( S ( NP-SBJ ( DT The ) ( NNP Dallas ) ( JJ real ) ( NN estate ) ( NN investment ) ( NN trust ) ) ( ADVP ( RB last ) ) ( VP ( VBD paid ) ( NP ( DT a ) ( NN dividend ) ) ( PP-TMP ( IN on ) ( NP ( NP ( NP ( NNP Dec. ) ( CD 31 ) ) ( NP ( CD 1987 ) ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNS shareholders ) ) ( VP ( VBD received ) ( NP ( NP ( CD 1 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) )

The Dallas real estate investment trust last paid a dividend on Dec. 31 1987 when shareholders received 1 a share


( S ( PP ( IN Despite ) ( NP ( NP ( VBG continuing ) ( NNS troubles ) ) ( PP ( IN with ) ( NP ( NP ( NN problem ) ( NNS assets ) ) ( CC and ) ( NP ( VBG nonperforming ) ( NNS loans ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN trust ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB maintain ) ( CC or ) ( VB increase ) ( NP ( NP ( DT the ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NNS distributions ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NNS operations ) ) ( PP ( IN of ) ( NP ( NN joint-venture ) ( NNS properties ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Despite continuing troubles with problem assets and nonperforming loans the trust said it expects to be able to maintain or increase the rate of distributions because of operations of joint-venture properties


( S ( NP-SBJ ( NNP Dow ) ( NNP Jones ) ( CC & ) ( NNP Co. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD acquired ) ( NP ( NP ( DT a ) ( ADJP ( CD 15 ) ( NN % ) ) ( NN interest ) ) ( PP ( IN in ) ( NP ( NP ( NNP DataTimes ) ( NNP Corp. ) ) ( NP ( NP ( DT a ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( NP ( NNP Oklahoma ) ( NNP Publishing ) ( NNP Co. ) ) ( NP-LOC ( NNP Oklahoma ) ( NNP City ) ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ provides ) ( NP ( JJ electronic ) ( NN research ) ( NNS services ) ) ) ) ) ) ) ) ) ) ) ) ) )

Dow Jones & Co. said it acquired a 15 % interest in DataTimes Corp. a subsidiary of Oklahoma Publishing Co. Oklahoma City that provides electronic research services


( S ( NP-SBJ-1 ( NNS Terms ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN disclosed ) ) ) )

Terms were n't disclosed


( S ( NP-SBJ-1 ( NP ( NNS Customers ) ) ( PP ( IN of ) ( NP ( DT either ) ( NP ( NNP DataTimes ) ) ( CC or ) ( NP ( NNP Dow ) ( NNP Jones ) ( NNP News\/Retrieval ) ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB access ) ( NP ( NP ( DT the ) ( NN information ) ) ( PP-LOC ( IN on ) ( NP ( DT both ) ( NNS services ) ) ) ) ) ) ) ) ) )

Customers of either DataTimes or Dow Jones News\/Retrieval are able to access the information on both services


( S ( NP-SBJ ( NNP Dow ) ( NNP Jones ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN publisher ) ) ( PP ( IN of ) ( NP ( DT The ) ( NNP Wall ) ( NNP Street ) ( NNP Journal ) ) ) ) ) )

Dow Jones is the publisher of The Wall Street Journal


( S ( NP-SBJ ( NNP Sony ) ( NNP Corp. ) ) ( VP ( VBD won ) ( NP ( NP ( DT a ) ( JJ pretrial ) ( NN order ) ) ( VP ( VBG blocking ) ( NP ( NP ( NNP U.S. ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Justin ) ( NNPS Products ) ( NNP Inc. ) ( POS 's ) ) ( PRP$ My ) ( JJ Own ) ( NN line ) ) ( PP ( IN of ) ( NP ( NP ( JJ portable ) ( JJ audio ) ( NNS players ) ) ( PP ( IN for ) ( NP ( NNS children ) ) ) ) ) ) ) ) ) ) ) )

Sony Corp. won a pretrial order blocking U.S. sales of Justin Products Inc. 's My Own line of portable audio players for children


( S ( NP-SBJ ( NNP Judge ) ( NNP John ) ( NNP E. ) ( NNP Sprizzo ) ) ( VP ( VBD issued ) ( NP ( DT the ) ( NN order ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Manhattan ) ( JJ federal ) ( NN court ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( NNP Sony ) ) ( VP ( VBZ has ) ( VP ( VBN accused ) ( NP ( DT the ) ( JJ tiny ) ( NN company ) ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( ADVP-MNR ( RB illegally ) ) ( VBG knocking ) ( PRT ( RP off ) ) ( NP ( DT the ) ( PRP$ My ) ( JJ First ) ( NNP Sony ) ( NN line ) ) ) ) ) ) ) ) ) ) ) ) )

Judge John E. Sprizzo issued the order in Manhattan federal court where Sony has accused the tiny company of illegally knocking off the My First Sony line


( S ( NP-SBJ ( DT The ) ( NN judge ) ) ( VP ( VBD held ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NN combination ) ) ( PP ( IN of ) ( NP ( NNS colors ) ) ) ) ( VP ( VBN used ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NNP Sony ) ( NNS products ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJ distinctive ) ) ( CC and ) ( ADJP ( NN subject ) ( PP ( TO to ) ( NP ( NP ( NN protection ) ) ( PP ( IN under ) ( NP ( NP ( NNP New ) ( NNP York ) ( NN state ) ( NN law ) ) ( PP ( RB rather ) ( IN than ) ( NP ( JJ federal ) ( NN law ) ) ) ) ) ) ) ) ) ) ) ) ) )

The judge held that the combination of colors used for the Sony products is distinctive and subject to protection under New York state law rather than federal law


( S ( NP-SBJ ( DT The ) ( JJ legal ) ( NN fight ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( NN subject ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NNP Wall ) ( NNP Street ) ( NNP Journal ) ( NN story ) ) ( NP-TMP ( NN yesterday ) ) ) ) ) ) )

The legal fight was the subject of a Wall Street Journal story yesterday


( S ( NP-SBJ ( NP ( NP ( NNP Justin ) ( POS 's ) ) ( NN attorney ) ) ( NP ( NNP Charles ) ( NNP E. ) ( NNP Baxley ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Justin ) ) ( VP ( MD would ) ( VP ( VB ask ) ( NP-1 ( DT an ) ( NNS appeals ) ( NN court ) ) ( S ( VP ( TO to ) ( VP ( VB set ) ( PRT ( RP aside ) ) ( NP ( DT the ) ( NN order ) ) ( ADVP-TMP ( RB temporarily ) ) ( PP ( VBG pending ) ( NP ( DT an ) ( VBN expedited ) ( NN appeal ) ) ) ) ) ) ) ) ) ) ) )

Justin 's attorney Charles E. Baxley said Justin would ask an appeals court to set aside the order temporarily pending an expedited appeal


( S ( NP-SBJ ( PRP He ) ) ( ADVP ( RB also ) ) ( VP ( VBD repeated ) ( NP ( NP ( NP ( NNP Justin ) ( POS 's ) ) ( NN denial ) ) ( PP ( IN of ) ( NP ( NP ( NNP Sony ) ( POS 's ) ) ( NNS charges ) ) ) ) ) )

He also repeated Justin 's denial of Sony 's charges


( SINV ( S-TPC-2 ( NP-SBJ ( NP ( PRP$ Their ) ( NN likelihood ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG reversing ) ( NP ( PRP us ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB very ) ( JJ slim ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Lewis ) ( NNP H. ) ( NNP Eslinger ) ) ( NP ( NP ( NNP Sony ) ( POS 's ) ) ( NN attorney ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ doubts ) ( SBAR ( S ( NP-SBJ ( NNP Justin ) ) ( VP ( MD will ) ( VP ( VB go ) ( ADVP-CLR ( RB ahead ) ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( NN trial ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Their likelihood of reversing us is very slim said Lewis H. Eslinger Sony 's attorney who said he doubts Justin will go ahead with a trial


( S ( NP-SBJ-1 ( DT The ) ( NNP Commodity ) ( NNPS Futures ) ( NNP Trading ) ( NNP Commission ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VP ( VB restrict ) ( NP ( NP ( JJ dual ) ( NN trading ) ) ( PP ( IN on ) ( NP ( NN commodity ) ( NNS exchanges ) ) ) ) ) ( NP ( NP ( DT a ) ( NN move ) ) ( ADJP ( RB almost ) ( JJ certain ) ( S ( VP ( TO to ) ( VP ( VB infuriate ) ( NP ( NP ( NN exchange ) ( NNS officials ) ) ( CC and ) ( NP ( NNS traders ) ) ) ) ) ) ) ) ) ) ) ) )

The Commodity Futures Trading Commission plans to restrict dual trading on commodity exchanges a move almost certain to infuriate exchange officials and traders


( S ( NP-SBJ ( DT The ) ( NNP CFTC ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB propose ) ( NP ( DT the ) ( NNS restrictions ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT the ) ( NN release ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN study ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VP ( VBZ shows ) ( NP ( NP ( JJ little ) ( JJ economic ) ( NN benefit ) ) ( VP ( VBG resulting ) ( PP-CLR ( IN from ) ( NP ( JJ dual ) ( NN trading ) ) ) ) ) ) ( CC and ) ( VP ( VBZ cites ) ( NP ( NP ( NNS problems ) ) ( VP ( JJ associated ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NN practice ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The CFTC said it will propose the restrictions after the release of a study that shows little economic benefit resulting from dual trading and cites problems associated with the practice


( S ( NP-SBJ ( JJ Dual ) ( NN trading ) ) ( VP ( VBZ gives ) ( NP ( DT an ) ( NN exchange ) ( NN trader ) ) ( NP ( NP ( DT the ) ( NN right ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB trade ) ( PP-PRP ( DT both ) ( PP ( IN for ) ( NP ( PRP$ his ) ( JJ own ) ( NN account ) ) ) ( CC and ) ( PP ( IN for ) ( NP ( NNS customers ) ) ) ) ) ) ) ) ) ) )

Dual trading gives an exchange trader the right to trade both for his own account and for customers


( S ( NP-SBJ ( DT The ) ( NN issue ) ) ( VP ( VBD exploded ) ( NP-TMP ( DT this ) ( NN year ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT a ) ( NAC ( NNP Federal ) ( NNP Bureau ) ( PP ( IN of ) ( NP ( NNP Investigation ) ) ) ) ( NN operation ) ) ( VP ( VBD led ) ( PP-CLR ( TO to ) ( NP ( NP ( NNS charges ) ) ( PP ( IN of ) ( NP ( JJ widespread ) ( NN trading ) ( NNS abuses ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( DT the ) ( NNP Chicago ) ( NNP Board ) ) ( PP ( IN of ) ( NP ( NNP Trade ) ) ) ) ( CC and ) ( NP ( NNP Chicago ) ( NNP Mercantile ) ( NNP Exchange ) ) ) ) ) ) ) ) ) ) )

The issue exploded this year after a Federal Bureau of Investigation operation led to charges of widespread trading abuses at the Chicago Board of Trade and Chicago Mercantile Exchange


( S ( SBAR-ADV ( IN While ) ( S ( VP ( RB not ) ( ADVP ( RB specifically ) ) ( VBN mentioned ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP FBI ) ( NNS charges ) ) ) ) ) ) ( NP-SBJ-2 ( JJ dual ) ( NN trading ) ) ( VP ( VBD became ) ( NP-PRD ( NP ( DT a ) ( NN focus ) ) ( PP ( IN of ) ( NP ( NNS attempts ) ( S ( VP ( TO to ) ( VP ( VB tighten ) ( NP ( NN industry ) ( NNS regulations ) ) ) ) ) ) ) ) ) )

While not specifically mentioned in the FBI charges dual trading became a focus of attempts to tighten industry regulations


( S ( NP-SBJ ( NNS Critics ) ) ( VP ( VBP contend ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS traders ) ) ( VP ( VBD were ) ( VP ( VBG putting ) ( NP ( NP ( NN buying ) ( CC or ) ( NN selling ) ) ( PP ( IN for ) ( NP ( PRP$ their ) ( JJ own ) ( NNS accounts ) ) ) ) ( ADVP-LOC ( RB ahead ) ( PP ( IN of ) ( NP ( NP ( JJ other ) ( NNS traders ) ( POS ' ) ) ( NN customer ) ( NNS orders ) ) ) ) ) ) ) ) ) )

Critics contend that traders were putting buying or selling for their own accounts ahead of other traders ' customer orders


( S ( NP-SBJ-1 ( NNS Traders ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB oppose ) ( NP ( JJ such ) ( NNS restrictions ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( JJ dual ) ( NN trading ) ) ( VP ( VBZ provides ) ( NP ( NP ( DT a ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( NN money ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJR slower ) ( NNS markets ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN shortage ) ) ( PP ( IN of ) ( NP ( NN customer ) ( NNS orders ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Traders are likely to oppose such restrictions because dual trading provides a way to make money in slower markets where there is a shortage of customer orders


( S ( NP-SBJ ( DT The ) ( NNS exchanges ) ) ( VP ( VBP contend ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ dual ) ( NN trading ) ) ( VP ( VBZ improves ) ( NP ( NP ( NN liquidity ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS markets ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NNS traders ) ) ( VP ( MD can ) ( VP ( VB buy ) ( CC or ) ( VB sell ) ( SBAR-TMP ( RB even ) ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB have ) ( NP ( NP ( DT a ) ( NN customer ) ( NN order ) ) ( PP-LOC ( IN in ) ( NP ( NN hand ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The exchanges contend that dual trading improves liquidity in the markets because traders can buy or sell even when they do n't have a customer order in hand


( S ( NP-SBJ ( DT The ) ( NNS exchanges ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NN liquidity ) ) ( VP ( VBZ becomes ) ( NP-PRD ( NP ( DT a ) ( JJ severe ) ( NN problem ) ) ( PP ( IN for ) ( NP ( NP ( RB thinly ) ( JJ traded ) ( NNS contracts ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( DT those ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( JJ long ) ( NN time ) ) ( VP ( VBG remaining ) ( PP-TMP ( IN before ) ( NP ( NN expiration ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The exchanges say liquidity becomes a severe problem for thinly traded contracts such as those with a long time remaining before expiration


( S ( NP-SBJ-1 ( DT The ) ( NNP CFTC ) ) ( VP ( MD may ) ( VP ( VB take ) ( NP ( DT those ) ( NNS arguments ) ) ( PP-CLR ( IN into ) ( NP ( NN account ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG allowing ) ( NP ( NP ( NNS exceptions ) ) ( PP ( TO to ) ( NP ( PRP$ its ) ( NNS restrictions ) ) ) ) ) ) ) ) ) )

The CFTC may take those arguments into account by allowing exceptions to its restrictions


( S ( S ( NP-SBJ ( DT The ) ( NN agency ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB cite ) ( NP ( NP ( JJ specific ) ( NNS situations ) ) ( SBAR ( WHADVP-3 ( WRB where ) ) ( S ( NP-SBJ-1 ( JJ dual ) ( NN trading ) ) ( VP ( MD might ) ( VP ( VB be ) ( VP ( VBN allowed ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-4 ( NP ( NP ( JJR smaller ) ( NNS exchanges ) ( CC or ) ( NNS contracts ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP need ) ( NP ( JJ additional ) ( NN liquidity ) ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB be ) ( PP-LOC-PRD ( IN among ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) )

The agency did n't cite specific situations where dual trading might be allowed but smaller exchanges or contracts that need additional liquidity are expected to be among them


( S ( NP-SBJ ( NP ( NNP Wendy ) ( NNP Gramm ) ) ( NP ( NP ( DT the ) ( NN agency ) ( POS 's ) ) ( NN chairman ) ) ) ( VP ( VBD told ) ( NP ( DT the ) ( NNP Senate ) ( NNP Agriculture ) ( NNP Committee ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ expects ) ( S ( S ( NP-SBJ-1 ( DT the ) ( NN study ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN released ) ( PP-TMP ( IN within ) ( NP ( CD two ) ( NNS weeks ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( DT the ) ( NN rule ) ( NNS changes ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN completed ) ( PP-TMP ( IN by ) ( NP ( NNP Thanksgiving ) ) ) ) ) ) ) ) ) ) ) ) )

Wendy Gramm the agency 's chairman told the Senate Agriculture Committee that she expects the study to be released within two weeks and the rule changes to be completed by Thanksgiving


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN study ) ) ( PP ( IN by ) ( NP ( NP ( NP ( DT the ) ( NNP CFTC ) ( POS 's ) ) ( NN division ) ) ( PP ( IN of ) ( NP ( JJ economic ) ( NN analysis ) ) ) ) ) ) ( VP ( VBZ shows ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( NN trade ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( NN trade ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN member ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN study ) ( NN team ) ) ) ) ( VP ( VBD said ) ) )

The study by the CFTC 's division of economic analysis shows that a trade is a trade a member of the study team said


( S-2 ( SBAR-SBJ-3 ( IN Whether ) ( S ( NP-SBJ-1 ( DT a ) ( NN trade ) ) ( VP ( VBZ is ) ( VP ( VBN done ) ( PP-MNR ( IN on ) ( NP ( DT a ) ( JJ dual ) ( CC or ) ( JJ non-dual ) ( NN basis ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NN member ) ) ( VP ( VBD said ) ) ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB seem ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( JJ much ) ( JJ economic ) ( NN impact ) ) ) ) ) ) ) )

Whether a trade is done on a dual or non-dual basis the member said does n't seem to have much economic impact


( S ( ADVP-TMP ( RB Currently ) ) ( NP-SBJ ( NP ( JJS most ) ( NNS traders ) ) ( PP-LOC ( IN on ) ( NP ( NN commodity ) ( NNS exchanges ) ) ) ) ( VP ( VBP specialize ) ( PP-CLR ( IN in ) ( NP ( NP ( NN trading ) ) ( PP ( CC either ) ( PP ( IN for ) ( NP ( NN customer ) ( NNS accounts ) ) ) ( PRN ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ makes ) ( S ( NP-SBJ ( PRP them ) ) ( NP-PRD ( NNS brokers ) ) ) ) ) ) ) ( CC or ) ( PP ( IN for ) ( NP ( PRP$ their ) ( JJ own ) ( NNS accounts ) ) ) ( PRN ( PP ( IN as ) ( NP ( JJ socalled ) ( NNS locals ) ) ) ) ) ) ) ) )

Currently most traders on commodity exchanges specialize in trading either for customer accounts which makes them brokers or for their own accounts as socalled locals


( S ( S-TPC-2 ( NP-SBJ ( DT The ) ( NNS tests ) ) ( VP ( VBP indicate ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ dual ) ( CC and ) ( JJ non-dual ) ( NNS traders ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ similar ) ) ( PP ( IN in ) ( NP ( NP ( NNS terms ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN trade ) ( NNS executions ) ) ( CC and ) ( NP ( NN liquidity ) ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP provide ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mrs. ) ( NNP Gramm ) ) ( VP ( VBD told ) ( NP ( DT the ) ( NNP Senate ) ( NN panel ) ) ) )

The tests indicate that dual and non-dual traders are similar in terms of the trade executions and liquidity they provide to the market Mrs. Gramm told the Senate panel


( S ( NP-SBJ ( NP ( NNS Members ) ) ( PP ( IN of ) ( NP ( NNP Congress ) ) ) ) ( VP ( VBP have ) ( VP ( VBN proposed ) ( S ( VP ( VBG restricting ) ( NP ( JJ dual ) ( NN trading ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS bills ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB reauthorize ) ( NP ( NNP CFTC ) ( NNS operations ) ) ) ) ) ) ) ) ) ) )

Members of Congress have proposed restricting dual trading in bills to reauthorize CFTC operations


( S ( NP-SBJ ( NP ( DT The ) ( NNP House ) ( POS 's ) ) ( NN bill ) ) ( VP ( MD would ) ( VP ( VB prohibit ) ( NP ( JJ dual ) ( NN trading ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( NNS markets ) ) ( PP ( IN with ) ( NP ( NP ( JJ daily ) ( JJ average ) ( NN volume ) ) ( PP ( IN of ) ( NP ( CD 7,000 ) ( NNS contracts ) ( QP ( CC or ) ( JJR more ) ) ) ) ) ) ) ( VP ( VBG comprising ) ( NP ( NP ( DT those ) ) ( VP ( VBN considered ) ( S ( ADJP-PRD ( RB too ) ( JJ difficult ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB track ) ( PP-MNR ( IN without ) ( NP ( DT a ) ( JJ sophisticated ) ( NN computer ) ( NN system ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The House 's bill would prohibit dual trading in markets with daily average volume of 7,000 contracts or more comprising those considered too difficult to track without a sophisticated computer system


( S ( NP-SBJ ( DT The ) ( NNP Senate ) ( NN bill ) ) ( VP ( MD would ) ( VP ( VB force ) ( S ( NP-SBJ ( DT the ) ( NNP CFTC ) ) ( VP ( TO to ) ( VP ( VB suspend ) ( NP ( JJ dual ) ( NN trading ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT an ) ( NN exchange ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB show ) ( SBAR ( DT that ) ( S ( NP-SBJ ( PRP$ its ) ( NN oversight ) ( NN system ) ) ( VP ( MD can ) ( VP ( VB detect ) ( NP ( NN dual-trading ) ( NNS abuses ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Senate bill would force the CFTC to suspend dual trading if an exchange ca n't show that its oversight system can detect dual-trading abuses


( S ( ADVP-TMP ( RB So ) ( RB far ) ) ( NP-SBJ ( NP ( CD one ) ( NN test ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG restricting ) ( NP ( JJ dual ) ( NN trading ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN worked ) ( ADVP-MNR ( RB well ) ) ) ) )

So far one test of restricting dual trading has worked well


( S ( NP-SBJ ( DT The ) ( NNP Chicago ) ( NNP Merc ) ) ( VP ( VBD banned ) ( NP ( JJ dual ) ( NN trading ) ) ( PP-LOC ( IN in ) ( NP ( NP ( PRP$ its ) ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( JJ 500-stock ) ( NN index ) ( NNS futures ) ( NN pit ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ) )

The Chicago Merc banned dual trading in its Standard & Poor 's 500-stock index futures pit in 1987


( S ( PP-LOC ( IN Under ) ( NP ( DT the ) ( NNS rules ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBP decide ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( DT a ) ( NN session ) ) ( VP ( VBZ begins ) ) ) ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD will ) ( VP ( VB trade ) ( PP-PRP ( PP ( IN for ) ( NP ( PRP$ their ) ( JJ own ) ( NN account ) ) ) ( CC or ) ( PP ( IN for ) ( NP ( NNS customers ) ) ) ) ) ) ) ) ) )

Under the rules traders decide before a session begins whether they will trade for their own account or for customers


( S ( NP-SBJ ( NP ( NNS Traders ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBP stand ) ( PP-CLR-LOC ( IN on ) ( NP ( NP ( NP ( DT the ) ( NN pit ) ( POS 's ) ) ( NN top ) ( NN step ) ) ( SBAR ( WHADVP-3 ( WRB where ) ) ( S ( NP-SBJ-1 ( JJS most ) ( NN customer ) ( NNS orders ) ) ( VP ( VBP are ) ( VP ( VBN executed ) ) ) ) ) ) ) ) ) ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB trade ) ( PP-PRP ( IN for ) ( NP ( PRP themselves ) ) ) ) ) )

Traders who stand on the pit 's top step where most customer orders are executed ca n't trade for themselves


( S ( NP-SBJ ( DT A ) ( NNP Merc ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN plan ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBD made ) ( NP ( NP ( JJ much ) ( NN difference ) ) ( PP ( IN in ) ( NP ( NN liquidity ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN pit ) ) ) ) ) ) ) ) )

A Merc spokesman said the plan has n't made much difference in liquidity in the pit


( S ( S-TPC-2 ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( ADVP-PRD ( RB too ) ( RB soon ) ( S ( VP ( TO to ) ( VP ( VB tell ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( NNS people ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB seem ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ unhappy ) ( PP ( IN with ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

It 's too soon to tell but people do n't seem to be unhappy with it he said


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NNP CFTC ) ( NN plan ) ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( DT the ) ( NN exchange ) ) ( VP ( VBZ has ) ( VP ( VBN seen ) ( NP ( DT the ) ( JJ full ) ( NN proposal ) ) ) ) ) ) ) ) ) ) ) )

He said he would n't comment on the CFTC plan until the exchange has seen the full proposal


( S ( CC But ) ( PP-LOC ( IN at ) ( NP ( NP ( DT a ) ( NN meeting ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ) ) ( NP-SBJ ( NP ( NNP Tom ) ( NNP Donovan ) ) ( NP ( NP ( NP ( DT the ) ( NNP Board ) ) ( PP ( IN of ) ( NP ( NNP Trade ) ) ) ( POS 's ) ) ( NN president ) ) ) ( VP ( VBD told ) ( NP ( NN commodity ) ( NNS lawyers ) ) ( S ( NP-SBJ ( JJ Dual ) ( NN trading ) ) ( VP ( VBZ is ) ( ADVP ( RB definitely ) ) ( PP-PRD ( JJ worth ) ( S-NOM ( VP ( NN saving ) ) ) ) ) ) ) )

But at a meeting last week Tom Donovan the Board of Trade 's president told commodity lawyers Dual trading is definitely worth saving


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ adds ) ( NP ( NN something ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN market ) ) ) ) )

It adds something to the market


( S ( NP-SBJ ( NNP Helionetics ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB team ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( JJ Minneapolis-based ) ( NNP Honeywell ) ( NNP Inc. ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB provide ) ( NP ( NN power ) ( NNS amplifiers ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( JJ new ) ( JJ military ) ( NN sonar ) ( NN system ) ) ( VP ( NN being ) ( VP ( VBN proposed ) ( PP ( IN by ) ( NP-LGS ( NNP Honeywell ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Helionetics Inc. said it agreed to team with a unit of Minneapolis-based Honeywell Inc. to provide power amplifiers for a new military sonar system being proposed by Honeywell


( S-2 ( S ( NP-SBJ ( NP ( JJ Total ) ( NN value ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN contract ) ) ) ) ( VP ( MD could ) ( VP ( VB be ) ( NP-PRD ( QP ( CD 100 ) ( CD million ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Helionetics ) ) ( VP ( VBD said ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( VB work ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN project ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( ADVP ( IN about ) ( RB evenly ) ) ( VBN divided ) ) ) ) ) )

Total value of the contract could be 100 million Helionetics said and work on the project would be about evenly divided


( S ( SBAR-ADV ( IN As ) ( S ( VP ( ADVP-TMP ( RB previously ) ) ( VBN reported ) ) ) ) ( NP-SBJ ( NNP Helionetics ) ) ( VP ( VBD emerged ) ( PP-CLR ( IN from ) ( NP ( NN Chapter ) ( CD 11 ) ( NN bankruptcy-law ) ( NN protection ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP February ) ) ) ) )

As previously reported Helionetics emerged from Chapter 11 bankruptcy-law protection in February


( S ( NP-SBJ ( NP ( NNP Houston ) ( NN attorney ) ( NNP Dale ) ( NNP Friend ) ) ( VP ( VBG representing ) ( NP ( DT a ) ( NN plaintiff ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN damage ) ( NN suit ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN negotiated ) ( NP ( NP ( DT a ) ( NN settlement ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB strike ) ( NP ( DT a ) ( NN blow ) ) ( PP ( IN for ) ( NP ( PRP$ his ) ( NN client ) ) ) ) ) ) ) ) ) ) ) ) ) )

Houston attorney Dale Friend representing a plaintiff in a damage suit says he has negotiated a settlement that will strike a blow for his client


Literally


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ turns ) ( PRT ( RP out ) ) ( SBAR ( S ( NP-SBJ ( NP ( NP ( NNP Mr. ) ( NNP Friend ) ( POS 's ) ) ( NN client ) ) ( NP ( NP ( NNP Machelle ) ( NNP Parks ) ) ( PP ( IN of ) ( NP ( NNP Cincinnati ) ) ) ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( IN like ) ( NP ( NP ( DT the ) ( NN way ) ) ( SBAR ( S ( NP-SBJ ( NN defense ) ( NN attorney ) ( NNP Tom ) ( NNP Alexander ) ) ( VP ( VBD acted ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ legal ) ( NNS proceedings ) ) ) ) ) ) ) ) ) ) ) ) )

It turns out Mr. Friend 's client Machelle Parks of Cincinnati did n't like the way defense attorney Tom Alexander acted during the legal proceedings


( S ( ADVP ( RB So ) ) ( NP-SBJ-1 ( PRP she ) ) ( VP ( VBZ has ) ( VP ( VBN agreed ) ( S ( VP ( TO to ) ( VP ( VB forgo ) ( NP ( NP ( JJ monetary ) ( NNS damages ) ) ( PP ( IN against ) ( NP ( NP ( NNP Mr. ) ( NNP Alexander ) ( POS 's ) ) ( NN client ) ) ) ) ( PP ( IN in ) ( NP ( NP ( NN return ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN right ) ( S ( VP ( TO to ) ( VP ( VB punch ) ( NP ( DT the ) ( NN attorney ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

So she has agreed to forgo monetary damages against Mr. Alexander 's client in return for the right to punch the attorney


( S ( NP-SBJ-1 ( NP ( NNP Ms. ) ( NNP Parks ) ( POS 's ) ) ( NN mother ) ) ( ADVP ( RB also ) ) ( VP ( VBZ gets ) ( S ( VP ( TO to ) ( VP ( VB cuff ) ( NP ( NNP Mr. ) ( NNP Alexander ) ) ) ) ) ) )

Ms. Parks 's mother also gets to cuff Mr. Alexander


( SINV ( ADVP-PRD-TPC-1 ( RB So ) ) ( VP ( VBZ does ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Friend ) ) ( CC and ) ( NP ( NP ( PRP$ his ) ( NN law ) ( NN partner ) ) ( NP ( NNP Nick ) ( NNP Nichols ) ) ) ) )

So does Mr. Friend and his law partner Nick Nichols


( S ( NP-SBJ ( DT The ) ( JJ bizarre ) ( NN arrangement ) ) ( VP ( VBZ grows ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Mr. ) ( NNP Alexander ) ( POS 's ) ) ( NN representation ) ) ( PP ( IN of ) ( NP ( NP ( NNP Derr ) ( NNP Construction ) ( NNP Co. ) ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( JJ several ) ( NNS defendants ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( JJ wrongful ) ( NN death ) ( NN lawsuit ) ) ( VP ( VBN brought ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Ms. ) ( NNP Parks ) ) ( NP ( NP ( DT the ) ( NN widow ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN construction ) ( NN worker ) ) ( VP ( VBN killed ) ( PP-TMP ( IN in ) ( NP ( NNP January ) ( CD 1987 ) ) ) ( SBAR-TMP ( IN while ) ( S ( VP ( VBG working ) ( PP-CLR ( IN on ) ( NP ( DT a ) ( JJ new ) ( NNP Houston ) ( NN convention ) ( NN center ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The bizarre arrangement grows out of Mr. Alexander 's representation of Derr Construction Co. one of several defendants in a wrongful death lawsuit brought by Ms. Parks the widow of a construction worker killed in January 1987 while working on a new Houston convention center


( S-1 ( NP-TMP ( JJ Last ) ( NN month ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Friend ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Alexander ) ( POS 's ) ) ( NN associate ) ) ( VP ( VBD agreed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Derr ) ) ( VP ( MD would ) ( VP ( VB pay ) ( NP ( CD 50,000 ) ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT an ) ( JJ overall ) ( NN settlement ) ) ) ) ) ) ) ) ) ) )

Last month Mr. Friend says Mr. Alexander 's associate agreed that Derr would pay 50,000 as part of an overall settlement


( S ( CC But ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Alexander ) ) ( VP ( VBD scuttled ) ( NP ( DT the ) ( NN deal ) ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( JJ last ) ( NN minute ) ) ) ( S-ADV ( VP ( VBG angering ) ( NP ( NP ( DT the ) ( NN plaintiff ) ( POS 's ) ) ( NN side ) ) ) ) ) )

But Mr. Alexander scuttled the deal at the last minute angering the plaintiff 's side


( S ( S-TPC-2 ( NP-SBJ ( PRP I ) ) ( ADVP-TMP ( RB never ) ) ( VP ( VBD agreed ) ( PP-CLR ( TO to ) ( NP ( PRP it ) ) ) ) ) ( NP-SBJ-3 ( NNP Mr. ) ( NNP Alexander ) ) ( VP ( VBZ says ) ( S-ADV ( VP ( VBG adding ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( RB not ) ( ADJP-PRD ( JJ necessary ) ) ( S-1 ( VP ( TO to ) ( VP ( VB pay ) ( NP ( DT these ) ( JJ nuisance ) ( NNS settlements ) ) ) ) ) ) ) ) ) ) ) )

I never agreed to it Mr. Alexander says adding that it 's not necessary to pay these nuisance settlements


( S-3 ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ ( NP ( NNP Ms. ) ( NNP Parks ) ) ( CC and ) ( NP ( PRP$ her ) ( NN mother ) ) ) ( VP ( VBD heard ) ( PP-CLR ( IN about ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( VP ( VBD had ) ( VP ( VBN happened ) ) ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Friend ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD volunteered ) ( SBAR ( IN that ) ( S ( NP-SBJ-4 ( PRP they ) ) ( VP ( MD would ) ( VP ( VB like ) ( S ( VP ( TO to ) ( VP ( VB give ) ( NP ( NNP Mr. ) ( NNP Alexander ) ) ( NP ( DT a ) ( JJ good ) ( NN walloping ) ) ) ) ) ) ) ) ) ) )

When Ms. Parks and her mother heard about what had happened Mr. Friend says they volunteered that they would like to give Mr. Alexander a good walloping


( S ( NP-SBJ ( NNP Mr. ) ( NNP Friend ) ) ( VP ( VBZ says ) ( SBAR ( S ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD passed ) ( NP ( IN that ) ) ( PRT ( RP along ) ) ( PP-DIR ( TO to ) ( NP ( PRP$ his ) ( NN adversary ) ) ) ) ) ( CC and ) ( S ( ADVP-TMP ( RB soon ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( VP ( VBG talking ) ( PP-CLR ( IN about ) ( NP ( NP ( DT the ) ( NN ground ) ( NNS rules ) ) ( SBAR ( WHPP-1 ( IN under ) ( WHNP ( WDT which ) ) ) ( S ( S ( NP-SBJ ( NNP Derr ) ) ( VP ( MD could ) ( VP ( VB keep ) ( NP ( PRP$ its ) ( NN money ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNS plaintiffs ) ) ( VP ( MD could ) ( VP ( VB take ) ( NP ( NP ( DT a ) ( NN shot ) ) ( PP ( IN at ) ( NP ( NNP Mr. ) ( NNP Alexander ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Friend says he passed that along to his adversary and soon they were talking about the ground rules under which Derr could keep its money and the plaintiffs could take a shot at Mr. Alexander


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ-2 ( NN time ) ( CC and ) ( NN place ) ) ( VP ( VBP have ) ( ADVP ( RB yet ) ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN determined ) ) ) ) ) ) ) ) ( NP-SBJ ( DT some ) ( NNS details ) ) ( VP ( VBP are ) ( PP-LOC-PRD ( IN in ) ( NP ( NN place ) ) ) ) )

Although time and place have yet to be determined some details are in place


( S ( NP-SBJ ( NNP Mr. ) ( NNP Friend ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB strike ) ( NP ( NNP Mr. ) ( NNP Alexander ) ) ( PP-LOC ( IN above ) ( NP ( DT the ) ( NN belt ) ) ) ) ) ) ) ) ) ) )

Mr. Friend says he agreed to strike Mr. Alexander above the belt


( S ( S-TPC-2 ( NP-SBJ ( NP ( NNP Ms. ) ( NNP Parks ) ) ( CC and ) ( NP ( PRP$ her ) ( NN mother ) ) ) ( VP ( VBD indicated ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB catch ) ( NP ( NP ( PRP him ) ) ( ADVP ( RB unawares ) ) ) ( PP ( IN from ) ( NP ( NN behind ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Ms. Parks and her mother indicated they want to catch him unawares from behind he says


( S ( NP-SBJ ( NNP Mr. ) ( NNP Alexander ) ) ( PP ( IN for ) ( NP ( PRP$ his ) ( NN part ) ) ) ( VP ( VBD insisted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNS punchers ) ) ( VP ( VP ( MD ca ) ( RB n't ) ( VP ( VB assign ) ( NP ( PRP$ their ) ( NN pummeling ) ( NNS rights ) ) ( PP-CLR ( TO to ) ( NP ( NN anyone ) ( RB else ) ) ) ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB use ) ( NP ( DT a ) ( JJ blunt ) ( NN instrument ) ) ) ) ( CC and ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB take ) ( NP ( DT a ) ( JJ running ) ( NN start ) ) ) ) ) ) ) ) )

Mr. Alexander for his part insisted that the punchers ca n't assign their pummeling rights to anyone else ca n't use a blunt instrument and ca n't take a running start


( S ( NP-SBJ ( NNP Mr. ) ( NNP Alexander ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ regards ) ( NP ( NP ( DT the ) ( NN agreement ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN been ) ( VP ( VBN submitted ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( NN judge ) ) ) ) ) ) ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( NN something ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN joke ) ) ) ) ) ) ) ) ) )

Mr. Alexander says he regards the agreement which has n't been submitted to a judge as something of a joke


( S ( ADVP ( RB However ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ acknowledges ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( NP ( NP ( DT the ) ( NN option ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG taking ) ( NP ( NP ( DT a ) ( NN swat ) ) ( PP ( IN at ) ( NP ( PRP me ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( ADVP ( RB really ) ) ( VP ( VBP want ) ( VP ( TO to ) ) ) ) ) ) ) ) ) )

However he acknowledges they have the option of taking a swat at me if they really want to


( S ( NP-SBJ ( NNP Mr. ) ( NNP Friend ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP$ his ) ( NN side ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB dead ) ( JJ serious ) ) ) ) ) ) )

Mr. Friend says his side is dead serious


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB contemplate ) ( S ( VP ( VBG delivering ) ( NP ( DT any ) ( VBG disabling ) ( NNS blows ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NNP Mr. ) ( NNP Alexander ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN asked ) ( S ( VP ( TO to ) ( VP ( VB sign ) ( NP ( NP ( DT a ) ( NN release ) ) ( PP ( IN from ) ( NP ( NN liability ) ) ) ) ( ADVP-PRP ( RB just ) ( PP ( IN in ) ( NP ( NN case ) ) ) ) ) ) ) ) ) ) ) ) ) )

Although they do n't contemplate delivering any disabling blows he says that Mr. Alexander will be asked to sign a release from liability just in case


( S ( NP-SBJ ( NNP Hydro-Quebec ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD notified ) ( NP ( NNP Central ) ( NNP Maine ) ( NNP Power ) ( NNP Co. ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB cancel ) ( NP ( DT a ) ( ADJP ( QP ( CD 4 ) ( CD billion ) ) ) ( NN contract ) ( S ( VP ( TO to ) ( VP ( VB supply ) ( NP ( NN electricity ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NNP Maine ) ( NN utility ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Hydro-Quebec said it notified Central Maine Power Co. it will cancel a 4 billion contract to supply electricity to the Maine utility


( S ( NP-SBJ ( DT The ) ( ADJP ( RB provincially ) ( VBN owned ) ) ( NN utility ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG tearing ) ( PRT ( RP up ) ) ( NP ( DT the ) ( NN deal ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN contract ) ( POS 's ) ) ( NNS objectives ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN fulfilled ) ) ) ) ) ) ) ) ) ) ) )

The provincially owned utility said it is tearing up the deal because the contract 's objectives ca n't be fulfilled


( S ( NP-SBJ ( NNP Hydro-Quebec ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Maine ) ( NNS regulators ) ( POS ' ) ) ( NN refusal ) ( S ( VP ( TO to ) ( VP ( VB approve ) ( NP ( DT the ) ( NN contract ) ) ( NP-TMP ( RB earlier ) ( DT this ) ( NN year ) ) ) ) ) ) ( VP ( VP ( VBD halted ) ( NP ( NP ( NN work ) ) ( PP ( IN on ) ( NP ( NN transmission ) ( NNS lines ) ) ) ) ) ( CC and ) ( VP ( VBD stopped ) ( NP ( NP ( NNS negotiations ) ) ( PP ( IN for ) ( NP ( NP ( NN resale ) ) ( PP ( IN of ) ( NP ( NP ( NN electricity ) ) ( VP ( VBN carried ) ( PP-LOC ( IN through ) ( NP ( NNP Maine ) ) ) ( PP-DIR ( TO to ) ( NP ( JJ other ) ( NNS utilities ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Hydro-Quebec said Maine regulators ' refusal to approve the contract earlier this year halted work on transmission lines and stopped negotiations for resale of electricity carried through Maine to other utilities


( S ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( MD would ) ( ADVP-TMP ( RB now ) ) ( VP ( VB be ) ( ADJP-PRD ( RB physically ) ( JJ impossible ) ( S ( VP ( TO to ) ( VP ( VB begin ) ( NP ( NNS deliveries ) ) ( PP-TMP ( IN in ) ( NP ( CD 1992 ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT a ) ( NNP Hydro-Quebec ) ( NN official ) ) ( VP ( VBD said ) ) )

It would now be physically impossible to begin deliveries in 1992 a Hydro-Quebec official said


( S ( NP-SBJ-1 ( DT The ) ( NN contract ) ) ( VP ( VBD was ) ( S ( VP ( TO to ) ( VP ( VB run ) ( PP-TMP ( IN from ) ( NP ( CD 1992 ) ) ) ( PP-TMP ( TO to ) ( NP ( CD 2020 ) ) ) ) ) ) ) )

The contract was to run from 1992 to 2020


( S ( PP-LOC ( IN Under ) ( NP ( DT the ) ( NN contract ) ) ) ( NP-SBJ-1 ( NNP Hydro-Quebec ) ) ( VP ( VBD was ) ( S ( VP ( TO to ) ( VP ( VP ( VB supply ) ( NP-2 ( NP ( NP ( CD 400 ) ( NNS megawatts ) ) ( PP ( IN of ) ( NP ( NN power ) ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NNP Central ) ( NNP Maine ) ( NNP Power ) ) ) ( S-ADV-3 ( VP ( VBG starting ) ( PP-TMP ( IN in ) ( NP ( CD 1992 ) ) ) ) ) ) ( VP ( NP=2 ( CD 600 ) ( NNS megawatts ) ) ( S-ADV=3 ( VP ( VBG starting ) ( PP-TMP ( IN in ) ( NP ( CD 1995 ) ) ) ) ) ) ( CC and ) ( VP ( NP=2 ( CD 900 ) ( NNS megawatts ) ) ( S-ADV=3 ( VP ( VBG starting ) ( PP-TMP ( IN in ) ) ) ) ) ) ) ) ) )

Under the contract Hydro-Quebec was to supply 400 megawatts of power to Central Maine Power starting in 1992 600 megawatts starting in 1995 and 900 megawatts starting in


( S ( NP-SBJ ( NNP Hydro-Quebec ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Maine ) ( NNS regulators ) ( POS ' ) ) ( NN refusal ) ( S ( VP ( TO to ) ( VP ( VB approve ) ( NP ( DT the ) ( NN contract ) ) ) ) ) ) ( VP ( VBZ means ) ( SBAR ( S ( NP-SBJ ( NNP Central ) ( NNP Maine ) ( NNP Power ) ) ( VP ( VBZ has ) ( VP ( VBN lost ) ( NP ( NP ( PRP$ its ) ( NN place ) ) ( PP-LOC ( IN in ) ( NP ( NN line ) ) ) ) ) ) ) ) ) ) ) ) )

Hydro-Quebec said Maine regulators ' refusal to approve the contract means Central Maine Power has lost its place in line


( S ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB sign ) ( NP ( NP ( NP ( DT any ) ( JJ new ) ( NNS contracts ) ) ( PP ( IN with ) ( NP ( NNS deliveries ) ) ) ) ( VP ( VBG beginning ) ( ADVP-TMP ( ADVP ( RB earlier ) ) ( PP ( IN than ) ( NP ( CD 2000 ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Hydro-Quebec ) ( NN official ) ) ( VP ( VBD said ) ) )

We wo n't sign any new contracts with deliveries beginning earlier than 2000 the Hydro-Quebec official said


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Hydro-Quebec ) ) ( ADVP ( RB already ) ) ( VP ( VBZ has ) ( NP ( NP ( DT some ) ( NNS customers ) ) ) ( PP-LOC ( IN in ) ( NP ( NN mind ) ) ) ( PP-2 ( IN for ) ( NP ( NP ( DT the ) ( NN power ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VBD was ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN delivered ) ( PP-DIR ( TO to ) ( NP ( NNP Maine ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He said Hydro-Quebec already has some customers in mind for the power that was to be delivered to Maine


( SINV ( S-TPC-2 ( NP-SBJ ( NP ( NN Nothing ) ) ) ( VP ( VBZ has ) ( VP ( VBN happened ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD signed ) ( NP ( DT the ) ( NN contract ) ) ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB undermine ) ( NP ( PRP$ our ) ( NN conviction ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Hydro-Quebec ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( JJS lowest-cost ) ( ADJP ( RBS most ) ( RB environmentally ) ( JJ acceptable ) ) ( NN choice ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG meeting ) ( NP ( NP ( DT a ) ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ our ) ( NNS customers ) ( POS ' ) ) ( NN energy ) ( NNS needs ) ) ) ) ( PP-TMP ( IN through ) ( NP ( DT the ) ( NN year ) ( CD 2020 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP Central ) ( NNP Maine ) ( JJ senior ) ( NN vice ) ( NN president ) ( NNP Donald ) ( NNP F. ) ( NNP Kelly ) ) )

Nothing has happened since we signed the contract to undermine our conviction that Hydro-Quebec was the lowest-cost most environmentally acceptable choice for meeting a part of our customers ' energy needs through the year 2020 said Central Maine senior vice president Donald F. Kelly


( S ( NP-SBJ ( NNP Central ) ( NNP Maine ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG evaluating ) ( NP ( NP ( JJ many ) ( NN energy ) ( NNS options ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB make ) ( PRT ( RP up ) ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( VBN lost ) ( NN future ) ( NN power ) ) ) ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( NP ( JJ new ) ( NN energy ) ( NN generation ) ( CC and ) ( NN management ) ( NNS proposals ) ) ( PP ( IN from ) ( NP ( NNP New ) ( NNP England ) ) ) ) ( CC and ) ( ADVP ( RB possibly ) ) ( NP ( JJ new ) ( JJ Canadian ) ( NNS purchases ) ) ) ) ) ) ) ) ) ) )

Central Maine said it is evaluating many energy options to make up for the lost future power including new energy generation and management proposals from New England and possibly new Canadian purchases


( S ( NP-SBJ ( NP ( NNP PepsiCo ) ( NNP Inc. ) ( POS 's ) ) ( NN chairman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( RBR more ) ) ( PP ( IN than ) ( ADJP ( JJ comfortable ) ) ) ( PP ( IN with ) ( NP ( NP ( NNS analysts ) ( POS ' ) ) ( NNS estimates ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ third-quarter ) ( NNS earnings ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( NP ( NP ( QP ( IN at ) ( JJS least ) ( CD 98 ) ) ( NNS cents ) ) ( PP ( TO to ) ( NP ( CD 1 ) ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 91 ) ( NNS cents ) ) ( ADVP-TMP ( NP ( DT the ) ( NN year ) ) ( RB earlier ) ) ) ) ) ) ) ) ) ) ) ) ) )

PepsiCo Inc. 's chairman said he is more than comfortable with analysts ' estimates that third-quarter earnings rose to at least 98 cents to 1 a share from 91 cents the year earlier


( S ( NP-SBJ ( NP ( NNP D. ) ( NNP Wayne ) ( NNP Calloway ) ) ( ADVP ( RB also ) ) ( NP ( NP ( JJ chief ) ( NN executive ) ( NN officer ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ) ( VP ( VBD indicated ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( NNS analysts ) ) ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NP ( PRP$ their ) ( NNS forecasts ) ) ( PP ( IN for ) ( NP ( CD 1989 ) ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ releases ) ( NP ( PRP$ its ) ( NNS earnings ) ) ( NP-TMP ( NN today ) ) ) ) ) ) ) ) ) ) ) ) )

D. Wayne Calloway also chief executive officer of the company indicated that he expects analysts to raise their forecasts for 1989 after the company releases its earnings today


( S ( ADVP ( RB So ) ( RB far ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP have ) ( VP ( VBN said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBG looking ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( CD 3.30 ) ( TO to ) ( CD 3.35 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ) )

So far analysts have said they are looking for 3.30 to 3.35 a share


( S ( PP-TMP ( IN After ) ( NP ( NP ( NN today ) ( POS 's ) ) ( NN announcement ) ) ) ( NP-SBJ ( DT that ) ( NN range ) ) ( VP ( MD could ) ( VP ( VB increase ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 3.35 ) ( TO to ) ( CD 3.40 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) )

After today 's announcement that range could increase to 3.35 to 3.40 a share


( S ( NP-SBJ ( DT The ) ( NN official ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( ADVP ( RB also ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ comfortable ) ( PP ( IN with ) ( NP ( DT that ) ( JJ new ) ( NN range ) ) ) ) ) ) ) ) ) )

The official said he also would be comfortable with that new range


( S ( PP-TMP ( IN In ) ( NP ( CD 1988 ) ) ) ( NP-SBJ ( DT the ) ( NN soft-drink ) ( NN giant ) ) ( VP ( VBN earned ) ( NP ( NP ( CD 2.90 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) )

In 1988 the soft-drink giant earned 2.90 a share


( S ( NP-SBJ ( NP ( NNS Results ) ) ( PP ( IN for ) ( NP ( CD 1989 ) ) ) ) ( VP ( MD will ) ( VP ( VB include ) ( NP ( NP ( QP ( IN about ) ( CD 40 ) ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( JJ dilutive ) ( NNS effects ) ) ( PP ( IN of ) ( NP ( NN snack-food ) ( CC and ) ( NN bottling ) ( NN company ) ( NNS acquisitions ) ) ) ) ) ) ) ) )

Results for 1989 will include about 40 cents a share from the dilutive effects of snack-food and bottling company acquisitions


( S ( PP-LOC ( IN In ) ( NP ( NP ( JJ composite ) ( NN trading ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD closed ) ( NP-TMP ( NN yesterday ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 57.125 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( RB up ) ( NP ( CD 3.125 ) ) ) ) )

In composite trading on the New York Stock Exchange the company closed yesterday at 57.125 a share up 3.125


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( JJ third-quarter ) ( NNS sales ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB increase ) ( NP-EXT ( CD 25 ) ( NN % ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 3.12 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NP ( JJ last ) ( NN year ) ( POS 's ) ) ( JJ third ) ( NN quarter ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company said third-quarter sales are expected to increase 25 % from 3.12 billion of last year 's third quarter


( S ( NP-SBJ-2 ( JJ Domestic ) ( NN soft-drink ) ( NN bottler ) ( NN case ) ( NNS sales ) ) ( VP ( VBP are ) ( VP ( VBN estimated ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN risen ) ( NP-EXT ( QP ( RB only ) ( CD 1 ) ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( PP ( PP ( ADVP ( RB well ) ) ( IN below ) ( NP ( NP ( DT the ) ( ADJP ( QP ( CD 4 ) ( NN % ) ( TO to ) ( CD 5 ) ( NN % ) ) ) ( NN growth ) ) ( PP ( IN of ) ( NP ( JJ recent ) ( NNS years ) ) ) ) ) ( CC but ) ( PP ( ADVP ( IN about ) ) ( IN in ) ( NP ( NP ( NN line ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN rest ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN soft-drink ) ( NN industry ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Domestic soft-drink bottler case sales are estimated to have risen only 1 % in the third quarter well below the 4 % to 5 % growth of recent years but about in line with the rest of the soft-drink industry


( S ( NP-SBJ ( NNP Mr. ) ( NNP Calloway ) ) ( VP ( VBD blamed ) ( NP ( DT the ) ( JJR slower ) ( NN volume ) ) ( PP-CLR ( IN on ) ( NP ( NP ( JJR rainier ) ( NN weather ) ) ( NP ( NP ( DT a ) ( NN dearth ) ) ( PP ( IN of ) ( NP ( JJ new ) ( NNS products ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN industry ) ) ) ) ( CC and ) ( PRN ( PP ( TO to ) ( NP ( DT a ) ( ADJP ( RB much ) ( JJR lesser ) ) ( NN extent ) ) ) ) ( NP ( NN pricing ) ) ) ) ) )

Mr. Calloway blamed the slower volume on rainier weather a dearth of new products in the industry and to a much lesser extent pricing


( S ( NP-SBJ ( NNP PepsiCo ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NN soft-drink ) ( NNS prices ) ) ( VP ( VBD were ) ( ADJP-PRD ( NP-ADV ( QP ( IN about ) ( CD 2 ) ) ( NN % ) ) ( JJR higher ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN quarter ) ) ) ) ) ) ) )

PepsiCo said its soft-drink prices were about 2 % higher in the quarter


( S ( NP-SBJ ( NNP Mr. ) ( NNP Calloway ) ) ( ADVP ( RB also ) ) ( VP ( VBD noted ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NN soft-drink ) ( NN volume ) ) ( VP ( VBD rose ) ( NP-EXT ( DT a ) ( JJ hefty ) ( CD 9 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NP ( JJ last ) ( NN year ) ( POS 's ) ) ( JJ third ) ( NN quarter ) ) ) ( S-ADV ( VP ( VBG making ) ( S ( NP-SBJ ( DT the ) ( NN comparison ) ) ( ADJP-PRD ( RBR more ) ( JJ difficult ) ) ) ) ) ) ) ) ) )

Mr. Calloway also noted that soft-drink volume rose a hefty 9 % in last year 's third quarter making the comparison more difficult


( S ( NP-SBJ ( JJ International ) ( NN soft-drink ) ( NN volume ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( NP ( QP ( IN about ) ( CD 6 ) ) ( NN % ) ) ) ) )

International soft-drink volume was up about 6 %


( S ( S-TPC-1 ( NP-SBJ ( NN Snack-food ) ( NN tonnage ) ) ( VP ( VBD increased ) ( NP-EXT ( DT a ) ( JJ strong ) ( CD 7 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( JJ domestic ) ( NN profit ) ) ( VP ( VBN increased ) ( PP-LOC ( IN in ) ( NP ( JJ double ) ( NNS digits ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Calloway ) ) ( VP ( VBD said ) ) )

Snack-food tonnage increased a strong 7 % in the third quarter while domestic profit increased in double digits Mr. Calloway said


( S ( S-ADV ( VP ( NNP Excluding ) ( NP ( NP ( DT the ) ( JJ British ) ( NN snack-food ) ( NN business ) ) ( VP ( VBN acquired ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ) ) ) ) ( NP-SBJ ( NN snack-food ) ( JJ international ) ( NN tonnage ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 40 ) ( NN % ) ) ( SBAR-ADV ( IN with ) ( S ( NP-SBJ ( NNS sales ) ) ( ADJP-PRD ( JJ strong ) ( PP-LOC ( IN in ) ( NP ( NNP Spain ) ( NNP Mexico ) ( CC and ) ( NNP Brazil ) ) ) ) ) ) ) )

Excluding the British snack-food business acquired in July snack-food international tonnage jumped 40 % with sales strong in Spain Mexico and Brazil


( S ( NP-SBJ ( JJ Total ) ( NN snack-food ) ( NN profit ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 30 ) ( NN % ) ) ) )

Total snack-food profit rose 30 %


( S ( S ( VP ( VBN Led ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Pizza ) ( NNP Hut ) ) ( CC and ) ( NP ( NNP Taco ) ( NNP Bell ) ) ) ) ) ) ( NP-SBJ ( NN restaurant ) ( NNS earnings ) ) ( VP ( VBN increased ) ( NP-EXT ( QP ( IN about ) ( CD 25 ) ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( PP ( IN on ) ( NP ( DT a ) ( ADJP ( CD 22 ) ( NN % ) ) ( NNS sales ) ( NN increase ) ) ) ) )

Led by Pizza Hut and Taco Bell restaurant earnings increased about 25 % in the third quarter on a 22 % sales increase


( S ( NP-SBJ ( NP ( JJ Same-store ) ( NNS sales ) ) ( PP ( IN for ) ( NP ( NNP Pizza ) ( NNP Hut ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( QP ( IN about ) ( CD 13 ) ) ( NN % ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP Taco ) ( NNP Bell ) ( POS 's ) ) ( VP ( VBN increased ) ( NP-EXT ( CD 22 ) ( NN % ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ-1 ( DT the ) ( NN chain ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB benefit ) ( PP-CLR ( IN from ) ( NP ( PRP$ its ) ( NN price-value ) ( NN strategy ) ) ) ) ) ) ) ) ) ) ) ) ) )

Same-store sales for Pizza Hut rose about 13 % while Taco Bell 's increased 22 % as the chain continues to benefit from its price-value strategy


( S ( NP-SBJ ( NNP Taco ) ( NNP Bell ) ) ( VP ( VBZ has ) ( VP ( VBN turned ) ( PP-CLR ( IN around ) ( NP ( VBG declining ) ( NN customer ) ( NNS counts ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( ADVP ( RB permanently ) ) ( VBG lowering ) ( NP ( NP ( DT the ) ( NN price ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS tacos ) ) ) ) ) ) ) ) ) )

Taco Bell has turned around declining customer counts by permanently lowering the price of its tacos


( S ( NP-SBJ ( NP ( JJ Same ) ( NN store-sales ) ) ( PP ( IN for ) ( NP ( NP ( NNP Kentucky ) ( NNP Fried ) ( NNP Chicken ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN struggled ) ( PP ( IN with ) ( NP ( NP ( NP ( VBN increased ) ( NN competition ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN fast-food ) ( NN chicken ) ( NN market ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN lack ) ) ( PP ( IN of ) ( NP ( JJ new ) ( NNS products ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( QP ( RB only ) ( CD 1 ) ) ( NN % ) ) ) )

Same store-sales for Kentucky Fried Chicken which has struggled with increased competition in the fast-food chicken market and a lack of new products rose only 1 %


( S ( NP-SBJ ( NP ( DT The ) ( NN operation ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( JJ slow ) ( S ( VP ( TO to ) ( VP ( VB respond ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( NNS consumers ) ( POS ' ) ) ( VBG shifting ) ( NNS tastes ) ) ( ADVP ( RB away ) ( PP ( IN from ) ( NP ( JJ fried ) ( NNS foods ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG developing ) ( NP ( NP ( DT a ) ( JJ grilled-chicken ) ( NN product ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBN introduced ) ( ADVP-LOC ( RB nationally ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The operation which has been slow to respond to consumers ' shifting tastes away from fried foods has been developing a grilled-chicken product that may be introduced nationally at the end of next year


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( JJ new ) ( NN product ) ) ( VP ( VBZ has ) ( VP ( VBN performed ) ( ADVP-MNR ( RB well ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN market ) ( NN test ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Las ) ( NNP Vegas ) ) ( NP ( NNP Nev. ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Calloway ) ) ( VP ( VBD said ) ) )

The new product has performed well in a market test in Las Vegas Nev. Mr. Calloway said


( S ( PP-TMP ( IN After ) ( NP ( NP ( DT a ) ( JJ four-year ) ( ADJP ( QP ( CD 7.7 ) ( CD billion ) ) ) ( NN acquisition ) ( NN binge ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD brought ) ( NP ( NP ( DT a ) ( JJ major ) ( NN soft-drink ) ( NN company ) ) ( NP ( NN soda ) ( NNS bottlers ) ) ( NP ( DT a ) ( NN fast-food ) ( NN chain ) ) ( CC and ) ( NP ( DT an ) ( JJ overseas ) ( NN snack-food ) ( NN giant ) ) ) ( PP-DTV ( TO to ) ( NP ( NNP Pepsi ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Calloway ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB expect ) ( NP ( DT any ) ( JJ major ) ( NN acquisition ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ next ) ( NN year ) ( QP ( CC or ) ( RB so ) ) ) ) ) ) ) ) ) )

After a four-year 7.7 billion acquisition binge that brought a major soft-drink company soda bottlers a fast-food chain and an overseas snack-food giant to Pepsi Mr. Calloway said he does n't expect any major acquisition in the next year or so


( S-1 ( CC But ) ( S ( NP-SBJ ( PRP You ) ) ( ADVP-TMP ( RB never ) ) ( VP ( MD can ) ( VP ( VB tell ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD added ) ) ) ) ( S ( NP-SBJ-2 ( PRP you ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP-CLR ( NN advantage ) ) ( PP-CLR ( IN of ) ( NP ( NNS opportunities ) ) ) ) ) ) ) ) )

But You never can tell he added you have to take advantage of opportunities


( SQ ( MD Should ) ( NP-SBJ ( PRP you ) ) ( ADVP ( RB really ) ) ( VP ( VB own ) ( NP ( NNS stocks ) ) ) )

Should you really own stocks


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( NN question ) ) ( SBAR ( S ( NP-SBJ ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NNS people ) ) ) ) ( VP ( VBP are ) ( VP ( VBG asking ) ) ) ) ) ) ( PP-TMP ( VBG following ) ( NP ( NP ( NP ( DT the ) ( NN stock ) ( NN market ) ( POS 's ) ) ( JJ stunning ) ( NN display ) ) ( PP ( IN of ) ( NP ( NN volatility ) ) ) ) ) ) )

That 's a question a lot of people are asking following the stock market 's stunning display of volatility


( S ( S-ADV ( VP ( JJ Whipsawed ) ( ADVP ( RB financially ) ( CC and ) ( RB emotionally ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( JJ heartstopping ) ( JJ 190-point ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ) ) ( CC and ) ( NP ( NP ( NN yesterday ) ( POS 's ) ) ( JJ 88-point ) ( NN rebound ) ) ) ) ) ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP 're ) ( VP ( VBG wondering ) ( SBAR ( IN if ) ( S ( NP-SBJ ( DT an ) ( NN individual ) ) ( VP ( VBZ has ) ( NP ( NP ( DT any ) ( NN business ) ) ( S-NOM ( VP ( VBG being ) ( PP-LOC-PRD ( IN in ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) ) )

Whipsawed financially and emotionally by Friday 's heartstopping 190-point drop in the Dow Jones Industrial Average and yesterday 's 88-point rebound they 're wondering if an individual has any business being in the market


( S-1 ( NP-SBJ ( DT The ) ( NN answer ) ) ( PRN ( SINV ( VP ( VBP say ) ) ( NP-SBJ ( NP ( JJ academic ) ( NNS researchers ) ) ( NP ( NN money ) ( NNS managers ) ) ( CC and ) ( NP ( NN investment ) ( NNS specialists ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( UH yes ) ) ( ADVP ( RB as ) ( ADVP ( RB long ) ( SBAR-PRD ( IN as ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP approach ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ( PP-MNR ( IN as ) ( NP ( DT an ) ( NN investor ) ) ) ) ) ) ) ) ) )

The answer say academic researchers money managers and investment specialists is yes as long as you approach the stock market as an investor


( S-2 ( CC But ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP say ) ) ) ) ( NP-SBJ-3 ( NNS people ) ) ( VP ( MD should ) ( RB n't ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( NNS traders ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP buy ) ( CC and ) ( VBP sell ) ( PP-PRP ( IN in ) ( NP ( DT an ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VP ( VB ride ) ( NP ( DT the ) ( JJS latest ) ( JJ economic ) ( NN trend ) ) ) ( CC or ) ( VP ( VB catch ) ( NP ( DT the ) ( JJ next ) ( JJ hot ) ( NN stock ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But they say people should n't try to be traders who buy and sell in an effort to ride the latest economic trend or catch the next hot stock


( S ( NP-SBJ ( NP ( DT The ) ( NN case ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG owning ) ( NP ( NNS stocks ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( NN long-term ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ compelling ) ) ) )

The case for owning stocks over the long-term is compelling


( SINV ( S-TPC-2 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP look ) ( PP-CLR ( IN at ) ( ADJP ( NP-ADV ( CD 75 ) ( NNS years ) ) ( JJ worth ) ( PP ( IN of ) ( NP ( NN investment ) ( NN history ) ) ) ( PRN ( PP ( VBG including ) ( NP ( NP ( DT the ) ( JJ Great ) ( NNP Depression ) ) ( CC and ) ( NP ( NP ( DT every ) ( NN bear ) ( NN market ) ) ( ADVP-TMP ( IN since ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS stocks ) ) ( VP ( VBP have ) ( VP ( VBN outperformed ) ( NP ( NP ( RB almost ) ( NN everything ) ) ( SBAR ( S ( NP-SBJ ( DT an ) ( NN individual ) ) ( VP ( MD could ) ( VP ( VB have ) ( VP ( VBN owned ) ) ) ) ) ) ) ( PP-MNR ( IN by ) ( NP ( DT a ) ( JJ long ) ( NN shot ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Barry ) ( NNP Berlin ) ) ( NP ( NP ( NN vice ) ( NN president ) ) ( PP-LOC ( IN at ) ( NP ( NNP First ) ( NNP Wachovia ) ( NNP Capital ) ( NNP Management ) ) ) ) ) )

If you look at 75 years worth of investment history including the Great Depression and every bear market since stocks have outperformed almost everything an individual could have owned by a long shot says Barry Berlin vice president at First Wachovia Capital Management


( S ( NP-SBJ ( NP ( DT A ) ( NN dollar ) ) ( VP ( VBN invested ) ( PP-CLR ( IN in ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1926 ) ) ) ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN grown ) ( PP-DIR ( TO to ) ( NP ( CD 473.29 ) ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( JJ last ) ( NNP June ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNP Laurence ) ( NNP Siegel ) ) ( NP ( NP ( NN managing ) ( NN director ) ) ( PP-LOC ( IN at ) ( NP ( NNP Ibbotson ) ( NNPS Associates ) ( NNP Inc ) ) ) ) ) ) ) ) ) ) )

A dollar invested in the stock market in 1926 would have grown to 473.29 by the end of last June according to Laurence Siegel managing director at Ibbotson Associates Inc


( S ( CC But ) ( S ( NP-SBJ ( NP ( DT a ) ( NN dollar ) ) ( VP ( VBN invested ) ( PP-CLR ( IN in ) ( NP ( JJ long-term ) ( NNS bonds ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1926 ) ) ) ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN grown ) ( PP-DIR ( TO to ) ( NP ( QP ( RB only ) ( CD 16.56 ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT a ) ( NN dollar ) ) ( VP ( VBN put ) ( PP-PUT ( IN in ) ( NP ( NNP Treasury ) ( NNS bills ) ) ) ) ) ( VP ( MD would ) ( VP ( VB equal ) ( NP ( DT a ) ( JJ meager ) ( CD 9.29 ) ) ) ) ) )

But a dollar invested in long-term bonds in 1926 would have grown to only 16.56 and a dollar put in Treasury bills would equal a meager 9.29


( X ( X-ADV ( X ( DT The ) ( JJR longer ) ) ( NP ( DT the ) ( NN time ) ( NN period ) ) ) ( X ( DT the ) ( JJR less ) ) ( NP ( NP ( NN risk ) ) ( SBAR ( S ( NP-SBJ ( RB there ) ) ( VP ( VBZ is ) ) ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG losing ) ( NP ( NN money ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ) ) ) )

The longer the time period the less risk there is of losing money in the stock market


( S ( PP-TMP ( IN Over ) ( NP ( NN time ) ) ) ( NP-SBJ ( DT the ) ( NNS odds ) ) ( VP ( ADVP ( RB increasingly ) ) ( VBP favor ) ( NP ( NP ( DT the ) ( NN investor ) ) ( PP ( IN with ) ( NP ( DT a ) ( JJ diversified ) ( NN portfolio ) ) ) ) ) )

Over time the odds increasingly favor the investor with a diversified portfolio


( S ( PP ( IN For ) ( NP ( NN instance ) ) ) ( NP-SBJ ( NP ( NNP Ken ) ( NNP Gregory ) ) ( NP ( DT a ) ( NNP San ) ( NNP Francisco ) ( NN money ) ( NN manager ) ) ) ( VP ( VBZ calculates ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT an ) ( NN investor ) ) ( VP ( VBZ holds ) ( NP ( NP ( DT a ) ( NN basket ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ tracks ) ( NP ( NP ( DT the ) ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( JJ 500-stock ) ( NN index ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN chance ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG losing ) ( NP ( NN money ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( QP ( CD 3 ) ( NN % ) ( TO to ) ( CD 4 ) ( NN % ) ) ) ( PP ( IN over ) ( NP ( DT a ) ( JJ 10-year ) ( NN period ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( NP ( CD 15 ) ( NN % ) ) ( PP ( IN over ) ( NP ( CD three ) ( NNS years ) ) ) ) ( CC and ) ( NP ( NP ( CD 30 ) ( NN % ) ) ( PP ( IN over ) ( NP ( CD one ) ( NN year ) ) ) ) ) ) ) ) ) ) ) )

For instance Ken Gregory a San Francisco money manager calculates that if an investor holds a basket of stocks that tracks the Standard & Poor 's 500-stock index the chance of losing money is 3 % to 4 % over a 10-year period compared with 15 % over three years and 30 % over one year


( S ( S-TPC-1 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB need ) ( NP ( DT the ) ( NN money ) ) ( PP-TMP ( IN for ) ( NP ( CD 10 ) ( NNS years ) ) ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( JJ clear-cut ) ( NN case ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG sticking ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( JJ steady ) ( NN core ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Gregory ) ) ( VP ( VBZ says ) ) )

If you do n't need the money for 10 years there 's a clear-cut case for sticking to a steady core of stocks Mr. Gregory says


( SINV ( S-TPC-3 ( NP-SBJ-2 ( NN Stock-market ) ( NNS investments ) ) ( ADVP ( RB also ) ) ( VP ( VBP help ) ( S ( VP ( VB balance ) ( NP ( NP ( DT the ) ( JJ other ) ( NNS assets ) ) ( SBAR ( S ( NP-SBJ ( DT an ) ( NN individual ) ) ( VP ( VBZ owns ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Blankenship ) ( NNP Jr. ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Institute ) ) ( PP ( IN of ) ( NP ( NNP Certified ) ( NNP Financial ) ( NNPS Planners ) ) ) ) ) ) ) )

Stock-market investments also help balance the other assets an individual owns says John Blankenship Jr. president of the Institute of Certified Financial Planners


( S ( S-TPC-1 ( NP-SBJ ( NNS Stocks ) ) ( VP ( VBP have ) ( NP ( NP ( DT a ) ( NN place ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT an ) ( NNS investors ) ( POS ' ) ) ( NN portfolio ) ) ) ) ( PP ( IN along ) ( PP ( IN with ) ( NP ( NP ( JJ real ) ( NN estate ) ) ( NP ( NNS bonds ) ) ( NP ( JJ international ) ( NNS securities ) ) ( CC and ) ( NP ( NN cash ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Stocks have a place in an investors ' portfolio along with real estate bonds international securities and cash he says


( S ( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( DT some ) ( JJ important ) ( NNS caveats ) ) ) ) ( S ( S-TPC-1 ( PP-TMP ( IN Before ) ( S-NOM ( VP ( VBG investing ) ( PP-CLR ( IN in ) ( NP ( NNS stocks ) ) ) ) ) ) ( NP-SBJ ( NNS individuals ) ) ( VP ( MD should ) ( VP ( VB have ) ( NP ( NP ( NP ( QP ( IN at ) ( JJS least ) ( CD three ) ( TO to ) ( CD six ) ) ( NNS months ) ) ( PP ( IN of ) ( NP ( NN living ) ( NNS expenses ) ) ) ) ( VP ( VBN set ) ( ADVP-CLR ( RB aside ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN bank ) ) ) ) ) ) ) ) ( NP-SBJ ( JJS most ) ( NN investment ) ( NNS advisers ) ) ( VP ( VBP say ) ) ) )

There are some important caveats Before investing in stocks individuals should have at least three to six months of living expenses set aside in the bank most investment advisers say


( S ( NP-SBJ ( NNS Individuals ) ) ( ADVP ( RB also ) ) ( VP ( MD should ) ( VP ( VB focus ) ( PP-CLR ( IN on ) ( S-NOM ( VP ( VBG building ) ( NP ( NP ( NP ( NN equity ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN home ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ provides ) ( NP ( NP ( DT some ) ( NN protection ) ) ( PP ( IN against ) ( NP ( NN inflation ) ) ) ) ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NP ( DT a ) ( NN nest-egg ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN cashed ) ( PRT ( RP in ) ) ( ADVP-TMP ( RB late ) ( PP ( IN in ) ( NP ( NN life ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB help ) ( S ( VP ( VB cover ) ( NP ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( NP ( NN retirement ) ( NN living ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Individuals also should focus on building equity in a home which provides some protection against inflation as well as a nest-egg that can be cashed in late in life to help cover the cost of retirement living


( S ( NP-SBJ ( NNS People ) ) ( ADVP ( RB also ) ) ( VP ( MD should ) ( RB n't ) ( VP ( VB invest ) ( NP ( NP ( NN money ) ) ) ( PP-CLR ( IN in ) ( NP ( NNS stocks ) ) ) ( SBAR-1 ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD 'll ) ( VP ( VB need ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ near ) ( NN future ) ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NN college ) ( NN tuition ) ( NNS payments ) ) ( CC or ) ( NP ( NN retirement ) ( NNS expenses ) ) ) ) ) ) ) ) ) ) )

People also should n't invest money in stocks that they 'll need in the near future for example for college tuition payments or retirement expenses


( SINV ( S-TPC-3 ( NP-SBJ-1 ( PRP You ) ) ( VP ( MD may ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP$ your ) ( NNS stocks ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT a ) ( NN time ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ takes ) ( NP ( DT a ) ( NN plunge ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Blankenship ) ) ( NP ( DT a ) ( NAC-LOC ( NNP Del ) ( NNP Mar ) ( NNP Calif. ) ) ( JJ financial ) ( NN planner ) ) ) )

You may have to sell your stocks at a time when the market takes a plunge says Mr. Blankenship a Del Mar Calif. financial planner


( SINV ( S-TPC-3 ( CC But ) ( SBAR-TMP ( RB once ) ( S ( NP-SBJ-1 ( DT the ) ( NNS basics ) ) ( VP ( VBP are ) ( VP ( VBN covered ) ) ) ) ) ( ADVP-TMP ( RB then ) ) ( NP-SBJ-2 ( PRP I ) ) ( VP ( MD would ) ( VP ( VB start ) ( S ( VP ( TO to ) ( VP ( VB invest ) ( SBAR-ADV ( RB even ) ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( RB as ) ( JJ little ) ) ( PP ( IN as ) ( NP ( CD 1,000 ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Michael ) ( NNP Lipper ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Lipper ) ( NNP Analytical ) ( NNPS Services ) ( NNP Inc ) ) ) ) ) )

But once the basics are covered then I would start to invest even if it 's as little as 1,000 says Michael Lipper president of Lipper Analytical Services Inc


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NNS individuals ) ) ( VP ( MD should ) ( VP ( VB consider ) ( NP ( RB not ) ( NP ( RB just ) ( NNS stocks ) ) ( CC but ) ( NP ( NP ( JJ other ) ( JJ long-term ) ( NNS investments ) ) ( PP ( JJ such ) ( IN as ) ( NP ( JJ high-quality ) ( NNS bonds ) ) ) ) ) ) ) ) ) ) )

He says individuals should consider not just stocks but other long-term investments such as high-quality bonds


( S ( PP ( IN Despite ) ( NP ( NP ( DT the ) ( JJ strong ) ( NN case ) ) ( PP ( IN for ) ( NP ( NNS stocks ) ) ) ) ) ( ADVP ( RB however ) ) ( NP-SBJ ( JJS most ) ( NNS pros ) ) ( VP ( VBP warn ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNS individuals ) ) ( VP ( MD should ) ( RB n't ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB profit ) ( PP-CLR ( IN from ) ( NP ( JJ short-term ) ( NNS developments ) ) ) ) ) ) ) ) ) ) ) )

Despite the strong case for stocks however most pros warn that individuals should n't try to profit from short-term developments


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB very ) ( JJ difficult ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB do ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Donald ) ( NNP Holt ) ) ( NP ( NP ( DT a ) ( NN market ) ( NN strategist ) ) ( PP ( IN for ) ( NP ( NP ( NNP Wedbush ) ( NNP Morgan ) ( NNPS Securities ) ) ( NP ( DT a ) ( NNP Los ) ( NNP Angeles ) ( NN brokerage ) ( NN firm ) ) ) ) ) ) )

It 's very difficult to do says Donald Holt a market strategist for Wedbush Morgan Securities a Los Angeles brokerage firm


( S ( S ( NP-SBJ ( PRP$ Our ) ( NNS markets ) ) ( VP ( VBP move ) ( ADVP-MNR ( ADVP ( RB so ) ( RB fast ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADVP ( RB so ) ( JJ volatile ) ) ) ) ) ( SBAR-2 ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT no ) ( NN way ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ average ) ( NN investor ) ) ( VP ( MD can ) ( VP ( VB compete ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNS pros ) ) ) ) ) ) ) ) ) ) ) )

Our markets move so fast and they are so volatile there 's no way the average investor can compete with the pros


( S ( NP-SBJ ( JJ Individual ) ( NNS investors ) ) ( VP ( VBP face ) ( NP ( NP ( JJ high ) ( NN transaction ) ( NNS costs ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG moving ) ( UCP-DIR ( ADVP ( IN in ) ) ( CC and ) ( PP ( IN out ) ( PP ( IN of ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) )

Individual investors face high transaction costs of moving in and out of the market


( SINV ( S-TPC-1 ( S ( NP-SBJ ( NP ( DT The ) ( NN cost ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG executing ) ( NP ( NN stock ) ( NNS orders ) ) ) ) ) ) ( VP ( VBZ varies ) ( PP ( PP ( PP ( IN from ) ( NP ( NN brokerage ) ) ) ( PP ( TO to ) ( NP ( NN brokerage ) ) ) ) ( CC and ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN size ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN order ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( CD 2 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN order ) ( POS 's ) ) ( NN value ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT an ) ( NN average ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Stephen ) ( NNP Boesel ) ) ( NP ( NP ( NN manager ) ) ( PP ( IN of ) ( NP ( NP ( NNP T. ) ( NNP Rowe ) ( NNP Price ) ( POS 's ) ) ( NNP Growth ) ( CC and ) ( NNP Income ) ( JJ mutual ) ( NN fund ) ) ) ) ) )

The cost of executing stock orders varies from brokerage to brokerage and with the size of the order but 2 % of the order 's value is an average says Stephen Boesel manager of T. Rowe Price 's Growth and Income mutual fund


( S ( CC And ) ( S-ADV ( VP ( VBG assuming ) ( SBAR ( S ( NP-SBJ ( PRP$ their ) ( JJ first ) ( NN investment ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ successful ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNS investors ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( NP ( NNS taxes ) ) ( PP ( IN on ) ( NP ( PRP$ their ) ( NNS gains ) ) ) ) ) ) ) ) ) )

And assuming their first investment is successful investors will have to pay taxes on their gains


( S ( S-TPC-2 ( NP-SBJ ( DT That ) ) ( VP ( MD can ) ( VP ( VB reduce ) ( NP ( NNS returns ) ) ( PP-EXT ( IN by ) ( NP ( DT a ) ( NN third ) ( QP ( CC or ) ( JJR more ) ) ) ) ( SBAR-TMP ( IN once ) ( S ( NP-SBJ-1 ( JJ local ) ( NNS taxes ) ) ( VP ( VBP are ) ( VP ( VBN included ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Lipper ) ) ( VP ( VBZ says ) ) )

That can reduce returns by a third or more once local taxes are included Mr. Lipper says


( S ( S ( PP-TMP ( IN After ) ( NP ( DT that ) ) ) ( NP-SBJ ( JJ individual ) ( NNS traders ) ) ( VP ( VBP face ) ( NP ( DT the ) ( NN risk ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ new ) ( NN investment ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP choose ) ) ) ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB perform ) ( ADVP-MNR ( RB well ) ) ) ) ) ) ) ) ) ( RB so ) ( S ( NP-SBJ-1 ( PRP$ their ) ( NN trading ) ( NNS costs ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN sustained ) ( PP-PRP ( IN for ) ( NP ( NN nothing ) ) ) ) ) ) ) )

After that individual traders face the risk that the new investment they choose wo n't perform well so their trading costs could be sustained for nothing


( SINV ( S-TPC-2 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB very ) ( JJ tough ) ) ( SBAR-1 ( IN for ) ( S ( NP-SBJ ( JJS most ) ( NNS individuals ) ) ( VP ( TO to ) ( VP ( VB out-trade ) ( NP ( NP ( DT the ) ( JJ mutual ) ( NNS funds ) ) ( CC or ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Lipper ) ) )

It 's very tough for most individuals to out-trade the mutual funds or the market says Mr. Lipper


( S ( NP-SBJ ( PRP You ) ) ( VP ( MD should ) ( VP ( ADVP ( RB really ) ) ( VB think ) ( ADVP-TMP ( RB twice ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD can ) ( VP ( VB out-smart ) ( NP ( DT the ) ( NN system ) ) ) ) ) ) ) ) ) ) ) )

You should really think twice if you think you can out-smart the system


( S ( ADVP ( RB Then ) ) ( ADVP ( RB too ) ) ( NP-SBJ ( JJ many ) ( JJ individual ) ( NNS investors ) ) ( VP ( VBP lack ) ( NP ( NP ( DT the ) ( JJ sturdy ) ( JJ emotional ) ( NN makeup ) ) ( SBAR ( S ( NP-SBJ ( NNS professionals ) ) ( VP ( VBP say ) ( SBAR ( S ( VP ( VBZ is ) ( VP ( VBN needed ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB plunge ) ( UCP-DIR ( ADVP ( IN in ) ) ( CC and ) ( PP ( IN out ) ( PP ( IN of ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Then too many individual investors lack the sturdy emotional makeup professionals say is needed to plunge in and out of the market


( SBARQ ( ADVP ( RB So ) ) ( WHNP-1 ( WP what ) ) ( SQ ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT the ) ( JJS best ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) )

So what 's the best way to buy stocks


( SINV ( S-TPC-2 ( SBAR-ADV ( IN Unless ) ( S ( NP-SBJ ( DT an ) ( NN individual ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( NN minimum ) ) ( PP ( IN of ) ( NP ( QP ( IN between ) ( CD 50,000 ) ( CC and ) ( CD 100,000 ) ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB invest ) ( PP-CLR ( IN in ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ 's ) ( ADVP ( RB still ) ) ( ADJP-PRD ( ADJP ( JJR better ) ( RP off ) ( PP-LOC ( IN in ) ( NP ( JJ mutual ) ( NNS funds ) ) ) ) ( PP ( IN than ) ( PP-LOC ( IN in ) ( NP ( JJ individual ) ( NNS stocks ) ) ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS terms ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG getting ) ( NP ( NP ( JJ enough ) ( NN attention ) ) ( PP ( IN from ) ( NP ( DT a ) ( JJ competent ) ( NN broker ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Lipper ) ) )

Unless an individual has a minimum of between 50,000 and 100,000 to invest in stocks he 's still better off in mutual funds than in individual stocks in terms of getting enough attention from a competent broker says Mr. Lipper


( S-2 ( S-TPC-1 ( ADVP ( RB Still ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ adds ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( MD could ) ( VP ( VB see ) ( S ( VP ( VBG owning ) ( NP ( DT both ) ) ) ) ( PP ( VBN given ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS individuals ) ) ( ADVP-TMP ( RB often ) ) ( VP ( VBP have ) ( NP ( NP ( DT an ) ( NN advantage ) ) ( PP ( IN over ) ( NP ( JJ big ) ( NNS investors ) ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG spotting ) ( NP ( JJ special ) ( NNS situations ) ) ) ) ) ) ( S-ADV ( PP-PRD ( VBN based ) ( PP ( IN on ) ( NP ( PRP$ their ) ( JJ own ) ( NNS insights ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ adds ) ) )

Still he adds I could see owning both given that individuals often have an advantage over big investors in spotting special situations based on their own insights he adds


( S ( NP-SBJ ( NP ( NNP George ) ( NNP Douglas ) ) ( NP ( NP ( JJ first ) ( NN vice ) ( NN president ) ) ( PP-LOC ( IN at ) ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ( NNP Inc. ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS individuals ) ) ( VP ( VBP have ) ( NP ( DT a ) ( JJ particular ) ( NN edge ) ) ( ADVP-TMP ( RB now ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( ADJP ( JJ small ) ( TO to ) ( JJ medium-size ) ) ( NN niche ) ( NNS companies ) ) ( PP ( IN with ) ( NP ( JJ exciting ) ( NNS earnings ) ( NNS prospects ) ) ) ) ( PRN ( NP ( NP ( DT a ) ( JJ traditional ) ( NN stomping ) ( NN ground ) ) ( PP ( IN for ) ( NP ( JJ small ) ( NNS investors ) ) ) ) ) ) ) ) ) ) ) )

George Douglas first vice president at Drexel Burnham Lambert Inc. says that individuals have a particular edge now in small to medium-size niche companies with exciting earnings prospects a traditional stomping ground for small investors


( S ( NP-SBJ-2 ( NP ( DT This ) ( NN growth ) ( NN sector ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP ( RB usually ) ) ( VP ( VBZ carries ) ( NP ( NP ( DT a ) ( NNS price\/earnings ) ( NN multiple ) ) ( NP ( NP ( QP ( IN about ) ( RB twice ) ) ( IN that ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( CD 500 ) ) ) ) ) ) ) ) ) ( VP ( VBZ happens ) ( S ( VP ( TO to ) ( VP ( VB include ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( ADJP ( RBS most ) ( JJ attractive ) ) ( NNS bargains ) ) ) ) ( ADVP-TMP ( RB right ) ( RB now ) ) ) ) ) ) )

This growth sector which usually carries a price\/earnings multiple about twice that of the Standard & Poor 's 500 happens to include some of the market 's most attractive bargains right now


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( ADVP-TMP ( RB now ) ) ( VP ( VBG selling ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( JJ multiple ) ) ( ADJP ( IN about ) ( RB even ) ( PP ( IN with ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Douglas ) ) )

It 's now selling at a multiple about even with the market says Mr. Douglas


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Douglas ) ) ( VP ( VBZ sees ) ( NP ( NP ( DT a ) ( NN revival ) ) ( PP ( IN of ) ( NP ( JJ institutional ) ( NN interest ) ) ) ( PP-LOC ( IN in ) ( NP ( JJR smaller ) ( JJ growth ) ( NNS stocks ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB boost ) ( NP ( NP ( DT the ) ( NN performance ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS stocks ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ medium ) ( NN term ) ) ) ) ) ) ) ) ) )

Moreover Mr. Douglas sees a revival of institutional interest in smaller growth stocks that could boost the performance of these stocks in the medium term


( S ( S-TPC-2 ( NP-SBJ ( NP ( JJ Many ) ( JJ big ) ( NNP Wall ) ( NNP Street ) ( NN brokerage ) ( NNS firms ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD eliminated ) ( NP ( NP ( PRP$ their ) ( NN research ) ( NN effort ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS stocks ) ) ( PP ( IN of ) ( NP ( VBG emerging ) ( NN growth ) ( NNS companies ) ) ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( JJ few ) ( NNS years ) ) ( RB ago ) ) ) ) ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB now ) ) ( VP ( VBG resuming ) ( NP ( NP ( NN coverage ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN area ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ notes ) ) )

Many big Wall Street brokerage firms who eliminated their research effort in stocks of emerging growth companies a few years ago are now resuming coverage of this area he notes


( S ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( VP ( VBG seeing ) ( NP ( NP ( DT a ) ( JJ real ) ( NN turnaround ) ) ( PP ( IN in ) ( NP ( NP ( NN interest ) ) ( PP ( IN in ) ( NP ( JJ small ) ( NN growth ) ( NNS stocks ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

We 're seeing a real turnaround in interest in small growth stocks he says


( S ( NP-SBJ ( DT The ) ( NNS pros ) ) ( VP ( ADVP-MNR ( RB strenuously ) ) ( VBP advise ) ( NP-1 ( NNS individuals ) ) ( S ( VP ( TO to ) ( VP ( VB stay ) ( ADVP-LOC ( RB away ) ( PP ( IN from ) ( NP ( DT the ) ( JJS latest ) ( NN investment ) ( NN fad ) ) ) ) ) ) ) ) )

The pros strenuously advise individuals to stay away from the latest investment fad


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB especially ) ( JJ important ) ) ( ADVP-TMP ( DT this ) ( JJ late ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN growth ) ( NN phase ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ economic ) ( NN cycle ) ) ) ) ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD-1 ( DT no ) ( JJ robust ) ( NN bull ) ( NN market ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB bail ) ( NP ( NNS investors ) ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS mistakes ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They say that 's especially important this late in the growth phase of the economic cycle when there 's no robust bull market to bail investors out of their mistakes


( SINV ( S-TPC-1 ( S ( NP-SBJ ( NP ( NNP Friday ) ( POS 's ) ) ( NN correction ) ) ( VP ( VBZ presents ) ( NP ( DT a ) ( ADJP ( RB pretty ) ( JJ good ) ) ( NN buying ) ( NN opportunity ) ) ) ) ( CC but ) ( S ( VP ( VB let ) ( NP-SBJ ( PRP 's ) ) ( RB not ) ( VP ( VB speculate ) ( PP-TMP ( IN at ) ( NP ( NP ( DT this ) ( NN point ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN business ) ( NN cycle ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Carmine ) ( NNP Grigoli ) ) ( NP ( NP ( JJ chief ) ( NN equity ) ( NN portfolio ) ( NN strategist ) ) ( PP-LOC ( IN at ) ( NP ( NNP First ) ( NNP Boston ) ( NNP Corp ) ) ) ) ) )

Friday 's correction presents a pretty good buying opportunity but let 's not speculate at this point in the business cycle says Carmine Grigoli chief equity portfolio strategist at First Boston Corp


( S ( S-TPC-1 ( VP ( VB Buy ) ( NP ( NNS stocks ) ) ( PP ( IN on ) ( NP ( NP ( NN weakness ) ) ( PP ( IN for ) ( NP ( PRP$ their ) ( JJ long-term ) ( NNS fundamentals ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Buy stocks on weakness for their long-term fundamentals he says


( S-1 ( PP ( IN In ) ( NP ( DT the ) ( JJ long ) ( NN run ) ) ) ( PRN ( S ( NP-SBJ ( NN investment ) ( NNS advisers ) ) ( VP ( VBP say ) ) ) ) ( NP-SBJ ( JJS most ) ( NNS investors ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJR better ) ( RP off ) ( S ( VP ( VBG using ) ( NP ( NP ( DT the ) ( NN dollar-cost ) ( NN averaging ) ( NN method ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG buying ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) )

In the long run investment advisers say most investors will be better off using the dollar-cost averaging method of buying stocks


( S ( PP-LOC ( IN In ) ( NP ( DT this ) ( NN method ) ) ) ( NP-SBJ ( DT a ) ( NN person ) ) ( VP ( VBZ invests ) ( NP ( DT a ) ( JJ regular ) ( NN amount ) ) ( NP-TMP ( DT every ) ( NN month ) ( CC or ) ( NN quarter ) ) ( PP-CLR ( IN into ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ( SBAR-ADV ( IN whether ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ is ) ( ADVP-PRD ( RB up ) ( CC or ) ( RB down ) ) ) ) ) ) )

In this method a person invests a regular amount every month or quarter into the stock market whether the market is up or down


( S ( S-TPC-1 ( NP-SBJ ( DT That ) ) ( VP ( VBZ cuts ) ( NP ( DT the ) ( NN risk ) ) ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Gregory ) ) ( NP ( DT the ) ( NNP San ) ( NNP Francisco ) ( NN money ) ( NN manager ) ) ) ( VP ( VBZ points ) ( PRT ( RP out ) ) ) )

That cuts the risk Mr. Gregory the San Francisco money manager points out


( S ( S-TPC-3 ( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ low ) ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( VBP are ) ( VP ( VBG buying ) ( NP ( JJR more ) ( NNS shares ) ) ) ) ) ( CC and ) ( S ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ high ) ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( VBP 're ) ( VP ( VBG buying ) ( NP ( JJR fewer ) ( NNS shares ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

When the market is low you are buying more shares and when it 's high you 're buying fewer shares he says


( S ( S-TPC-3 ( ADVP ( RB Otherwise ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP put ) ( NP ( DT all ) ( PRP$ your ) ( NN money ) ) ( PRT ( RP in ) ) ( PP-TMP ( IN at ) ( NP ( CD one ) ( NN time ) ) ) ) ) ) ( PP ( IN by ) ( NP ( ADJP ( JJ sheer ) ( JJ bad ) ) ( NN luck ) ) ) ( NP-SBJ-1 ( PRP you ) ) ( VP ( MD might ) ( VP ( VP ( VB pick ) ( NP ( DT a ) ( JJ terrible ) ( NN time ) ) ) ( CC and ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB wait ) ( NP-TMP ( CD three ) ( NNS years ) ) ( S ( VP ( TO to ) ( VP ( VB get ) ( ADVP-PRD ( RB even ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Gregory ) ) ( VP ( VBZ says ) ) )

Otherwise if you put all your money in at one time by sheer bad luck you might pick a terrible time and have to wait three years to get even Mr. Gregory says


( S ( S-TPC-1 ( NP-SBJ ( DT A ) ( JJ disciplined ) ( NN program ) ) ( VP ( MD will ) ( VP ( VB work ) ( NP-MNR ( DT the ) ( RBS best ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Boesel ) ) ( VP ( VBZ says ) ) )

A disciplined program will work the best Mr. Boesel says


( S ( S-TPC-3 ( NP-SBJ ( NP ( CD One ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJS hardest ) ( NNS things ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB do ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNS stocks ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ is ) ( ADVP-PRD ( RP down ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

One of the hardest things to do is to buy stocks when the market is down he says


( S ( CC But ) ( NP-SBJ ( IN that ) ) ( VP ( VBZ 's ) ( NP-PRD ( ADVP ( RB just ) ) ( NP ( DT the ) ( NN time ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBG buying ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) )

But that 's just the time when you should be buying them


( NP ( NP ( JJ Compound ) ( JJ annual ) ( NNS returns ) ) ( PP ( VBG including ) ( NP ( NP ( NN price ) ( NNS changes ) ) ( CC and ) ( NP ( NP ( NN income ) ) ( PP ( IN from ) ( NP ( NN interest ) ( CC and ) ( NNS dividends ) ) ) ) ) ) )

Compound annual returns including price changes and income from interest and dividends


( X ( X ( SYM \* ) ) ( NP ( NP ( JJ Actual ) ( NN performance ) ) ( VP ( RB not ) ( VBN annualized ) ) ) )

\* Actual performance not annualized


( NP ( NP ( NN Source ) ) ( NP ( NNP Ibbotson ) ( NNPS Associates ) ( NNP Inc ) ) )

Source Ibbotson Associates Inc


( S ( PP-TMP ( IN After ) ( NP ( NP ( CD two ) ( NNS years ) ) ( PP ( IN of ) ( NP ( NN drought ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD rained ) ( NP ( NN money ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN stock-index ) ( NNS futures ) ( NNS markets ) ) ) ( NP-TMP ( NN yesterday ) ) ) )

After two years of drought it rained money in the stock-index futures markets yesterday


( S ( SBAR-TMP ( IN As ) ( S ( NP-SBJ ( JJ financial ) ( NNS markets ) ) ( VP ( VBD rebounded ) ) ) ) ( NP-SBJ-1 ( NP ( NN trading ) ( NN volume ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP Chicago ) ( NNP Mercantile ) ( NNP Exchange ) ( POS 's ) ) ( JJ huge ) ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ( CD 500 ) ( NN stock-index ) ( NNS futures ) ( NN pit ) ) ) ) ( VP ( VBD soared ) ( S-ADV ( VP ( VBG reaching ) ( NP ( JJ near-record ) ( NNS levels ) ) ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( NN time ) ) ( PP-TMP ( IN since ) ( NP ( NP ( NNP October ) ) ( NP ( CD 1987 ) ) ) ) ) ) ) ) ) )

As financial markets rebounded trading volume in the Chicago Mercantile Exchange 's huge Standard & Poor 's 500 stock-index futures pit soared reaching near-record levels for the first time since October 1987


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( JJ sudden ) ( NN influx ) ) ( PP ( IN of ) ( NP ( NN liquidity ) ) ) ) ( VP ( VBD enabled ) ( S ( NP-SBJ ( JJ several ) ( NNS traders ) ) ( VP ( TO to ) ( VP ( VB reap ) ( NP ( JJ six-figure ) ( NNS windfalls ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT a ) ( NN matter ) ) ( PP ( IN of ) ( NP ( NNS minutes ) ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( VBD soared ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ) )

The sudden influx of liquidity enabled several traders to reap six-figure windfalls in a matter of minutes as prices soared traders said


( SINV ( S-TPC-1 ( NP-SBJ ( NNS Guys ) ) ( VP ( VBD were ) ( VP ( VBG minting ) ( NP ( NN money ) ) ( PP-LOC ( IN in ) ( NP ( RB there ) ) ) ( NP-TMP ( NN today ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Legittino ) ) ( NP ( NP ( DT a ) ( NNS futures ) ( NN broker ) ) ( PP ( IN for ) ( NP ( NP ( NNP Elders ) ( NNPS Futures ) ( NNP Inc. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Chicago ) ) ) ) ) ) ) )

Guys were minting money in there today said John Legittino a futures broker for Elders Futures Inc. in Chicago


( S ( NP-SBJ ( NP ( DT The ) ( NNP S&P ) ( CD 500 ) ( NNS futures ) ( NN contract ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ moves ) ( PP-MNR ( IN in ) ( NP ( NP ( NNS fractions ) ) ( PP ( IN of ) ( NP ( DT an ) ( NN index ) ( NN point ) ) ) ) ) ( PP-LOC ( IN under ) ( NP ( JJ normal ) ( NNS conditions ) ) ) ) ) ) ) ( VP ( VP ( VBD jumped ) ( NP-EXT ( QP ( CD two ) ( TO to ) ( CD three ) ) ( NNS points ) ) ( PP-TMP ( IN in ) ( NP ( NNS seconds ) ) ) ( NP-TMP ( JJ early ) ( NN yesterday ) ) ( PP-TMP ( IN after ) ( NP ( DT an ) ( JJ initial ) ( NN downturn ) ) ) ) ( VP ( ADVP ( RB then ) ) ( VBD moved ) ( ADVP-DIR ( RB strongly ) ( RBR higher ) ) ( NP-TMP ( NP ( DT the ) ( NN rest ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN day ) ) ) ) ) ) )

The S&P 500 futures contract which moves in fractions of an index point under normal conditions jumped two to three points in seconds early yesterday after an initial downturn then moved strongly higher the rest of the day


( S ( NP-SBJ ( DT Each ) ( NN index ) ( NN point ) ) ( VP ( VBZ represents ) ( NP ( NP ( DT a ) ( ADJP ( CD 500 ) ) ( NN profit ) ) ( PP ( IN for ) ( NP ( NP ( DT each ) ( NNP S&P ) ( CD 500 ) ( NN contract ) ) ( VP ( VBD held ) ) ) ) ) ) )

Each index point represents a 500 profit for each S&P 500 contract held


( S ( PP-TMP ( IN For ) ( NP ( NP ( DT the ) ( JJ first ) ( NN time ) ) ( PP-TMP ( IN since ) ( NP ( DT the ) ( CD 1987 ) ( NN crash ) ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB trade ) ( NP ( NP ( JJ several ) ( CD hundred ) ( NNP S&P ) ( CD 500 ) ( NNS contracts ) ) ( PP ( IN at ) ( NP ( DT a ) ( NN time ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( ADJP ( RB highly ) ( JJ liquid ) ) ( NN market ) ) ) ) ) ) ) ) ) ) ) )

For the first time since the 1987 crash traders said that they were able to trade several hundred S&P 500 contracts at a time in a highly liquid market


( S ( NP-SBJ-1 ( NP ( JJ Many ) ( NNS institutions ) ) ( CC and ) ( NP ( NN individual ) ( NNS investors ) ) ) ( VP ( VBP have ) ( VP ( VBN shied ) ( ADVP ( RB away ) ( PP ( IN from ) ( NP ( NN stock-index ) ( NNS futures ) ) ) ) ( S-ADV ( VP ( VBG blaming ) ( NP ( PRP them ) ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG speeding ) ( NP ( NP ( DT the ) ( NN stock ) ( NN market ) ( NN crash ) ) ( PP-TMP ( IN on ) ( NP ( NNP Black ) ( NNP Monday ) ) ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( RB ago ) ) ) ) ) ) ) ) ) ) )

Many institutions and individual investors have shied away from stock-index futures blaming them for speeding the stock market crash on Black Monday two years ago


( S ( PP-TMP ( IN Since ) ( NP ( DT the ) ( NN crash ) ) ) ( NP-SBJ ( JJ many ) ( NNS futures ) ( NNS traders ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN assumed ) ( NP ( JJ large ) ( NNS positions ) ) ( PP-PRP ( IN for ) ( NP ( NN fear ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN S&P ) ( CD 500 ) ( NN market ) ) ( PP ( IN with ) ( NP ( NP ( RB much ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN customer ) ( NN order ) ( NN flow ) ) ) ( VP ( VBG missing ) ) ) ) ( VP ( MD would ) ( VP ( VB dry ) ( ADVP-CLR ( RB up ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( VBD turned ) ( PP-CLR ( IN against ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Since the crash many futures traders have n't assumed large positions for fear that the S&P 500 market with much of its customer order flow missing would dry up if prices turned against them


( S ( NP-SBJ-1 ( QP ( JJR More ) ( IN than ) ( CD 400 ) ) ( NNS traders ) ) ( VP ( VBD jammed ) ( NP ( DT the ) ( NN S&P ) ( CD 500 ) ( NNS futures ) ( VB pit ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB await ) ( NP ( DT the ) ( NN opening ) ( NN bell ) ) ) ) ) ) )

More than 400 traders jammed the S&P 500 futures pit to await the opening bell


( S ( NP-SBJ ( NNS Traders ) ) ( VP ( VBD were ) ( VP ( VBG shouting ) ( NP ( NNS bids ) ( CC and ) ( VBZ offers ) ) ( NP-TMP ( NP ( DT a ) ( JJ full ) ( CD five ) ( NNS minutes ) ) ( PP-TMP ( IN before ) ( NP ( NP ( DT the ) ( NN start ) ) ( PP ( IN of ) ( NP ( NP ( NN trading ) ) ( PP-TMP ( IN at ) ( NP ( CD 8:30 ) ( RB am ) ) ) ) ) ) ) ) ) ) )

Traders were shouting bids and offers a full five minutes before the start of trading at 8:30 am


( S ( NP-SBJ ( DT The ) ( NN contract ) ) ( VP ( VBD fell ) ( NP-EXT ( NP ( CD five ) ( NNS points ) ) ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( NN open ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 323.85 ) ) ) ( NP-2 ( NP ( DT the ) ( JJ maximum ) ( NN opening ) ( NN move ) ) ( VP ( VBN allowed ) ( PP-LOC ( IN under ) ( NP ( NP ( NNS safeguards ) ) ( VP ( VBN adopted ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Merc ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB stem ) ( NP ( DT a ) ( NN market ) ( NN slide ) ) ) ) ) ) ) ) ) ) ) )

The contract fell five points at the open to 323.85 the maximum opening move allowed under safeguards adopted by the Merc to stem a market slide


( S ( CC But ) ( NP-SBJ ( JJ several ) ( NNS traders ) ) ( VP ( ADVP-MNR ( RB quickly ) ) ( VP ( VBD stepped ) ( ADVP-CLR ( RB up ) ) ) ( CC and ) ( VP ( VB bid ) ( PP-CLR ( IN for ) ( NP ( NNS contracts ) ) ) ) ( S-ADV ( VP ( VBG driving ) ( NP ( NNS prices ) ) ( ADVP-DIR ( RB sharply ) ( RBR higher ) ) ) ) ) )

But several traders quickly stepped up and bid for contracts driving prices sharply higher


( S ( NP-SBJ-1 ( DT The ) ( NN market ) ) ( VP ( VP ( VBD hovered ) ( PP-LOC ( IN near ) ( NP ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN closing ) ( NN price ) ) ( PP ( IN of ) ( NP ( CD 328.85 ) ) ) ) ) ( PP-TMP ( IN for ) ( NP ( IN about ) ( DT a ) ( JJ half ) ( NN hour ) ) ) ( S-ADV ( VP ( VBG moving ) ( ADVP-DIR ( NP ( JJ several ) ( NN index ) ( NNS points ) ) ( RBR higher ) ( CC or ) ( RBR lower ) ) ( PP-TMP ( IN in ) ( NP ( NNS seconds ) ) ) ) ) ) ( VP ( VP ( ADVP ( RB then ) ) ( VBD broke ) ( ADVP-LOC ( RBR higher ) ) ) ( CC and ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB look ) ( ADVP-CLR ( RB back ) ) ) ) ) ) )

The market hovered near Friday 's closing price of 328.85 for about a half hour moving several index points higher or lower in seconds then broke higher and did n't look back


( S ( NP-SBJ ( NP ( DT The ) ( NNP S&P ) ( CD 500 ) ( NN contract ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ expires ) ( PP-TMP ( IN in ) ( NP ( NNP December ) ) ) ) ) ) ) ( VP ( VBD closed ) ( ADVP ( RB up ) ( NP ( DT a ) ( NN record ) ( CD 15.65 ) ( NNS points ) ) ) ( PP ( IN on ) ( NP ( NP ( NN volume ) ) ( PP ( IN of ) ( NP ( QP ( RB nearly ) ( CD 80,000 ) ) ( NNS contracts ) ) ) ) ) ) )

The S&P 500 contract that expires in December closed up a record 15.65 points on volume of nearly 80,000 contracts


( SINV ( S-TPC-2 ( NP-SBJ ( NP ( NNS Traders ) ) ( ADVP-LOC ( NP ( CD five ) ( NNS feet ) ) ( PP ( IN from ) ( NP ( DT each ) ( JJ other ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBG making ) ( NP ( NP ( NNS bids ) ( CC and ) ( VBZ offers ) ) ( SBAR ( WHNP-1 ( DT that ) ) ( S ( VP ( VBD were ) ( NP-PRD ( DT a ) ( JJ full ) ( NN point ) ( RB apart ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( CD one ) ( NN S&P ) ( CD 500 ) ( NN broker ) ) )

Traders five feet from each other were making bids and offers that were a full point apart said one S&P 500 broker


( S ( S-TPC-1 ( NP-SBJ ( PRP You ) ) ( VP ( MD could ) ( VP ( VP ( VP ( VB buy ) ( PP-CLR ( IN at ) ( NP ( DT the ) ( NN bid ) ) ) ) ( CC and ) ( VP ( VB sell ) ( PP-CLR ( IN at ) ( NP ( DT the ) ( NN offer ) ) ) ) ) ( CC and ) ( VP ( VB make ) ( NP ( DT a ) ( NN fortune ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD marveled ) ) )

You could buy at the bid and sell at the offer and make a fortune he marveled