments such as high-quality bonds
Despite the strong case for stocks however most pros warn that individuals should n't try to profit from short-term developments
Our markets move so fast and they are so volatile there 's no way the average investor can compete with the pros
After that individual traders face the risk that the new investment they choose wo n't perform well so their trading costs could be sustained for nothing
So what 's the best way to buy stocks
We 're seeing a real turnaround in interest in small growth stocks he says
In this method a person invests a regular amount every month or quarter into the stock market whether the market is up or down
When the market is low you are buying more shares and when it 's high you 're buying fewer shares he says
But that 's just the time when you should be buying them
The more variables that indicate risk the more the investor is going to drive a hard bargain
Other companies figure they ca n't avoid the market
If it does n't he says the company would have to change its expansion timetable
But the market turmoil could be partially beneficial for some small businesses
For small companies he says interest rates are far more important than what happens on stock exchanges
Instead they could turn to investing in smaller deals involving smaller companies he says
This will add to the appeal of small business he says where investors often have a degree of influence
Other mutual fund companies reported even lighter withdrawal requests
This time We do n't have that at all
But funds generally are better prepared this time around
Many fund managers have boosted their cash levels in recent weeks
The biggest flurry of investor activity came early in the day
In the first hour the real nervous folks came along a spokesman said
Everyone in the world is watching us very closely
They 've got too much invested in the old stuff and they ca n't get their workers to be flexible
Moreover the process is n't without its headaches
Indeed with demand for steel not growing fast enough to absorb capacity steelmakers will have to change the way they do business
We said We 've got a product if you want it you can buy it he says adding Now we 're figuring out what people need and are going back to make it
But steelmakers must also find new markets
Still others are looking at overseas markets
After a while someone has to go over the side
They 're dead wrong
A decision is n't expected until some time next year
Not everyone however is at ease with office massage
The chair is a way to package massage
But it 's like falling off a horse and getting back on
There 's nothing like skin to skin
Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates
Estimated and actual results involving losses are omitted
Otherwise actual profit is compared with the 300-day estimate
But several traders quickly stepped up and bid for contracts driving prices sharply higher
There 's no fire sale here
The rest were withdrawn for lack of acceptable bids
It 's just not true he says
For several months there was optimism all around
In other words Get rid of all the pictures
Still predicting is tricky
Art indexes track winners not losers
But art that has fallen sharply in value is rarely put up for sale
It 's not that there are n't any bids but the bids do n't meet the minimum reserve prices set by the sellers
People hold out and try to get a bargain
They were protecting his interests
Do n't say it 's a gold ceiling
Those days are over now he believes
But when prices were crazy it was even harder to do an LBO
This is no longer true today
It would also help us in our search for equity partners
To make an LBO work now we are going to need more than just junk bonds
However the lower prices these retail chains are now expected to bring should make it easier for managers to raise the necessary capital and pay back the resulting debt
In addition the fall selling season has generally been a good one especially for those retailers dependent on apparel sales for the majority of their revenues
But the hurdle of financing still has to be resolved
The price was n't disclosed
literally
But those who said This ca n't be happening were right
Meanwhile there was an awful lot of confusion
Is the market up or down
A spokesman cited a technical error and declined to elaborate
Actually it was down only a few points at the time
The eyes of the world were watching us
Critics contend that traders were putting buying or selling for their own accounts ahead of other traders ' customer orders
Traders are likely to oppose such restrictions because dual trading provides a way to make money in slower markets where there is a shortage of customer orders
The exchanges contend that dual trading improves liquidity in the markets because traders can buy or sell even when they do n't have a customer order in hand
The agency did n't cite specific situations where dual trading might be allowed but smaller exchanges or contracts that need additional liquidity are expected to be among them
Under the rules traders decide before a session begins whether they will trade for their own account or for customers
It adds something to the market
And plays
His success is easy to understand
It is music for people who want to hear something different but do n't want to work especially hard at the task
His more is always less
The point is that any piece can be used as background music for virtually anything
A price was n't disclosed
Both posts had been vacant
Thus it is coming up short on a big bet that quick sales at higher prices would enable it to keep up with mortgage and other debt payments
Both were right
Nevertheless the device has been successful in other ways
They either pick it up he says or they start pulling from a fresh direction
Odds and Ends
At that point perhaps diversification would be appropriate
That 's not all he says
They look the same
They 're very friendly
We have to study their experience very well he says
We must find any way to get business
That is n't all
The official said he also would be comfortable with that new range
But You never can tell he added you have to take advantage of opportunities
The company said it hopes to resume its schedule of regular quarterly dividends at the end of this year
But quite a few money managers are n't buying it
Our view is that we may see a profit decline
Some think investors should sell into rallies
Many brokerage house officials also are optimistic
From here out these investors see a return to old-fashioned investing based on a company 's ability to show profit growth
I do n't see this as a bear market at all
He said shipments are continuing at a healthy pace and the company has no excess inventory
Terms were n't disclosed
I ca n't even say I made my own mistakes
What is dignity
As it is waiting lists of a month are n't unusual for popular models
It 's an optimistic move in a industry already facing world-wide overcapacity
To hear advertisers tell it the magazine just has n't kept up with the times
People did n't believe we were in tune with the marketplace and in many ways we were n't
Whether she can meet that ambitious goal is still far from certain
Ad Notes
He was executive vice president director of broadcast production
He 's done this thing where he 'll buy a little bit of a company and then trade out of it
But others remained skeptical
The group 's advisers want to make certain they have firm bank commitments the second time around
Even if the buy-out group is able to obtain financing the transaction still faces obstacles
That could cost him the chance to influence the outcome and perhaps join the winning bidder
In recent months the technology has become more flexible and able to handle much more volume
Other network applications have very different goals
And we were able to attract some new advertisers because this is something new
That 'll save us time and get people involved
You 'll start to see shows where viewers program the program
The company said the negative factors are expected to continue into next year
The carrier has n't yet turned a profit
There 's no shortage of major things to do he said
Art dealers say that while auction houses occasionally guarantee the seller of a highly desirable work of art a minimum price a financial commitment of this size is unprecedented
We have some level of financial interest in the collection
It was the highest bid in history for a work of art
There seems to be a lot of art for sale but there 's more competition
The competition gives the seller the ability to cut a better deal he says
That 's the highest estimate for a single collection in auction history
In such situations he says the house is going to put the best light on things
For example an auction house 's comments on the condition of a work of art that is up for sale should be looked at with very open eyes he says
The stock market after all represents the collective expectations about the value of the future income stream of the nation 's capital stock discounted to present value
We 're talking real money
Why is this happening
In this atmosphere there would be no serious consideration of tax increases
No tax increases would be necessary
The struggle over capital gains is the most important game in town
The buy-back which was n't a complete surprise was announced after the stock market had closed
The British carrier also confirmed it is n't committed to going forward with any new bid
But investors remain wary about stocks partly because of turmoil in the junk-bond market
The retailer was unable to find a buyer for the building
Markets
We 're just recovering and getting back to business as usual
I 'm encouraged by the action
That must start with cutting the federal budget deficit
The numbers were adjusted for usual seasonal fluctuations
There may be forces that would delay this scenario
If human beings ca n't cut federal spending honestly and they ca n't let the computers do it
There is some feeling here that the cuts are the way to go
It will reduce spending in a very effective fashion
Those days are gone
I doubt that
The calls reached many but certainly not all of the publicly held companies with operations in the area
In most cases damage to company facilities and operations was minimal
Business was slow because many companies were closed yesterday
Workers except for senior management were asked not to report for work yesterday
It expects to be fully operational by next week
The company does n't expect any shipping delays
That facility should reopen today
A spokesman said sales are expected to be hurt but the losses are covered by insurance
Company expects to be fully operational by next week
The company plans to be fully operational today
The computer system was operating so orders could be taken
Others had lesser damage and there were no injuries among workers
It expects any impact on its business to be slight
It was n't known to what extent if any the facility was damaged
All are expected to reopen soon
The company expects to resume full operations by today
The machine began shipping at the end of last year
The closely held company has n't disclosed sales
We 're extremely committed to optical storage technology he said
We think everything will go this way in a few years
He said that the next generation of optical drives will be as fast as hard drives but he depends on outside suppliers for the devices
Every major maker offers computers with color displays
Their reaction was to do nothing and ride it out
We write straight for women on their level he said
We would have to go outside to banks to get the money and I am not ready to do that he said
Besides we have enough on our plate
There is plenty of work to be done on what we have
It works
This kind of theater was new to us
The rest he is confident can be raised
Analysts said the additional liquidity should tend to reduce the federal funds rate
A slight recovery in the stock market gave currency traders confidence to push the dollar higher before the unit dropped back by day 's end
But the offering almost did n't happen
In a prepared statement the company said it expects to realize those gains before year end
And he indicated that more substantial improvement is expected in the next couple of quarters
The position of chief operating officer is new
The decision was announced after trading ended
But some market players still think earthquake speculation could have more impact on the oil markets
In other commodity markets yesterday
Futures prices eased on indications of improvement in the industry 's labor situation
There are still negotiations taking place on whether there will be a loss of jobs which has been a critical issue all along he said
The focus for some time has been on the copper supply and good demand has been taken for granted he said
The company said the gains were tied to volume increases and higher prices
To be sure the threat has hit home down here
Maybe he thinks they should also sell to the highest bidder
And what about insurance firms
Should they be required to pay claims based on exorbitant costs for labor and materials
Their recovery came surprisingly fast and always with the help of neighbors
We consumers tend to have long memories
The timing was perfect
It can happen in any industry
Last year it funded its high employment by heavy borrowing and it suffered huge losses when sales turned down instead of rising
We tell them all the major companies are having financial difficulties
That is n't easy
They were on the road to recovery in terms of customer attitudes until this bad quarter happened
When they were making the decision all hell broke loose with the finances
You think you can go out and turn things around
It 's a tough thing when you ca n't
The good news is it 's not your fault
Indeed analysts have said that the absence of new products among other factors has limited sales growth throughout the industry
The firm brought in to strengthen the structure could be liable as well
The work was done properly he said
The bill must be enacted before the cuts can be restored
Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates
Estimated and actual results involving losses are omitted
Otherwise actual profit is compared with the 300-day estimate
The Beebes have not yet decided whether to appeal
Lawyers close to the case said they believed the ruling was unprecedented
The company said it expects the name change to take effect within a week
It has been trying to improve its share of the residential market
The current quarter he said looks fine
We think revenue will continue to grow and that we can control costs and thus improve profitability
The earnings drop had been expected
The company said that the number of access lines dropped slightly in the quarter a decline attributed to seasonal fluctuations
He said that the research team had no financial stake in the drug
This is the second delay now in getting the product out the door
The charge on loans to brokers on stock exchange collateral
Negotiable bank-backed business credit instruments typically financing an import order
These rate indications are n't directly comparable lending practices vary widely by location
You always want your house insured but you do n't always feel the need for your investments to be insured
If the stock goes up in price between now and the put 's expiration date the put will probably expire worthless
The investor will be out the cost of the put which is called the premium and this loss will reduce the stock-market profit
If the stock stays at the same price between now and the put 's expiration date the investor 's loss will be limited to the cost of the put less any amount realized from a closing sale of the put
If the price of the stock declines the put will increase in value
Once the stock price is less than the exercise price or strike price of the put the gain will match the loss on the stock dollar for dollar
Though not reflected in the table an investor should know that the cost of the option insurance can be partially offset by any dividends that the stock pays
They can do this by purchasing index puts which are simply put options on indexes that match broad baskets of stocks
That cost rises in times of high market volatility
But it still might be cheaper than taking a major hit
That 's because it reduces the cost of the stock by the amount of premium received from the sale of the call
But if the price of the stock rises above the strike price of the option the stock is almost certain to be called away
These calculations exclude the effect of commissions paid and dividends received from the stock
It 's a danger
We know it 's there
And sooner or later we have to do something about it
Where had all the money come from
It has always been true that those outside the club want to climb in and that a few will cut corners in the process
So who knows
But analysts said the rebound did n't remove the cautious mood from the market
It was all over the place
If you bought you wish you had n't and if you sold you wish you had n't
Still some sectors found buying interest after being actively sold in recent weeks
South African gold stocks closed higher
The percentage change is since year-end
But the board said it was n't interested for now
The buy-out group had no firm financing for the plan
And with no other offers on the table the board apparently felt no pressure to act on it
Labor problems top the list
That contract was tied to the success of the buy-out
It 's uncertain if the pilots will continue to do so without a contract settlement
His credibility is also on the line in the investment community
It needs more discipline
It needs to sort itself out
The official asked not to be named
Its stake is even smaller if life insurance is included
The exchange he says must find new products and new markets
That wo n't be an easy task
More recently property rates have increased
Meanwhile the exchange has been trying to lower costs
By next year all underwriters will be linked to a communications network that could reduce paper work on claims
Part of a Series
When consumers have so many choices brand loyalty is much harder to maintain
c Yields adjusted for constant maturity
Terms were n't disclosed
That may soon change
In our formula we do n't have any losers except the competition
We do n't just hand the customer the package
That 's just the beginning he says
Nobody has the right to tell me how much I can work
He then made most of the changes pilots say
It does n't give any particular group the ability to veto change
Already the fight has been costly
And for now at least the competition is n't the only enemy
The charge on loans to brokers on stock exchange collateral
Negotiable bank-backed business credit instruments typically financing an import order
These rate indications are n't directly comparable lending practices vary widely by location
He said investors were picking individual stocks based on specific incentives and the likelihood of a wider price increase over the short term
It 's better to wait
The percentage change is since year-end
At the same time it has been caught in an earnings squeeze
In addition pension funds are rarely given seats on company boards and most often try to avoid them because of legal concerns
What makes the most sense is to find someone who wants to buy the whole company or cause a recapitalization of all shares
However the trust 's cash flow from investments is far short of its payments to asbestos victims
Even so the trust would seem to be facing a cash crunch
The average should drop over time since the most expensive claims are being settled first
It does n't pay a dividend and this trust needs income
Obviously a diversified portfolio would have less risk the person close to the trust says
We understand that the trust is ultimately going to need to sell some of our shares he says
Analysts predict little or no near-term growth
Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates
Estimated and actual results involving losses are omitted
Otherwise actual profit is compared with the 300-day estimate
There are some witnesses who will be forced to testify about their meetings with senators
I do n't know whether it was done properly or not because I 'm not a lawyer he said in a telephone interview yesterday
I 'm not going to do anything that is not acceptable in anyone 's home
But that does n't mean I 'm not going to get angry
That is consumer issues
In another sign of slowdown fears investors dumped technology shares
In fact much of the buying in blue chips yesterday was a pursuit of companies with lower debt levels
He said that all of these companies will be able to compete fiercely in an economic downturn
We are not trying to encourage everyone
The government sought a criminal penalty because no cleanup is possible here
His lawyer could not be reached for comment
The company reported good gains in all of its divisions
Can you imagine
Now they know who you mean and you know who you mean
But no one else does
A company spokeswoman said the company had n't decided what measures to take but did n't rule out legal action
The title of chief executive officer is n't used
Both figures were record highs
American institutional investors have never had a large appetite for Japanese equities
But not a single piece of paper was sold
But he could n't sell any
Japanese stock salesmen selling American bonds
Maybe it 's crazy he said
Once they are in the building they stay
Other details were n't available
All of the term bonds are original issue discount bonds according to the lead underwriter
The company attributed much of the growth in earnings to increased demand for its systems productivity software
Since then she has become wealthy
You have to be born with it
On the hat side I was n't getting what I wanted
If you are born to give parties you give parties
I like rather tea because it is at the end of the day
It 's supposed to be later but I just moved it
She wants things to be exciting
She 'll think of an idea the editorial people think is impossible then she 'll have us make it work
She was the child of relative privilege
You try to maintain your dignity under difficult circumstances
They did n't
That 's always looking back she said
I wanted to be in business
Soon she was running the office
We were lucky
It did n't release terms of the transaction
The company said it did n't receive an offer it wanted to accept
But she did n't trust them and did n't reward trust
Her appetite for children also was large
She made money but spent more
Still even the title raises questions about the author 's vision of her subject
Or ever will
Even though such facilities use a relatively small amount of crude analysts say now the facility wo n't need any at a time of already high availability
There was no immediate estimate of damage from the company
Some petroleum futures traders say technical considerations now will help to put downward pressure on futures prices
In other commodity markets yesterday
Fund selling also picked up at that point
This activity produced small rallies which in turn attracted new short selling
The sell-off would probably have been worse if the dollar had been strong he said
PRECIOUS METALS
Some traders were thought to be waiting for the auto sales report which will be released today
GRAINS AND SOYBEANS
Prices closed mixed as contracts reacted to largely offsetting bullish and bearish news
But with no reports of either country actually entering the market analysts said futures prices became vulnerable
Futures rallied modestly
The dollar also declined
The turmoil in junk bonds may last for years investors and traders say
Markets
But he adds We ca n't tell where it will go at all because we 're still in the middle of it
But the implications could be great
No one has alleged that the donations were by themselves illegal
Both residents ' organizations admit to receiving some funding from abroad
The most controversial of these is stock-index arbitrage in which traders buy or sell baskets of stocks and offset the position with an opposite trade in stock-index futures to lock in profits
But what about the debt burden
I would hope very much that we would n't end up in a kind of situation where you have a bidding war and then a veto threat
Daffynition
If we 're not headed for a recession we 're certainly headed for a major slowdown
The banking company could n't be reached to comment beyond a written announcement
It did n't specify the nature of the differences saying only that they related to management style and strategic objectives
Its stock also has risen lately at least partly because it is considered a possible takeover candidate
Neither suit lists specific dollar claims largely because damage assessment has n't yet been completed
He said the move will significantly reduce administrative and operating costs but he did n't provide details of the merger
He gave no further details
And investors and traders alike say the current turmoil could take years to resolve
In the third quarter for example junk bonds those with less than an investment-grade rating showed negative returns the only major sector of the bond market to do so
But we think the risks are there for things getting a lot worse
And the risks are n't appropriate for us he says
The string of big junk bond defaults which have been a major cause of the market 's problems this year probably will persist some analysts say
But the deals that never should have been brought have now become nuclear waste
The pay 's the same and the duty 's lighter
What kind of initiative should anyone expect from people out on the line who 've read all this and know what can happen if they fail
But I was n't ready for a career at that time
But she was always encouraging
She only put her foot down twice he continues
That 's the only note that 's truly in tune
He did n't say much but what he said was important because it 's not in the score
So we did it over he adds
If I could ever feel I 've contributed to it in some way then all the hard work has been worth it
Bonds received a bigger boost later in the day when stock prices moved broadly lower
When you get a big sell-off in equities money starts to shift into bonds which are considered safer he said
Municipals ended mixed while mortgage-backed and investment-grade corporate bonds rose
Prices of high-yield high-risk corporate securities ended unchanged
On the other hand we have economic news that is expected to be relatively positive for the bond market
Analysts have mixed views about the two-year note auction
Here are auction details
Rates are determined by the difference between the purchase price and face value
Thus higher bidding narrows the investor 's return while lower bidding widens it
Corporate Issues
Mortgage-Backed Securities
Municipals
Foreign Bonds
Japanese government bonds ended lower after the dollar rose modestly against the yen
British government bonds ended slightly higher in quiet trading as investors looked ahead to today 's British trade report
The suit seeks unspecified damages
It recently introduced a line for the home market
And the potential market is tremendous industry experts say
Demand will come first from programming production companies and then from television stations
They ca n't afford to stay out of HDTV
But the financial rewards are n't expected soon nor are they guaranteed
Some critics say they wo n't be quickly embraced by consumers because of the high price
Analysts said they do n't think it is contemplating a takeover however and its officials could n't be reached
He had been president of the international operations
It was my decision not anyone else 's
I consider this a second career he said
He also will sit on the company 's corporate planning and policy committee made up of the top corporate and operating executives
I have n't seen or talked to him in several years
Ad Notes
NEW ACCOUNT
I would like to have had them he said
But they were n't on my list of companies who were critical to be a part of it
But so far most potential participants have n't decided
Once production hurdles are overcome the chips could take over a significant part of the market
That means huge travel bills
Until now most Japanese charges have been responses to suits against them
A settlement was reached but was n't made public
Odds and Ends
To start there 's always a crisis and someone always worries What if the press gets a hold of this
Now that 's advice the writers should take to heart
That 's not plot
That 's not character
The company sells image
You never know where she 'll turn up
You can think long range
Other major players in intimate apparel apparently feel the same way
Each has an equal vote at the monthly meetings
He said the transaction was made for investment purposes
It said it will exercise that right only if it sells substantially all of its other core businesses
He has designed furniture and homes as well as commercial and office space
The windows will open
But she says I guess I did n't really notice the trees
The future of the forest remains uncertain
No reason was given in the filing for the sales
Was not the title very clear
This film attempts to show a side rarely seen in our media
But the strategy is n't helping much this time
How can it make available funds for purchases
There are virtually no new projects and that means no new business for us he says
The officials said that most Japanese banks prefer the losses they 'd suffer in either of the latter options to the risk of new lending
They ca n't take the hit to their earnings he said
Generally regulators have n't announced enforcement actions in the past
That individual was n't identified
This starts in the construction phase through the use of minority contractors and local workers
And that is before consideration of increased state and local revenues from taxes and fees on sales real estate licenses and the like
So what 's the catch
Many of these programs no longer exist or have been severely cut back
If the risks and rewards are reasonable developers will respond
The answer will be obvious
But the customer does n't want that
But the deal fell apart last week for lack of financing
They are becoming more independent
It 's a sound phenomenon
We made our own decision he said
Japanese banks are under political pressure as well the analyst said
Clearly some financial authorities are concerned about the Japanese banks role in leveraged buy-outs
That means stocks bonds money market instruments and real estate
But the latest mutual fund performance figures do show what can happen when the going gets rough
You do n't make any real money
In a downward market bonds act better he said
We believe interest rates will continue to trend lower and the economy will slow around the world
But when the dollar rises against major foreign currencies as it did for much of this year the dollar value of these funds declines
But investors do n't seem to think so
People showed some staying power and in fact interest in buying equities
That 's higher than some other estimates
In the end politics got in the way
But the oil ministers continue to study the plan and it will probably be the basis for discussion at next month 's meeting
Though tiny that 's a reduction in its share
The company also said it will adopt new accounting standards in the first quarter
In the coming months however this is likely to change
We continue to develop products faster than anyone else can
The agency declined comment but said it will continue work until a new agency is chosen
Ad Notes
NEW ACCOUNT
He said the provision was n't forced upon us but the regulators made it very clear what they thought was an appropriate number
We 're going to see another big wave of failures and defaults between now and year-end
It 's a very small shop
Terms of the bank holding companies ' agreement were n't disclosed
The fund 's purpose is to provide quick and adequate relief
Many law firms sponsor their own programs
The pilots could borrow against the value of their concessions using the proceeds to buy back stock from the public and give themselves the majority control they have been seeking
But it is n't clear that banks would lend sufficient money to deliver a big enough price to shareholders
We will only deal with clients on the phone he says
There is no charge for research only for time on the phone
There 's no constitutional right involved in the rule change he says
You do n't have a right to practice
You only have a privilege to practice
The charge on loans to brokers on stock exchange collateral
Negotiable bank-backed business credit instruments typically financing an import order
These rate indications are n't directly comparable lending practices vary widely by location
Federal child care quack
They 'd determine where parents could store their kids during the day and they 'd regulate the storage facilities
Other analysts say that estimate is low
Lawyers will benefit
We would have thought by now though that there was a significant core of people involved in government life who understood that direct taxation is n't the only way to slow down an economy
It is merely the most obvious
While many of these buildings sustained heavy damage little of that involved major structural damage
A spokesman for the company said a meeting would be held for shareholders to vote on the amendment before year 's end
What now
He says he thinks his company is just a few years from doing that
They are n't prepared to compete in an area where the Japanese want to enter
This is n't a technology issue but an attitude issue he says
We just have n't learned what it takes to compete
Neither could be reached for comment
However we are n't currently doing anything
Both men were unavailable to comment
It said the reduced dividend reflects the low price for precious metals
Does n't anybody here want to win this mayor 's race
And now at the crucial moment he 's running out of money
But it has n't worked out that way
There 's nothing on the other side
He adds It just has n't gotten down to the engine room yet
But the steam may never reach the engine room
This year the city faces a budget deficit that could become even bigger next year
But at least back then they did n't generally direct their anger at each other
But our polls show voters do n't like the attack stuff
I was always going to do it tomorrow he explained at the time
He says his son has n't paid for the shares
It follows the same pattern as his tax returns
It 's serious stuff
The result may turn out to be a lot closer than people think
The reason was not high interest rates or labor costs
For providing what his customers described as very personal and helpful service
For creating a focus for neighborhood life
Yet these figures show only the most visible part of the problem
The costs of crime may also be enough to destroy a struggling business
This creates several problems
The company said it will use the proceeds of the offering for debt reduction and general corporate purposes including acquisitions
People hate to write he says
Maybe people do n't believe I want to give this money away
Now there 's an idea
We are n't selling bonds right now and I do n't think it will affect the value of our existing bonds
But we 'd rather put funds into our own business rather than someone else 's
It has sold billions of dollars of other assets and has more on the block
But we 're out there and we 're going to stay in business
Indeed in a note to the results directors said if the true worth of some of the group 's assets were taken into account instead of using book values the negative net asset backing a share would turn into a substantial positive one
The main argument for growth stocks is their usually superior performance in a slowing economy
In anticipation of that shift he and other analysts are encouraging their clients to buy such issues now
Also the smaller growth stocks are n't widely traded and so are harder to buy and sell quickly than blue chips
As a result the company has suspended its quarterly dividend
They are starting to buy growth stocks
The question for investors is how to protect these returns and yet reach a little for additional gains
Some money managers are pursuing growth stocks at the expense of those that rise and fall along with the economic cycle
He suggests investors think about buying cyclical shares in the weeks ahead as well as growth issues
But there were fewer price swings than expected
It seeks unspecified money damages
Inflation is at record levels
But this is not enough
It has some of the highest costs in the league
We just do n't have that kind of income stream
It 's just not cost efficient he says
If we did n't increase prices we 'd be in the red
The owners are trying to boost profit in other ways too
And the league is trying to get more for its three-year national network contract which expires after this season
The changes have n't come easy
The owners meet again tomorrow
And he said the weakness could continue in the first half of next year
And that they say will be good for bonds
Investors rushed to buy bonds during the summer as prices soared on speculation that interest rates would continue to fall
Among other things economists note that consumer spending is slowing corporate profit margins are being squeezed business confidence is slipping and construction and manufacturing industries are depressed
I 'm not going to jump on them the first day they come out
He seems to be typical of many professional money managers
If one thinks that rates are going down you do n't care how much supply is coming
Most bond prices fell on concerns about this week 's new supply and disappointment that stock prices did n't stage a sharp decline
Junk bond prices moved higher however
Also providing support to Treasurys was hope that the stock market might see declines because of the expiration of some stock-index futures and options on indexes and individual stocks
However despite the big new-issue calendar many junk bond investors and analysts are skeptical the deals will get done
We put a price on the deal that the market required to get it done
The spokesman said the issue was sold out and met with strong interest abroad particularly from Japanese investors
Every broker has blocks of every size and maturity
Although many investors were aware that a bond offering was being scheduled many expected a much smaller amount of bonds to be sold
Meanwhile tax revenues are falling while the city 's spending needs are expanding
And the controversy has led to uncertainty about the outcome of the election
Until last week Everyone felt certain they knew the outcome of the election
Now there have been a number of questions raised
A closing date has n't been set
A similar result could sometimes be achieved at less cost by changing managements he said
Soviet companies would face fewer obstacles for exports and could even invest their hard currency abroad
He added that the president already has the power to close the markets in an emergency
Margins are the amount of money an investor needs to put up to buy or sell a futures contract
I do not have a view of whether we should do anything about program trading at this time he said
The rest as they say is history
She had an idea
They talked of the home run
They talked of the aftermath
What a good feeling it would be for me to do that he says he thought
Take heart sports fans he wrote
But who knows
These figures are n't seasonally adjusted
We still have serious differences with the text a British official said because it provides for a regulation of the labor market
In my opinion this is not true
In fact the cooperation of those financial institutions is essential to the success of the drug battle
Market conditions point to even lower prices next year
The presence of so many people cars and competing businesses is evidence of a healthy economy in a place where people want to live
But securities regulators now say privately that it is n't likely to start until the first quarter of next year
A futures contract is an agreement to buy or sell a commodity or financial instrument at a set price on a specified date
In the case of stock-index and interest-rate futures the instruments are given an underlying cash value and are settled in cash
Despite the initial support expected trading in the contract is likely to start slowly
But many bankers remain nervous especially as the start-up of the contract continues to be delayed
I think the reason is that you are confusing tax rates with tax payments
But in any event and this is the important point tax payments on capital gains will be lower with indexation than under current law even though the tax rate is the same under both systems
To argue that this is not likely to affect the economy in positive ways is contrary both to recent experience with capital-gains tax cuts and to common sense
The move was approved at a special shareholders ' meeting yesterday
The sixth and last report now is out and it puts the effort in perspective
First the sport you play is no longer a game it becomes a job
Your coaches demand a lot more out of you even though some of them are not willing to take the time to watch you progress
Your interest is not taken to heart because people only care about your performance
In other words they treat you like a piece of meat
There is no recovery period it 's go go go
He has not changed but those around him have
Some dealers say other traders were n't picking up their phones
Investors can be assured now that this kind of problem can never occur again
They all said they invested huge amounts of money
As the campaign hits the home stretch however voters still have very little idea what they can expect from him
But city officials say tax revenues are lagging
I always thought of this as a thing that could always be done tomorrow he said at the time
But board members say he took so long to decide how to vote that by the time he decided it was too late to try to draw other members to his position
He would have got a lot more done if he made up his mind faster
This year it has moved to cut costs in its newspaper division through layoffs and asset sales while reaching joint venture and acquisition agreements in other areas
Other aspects of the bill however are either structured in ways that create unnecessary burdens for the industry or actually are harmful to the exchanges the industry and ultimately the general public
What if the system does n't work
What if the only system that does work is so expensive that at best only the largest exchanges can afford it
Another measure makes commodity brokerage firms liable for violations committed by independent floor brokers who execute trades for them
This would force out of business many of the individuals and small firms that function as floor brokers
The markets are complex as is the environment in which they function
What happened
Not that oil suddenly is a sure thing again
With all this even the most wary oil men agree something has changed
It does n't appear to be getting worse
Corporate planners can plan again
In addition global petroleum demand has been climbing
Now everybody is a lot more optimistic
If you know you 've got stability in price you can do things you would n't do with the volatility of the past few years
Still there is money to be made
But a few new spots are opening
Already it 's hard to get people
For most field workers it 's about time
First year I came back there was n't any work he says
I think it 's on the way back now
But it wo n't be a boom again
Some equipment going to work is almost new
I sense that it 's going to continue to grow
That 's the word
The word is out
It also was considering a restructuring to help boost the stock price
The following month the company put itself up for sale
He indicated that some assets might be sold off to service the debt
For instance
It could work
These bugs do n't affect our schedule at all he said
You can do that but you 're taking a risk
Those companies are paying the price for taking the risk
We do n't look at this as a major problem for us she said
It 's going to be the leading edge technology in personal computers for the next few years
The real tragedy though lies not in the family 's circumstances but in its concern for appearances
Unless of course it happens to be run by the Rothschilds
Yet the Rothschilds do n't deny an emotional element to the decision
Indeed the competition is n't greatly concerned
The return of the Rothschilds is modest
Yet the group 's limited resources makes it a niche player
It was our first acquisition he says and it was a mistake
Some companies are cutting costs and hoping for the best
I would n't say we 're out of the business
Lawmakers in both houses support the higher level
But we still see this as an opportunity to discuss many many very important issues
All the ships are covered by loan guarantees from a state export financing agency even though it 's not clear whether they will actually be built
State loan guarantees are rarely a source of controversy
The government in turn guaranteed financing to complete the order backlog and took control of the board
I do n't know how much got through
So you get an idea of the leverage there and elsewhere that our market for drugs has brought about
I welcome the emphasis that is now being put on the drug problem
We designed a comprehensive program and we worked hard on it
Our international efforts were far greater than ever before
With these incentives demand creates its own supply and a criminal network along with it
They wo n't have that incentive because they wo n't have that market
I find it very difficult to say that
They do n't even want to talk to you
No politician wants to say what I just said not for a minute
There 's some price at which we 'd stop bidding
He would n't specify what it was
They merely collect campaign contributions from developers that help keep them in office
They are often closed to the public and no minutes are taken
Members find it easy to doctor legislation by slipping in special provisions that could never survive in the cold light of day
But increasingly people are questioning that view and the critics include some of the country 's most successful investors
And those who remain he says will demand a higher return and over time raise the cost of capital to companies
The fundamentals do n't change in an hour he says
I think they should close down the futures exchange and then we could get back to investing
It is n't investing
But stock-index futures have plenty of support
They note that stocks experienced volatile swings long before futures
Futures he says merely cut down on trading costs
Since stock-index arbitrage merely narrows the gap between prices in the futures and stock markets it ca n't add to volatility he says
Despite the current outcry over stock market volatility few people expect stock futures to disappear
And traders say that futures have become an accepted part of the financial landscape
Many investment managers say futures are useful as a way to hedge portfolios
Many investment managers say futures are useful as a way to hedge portfolios
That gives futures traders a lot more power
Some critics say futures encourage people to think of stocks as a single commodity rather than as investments in individual businesses
But owning index futures is n't the same as owning the underlying stocks
Now it 's getting downright dangerous
They said they wanted to show me how serious they were he says
But we 're just too nervous
They ought to be able to do this
Odds and Ends
However those sales were early in the field 's history before production equipment was installed
Terms were n't disclosed
In the additional time they provide even more order imbalances might pile up as would-be sellers finally get their broker on the phone
But would n't it be more efficient and effective to supply such support to the stock market directly
But this could be a case where we all might go broke if it is n't fixed
That in turn could substantially reduce the value of the television assets
It 's all I think about or talk about
For the government it has become a highly volatile political issue
The result is that those rich enough to own any real estate at all have boosted their holdings substantially
Under those measures financial institutions would be restricted from owning any more real estate than they need for their business operations
It 's hard to accept all the suffering people are going through but you have to
If you do n't you ca n't do your job
You have to count everything
Sometimes repairs are out of the question
A year later she moved to the commercial property claims division
I really do she says
We can lose money on this he says
So many Californians believe they can get by without it
But tremors are likely in the junk-bond market which has helped to finance the takeover boom of recent years
People who remain in junk funds now could get hit again some analysts and fund specialists say
And then asset values of the funds could plunge more than they have so far
The defendants could n't immediately be reached for comment
The company said it is n't making a commitment to purchase a specific number of shares
I believe the risk for each individual stock selected by your pros is very large
This means the returns can vary a great deal
I really want to see that happen again
So the administration dropped it
So what does consensus mean
But that is something the president ought to know before he goes ahead
The lawyers are now in charge of our national security
Americans may not be so lucky the next time
The British economy is hardly the picture of health these days
The only question is how deep is it going to be
It 's difficult to see that there 's going to be enough business to go around
It all adds up to a cold winter here
Not a great deal
Pricing terms were n't available
And defense lawyers are warning that they wo n't stick around if they do n't get paid
The thrift and the holders had suspended their lawsuits as part of the agreement
And business investment which slowed in the third quarter according to yesterday 's report is expected to continue to be sluggish
He added Inflation is lower than I think people expected it to be and I think that 's good news
I do n't think it 's anything that 's going to cause a downturn in economic activity
But it will slow production
Lawyers for the company and executives could n't be reached for comment
Both moves are effective today
Over the years the world 's stream of oil has been growing heavier
And some oil companies are trying to lock in future supplies
We 're trying to get it on line as soon as possible now
The shift wo n't affect operations
How did this happen
Prices fell marginally for fuel and electricity
The market was caught totally the wrong way
The company is being acquired
Both moves are effective today
The dollar was barely changed against the West German mark and up marginally against the Japanese yen
In major market activity
The dollar was virtually unchanged
It is unclear what effect the sale of the shopping centers will have on earnings
The French analysis goes further
The finance unit attributed the decline to higher borrowing costs compared with a year earlier
This is a classic example of the old saying The whole is greater than the sum of its parts
The charge on loans to brokers on stock exchange collateral
Negotiable bank-backed business credit instruments typically financing an import order
These rate indications are n't directly comparable lending practices vary widely by location
It has always been so
Certainly I do not
To ask those questions is to answer them
It may stand as a metaphor for how wide and deep the divisions in that society continue to be however we try to deny their existence
The trend is making advocates of the tax cut less optimistic about success
Other Democrats who favor a capital-gains cut are even more pessimistic
I 'm probably not going to vote for any capital-gains proposal
Other possibilities include a child-care initiative and an increase in the minimum wage
We believe that the vast majority of imported material is safe
But there is a small risk that some were imported with high radiation levels
Most popular acquisition method the leveraged buy-out
BRIEFS
The current ruble rate has long been out of line with the black market
Unless other rules are changed the devaluation could cause difficulties for the people it is primarily meant to help Soviets who travel abroad
The executives did n't disclose the size of the expected gain
Japanese auto makers are known for coming up with funny names but this year the practice seems to have reached a new high or low
Such loans often are used to finance leveraged buy-outs and the agency is worried that a sharp market drop could create capital problems for the firms
I do n't see this as a debt reduction exercise
Though direct mail to businesses is n't broken out separately the association says it 's growing even faster
They 're going to decide what their employees can or can not read
The practice is however legal in most cases
And before it does they 're trying to cut back on the clutter that created the situation in the first place
Terms were n't disclosed
I will be the first to agree that there is much to be found wrong with modern movie making
And why not
This is not the case
Everyone falls in love with everyone else
Like lawyers in the hostile takeover field the baby goes where the money is
The animals ' point of view
But many have
Among the rules
Not to mention a generous federal pension
I feel better than I ever have in my life he says
But it does n't always work so smoothly
This whole experience has been an opportunity for internal growth he says
What accounts for the difference
After that it will make a final decision on the policy
The high-tech industry is full of the kind of arrangement that the new guidelines would affect
Indeed institutions already are taking note
The damage is already done
If tests indicated a low number of red cells blood was n't taken
And you can look to the leadership and ask them why that is the perception of the American people
The broker winning the business does n't charge commissions but instead profits by buying or selling for less than the overall package price
That puts the broker at risk if it 's trying to buy stock in a rising market
Are those declines enough to signal a partial return to stocks
But he may not have a choice
Some of the would-be reformers however want to restore an arrangement we once had or at least part of it
He said that when he was on the board he felt that he had a great deal of power and somehow he did n't think that was a good thing
In other words it was offsetting purchases of marks and yen by buying dollars in the domestic money market
The dollar is still highly volatile
Yet at the moment they are the judges who are making the law
No such statement appears on the tapes
We now know that the words were not always his own
The historical profession will survive these decisions
But no ethical physician would switch patients who were doing well on a specific medication from a specific manufacturer to prove a point
For whom is the saving
Trouble is junk bond prices have been weak for months
Share prices performed even worse than the funds ' asset values because fear has taken hold in the junk market he says
Such problems may not be over
In a typical leverage strategy a fund tries to capture the spread between what it costs to borrow and the higher return on the bonds it buys with the borrowed money
Fund managers for their part defend their use of leverage
The fund made a similar move earlier this year
She declined to elaborate and would n't disclose the fund 's recent purchases sales or cash position
When the market turns around she says it will give a nice picture of how leverage can help performance
But a few funds have taken other defensive steps
Some have raised their cash positions to record levels
Other funds have recently sold weak junk bonds to raise cash
At some point if we are unable to cover our leveraged cost and at the moment we 're right on it we 're going to have to make a move
It wo n't happen again
It was the plunge that did n't happen he says
I view this as a building
At the core of it all is a love for plants
I 'm not going to address questions of safety
He previously held similar responsibilities
Proceeds of the issue will be used for general government purposes
No schedule for formal talks was set but meetings are expected to begin soon
Terms were n't disclosed
At the core of all this stands a hotel
There 's a casino the financial heart of it all
Where 's this huge amount of investment capital coming from
Will the investments pay off
The ferocious competition probably will drive some poorly managed properties into bankruptcy or new ownership
It has happened before
If you do n't know what you are bigger wo n't make you better he says
We ca n't lose sight of that
He was performing for pay and why should anyone expect anything more
There is evidence to support that view
If there is no law against it do it
That is the key to the current national disease
Thus no standards no judgment and no values
The price was n't disclosed
The value of the company has changed
It added that no discussions about such a sale are under way
Those of course were the responses of people with something to hide
What seem to be interpreted as great conflicts are relatively minor issues of tactics he said
He did n't elaborate
In other words economic growth would be lower and unemployment would be higher for a few years
Even so his bill is given little chance of passage
We certainly see an increasing trend toward that she added
The security business is my favorite subject
I love this business he says
If we had it might have scared us off he says
As this is now a litigation matter we have no further comment
And then there 's the case of the missing gold watch
Their approach did n't work mine is
Traders said the buy programs came from very large institutional accounts that were also active in the stock-index futures markets
He noted that institutional investors showed pretty general interest in stocks in the latest session
The administration lacks a comprehensive health-care policy
It is expected to report next summer
The pressure for change will rise with costs
It is widely expected that they will
The increase is on the base price which is already being discounted by virtually all steel producers
But analysts say the company is also trying to prevent further price drops
He is n't convinced though that the price decline reflects falling demand because the world economy remains relatively strong
It wo n't be clear for months whether the price increase will stick
Since the value of its assets was n't known analysts were free to pick a number
But value it turns out is only what a buyer will pay
But it is n't clear why that should be so
And real estate usually has n't traded well under public ownership
Some analysts remain bullish
In other words The real estate has a higher value than the pending deal suggests
Democrats want the tax provision to be a separate bill subject to the usual procedural obstacles
Democrats want to avoid having to make that choice by making the capital-gains tax cut an individual bill
In other personnel changes stemming from problems in its options unit
These complex products require close monitoring because each must be valued separately in light of current market conditions
Not a lot was needed to be done
Daffynition
At the same time though it must become more structured to better manage its growth
What I hope to bring to this is another word process
That 's my challenge
But demands on the company 's creativity are certain to grow
The reason environmentalists do n't mind seeing new crises arise is because there are new crises
An important part of my effort has been to understand the science so I can explain it to corporate colleagues facing major changes in product design
The company put up virtually all of its oil and gas properties as collateral he said
But they caution conservative investors would do well to sell into the strength
Some even claim the group has become a lagging not leading indicator
The trading has been blamed for much of the market 's recent volatility
The value of the transaction was n't disclosed
The vote to approve was
Several other banks have similar applications pending
Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates
Estimated and actual results involving losses are omitted
Otherwise actual profit is compared with the 300-day estimate
By the end of the day bond prices were mixed
Corporate bonds were unchanged
Short-term rates also were mixed
Corporate Issues
Mortgage-Backed Securities
Foreign Bonds
Most foreign government bonds markets were quiet
His comments were interpreted as a sign that higher interest rates are possible
Japanese government bonds showed little change
They are just too busy to meet domestic demand and have little room for overseas shipments the official said
The company did n't specify reasons for the strong earnings gain
We simply do n't agree with that or the findings of their investigation
The exchange also may step up its disclosure of firms engaged in program trading these people said
The exchange has a board meeting scheduled for tomorrow and it is expected that some public announcement could be made after that
It did n't work
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
But he has been getting heat from all sides over program trading
If bringing the message is a crime I 'm guilty of it
Each one has a different agenda
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
We have a major problem and that problem is volatility
No way
If housing prices continue to fall many borrowers would be better off walking away from their homes and leaving taxpayers with the losses
If not now when
I do n't think that is the case
It is hoped that other Japanese would then follow the leader
Despite all the furor over program trading program trading played a big role in yesterday 's rally
That 's what happened yesterday
In major market activity
Bond prices rose
The dollar gained against most foreign currencies
It 's as if investors the past few days are betting that something is going to go wrong even if they do n't know what
Indeed that happened to some extent yesterday as industrial stocks rebounded partly on news of takeovers in the paper industry
With this sort of sentiment common it 's natural for investors to seek out defensive investments
Such defensive issues as food tobacco and drug stocks have been in favor for some time
But many of these stocks have now become expensive
If gold stocks and utilities continue to lead it may signal that the market is in for rough times
You do n't want to own anything long except gold stocks
I think we could very well have an economic slowdown beginning very soon if not already he says
In such a climate utility stocks look good to him
You go into them because they move counter to the general market
But a bunch of utilities should post profit increases
As for gold she notes that it usually rises when the dollar is weak as it has been lately
They said they wanted to wait for the outcome of any government investigation before deciding what to do
The dollar and bond prices also closed higher
Markets
It is a considerably delayed reaction and it 's not a severe one at all she added
Despite the big increases in health-care costs wages still account for a far greater share of overall labor costs
Labor costs are climbing at a far more rapid pace in the health care industry than in other industries
Unlike most economic indicators none of these figures are adjusted for seasonal variations
Terms were not disclosed
It was just the culture of the industry that kept it from happening
But such a combination also presents great risks
That means goods could be manufactured closer to customers saving shipping costs he said
But he said that even under those conditions the company still would realize a savings of tens of millions of dollars in the first year following a merger
The fit is so good we see this as a time of opportunity he said
Investors were quick to spot other potential takeover candidates all of which have strong cash flows and low-cost operations
He added Every paper company management has to be saying to itself Before someone comes after me I 'm going to go after somebody
Several projects he said are still on the drawing board
The Japanese discount rate is the central bank 's base rate on loans to commercial banks
West German interest rates he said will remain unchanged
But he warned the currency will remain at risk
We 'll raise it through bank loans
We 'll raise it through new equity
The announcement fueled speculation for future advances in the shares
A few blue-chip stocks posted strong gains boosted by special factors while the majority of shares ended little changed
The percentage change is since year-end
The company said its directors management and subsidiaries will remain long-term investors and wo n't tender any of their shares under the offer
She said the Canadian restrictions must be removed before such contracts are concluded
Now as for tomorrow hell who knows
The value of the acquisition was n't disclosed
It was a pretty wild day
In fact some economists contend that the latest easing started last week
Some traders said the high-yield market was helped by active institutional buying
But as Japanese stocks rebounded Treasurys retreated and ended just modestly higher
It could do damage to us
Here are auction details
Rates are determined by the difference between the purchase price and face value
Thus higher bidding narrows the investor 's return while lower bidding widens it
Corporate Issues
There were no new issues
Foreign Bonds
Foreign bonds surged as the dollar weakened against most major currencies
Mortgage-Backed Securities
There was no new-issue activity in the derivative market
Municipals
Now we are looking for the time to place buy orders he said
For us institutional investors the chance for buying has come
The percentage change is since year-end
We tend to run a very tight book
He was right
This market has been very badly damaged
They saw an opportunity created by the sell-off
This is panic buying
You know what the law of averages is do n't you
When it goes you never know when you 'll get it back he said
That 's baseball
The price was n't disclosed
When asked What went wrong the unfortunate victim replied It was a combination of things
Both took further hits yesterday
There 's nothing unusual about business groups pushing for more government spending
We 've taken more than our fair share
I would n't have a problem if other programs had taken a similar hit
The real key is to have the economy working and interest rates down
Is this what the home builders want
Many went bargain-hunting
At first it seemed as if history might repeat itself
Many other factors played a part in yesterday 's comeback
This is panic buying
What we had was a real old-fashioned rally
Asked what stocks the computer bought the money manager says I do n't know
Not everybody was making money
The market closed minutes after reaching its high for the day of
I much prefer money I can put my hands on
The public is still cautious
The company said that for financial reporting purposes last year it took tax credits that will be recognized for tax purposes this year
Not only Californians but all Americans would pay if this thing passed
But if rational science and economics have nothing to do with the new environment initiative what is going on
The first place to look under these circumstances is at the ways in which the sponsors themselves will benefit
He 's running for governor
There were n't any extraordinary items
We are only going to sell at the right price
Both the union and the regional telephone company said they were working together to resolve differences
The offer which also includes common and preferred stock purchase rights was to expire last night at midnight
First there was a death watch
It 's just a strange feeling
They did n't
With program traders seemingly in charge buyers backed away from the market and watched stocks fall
And this time it was n't just the program traders who were responsible
All the selling had pushed stocks to such cheap values that big investment banks and major money management firms started buying stocks heavily
The program traders were in there too of course
It was orderly
We put some orders together
But not everybody was making money
This time institutions saw the programs coming and backed away and backed away
And yesterday the top performing industry group was oil field equipment issues
Obviously every time we get this kind of reaction it 's going to make everybody nervous including me he said
They used their judgment
They did n't panic during the first round of selling this morning
Instead they bought on weakness and sold into the strength which kept the market orderly
Maybe they learned from experience
Markets
He did n't elaborate on other asset sales being considered
But they search for ways to limit the damage
They said the exchange 's trading procedures personnel equipment and links with other exchanges could n't have performed better
All the things that we set up to slow down the process to let people know that the market was in an extreme position worked extremely well
It declined to discuss its plans for upgrading its current product line
We have sufficient cash flow to handle that he said
It also said the tender offer would probably have to be extended further to complete financing arrangements
Of course it was
We 're about to see if advertising works
This time around they 're moving even faster
This time the firms were ready
A lot of investor confidence comes from the fact that they can speak to us he says
To maintain that dialogue is absolutely crucial
We had to think about it ahead of time
We continue to feel that the stock market is still the place to be for long-term appreciation
We do n't think at this point anything needs to be said
But it remains to be seen whether their ads will be any more effective
Ad Notes
Terms were n't disclosed
Terms of the agreement were n't disclosed
The company said it will buy additional shares from time to time in the open market or in private transactions at prevailing market prices
Trading in cotton and sugar was nervous and showed small declines
Silver performed quietly
There 's a good chance that gold will retain its gains and rise further he said
He expects a drop in interest rates which would help gold by keeping the dollar from rising
Until yesterday futures prices had been headed up on expectations that world oil demand will continue to be strong
That selling continued yesterday and kept prices under pressure he said
That has n't yet captured traders ' attention he added
Futures prices declined
The prices of most grain futures contracts rose slightly yesterday out of relief that the stock market was showing signs of recovering
Profit from trading for its own account dropped the securities firm said
This time however many small investors may have been hurt by acting so swiftly
Everybody was still confident including most institutional investors
Trading was driven primarily by small investors and speculators with large institutions waiting on the sidelines until late in the day
The loss of more customers is the latest in a string of problems
But some fast-food industry analysts say problems with keeping chicken warm and fresh must be solved first
But the company declines to comment
But such spots can be too soft
It 's a question of how much credibility you gain for the possible loss of recognition
Our intent is to promote the best alternative he says
Yet parents demand them
Odds and Ends
But markets can operate with greater or lesser efficiency
As liquidity on that market weakened prices fell sharply
It therefore makes no sense for each market to adopt different circuit breakers
To achieve maximum liquidity and minimize price volatility either all markets should be open to trading or none
The proposed changes all make a lot of sense to me he added
Good will is the excess of cost of an acquired firm operating unit or assets over the current or fair market value of those assets
Why all the interest
You can shift out of reality with black and white he adds
It is n't ordinary like color
Some companies are starting to tackle that problem
Other companies are introducing related products
You ca n't say the same with black and white
That 's the appeal
The charge on loans to brokers on stock exchange collateral
Negotiable bank-backed business credit instruments typically financing an import order
These rate indications are n't directly comparable lending practices vary widely by location
The final package is expected to be announced within the next week
A department spokesman said the ruling raised a serious question about the office of the president
This is how American women won the right to vote
The trend is making proponents less optimistic a tax cut will pass
Markets
The Japanese want us to accept their culture but they refuse to accept the American culture
Japanese managers ca n't expect Americans to behave as if they were Japanese instead they must manage Americans as Americans
But the Japanese insist upon Japanese managers everywhere they set up shop
Obviously not
People are sort of nervous to do anything in the market now
The gross national product report due to be released before today 's opening is expected to show that the economy continued to expand in the third quarter at a moderate pace
The company also posted third-quarter earnings that were in line with analysts ' forecasts
Other airline stocks were mixed
Also the company posted improved third-quarter earnings
The company said its shipments declined as a result of a reduction in inventories by service centers a lackluster automotive market and increasing competitive pressures in the construction market
X-rays have problems too
But we 're still at the beginning stages of some of these changes
Terms were n't disclosed
Trading was active
But losers were spread in a broad range by the end of the session
They said they expect the bearish mood to persist a while longer as trading volume is falling toward the end of the year and the market is becoming more volatile
The percentage change is since year-end
But some analysts remain sour on the company
There 's contract revenue from limited research and development partnerships
He could n't be reached and a company spokesman would n't comment on the dismissal
The good news to fans of stable credit at least is what the rejection says about the state of mind of junk buyers
Apparently they are learning to say no to excess risk
And investors at least for now took a pass
Banks may contribute more senior debt
And the total amount of junk financing will be reduced
As he sums it up We are listening to the market
We were concerned that they were n't going to generate enough cash for capital spending and also to pay down debt says a big investor in high-yield debt
The prospectus notes there can be no assurance that future growth will continue at past levels
In the recent past bond buyers did n't seek such assurance
Now apparently they do
The agency noted however the estimate will likely be confirmed
Big financial stocks carried the day
If we get a decent rally today maybe the buyers will come back
There 's a lot of uncertainty out there and it will cause a lot of swings he said
Other stocks were affected by corporate earnings
I 'm now monitoring every major account
People wonder what 's going to happen next
Because of those concerns some manufacturers say they will ask for letters of credit before shipping spring merchandise
I 'm going to ship and hope I get paid
If I need to ask for money up front later I will
We 're confident we 'll be paying our bills for spring merchandise as well
The stores they work for may be sold
What that will mean for manufacturers is anybody 's guess
We expect they will be current with their debts by the end of the week but we are considering asking them for letters of credit before we take more orders
Business has never been this tough before
Not only does your product have to be excellent but you also have to be able to collect
Other manufacturers are equally cautious
This limits his financial exposure he says
Why should I be part of that problem
Many Japanese companies expect record profits this fiscal year and Japanese interest rates though up a bit recently are still low
Not everyone is worried however
The investment boom is mainly sparked they say by strong domestic demand and is n't likely to increase exports sharply
Moreover much investment is n't aimed at increasing capacity
Until now we were trying to increase productivity with the facilities we already had
But we ca n't produce enough anymore
We have enough products to make and the markets to sell these products
If excess capacity develops they say not everyone will suffer
The losers will be those with the least attractive products and many of them analysts think will be foreign companies
We do n't think this will affect that
It has not however made a formal proposal
That level of production is n't of much concern as long as demand continues strong analysts said
In other commodity markets yesterday
GRAINS AND SOYBEANS
Futures prices rose modestly but trading volume was n't very heavy
Several cotton analysts said that the move appeared to be mostly technical
Traders who had sold contracts earlier in hopes of buying them back at lower prices yesterday were buying contracts back at higher prices to limit their losses
None of the officials was available for comment
It added that it is apparent that any terms of a combination would be substantially less favorable than those previously announced
If they ask advertisers to absorb the costs they 're likely to lose all but a few who need sports above all
And they 've bought one
And the winners will be the colleges not either network
Nor by the way advertisers
The market changed he adds
That is n't surprising
Moreover sports is hardly the best way to lure adult women
It 's too early to tell what happens after that he says
I would tend to trust their judgment
What you 're really asking is Are the profit and loss margins anticipated on the events acceptable to management he says
Then he answers his own question
Yes they are
That 's the only question we need to address
It 's a whole new generation he said
The first models will ship in the spring with the largest following in the fall
We have a good strong backlog for the fourth quarter even without the systems that were announced yesterday
Some claim they suffered losses because they sold while he was buying and others because they bought while he was selling
There are no agreements yet
The limited partners include insurance companies financial institutions and individual investors
But if you support him over rape victims this may be your last term
If you have both labor groups on strike you 've got no revenue and that 's a very scary thing for a bank to be looking at
Just this past week a leading Japanese bank asked for a meeting with the machinists ' union leaders to determine where the union would stand if another bid or recapitalization became possible
That gives them both the threat of a strike and the ability to resist any wage concessions that may be necessary to make a transaction work
Both the pilots and machinists have made it clear that they intend to block any transaction they do n't like
On the other hand the machinists have always opposed majority ownership in principle saying they do n't think employees should be owners
Still in recent days machinists ' union leaders have shown some new flexibility
If a compromise ca n't be reached the pilots maintain they can do a transaction without the support of the machinists
Who would the board be working for the public shareholders or the pilots she adds
She also notes that even if the pilots accept a minority stake now they still could come back at a later time and try to take control
But again they may need the help of the machinists
The pilots wo n't let them
The new stock baskets are going to make it easier for program trading to be done
And it 's going to be done more frequently as the result of having more access to it at different places
In index arbitrage program traders buy and sell stocks and stock-index futures to profit from small price discrepancies between the markets
Neither has plans to be a market maker for now
Traders said major securities firms are reluctant to become market makers because they fear the baskets may attract only limited trading
It 's hard to know right now if the change is fundamental or cyclical
Some lawyers say the slump while more obvious in recent weeks began earlier this year
Still some lawyers say the mergers slowdown has n't affected foreign buyers as much as domestic ones
But the question is whether things people are looking at will actually surface in live transactions in light of the current market conditions
The plan is subject to approval by the bankruptcy court and others
He could n't be reached for comment
The unit said it can provide no assurance a transaction will occur
Given the weakness of the junk-bond market can he finance a buy-out
For years he quietly stuck to the back accounting rooms wearing a hat to work because everyone else did
I do n't think most of the people that have been around me would ever say they 've seen me pound the table or get angry
What he really wanted to know was about a particular company but you did n't know that
People got rich through takeovers in those days as they do today
An announcement is more likely next week though
That would hold spending on the program at about the previous year 's level
This occurred partly because of more competition as the number of new businesses surged
Analysts had mixed responses to the results
But my daughter could n't until she was too ill to take it
My first reaction is I do n't understand why it 's taken so long
He declined to disclose specific prices but said each product costs in the tens of thousands or even hundreds of thousands of dollars
The remainder is held by the public and by family interests a spokeswoman for the French group said
Terms were n't disclosed
But devices are there for the asking whether in stores or through the mail
But the only way you can find out how your people are doing is by listening
Sometimes he says we 'll pull someone off the phones for more training
Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates
Estimated and actual results involving losses are omitted
Otherwise actual profit is compared with the 300-day estimate
The cash dividend paid on the common stock also will apply to the new shares the company said
We wo n't comment on them
But it 's in very early stages still
The suit says the company failed to disclose material adverse information about its financial condition
They said Too bad so we finally said we 're not going to do business with them
It has never been interested in what we think
The impression I 've got is they 'd love to do away with it program trading but they the exchange ca n't do it he said
The company said its quarterly results are now being publicly filed as the result of the formation earlier this year of employee stock investment plans
But a reduction in one-time gains on the sale of various assets and an increase in the company 's provision for loan losses held down the earnings gain the company said
Proceeds will be used for capital expenditures and working capital
A separate study of the extent of employee misconduct linked general job satisfaction to property loss
But technical factors including modest gains in the value of the pound helped draw buying back into the market and reverse losses posted a day earlier
The percentage change is since year-end
But the partners did n't believe the market for the systems was developing as rapidly as they had hoped
Proceeds will be used for working capital and general corporate purposes including expansion of the company 's operations
Proceeds from those sales will be used to reduce debt
Both returns do n't include any tax credits
That 's something they can do very well
The defense electronics concern attributed the operating improvement to higher profit margins and lower net interest expense
The order is the biggest in the company 's history
He added I expect to see the earnings momentum we experienced this quarter continue for the rest of the year
Daffynition
To be sure the stock still has a lot of fans
I do n't know what the risk is of holding the stock
But some money managers are doing just that
There 's no more growth in the tax business except for increasing prices the money manager added
Apparently so
It 's a trade secret how many were plastic and most writers still do n't know what they 're using
The percentage change is since year-end
The secretary would be required to block an acquisition if he concluded that it would so weaken an airline financially that it would hurt safety or reduce the carrier 's ability to compete or if it gave control to a foreign interest
Although the legislation would apply to any acquisition of a major airline it is aimed at transactions financed by large amounts of debt
Supporters of the bill are concerned an airline might sacrifice costly safety measures in order to repay debt
The panel 's action occurs in a politically charged atmosphere surrounding recent buy-out proposals their apparent collapse and the volatile conditions in the stock market
Such authority is more than adequate say opponents of the legislation
There is n't a black worker in sight
They do indeed want their own nation
Their idea is to create a city first and then an entire nation without blacks
But not here
If we want to survive as a people he says we have to change our way of life
People took separate development as an opportunity to use black labor without ever getting rid of it
But my father meant it to mean real separation says the son
We 'll leave them alone
We just want to have our own cup of tea
And they will even serve it themselves
It will continue to be sold in the European market
But the brand had trouble from the start
Apparently however the improvement came too late
The district built on landfill suffered heavy quake damage including collapsed buildings
The stock market reacted strongly to the news
Where do Americans put their money
It depends on when you look
But other figures are surprising
Housing for instance has remained a fairly steady component of household assets over the past decade although common wisdom would have expected an increase
But it has n't increased much relative to other assets
And housing though it appears in the popular mind as being the major growing household asset is n't
The incentives boosted sales for a while but the pace had cooled by last month
If people are n't buying you have to close plants he said
Thus we have a condition that is easily described as undemocratic
They would not solve the problem they would make it worse
The answer seems perfectly clear
Critics of the present arrangement are correct to say that it is undemocratic
To leave this decision to an independent agency is not only undemocratic
It is not the kind of thing that is likely to be enacted however
People will say that the nation and the government have other objectives in addition to stabilizing the price level which is true
The government has other agencies and instruments for pursuing these other objectives
The charge on loans to brokers on stock exchange collateral
Negotiable bank-backed business credit instruments typically financing an import order
These rate indications are n't directly comparable lending practices vary widely by location
Now we 're going to sell to men
We 're in no way committed to a deal going through at all
We 're not rushing into anything
We do n't want to be party to a second rejection he said adding that coming up with a revised offer could easily take several weeks
Company officials could n't be reached
State officials could n't be reached for comment late yesterday
Some found it on the screen of a personal computer
Only a few books fell in the reading room
My younger daughter and I are fine
This building shook like hell and it kept getting stronger
The house just settled right down into the ground
I actually thought that I might die
I have felt many aftershocks
I think a few of the aftershocks might just be my body shaking
It 's hard to believe this really is happening
It runs out frantically now and then and is clearly pretty distressed
Today should be interesting as people realize how hard life is going to be here for a while
I was just sitting down to meet with some new therapy clients a couple and the building started shaking like crazy
I wonder when we 'll be able to relax
I agreed
It is
The dollar finished mixed while gold declined
Energy prices continued to fall at the retail level but economists worried about a big rise in wholesale energy costs
The rapid recovery continued to be fueled by growth in consumer loans higher interest margins and only minor loan losses
Markets
Sales of new homes rose and inventories of houses which had been climbing dropped
We 've kind of settled now into an interest-rate environment that 's fairly high
All the numbers were adjusted for normal seasonal variations in building activity
Terms of the agreement were n't disclosed
He added though that a lot of this is intentions
We 'll have to wait and see how the plan develops
That can be expensive because the problem may not be noticed for a while and the sheets are typically thrown away
Investors should stay with their stocks
The downside is limited
They offer these suggestions
Most people do just the opposite They sell their winners and keep their losers
If earnings do n't live up to analysts ' expectations he says that 's enough to dump the stock
An earnings disappointment may reflect a situation that 's short-term
Which types of stocks currently have the greatest earnings risks
There 'll be fewer and fewer deals
Moreover many financial advisers say individuals should be in the stock market as long-term investors not as traders trying to catch the next hot stock
In general they say avoid takeover stocks
You eliminate companies with substantial prospects that are moving up in price
This plays right into the hands of the advertising agencies
This is football country
Her findings
And ad agencies insist that they do
It 's part of our style too
It says it may pull its clients ' ads from those magazines
The report suggested that current review programs are too narrow
The unnecessary and inappropriate use of the hospital and not the actual need for a particular procedure has been the main focus the panel said
Part of a Series
It 's a horrible machine actually
The fitness craze itself has gone soft the survey found
That 's good news for marketers of walking shoes
But even that group knows some people do n't use their machines as much as they should
The second is they do n't have enough discipline
I 'm using it a lot she says
I spent so much money that if I look at it and I 'm not on it I feel guilty
Of course that is n't really the case
But even that goal may prove optimistic
Only about a quarter of the respondents said they exercise to lose weight
They 're not there to work out
But at least they show up
It 's good exercise he says
But it would just mean a great first and second quarter next year
Here are details of yesterday 's three-month and six-month bill auction
Rates are determined by the difference between the purchase price and face value
Thus higher bidding narrows the investor 's return while lower bidding widens it
In stock-index arbitrage traders buy and sell large amounts of stocks with offsetting trades in stock-index futures and options
The idea is to lock in profits from short-term swings in volatile markets
We were following the trend of our competitors who were under pressure from institutions he said
At the firm 's annual meeting last night he told shareholders that index arbitrage wo n't go away despite the public outcry
It 's not going to stop it at all
He said there is no valid investment reason for stock-index futures to exist
But he said we have too many plants in our system
So the older or most inefficient capacity has got to go
The result
The monthly trade deficit figure is limited to traditional merchandise trade manufactured goods and raw materials
These revised figures also may explain some of the recent strength of the dollar
What does this mean for trade policy
They said the problems are n't safety related
The far left had some good issues even if it did not have good programs for dealing with them
Now he can go further
He should do more to reduce tax rates on wealth and income in recognition of the fact that those cuts yield higher not lower revenues
Terms were n't disclosed
The odds are against him as he himself would no doubt tell you
The ultimate outcome depends on what he does not on what we do
They wo n't do that very often today at all
They 're looking for something that 's very safe
Money is n't the only reason for the shift in practice preferences
This is a change in the social fabric of medicine he says
It helps us and them while they 're here and it certainly makes them a better health-care team when they get home
Odds and Ends
He said many portfolio managers whose year-end bonuses are tied to annual performance are selling now rather than risk seeing their gains erode further
That 's helping put pressure on both the market 's winners and its losers
The selling by money managers and individual investors is turning traders bearish as well
They also established an office to control government and party finances
The laws take effect next month
The current backlog of orders is strong throughout the corporation he said
But there are no scientific data on this question
Some abortion advocates have been asking themselves this very question
A spokesman for the buy-out group was n't immediately available for comment
The issue is far-reaching
Do you think the British know something that we do n't
The timing for change was right
The change prompted the rise of discount brokers and a reduction in securities research firms
Neither is going to back down easily
An emerging understanding of the genes is expected to produce an array of new strategies for future cancer treatment and prevention
That is for the future
Already scientists are developing tests based on the newly identified genes that for the first time can predict whether an otherwise healthy individual is likely to get cancer
All this may not be obvious to the public which is concerned about advances in treatment but I am convinced this basic research will begin showing results there soon
He believed colon cancer might also arise from multiple hits on cancer suppressor genes because it often seems to develop in stages
It may even be possible to replace defective genes with healthy versions though no one has come close to doing that so far
Yesterday 's edition did n't specify where the improvement would take place
Indeed some individuals identified with the group said they have n't committed any money to the bid and were n't aware of it until they heard about it in local news accounts over the weekend
Now everything such as program trading and wide stock market swings that everyone had pushed back in their consciousness is just sitting right there
And some fund groups said investors actually became net buyers
But the stock market swings have continued
Big withdrawals from the junk funds have continued this month
Many small investors went for the safety of money market funds
Analysts say additional investors transferred their assets into money funds this month
If that follows through next month then it will be a different story he says
Investors in all funds will seek safety in the coming months some analysts say
c Yields adjusted for constant maturity
The dollar finished mostly stronger yesterday boosted by a modest recovery in share prices
But others reject the view and forecast the dollar will continue to hold its current tight trading pattern
The charge on loans to brokers on stock exchange collateral
Negotiable bank-backed business credit instruments typically financing an import order
These rate indications are n't directly comparable lending practices vary widely by location
No charges were brought against her
The amount of the settlement will be taken as a charge against earnings in the fourth quarter
Many analysts question management 's credibility
The company did n't put out a public announcement
Now it offers richer commissions to lure a broker a week
Employees like the option but firms say it 's too tough to run
Some even study
Is somebody telling us something
The spirits of course could hardly care less whether people do or do n't believe in them
I 've never met a ghost that could n't be explained away by perfectly natural means he says
There are some things that have gone on here that nobody can explain she says
It happens
She declines to show them
This time though he says I think we got it
How do you prove a negative
And that in turn would only strengthen the argument of those who oppose execution under any circumstances
Call it disaster marketing
Sometimes the ads attempt to raise money always they try to boost good will
What did we get out of it
We got some exposure and pretty much good will
The ads are just the latest evidence of how television advertising is getting faster on the draw
The ultimate form of charity is when you do n't tell anyone
He felt we should be giving something back
But she has no problem with that she says In the meanwhile they 're helping us
Ad Notes
NEW ACCOUNT
The association attributed the drop to a trend among auto makers to move manufacturing operations overseas
But the Japanese have to go a long way to catch up
Moreover Japanese offices tend to use computers less efficiently than American offices do
But the complex language is n't the only reason
With little competition the computer industry here is inefficient
Corporate pride as well as the close ties common among Japanese manufacturers help explain why
The result according to many analysts is higher prices and less innovation
There are no price wars no competition
But the market is changing
Meanwhile more computer makers now are competing for the new business
But it could also help American companies which also are starting to try to open the market
Though no formal trade barriers exist the Japanese computer industry is difficult for outsiders to enter
But the Americans are also to blame
They long made little effort here
Critics also say American companies charge too much
But it 's an enormous business opportunity
At the same time he must give it sufficient freedom to provide the economic benefits so desperately needed
Drug companies lost a major liability case
Markets
Terms were n't disclosed
Not even an earthquake
I was shaking the whole time
All this has led to prolonged selling in futures mostly on the part of computer-guided funds
A recent attempt to resume operations was cut short quickly by these attacks
But that development also had little effect on traders ' sentiment
In other commodity markets yesterday
GRAINS AND SOYBEANS
Futures prices rose slightly in a market filled with rumors that a new international coffee agreement might still be achieved
PRECIOUS METALS
Futures prices showed modest changes in light trading volume
There was some profit-taking because prices for all the precious metals had risen to levels at which there was resistance to further advance he said
Would n't the Japanese like a piece of it
A main motive is hard cash
The Soviets are contemplating a flexible system under which it would be possible to develop technology jointly and even to market it jointly he says
And what they have shown is n't impressive
In other action yesterday the high court
The company just went public earlier this month
The appeals court also said the agency had to consider a company 's long-term ability to fund pension plans not just short-term improved financial status
The company has n't been able to come up with a reorganization plan in part because of the sizable disagreement with the pension agency
Terms were n't disclosed
Who that winner will be is highly uncertain
And where we are is bad
Among the results is a frequent breakdown of public services
Officials also say a national electricity shortage might not be far off
The issue is n't age age is just a number
I 've had no problems performing my duties and responsibilities
Some congressional leaders intend to continue to fight for independent strike forces
I do n't think the reorganization is going to happen
They are buying an operation that is running well
What counts is the bottom line
Terms were n't disclosed
Bond prices continued to edge higher in anticipation of more news showing a slower economy
Yet that did n't eliminate program trading from the market
In major market activity Stock prices rose in light trading
The dollar gained