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a <unk> for measures to stop the market from plunging too far too fast |
several moves were taken following the october N crash to coordinate and sometimes deliberately <unk> the stock and futures markets in times of heightened volatility |
on the big board a side car is put into effect when the s&p futures rise or fall N points |
the side car routes program trades into a special computer file that <unk> for imbalances of buy and sell orders |
on the chicago mercantile exchange s&p N futures are not allowed to fall further than N points from the previous day 's close for half an hour |
if when trading <unk> the s&p futures fall N points from the previous day 's close a one-hour trading halt takes effect |
also the reforms allow the big board to halt trading for one hour if the dow jones industrial average falls N points and for two more hours if the dow <unk> an additional N points on the same day |
<unk> system the designated order turnaround system was launched by the new york stock exchange in march N to offer automatic <unk> order processing |
a faster version the <unk> was launched in N |
used by program traders and others to zip orders into the exchange <unk> handles about N N of all orders entered at the exchange |
futures contracts obligations to buy for those who have purchased a contract or deliver for those who sold one a quantity of the underlying commodity or financial instrument at the <unk> price by a certain date |
most contracts are simply <unk> by an opposite trade before they come due |
indexing many investors mainly institutions follow an investment strategy of buying and holding a mix of stocks to match the performance of a broad stock-market barometer such as the s&p N |
many institutional index funds are active program traders <unk> their stocks for futures when profitable to do so |
program trading a wide range of <unk> portfolio trading strategies involving the simultaneous purchase or sale of N or more stocks |
<unk> generally any wall street analyst who employs <unk> research techniques |
the newest breed also called rocket scientists because of their backgrounds in physics and <unk> devise the complex hedging and trading strategies that are <unk> known as program trading |
stock-index arbitrage buying or selling baskets of stocks while at the same time executing offsetting trades in stock-index futures or options |
traders profit by trying to capture fleeting price discrepancies between stocks and the index futures or options |
if stocks are temporarily cheaper than futures for example an <unk> will buy stocks and sell futures |
stock-index futures contracts to buy or sell the cash value of a stock index by a certain date |
the cash value is determined by <unk> the index number by a specified amount |
the most common program-trading vehicles are futures contracts on standard & poor 's 500-stock index traded on the chicago mercantile exchange the major market index a <unk> index that <unk> the dow jones industrial average traded on the chicago board of trade and the s&p N options traded on the chicago board options ... |
stock-index options options give holders the right but not the obligation to buy a call or sell a put a specified amount of an underlying investment by a <unk> date at a <unk> price known as the strike price |
for stock indexes the underlying investment may be a stock-index futures contract or the cash value of a stock index |
for example there are options on the s&p N futures contract and on the s&p N index |
uptick an expression <unk> that a transaction in a listed security occurred at a higher price than the previous transaction in that security |
new york financier saul steinberg sought federal permission to buy more than N N of united airlines ' parent ual corp. saying he might seek control of the nation 's second-largest airline |
although takeover experts said they <unk> mr. steinberg will make a bid by himself the application by his reliance group holdings inc. could signal his interest in helping revive a failed labor-management bid |
such an application for federal antitrust clearance is necessary for any investor that might seek control |
but some investors have used such filings to boost the value of their stock holdings which without buying more stock they then sold |
takeover stock traders were <unk> by the reliance filing and cautioned that it does n't mean mr. steinberg will definitely seek control |
maybe he just wants to make something happen said one takeover expert |
one investment banker said mr. steinberg may be trying to position himself as a friendly investor who could help ual chairman stephen wolf revive a failed labor-management bid |
mr. steinberg he suggested could replace british airways plc which has withdrawn from the buy-out group |
reliance had already bought and sold ual stock at a big profit without making an antitrust filing before the collapse oct. N of the $ N billion $ 300-a-share labor-management buy-out |
reliance acquired a N N ual stake early this year at an average cost of $ N a share and reduced its stake to N N after ual accepted the bid at prices higher than $ N a share |
market sources said reliance has already sold its entire ual stake and thus would n't have any reason to file the application simply to boost the value of its stock |
but the exact amount of reliance 's current holding has n't been formally disclosed |
the filing adds a new twist to market speculation that coniston partners a new york money manager has bought more than N N of ual stock and may challenge the ual board 's decision last week to remain independent |
speculation about coniston has caused the stock to rebound from a low of $ N |
ual 's announcement came after the market closed yesterday |
in composite new york stock exchange trading the shares closed at $ N up $ N |
ual would n't elaborate on a statement that it had been notified of the filing by reliance |
reliance confirmed the filing but would n't elaborate |
some takeover experts were skeptical saying it was possible that mr. steinberg made the filing only to help boost the value of any remaining reliance stake in ual |
mr. steinberg is thought to be on friendly terms with ual 's mr. wolf |
the investor was instrumental in <unk> mr. wolf to run the air cargo unit of tiger international inc |
mr. wolf 's success in that job helped him land the top job with ual in december N |
but any potential acquirer must attempt to reach some kind of accord with the company 's employees primarily its pilots and the powerful machinists ' union which has opposed a takeover |
<unk> williams corp. was merged into primerica corp. new york after a special meeting of williams shareholders cleared the transaction the companies said |
primerica which had owned nearly N N of williams will pay about N million shares currently valued at almost $ N million for the rest of williams |
the financial-services company will pay N share for each williams share |
williams shares which were to be <unk> from the new york stock exchange after the close of composite trading yesterday closed at $ N off N cents |
primerica closed at $ N down N cents |
williams <unk> ga. is an insurance and financial-services holding company |
its subsidiaries ' services are marketed by closely held <unk> williams & associates |
primerica as expected also acquired certain assets of the agency and assumed certain of its liabilities |
terms were n't disclosed |
intelogic <unk> inc. san antonio texas said it bought N million shares or about N N of its common stock from an <unk> shareholder for $ N a share or $ N million |
the move boosts intelogic chairman <unk> edelman 's stake to N N from N N and may help prevent martin ackerman from making a run at the <unk> concern |
mr. ackerman already is seeking to oust mr. edelman as chairman of datapoint corp. an intelogic affiliate |
the action followed by one day an intelogic announcement that it will retain an investment banker to explore alternatives to maximize shareholder value including the possible sale of the company |
in new york stock exchange composite trading yesterday intelogic shares rose N cents to close at $ N |
mr. edelman declined to specify what prompted the recent moves saying they are meant only to benefit shareholders when the company is on a roll |
he added this has nothing to do with <unk> ackerman and it is not designed particularly to take the company private |
but mr. ackerman said the buy-back and the <unk> price paid prove that mr. edelman is running scared |
dow jones & co. said it extended its $ <unk> offer for telerate inc. common stock until N p.m. est nov. N |
the offer valued at about $ N million for the N N of telerate that dow jones does n't already own had been set to expire nov. N |
dow jones which owns about N million of telerate 's N million common shares outstanding said that about N shares have been tendered under its offer |
telerate 's two independent directors have rejected the offer as inadequate |
in composite trading on the new york stock exchange telerate shares closed at $ N up N cents |
telerate provides an electronic financial information network |
dow jones publishes the wall street journal barron 's magazine and community newspapers and operates financial news services and computer data bases |
rockwell international corp. reported flat operating earnings for the fourth quarter ended sept. N |
the aerospace automotive supply electronics and <unk> concern also indicated that the first half of fiscal N could be rough |
in an interview donald <unk> chairman said first-half profit certainly would trail the past year 's primarily because of weakness in the <unk> and <unk> markets |
still he added if the industrial sector remains relatively stable rockwell should be able to recover in the second half and about equal fiscal N 's operating profit of $ N million |
for fiscal N 's fourth quarter rockwell 's net income totaled $ N million or N cents a share |
that compares with operating earnings of $ N million or N cents a share the year earlier |
the <unk> period includes a one-time favorable tax adjustment on the <unk> bomber program and another gain from sale of the industrial <unk> business which made net $ N million or N cents a share |
sales rose N N to $ N billion from $ N billion |
mr. <unk> said that he was generally pleased with the latest numbers and cited a particularly strong showing by the company 's electronics segment |
overall pretax electronics earnings soared N N to $ N million from $ N million |
all four areas had higher revenue for the three months ended sept. N |
for the year electronics emerged as rockwell 's largest sector in terms of sales and earnings <unk> out aerospace for the first time |
the graphics business which also was singled out by the chairman as a positive saw its operating earnings for the quarter jump N N to $ N million from $ N million |
for the year bolstered by the introduction of the <unk> <unk> press graphics earnings almost doubled |
aerospace earnings sagged N N for the quarter and N N for the year largely due to lower <unk> program profit the last of the <unk> rolled out in april N |
that was partially offset by the <unk> of space shuttle flights and increased demand for <unk> <unk> engines |
the company also took hits in the fourth quarters of N and N on a fixed-price <unk> development program probably the <unk> <unk> according to analysts |
for fiscal N the company posted net of $ N million or $ N a share down from $ N million or $ N a share in fiscal N |
excluding one-time additions to profit in each year earnings per share were $ N up N N from $ N in fiscal N |
sales for the year rose N N to $ N billion from $ N billion in fiscal N |
dell computer corp. said it cut prices on several of its personal computer lines by N N to N N |
the austin <unk> company which specializes in the direct sale of personal computers and accessories said its price cuts include a $ N reduction on its system N computer with N <unk> of memory a <unk> hard disk and a color monitor |
that package now sells for about $ N |
a computer using the <unk> intel corp. N microprocessor with four <unk> of memory and a <unk> hard disk now sells for $ N down from $ N |
personal computer prices for models using the intel N and N microprocessors which the dell models use generally have been coming down as chip prices have fallen |
world sugar futures prices soared on rumors that brazil a major grower and exporter might not ship sugar this crop year and next |
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