( S ( NP-SBJ ( DT The ) ( CD two ) ( NNS units ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( NNP Prentice ) ( NNP Hall ) ( NNP Information ) ( NNP Services ) ) ( SBAR ( WHNP-155 ( WDT which ) ) ( S ( VP ( VBZ publishes ) ( NP ( NN tax ) ( JJ financial ) ( NN planning ) ( CC and ) ( NN business ) ( NN law ) ( NN information ) ) ( PRN ( PP-LOC ( IN among ) ( NP ( JJ other ) ( NNS services ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP Prentice ) ( NNP Hall ) ( NNP Information ) ( NNP Network ) ) ( SBAR ( WHNP-156 ( WDT which ) ) ( S ( VP ( ADVP-MNR ( RB electronically ) ) ( VBZ delivers ) ( NP ( NN tax ) ( NN information ) ) ) ) ) ) ) ) )

The two units are Prentice Hall Information Services which publishes tax financial planning and business law information among other services and Prentice Hall Information Network which electronically delivers tax information


( S ( S ( NP-SBJ-1 ( NNS Terms ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN disclosed ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NN industry ) ( NNS executives ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NNS units ) ) ( VP ( VBD were ) ( VP ( VBN sold ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 40 ) ( CD million ) ) ) ) ) ) ) ) ) ) )

Terms were n't disclosed but industry executives said the units were sold for 40 million


( S ( NP-SBJ-1 ( NP ( NNP Arthur ) ( NNP H. ) ( NNP Rosenfeld ) ) ( NP ( NP ( RB previously ) ( NN president ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Prentice ) ( NNP Hall ) ( NNP Tax ) ( CC and ) ( NNP Professional ) ( NNP Services ) ( NN division ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( DT the ) ( ADJP ( RB newly ) ( VBN formed ) ) ( NNP Macmillan ) ( NNP Professional ) ( CC and ) ( NNP Business ) ( NNP Reference ) ( NN division ) ) ) ) ) ) ) )

Arthur H. Rosenfeld previously president of the Prentice Hall Tax and Professional Services division was named president of the newly formed Macmillan Professional and Business Reference division


( S ( NP-SBJ ( NNP Simon ) ( CC & ) ( NNP Schuster ) ) ( VP ( VBZ retains ) ( NP ( NP ( DT the ) ( NNP Corporation ) ( NNP Law ) ( NN looseleaf ) ( NN service ) ) ( SBAR ( WHNP-157 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB become ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNP Prentice ) ( NNP Hall ) ( NNP Law ) ( CC & ) ( NNP Business ) ( NN unit ) ) ) ) ) ) ) ) ) ) )

Simon & Schuster retains the Corporation Law looseleaf service which will become part of its Prentice Hall Law & Business unit


( S ( S-ADV ( PP-PRD ( IN Under ) ( NP ( NP ( NN attack ) ) ( PP ( IN by ) ( NP-LGS ( NP ( PRP$ its ) ( JJ own ) ( JJ listed ) ( NNS companies ) ) ( CC and ) ( NP ( JJ powerful ) ( NN floor ) ( NNS traders ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ( VP ( VBZ is ) ( VP ( VBG considering ) ( S ( VP ( VBG reinstituting ) ( NP ( NP ( DT a ) ( NN collar ) ) ( PP-LOC ( IN on ) ( NP ( NN program ) ( NN trading ) ) ) ( SBAR ( WHNP-134 ( WDT that ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD abandoned ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNS people ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ) ) ) ) ) ) )

Under attack by its own listed companies and powerful floor traders the New York Stock Exchange is considering reinstituting a collar on program trading that it abandoned last year according to people familiar with the Big Board


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN exchange ) ) ( ADVP ( RB also ) ) ( VP ( MD may ) ( VP ( VB step ) ( PRT ( RP up ) ) ( NP ( NP ( PRP$ its ) ( NN disclosure ) ) ( PP ( IN of ) ( NP ( NP ( NNS firms ) ) ( VP ( VBN engaged ) ( PP-CLR ( IN in ) ( NP ( NN program ) ( NN trading ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT these ) ( NNS people ) ) ( VP ( VBD said ) ) )

The exchange also may step up its disclosure of firms engaged in program trading these people said


( S ( NP-SBJ ( NNP Big ) ( NNP Board ) ( NNS officials ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB comment ) ( ADVP ( RB publicly ) ) ) ) )

Big Board officials would n't comment publicly


( S ( CC But ) ( PP-LOC ( IN in ) ( NP ( NP ( DT an ) ( NN interview ) ) ( SBAR ( WHPP-3 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD called ) ( S ( NP-SBJ ( NP ( DT the ) ( NN stock ) ( NN market ) ( POS 's ) ) ( NN volatility ) ) ( NP-PRD ( DT a ) ( JJ national ) ( NN problem ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Big ) ( NNP Board ) ( NNP Chairman ) ( NNP John ) ( NNP J. ) ( NNP Phelan ) ( NNP Jr. ) ) ( VP ( VBD said ) ( S ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP are ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( NP ( DT some ) ( NNS things ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ short ) ( JJ intermediate ) ( NN term ) ) ) ( S-PRP-4 ( VP ( TO to ) ( VP ( VB help ) ( NP ( DT the ) ( NN situation ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But in an interview in which he called the stock market 's volatility a national problem Big Board Chairman John J. Phelan Jr. said We are going to try to do some things in the short intermediate term to help the situation


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN viewed ) ( PP ( IN by ) ( NP-LGS ( JJ many ) ( NN exchange ) ( NNS members ) ) ) ( PP-CLR ( IN as ) ( S-NOM ( VP ( VBG being ) ( ADJP-PRD ( JJ indifferent ) ( PP ( TO to ) ( NP ( NP ( JJ stock-price ) ( NNS swings ) ) ( VP ( VBN caused ) ( PP ( IN by ) ( NP-LGS ( NN program ) ( NNS trades ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Phelan has been viewed by many exchange members as being indifferent to stock-price swings caused by program trades


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB very ) ( JJ surprised ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( NN furor ) ) ( PP ( IN over ) ( NP ( NP ( NN program ) ( NN trading ) ) ( CC and ) ( NP ( NP ( NP ( DT the ) ( NN exchange ) ( POS 's ) ) ( NN role ) ) ( PP-LOC ( IN in ) ( NP ( PRP it ) ) ) ) ) ) ( SBAR ( WHNP-135 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN raged ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS days ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He said he is very surprised by the furor over program trading and the exchange 's role in it that has raged in recent days


( S ( NP-SBJ ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NNP Big ) ( NNP Board ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB deal ) ( ADVP-MNR ( RB quietly ) ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NN issue ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( SBAR ( IN that ) ( S ( S-NOM-SBJ ( VP ( VBG banning ) ( NP ( JJ computer-assisted ) ( NN trading ) ( NNS strategies ) ) ( ADVP ( RB entirely ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( DT some ) ( NNS investors ) ) ( VP ( VBP want ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( PP-PRD ( IN like ) ( S-NOM ( VP ( VP ( VBG taking ) ( NP ( NN everybody ) ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( DT an ) ( NN automobile ) ) ) ) ) ( CC and ) ( VP ( VBG making ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( VB ride ) ( NP ( DT a ) ( NN horse ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Phelan said that the Big Board has been trying to deal quietly with the issue but that banning computer-assisted trading strategies entirely as some investors want would be like taking everybody out of an automobile and making them ride a horse


( S ( S ( NP-SBJ ( DT The ) ( NN exchange ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( NN board ) ( NN meeting ) ) ( VP ( VBN scheduled ) ( PP-TMP ( IN for ) ( NP ( NN tomorrow ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT some ) ( JJ public ) ( NN announcement ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN made ) ( PP-TMP ( IN after ) ( NP ( DT that ) ) ) ) ) ) ) ) ) ) ) )

The exchange has a board meeting scheduled for tomorrow and it is expected that some public announcement could be made after that


( S ( NP-SBJ ( NNP Big ) ( NNP Board ) ( NNS officials ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( PP-LOC-PRD ( IN under ) ( NP ( NP ( NN seige ) ) ( PP ( IN from ) ( NP ( DT both ) ( NP ( NNS investors ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN exchange ) ( POS 's ) ) ( JJ own ) ( NN floor ) ( NNS traders ) ) ) ) ) ) ( PP-TMP ( IN since ) ( NP ( NP ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ( POS 's ) ) ( JJ 190-point ) ( NN tumble ) ) ( PP-TMP ( IN on ) ( NP ( NNP Oct. ) ( CD 13 ) ) ) ) ) ) ) )

Big Board officials have been under seige from both investors and the exchange 's own floor traders since the Dow Jones Industrial Average 's 190-point tumble on Oct. 13


( S ( S ( NP-SBJ ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN been ) ( VP ( VBG making ) ( NP ( JJ public ) ( NNS remarks ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS days ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ many ) ( NNS people ) ) ( VP ( VBP have ) ( VP ( VBN urged ) ( NP-1 ( PRP him ) ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( NP ( JJR more ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN leadership ) ( NN role ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN program ) ( NN trading ) ( NN issue ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Phelan has n't been making public remarks in recent days and many people have urged him to take more of a leadership role on the program trading issue


( S ( SBAR-NOM-SBJ ( WHNP-1 ( WP What ) ) ( S ( NP-SBJ ( DT the ) ( NNP Big ) ( NNP Board ) ) ( VP ( VBZ is ) ( VP ( VBG considering ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG re-establishing ) ( NP ( NP ( DT a ) ( NN collar ) ) ( PP ( IN on ) ( NP ( NN program ) ( NN trading ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ moves ) ( ADVP ( RB significantly ) ) ) ) ) ) ) ) )

What the Big Board is considering is re-establishing a collar on program trading when the market moves significantly


( S ( NP-TMP ( RB Early ) ( JJ last ) ( NN year ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT a ) ( JJ 140-point ) ( JJ one-day ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Dow ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Big ) ( NNP Board ) ) ( VP ( VBD instituted ) ( NP ( NP ( DT the ) ( NN collar ) ) ( SBAR ( WHNP-136 ( WDT which ) ) ( S ( VP ( VBD banned ) ( NP ( NP ( NN program ) ( NN trading ) ) ( PP ( IN through ) ( NP ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( POS 's ) ) ( NNS computers ) ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB whenever ) ) ( S ( NP-SBJ ( DT the ) ( NNP Dow ) ) ( VP ( VBD moved ) ( NP-EXT ( CD 50 ) ( NNS points ) ) ( ADVP-DIR ( RB up ) ( CC or ) ( RB down ) ) ( PP-TMP ( IN in ) ( NP ( DT a ) ( NN day ) ) ) ) ) ) ) ) ) ) ) )

Early last year after a 140-point one-day drop in the Dow the Big Board instituted the collar which banned program trading through the Big Board 's computers whenever the Dow moved 50 points up or down in a day


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB work ) ) ) )

It did n't work


( S ( S-TPC-3 ( NP-SBJ-1 ( DT The ) ( NN collar ) ) ( VP ( VBD was ) ( VP ( VBN penetrated ) ( PP-TMP ( IN on ) ( NP ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS occasions ) ) ) ) ) ( S-ADV ( VP ( VBG meaning ) ( SBAR ( S ( NP-SBJ ( NNS securities ) ( NNS firms ) ) ( VP ( VBD figured ) ( PRT ( RP out ) ) ( NP ( NP ( NNS ways ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VP ( VB conduct ) ( NP ( NN program ) ( NNS trades ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB circumvent ) ( NP ( DT the ) ( NN collar ) ) ) ) ) ) ( CC and ) ( VP ( VB use ) ( NP ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( POS 's ) ) ( JJ electronic ) ( NN trading ) ( NN system ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( VBD said ) ) )

The collar was penetrated on a number of occasions meaning securities firms figured out ways to conduct program trades to circumvent the collar and use the Big Board 's electronic trading system Mr. Phelan said


( S ( NP-SBJ ( DT That ) ) ( VP ( VBD was ) ( SBAR-TMP-PRD ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ-2 ( DT the ) ( NN exchange ) ) ( VP ( VBD took ) ( NP ( DT a ) ( JJ new ) ( NN tack ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG publishing ) ( NP ( NP ( JJ monthly ) ( NNS statistics ) ) ( VP ( VBG listing ) ( NP ( DT the ) ( JJ top ) ( CD 15 ) ( NN program ) ( NN trading ) ( NNS firms ) ) ) ) ) ) ) ) ) ) ) )

That was when the exchange took a new tack by publishing monthly statistics listing the top 15 program trading firms


( S ( NP-SBJ ( NN Exchange ) ( NNS officials ) ) ( VP ( VBD emphasized ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Big ) ( NNP Board ) ) ( VP ( VBZ is ) ( VP ( VBG considering ) ( NP ( NP ( DT a ) ( NN variety ) ) ( PP ( IN of ) ( NP ( NP ( NNS actions ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB deal ) ( PP-CLR ( IN with ) ( NP ( NN program ) ( NN trading ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Exchange officials emphasized that the Big Board is considering a variety of actions to deal with program trading


( S ( NP-SBJ ( NP ( NNS People ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( DT the ) ( NN exchange ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT another ) ( NN idea ) ) ( ADJP ( RB likely ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN approved ) ) ) ) ) ) ) ( VP ( VBZ is ) ( S-NOM-PRD ( VP ( VBG expanding ) ( NP-2 ( NP ( DT the ) ( JJ monthly ) ( NNS reports ) ) ( PP ( IN on ) ( NP ( NN program ) ( NN trading ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB cover ) ( UCP ( NP ( NP ( JJ specific ) ( NX ( NX ( NNS days ) ) ( CC or ) ( NX ( RB even ) ( NNS hours ) ) ) ) ( PP ( IN of ) ( NP ( JJ heavy ) ( NN program ) ( JJ trading ) ) ) ) ( CC and ) ( SBAR ( WHNP-137 ( WP who ) ) ( S ( VP ( VBD was ) ( VP ( VBG doing ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

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


( S ( ADVP ( RB Meanwhile ) ) ( NP-SBJ ( DT another ) ( JJ big ) ( NNP Wall ) ( NNP Street ) ( NN brokerage ) ( NN firm ) ) ( VP ( VBD joined ) ( NP ( NP ( NNS others ) ) ( SBAR ( WHNP-138 ( WDT that ) ) ( S ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG pulling ) ( PRT ( RP back ) ) ( PP-CLR ( IN from ) ( NP ( NN program ) ( NN trading ) ) ) ) ) ) ) ) ) ) )

Meanwhile another big Wall Street brokerage firm joined others that have been pulling back from program trading


( S ( NP-SBJ ( NP ( NNP American ) ( NNP Express ) ( NNP Co. ) ( POS 's ) ) ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Inc. ) ( NN unit ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD ceased ) ( NP ( NP ( DT all ) ( NN index-arbitrage ) ( NN program ) ( NN trading ) ) ( PP ( IN for ) ( NP ( NN client ) ( NNS accounts ) ) ) ) ) ) ) ) )

American Express Co. 's Shearson Lehman Hutton Inc. unit said it ceased all index-arbitrage program trading for client accounts


( S ( PP-LOC ( IN In ) ( NP ( NN stock-index ) ( NN arbitrage ) ) ) ( NP-SBJ-1 ( NNS traders ) ) ( VP ( VBP buy ) ( CC and ) ( VBP sell ) ( NP ( NP ( JJ large ) ( NNS amounts ) ) ( PP ( IN of ) ( NP ( NP ( NN stock ) ) ( PP ( IN with ) ( NP ( NP ( VBG offsetting ) ( NNS trades ) ) ( PP-LOC ( IN in ) ( NP ( NN stock-index ) ( NNS futures ) ) ) ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB profit ) ( PP-CLR ( IN from ) ( NP ( NP ( JJ fleeting ) ( NN price ) ( NNS discrepancies ) ) ( PP ( IN between ) ( NP ( DT the ) ( CD two ) ( NNS markets ) ) ) ) ) ) ) ) ) )

In stock-index arbitrage traders buy and sell large amounts of stock with offsetting trades in stock-index futures to profit from fleeting price discrepancies between the two markets


( S ( NP-SBJ ( NP ( NNP Shearson ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( JJ 11th-biggest ) ( NN program ) ( NN trader ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ) ) ) ) ) ( VP ( VBD had ) ( ADVP-TMP ( RB already ) ) ( VP ( VBN suspended ) ( NP ( NP ( NN stock-index ) ( NN arbitrage ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( JJ own ) ( NN account ) ) ) ) ) ) )

Shearson which in September was the 11th-biggest program trader on the Big Board had already suspended stock-index arbitrage for its own account


( S ( ADVP ( RB Also ) ) ( S-TPC-1 ( NP-SBJ ( NP ( NP ( NNP CS ) ( NNP First ) ( NNP Boston ) ( NNP Inc. ) ( POS 's ) ) ( NNP First ) ( NNP Boston ) ( NNP Corp. ) ( NN unit ) ) ( NP ( NP ( DT the ) ( JJ fifth-biggest ) ( NN program ) ( NN trader ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG preparing ) ( NP ( NP ( DT a ) ( NN response ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN program-trading ) ( NN outcry ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNS officials ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN firm ) ) ) ) ( VP ( VBD said ) ) )

Also CS First Boston Inc. 's First Boston Corp. unit the fifth-biggest program trader in September is preparing a response to the program-trading outcry officials of the firm said


( S ( NP-SBJ ( RB First ) ( NNP Boston ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ few ) ( JJ major ) ( NNP Wall ) ( NNP Street ) ( NNS firms ) ) ( SBAR ( WHNP-139 ( WDT that ) ) ( S ( VP ( VBP have ) ( RB n't ) ( VP ( VBN pulled ) ( PRT ( RP back ) ) ( PP-CLR ( IN from ) ( NP ( NN program ) ( NN trading ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS days ) ) ) ) ) ) ) ) ) ) ) )

First Boston is one of the few major Wall Street firms that have n't pulled back from program trading in recent days


( S ( NP-SBJ ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT an ) ( JJ adroit ) ( NN diplomat ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( ADVP ( RB normally ) ) ( VP ( VBZ appears ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADVP-PRD ( RB solidly ) ) ( PP ( IN in ) ( NP ( NP ( NN control ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( POS 's ) ) ( NNS factions ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Phelan is an adroit diplomat who normally appears to be solidly in control of the Big Board 's factions


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG getting ) ( NP ( NN heat ) ) ( PP ( IN from ) ( NP ( DT all ) ( NNS sides ) ) ) ( PP ( IN over ) ( NP ( NN program ) ( NN trading ) ) ) ) ) ) )

But he has been getting heat from all sides over program trading


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Phelan ) ( POS 's ) ) ( JJ recent ) ( NNS remarks ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS investors ) ) ( ADVP ( RB simply ) ) ( VP ( MD must ) ( VP ( VB get ) ( VP ( VBN used ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN stock-market ) ( NN volatility ) ) ( PP ( IN from ) ( NP ( NN program ) ( NN trading ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN drawn ) ( NP ( NN criticism ) ) ( PP-CLR ( PP ( IN from ) ( CC both ) ( NP ( NP ( NP ( DT the ) ( NN exchange ) ( POS 's ) ) ( NN stock ) ( NNS specialists ) ) ( SBAR ( WHNP-140 ( WP who ) ) ( S ( VP ( VBP make ) ( NP ( NNS markets ) ) ( PP-LOC ( IN in ) ( NP ( JJ individual ) ( NNS stocks ) ) ) ) ) ) ) ) ( CC and ) ( PP ( IN from ) ( NP ( NP ( JJ many ) ( NNS companies ) ) ( SBAR ( WHNP-141 ( WDT that ) ) ( S ( VP ( VBP have ) ( NP ( NP ( NNS shares ) ) ( VP ( VBN listed ) ( PP-LOC-CLR ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Phelan 's recent remarks that investors simply must get used to the stock-market volatility from program trading have drawn criticism from both the exchange 's stock specialists who make markets in individual stocks and from many companies that have shares listed on the Big Board


( S ( NP-SBJ ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( S-NOM-SBJ ( NP-SBJ ( PRP$ his ) ) ( VP ( VBG predicting ) ( NP ( JJ continued ) ( NN volatility ) ) ) ) ( VP ( VBZ is ) ( ADVP-PRD ( RB just ) ) ( SBAR ( WHADVP-1 ( WRB how ) ) ( S ( NP-SBJ ( DT the ) ( NN world ) ) ( VP ( VBZ is ) ) ) ) ) ) ) ) )

Mr. Phelan said that his predicting continued volatility is just how the world is


( S ( SBAR-ADV ( IN If ) ( S ( S-NOM-SBJ ( VP ( VBG bringing ) ( NP ( DT the ) ( NN message ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( NN crime ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( ADJP-PRD ( JJ guilty ) ( PP ( IN of ) ( NP ( PRP it ) ) ) ) ) )

If bringing the message is a crime I 'm guilty of it


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT this ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB mean ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ satisfied ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( JJ big ) ( NNS swings ) ) ) ) ) ) ) ) ) ) ) ) )

But he said this does n't mean he is satisfied with the market 's big swings


( S ( S-TPC-2 ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP 're ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP-CLR ( NN care ) ) ( PP-CLR ( IN of ) ( NP ( NP ( DT a ) ( NN heck ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NNS constituents ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( VBD said ) ) )

We 're trying to take care of a heck of a lot of constituents Mr. Phelan said


( S ( NP-SBJ ( DT Each ) ( NN one ) ) ( VP ( VBZ has ) ( NP ( DT a ) ( JJ different ) ( NN agenda ) ) ) )

Each one has a different agenda


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( JJ special ) ( NN meeting ) ) ( NP-TMP ( NNP Monday ) ) ( PP ( IN with ) ( NP ( NNP Mr. ) ( NNP Phelan ) ) ) ) ) ( NP-SBJ ( NP ( JJ senior ) ( NNS officials ) ) ( PP ( IN of ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( POS 's ) ) ( CD 49 ) ( NN stock ) ( NN specialist ) ( NNS firms ) ) ) ) ) ) ( VP ( VBD complained ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN exchange ) ) ( VP ( VBZ is ) ( ADVP-TMP ( DT no ) ( RBR longer ) ) ( VP ( VBG representing ) ( NP ( PRP$ their ) ( NNS interests ) ) ) ) ) ) ) )

For example in a special meeting Monday with Mr. Phelan senior officials of some of the Big Board 's 49 stock specialist firms complained that the exchange is no longer representing their interests


( S ( S-TPC-2 ( NP-SBJ ( PRP We ) ) ( VP ( VBP are ) ( VP ( VBG looking ) ( PP-CLR ( IN for ) ( NP ( NP ( NN representation ) ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBD had ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT a ) ( NN specialist ) ) ( VP ( VBD said ) ) )

We are looking for representation we have n't had a specialist said


( S ( NP-SBJ ( PRP We ) ) ( VP ( VB 've ) ( VP ( VBD had ) ( NP ( NN dictation ) ) ) ) )

We 've had dictation


( S ( PP-TMP ( IN After ) ( NP ( NP ( DT another ) ( NN session ) ) ( SBAR ( S ( NP-SBJ ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( VBD held ) ( NP-TMP ( NN yesterday ) ) ( PP ( IN with ) ( NP ( NP ( JJ major ) ( NN brokerage ) ( NNS firms ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NP ( NNP Morgan ) ( NNP Stanley ) ( CC & ) ( NNP Co. ) ) ( NP ( NNP Goldman ) ( NNP Sachs ) ( CC & ) ( NNP Co. ) ) ( NP ( NNP PaineWebber ) ( NNP Group ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP First ) ( NNP Boston ) ) ) ( PRN ( SBAR ( WHNP-142 ( DT all ) ( WHPP ( IN of ) ( WHNP ( WDT which ) ) ) ) ( S ( VP ( VBP have ) ( VP ( VBN engaged ) ( PP-CLR ( IN in ) ( NP ( NN program ) ( NN trading ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT an ) ( NN executive ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ top ) ( NN brokerage ) ( NN firm ) ) ) ) ( VP ( VBD said ) ( S ( ADVP ( RB Clearly ) ) ( NP-SBJ ( DT the ) ( NNS firms ) ) ( VP ( VBP want ) ( S ( NP-SBJ ( DT the ) ( NN exchange ) ) ( VP ( TO to ) ( VP ( VB take ) ( NP ( NN leadership ) ) ) ) ) ) ) ) )

After another session Mr. Phelan held yesterday with major brokerage firms such as Morgan Stanley & Co. Goldman Sachs & Co. PaineWebber Group Inc. and First Boston all of which have engaged in program trading an executive of a top brokerage firm said Clearly the firms want the exchange to take leadership


( S ( NP-SBJ ( JJ Many ) ( JJ specialist ) ( NNS firms ) ) ( VP ( VBP resent ) ( NP ( NP ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( POS 's ) ) ( JJ new ) ( NN basket ) ( NN product ) ) ( SBAR ( WHNP-143 ( WDT that ) ) ( S ( VP ( VBZ allows ) ( S ( NP-SBJ ( NNS institutions ) ) ( VP ( TO to ) ( VP ( VB buy ) ( CC or ) ( VB sell ) ( NP ( NP ( DT all ) ( NNS stocks ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NP ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( JJ 500-stock ) ( NN index ) ) ) ) ( PP-MNR ( IN in ) ( NP ( CD one ) ( NN shot ) ) ) ) ) ) ) ) ) ) ) )

Many specialist firms resent the Big Board 's new basket product that allows institutions to buy or sell all stocks in the Standard & Poor 's 500-stock index in one shot


( S ( ADVP ( RB Ultimately ) ) ( NP-SBJ ( DT the ) ( NNS specialists ) ) ( VP ( VBP view ) ( NP ( DT this ) ) ( PP-CLR ( IN as ) ( NP ( NP ( RB yet ) ( DT another ) ( NN step ) ) ( PP ( IN toward ) ( NP ( JJ electronic ) ( NN trading ) ) ) ( SBAR ( WHNP-144 ( WDT that ) ) ( S ( VP ( MD could ) ( ADVP-TMP ( RB eventually ) ) ( VP ( VB destroy ) ( NP ( PRP$ their ) ( NN franchise ) ) ) ) ) ) ) ) ) )

Ultimately the specialists view this as yet another step toward electronic trading that could eventually destroy their franchise


( SINV ( S-1 ( NP-SBJ ( PRP$ His ) ( PRN ( NP ( NN Phelan ) ( POS 's ) ) ) ( JJ own ) ( NNS interests ) ) ( VP ( VBP are ) ( PP-PRD ( IN in ) ( S-NOM ( VP ( VBG building ) ( NP ( DT an ) ( JJ electronic ) ( NN marketplace ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( DT a ) ( NN market ) ( NN maker ) ) )

His Phelan 's own interests are in building an electronic marketplace said a market maker


( S ( NP-SBJ-1 ( DT The ) ( NN basket ) ( NN product ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBD got ) ( PRT ( RP off ) ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( JJ slow ) ( NN start ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN supported ) ( PP ( IN by ) ( NP-LGS ( NP ( DT some ) ( JJ big ) ( NN brokerage ) ( NNS firms ) ) ( NP ( NP ( DT another ) ( NN member ) ) ( PP ( IN of ) ( NP ( NP ( NNP Mr. ) ( NNP Phelan ) ( POS 's ) ) ( JJ splintered ) ( NN constituency ) ) ) ) ) ) ) ) ) )

The basket product while it has got off to a slow start is being supported by some big brokerage firms another member of Mr. Phelan 's splintered constituency


( S ( NP-SBJ ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( VBZ has ) ( VP ( VBD had ) ( NP ( NP ( NN difficulty ) ) ( S-NOM ( VP ( VBG convincing ) ( NP ( DT the ) ( NN public ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Big ) ( NNP Board ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ serious ) ( PP ( IN about ) ( S-NOM ( VP ( VBG curbing ) ( NP ( NN volatility ) ) ) ) ) ) ) ) ) ( SBAR-ADV ( ADVP ( RB especially ) ) ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN exchange ) ) ( ADVP ( RB clearly ) ) ( VP ( VBZ relishes ) ( NP ( NP ( PRP$ its ) ( NN role ) ) ( PP ( IN as ) ( NP ( NP ( DT the ) ( NN home ) ) ( PP ( IN for ) ( NP ( NP ( QP ( CD 200 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NP ( NN stock-index ) ( NNS funds ) ) ( SBAR ( SBAR ( WHNP-145 ( WDT which ) ) ( S ( VP ( VBP buy ) ( NP ( NP ( JJ huge ) ( NNS baskets ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB mimic ) ( NP ( NP ( JJ popular ) ( NN stock-market ) ( NNS indexes ) ) ( PP ( IN like ) ( NP ( DT the ) ( NP ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( CD 500 ) ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( WHNP-146 ( WDT which ) ) ( S ( ADVP-TMP ( RB sometimes ) ) ( VP ( VBP employ ) ( NP ( NN program ) ( NN trading ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Phelan has had difficulty convincing the public that the Big Board is serious about curbing volatility especially as the exchange clearly relishes its role as the home for 200 billion in stock-index funds which buy huge baskets of stocks to mimic popular stock-market indexes like the Standard & Poor 's 500 and which sometimes employ program trading


( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NNP Big ) ( NNP Board ) ) ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB keep ) ( NP ( JJ such ) ( NN index ) ( NNS funds ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG fleeing ) ( PP-DIR ( TO to ) ( NP ( JJ overseas ) ( NNS markets ) ) ) ) ) ) ) ) ) ( CC but ) ( SBAR ( RB only ) ( RB as ) ( RB long ) ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ handles ) ( NP ( PRP it ) ) ( ADVP-MNR ( RB intelligently ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( VBD said ) ) )

The Big Board wants to keep such index funds from fleeing to overseas markets but only as long as it handles it intelligently Mr. Phelan said


( S ( S-TPC-1 ( PP ( IN Despite ) ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( DT some ) ( NNS investors ) ) ( VP ( VBP are ) ( VP ( VBG suggesting ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Big ) ( NNP Board ) ) ( VP ( VBZ is ) ( RB n't ) ( ADVP ( RB even ) ) ( VP ( VBG considering ) ( NP ( NP ( DT a ) ( JJ total ) ( NN ban ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NN program ) ( NN trading ) ) ( CC or ) ( NP ( NN stock ) ( NNS futures ) ) ) ) ) ) ) ) ( NP-SBJ ( NN exchange ) ( NNS officials ) ) ( VP ( VBD said ) ) )

Despite what some investors are suggesting the Big Board is n't even considering a total ban on program trading or stock futures exchange officials said


( SINV ( S-TPC-3 ( NP-SBJ-2 ( NP ( JJS Most ) ( NNS revisions ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB propose ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN geared ) ( PP-CLR ( IN toward ) ( S-NOM ( VP ( VBG slowing ) ( PRT ( RP down ) ) ( NP ( NN program ) ( NN trading ) ) ( PP-TMP ( IN during ) ( NP ( JJ stressful ) ( NNS periods ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNS officials ) ) ( VP ( VBG working ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NN exchange ) ) ) ) ) )

Most revisions it will propose will be geared toward slowing down program trading during stressful periods said officials working with the exchange


( S ( S ( NP-SBJ ( NNS Computers ) ) ( VP ( VBP have ) ( VP ( VBN made ) ( S ( NP-SBJ ( NN trading ) ) ( ADJP-PRD ( RBR more ) ( JJ rapid ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( DT that ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN fixed ) ( PP-MNR ( IN with ) ( NP ( DT some ) ( NN fine-tuning ) ) ) ) ) ) ) )

Computers have made trading more rapid but that can be fixed with some fine-tuning


( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD can ) ( VP ( VB speed ) ( NP ( NNS things ) ) ( PRT ( RP up ) ) ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( MD can ) ( VP ( VB slow ) ( NP ( PRP them ) ) ( PRT ( RP down ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( VBD said ) ) )

I think if you can speed things up you can slow them down Mr. Phelan said


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( ADJP ( JJ different ) ) ( PP ( IN than ) ( S-NOM ( VP ( VBG wrecking ) ( NP ( PRP them ) ) ) ) ) ) ) )

That 's different than wrecking them


( S-1 ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( NN volatility ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB go ) ( ADVP-DIR ( RB away ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ ( NN Volatility ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJR greater ) ) ( PP ( IN than ) ( NP ( NN program ) ( NN trading ) ) ) ) ) )

While volatility wo n't go away he said Volatility is greater than program trading


( S ( SBAR-NOM-SBJ ( WHNP ( WP What ) ) ( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBP 'm ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB say ) ( PP-CLR ( TO to ) ( NP ( NNS people ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( S ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ proper ) ) ( S-2 ( VP ( TO to ) ( VP ( VB worry ) ( PP-CLR ( IN about ) ( NP ( NN program ) ( NN trading ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( ADVP ( RB only ) ) ( NP-PRD ( NP ( DT a ) ( NN piece ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN business ) ) ) ) ) ) ) ) ) )

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


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ big ) ( NNS institutions ) ) ( VP ( VBP have ) ( NP ( NP ( ADJP ( RB so ) ( JJ much ) ) ( NN control ) ) ( PP ( IN over ) ( NP ( JJ public ) ( NNS investments ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VB cause ) ( NP ( NP ( JJ big ) ( NNS swings ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN market ) ) ) ) ( ADVP ( RB regardless ) ( PP ( IN of ) ( NP ( NN index ) ( NN arbitrage ) ) ) ) ) ) ) ) ) ) ) ) ) )

For example Mr. Phelan said that big institutions have so much control over public investments that they can cause big swings in the market regardless of index arbitrage


( S ( S-TPC-1 ( NP-SBJ-2 ( NP ( DT A ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NNS people ) ) ) ) ( VP ( MD would ) ( VP ( VB like ) ( S ( VP ( TO to ) ( VP ( VB go ) ( ADVP-DIR ( RB back ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 1970 ) ) ( PP-TMP ( IN before ) ( NP ( NN program ) ( NN trading ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

A lot of people would like to go back to 1970 before program trading he said


( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( MD would ) ( VP ( VB like ) ( S ( VP ( TO to ) ( VP ( VB go ) ( ADVP-DIR ( RB back ) ) ( PP-DIR ( TO to ) ( NP ( CD 1970 ) ) ) ) ) ) ) ) )

I would like to go back to 1970


( S ( CC But ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP 're ) ( RB not ) ( VP ( VBG going ) ( ADVP-DIR ( RB back ) ) ( PP-DIR ( TO to ) ( NP ( CD 1970 ) ) ) ) ) )

But we 're not going back to 1970


( S ( ADVP ( RB Indeed ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NN stock-market ) ( NN volatility ) ) ( VP ( VBZ persists ) ) ) ) ( NP-SBJ ( DT the ) ( NNP U.S. ) ) ( VP ( MD may ) ( VP ( VB lose ) ( NP ( NP ( PRP$ its ) ( NN edge ) ) ( PP ( IN as ) ( S-NOM ( VP ( VBG being ) ( NP-PRD ( NP ( DT the ) ( JJS best ) ( NN place ) ) ( SBAR-LOC ( S ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NN capital ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Indeed Mr. Phelan said that if stock-market volatility persists the U.S. may lose its edge as being the best place to raise capital


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNP Japan ) ( POS 's ) ) ( NNS markets ) ) ( VP ( VBP are ) ( ADJP-PRD ( RBR more ) ( JJ stable ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Japan 's markets are more stable he said


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ continues ) ) ) ) ( NP-SBJ-1 ( NP ( DT a ) ( JJ significant ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( NNS companies ) ) ) ) ( VP ( MD will ) ( VP ( VB go ) ( PP-DIR ( IN over ) ( NP ( RB there ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NN money ) ) ) ) ) ) ) )

If that continues a significant number of U.S. companies will go over there to raise money


( S ( PP-TMP ( IN In ) ( NP ( JJ coming ) ( NNS days ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NNP Big ) ( NNP Board ) ) ( VP ( VBZ formulates ) ( NP ( NP ( PRP$ its ) ( NNS responses ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN program-trading ) ( NN problem ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( MD may ) ( VP ( VB take ) ( NP ( NP ( DT a ) ( RBR more ) ( JJ public ) ( NN role ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN issue ) ) ) ) ) ) )

In coming days when the Big Board formulates its responses to the program-trading problem Mr. Phelan may take a more public role in the issue


( S ( NP-SBJ ( NP ( NNP Lewis ) ( NNP L. ) ( NNP Glucksman ) ) ( NP ( NP ( NN vice ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( NNP Smith ) ( NNP Barney ) ) ( NP ( NNP Harris ) ( NNP Upham ) ) ( CC & ) ( NP ( NNP Co. ) ) ) ) ) ) ( VP ( VBD said ) ( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN problem ) ) ( SBAR ( WHNP-147 ( WDT that ) ) ( S ( VP ( VBZ 's ) ( VP ( VBG taking ) ( PRT ( RP on ) ) ( NP ( NP ( DT a ) ( NN life ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ own ) ) ) ) ) ) ) ) ) ) ) ) )

Lewis L. Glucksman vice chairman of Smith Barney Harris Upham & Co. said This is a problem that 's taking on a life of its own


( S ( S ( NP-SBJ-1 ( DT The ) ( NN program ) ( NN trading ) ( NN situation ) ) ( VP ( VBZ seems ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN driven ) ( NP ( NP ( JJ individual ) ( NNS investors ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NNS others ) ) ) ( PP-DIR ( IN out ) ( PP ( IN of ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( RB even ) ( NNPS Europeans ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ suspicious ) ) ) ) )

The program trading situation seems to have driven individual investors as well as others out of the market and even Europeans are suspicious


( S ( NP-SBJ ( DT The ) ( NN exchange ) ) ( VP ( MD should ) ( VP ( VB take ) ( NP ( DT a ) ( JJ pro-active ) ( NN position ) ) ) ) )

The exchange should take a pro-active position


( S ( PP-TMP ( IN For ) ( NP ( RB now ) ) ) ( ADVP ( RB however ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( VBD said ) ( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBP refuse ) ( S ( VP ( TO to ) ( VP ( VP ( VB get ) ( PP-CLR ( RB out ) ( NP ( RB there ) ) ) ) ( CC and ) ( VP ( VB tell ) ( NP ( NN everybody ) ) ( SBAR ( S ( NP-SBJ ( NN everything ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ hunky-dory ) ) ) ) ) ) ) ) ) ) ) ) )

For now however Mr. Phelan said I refuse to get out there and tell everybody everything is hunky-dory


( S ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP have ) ( NP ( DT a ) ( JJ major ) ( NN problem ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT that ) ( NN problem ) ) ( VP ( VBZ is ) ( NP-PRD ( NN volatility ) ) ) ) )

We have a major problem and that problem is volatility


( S ( NP-SBJ ( NNP Craig ) ( NNP Torres ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( DT this ) ( NN article ) ) ) ) )

Craig Torres contributed to this article


( S ( PP-TMP ( IN During ) ( NP ( PRP$ its ) ( JJ centennial ) ( NN year ) ) ) ( NP-SBJ ( DT The ) ( NNP Wall ) ( NNP Street ) ( NNP Journal ) ) ( VP ( MD will ) ( VP ( VB report ) ( NP ( NP ( NNS events ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ past ) ( NN century ) ) ) ( SBAR ( WHNP-1 ( DT that ) ) ( S ( VP ( NN stand ) ( PP-CLR ( IN as ) ( NP ( NP ( NNS milestones ) ) ( PP ( IN of ) ( NP ( JJ American ) ( NN business ) ( NN history ) ) ) ) ) ) ) ) ) ) ) )

During its centennial year The Wall Street Journal will report events of the past century that stand as milestones of American business history


( S-HLN ( NP-SBJ-1 ( NNP LUTHER ) ( NNP BURBANK ) ) ( VP ( VBD CROSS-BRED ) ( NP ( NNS PLANTS ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB produce ) ( NP ( DT the ) ( JJ billion-dollar ) ( NNP Idaho ) ( NN potato ) ) ) ) ) ) )

LUTHER BURBANK CROSS-BRED PLANTS to produce the billion-dollar Idaho potato


( S ( NP-SBJ-1 ( NNS Bioengineers ) ) ( VP ( VBD set ) ( PRT ( RP out ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB duplicate ) ( NP ( DT that ) ( NN feat ) ) ( PRN ( ADVP-MNR ( RB scientifically ) ( CC and ) ( RB commercially ) ) ) ( PP-MNR ( IN with ) ( NP ( JJ new ) ( NN life ) ( NNS forms ) ) ) ) ) ) ) )

Bioengineers set out to duplicate that feat scientifically and commercially with new life forms


( S ( PP-TMP ( IN In ) ( NP ( CD 1953 ) ) ) ( NP-SBJ ( NP ( NNP James ) ( NNP Watson ) ) ( CC and ) ( NP ( PRP$ his ) ( NNS colleagues ) ) ) ( VP ( VBD unlocked ) ( NP ( NP ( DT the ) ( JJ double ) ( NN helix ) ) ( PP ( IN of ) ( NP ( NP ( NN DNA ) ) ( PRN ( NP ( JJ deoxyribonucleic ) ( NN acid ) ) ) ( NP ( NP ( DT the ) ( JJ genetic ) ( NN key ) ) ( PP ( TO to ) ( NP ( NN heredity ) ) ) ) ) ) ) ) )

In 1953 James Watson and his colleagues unlocked the double helix of DNA deoxyribonucleic acid the genetic key to heredity


( S ( ADVP-TMP ( NP ( CD Twenty ) ( NNS years ) ) ( RB later ) ) ( NP-SBJ-1 ( NP ( CD two ) ( NNP California ) ( NNS academics ) ) ( NP ( NP ( NNP Stanley ) ( NNP Cohen ) ) ( CC and ) ( NP ( NNP Herbert ) ( NNP Boyer ) ) ) ) ( VP ( VBD made ) ( NP ( JJ recombinant ) ( NN DNA ) ) ( S-ADV ( VP ( VBG transplanting ) ( NP ( NP ( DT a ) ( NN toad ) ( POS 's ) ) ( NN gene ) ) ( PP-CLR ( IN into ) ( NP ( NP ( NNS bacteria ) ) ( SBAR ( WHNP-104 ( WDT which ) ) ( S ( ADVP-TMP ( RB then ) ) ( VP ( VBD reproduced ) ( NP ( NN toad ) ( NNS genes ) ) ) ) ) ) ) ) ) ) )

Twenty years later two California academics Stanley Cohen and Herbert Boyer made recombinant DNA transplanting a toad 's gene into bacteria which then reproduced toad genes


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( NNP Boyer ) ) ( VP ( VBD met ) ( NP ( NP ( NNP Robert ) ( NNP Swanson ) ) ( NP ( DT an ) ( JJ M.I.T.-trained ) ( NN chemist-turned-entrepreneur ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1976 ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD saw ) ( NP ( NN dollar ) ( NNS signs ) ) ) )

When Boyer met Robert Swanson an M.I.T.-trained chemist-turned-entrepreneur in 1976 they saw dollar signs


( S ( PP ( IN With ) ( NP ( NP ( NP ( CD 500 ) ) ( ADVP ( RB apiece ) ) ) ( CC and ) ( NP ( NP ( DT an ) ( NN injection ) ) ( PP ( IN of ) ( NP ( JJ outside ) ( NN capital ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD formed ) ( NP ( NNP Genentech ) ( NNP Inc ) ) ) )

With 500 apiece and an injection of outside capital they formed Genentech Inc


( S ( NP-SBJ-1 ( JJ Commercial ) ( NN gene-splicing ) ) ( VP ( VBD was ) ( VP ( VBN born ) ) ) )

Commercial gene-splicing was born


( S ( NP-SBJ ( NP ( NP ( NNP Genentech ) ( POS 's ) ) ( JJ first ) ( NN product ) ) ( NP ( NP ( DT a ) ( NN brain ) ( NN protein ) ) ( VP ( VBD called ) ( S ( NP-PRD ( NN somatostatin ) ) ) ) ) ) ( VP ( VBD proved ) ( NP ( PRP$ its ) ( NN technology ) ) ) )

Genentech 's first product a brain protein called somatostatin proved its technology


( S ( S ( NP-SBJ ( NP ( DT The ) ( JJ next ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN cloned ) ) ) ) ) ) ( NP ( JJ human ) ( NN insulin ) ) ) ( VP ( VBD had ) ( NP ( NN market ) ( NN potential ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Genentech ) ) ( VP ( VBD licensed ) ( NP ( PRP it ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Eli ) ( NNP Lilly ) ) ( SBAR ( WHNP-105 ( WDT which ) ) ( S ( VP ( VBD produced ) ( NP ( NP ( CD 80 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN insulin ) ) ( VP ( VBN used ) ( PP ( IN by ) ( NP-LGS ( QP ( CD 1.5 ) ( CD million ) ) ( NNP U.S. ) ( NNS diabetics ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The next to be cloned human insulin had market potential and Genentech licensed it to Eli Lilly which produced 80 % of the insulin used by 1.5 million U.S. diabetics


( S ( S ( NP-SBJ ( PRP$ Their ) ( NN laboratory ) ( NNS credentials ) ) ( VP ( VBN established ) ) ) ( NP-SBJ ( NNP Boyer ) ( CC and ) ( NNP Swanson ) ) ( VP ( VBD headed ) ( PP-DIR ( IN for ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1980 ) ) ) ) )

Their laboratory credentials established Boyer and Swanson headed for Wall Street in 1980


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( NN time ) ) ) ( NP-SBJ ( NN Genentech ) ) ( VP ( VBD had ) ( NP ( NP ( NP ( NP ( RB only ) ( CD one ) ( JJ profitable ) ( NN year ) ) ( PP ( IN behind ) ( NP ( PRP it ) ) ) ) ( PRN ( NP ( NP ( DT a ) ( JJ modest ) ( CD 116,000 ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 2.6 ) ( CD million ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1979 ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT no ) ( NN product ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ own ) ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) )

At the time Genentech had only one profitable year behind it a modest 116,000 on revenue of 2.6 million in 1979 and no product of its own on the market


( S ( ADVP ( RB Nonetheless ) ) ( NP-SBJ ( NP ( DT the ) ( ADJP ( QP ( CD 36 ) ( CD million ) ) ) ( NN issue ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD floated ) ( PP-TMP ( IN in ) ( NP ( CD 1980 ) ) ) ) ) ) ) ( VP ( VP ( VBD opened ) ( PP-CLR ( IN at ) ( NP ( CD 35 ) ) ) ) ( CC and ) ( VP ( VBD leaped ) ( PP-DIR ( TO to ) ( NP ( CD 89 ) ) ) ( PP-TMP ( IN within ) ( NP ( CD 20 ) ( NNS minutes ) ) ) ) ) )

Nonetheless the 36 million issue they floated in 1980 opened at 35 and leaped to 89 within 20 minutes


( S ( NP-SBJ ( NP ( DT The ) ( NN trip ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN test ) ( NN tube ) ) ) ) ( VP ( VBD was ) ( RB not ) ( PP-PRD ( IN without ) ( NP ( NNS snags ) ) ) ) )

The trip from the test tube was not without snags


( S ( S ( NP-SBJ-1 ( NP ( NNP Boyer ) ( CC and ) ( NNP Cohen ) ) ( PRN ( PP ( IN for ) ( NP ( NN instance ) ) ) ) ( NP ( DT both ) ( RB still ) ( NN university ) ( NNS researchers ) ) ) ( VP ( VBD had ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN talked ) ( PP-CLR ( IN into ) ( S-NOM ( VP ( VBG applying ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN patent ) ) ( PP-LOC ( IN on ) ( NP ( PRP$ their ) ( NN gene-splicing ) ( NN technique ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( ADVP-TMP ( RB then ) ) ( S ( NP-SBJ-3 ( DT the ) ( NNP Patent ) ( NNP Office ) ) ( VP ( VBD refused ) ( S ( VP ( TO to ) ( VP ( VB grant ) ( NP ( PRP it ) ) ) ) ) ) ) )

Boyer and Cohen for instance both still university researchers had to be talked into applying for a patent on their gene-splicing technique and then the Patent Office refused to grant it


( S ( NP-SBJ-1 ( DT That ) ( NN judgment ) ) ( PP ( IN in ) ( NP ( NN turn ) ) ) ( VP ( VBD was ) ( VP ( VBN reversed ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP U.S. ) ( NNP Supreme ) ( NNP Court ) ) ) ( S-ADV ( VP ( VBG leaving ) ( S ( NP-SBJ ( NNP Cohen ) ( CC and ) ( NNP Boyer ) ) ( VP ( VBG holding ) ( NP ( NP ( NP ( DT the ) ( JJ first ) ( NNS patents ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG making ) ( NP ( JJ recombinant ) ( NNP DNA ) ) ) ) ) ) ( PRN ( VP ( ADVP-TMP ( RB now ) ) ( VBN assigned ) ( PP-CLR ( TO to ) ( NP ( PRP$ their ) ( NNS schools ) ) ) ) ) ) ) ) ) ) ) ) )

That judgment in turn was reversed by the U.S. Supreme Court leaving Cohen and Boyer holding the first patents for making recombinant DNA now assigned to their schools


( S ( NP-SBJ ( NN Gene-splicing ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT an ) ( JJ integral ) ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN drug ) ( NN business ) ) ) ) ) )

Gene-splicing now is an integral part of the drug business


( S ( NP-SBJ ( NP ( NN Genentech ) ( POS 's ) ) ( CD 1988 ) ( NNS sales ) ) ( VP ( VBD were ) ( NP-PRD ( QP ( CD 335 ) ( CD million ) ) ) ( PP ( CC both ) ( IN from ) ( NP ( NN licensing ) ) ( CC and ) ( NP ( PRP$ its ) ( JJ own ) ( NNS products ) ) ) ) )

Genentech 's 1988 sales were 335 million both from licensing and its own products


( S ( NP-SBJ ( NNP LTV ) ( NNP Steel ) ( NNP Co. ) ) ( VP ( VBZ is ) ( VP ( VBG boosting ) ( NP ( NP ( DT the ) ( NNS prices ) ) ( PP ( IN of ) ( NP ( JJ flat ) ( VBN rolled ) ( NN steel ) ( NNS products ) ) ) ) ( PP-EXT ( IN by ) ( NP ( NP ( DT an ) ( NN average ) ) ( PP ( IN of ) ( NP ( CD 3 ) ( NN % ) ) ) ) ) ( PP-TMP ( VBG following ) ( NP ( NP ( DT a ) ( JJ recent ) ( NN erosion ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNS prices ) ) ( PP ( IN of ) ( NP ( JJ such ) ( JJ crucial ) ( NN steel ) ( NNS products ) ) ) ) ) ) ) ) ) )

LTV Steel Co. is boosting the prices of flat rolled steel products by an average of 3 % following a recent erosion in the prices of such crucial steel products


( S ( NP-SBJ ( DT The ) ( JJ big ) ( NNS questions ) ) ( VP ( VBP are ) ( SBAR-PRD ( SBAR ( IN whether ) ( S ( NP-SBJ ( NP ( DT the ) ( NN increase ) ) ( RRC ( ADJP ( JJ effective ) ) ( NP-TMP ( NNP Jan. ) ( CD 1 ) ( CD 1990 ) ) ) ) ( VP ( MD will ) ( VP ( VB stick ) ) ) ) ) ( CC and ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( JJ other ) ( JJ major ) ( NNS steelmakers ) ) ( VP ( MD will ) ( VP ( VB follow ) ( NP-CLR ( NN suit ) ) ) ) ) ) ) ) )

The big questions are whether the increase effective Jan. 1 1990 will stick and whether other major steelmakers will follow suit


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( ADVP ( RB widely ) ) ( VP ( VBN expected ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD will ) ) ) ) ) ) )

It is widely expected that they will


( S ( NP-SBJ ( DT The ) ( NN increase ) ) ( VP ( VBZ is ) ( PP-PRD ( IN on ) ( NP ( NP ( DT the ) ( JJ base ) ( NN price ) ) ( SBAR ( WHNP-100 ( WDT which ) ) ( S ( VP ( VBZ is ) ( ADVP-PRD ( RB already ) ( VP ( VBG being ) ( VP ( VBN discounted ) ( PP ( IN by ) ( NP-LGS ( RB virtually ) ( DT all ) ( NN steel ) ( NNS producers ) ) ) ) ) ) ) ) ) ) ) ) )

The increase is on the base price which is already being discounted by virtually all steel producers


( S ( CC But ) ( NP-SBJ ( NP ( NNP LTV ) ( POS 's ) ) ( NN move ) ) ( VP ( VBZ marks ) ( NP ( NP ( DT the ) ( JJ first ) ( NN effort ) ) ( PP ( IN by ) ( NP ( DT a ) ( JJ major ) ( NN steelmaker ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB counter ) ( NP ( NP ( DT the ) ( JJ free ) ( NN fall ) ) ( PP-LOC ( IN in ) ( NP ( NN spot ) ( NNS prices ) ) ) ) ) ) ) ) ) )

But LTV 's move marks the first effort by a major steelmaker to counter the free fall in spot prices


( S ( NP-SBJ ( JJ Major ) ( NN steel ) ( NNS producers ) ) ( VP ( VBP are ) ( VP ( VBG selling ) ( NP ( JJ cold ) ( VBN rolled ) ( NN sheet ) ( NN steel ) ) ( PP-CLR ( IN at ) ( NP ( NP ( QP ( RB about ) ( CD 370 ) ) ) ( NP-ADV ( DT a ) ( NN ton ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( JJ peak ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( CD 520 ) ) ( NP-ADV ( DT a ) ( NN ton ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ) )

Major steel producers are selling cold rolled sheet steel at about 370 a ton compared with a peak price of 520 a ton in 1988


( S ( NP-SBJ ( JJ Second-tier ) ( NNS companies ) ) ( VP ( VBP are ) ( VP ( VBG receiving ) ( NP ( NP ( RB even ) ( JJR less ) ) ( PP ( IN per ) ( NP ( NN ton ) ) ) ) ) ) )

Second-tier companies are receiving even less per ton


( S ( NP-SBJ ( NP ( NP ( NNP LTV ) ( POS 's ) ) ( JJ planned ) ( NN increase ) ) ( SBAR ( WHNP-101 ( WDT which ) ) ( S ( VP ( VBD was ) ( VP ( VBN announced ) ( PP-LOC ( IN in ) ( NP ( NP ( DT an ) ( NNP Oct. ) ( CD 26 ) ( NN memo ) ) ( PP ( TO to ) ( NP ( NN district ) ( NNS managers ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB affect ) ( NP ( NP ( JJ electrogalvanized ) ( NN steel ) ) ( CC or ) ( NP ( NN tin ) ( NN plate ) ) ) ) ) )

LTV 's planned increase which was announced in an Oct. 26 memo to district managers does n't affect electrogalvanized steel or tin plate


( S ( NP-SBJ-1 ( NNP LTV ) ) ( VP ( VBD confirmed ) ( NP ( DT the ) ( NN price-increase ) ( NN plan ) ) ( S-ADV ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NN move ) ) ( VP ( VBZ is ) ( VP ( VBN designed ) ( S ( VP ( VP ( TO to ) ( VP ( ADVP-MNR ( RBR more ) ( RB accurately ) ) ( VB reflect ) ( NP ( NP ( DT the ) ( NN value ) ) ( PP ( IN of ) ( NP ( NNS products ) ) ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB put ) ( NP ( NN steel ) ) ( PP-PUT ( IN on ) ( NP ( NP ( ADJP ( RBR more ) ( JJ equal ) ) ( NN footing ) ) ( PP ( IN with ) ( NP ( JJ other ) ( NNS commodities ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

LTV confirmed the price-increase plan saying the move is designed to more accurately reflect the value of products and to put steel on more equal footing with other commodities


( S ( NP-SBJ ( NP ( DT A ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( NP ( NNP LTV ) ( NNP Steel ) ) ( SBAR ( WHNP-102 ( WDT which ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( JJ Dallas-based ) ( NNP LTV ) ( NNP Corp. ) ) ) ) ) ) ) ) ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NN steel ) ( NNS prices ) ) ( VP ( VBN adjusted ) ( PP-CLR ( IN for ) ( NP ( NN inflation ) ) ) ) ) ( VP ( VBD increased ) ( NP-EXT ( RB only ) ( CD 1.7 ) ( NN % ) ) ( PP-TMP ( IN between ) ( NP ( NP ( CD 1981 ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ fourth ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( CD 1988 ) ) ) ) ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS prices ) ) ( PP ( IN of ) ( NP ( JJ other ) ( JJ industrial ) ( NNS commodities ) ) ) ) ( VP ( VBD increased ) ( NP-ADV ( QP ( RB nearly ) ( CD five ) ( NNS times ) ( RB as ) ( JJ much ) ) ) ) ) ) ) ) ) ) )

A spokesman for LTV Steel which is a unit of Dallas-based LTV Corp. noted that steel prices adjusted for inflation increased only 1.7 % between 1981 and the fourth quarter of 1988 while the prices of other industrial commodities increased nearly five times as much


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( NP-SBJ-1 ( NNS steelmakers ) ) ( VP ( VBP are ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB invest ) ( NP ( JJR more ) ) ( S-PRP ( VP ( TO to ) ( VP ( VP ( VB modernize ) ( NP ( NN technology ) ) ) ( CC and ) ( VP ( VB make ) ( S ( NP-SBJ ( PRP themselves ) ) ( ADJP-PRD ( RBR more ) ( JJ competitive ) ) ) ) ) ) ) ) ) ) ) ) )

At the same time steelmakers are trying to invest more to modernize technology and make themselves more competitive


( S ( CC But ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB prevent ) ( NP ( JJ further ) ( NN price ) ( NNS drops ) ) ) ) ) ) ) ) ) ) )

But analysts say the company is also trying to prevent further price drops


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP note ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NNP LTV ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB send ) ( NP ( DT a ) ( NN signal ) ) ( PP-DTV ( TO to ) ( NP ( NP ( JJ major ) ( NNS customers ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP Chrysler ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP Whirlpool ) ( NNP Corp. ) ) ) ) ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( NNS steelmakers ) ) ( VP ( VBP need ) ( NP ( JJR more ) ( NN money ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Moreover they note that LTV may be trying to send a signal to major customers such as Chrysler Corp. and Whirlpool Corp. that steelmakers need more money


( S ( NP-SBJ ( DT Both ) ( NNS companies ) ) ( VP ( VBP are ) ( PP-PRD ( IN in ) ( NP ( NP ( DT the ) ( NN process ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG negotiating ) ( NP ( NP ( NNS contracts ) ) ( PP ( IN with ) ( NP ( NNP LTV ) ( CC and ) ( NNS others ) ) ) ) ) ) ) ) ) ) )

Both companies are in the process of negotiating contracts with LTV and others


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( PRP They ) ) ( PRN ( NNP LTV ) ) ) ( VP ( MD may ) ( VP ( VB believe ) ( SBAR ( S ( NP-SBJ ( DT this ) ) ( VP ( VP ( MD can ) ( VP ( VB impact ) ( NP ( NN contract ) ( NNS negotiations ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( NP-PRD ( NP ( PRP$ their ) ( NN signal ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN world ) ) ) ( SBAR-3 ( WDT that ) ( S ( NP-SBJ ( RB now ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN time ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB get ) ( ADJP-PRD ( JJ tough ) ( PP ( IN on ) ( NP ( NNS prices ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Peter ) ( NNP Marcus ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP PaineWebber ) ( NNP Inc ) ) ) ) ) )

They LTV may believe this can impact contract negotiations and is their signal to the world that now is the time to get tough on prices said Peter Marcus an analyst with PaineWebber Inc


( S ( NP-SBJ ( NNP Mr. ) ( NNP Marcus ) ) ( VP ( VBZ believes ) ( SBAR ( S ( NP-SBJ-1 ( NN spot ) ( NN steel ) ( NNS prices ) ) ( VP ( MD will ) ( VP ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB fall ) ) ) ) ( PP-TMP ( IN through ) ( NP ( JJ early ) ( CD 1990 ) ) ) ) ( CC and ) ( RB then ) ( VP ( VB reverse ) ( NP ( PRP themselves ) ) ) ) ) ) ) ) )

Mr. Marcus believes spot steel prices will continue to fall through early 1990 and then reverse themselves


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN convinced ) ( ADVP ( RB though ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN price ) ( NN decline ) ) ( VP ( VBZ reflects ) ( NP ( VBG falling ) ( NN demand ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NN world ) ( NN economy ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( RB relatively ) ( JJ strong ) ) ) ) ) ) ) )

He is n't convinced though that the price decline reflects falling demand because the world economy remains relatively strong


( S ( CC And ) ( S-TPC-2 ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-1 ( NP ( NNS customers ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NN steel ) ( NN service ) ( NNS centers ) ) ) ) ( VP ( VBP are ) ( VP ( VBG continuing ) ( S ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( NNS inventories ) ) ) ) ) ( PP-TMP ( IN through ) ( NP ( DT the ) ( JJ fourth ) ( NN quarter ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( ADVP-TMP ( RB eventually ) ) ( VP ( MD will ) ( VP ( VB begin ) ( VP ( VBG stocking ) ( PRT ( RP up ) ) ( ADVP-TMP ( RB again ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ notes ) ) )

And while customers such as steel service centers are continuing to reduce inventories through the fourth quarter they eventually will begin stocking up again he notes


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( ADJP-PRD ( JJ clear ) ) ( PP-TMP ( IN for ) ( NP ( NNS months ) ) ) ( SBAR-1 ( IN whether ) ( S ( NP-SBJ ( DT the ) ( NN price ) ( NN increase ) ) ( VP ( MD will ) ( VP ( VB stick ) ) ) ) ) ) ) )

It wo n't be clear for months whether the price increase will stick


( S ( NP-SBJ-1 ( NNS Steelmakers ) ) ( VP ( VP ( VBD announced ) ( NP ( NP ( DT a ) ( NN round ) ) ( PP ( IN of ) ( NP ( NN base-price ) ( NNS increases ) ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ( CC but ) ( VP ( VBD began ) ( S ( VP ( VBG offering ) ( NP ( JJ sizable ) ( NNS discounts ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( NN summer ) ) ) ) ) ) ) )

Steelmakers announced a round of base-price increases last year but began offering sizable discounts over the summer


( S ( PP ( IN In ) ( NP ( NN fact ) ) ) ( NP-SBJ ( NNP LTV ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ( NN steelmaker ) ) ( SBAR ( S ( VP ( TO to ) ( ADVP-MNR ( RB publicly ) ) ( VP ( VB boost ) ( NP ( NP ( NNS discounts ) ) ( PP ( IN for ) ( NP ( NP ( NNS buyers ) ) ( PP ( IN of ) ( NP ( NP ( JJ cold ) ( VBN rolled ) ( NN sheet ) ( NN steel ) ) ( CC and ) ( NP ( JJ hot-dipped ) ( JJ galvanized ) ( NN sheet ) ( NN steel ) ) ) ) ) ) ) ) ) ) ) ) ) )

In fact LTV was the first steelmaker to publicly boost discounts for buyers of cold rolled sheet steel and hot-dipped galvanized sheet steel


( S ( PP ( IN In ) ( NP ( JJ composite ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ-1 ( NNP LTV ) ( JJ common ) ( NNS shares ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 12.5 ) ( NNS cents ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( CD 1.50 ) ) ) ) ) ) ) )

In composite New York Stock Exchange trading yesterday LTV common shares fell 12.5 cents to close at 1.50


( S ( S-TPC-2 ( NP-SBJ ( NP ( NNP Orkem ) ( NNP S.A. ) ) ( NP ( DT a ) ( JJ French ) ( JJ state-controlled ) ( JJ chemical ) ( NN manufacturer ) ) ) ( VP ( VBZ is ) ( VP ( VBG making ) ( NP ( NP ( DT a ) ( JJ friendly ) ( NN bid ) ) ( PP ( IN of ) ( NP ( NP ( CD 470 ) ( NNS pence ) ) ( PRN ( NP ( CD 7.43 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( CD 59.2 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP U.K. ) ( NN specialty ) ( JJ chemical ) ( NN group ) ( NNP Coates ) ( NNP Brothers ) ( NNP PLC ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ does ) ( RB n't ) ( ADVP-PRP ( RB already ) ) ( VP ( VB own ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( CD two ) ( NNS sides ) ) ( VP ( VBD said ) ) )

Orkem S.A. a French state-controlled chemical manufacturer is making a friendly bid of 470 pence 7.43 a share for the 59.2 % of U.K. specialty chemical group Coates Brothers PLC which it does n't already own the two sides said


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN offer ) ) ( SBAR ( WHNP-88 ( WDT which ) ) ( S ( VP ( VBZ values ) ( NP ( NP ( DT the ) ( NN whole ) ) ( PP ( IN of ) ( NP ( NNP Coates ) ) ) ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 301 ) ( CD million ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB already ) ) ( VP ( VBN been ) ( VP ( VBN accepted ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( NNP Coates ) ( NNS executives ) ) ( CC and ) ( NP ( JJ other ) ( NNS shareholders ) ) ) ( VP ( VBG owning ) ( NP ( NP ( CD 12.4 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ) )

The offer which values the whole of Coates at 301 million has already been accepted by Coates executives and other shareholders owning 12.4 % of the company


( S ( NP-SBJ ( DT The ) ( NNS acceptances ) ) ( VP ( VBP give ) ( NP ( VB Orkem ) ) ( NP ( NP ( DT a ) ( JJ controlling ) ( ADJP ( CD 53.2 ) ( NN % ) ) ( NN stake ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN company ) ) ) ) ) )

The acceptances give Orkem a controlling 53.2 % stake in the company


( S ( NP-SBJ ( NNP Orkem ) ( CC and ) ( NNP Coates ) ) ( VP ( VBD said ) ( NP-TMP ( JJ last ) ( NNP Wednesday ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( CD two ) ) ( VP ( VBD were ) ( VP ( VBG considering ) ( NP ( NP ( DT a ) ( NN merger ) ) ( PP ( IN through ) ( NP ( NP ( NP ( NNP Orkem ) ( POS 's ) ) ( JJ British ) ( NN subsidiary ) ) ( NP ( NNP Orkem ) ( NNP Coatings ) ( NNP U.K. ) ( NNP Ltd ) ) ) ) ) ) ) ) ) ) )

Orkem and Coates said last Wednesday that the two were considering a merger through Orkem 's British subsidiary Orkem Coatings U.K. Ltd


( S ( NP-SBJ ( NP ( NNP Orkem ) ) ( NP ( NP ( NNP France ) ( POS 's ) ) ( JJ third-largest ) ( JJ chemical ) ( NN group ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB fund ) ( NP ( DT the ) ( NN acquisition ) ) ( PP-CLR ( IN through ) ( NP ( JJ internal ) ( NNS resources ) ) ) ) ) ) ) ) )

Orkem France 's third-largest chemical group said it would fund the acquisition through internal resources


( S ( NP-SBJ-1 ( DT The ) ( NN takeover ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN followed ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN restructuring ) ) ( PP ( IN of ) ( NP ( NP ( NNP Orkem ) ( POS 's ) ) ( NNP U.K. ) ( NN unit ) ) ) ( PP ( VBG including ) ( NP ( NP ( DT the ) ( NN addition ) ) ( PP ( IN of ) ( NP ( NP ( JJ related ) ( NNP Orkem ) ( NNS businesses ) ) ( CC and ) ( ADVP ( RB possibly ) ) ( NP ( JJ further ) ( NNS acquisitions ) ) ) ) ) ) ) ) ) ) ) )

The takeover would be followed by a restructuring of Orkem 's U.K. unit including the addition of related Orkem businesses and possibly further acquisitions


( S ( NP-SBJ ( NNP Orkem ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( ADVP ( RB eventually ) ) ( VP ( MD would ) ( VP ( VB seek ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( DT a ) ( JJ public ) ( NN share ) ( NN offering ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NNP U.K. ) ( NN business ) ) ) ) ) ) ) ) ) ) ) ) )

Orkem said it eventually would seek to make a public share offering in its U.K. business


( X-HLN ( NP ( NNP American ) ( NNP Enterprise ) ( NNP Institute ) ( NN scholar ) ( NNP Norman ) ( NNP Ornstein ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NAC-TMP ( NNP Oct. ) ( CD 21 ) ) ( NNP TV ) ( NNP Guide ) ) ( PP ( IN on ) ( SBAR-TTL ( WHNP-1 ( WP What ) ) ( S ( NP-SBJ ( NN TV ) ( NN News ) ) ( VP ( VP ( VBZ Does ) ( RB n't ) ( VP ( VB Report ) ( PP-CLR ( IN About ) ( NP ( NNP Congress ) ) ) ) ) ( CC and ) ( VP ( MD Should ) ) ) ) ) ) ) ) )

American Enterprise Institute scholar Norman Ornstein in the Oct. 21 TV Guide on What TV News Does n't Report About Congress and Should


( S ( PP-MNR ( IN By ) ( S-NOM ( VP ( VBG concentrating ) ( NP ( PDT all ) ( PRP$ their ) ( NNS resources ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN pay ) ( NN raise ) ) ( NP ( NNP Wright ) ) ( CC and ) ( NP ( NNP Tower ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNS networks ) ) ( ADVP ( RB actually ) ) ( VP ( VBD overlooked ) ( NP ( NP ( DT some ) ( JJ major ) ( NNS stories ) ) ( SBAR ( WHNP-181 ( WDT that ) ) ( S ( VP ( VBD showed ) ( NP ( NP ( DT the ) ( NNS flaws ) ( CC and ) ( NNS shortcomings ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN institution ) ) ) ) ) ) ) ) ) )

By concentrating all their resources on the pay raise Wright and Tower the networks actually overlooked some major stories that showed the flaws and shortcomings of the institution


( S ( NP-SBJ ( DT An ) ( JJ imaginative ) ( NN producer ) ) ( VP ( MD could ) ( ADVP-MNR ( RB easily ) ) ( VP ( VB have ) ( VP ( VBN created ) ( NP ( NP ( DT a ) ( ADJP ( JJ fast-moving ) ( CC and ) ( JJ interesting ) ) ( NN piece ) ) ( PP ( IN about ) ( SBAR ( SBAR ( WHADVP-1 ( WRB how ) ) ( S ( NP-SBJ ( NNP Congress ) ) ( ADVP ( RB really ) ) ( VP ( VBZ works ) ) ) ) ( CC and ) ( SBAR ( WHADVP ( WRB why ) ) ( S ( NP-SBJ ( NP ( NNS voters ) ) ( PP-LOC ( IN in ) ( PRN ( INTJ ( UH say ) ) ) ( NP ( NNP West ) ( NNP Virginia ) ) ) ) ( VP ( VBD got ) ( NP ( DT a ) ( ADJP ( RB federally ) ( JJ funded ) ) ( NX ( NX ( NN university ) ( NN project ) ) ( CC and ) ( NX ( NN building ) ) ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( NP ( NNS voters ) ) ( PP-LOC ( IN in ) ( NP ( NNS Arkansas ) ) ) ) ( VP ( VBD did ) ( RB not ) ) ) ) ) ) ) ) ) ) ) ) ) )

An imaginative producer could easily have created a fast-moving and interesting piece about how Congress really works and why voters in say West Virginia got a federally funded university project and building while voters in Arkansas did not


( S ( CC But ) ( NP-SBJ ( NN nobody ) ) ( VP ( VBD did ) ( NP ( PDT such ) ( DT a ) ( NN piece ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( NP ( DT a ) ( JJ contemporary ) ( NN axiom ) ) ( S ( SBAR-ADV ( X ( DT the ) ( RBR more ) ) ( S ( NP-SBJ ( DT a ) ( NN scandal ) ) ( VP ( VBZ has ) ( S ( VP ( TO to ) ( VP ( VB do ) ( PP-CLR ( IN with ) ( NP ( NP ( NP ( DT a ) ( NN congressman ) ( POS 's ) ) ( NNS duties ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN congressman ) ) ) ) ) ) ) ) ) ) ) ( X ( DT the ) ( ADJP ( RBR less ) ( JJ likely ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( S-2 ( VP ( TO to ) ( VP ( VB catch ) ( NP ( NP ( DT the ) ( NN fancy ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN network ) ) ) ) ) ) ) ) ) ) ) ) ) )

But nobody did such a piece reflecting a contemporary axiom the more a scandal has to do with a congressman 's duties as a congressman the less likely it is to catch the fancy of a network


( X-HLN ( NP ( NN Ethicist ) ( NNP Michael ) ( NNP Josephson ) ) ( PP-LOC ( IN in ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( NP ( PRP$ his ) ( NN institute ) ( POS 's ) ) ( JJ recent ) ( NNS publications ) ) ( PP ( IN on ) ( X-TTL ( NP ( NN Journalism ) ) ( PP-TMP ( IN In ) ( NP ( DT the ) ( NN Year ) ( CD 2000 ) ) ) ) ) ) ) ) ) )

Ethicist Michael Josephson in one of his institute 's recent publications on Journalism In the Year 2000


( S ( NP-SBJ ( NP ( DT The ) ( JJ operative ) ( NN definition ) ) ( PP ( IN of ) ( NP ( NN newsworthiness ) ) ) ) ( VP ( MD will ) ( VP ( VB favor ) ( NP ( NP ( ADJP ( RB virtually ) ( JJ unrestrained ) ) ( NN use ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ personal ) ( JJ sensitive ) ( CC and ) ( JJ intimate ) ) ( NNS facts ) ) ) ) ) ) )

The operative definition of newsworthiness will favor virtually unrestrained use of personal sensitive and intimate facts


( S ( NP-SBJ-2 ( NP ( NP ( JJ Traditional ) ( NNS standards ) ) ( PP ( IN of ) ( NP ( NN relevancy ) ( CC and ) ( NN importance ) ) ) ) ( PRN ( SQ ( NNS is ) ( NP-SBJ ( DT this ) ) ( NP-PRD ( NP ( NN something ) ) ( SBAR ( S ( NP-SBJ-5 ( DT the ) ( NN public ) ) ( VP ( MD ought ) ( S ( VP ( TO to ) ( VP ( VB know ) ) ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN replaced ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( ADJP ( RB much ) ( JJR broader ) ) ( NN test ) ) ( PRN ( SQ ( NNS is ) ( NP-SBJ ( DT this ) ) ( NP-PRD ( NP ( NN something ) ) ( SBAR ( S ( NP-SBJ-4 ( DT the ) ( NN public ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ interested ) ( PP ( IN in ) ( S-NOM ( VP ( VBG knowing ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Traditional standards of relevancy and importance is this something the public ought to know will be replaced by a much broader test is this something the public is interested in knowing


( S ( CC And ) ( SBAR-PRP ( IN since ) ( S ( NP-SBJ-1 ( DT the ) ( NN public ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB always ) ) ( VP ( VBN been ) ( VP ( VBN fascinated ) ( PP ( IN by ) ( NP-LGS ( NN gossip ) ( CC and ) ( NN voyeurism ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NNS reporters ) ( CC and ) ( NNS editors ) ) ( VP ( MD will ) ( VP ( VB strain ) ( PP-CLR ( IN for ) ( NP ( JJ creative ) ( NNS angles ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB justify ) ( NP ( NP ( DT the ) ( NN inclusion ) ) ( PP ( IN of ) ( NP ( NP ( JJ collateral ) ( NNS facts ) ) ( PP ( IN about ) ( NP ( JJ private ) ( NNS lives ) ) ) ( PP ( VBG including ) ( NP ( NP ( NP ( JJ sexual ) ( NNS activities ) ) ( CC and ) ( NP ( JJ domestic ) ( NNS relationships ) ) ) ( NP ( NP ( NNS activities ) ) ( PP ( IN of ) ( NP ( NN family ) ( NNS members ) ) ) ) ( CC and ) ( NP ( NP ( DT all ) ( NNS matters ) ) ( PP ( IN about ) ( NP ( ADJP ( JJ mental ) ( CC and ) ( JJ physical ) ) ( NN health ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

And since the public has always been fascinated by gossip and voyeurism reporters and editors will strain for creative angles to justify the inclusion of collateral facts about private lives including sexual activities and domestic relationships activities of family members and all matters about mental and physical health


( S ( ADVP ( RB Similarly ) ) ( NP-SBJ ( JJ visual ) ( NNS images ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( RBR more ) ( JJ vivid ) ( JJ sensational ) ( CC and ) ( ADVP-TMP ( RB sometimes ) ) ( JJ gruesome ) ) ) ) )

Similarly visual images will be more vivid sensational and sometimes gruesome


( S ( NP-SBJ ( NP ( CD One ) ( NN consequence ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN trend ) ) ( PP-DIR ( IN toward ) ( NP ( NP ( JJ tabloid ) ( NNS standards ) ) ( PP ( IN of ) ( NP ( NN taste ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( JJ fierce ) ( NNS attacks ) ) ( PP-DIR ( IN from ) ( NP ( NP ( NNS politicians ) ) ( SBAR ( WHNP-182 ( WP who ) ) ( S ( VP ( MD will ) ( VP ( VB find ) ( NP ( NP ( JJ sufficient ) ( NN evidence ) ) ( PP ( IN of ) ( NP ( NN abuse ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB arouse ) ( S ( NP-SBJ ( DT an ) ( ADJP ( RB already ) ( JJ cynical ) ) ( NN public ) ) ( VP ( TO to ) ( VP ( VB control ) ( NP ( DT the ) ( NN press ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

One consequence of the trend toward tabloid standards of taste will be fierce attacks from politicians who will find sufficient evidence of abuse to arouse an already cynical public to control the press


( S ( S-TPC-2 ( NP-SBJ ( NP ( JJ Private ) ( NN industry ) ( POS 's ) ) ( NN labor ) ( NNS costs ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1.2 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( S-ADV ( VP ( VBG matching ) ( NP ( DT the ) ( JJ second-quarter ) ( NN pace ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( NN health ) ( NN insurance ) ( NNS costs ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB soar ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Labor ) ( NNP Department ) ) ( VP ( VBD said ) ) )

Private industry 's labor costs rose 1.2 % in the third quarter matching the second-quarter pace as health insurance costs continued to soar the Labor Department said


( S ( NP-SBJ ( NP ( DT The ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( NN wage ) ( CC and ) ( NN benefit ) ( NNS costs ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( JJR greater ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( CD 1 ) ( NN % ) ( NN rise ) ) ( VP ( VBN reported ) ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ) ) )

The increase in wage and benefit costs in the third quarter was greater than the 1 % rise reported for the third quarter of 1988


( SINV-2 ( S ( NP-SBJ-1 ( NP ( NN Wage ) ( NNS increases ) ) ( CC and ) ( NP ( JJ overall ) ( NN compensation ) ( NNS increases ) ) ) ( VP ( VBP are ) ( VP ( VBG beginning ) ( S ( VP ( TO to ) ( VP ( VB curl ) ( ADVP-DIR ( RB upward ) ) ( NP-ADV ( DT a ) ( JJ little ) ( NN bit ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Audrey ) ( NNP Freedman ) ) ( NP ( NP ( DT a ) ( NN labor ) ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP Conference ) ( NNP Board ) ) ( NP ( DT a ) ( NN business ) ( NN research ) ( NN organization ) ) ) ) ) ) )

Wage increases and overall compensation increases are beginning to curl upward a little bit said Audrey Freedman a labor economist at the Conference Board a business research organization


( S ( NP-SBJ ( PRP One ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN thought ) ( SBAR ( S ( NP-SBJ ( DT this ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN happened ) ( ADVP-TMP ( NP ( QP ( CD two ) ( CC or ) ( CD three ) ) ( NNS years ) ) ( RB ago ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN labor ) ( NN market ) ) ( VP ( VBD tightened ) ) ) ) ) ) ) ) ) ) ) ) )

One would have thought this would have happened two or three years ago as the labor market tightened


( S ( S-TPC-1 ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( ADJP ( RB considerably ) ( VBN delayed ) ) ( NN reaction ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( RB not ) ( NP-PRD ( DT a ) ( JJ severe ) ( NN one ) ) ( PP-CLR ( IN at ) ( NP ( DT all ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBD added ) ) )

It is a considerably delayed reaction and it 's not a severe one at all she added


( S ( NP-SBJ ( DT The ) ( JJ new ) ( NNS data ) ) ( VP ( VBD underscored ) ( NP ( NP ( DT the ) ( NN severity ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( NN health-care ) ( NN cost ) ( NN problem ) ) ) ) ) )

The new data underscored the severity of the nation 's health-care cost problem


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT the ) ( CD 12 ) ( NNS months ) ) ( VP ( VBN ended ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ) ) ) ( NP-SBJ ( NP ( NNS wages ) ( CC and ) ( NNS salaries ) ) ( PP ( IN of ) ( NP ( JJ private-sector ) ( NNS workers ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 4.4 ) ( NN % ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NN health ) ( NN insurance ) ( NNS costs ) ) ( VP ( VBN spurted ) ( PP-EXT ( IN by ) ( NP ( CD 13.7 ) ( NN % ) ) ) ) ) ) ) )

In the 12 months ended in September wages and salaries of private-sector workers rose 4.4 % while health insurance costs spurted by 13.7 %


( S ( NP-SBJ ( DT The ) ( NN consumer ) ( NN price ) ( NN index ) ) ( VP ( VBD climbed ) ( NP-EXT ( CD 4.3 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ same ) ( NN period ) ) ) ) )

The consumer price index climbed 4.3 % in the same period


( S ( PP ( IN Despite ) ( NP ( NP ( DT the ) ( JJ big ) ( NNS increases ) ) ( PP-LOC ( IN in ) ( NP ( NN health-care ) ( NNS costs ) ) ) ) ) ( NP-SBJ ( NNS wages ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBP account ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( ADJP ( RB far ) ( JJR greater ) ) ( NN share ) ) ( PP ( IN of ) ( NP ( JJ overall ) ( NN labor ) ( NNS costs ) ) ) ) ) ) )

Despite the big increases in health-care costs wages still account for a far greater share of overall labor costs


( S ( NP-SBJ ( NP ( DT The ) ( JJ overall ) ( JJ private-sector ) ( NN employment ) ( NN cost ) ( NN index ) ) ( SBAR ( WHNP-49 ( WDT which ) ) ( S ( VP ( VBZ includes ) ( NP ( CC both ) ( NNS wages ) ( CC and ) ( NNS benefits ) ) ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 4.7 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( CD 12 ) ( NNS months ) ) ( VP ( VBN ended ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( CD 4.5 ) ( NN % ) ) ( PP ( IN for ) ( NP ( CC both ) ( NX ( NX ( NP ( DT the ) ( CD 12 ) ( NNS months ) ) ( VP ( VBN ended ) ( PP-TMP ( IN in ) ( NP ( NNP June ) ) ) ) ) ( CC and ) ( NX ( NP ( DT the ) ( CD 12 ) ( NNS months ) ) ( VP ( VBD ended ) ( NP-TMP ( NNP September ) ( CD 1988 ) ) ) ) ) ) ) ) ) ) ) )

The overall private-sector employment cost index which includes both wages and benefits rose 4.7 % in the 12 months ended in September compared with 4.5 % for both the 12 months ended in June and the 12 months ended September 1988


( S ( NP-SBJ ( NN Labor ) ( NNS costs ) ) ( VP ( VBP are ) ( VP ( VBG climbing ) ( PP-MNR ( IN at ) ( NP ( DT a ) ( ADJP ( ADVP ( RB far ) ( RBR more ) ) ( JJ rapid ) ) ( NN pace ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN health ) ( NN care ) ( NN industry ) ) ) ( PP ( IN than ) ( PP-LOC ( IN in ) ( NP ( JJ other ) ( NNS industries ) ) ) ) ) ) )

Labor costs are climbing at a far more rapid pace in the health care industry than in other industries


( S ( PP ( IN For ) ( NP ( NN instance ) ) ) ( NP-SBJ ( NP ( NNS wages ) ) ( PP ( IN of ) ( NP ( JJ private-sector ) ( NN hospital ) ( NNS workers ) ) ) ) ( VP ( VBD leaped ) ( NP-EXT ( CD 6.6 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( CD 12 ) ( NNS months ) ) ( VP ( VBN ended ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( CD 4.4 ) ( NN % ) ) ( PP ( IN for ) ( NP ( NP ( NNS workers ) ) ( PP-LOC ( IN in ) ( NP ( DT all ) ( NNS industries ) ) ) ) ) ) ) ) ) )

For instance wages of private-sector hospital workers leaped 6.6 % in the 12 months ended in September compared with 4.4 % for workers in all industries


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( NP-SBJ ( NP ( NNS wages ) ( CC and ) ( NNS salaries ) ) ( PP-LOC ( IN in ) ( NP ( DT all ) ( JJ private ) ( NN industry ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1.2 ) ( NN % ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( CD 1 ) ( NN % ) ( NNS increases ) ) ( PP-TMP ( PP ( IN in ) ( NP ( CC both ) ( DT the ) ( JJ second ) ( NN quarter ) ) ) ( CC and ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ) ) )

In the third quarter wages and salaries in all private industry rose 1.2 % compared with 1 % increases in both the second quarter and in the third quarter of 1988


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( JJ past ) ( CD five ) ( NNS years ) ) ) ( NP-SBJ-1 ( NNS unions ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN managed ) ( S ( VP ( TO to ) ( VP ( VB win ) ( NP ( NP ( NN wage ) ( VBZ increases ) ) ( ADJP ( ADJP ( RB as ) ( JJ large ) ) ( PP ( IN as ) ( NP ( NP ( DT those ) ) ( VP ( VBN granted ) ( PP-DTV ( TO to ) ( NP ( JJ nonunion ) ( NNS workers ) ) ) ) ) ) ) ) ) ) ) ) ) )

For the past five years unions have n't managed to win wage increases as large as those granted to nonunion workers


( S ( PP ( IN For ) ( NP ( JJ private-sector ) ( NN union ) ( NNS workers ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( NP ( NNS wages ) ( CC and ) ( NNS benefits ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 0.9 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) )

For private-sector union workers the cost of wages and benefits rose 0.9 % in the third quarter


( S ( PP ( IN For ) ( NP ( JJ nonunion ) ( NNS workers ) ) ) ( NP-SBJ ( DT the ) ( NNS costs ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1.4 ) ( NN % ) ) ) )

For nonunion workers the costs rose 1.4 %


( S ( S-TPC-2 ( NP-SBJ-1 ( NN Labor ) ( NNS costs ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB rise ) ( ADVP-MNR ( RBR more ) ( RB rapidly ) ) ( PP-LOC ( IN in ) ( NP ( NN service ) ( NNS industries ) ) ) ( PP-LOC ( IN than ) ( PP ( IN in ) ( NP ( JJ goods-producing ) ( NNS industries ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN report ) ) ( VP ( VBD showed ) ) )

Labor costs continued to rise more rapidly in service industries than in goods-producing industries the report showed


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBD found ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( VBG rising ) ( ADVP ( RB much ) ( RBR more ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Northeast ) ) ) ( PP ( IN than ) ( ADVP ( RB elsewhere ) ) ) ) ) ) )

It also found them rising much more in the Northeast than elsewhere


( S ( PP ( VBG Including ) ( NP ( NP ( NNS employees ) ) ( PP ( IN of ) ( NP ( UCP ( NN state ) ( CC and ) ( JJ local ) ( PRN ( CC but ) ( RB not ) ( NAC ( DT the ) ( JJ federal ) ) ) ) ( NNS governments ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN employment ) ( NN cost ) ( NN index ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1.6 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( ADJP ( CD 1.3 ) ( NN % ) ) ( NN rise ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ same ) ( NN quarter ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ) )

Including employees of state and local but not the federal governments the employment cost index rose 1.6 % in the third quarter compared with a 1.3 % rise in the same quarter in 1988


( S ( NP-SBJ ( DT The ) ( NN index ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1.1 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ second ) ( NN quarter ) ) ) ) )

The index rose 1.1 % in the second quarter


( S ( PP-TMP ( IN For ) ( NP ( NP ( DT the ) ( CD 12 ) ( NNS months ) ) ( VP ( VBN ended ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ) ) ) ( NP-SBJ ( DT this ) ( NN index ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( NP ( CD 5.1 ) ( NN % ) ) ) ) )

For the 12 months ended in September this index was up 5.1 %


( S ( NP-SBJ ( PRP It ) ) ( VP ( VP ( VBD rose ) ( NP-EXT-1 ( CD 4.8 ) ( NN % ) ) ( PP-TMP-2 ( IN for ) ( NP ( NP ( DT the ) ( CD 12 ) ( NNS months ) ) ( VP ( VBN ended ) ( PP-TMP ( IN in ) ( NP ( NNP June ) ) ) ) ) ) ) ( CC and ) ( VP ( NP-EXT=1 ( CD 4.7 ) ( NN % ) ) ( PP-TMP=2 ( IN in ) ( NP ( NP ( DT the ) ( CD 12 ) ( NNS months ) ) ( VP ( VBN ended ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ( CD 1988 ) ) ) ) ) ) ) ) )

It rose 4.8 % for the 12 months ended in June and 4.7 % in the 12 months ended in September 1988


( S ( PP ( IN Unlike ) ( NP ( JJS most ) ( JJ economic ) ( NNS indicators ) ) ) ( NP-SBJ-1 ( NP ( NN none ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS figures ) ) ) ) ( VP ( VBP are ) ( VP ( VBN adjusted ) ( PP-CLR ( IN for ) ( NP ( JJ seasonal ) ( NNS variations ) ) ) ) ) )

Unlike most economic indicators none of these figures are adjusted for seasonal variations


( S ( NP-SBJ ( NNP Price ) ( NNP Stern ) ( NNP Sloan ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VP ( VBD hired ) ( NP ( NP ( DT an ) ( NN investment ) ( NN banking ) ( NN firm ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB assist ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG evaluating ) ( NP ( NN restructuring ) ( CC or ) ( NN merger ) ( NNS alternatives ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( JJ net ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 8.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 2.14 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP Sept ) ) ) ) ) ) ) ) ) ) )

Price Stern Sloan Inc. said it hired an investment banking firm to assist in evaluating restructuring or merger alternatives and reported a net loss of 8.1 million or 2.14 a share for the third quarter ended Sept


( S ( NP-SBJ ( DT These ) ( NNS results ) ) ( VP ( VBP compare ) ( PP-CLR ( IN with ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 1.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 44 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ corresponding ) ( NN period ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) ) )

These results compare with net income of 1.8 million or 44 cents a share for the corresponding period last year


( S ( NP-SBJ ( NP ( DT This ) ( NN quarter ) ( POS 's ) ) ( NN loss ) ) ( VP ( VBZ includes ) ( NP ( NP ( JJ pretax ) ( NNS charges ) ) ( PP ( IN of ) ( NP ( NP ( NP ( QP ( CD 4.9 ) ( CD million ) ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( JJ proposed ) ( NN discontinuation ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ troubled ) ( JJ British ) ( NN subsidiary ) ) ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 3.7 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( JJ other ) ( NNS write-offs ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( VP ( VBD were ) ( ADJP-PRD ( ADJP ( JJ non-recurring ) ) ( CC and ) ( ADJP ( RB principally ) ( VBN related ) ( PP ( TO to ) ( NP ( NP ( NN inventory ) ) ( NP ( NN publishing ) ( NNS advances ) ) ( CC and ) ( NP ( JJ pre-publication ) ( NNS costs ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

This quarter 's loss includes pretax charges of 4.9 million on the proposed discontinuation of the company 's troubled British subsidiary and 3.7 million of other write-offs the company said were non-recurring and principally related to inventory publishing advances and pre-publication costs


( S ( NP-SBJ ( DT The ) ( NN publishing ) ( NN concern ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD retained ) ( NP ( NP ( DT the ) ( NN investment ) ( NN banking ) ( NN firm ) ) ( PP ( IN of ) ( NP ( NNP Donaldson ) ( NNP Lufkin ) ( CC & ) ( NNP Jenrette ) ( NNP Securities ) ( NNP Inc. ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB act ) ( PP-CLR ( IN as ) ( NP ( PRP$ its ) ( JJ financial ) ( NN adviser ) ) ) ( S-ADV ( VP ( VBG assisting ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( NN evaluation ) ) ( PP ( IN of ) ( NP ( NP ( JJ various ) ( ADJP ( JJ financial ) ( CC and ) ( JJ strategic ) ) ( NNS alternatives ) ) ( PP ( VBG including ) ( NP ( NP ( NN debt ) ( NN refinancing ) ) ( S-NOM ( VP ( VBG raising ) ( NP ( NN capital ) ) ) ) ( NP ( NN recapitalization ) ) ( NP ( NP ( DT a ) ( NN merger ) ( CC or ) ( NN sale ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The publishing concern said it retained the investment banking firm of Donaldson Lufkin & Jenrette Securities Inc. to act as its financial adviser assisting in the evaluation of various financial and strategic alternatives including debt refinancing raising capital recapitalization a merger or sale of the company


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( ADVP ( RB also ) ) ( VP ( VBD retained ) ( NP ( NP ( NN attorney ) ( NNP Martin ) ( NNP P. ) ( NNP Levin ) ) ( NP ( NP ( DT a ) ( NN director ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ( CC and ) ( NP ( NP ( JJ former ) ( NN head ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Times-Mirror ) ( NNP Publishing ) ( NNP Group ) ) ) ) ) ( PP-CLR ( IN as ) ( NP ( DT an ) ( NN adviser ) ) ) ) )

The company also retained attorney Martin P. Levin a director of the company and former head of the Times-Mirror Publishing Group as an adviser


( S ( NP-SBJ ( NP ( JJ Net ) ( NNS sales ) ) ( PP-TMP ( IN for ) ( NP ( NP ( DT this ) ( NN year ) ( POS 's ) ) ( JJ third ) ( NN quarter ) ) ) ) ( VP ( VBD were ) ( NP-PRD ( CD 14 ) ( CD million ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( QP ( CD 21.4 ) ( CD million ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) )

Net sales for this year 's third quarter were 14 million down from 21.4 million last year


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD attributed ) ( NP ( DT the ) ( NN decrease ) ) ( PP-CLR ( PP ( PP ( IN in ) ( NP ( NN part ) ) ) ( TO to ) ( NP ( NP ( DT the ) ( NN exclusion ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ British ) ( NNS sales ) ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( JJ current ) ( NN year ) ( POS 's ) ) ( NNS figures ) ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN subsidiary ) ( POS 's ) ) ( NN status ) ) ( PP ( IN as ) ( NP ( DT a ) ( JJ proposed ) ( JJ discontinued ) ( NN operation ) ) ) ) ) ) ) ) ) ( CC and ) ( PP ( PP ( IN in ) ( NP ( NN part ) ) ) ( TO to ) ( NP ( NP ( VB lower ) ( NNS sales ) ) ( PP-LOC ( IN in ) ( NP ( JJ certain ) ( JJ key ) ( ADJP ( JJ foreign ) ( CC and ) ( JJ domestic ) ) ( NNS accounts ) ) ) ) ) ) ) )

The company attributed the decrease in part to the exclusion of the company 's British sales from the current year 's figures as a result of the subsidiary 's status as a proposed discontinued operation and in part to lower sales in certain key foreign and domestic accounts


( S ( NP-SBJ ( NP ( NNP U.K. ) ( NNS sales ) ) ( PP-TMP ( IN for ) ( NP ( NP ( JJ last ) ( NN year ) ( POS 's ) ) ( NN quarter ) ) ) ) ( VP ( VBD were ) ( NP-PRD ( QP ( RB about ) ( CD 3 ) ( CD million ) ) ) ) )

U.K. sales for last year 's quarter were about 3 million


( S ( NP-SBJ ( NN Technology ) ( NNS stocks ) ) ( VP ( VBD woke ) ( PRT ( RP up ) ) ( S-ADV ( VP ( VBG helping ) ( S ( NP-SBJ ( DT the ) ( JJ over-the-counter ) ( NN market ) ) ( VP ( VB rise ) ( PP-DIR ( IN from ) ( NP ( PRP$ its ) ( JJ recent ) ( NNS doldrums ) ) ) ) ) ) ) ) )

Technology stocks woke up helping the over-the-counter market rise from its recent doldrums


( S ( NP-SBJ ( DT The ) ( NNP Nasdaq ) ( NNP Composite ) ( NNP Index ) ) ( VP ( VBD surged ) ( NP-EXT ( NP-ADV ( CD 4.26 ) ) ( CC or ) ( NP ( QP ( RB about ) ( CD 0.94 ) ) ( NN % ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 455.63 ) ) ) ) )

The Nasdaq Composite Index surged 4.26 or about 0.94 % to 455.63


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( JJS biggest ) ( NN gain ) ) ( PP-TMP ( IN since ) ( S-NOM ( VP ( VBG rising ) ( NP-EXT ( QP ( RBR more ) ( IN than ) ( CD 7 ) ) ( NNS points ) ) ( PP-TMP ( IN on ) ( NP ( NNP Oct. ) ( CD 19 ) ) ) ) ) ) ) )

It was the market 's biggest gain since rising more than 7 points on Oct. 19


( S ( NP-SBJ ( VBG Advancing ) ( NNP OTC ) ( NNS stocks ) ) ( VP ( VBD outpaced ) ( NP ( NNS decliners ) ) ( PP-EXT ( IN by ) ( NP ( NP ( CD 1,120 ) ) ( PP ( TO to ) ( NP ( CD 806 ) ) ) ) ) ) )

Advancing OTC stocks outpaced decliners by 1,120 to 806


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN move ) ) ( VP ( VBD lagged ) ( NP ( NP ( DT a ) ( JJR stronger ) ( NN rise ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NNS issues ) ) ) ) ) )

But the move lagged a stronger rise in New York Stock Exchange issues


( S ( S ( NP-SBJ ( NP ( DT The ) ( NNP Big ) ( NNP Board ) ( POS 's ) ) ( JJ composite ) ( NN index ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 1.4 ) ) ( NN % ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 1.6 ) ( NN % ) ) ) ) )

The Big Board 's composite index was up more than 1.4 % and the Dow Jones Industrial Average jumped 1.6 %


( S ( NP-SBJ-1 ( NP ( NNP Nasdaq ) ( POS 's ) ) ( NN gain ) ) ( VP ( VBD was ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( PRP$ its ) ( JJS biggest ) ( JJ industrial ) ( NNS stocks ) ) ) ) ) )

Nasdaq 's gain was led by its biggest industrial stocks


( S ( NP-SBJ ( DT The ) ( NNP Nasdaq ) ( CD 100 ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 7.08 ) ) ( PP-DIR ( TO to ) ( NP ( CD 445.23 ) ) ) ) )

The Nasdaq 100 rose 7.08 to 445.23


( S ( NP-SBJ ( NP ( DT The ) ( NNP Financial ) ( NNP Index ) ) ( PP ( IN of ) ( NP ( CD 100 ) ( JJS biggest ) ( NNS banks ) ( CC and ) ( NN insurance ) ( NNS issues ) ) ) ) ( VP ( VBD added ) ( NP ( CD 2.19 ) ) ( PP-CLR ( TO to ) ( NP ( CD 447.76 ) ) ) ) )

The Financial Index of 100 biggest banks and insurance issues added 2.19 to 447.76


( S ( NP-SBJ-1 ( JJ Other ) ( JJ strong ) ( NNS sectors ) ) ( VP ( VBD were ) ( VP ( VBN indicated ) ( PP ( IN in ) ( NP ( NP ( NNS gains ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NNP Transportation ) ( NNP Index ) ) ( ADVP ( RB up ) ( NP ( CD 7.55 ) ) ( PP ( TO to ) ( NP ( CD 475.35 ) ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNP Utility ) ( NNP Index ) ) ( ADVP ( RB up ) ( NP ( CD 8.68 ) ) ( PP ( TO to ) ( NP ( CD 730.37 ) ) ) ) ) ) ) ) ) ) ) )

Other strong sectors were indicated in gains of the Transportation Index up 7.55 to 475.35 and the Utility Index up 8.68 to 730.37


( S ( NP-SBJ ( NNP National ) ( NNP Market ) ( NNP System ) ( NN volume ) ) ( VP ( VBD improved ) ( PP-DIR ( TO to ) ( NP ( CD 94,425,000 ) ( NNS shares ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( CD 71.7 ) ( CD million ) ) ( NP-TMP ( NNP Monday ) ) ) ) ) )

National Market System volume improved to 94,425,000 shares from 71.7 million Monday


( S ( NP-SBJ ( NP ( JJ Many ) ) ( PP ( IN of ) ( NP ( NP ( NNP Nasdaq ) ( POS 's ) ) ( JJS biggest ) ( NN technology ) ( NNS stocks ) ) ) ) ( VP ( VBD were ) ( PP-PRD ( IN in ) ( NP ( NP ( DT the ) ( NN forefront ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN rally ) ) ) ) ) ) )

Many of Nasdaq 's biggest technology stocks were in the forefront of the rally


( S ( S ( NP-SBJ ( NNP Microsoft ) ) ( VP ( VBD added ) ( NP ( CD 2 ) ( CD 1\/8 ) ) ( PP-CLR ( TO to ) ( NP ( CD 81 ) ( CD 3\/4 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Oracle ) ( NNP Systems ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1 ) ( CD 1\/2 ) ) ( PP-DIR ( TO to ) ( NP ( CD 23 ) ( CD 1\/4 ) ) ) ) ) )

Microsoft added 2 1\/8 to 81 3\/4 and Oracle Systems rose 1 1\/2 to 23 1\/4


( S ( NP-SBJ ( NNP Intel ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( NP ( CD 1 ) ( CD 3\/8 ) ) ( PP ( TO to ) ( NP ( CD 33 ) ( CD 3\/4 ) ) ) ) ) )

Intel was up 1 3\/8 to 33 3\/4


( S ( CC But ) ( NP-SBJ ( NP ( NNS traders ) ) ( SBAR ( WHNP-68 ( WP who ) ) ( S ( VP ( VBP watch ) ( NP ( DT the ) ( NNS stocks ) ) ) ) ) ) ( VP ( VBD warned ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN rise ) ) ( VP ( MD may ) ( VP ( VB be ) ( NP-PRD ( RB yet ) ( DT another ) ( JJ one-day ) ( NN phenomenon ) ) ) ) ) ) ) )

But traders who watch the stocks warned the rise may be yet another one-day phenomenon


( S ( S ( NP-SBJ ( NN Technology ) ( NNS stocks ) ) ( VP ( VBD bore ) ( NP ( NP ( DT the ) ( NN brunt ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP OTC ) ( NN market ) ( POS 's ) ) ( JJ recent ) ( NN sell-off ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS traders ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ natural ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VB rebound ) ( ADVP-MNR ( RB sharply ) ) ( SBAR-TMP ( RB now ) ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ has ) ( VP ( VBN turned ) ( PRT ( RP around ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Technology stocks bore the brunt of the OTC market 's recent sell-off and traders say it 's natural that they rebound sharply now that the market has turned around


( S-2 ( CC But ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP caution ) ) ) ) ( NP-SBJ-1 ( JJ conservative ) ( NNS investors ) ) ( VP ( MD would ) ( VP ( VB do ) ( ADVP-MNR ( RB well ) ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( PP-CLR ( IN into ) ( NP ( DT the ) ( NN strength ) ) ) ) ) ) ) ) )

But they caution conservative investors would do well to sell into the strength


( SINV ( S-TPC-4 ( NP-SBJ ( PRP They ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB always ) ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN sold ) ) ) ) ) ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( NNS people ) ) ( VP ( VBP are ) ( VP ( VBG taking ) ( NP ( NNS profits ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NNS people ) ) ( VP ( VBP are ) ( ADJP-PRD ( RBS most ) ( JJ scared ) ( PP ( IN of ) ( NP ( DT the ) ( JJ high-technology ) ( NNS stocks ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Robin ) ( NNP West ) ) ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( NN research ) ) ) ( PP ( IN for ) ( NP ( NP ( NP ( NNP Ladenburg ) ( NNP Thalmann ) ( POS 's ) ) ( NNP Lanyi ) ( NN division ) ) ( SBAR ( WHNP-69 ( WDT which ) ) ( S ( VP ( VBZ specializes ) ( PP-CLR ( IN in ) ( NP ( VBG emerging ) ( NN growth ) ( NNS stocks ) ) ) ) ) ) ) ) ) ) )

They are always the first to be sold when people are taking profits because people are most scared of the high-technology stocks said Robin West director of research for Ladenburg Thalmann 's Lanyi division which specializes in emerging growth stocks


( S ( NP-SBJ ( DT The ) ( NN technology ) ( NN group ) ) ( VP ( VBZ includes ) ( NP ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP OTC ) ( NN market ) ( POS 's ) ) ( JJS biggest ) ( NNS stocks ) ) ) ( SBAR ( WHNP-70 ( WDT which ) ) ( S ( VP ( VBP dominate ) ( NP ( DT the ) ( JJ market-weighted ) ( NNP Nasdaq ) ( NNP Composite ) ( NNP Index ) ) ) ) ) ) ) )

The technology group includes many of the OTC market 's biggest stocks which dominate the market-weighted Nasdaq Composite Index


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NP ( NNS rallies ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN group ) ) ) ) ( ADVP-TMP ( RB historically ) ) ( VP ( VBP have ) ( VP ( VBN lifted ) ( NP ( DT the ) ( NN market ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( NN weakness ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN sector ) ) ) ) ( ADVP-TMP ( RB often ) ) ( VP ( VBD sank ) ( NP ( JJ unlisted ) ( NN share ) ( NNS prices ) ) ( ADVP-MNR ( RB broadly ) ) ) ) ) ) ) ) ) ) )

Analysts say rallies in the group historically have lifted the market while weakness in the sector often sank unlisted share prices broadly


( S ( CC But ) ( NP-SBJ ( NP ( VBG increasing ) ( NN volatility ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN sector ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN exhausted ) ( NP ( NP ( NNS investors ) ) ( SBAR ( WHNP-71 ( WP who ) ) ( S ( VP ( VBP try ) ( S ( VP ( TO to ) ( VP ( VB follow ) ( NP ( PRP$ its ) ( NNS dips ) ( CC and ) ( NNS swings ) ) ) ) ) ) ) ) ) ) ) )

But increasing volatility in the sector has exhausted investors who try to follow its dips and swings


( S ( NP-SBJ-1 ( DT The ) ( NNS stocks ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN pummeled ) ( ADVP-TMP ( RB repeatedly ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NN inventory ) ( NNS gluts ) ) ( CC and ) ( NP ( JJ disappointing ) ( NNS earnings ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN industry ) ) ( VP ( VBZ matures ) ( CC and ) ( VBZ slows ) ) ) ) ) ) ) )

The stocks have been pummeled repeatedly by inventory gluts and disappointing earnings as the industry matures and slows


( S ( NP-SBJ ( DT Some ) ) ( ADVP ( RB even ) ) ( VP ( VBP claim ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN group ) ) ( VP ( VBZ has ) ( VP ( VBN become ) ( NP-PRD ( DT a ) ( ADJP ( JJ lagging ) ( RB not ) ( JJ leading ) ) ( NN indicator ) ) ) ) ) ) ) )

Some even claim the group has become a lagging not leading indicator


( S ( NP-SBJ ( NP ( DT The ) ( NN technology ) ( NN sector ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Equity ) ( NNP Market ) ( NNP Index ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN risen ) ( NP-EXT ( QP ( RB only ) ( RB about ) ( CD 6.24 ) ) ( NN % ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( DT the ) ( NNP Nasdaq ) ( NNP Composite ) ( NNP Index ) ) ( VP ( VBZ has ) ( VP ( VBN gained ) ( NP-EXT ( CD 18.35 ) ( NN % ) ) ) ) ) ) ) ) )

The technology sector of the Dow Jones Equity Market Index has risen only about 6.24 % this year while the Nasdaq Composite Index has gained 18.35 %