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william o. <unk> president of the company 's bellsouth enterprises inc. unit said the revised agreement with lin would <unk> bellsouth earnings by about N N in both N and N and by significantly less thereafter |
indeed bellsouth 's cellular operations were among the first in the country to become profitable |
for N bellsouth earned $ N billion or $ N a share on revenue of $ N billion |
analysts were predicting N bellsouth earnings in the range of $ N a share or $ N billion but now those estimates are being scaled back |
in composite trading friday on the new york stock exchange bellsouth shares fell N cents to $ N |
in national over-the-counter trading lin shares soared $ N to closed at $ N while mccaw fell $ N a share to $ N |
the proposed <unk> cellular company including the newly acquired metromedia stake would give the new entity N million potential customers including about N million in the nation 's top N markets |
mr. leon of bear stearns speculated that mccaw in an attempt to buy time might consider filing an antitrust suit against bellsouth with the justice department and u.s. district judge harold greene who oversees enforcement of the consent <unk> that broke up the bell system in N |
indeed mccaw seemed to hint at that option in a brief statement |
urging lin directors to conduct a fair auction on a level playing field mccaw asked how well the public interest would be served with the bell operating companies controlling over N N of all cellular potential customers in the nation 's top N markets |
market makers in nasdaq over-the-counter stocks are adding their voices to the swelling chorus of complaints about program trading |
their <unk> however has a strong practical aspect program trading is hazardous to their <unk> |
the most controversial form of program trading stock-index arbitrage is making it tough for traders to make money declares robert <unk> head of otc trading at donaldson lufkin & jenrette |
stock-index arbitrage the computer-guided buying and selling of stocks with offsetting trades in stock-index futures to profit from fleeting price discrepancies affects the otc market directly through the N stocks included in standard & poor 's 500-stock index |
the s&p N is often used in arbitrage strategies |
the portion of otc volume attributable to program trading is n't known as it is on the new york stock exchange where it amounted to more than N N in september |
estimates from traders put it at less than N N of nasdaq 's average daily volume of roughly N million shares |
other <unk> <unk> program trading also causes the nasdaq composite index to lose ground against other segments of the stock market |
because of program trading it is more difficult to trade many otc stocks without sharp price moves a condition known as <unk> |
moreover the price volatility that is <unk> by program trading is <unk> efforts to woo individual investors back to an otc market that <unk> misses them |
some of these problems are neither new nor unique to the otc market |
but the big often tumultuous slide in stock prices this month has turned some of those who have been <unk> from the practice against it |
peter dapuzzo head of retail equity trading at shearson lehman hutton acknowledges that he was n't troubled by program trading when it began in the <unk> bull market because it added liquidity and people were pleased to see stock prices rising |
we were n't as concerned until they became sell programs says mr. dapuzzo who now thinks it adds unnecessary volatility |
shearson lehman however <unk> program trades for clients |
merrill lynch goldman sachs and kidder peabody in addition to shearson do <unk> otc stocks |
shearson merrill lynch and goldman sachs say they do so only for customers however |
kidder peabody does program trading for its own as well as clients ' accounts |
of course there were sell programs in past years too but they seem to hurt market makers more painfully these days |
that 's largely because of defensive measures they adopted after the N crash when individual investors fled the market and trading activity <unk> |
market makers to cut costs slashed inventories of stocks they keep on hand to sell investors when other holders are n't selling |
and to protect their reduced capital investment from eroding further market makers became <unk> to lower price quotes when sell programs are in progress |
on days when prices are tumbling they must be willing to buy shares from sellers when no one else will |
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 makes no sense for us to put money at risk when you know you 're going to lose says mr. <unk> of donaldson lufkin |
but this <unk> mr. <unk> says is creating liquidity problems in certain otc stocks |
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 |
joseph <unk> president of the national association of securities dealers which oversees trading on nasdaq agrees that program trading is hurting the market 's efforts to bring back small investors |
but he observes while makers suffer losses when program trading <unk> the market down they also make money when program trading <unk> the prices higher |
sometimes traders lose sight of that he says |
the otc stocks in the s&p N include nasdaq 's biggest such as apple computer mci communications tele-communications and <unk> <unk> |
these big stocks greatly influence the nasdaq composite index |
when the computers say sell the composite <unk> as well as the dow jones industrial average |
the problem market makers say is that while the industrial average and the s&p N usually recover as buy programs kick in the nasdaq composite frequently is left behind |
eight trading days after oct. N the day before the stock market plunge for instance the nasdaq composite had fallen N N compared with N N for the s&p N N N for the new york stock exchange composite index and N N for the industrial average |
this gap eventually closes but slowly |
three days later as of friday 's close the nasdaq composite was down N N compared with N N for the industrial average N N for the s&p N and N N for the big board composite |
the main reason for this lag is that individual investors own N N of the otc market 's capitalization according to mr. <unk> much more than on the big board |
such investors tend to be more cautious than institutional investors are about <unk> the market after massive <unk> market makers say |
friday 's market activity |
the nasdaq composite index tumbled N or N N to N on friday |
for the week the index dropped N N |
weakness in big technology stocks hurt the composite as well as the nasdaq N index which fell N N or N on friday to N |
the nasdaq financial index lost about N N or N to N |
friday 's trading volume totaled N million shares |
the average daily share turnover for october is almost N million shares |
lin broadcasting surged N N to N N lin and bellsouth sweetened their merger agreement in an attempt to keep shareholders from <unk> their shares to mccaw cellular communications |
mccaw which dropped N N to N N has offered $ N a share for a majority of lin 's shares |
the revised <unk> agreement boosts the dollar amount of the special dividend lin promises to pay shareholders |
lin now plans to dole out $ N a share in cash up from the earlier $ N amount |
intel eased N to N N |
the semiconductor concern said the <unk> in shipment of its N computer chip will be brief and have little impact on the company 's earnings |
the stock fell N thursday amid concerns over problems discovered with the chip |
intel told analysts that the company will resume shipments of the chips within two to three weeks |
weisfield 's <unk> N N to N after the jewelry store operator said it is in preliminary discussions with a party it would n't identify regarding the possible acquisition of the company |
<unk> savings bank rose N to N after the federal deposit insurance corp. approved <unk> savings bank of new york 's $ <unk> acquisition of <unk> |
<unk> medical fell N to N |
the company said its third-quarter earnings will probably be lower than the N cents a share it reported last year despite a rise in the company 's revenue |
<unk> earned $ N on revenue of $ N million in the N quarter |
the company blamed a number of factors for the earnings decline including softer sales of <unk> |
london share prices closed sharply lower friday in active trading after chancellor of the exchequer nigel lawson 's resignation <unk> the market and wall street 's rapid initial sell-off knocked it down |
london shares were depressed initially by overnight losses in new york and by the drop in sterling after mr. lawson 's resignation |
it showed some early resilience after central bank support firmed sterling but the weight of wall street late in london trading and signs of further weakness in the british pound proved a hefty load to bear |
new york stocks recovered some of their losses after the london market closed |
the financial times 100-share index shed N points to close at N down N N from the previous friday and N N from oct. N when wall street 's plunge helped spark the current weakness in london |
the 30-share index settled N points lower at N |
volume was N million shares up from N million thursday and the week 's most active session |
dealers said the turnover largely confined to the 100-share index stocks partly reflected the flurry of activity typical at the close of a <unk> trading account and the start of a new account |
but they said friday 's focus on the <unk> stocks <unk> active overseas selling and showed the broad-based fears over the status of the u.k. economy and britain 's currency in the wake of the upheaval in prime minister margaret thatcher 's cabinet |
a senior dealer with warburg securities noted british gas the most active blue-chip stock at N million shares traded was affected by the political implications of mr. lawson 's departure and mrs. thatcher 's cabinet <unk> |
he attributed the unusually high volume to broad-based selling on fears that the thatcher government may be in turmoil and britain 's labor party positioned to regain control of the government and renew efforts at <unk> |
british gas shed N pence a share to close at N pence $ N |
other dealers added that the blue-chip stocks in general were hit by profit-taking over concerns that london shares will continue posting declines and the uncertainty over sterling given that mr. lawson 's successor john major had only been in the job one day |
besides british gas british steel skidded N to N on turnover of N million shares |
british petroleum fell N to N on N million shares traded |
dealers said the multinational oil company was pressured by recent brokerage recommendations urging investors to switch into shell trading & transport |
shell eased N to N on turnover of N million shares |
among the other actively traded blue-chip issues imperial chemical industries dropped N to # N hanson skidded N to N and british <unk> fell N to N |
in tokyo stocks closed lower but above intraday lows in active trading |
the nikkei index was pressured down by profit-taking triggered by sharp advances made through this week and fell N points to N |
in early trading in tokyo monday the nikkei index fell N points to N |
on friday the tokyo stock price index of first section issues was down N at N |
<unk> volume was estimated at N billion shares up from N million shares thursday |
an official at <unk> securities said <unk> ' excessive expectations about recent advances in tokyu group shares and real estate issues were dashed friday |
dealers placed heavy buy orders in the morning to start the first trading day for november transactions |
but they failed to sell these stocks to client investors who were cautious about the sharp gains these issues made this week the <unk> official said |
fund managers said friday 's <unk> was a natural result of the week 's <unk> fever in buying real estate shipbuilding steel and construction shares |
frankfurt prices closed lower again friday the fourth decline in the past five days and the culmination of a week that saw the dax index lose N N |
the dax dropped N points friday to N |
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