( S ( S ( PP ( IN For ) ( NP ( NP ( NN construction ) ) ( PP-LOC ( IN in ) ( NP ( NNP West ) ( NNP Virginia ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( VP ( VBD requested ) ( NP ( QP ( CD 4.5 ) ( CD million ) ) ) ) ) ( S ( NP-SBJ ( NNP Congress ) ) ( VP ( VBD gave ) ( NP ( NP ( NNP Senator ) ( NNP Byrd ) ( POS 's ) ) ( NN state ) ) ( NP ( QP ( CD 21.5 ) ( CD million ) ) ) ) ) )

For construction in West Virginia Mr. Bush requested 4.5 million Congress gave Senator Byrd 's state 21.5 million


( S ( NP-SBJ ( NNP Senator ) ( NNP Byrd ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNPS Appropriations ) ( NNP Committee ) ) ) ) ) )

Senator Byrd is chairman of the Appropriations Committee


( S ( PP ( IN For ) ( NP ( NNP Iowa ) ) ) ( NP-SBJ ( DT a ) ( ADJP ( QP ( CD 1.8 ) ( CD million ) ) ) ( NN request ) ) ( VP ( VBD became ) ( NP-PRD ( NP ( QP ( CD 12 ) ( CD million ) ) ) ( PP ( IN for ) ( NP ( NP ( NNP Senator ) ( NNP Grassley ) ) ( NP ( NP ( JJ ranking ) ( NN minority ) ( NN member ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ military ) ( NN construction ) ( NN subcommittee ) ) ) ) ) ) ) ) )

For Iowa a 1.8 million request became 12 million for Senator Grassley ranking minority member of a military construction subcommittee


( S ( NP-SBJ ( NP ( NNP Rep. ) ( NNP Jamie ) ( NNP Whitten ) ) ( UCP ( PP ( IN of ) ( NP ( NNP Mississippi ) ) ) ( CC and ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NNP House ) ( NNPS Appropriations ) ) ) ) ) ) ( VP ( VBD turned ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 20 ) ( CD million ) ) ) ( NNP Bush ) ( NN request ) ) ( PP ( IN for ) ( NP ( PRP$ his ) ( NN state ) ) ) ) ( PP-CLR ( IN into ) ( NP ( DT a ) ( ADJP ( QP ( CD 49.7 ) ( CD million ) ) ) ( NN bequest ) ) ) ) )

Rep. Jamie Whitten of Mississippi and chairman of House Appropriations turned a 20 million Bush request for his state into a 49.7 million bequest


( S ( S ( NP-SBJ ( NP ( NNP Senator ) ( NNP Sasser ) ) ( PP ( IN of ) ( NP ( NNP Tennessee ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNPS Appropriations ) ( NN subcommittee ) ) ( PP ( IN on ) ( NP ( JJ military ) ( NN construction ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( NP ( NP ( NNP Mr. ) ( NNP Bush ) ( POS 's ) ) ( ADJP ( QP ( CD 87 ) ( CD million ) ) ) ( NN request ) ) ( PP ( IN for ) ( NP ( NNP Tennessee ) ) ) ) ( VP ( VBD increased ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 109 ) ( CD million ) ) ) ) ) ) )

Senator Sasser of Tennessee is chairman of the Appropriations subcommittee on military construction Mr. Bush 's 87 million request for Tennessee increased to 109 million


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT a ) ( NN remark ) ) ( SBAR ( S ( NP-SBJ ( NN someone ) ) ( VP ( MD should ) ( VP ( VB remember ) ( NP-TMP ( NP ( DT this ) ( NN time ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Senator ) ( NNP Sasser ) ) ( VP ( VBD said ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP 've ) ( VP ( VBN seen ) ( NP ( NP ( DT the ) ( NN peak ) ) ( PP ( IN of ) ( NP ( JJ military ) ( NN construction ) ( VBG spending ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( JJ many ) ( NNS years ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB come ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In a remark someone should remember this time next year Senator Sasser said I think we 've seen the peak of military construction spending for many years to come


( S ( VP ( VB Tell ) ( NP ( PRP us ) ) ( PP-CLR ( IN about ) ( NP ( NN spending ) ( NN restraint ) ) ) ) )

Tell us about spending restraint


( S ( VP ( VB Tell ) ( NP ( PRP us ) ) ( PP-CLR ( IN about ) ( NP ( DT the ) ( NNP HUD ) ( NNS scandals ) ) ) ) )

Tell us about the HUD scandals


( S ( VP ( VB Tell ) ( NP ( PRP us ) ) ( SBAR ( WHNP-1 ( WDT what ) ( NN measure ) ) ( S ( S-ADV ( ADJP-PRD ( RB short ) ( PP ( IN of ) ( NP ( NN house ) ( NN arrest ) ) ) ) ) ( VP ( MD will ) ( VP ( VB get ) ( NP ( DT this ) ( NNP Congress ) ) ( PP-CLR ( IN under ) ( NP ( NN control ) ) ) ) ) ) ) ) )

Tell us what measure short of house arrest will get this Congress under control


( S ( PP-LOC ( IN UNDER ) ( NP ( NP ( DT A ) ( NN PROPOSAL ) ) ( PP ( IN by ) ( NP ( NNPS Democrats ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB expand ) ( NP ( NNP Individual ) ( NNP Retirement ) ( NNPS Accounts ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT a ) ( ADJP ( CD 2,000 ) ) ( NN contribution ) ) ( PP ( IN by ) ( NP ( NP ( DT a ) ( NN taxpayer ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( ADJP ( CD 33 ) ( NN % ) ) ( NN bracket ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB save ) ( NP ( CD 330 ) ) ( PP ( IN on ) ( NP ( PRP$ his ) ( NNS taxes ) ) ) ) ) )

UNDER A PROPOSAL by Democrats to expand Individual Retirement Accounts a 2,000 contribution by a taxpayer in the 33 % bracket would save 330 on his taxes


( S ( NP-SBJ-1 ( DT The ) ( NN savings ) ) ( VP ( VBD was ) ( VP ( VBN given ) ( ADVP-MNR ( RB incorrectly ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN edition ) ) ) ) ) )

The savings was given incorrectly in Friday 's edition


( S ( NP-SBJ ( NP ( NNP Whittle ) ( NNP Communications ) ( NNP L.P. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( PP-TMP ( IN for ) ( NP ( NNS months ) ) ) ( VP ( VBZ has ) ( VP ( VBN fought ) ( NP ( NP ( DT a ) ( JJ public ) ( NNS relations ) ( NN battle ) ) ( PP ( IN with ) ( NP ( NN education ) ( NNS leaders ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN signed ) ( S ( NP-SBJ ( NP ( CD 500 ) ( NNS schools ) ) ( PP-LOC ( IN in ) ( NP ( CD 24 ) ( NNS states ) ) ) ) ( VP ( TO to ) ( VP ( VB subscribe ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( JJ controversial ) ( NNP Channel ) ( CD One ) ( NN news ) ( NN program ) ) ( CC and ) ( NP ( PRP$ its ) ( JJ sister ) ( NNS programs ) ) ) ) ) ) ) ) ) ) ) ) )

Whittle Communications L.P. which for months has fought a public relations battle with education leaders said it has signed 500 schools in 24 states to subscribe to the controversial Channel One news program and its sister programs


( S ( NP-SBJ ( NP ( NNP Channel ) ( CD One ) ) ( NP ( NP ( DT a ) ( JJ satellite-delivered ) ( JJ daily ) ( NN program ) ) ( VP ( VBN supported ) ( PP ( IN by ) ( NP-LGS ( NN advertising ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN launched ) ( NP-TMP ( IN next ) ( NNP March ) ) ) ) ) ) ) ) )

Channel One a satellite-delivered daily program supported by advertising is scheduled to be launched next March


( S ( S ( NP-SBJ ( NN Whittle ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NN field ) ( NN staff ) ) ( VP ( VBD signed ) ( PRT ( RP up ) ) ( NP ( NP ( DT the ) ( CD 500 ) ( NNS schools ) ) ( PP-LOC ( IN in ) ( NP ( CD 238 ) ( NN school ) ( NNS districts ) ) ) ) ( PP-TMP ( IN after ) ( NP ( QP ( RB only ) ( CD eight ) ) ( NNS weeks ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NN company ) ( NNS executives ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBP expect ) ( S ( VP ( TO to ) ( VP ( VB reach ) ( NP ( NP ( PRP$ their ) ( JJ start-up ) ( NN goal ) ) ( PP ( IN of ) ( NP ( CD 1,000 ) ( NNS schools ) ) ) ) ( PP-TMP ( IN before ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) )

Whittle said its field staff signed up the 500 schools in 238 school districts after only eight weeks and company executives now expect to reach their start-up goal of 1,000 schools before the end of this year


( S ( NP-SBJ ( NP ( NNP Christopher ) ( NNP Whittle ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NAC-LOC ( NNP Knoxville ) ( NNP Tenn. ) ) ( NNS media ) ( NN company ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( NP-ADV ( CD 50 ) ( NN % ) ) ( VBN owned ) ( PP ( IN by ) ( NP ( NN Time ) ( NNP Warner ) ( NNP Inc. ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP-TMP ( IN by ) ( NP ( NNP December ) ( CD 1990 ) ) ) ( NP-SBJ-3 ( PRP he ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB have ) ( S ( NP-SBJ-4 ( NNP Channel ) ( CD One ) ) ( VP ( VBN installed ) ( PP-LOC ( IN in ) ( NP ( NP ( QP ( RB about ) ( CD 8,000 ) ) ( NNS schools ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( JJ potential ) ( NN audience ) ) ( PP ( IN of ) ( NP ( CD six ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Christopher Whittle chairman of the Knoxville Tenn. media company that is 50 % owned by Time Warner Inc. said that by December 1990 he expects to have Channel One installed in about 8,000 schools with a potential audience of six million


( S ( NP-SBJ ( NP ( NN Installation ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN TV ) ( NN system ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ includes ) ( S ( VP ( VBG providing ) ( NP ( JJ free ) ( JJ 19-inch ) ( NN TV ) ( NNS sets ) ) ( PP-LOC ( IN in ) ( NP ( NNS classrooms ) ) ) ) ) ) ) ) ) ( VP ( VBZ begins ) ( PP-TMP ( IN in ) ( NP ( NNP January ) ) ) ) )

Installation of the TV system which includes providing free 19-inch TV sets in classrooms begins in January


( SINV ( S-TPC-1 ( SBAR-NOM-SBJ ( WHNP-2 ( WP What ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP 've ) ( VP ( VBN done ) ( PP-TMP ( IN in ) ( NP ( CD eight ) ( NNS weeks ) ) ) ) ) ) ) ( VP ( VBZ shows ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB have ) ( NP ( NP ( JJ enormous ) ( NNS difficulties ) ) ( S-NOM ( VP ( VBG getting ) ( PP-DIR ( TO to ) ( NP ( NP ( DT the ) ( NN place ) ) ( SBAR ( S ( NP-SBJ-4 ( PRP we ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB be ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Whittle ) ) )

What we 've done in eight weeks shows we wo n't have enormous difficulties getting to the place we want to be said Mr. Whittle


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ his ) ( NNS sales ) ( NN force ) ) ( VP ( VBZ is ) ( VP ( VBG signing ) ( PRT ( RP up ) ) ( NP ( NNS schools ) ) ( PP ( IN at ) ( NP ( NP ( DT the ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NP ( CD 25 ) ) ( NP-ADV ( DT a ) ( NN day ) ) ) ) ) ) ) ) ) ) ) )

He said his sales force is signing up schools at the rate of 25 a day


( S ( PP-LOC ( IN In ) ( NP ( NP ( NNP California ) ) ( CC and ) ( NP ( NNP New ) ( NNP York ) ) ) ) ( NP-SBJ ( NN state ) ( NNS officials ) ) ( VP ( VBP have ) ( VP ( VBN opposed ) ( NP ( NNP Channel ) ( CD One ) ) ) ) )

In California and New York state officials have opposed Channel One


( S ( NP-SBJ ( NNP Mr. ) ( NNP Whittle ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( ADJP ( JJ private ) ( CC and ) ( JJ parochial ) ) ( NNS schools ) ) ( PP-LOC ( IN in ) ( NP ( DT both ) ( NNS states ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN canvassed ) ( S-PRP ( VP ( TO to ) ( VP ( VB see ) ( SBAR ( IN if ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ interested ) ( PP ( IN in ) ( S-NOM ( VP ( VBG getting ) ( NP ( DT the ) ( NNS programs ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Whittle said private and parochial schools in both states will be canvassed to see if they are interested in getting the programs


( S ( NP-SBJ ( VBG Subscribing ) ( NNS schools ) ) ( VP ( VBP get ) ( NP ( NP ( DT the ) ( JJ 12-minute ) ( JJ daily ) ( NNP Channel ) ( CD One ) ( NN news ) ( NN program ) ) ( SBAR ( WHNP-1 ( WHNP ( WP$ whose ) ( CD four ) ( JJ 30-second ) ( NN TV ) ( NNS ads ) ) ( PP-TMP ( IN during ) ( NP ( DT each ) ( NN show ) ) ) ) ( S ( VP ( VBP have ) ( VP ( VBN drawn ) ( NP ( NNS protests ) ) ( PP-CLR ( IN from ) ( NP ( NNS educators ) ) ) ) ) ) ) ) ) )

Subscribing schools get the 12-minute daily Channel One news program whose four 30-second TV ads during each show have drawn protests from educators


( S ( NP-SBJ ( NNS Subscribers ) ) ( ADVP ( RB also ) ) ( VP ( VBP get ) ( NP ( NP ( DT the ) ( NNP Classroom ) ( NNP Channel ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB feature ) ( NP ( NP ( NP ( JJ ad-free ) ( JJ educational ) ( NN programming ) ) ( ADJP ( JJ similar ) ( PP ( TO to ) ( NP ( DT some ) ( NN public-TV ) ( NNS shows ) ) ) ) ) ( CC and ) ( NP ( NP ( NP ( DT the ) ( NNP Educator ) ( POS 's ) ) ( NNP Channel ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VP ( MD will ) ( VP ( VB offer ) ( NP ( NP ( JJ instructional ) ( NN programming ) ) ( PP ( IN for ) ( NP ( NP ( NNS teachers ) ) ( CC and ) ( NP ( NN school ) ( NNS administrators ) ) ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN supported ) ( PP ( IN by ) ( NP-LGS ( NN advertising ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Subscribers also get the Classroom Channel which will feature ad-free educational programming similar to some public-TV shows and the Educator 's Channel which will offer instructional programming for teachers and school administrators and will be supported by advertising


( S ( NP-SBJ ( NNP Whittle ) ) ( VP ( VBZ has ) ( VP ( VBN met ) ( NP ( DT some ) ( NN resistance ) ) ) ) )

Whittle has met some resistance


( S ( S ( NP-SBJ-1 ( NP ( DT The ) ( NNP Educational ) ( NNP Network ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Whittle ) ) ( VP ( VBZ has ) ( VP ( VBN named ) ( NP ( DT the ) ( CD three ) ( NNS programs ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN offered ) ( PP-CLR ( TO to ) ( NP ( CD 1,290 ) ( NN school ) ( NNS districts ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( NNP Whittle ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB negotiate ) ( PP-CLR ( IN with ) ( NP ( CD 919 ) ( NNS districts ) ) ) ) ) ) ) ) )

The Educational Network as Mr. Whittle has named the three programs has been offered to 1,290 school districts and Whittle continues to negotiate with 919 districts


( S ( NP-SBJ ( NP ( QP ( RB About ) ( CD 10 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN school ) ( NNS districts ) ) ) ( VP ( VBN approached ) ) ) ( VP ( VBP have ) ( VP ( VBN rejected ) ( NP ( DT the ) ( NN network ) ) ) ) )

About 10 % of the school districts approached have rejected the network


( S ( NP-SBJ ( NNP Mr. ) ( NNP Whittle ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( ADVP-TMP ( RB so ) ( RB far ) ) ( NP-SBJ ( NP ( CD three ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD six ) ( NNS schools ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD carried ) ( NP ( DT the ) ( NN program ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( JJ five-week ) ( NN test ) ) ( NP-TMP ( JJ last ) ( NN spring ) ) ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN subscribed ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN program ) ) ) ) ) ) ) ) )

Mr. Whittle said that so far three of the six schools that carried the program in a five-week test last spring have subscribed to the program


( S ( NP-SBJ ( NP ( NP ( CD One ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN test ) ( NNS schools ) ) ) ) ( NP ( NP ( NNP Withrow ) ( NNP High ) ( NNP School ) ) ( PP-LOC ( IN in ) ( NP ( NNP Cincinnati ) ) ) ) ) ( VP ( VBD rejected ) ( NP ( DT the ) ( NN project ) ) ) )

One of the test schools Withrow High School in Cincinnati rejected the project


( S ( NP-SBJ ( NP ( NNP John ) ( NNP Bruner ) ) ( NP ( NP ( JJ associate ) ( NN director ) ) ( PP ( IN of ) ( NP ( NNS communications ) ) ) ( PP ( IN for ) ( NP ( NNP Cincinnati ) ( NNP Public ) ( NNP Schools ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNP Channel ) ( NN One ) ) ( VP ( VBD was ) ( VP ( VBN rejected ) ( SBAR-PRP ( IN because ) ( S ( S ( NP-SBJ ( NP ( NNS students ) ) ( VP ( VBG watching ) ( NP ( DT the ) ( NN program ) ) ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( NN fare ) ( ADVP-MNR ( ADVP ( RB particularly ) ( RBR better ) ) ) ( PP-LOC ( IN on ) ( NP ( DT a ) ( JJ 28-question ) ( JJ current ) ( NNS events ) ( NN quiz ) ) ) ( PP-3 ( IN than ) ( NP ( NP ( DT a ) ( JJ control ) ( NN school ) ) ( PP ( IN without ) ( NP ( DT the ) ( NN program ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NN school ) ( NNS absences ) ) ( VP ( VBD were ) ( ADJP-PRD ( RB almost ) ( JJ unchanged ) ) ( PP-TMP ( IN during ) ( NP ( NP ( DT the ) ( NN period ) ) ( SBAR ( WHADVP-4 ( WRB when ) ) ( S ( NP-SBJ-2 ( DT the ) ( NN program ) ) ( VP ( VBD was ) ( VP ( VBG being ) ( VP ( VBN aired ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

John Bruner associate director of communications for Cincinnati Public Schools said Channel One was rejected because students watching the program did n't fare particularly better on a 28-question current events quiz than a control school without the program and school absences were almost unchanged during the period when the program was being aired


( S ( S-TPC-1 ( S ( NP-SBJ ( NP ( DT The ) ( NN number ) ) ( PP ( IN of ) ( NP ( JJ correct ) ( NNS responses ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( CD 45 ) ( NN % ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN test ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NN school ) ( NNS absences ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( NN change ) ( ADVP-MNR ( RB much ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Bruner ) ) )

The number of correct responses was 45 % on the test and school absences did n't change much said Mr. Bruner


( S ( S ( NP-SBJ-1 ( DT The ) ( JJ pilot ) ( NN program ) ) ( VP ( VBD was ) ( VP ( VBN received ) ( ADVP-MNR ( RB well ) ) ( PRN ( PP ( IN by ) ( NP-LGS ( NNS teachers ) ( CC and ) ( NNS students ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( RB there ) ) ( VP ( VBD was ) ( RB n't ) ( NP-PRD ( NP ( NN reason ) ) ( ADJP ( JJ enough ) ( S ( VP ( TO to ) ( VP ( VB sign ) ( PRT ( RP up ) ) ) ) ) ) ) ) ) )

The pilot program was received well by teachers and students but there was n't reason enough to sign up


( S ( S ( NP-SBJ ( PRP We ) ) ( ADVP ( RB even ) ) ( VP ( VBD invited ) ( NP-1 ( DT the ) ( NN public ) ) ( S ( VP ( TO to ) ( VP ( VP ( VB stop ) ( PRT ( RP by ) ) ) ( CC and ) ( VP ( VB see ) ( NP ( DT the ) ( NN program ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( RB there ) ) ( VP ( VBD was ) ( RB n't ) ( NP-PRD ( JJ much ) ( NN interest ) ) ) ) )

We even invited the public to stop by and see the program but there was n't much interest


( S ( NP-SBJ ( NNS Advertisers ) ) ( VP ( VBP are ) ( VP ( VBG showing ) ( NP ( NN interest ) ) ) ) )

Advertisers are showing interest


( S ( NP-TMP ( JJ Last ) ( NN month ) ) ( NP-SBJ ( NNP Whittle ) ) ( VP ( VBD announced ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN sold ) ( NP ( NP ( QP ( CD 150 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN advertising ) ( NN time ) ) ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN network ) ) ) ( PP-CLR ( TO to ) ( NP ( JJ national ) ( NNS advertisers ) ) ) ) ) ) ) ) )

Last month Whittle announced it had sold 150 million in advertising time on the network to national advertisers


( S ( NP-SBJ ( NNP Mr. ) ( NNP Whittle ) ) ( NP-TMP ( NNP Friday ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( ADVP ( JJ several ) ( JJR more ) ) ( NNS advertisers ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN added ) ) ) ) ) ) ) )

Mr. Whittle Friday said several more advertisers have been added


( S ( NP-SBJ-1 ( NNP Whittle ) ) ( VP ( VBZ is ) ( VP ( VBG spending ) ( NP ( QP ( CD 150 ) ( CD million ) ) ) ( ADVP-TMP ( RB initially ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB launch ) ( NP ( DT the ) ( NN network ) ) ) ) ) ) ) )

Whittle is spending 150 million initially to launch the network


( S ( S-TPC-1 ( NP-SBJ ( NP ( NN Installation ) ) ( PP ( IN of ) ( NP ( NP ( NN satellite ) ( NNS dishes ) ) ( NP ( NNS TVs ) ) ( CC and ) ( NP ( NN videocassette ) ( NN equipment ) ) ) ) ) ( VP ( MD will ) ( VP ( VB cost ) ( NP ( DT the ) ( NN company ) ) ( NP ( NP ( QP ( RB about ) ( CD 20,000 ) ) ) ( PP ( IN per ) ( NP ( NN school ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Whittle ) ) ( VP ( VBD said ) ) )

Installation of satellite dishes TVs and videocassette equipment will cost the company about 20,000 per school Mr. Whittle said


( S ( NP-SBJ ( NP ( NNP NEC ) ( NNP Corp. ) ) ( NP ( DT a ) ( JJ Tokyo-based ) ( NN computer ) ( CC and ) ( NN electronics ) ( NN concern ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 18 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 29.66 ) ( CD billion ) ) ( NNS yen ) ) ( PRN ( NP ( QP ( CD 208.7 ) ( CD million ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ fiscal ) ( JJ first ) ( NN half ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP Sept. ) ( CD 30 ) ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 25.12 ) ( CD billion ) ) ( NNS yen ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) )

NEC Corp. a Tokyo-based computer and electronics concern said net income rose 18 % to 29.66 billion yen 208.7 million in the fiscal first half ended Sept. 30 from 25.12 billion yen a year earlier


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 7.4 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.255 ) ( CD trillion ) ) ( NNS yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 1.168 ) ( CD trillion ) ) ( NNS yen ) ) ) ) )

Sales rose 7.4 % to 1.255 trillion yen from 1.168 trillion yen


( S ( NP-SBJ ( NNP NEC ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ first-half ) ( NN computer ) ( NNS sales ) ) ( VP ( VBD totaled ) ( NP ( NP ( QP ( CD 555.5 ) ( CD billion ) ) ( NNS yen ) ) ( ADVP ( RB up ) ( NP ( CD 11 ) ( NN % ) ) ( PP ( IN from ) ( NP ( QP ( CD 500.26 ) ( CD billion ) ) ( NNS yen ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) ) ) )

NEC said first-half computer sales totaled 555.5 billion yen up 11 % from 500.26 billion yen a year earlier


( S ( NP-SBJ ( NP ( NNS Sales ) ) ( PP ( IN of ) ( NP ( JJ electrical ) ( NNS devices ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 13 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 283.8 ) ( CD billion ) ) ( NNS yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 251.8 ) ( CD billion ) ) ( NNS yen ) ) ) ) )

Sales of electrical devices rose 13 % to 283.8 billion yen from 251.8 billion yen


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( NN home ) ( JJ electronic ) ( NNS products ) ) ) ) ( VP ( VBD advanced ) ( NP-EXT ( CD 3.7 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 44.92 ) ( CD billion ) ) ( NNS yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 43.34 ) ( CD billion ) ) ( NNS yen ) ) ) ) ) ) ) )

It said sales of home electronic products advanced 3.7 % to 44.92 billion yen from 43.34 billion yen


( S-1 ( PP-TMP ( IN In ) ( NP ( NP ( DT the ) ( NN period ) ) ( VP ( ADVP ( RB just ) ) ( VBN ended ) ) ) ) ( S ( NP-SBJ ( NNS computers ) ) ( VP ( VBD accounted ) ( PP-CLR ( IN for ) ( NP ( NP ( CD 44 ) ( NN % ) ) ( PP ( IN of ) ( NP ( JJ total ) ( NNS sales ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP NEC ) ) ( VP ( VBD said ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ electrical ) ( NNS devices ) ) ( VP ( VBD made ) ( PRT ( RP up ) ) ( NP ( CD 23 ) ( NN % ) ) ) ) )

In the period just ended computers accounted for 44 % of total sales NEC said and electrical devices made up 23 %


( S ( NP-SBJ ( NNP NEC ) ) ( VP ( VBD forecast ) ( NP ( NP ( NNS sales ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN year ) ) ( VP ( VBG ending ) ( NP-TMP ( JJ next ) ( NNP March ) ( CD 31 ) ) ) ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 2.74 ) ( CD trillion ) ) ( NNS yen ) ) ( NP ( NP ( DT an ) ( NN increase ) ) ( PP ( IN of ) ( NP ( CD 27 ) ( NN % ) ) ) ( PP ( IN from ) ( NP-TMP ( DT the ) ( JJ previous ) ( JJ fiscal ) ( NN year ) ) ) ) ) ) ) ) )

NEC forecast sales for the year ending next March 31 of 2.74 trillion yen an increase of 27 % from the previous fiscal year


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( MD will ) ( VP ( VB rise ) ( NP-EXT ( CD 25 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 69 ) ( CD billion ) ) ( NNS yen ) ) ) ) ) ) ) ) )

It said net income will rise 25 % to 69 billion yen


( S ( NP-SBJ ( NP ( NNP Sun ) ( NNPS Microsystems ) ( NNP Inc. ) ) ( NP ( DT a ) ( NN computer ) ( NN maker ) ) ) ( VP ( VBD announced ) ( NP ( NP ( DT the ) ( NN effectiveness ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NN registration ) ( NN statement ) ) ( PP ( IN for ) ( NP ( NP ( QP ( CD 125 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( ADJP ( QP ( CD 6 ) ( CD 3\/8 ) ) ( NN % ) ) ( JJ convertible ) ( JJ subordinated ) ( NNS debentures ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Oct. ) ( CD 15 ) ( CD 1999 ) ) ) ) ) ) ) ) ) )

Sun Microsystems Inc. a computer maker announced the effectiveness of its registration statement for 125 million of 6 3\/8 % convertible subordinated debentures due Oct. 15 1999


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NNS debentures ) ) ( VP ( VBP are ) ( VP ( VBG being ) ( VP ( VP ( VBN issued ) ( PP ( IN at ) ( NP ( NP ( DT an ) ( NN issue ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( CD 849 ) ) ( PP ( IN for ) ( NP ( DT each ) ( ADJP ( CD 1,000 ) ) ( JJ principal ) ( NN amount ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBP are ) ( ADJP-PRD ( JJ convertible ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT any ) ( NN time ) ) ( ADVP ( RB prior ) ( PP ( TO to ) ( NP ( NN maturity ) ) ) ) ) ) ( PP ( IN at ) ( NP ( NP ( DT a ) ( NN conversion ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( CD 25 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company said the debentures are being issued at an issue price of 849 for each 1,000 principal amount and are convertible at any time prior to maturity at a conversion price of 25 a share


( S ( NP-SBJ ( DT The ) ( NNS debentures ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ available ) ) ( PP ( IN through ) ( NP ( NNP Goldman ) ( NNP Sachs ) ( CC & ) ( NNP Co ) ) ) ) )

The debentures are available through Goldman Sachs & Co


Wham Bam


( S ( ADVP-TMP ( RB Twice ) ) ( PP-TMP ( IN in ) ( NP ( CD two ) ( NNS weeks ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN unraveling ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ on-again ) ( JJ off-again ) ( NNP UAL ) ( NN buy-out ) ) ) ) ( VP ( VBD slammed ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) )

Twice in two weeks the unraveling of the on-again off-again UAL buy-out slammed the stock market


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ-1 ( NN stock ) ( NNS prices ) ) ( VP ( VBP seem ) ( S ( VP ( TO to ) ( VP ( VB be ) ( PP-PRD ( IN in ) ( NP ( DT a ) ( JJ general ) ( NN retreat ) ) ) ) ) ) ) )

Now stock prices seem to be in a general retreat


( S ( PP-TMP ( IN Since ) ( S-NOM ( VP ( VBG peaking ) ( PP-CLR ( IN at ) ( NP ( CD 2791.41 ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Oct. ) ( CD 9 ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( VBZ has ) ( VP ( VBN lost ) ( NP ( NP ( CD 194.69 ) ( NNS points ) ) ( CC or ) ( NP ( CD 7 ) ( NN % ) ) ) ( S-ADV ( VP ( VBG closing ) ( NP-TMP ( NNP Friday ) ) ( PP-CLR ( IN at ) ( NP ( CD 2596.72 ) ) ) ( ADVP ( RB down ) ( NP-ADV ( CD 17.01 ) ) ) ) ) ) ) )

Since peaking at 2791.41 on Oct. 9 the Dow Jones Industrial Average has lost 194.69 points or 7 % closing Friday at 2596.72 down 17.01


( S ( NP-SBJ ( NP ( DT The ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NNS issues ) ) ( VP ( VBG falling ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ( NP-TMP ( DT each ) ( NN day ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG eclipsing ) ( NP ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS gainers ) ) ) ) ) ) )

The number of issues falling on the New York Stock Exchange each day is eclipsing the number of gainers


( S ( CC And ) ( NP-SBJ ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NNS stocks ) ) ( VP ( VBG hitting ) ( NP ( JJ new ) ( NNS lows ) ) ) ) ) ) ( VP ( ADVP-MNR ( RB far ) ) ( VBZ outstrips ) ( NP ( NP ( DT the ) ( NN number ) ) ( VP ( VBG setting ) ( NP ( JJ new ) ( NNS highs ) ) ) ) ) )

And the number of stocks hitting new lows far outstrips the number setting new highs


( SBARQ ( CC But ) ( WHADVP-1 ( WRB why ) ) ( SQ ( MD should ) ( NP-SBJ ( DT an ) ( JJ iffy ) ( ADJP ( QP ( CD 6.79 ) ( CD billion ) ) ) ( JJ leveraged ) ( NN buy-out ) ( NN deal ) ) ( VP ( VB shake ) ( NP ( NP ( DT the ) ( NNS foundations ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ entire ) ( NN stock ) ( NN market ) ) ) ) ) ) )

But why should an iffy 6.79 billion leveraged buy-out deal shake the foundations of the entire stock market


( S ( S ( NP-SBJ ( NP ( NNS Opinions ) ) ) ( VP ( VBP vary ) ( PP-3 ( IN about ) ( SBAR ( WHADJP-1 ( WRB how ) ( JJ important ) ) ( S ( NP-SBJ ( DT the ) ( NNP UAL ) ( NN deal ) ) ( VP ( VBD was ) ( PP-2 ( TO to ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( NN health ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNS analysts ) ) ( ADVP ( RB generally ) ) ( VP ( VBP agree ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN market ) ( NNS gyrations ) ) ( VP ( VBN created ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT the ) ( NNP UAL ) ( NN plan ) ) ( VP ( VBD crumbled ) ) ) ) ) ) ( VP ( VBD revealed ) ( NP ( NP ( DT a ) ( JJ fundamental ) ( NN change ) ) ( PP-LOC ( IN in ) ( NP ( NN investor ) ( NN psychology ) ) ) ) ) ) ) ) ) )

Opinions vary about how important the UAL deal was to the market 's health but analysts generally agree that the market gyrations created as the UAL plan crumbled revealed a fundamental change in investor psychology


( SINV ( S-TPC-4 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT this ) ) ( VP ( VBD had ) ( VP ( VBN happened ) ( ADVP-TMP ( NP ( DT a ) ( JJ few ) ( NNS months ) ) ( RB ago ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN atmosphere ) ) ( VP ( VBD was ) ( ADVP-TMP ( RB still ) ) ( ADJP-PRD ( RB very ) ( JJ positive ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB have ) ( VP ( VBN been ) ( VP ( VBN greeted ) ( PP-CLR ( IN with ) ( NP ( NP ( NN anything ) ) ( PP ( IN like ) ( NP ( NP ( DT the ) ( NN impact ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN had ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( CD two ) ( NNS weeks ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Dennis ) ( NNP Jarrett ) ) ( NP ( NP ( DT a ) ( NN market ) ( NN strategist ) ) ( PP-LOC ( IN at ) ( NP ( NNP Kidder ) ( NNP Peabody ) ) ) ) ) )

If this had happened a few months ago when the atmosphere was still very positive it would n't have been greeted with anything like the impact it has had over the past two weeks says Dennis Jarrett a market strategist at Kidder Peabody


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( PP ( IN of ) ( NP ( NN course ) ) ) ( NP-PRD ( NP ( NNS analysts ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP view ) ( NP ( NP ( DT the ) ( NN near-panic ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( ADVP-TMP ( NN briefly ) ) ( VP ( VBD swept ) ( PP-CLR ( IN through ) ( NP ( NNS investors ) ) ) ( PP-TMP ( PP ( IN on ) ( NP ( NNP Oct. ) ( CD 13 ) ) ) ( CC and ) ( ADVP ( RB again ) ) ( PP ( IN on ) ( NP ( NNP Oct. ) ( CD 24 ) ) ) ) ) ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( JJ momentary ) ( NNS lapses ) ) ( PP ( IN of ) ( NP ( JJ good ) ( NN judgment ) ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VBP have ) ( ADVP-TMP ( RB only ) ( RB temporarily ) ) ( VP ( VBN undermined ) ( NP ( DT a ) ( JJ healthy ) ( NN stock ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) )

There are of course analysts who view the near-panic that briefly swept through investors on Oct. 13 and again on Oct. 24 as momentary lapses of good judgment that have only temporarily undermined a healthy stock market


( S ( S-TPC-2 ( S ( INTJ ( RB Sure ) ) ( S ( NP-SBJ ( NN price ) ( NN action ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ volatile ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ scary ) ) ) ) ) ( CC but ) ( S ( ADVP ( RB all-in-all ) ) ( NP-SBJ ( NNS stocks ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB still ) ) ( NP-PRD ( NP ( DT a ) ( JJ good ) ( NN place ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP suggest ) ) )

Sure price action is volatile and that 's scary but all-in-all stocks are still a good place to be they suggest


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN reaction ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP UAL ) ( NN debacle ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ mindless ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Connolly ) ) ( NP ( NP ( JJ chief ) ( NN market ) ( NN strategist ) ) ( PP-LOC ( IN at ) ( NP ( NNP Dean ) ( NNP Witter ) ) ) ) ) )

The reaction to the UAL debacle is mindless says John Connolly chief market strategist at Dean Witter


( S ( NP-SBJ ( NNP UAL ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ small ) ( NN deal ) ) ( ADVP ( ADVP ( RB as ) ( RB far ) ) ( SBAR ( IN as ) ( S ( NP-SBJ-1 ( DT the ) ( JJ overall ) ( NN market ) ) ( VP ( VBZ is ) ( VP ( VBN concerned ) ) ) ) ) ) ) )

UAL is a small deal as far as the overall market is concerned


( S ( NP-SBJ ( NP ( DT The ) ( JJ only ) ( NN way ) ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD can ) ( VP ( VB make ) ( S ( NP-SBJ ( PRP it ) ) ( NP-PRD ( DT a ) ( JJ big ) ( NN deal ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB draw ) ( NP ( NP ( NNS linkages ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( ADVP ( RB just ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB make ) ( NP ( NN sense ) ) ) ) ) ) ) ) ) ) ) )

The only way you can make it a big deal is to draw linkages that just do n't make sense


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ suggests ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( MD may ) ( VP ( VB have ) ( VP ( VBN assumed ) ( SBAR ( RB that ) ( S ( SBAR-PRP ( ADVP ( RB just ) ) ( IN because ) ( S ( NP-SBJ ( NNP UAL ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB get ) ( NP ( NN financing ) ) ) ) ) ) ( NP-SBJ ( DT no ) ( JJ leveraged ) ( NNS buy-outs ) ) ( VP ( MD can ) ( VP ( VB get ) ( NP ( NN financing ) ) ) ) ) ) ) ) ) ) ) ) )

He suggests for example that investors may have assumed that just because UAL could n't get financing no leveraged buy-outs can get financing


( S ( S-ADV ( VP ( VBN Carried ) ( ADVP-CLR ( RB even ) ( RBR further ) ) ) ) ( NP-SBJ-4 ( DT some ) ( NNS investors ) ) ( VP ( VBD assumed ) ( SBAR ( IN that ) ( S ( SBAR-PRP ( IN since ) ( S ( NP-SBJ ( JJ leveraged ) ( NNS buy-outs ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT the ) ( JJ only ) ( NN thing ) ) ( VP ( VBG propping ) ( PRT ( RP up ) ) ( NP ( NN stock ) ( NNS prices ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( MD would ) ( VP ( VB collapse ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( DT no ) ( JJR more ) ( NNS LBOs ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN done ) ) ) ) ) ) ) ) ) ) ) )

Carried even further some investors assumed that since leveraged buy-outs are the only thing propping up stock prices the market would collapse if no more LBOs could be done


( SINV ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( MD will ) ( ADVP-TMP ( RB still ) ) ( VP ( VB be ) ( NP-PRD ( NNS deals ) ) ) ) ) ( VP ( VBZ argues ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Connolly ) ) )

There will still be deals argues Mr. Connolly


( S ( S ( NP-SBJ ( EX There ) ) ( VP ( MD may ) ( RB not ) ( VP ( VB be ) ( ADJP-PRD ( RB as ) ( JJ many ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNS buyers ) ) ( VP ( MD may ) ( RB not ) ( VP ( VB get ) ( PRT ( RP away ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS things ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 've ) ( VP ( VBN done ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN past ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNS deals ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB disappear ) ) ) ) )

There may not be as many and the buyers may not get away with some of the things they 've done in the past but deals wo n't disappear


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ forecasts ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN emphasis ) ) ( PP ( IN in ) ( NP ( NNS mergers ) ( CC and ) ( NNS acquisitions ) ) ) ) ( VP ( MD may ) ( ADVP-TMP ( RB soon ) ) ( VP ( VB return ) ( PP-DIR ( TO to ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ calls ) ( S ( NP-PRD ( NP ( JJ strategic ) ( NNS deals ) ) ( SBAR ( WHPP-3 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-2 ( NN somebody ) ) ( VP ( VBZ is ) ( VP ( VBG taking ) ( PRT ( RP over ) ) ( NP ( DT a ) ( NN company ) ) ( UCP-PRP ( RB not ) ( S ( VP ( TO to ) ( VP ( VB milk ) ( NP ( DT the ) ( NN cash ) ( NN flow ) ) ) ) ) ( CC but ) ( SBAR ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( JJ good ) ( NN fit ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He forecasts that the emphasis in mergers and acquisitions may soon return to what he calls strategic deals in which somebody is taking over a company not to milk the cash flow but because it 's a good fit


( S ( CC And ) ( PP ( ADVP ( RB even ) ) ( IN without ) ( NP ( NNS deals ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Connolly ) ) ( VP ( VBZ figures ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( MD would ) ( VP ( VB remain ) ( ADJP-PRD ( JJ healthy ) ) ) ) ) ) ) )

And even without deals Mr. Connolly figures the market would remain healthy


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ notes ) ( PP ( IN for ) ( NP ( NN instance ) ) ) ( SBAR ( WDT that ) ( S ( S ( NP-SBJ ( RB there ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN been ) ( NP-PRD ( DT a ) ( NN merger ) ( CC or ) ( NN acquisition ) ) ( PP-LOC ( IN among ) ( NP ( NP ( DT the ) ( CD 30 ) ( NNS stocks ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ) ) ) ( PP-TMP ( IN since ) ( NP ( CD 1986 ) ) ) ) ) ) ( CC yet ) ( S ( NP-SBJ ( DT that ) ( NN average ) ) ( ADVP-TMP ( NP ( QP ( RB only ) ( CD three ) ) ( NNS weeks ) ) ( RB ago ) ) ( VP ( VBD hit ) ( NP ( DT a ) ( JJ record ) ( NN high ) ) ) ) ) ) ) )

He notes for instance that there has n't been a merger or acquisition among the 30 stocks in the Dow Jones Industrial Average since 1986 yet that average only three weeks ago hit a record high


( S ( S-TPC-1 ( NP-SBJ ( DT Those ) ( NNS stocks ) ) ( VP ( VBP are ) ( ADVP-PRD ( RB up ) ) ( SBAR-PRP ( IN because ) ( S ( S ( NP-SBJ ( PRP$ their ) ( NNS earnings ) ) ( VP ( VBP are ) ( ADVP-PRD ( RB up ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP$ their ) ( NNS dividends ) ) ( VP ( VBP are ) ( ADVP-PRD ( RB up ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Those stocks are up because their earnings are up and their dividends are up he says


( S ( NP-SBJ ( NP ( RB Even ) ( DT the ) ( NN volatility ) ) ( VP ( VBN created ) ( PP ( IN by ) ( NP-LGS ( NP ( NN stock ) ( NN index ) ( NN arbitrage ) ) ( CC and ) ( NP ( JJ other ) ( JJ computer-driven ) ( NN trading ) ( NNS strategies ) ) ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( RB entirely ) ( JJ bad ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Mr. ) ( NNP Connolly ) ( POS 's ) ) ( NN view ) ) ) ) )

Even the volatility created by stock index arbitrage and other computer-driven trading strategies is n't entirely bad in Mr. Connolly 's view


( S ( PP ( IN For ) ( NP ( NP ( DT the ) ( JJ long-term ) ( NN investor ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ picks ) ( NP ( NNS stocks ) ) ( ADVP-MNR ( RB carefully ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN price ) ( NN volatility ) ) ( VP ( MD can ) ( VP ( VB provide ) ( NP ( JJ welcome ) ( NN buying ) ( NNS opportunities ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-2 ( JJ short-term ) ( NNS players ) ) ( VP ( VBP scramble ) ( ADVP-MNR ( RB frantically ) ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NNS stocks ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT a ) ( NN matter ) ) ( PP ( IN of ) ( NP ( NNS minutes ) ) ) ) ) ) ) ) ) ) ) ) ) )

For the long-term investor who picks stocks carefully the price volatility can provide welcome buying opportunities as short-term players scramble frantically to sell stocks in a matter of minutes


( S ( SBARQ-TPC-6 ( WHNP-2 ( WHNP ( WP Who ) ) ) ( SQ ( MD can ) ( VP ( VB make ) ( NP ( DT the ) ( JJR better ) ( NN decision ) ) ( NP-1 ( NP ( NP ( DT the ) ( NN guy ) ) ( SBAR ( WHNP-3 ( WP who ) ) ( S ( VP ( VBZ has ) ( NP ( NP ( CD 10 ) ( NNS seconds ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB decide ) ( SBAR ( WHNP-4 ( WP what ) ) ( S ( VP ( TO to ) ( VP ( VB do ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC or ) ( NP ( NP ( DT the ) ( NN guy ) ) ( PP ( IN with ) ( NP ( NP ( PDT all ) ( DT the ) ( NN time ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Who can make the better decision the guy who has 10 seconds to decide what to do or the guy with all the time in the world he says


( SBARQ ( WHNP-1 ( WHNP ( WP What ) ) ( PP-LOC ( IN on ) ( NP ( NN earth ) ) ) ) ( SQ ( VBZ does ) ( NP-SBJ-2 ( DT the ) ( NNP UAL ) ( NN deal ) ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB do ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( NNP Walmart ) ) ( SBAR ( WHNP-4 ( WDT which ) ) ( S ( NP-SBJ-3 ( PRP I ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( PP-TMP ( IN on ) ( NP ( NNP Oct. ) ( CD 16 ) ) ) ( PP-CLR ( IN at ) ( NP ( DT a ) ( ADJP ( RB very ) ( JJ attractive ) ) ( NN price ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

What on earth does the UAL deal have to do with the price of Walmart which I was able to buy on Oct. 16 at a very attractive price


( S ( NP-SBJ ( NP ( NNP Kidder ) ( NNP Peabody ) ( POS 's ) ) ( NNP Mr. ) ( NNP Jarrett ) ) ( ADVP ( RB also ) ) ( VP ( VBZ sees ) ( NP ( NP ( DT some ) ( NNS benefits ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN stock ) ( NN market ) ( POS 's ) ) ( JJ recent ) ( NN drop ) ) ) ) ) )

Kidder Peabody 's Mr. Jarrett also sees some benefits to the stock market 's recent drop


( S ( S-TPC-3 ( NP-SBJ ( PRP We ) ) ( VP ( VBP 've ) ( VP ( VBN run ) ( PP-DIR ( IN into ) ( NP ( NP ( DT a ) ( NN market ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD was ) ( VP ( VBG beginning ) ( S ( VP ( TO to ) ( VP ( VP ( VB run ) ( ADVP-CLR ( RP out ) ( PP ( IN of ) ( NP ( NN steam ) ) ) ) ) ( CC and ) ( VP ( VB get ) ( ADJP-PRD ( JJ frothy ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

We 've run into a market that was beginning to run out of steam and get frothy he says


( S ( NP-SBJ-2 ( DT The ) ( NN balloon ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN blown ) ( PRT ( RP up ) ) ( S-CLR ( ADJP-PRD ( ADJP ( RB so ) ( JJ big ) ) ( SBAR ( IN that ) ( S ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( NN somebody ) ) ( VP ( VBD came ) ( ADVP-CLR ( RB along ) ) ( PP-MNR ( IN with ) ( NP ( DT a ) ( NN pin ) ) ) ( PRN ( FRAG ( PP-LOC ( IN in ) ( NP ( DT this ) ( NN case ) ) ) ( NP ( DT the ) ( NNP UAL ) ( NN deal ) ) ) ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBD got ) ( NP ( DT a ) ( JJ little ) ( NN pop ) ) ) ) ) ) ) ) ) ) )

The balloon had been blown up so big that when somebody came along with a pin in this case the UAL deal we got a little pop


( SINV ( S-TPC-2 ( NP-SBJ ( DT The ) ( NN pop ) ) ( VP ( VBD sobered ) ( PRT ( RP up ) ) ( NP ( NP ( NNS investors ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG getting ) ( ADJP-PRD ( NP-ADV ( DT a ) ( JJ little ) ) ( RB too ) ( JJ ebullient ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Jarrett ) ) )

The pop sobered up investors who had been getting a little too ebullient says Mr. Jarrett


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD provided ) ( NP ( NP ( DT an ) ( NN excuse ) ) ( SBAR ( IN for ) ( S ( NP-SBJ ( NNS people ) ) ( VP ( VP ( TO to ) ( VP ( VB get ) ( ADVP-CLR ( RB back ) ) ( PP-DIR ( TO to ) ( NP ( NN reality ) ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB look ) ( PP-CLR ( IN at ) ( NP ( NP ( DT the ) ( JJ economic ) ( NN data ) ) ( NP ( ADVP ( RB especially ) ) ( DT the ) ( JJ third-quarter ) ( JJ economic ) ( NNS numbers ) ) ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB realize ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP we ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB gloss ) ( PRT ( RP over ) ) ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( VP ( VBZ is ) ( VP ( VBG going ) ( PRT ( RP on ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN junk ) ( NN bond ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It provided an excuse for people to get back to reality and to look at the economic data especially the third-quarter economic numbers and to realize that we ca n't continue to gloss over what is going on in the junk bond market


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ figures ) ( SBAR ( IN that ) ( S ( PP-LOC ( IN at ) ( NP ( JJ current ) ( NNS levels ) ) ) ( NP-SBJ-1 ( DT the ) ( NN stock ) ( NN market ) ) ( VP ( VBZ is ) ( VP ( ADVP-MNR ( RB comfortably ) ) ( VBN valued ) ( PP ( ADVP ( RB even ) ) ( IN with ) ( S-NOM ( NP-SBJ ( DT the ) ( NN economy ) ) ( ADVP ( RB obviously ) ) ( VP ( VBG slowing ) ) ) ) ) ) ) ) ) )

But he figures that at current levels the stock market is comfortably valued even with the economy obviously slowing


( S ( S-TPC-1 ( SBAR-SBJ ( ADVP ( RB Just ) ) ( IN because ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP 've ) ( VP ( VBN got ) ( S ( NP-SBJ ( DT some ) ( NN realism ) ) ( ADVP-PRD ( RB back ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB mean ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( VP ( VBG going ) ( ADVP-CLR ( RBR lower ) ) ( PP ( IN from ) ( ADVP-LOC ( RB here ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Just because we 've got some realism back in the market does n't mean it 's going lower from here he says


( S ( NP-SBJ ( DT The ) ( JJ bottom ) ( NN line ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ healthy ) ) ( S-1 ( VP ( TO to ) ( VP ( VB have ) ( NP ( NP ( DT this ) ( NN kind ) ) ( PP ( IN of ) ( NP ( JJ sideways ) ( NN activity ) ) ) ) ) ) ) ( PP-TMP ( ADVP ( RB especially ) ) ( IN after ) ( NP ( NP ( DT a ) ( ADJP ( CD 30 ) ( NN % ) ) ( NN gain ) ) ( PP-LOC ( IN in ) ( NP ( NN stock ) ( NNS values ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( CD 12 ) ( NNS months ) ) ) ) ) ) ) ) ) )

The bottom line is that it 's healthy to have this kind of sideways activity especially after a 30 % gain in stock values over the past 12 months


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ 's ) ( ADVP-TMP ( RB now ) ) ( VP ( VBG estimating ) ( SBAR ( IN that ) ( S ( PP-TMP ( IN after ) ( NP ( NP ( DT a ) ( NN period ) ) ( PP ( IN of ) ( NP ( NN consolidation ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( MD will ) ( ADVP-TMP ( RB once ) ( RB again ) ) ( VP ( VB forge ) ( NP ( JJ new ) ( NNS highs ) ) ) ) ) ) ) ) )

He 's now estimating that after a period of consolidation the Dow Jones Industrial Average will once again forge new highs


( ADVP ( ADVP ( RB Maybe ) ) ( ADVP ( RB maybe ) ( RB not ) ) )

Maybe maybe not


( S ( NP-SBJ ( NP ( NNP Abby ) ( NNP Joseph ) ( NNP Cohen ) ) ( NP ( NP ( DT a ) ( NN market ) ( NN strategist ) ) ( PP-LOC ( IN at ) ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( RB nearly ) ( RB so ) ( JJ sanguine ) ( PP ( IN about ) ( NP ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( NNS chances ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG surging ) ( PP-DIR ( TO to ) ( NP ( JJ new ) ( NNS highs ) ) ) ( ADVP-TMP ( RB anytime ) ( RB soon ) ) ) ) ) ) ) ) ) )

Abby Joseph Cohen a market strategist at Drexel Burnham Lambert is n't nearly so sanguine about the market 's chances of surging to new highs anytime soon


( S ( NP-SBJ ( PRP$ Her ) ( NN view ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NN stock ) ( NNS prices ) ) ( VP ( VBP have ) ( NP ( NP ( CD three ) ( JJ major ) ( NNS props ) ) ( NP ( NP ( NN merger ) ( CC and ) ( NN buy-out ) ( NNS proposals ) ) ( NP ( NNS earnings ) ) ( CC and ) ( NP ( DT the ) ( JJ economic ) ( NN outlook ) ) ) ) ) ) ) ) )

Her view is that stock prices have three major props merger and buy-out proposals earnings and the economic outlook


( S ( S-TPC-2 ( PP-LOC ( IN At ) ( NP ( NP ( JJ current ) ( NNS levels ) ) ( PP ( IN of ) ( NP ( NP ( JJ economic ) ( NN activity ) ) ( CC and ) ( NP ( NNS earnings ) ) ) ) ) ) ( NP-SBJ-1 ( NNS stocks ) ) ( VP ( VBP are ) ( VP ( ADVP-MNR ( RB fairly ) ) ( VBN valued ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) )

At current levels of economic activity and earnings stocks are fairly valued she says


( S ( CC But ) ( S ( NP-SBJ ( DT any ) ( NN chance ) ( SBAR ( IN for ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( TO to ) ( VP ( VB surge ) ( PP-DIR ( IN above ) ( NP ( JJ fair ) ( NN value ) ) ) ) ) ) ) ) ( VP ( VBZ lies ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT the ) ( NN speculation ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ accompanies ) ( NP ( DT a ) ( JJ vigorous ) ( NN merger ) ( CC and ) ( NN buy-out ) ( NN business ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP UAL ) ) ( VP ( VBZ has ) ( ADVP ( RB obviously ) ) ( VP ( VBN put ) ( NP ( DT a ) ( NN damper ) ) ( PP-PUT ( IN on ) ( NP ( DT that ) ) ) ) ) ) )

But any chance for prices to surge above fair value lies in the speculation that accompanies a vigorous merger and buy-out business and UAL has obviously put a damper on that


( S ( S-TPC-1 ( S ( NP-SBJ ( NNS Stocks ) ) ( VP ( VBP are ) ( RB n't ) ( ADVP-PRD ( RB cheap ) ) ( ADVP-TMP ( RB anymore ) ) ) ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( NP-PRD ( DT some ) ( ADJP ( JJ judicial ) ( CC and ) ( JJ legislative ) ) ( NNS changes ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN merger ) ( NN area ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( DT this ) ) ) ) ( VP ( VBZ changes ) ( NP ( NP ( DT the ) ( NN arithmetic ) ) ( PP ( IN of ) ( NP ( NNS deals ) ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) )

Stocks are n't cheap anymore there have been some judicial and legislative changes in the merger area and all of this changes the arithmetic of deals she says


( S ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( RB not ) ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 've ) ( VP ( VBD stopped ) ( ADVP-CLR ( RB altogether ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( S ( NP-SBJ-2 ( JJ future ) ( NNS deals ) ) ( VP ( VBP are ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN structured ) ( ADVP-MNR ( RB differently ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( VBZ bids ) ) ( ADVP ( RB probably ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( ADJP-PRD ( RB as ) ( JJ high ) ) ) ) ) ) )

I 'm not saying they 've stopped altogether but future deals are going to be structured differently and bids probably wo n't be as high


( S ( CC But ) ( NP-SBJ ( DT that ) ) ( VP ( VBZ 's ) ( RB not ) ( NP-PRD ( DT the ) ( JJ only ) ( NN problem ) ) ( PP ( IN for ) ( NP ( NNS stocks ) ) ) ) )

But that 's not the only problem for stocks


( S ( NP-SBJ ( NP ( DT The ) ( JJ other ) ( CD two ) ( NNS props ) ) ( NP ( NP ( NNS earnings ) ) ( CC and ) ( NP ( DT the ) ( JJ economic ) ( NN outlook ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ troubling ) ) ( ADVP ( RB too ) ) ) )

The other two props earnings and the economic outlook are troubling too


( S ( S-TPC-1 ( S ( NP-SBJ ( NN M&A ) ) ( VP ( VBZ is ) ( VP ( VBG getting ) ( NP ( PDT all ) ( DT the ) ( NNS headlines ) ) ( ADVP-TMP ( RB right ) ( RB now ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT these ) ( JJ other ) ( NNS things ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG building ) ( PRT ( RP up ) ) ( ADVP-MNR ( RBR more ) ( RB gradually ) ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) )

M&A is getting all the headlines right now but these other things have been building up more gradually she says


( S ( S ( NP-SBJ ( JJ Third-quarter ) ( NNS earnings ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( ADVP ( RB generally ) ) ( ADJP-PRD ( JJ disappointing ) ) ) ) ) ( CC and ) ( S ( PP ( IN with ) ( S-NOM ( NP-SBJ ( JJ economic ) ( NNS data ) ) ( VP ( VBG showing ) ( NP ( DT a ) ( JJ clear ) ( NN slowing ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN outlook ) ) ( PP ( IN for ) ( NP ( NP ( NNS earnings ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ fourth ) ( NN quarter ) ) ( CC and ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( CD 1990 ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG getting ) ( ADJP-PRD ( JJR worse ) ) ) ) ) )

Third-quarter earnings have been generally disappointing and with economic data showing a clear slowing the outlook for earnings in the fourth quarter and all of 1990 is getting worse


( S ( S-TPC-1 ( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( ADJP ( ADJP ( ADVP ( NP ( DT a ) ( NN lot ) ) ( RBR more ) ) ( JJ downward ) ) ( PP ( IN than ) ( ADJP ( JJ upward ) ) ) ) ( NNS revisions ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ looks ) ( SBAR-CLR ( IN like ) ( S ( NP-SBJ ( NNS people ) ) ( VP ( VBP are ) ( VP ( VBG questioning ) ( NP ( NP ( JJ corporate ) ( NNS profits ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN means ) ) ( PP ( IN of ) ( NP ( NP ( NN support ) ) ( PP ( IN for ) ( NP ( NN stock ) ( NNS prices ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) )

There are a lot more downward than upward revisions and it looks like people are questioning corporate profits as a means of support for stock prices she says


( SQ ( PP ( IN With ) ( NP ( PDT all ) ( DT this ) ) ) ( MD can ) ( NP-SBJ ( VB stock ) ( NNS prices ) ) ( VP ( VB hold ) ( NP ( PRP$ their ) ( JJ own ) ) ) )

With all this can stock prices hold their own


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN question ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ unanswerable ) ) ( PP-TMP ( IN at ) ( NP ( DT this ) ( NN point ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) )

The question is unanswerable at this point she says


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ depends ) ( PP-CLR ( IN on ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( VP ( VBZ happens ) ) ) ) ) ) )

It depends on what happens


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( NN economy ) ) ( VP ( VBZ slips ) ( PP-DIR ( IN into ) ( NP ( DT a ) ( NN recession ) ) ) ) ) ) ( ADVP ( RB then ) ) ( NP-SBJ ( DT this ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( NP ( DT a ) ( NN level ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ 's ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB hold ) ) ) ) ) ) ) ) ) ) )

If the economy slips into a recession then this is n't a level that 's going to hold


( NP-HLN ( NP ( NNP Friday ) ( POS 's ) ) ( NN Market ) ( NN Activity ) )

Friday 's Market Activity


( S ( NP-SBJ ( NN Stock ) ( NNS prices ) ) ( VP ( VBD tumbled ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( JJ third ) ( JJ consecutive ) ( NN day ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( NP ( NNS earnings ) ( NNS disappointments ) ) ( NP ( DT a ) ( JJ sluggish ) ( NN economy ) ) ( CC and ) ( NP ( DT a ) ( JJ fragile ) ( NN junk ) ( NN bond ) ( NN market ) ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB weigh ) ( PP-CLR ( IN on ) ( NP ( NNS investors ) ) ) ) ) ) ) ) ) ) )

Stock prices tumbled for a third consecutive day as earnings disappointments a sluggish economy and a fragile junk bond market continued to weigh on investors


( S ( NP-SBJ ( DT The ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 17.01 ) ( NNS points ) ) ( PP-DIR ( TO to ) ( NP ( CD 2596.72 ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ active ) ( NN trading ) ) ) ) )

The Dow Jones Industrial Average fell 17.01 points to 2596.72 in active trading


( S ( NP-SBJ ( NP ( NN Volume ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ( VP ( VBD totaled ) ( NP ( CD 170,330,000 ) ( NNS shares ) ) ) )

Volume on the New York Stock Exchange totaled 170,330,000 shares


( S ( NP-SBJ ( NP ( VBG Declining ) ( NNS issues ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB far ) ( RB ahead ) ( PP ( IN of ) ( NP ( NNS gainers ) ) ) ) ( ADVP ( CD 1,108 ) ( TO to ) ( CD 416 ) ) ) )

Declining issues on the Big Board were far ahead of gainers 1,108 to 416


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( NN week ) ) ) ( NP-SBJ ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( VBD sank ) ( NP-EXT ( NP ( CD 92.42 ) ( NNS points ) ) ( CC or ) ( NP ( CD 3.4 ) ( NN % ) ) ) ) )

For the week the Dow Jones Industrial Average sank 92.42 points or 3.4 %


( S ( S ( NP-SBJ ( NN Oil ) ( NNS stocks ) ) ( VP ( VBD escaped ) ( NP ( NP ( DT the ) ( NN brunt ) ) ( PP ( IN of ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN selling ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-3 ( NP ( JJ several ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB post ) ( NP ( NNS gains ) ) ) ) ) ) ( PP-4 ( VBG including ) ( NP ( NP ( NNP Chevron ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD rose ) ( NP-EXT ( CD 5\/8 ) ) ( PP-DIR ( TO to ) ( NP ( CD 66 ) ( CD 3\/8 ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Big ) ( NNP Board ) ( NN composite ) ( NN trading ) ) ( PP ( IN of ) ( NP ( QP ( CD 2.4 ) ( CD million ) ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) ) )

Oil stocks escaped the brunt of Friday 's selling and several were able to post gains including Chevron which rose 5\/8 to 66 3\/8 in Big Board composite trading of 2.4 million shares


( S ( NP-SBJ ( NP ( DT The ) ( NN stock ) ( POS 's ) ) ( NN advance ) ) ( VP ( VBD reflected ) ( NP ( JJ ongoing ) ( NN speculation ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Pennzoil ) ) ( VP ( VBZ is ) ( VP ( VBG accumulating ) ( NP ( NP ( DT a ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN company ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Dow ) ( NNP Jones ) ( NNP Professional ) ( NNP Investor ) ( NNP Report ) ) ) ) ) ) ) ) ) ) )

The stock 's advance reflected ongoing speculation that Pennzoil is accumulating a stake in the company according to Dow Jones Professional Investor Report


( S ( S ( NP-SBJ-1 ( DT Both ) ( NNS companies ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NNS rumors ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( JJ several ) ( NN industry ) ( NNS analysts ) ) ( VP ( VBD told ) ( NP ( DT the ) ( NNP Professional ) ( NNP Investor ) ( NNP Report ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD believed ) ( SBAR ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ plausible ) ) ( SBAR-2 ( IN that ) ( S ( NP-SBJ ( NNP Pennzoil ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBG buying ) ( NP ( NNP Chevron ) ( NNS shares ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN prelude ) ) ( PP ( TO to ) ( S-NOM ( VP ( VBG pushing ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN restructuring ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Both companies declined to comment on the rumors but several industry analysts told the Professional Investor Report they believed it was plausible that Pennzoil may be buying Chevron shares as a prelude to pushing for a restructuring of the company


( S ( NP-SBJ ( NNP USX ) ) ( VP ( VBD gained ) ( NP ( CD 1\/2 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 33 ) ( CD 3\/8 ) ) ) ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( NN report ) ) ( PP-LOC ( IN in ) ( NP ( NNP Business ) ( NNP Week ) ( NN magazine ) ) ) ( SBAR-2 ( IN that ) ( S ( NP-SBJ-1 ( NN investor ) ( NNP Carl ) ( NNP Icahn ) ) ( VP ( VBZ is ) ( VP ( VBD said ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN raised ) ( NP ( NP ( PRP$ his ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN oil ) ( CC and ) ( NN steel ) ( NN company ) ) ) ) ( PP-CLR ( TO to ) ( NP ( QP ( RB just ) ( RB about ) ( CD 15 ) ) ( NN % ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

USX gained 1\/2 to 33 3\/8 on a report in Business Week magazine that investor Carl Icahn is said to have raised his stake in the oil and steel company to just about 15 %


( S ( NP-TMP ( RB Earlier ) ( DT this ) ( NN month ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Icahn ) ) ( VP ( VBD boosted ) ( NP ( PRP$ his ) ( NNP USX ) ( NN stake ) ) ( PP-DIR ( TO to ) ( NP ( CD 13.4 ) ( NN % ) ) ) ) )

Earlier this month Mr. Icahn boosted his USX stake to 13.4 %


( S ( ADVP-LOC ( RB Elsewhere ) ( PP ( IN in ) ( NP ( DT the ) ( NN oil ) ( NN sector ) ) ) ) ( S ( NP-SBJ ( NNP Exxon ) ) ( VP ( VBD rallied ) ( NP-ADV ( CD 7\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 45 ) ( CD 3\/4 ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Amoco ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1\/8 ) ) ( PP-DIR ( TO to ) ( NP ( CD 47 ) ) ) ) ) ( S ( NP-SBJ ( NNP Texaco ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ unchanged ) ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 51 ) ( CD 3\/4 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Atlantic ) ( NNP Richfield ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 1 ) ( CD 5\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 99 ) ( CD 1\/2 ) ) ) ) ) ) )

Elsewhere in the oil sector Exxon rallied 7\/8 to 45 3\/4 Amoco rose 1\/8 to 47 Texaco was unchanged at 51 3\/4 and Atlantic Richfield fell 1 5\/8 to 99 1\/2


( S ( NP-SBJ ( NP ( NNP Mobil ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB cut ) ( NP ( PRP$ its ) ( NN exploration ) ( CC and ) ( NN production ) ( NN work ) ( NN force ) ) ( PP-EXT ( IN by ) ( NP ( QP ( RB about ) ( CD 8 ) ) ( NN % ) ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN restructuring ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 5\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 56 ) ( CD 1\/8 ) ) ) ) ) )

Mobil which said it plans to cut its exploration and production work force by about 8 % in a restructuring dropped 5\/8 to 56 1\/8


( S ( NP-SBJ ( DT The ) ( JJ precious ) ( NNS metals ) ( NN sector ) ) ( VP ( VBD outgained ) ( NP ( JJ other ) ( NNP Dow ) ( NNP Jones ) ( NN industry ) ( NNS groups ) ) ( PP-EXT ( IN by ) ( NP ( DT a ) ( JJ wide ) ( NN margin ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ second ) ( JJ consecutive ) ( NN session ) ) ) ) )

The precious metals sector outgained other Dow Jones industry groups by a wide margin for the second consecutive session


( S ( S ( NP-SBJ ( NNP Hecla ) ( NNP Mining ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 5\/8 ) ) ( PP-DIR ( TO to ) ( NP ( CD 14 ) ) ) ) ) ( S ( NP-SBJ ( NNP Battle ) ( NNP Mountain ) ( NNP Gold ) ) ( VP ( VBD climbed ) ( NP-ADV ( CD 3\/4 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 16 ) ( CD 3\/4 ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Homestake ) ( NNP Mining ) ) ( VP ( VBD rose ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 16 ) ( CD 7\/8 ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Lac ) ( NNP Minerals ) ) ( VP ( VBD added ) ( NP ( CD 5\/8 ) ) ( PP-DIR ( TO to ) ( NP ( CD 11 ) ) ) ) ) ( S ( NP-SBJ ( NNP Placer ) ( NNP Dome ) ) ( VP ( VBD went ) ( ADVP-DIR ( RB up ) ) ( NP-EXT ( CD 7\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 16 ) ( CD 3\/4 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP ASA ) ( NNP Ltd. ) ) ( VP ( VBD jumped ) ( NP-EXT ( QP ( CD 3 ) ( CD 5\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 49 ) ( CD 5\/8 ) ) ) ) ) ) )

Hecla Mining rose 5\/8 to 14 Battle Mountain Gold climbed 3\/4 to 16 3\/4 Homestake Mining rose 1 1\/8 to 16 7\/8 Lac Minerals added 5\/8 to 11 Placer Dome went up 7\/8 to 16 3\/4 and ASA Ltd. jumped 3 5\/8 to 49 5\/8


( S ( NP-SBJ ( NP ( NNP Gold ) ( NN mining ) ( NNS stocks ) ) ( VP ( VBN traded ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP American ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD showed ) ( NP ( NN strength ) ) ) )

Gold mining stocks traded on the American Stock Exchange also showed strength


( S ( S ( NP-SBJ ( NNP Echo ) ( NNP Bay ) ( NNP Mines ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 5\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 15 ) ( CD 7\/8 ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Pegasus ) ( NNP Gold ) ) ( VP ( VBD advanced ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/2 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 12 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Corona ) ( NNP Class ) ( NNP A ) ) ( VP ( VBD gained ) ( NP ( CD 1\/2 ) ) ( PP-CLR ( TO to ) ( NP ( QP ( CD 7 ) ( CD 1\/2 ) ) ) ) ) ) )

Echo Bay Mines rose 5\/8 to 15 7\/8 Pegasus Gold advanced 1 1\/2 to 12 and Corona Class A gained 1\/2 to 7 1\/2


( S ( S ( NP-SBJ-1 ( NNP Unisys ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 3\/4 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 16 ) ( CD 1\/4 ) ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG posting ) ( NP ( NP ( DT a ) ( JJ third-quarter ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( NP ( CD 4.25 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( PP ( VBG including ) ( NP ( NN restructuring ) ( NNS charges ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( JJ other ) ( JJ important ) ( NN technology ) ( NNS issues ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ mixed ) ) ) ) )

Unisys dropped 3\/4 to 16 1\/4 after posting a third-quarter loss of 4.25 a share including restructuring charges but other important technology issues were mixed


( S ( NP-SBJ ( NP ( NNP Compaq ) ( NNP Computer ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD had ) ( VP ( VBN lost ) ( NP ( QP ( CD 8 ) ( CD 5\/8 ) ) ) ( NP-TMP ( NNP Thursday ) ) ( PP-TMP ( VBG following ) ( NP ( DT a ) ( JJ disappointing ) ( JJ quarterly ) ( NN report ) ) ) ) ) ) ) ) ( VP ( VBD gained ) ( NP ( CD 5\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 100 ) ( CD 5\/8 ) ) ) ) ) )

Compaq Computer which had lost 8 5\/8 Thursday following a disappointing quarterly report gained 5\/8 to 100 5\/8


( S ( NP-SBJ ( NNP International ) ( NNP Business ) ( NNP Machines ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 7\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 99 ) ( CD 7\/8 ) ) ) ) ) )

International Business Machines dropped 7\/8 to 99 7\/8


( S ( S ( NP-SBJ ( NNP Digital ) ( NNP Equipment ) ) ( VP ( VBD tacked ) ( PRT ( RP on ) ) ( NP ( QP ( CD 1 ) ( CD 1\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 89 ) ( CD 1\/8 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Hewlett-Packard ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 3\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 49 ) ( CD 3\/8 ) ) ) ) ) ) )

Digital Equipment tacked on 1 1\/8 to 89 1\/8 and Hewlett-Packard fell 3\/8 to 49 3\/8


( S ( NP-SBJ ( JJ Dividend-related ) ( NN trading ) ) ( VP ( VBD swelled ) ( NP ( NP ( NN volume ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Merrill ) ( NNP Lynch ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD closed ) ( ADVP-CLR ( JJ unchanged ) ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 28 ) ( CD 3\/8 ) ) ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( QP ( CD 2.7 ) ( CD million ) ) ( NNS shares ) ) ( VP ( VBD changed ) ( NP ( NNS hands ) ) ) ) ) ) )

Dividend-related trading swelled volume in Merrill Lynch which closed unchanged at 28 3\/8 as 2.7 million shares changed hands


( S ( NP-SBJ ( DT The ) ( NN stock ) ) ( VP ( VP ( VBZ has ) ( NP ( DT a ) ( ADJP ( CD 3.5 ) ( NN % ) ) ( NN dividend ) ( NN yield ) ) ) ( CC and ) ( VP ( VBZ goes ) ( ADJP-PRD ( JJ ex-dividend ) ) ( NP-TMP ( NN today ) ) ) ) )

The stock has a 3.5 % dividend yield and goes ex-dividend today


( S ( NP-SBJ ( NNP Erbamont ) ) ( VP ( VBD advanced ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 36 ) ( CD 1\/2 ) ) ) ) ( PP-CLR ( IN on ) ( NP ( QP ( CD 1.9 ) ( CD million ) ) ( NNS shares ) ) ) ) )

Erbamont advanced 1 1\/8 to 36 1\/2 on 1.9 million shares


( S ( NP-SBJ-2 ( NP ( NNP Montedison ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ owns ) ( NP ( NP ( QP ( RB about ) ( CD 72 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ common ) ( NN stock ) ) ) ) ) ) ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( DT the ) ( NN rest ) ) ( PP-CLR ( IN for ) ( NP ( NP ( CD 37 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) )

Montedison which owns about 72 % of the company 's common stock agreed to buy the rest for 37 a share


( S ( NP-SBJ ( NP ( NNP Himont ) ) ( NP ( NP ( DT another ) ( JJ majority-owned ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Montedison ) ) ) ) ) ( VP ( VBD added ) ( NP ( QP ( CD 1 ) ( CD 1\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 47 ) ( CD 1\/8 ) ) ) ) ) )

Himont another majority-owned unit of Montedison added 1 1\/4 to 47 1\/8


( S ( NP-SBJ ( NNP Milton ) ( NNP Roy ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 2 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 18 ) ( CD 3\/8 ) ) ) ) ) )

Milton Roy jumped 2 to 18 3\/8


( S ( NP-SBJ ( NNP Crane ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VP ( VBZ holds ) ( NP ( NP ( DT an ) ( ADJP ( CD 8.9 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN company ) ) ) ) ) ( CC and ) ( VP ( MD may ) ( VP ( VB seek ) ( NP ( NN control ) ) ) ) ) ) ) ) )

Crane said it holds an 8.9 % stake in the company and may seek control


( S ( NP-SBJ ( NNP Crane ) ) ( VP ( VBD dropped ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 21 ) ( CD 1\/8 ) ) ) ) ) )

Crane dropped 1 1\/8 to 21 1\/8


( S ( NP-SBJ ( NP ( NNP Comprehensive ) ( NNP Care ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD terminated ) ( NP ( PRP$ its ) ( NN agreement ) ( S ( VP ( TO to ) ( VP ( VB merge ) ( PP-CLR ( IN with ) ( NP ( NNP First ) ( NNP Hospital ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 7\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 3 ) ( CD 7\/8 ) ) ) ) ) )

Comprehensive Care which terminated its agreement to merge with First Hospital dropped 7\/8 to 3 7\/8


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN company ) ( POS 's ) ) ( NN decision ) ) ( VP ( VBD was ) ( VP ( VBN made ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ-2 ( NNP First ) ( NNP Hospital ) ) ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB obtain ) ( NP ( NP ( NN financing ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( NN offer ) ) ) ) ) ) ) ) ) ) ) ) )

The company 's decision was made after First Hospital failed to obtain financing for its offer


( S ( NP-SBJ ( NNP Wilfred ) ( NNP American ) ( NNP Educational ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT a ) ( JJ federal ) ( JJ grand ) ( NN jury ) ) ( PP-LOC ( IN in ) ( NP ( NNP Boston ) ) ) ) ( VP ( VBD indicted ) ( NP ( NP ( DT the ) ( NN operator ) ) ( PP ( IN of ) ( NP ( NN cosmetology ) ( CC and ) ( NN business ) ( NNS schools ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NN mail ) ( NN fraud ) ) ) ) ) ) ) )

Wilfred American Educational Corp. said a federal grand jury in Boston indicted the operator of cosmetology and business schools for mail fraud


( S ( S-TPC-3 ( NP-SBJ ( NP ( DT The ) ( NNS charges ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ 12-count ) ( NN indictment ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP stem ) ( PP-CLR ( IN from ) ( NP ( NP ( NNS events ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( ADVP ( RB allegedly ) ) ( VP ( VBD occurred ) ( PP-TMP ( IN in ) ( NP ( NP ( JJ late ) ( CD 1984 ) ) ( CC and ) ( NP ( JJ early ) ( CD 1985 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBP involve ) ( NP ( NP ( NP ( NN enrollment ) ( NNS procedures ) ) ( PP ( IN of ) ( NP ( CD six ) ( NNS students ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN preparation ) ) ( PP ( IN of ) ( NP ( JJ certain ) ( NNS reports ) ) ) ) ) ) ) ( NP-SBJ ( VBD Wilfred ) ) ( VP ( VBD said ) ) )

The charges in the 12-count indictment which stem from events that allegedly occurred in late 1984 and early 1985 involve enrollment procedures of six students and the preparation of certain reports Wilfred said


( S ( NP-SBJ-1 ( DT No ) ( NNS individuals ) ) ( VP ( VBD were ) ( VP ( VBN charged ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN indictment ) ) ) ) ) )

No individuals were charged in the indictment


( S ( NP-SBJ ( NNP Wilfred ) ( NNP American ) ) ( VP ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( ADVP-MNR ( RB vigorously ) ) ( VB defend ) ( NP ( PRP itself ) ) ( PP-CLR ( IN against ) ( NP ( DT the ) ( NNS charges ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNS charges ) ) ( VP ( VBP relate ) ( PP-CLR ( TO to ) ( NP ( NP ( NNS procedures ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB since ) ) ( VP ( VBN changed ) ) ) ) ) ) ) ) ) ) ) ) )

Wilfred American said it will vigorously defend itself against the charges and added that the charges relate to procedures that it has since changed


( S ( NP-SBJ ( NP ( CD Eight ) ( NNS admissions ) ( NNS representatives ) ) ( PP-LOC ( IN at ) ( NP ( NP ( CD two ) ) ( PP ( IN of ) ( NP ( NP ( NNP Wilfred ) ( POS 's ) ) ( JJ former ) ( NNP Massachusetts ) ( NNS schools ) ) ) ) ) ) ( ADVP-TMP ( RB previously ) ) ( VP ( VBD pleaded ) ( ADJP-CLR ( JJ guilty ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NNS charges ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG aiding ) ( VBG abetting ) ( CC and ) ( VBG counseling ) ( S ( NP-SBJ ( NNS students ) ) ( VP ( TO to ) ( VP ( VB submit ) ( NP ( JJ false ) ( NN financial-aid ) ( NNS applications ) ) ) ) ) ) ) ) ) ) ) )

Eight admissions representatives at two of Wilfred 's former Massachusetts schools previously pleaded guilty to charges of aiding abetting and counseling students to submit false financial-aid applications


( S ( NP-SBJ ( NNP Wilfred ) ) ( VP ( VBD closed ) ( NP ( PRP$ its ) ( NNP Massachusetts ) ( NNS schools ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN year ) ) ) )

Wilfred closed its Massachusetts schools earlier this year


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-TMP ( NNP Friday ) ) ( NP-SBJ ( NNP Wilfred ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 6.25 ) ( NNS cents ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 93.75 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) )

In New York Stock Exchange composite trading Friday Wilfred fell 6.25 cents to 93.75 cents a share


( S ( NP-SBJ ( NNP John ) ( NNP Labatt ) ( NNP Ltd. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ plans ) ( NP ( NP ( DT a ) ( JJ private ) ( NN placement ) ) ( PP ( IN of ) ( NP ( NP ( NP ( QP ( CD 150 ) ( CD million ) ) ( JJ Canadian ) ( NNS dollars ) ) ( PRN ( NP ( QP ( CD 127.5 ) ( CD million ) ) ) ) ) ( PP ( IN in ) ( NP ( JJ preferred ) ( NNS shares ) ) ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN completed ) ( PP-TMP ( IN around ) ( NP ( NNP Nov. ) ( CD 1 ) ) ) ) ) ) ) ) ) ) ) ) ) )

John Labatt Ltd. said it plans a private placement of 150 million Canadian dollars 127.5 million in preferred shares to be completed around Nov. 1


( SINV ( S-TPC ( NP-SBJ-1 ( NNS Proceeds ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( NP ( JJ short-term ) ( NN debt ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN beer ) ( CC and ) ( NN food ) ( NN concern ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Robert ) ( NNP Vaux ) ) ( NP ( NP ( NN vice ) ( NN president ) ) ( NP ( NN finance ) ) ) ) )

Proceeds will be used to reduce short-term debt at the beer and food concern said Robert Vaux vice president finance


( S ( NP-SBJ ( DT The ) ( JJ preferred ) ( NNS shares ) ) ( VP ( MD will ) ( VP ( VB carry ) ( NP ( NP ( DT a ) ( JJ floating ) ( JJ annual ) ( NN dividend ) ) ( ADJP ( JJ equal ) ( PP ( TO to ) ( NP ( NP ( CD 72 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ 30-day ) ( NNS bankers ) ( POS ' ) ) ( NN acceptance ) ( NN rate ) ) ) ) ) ) ) ( PP-TMP ( IN until ) ( NP ( NP ( NNP Dec. ) ( CD 31 ) ) ( NP ( CD 1994 ) ) ) ) ) ) )

The preferred shares will carry a floating annual dividend equal to 72 % of the 30-day bankers ' acceptance rate until Dec. 31 1994


( S ( ADVP-TMP ( RB Thereafter ) ) ( NP-SBJ-1 ( DT the ) ( NN rate ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN renegotiated ) ) ) ) )

Thereafter the rate will be renegotiated


( S ( NP-SBJ ( NNP Mr. ) ( NNP Vaux ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( DT no ) ( NN agreement ) ) ( VP ( VBZ is ) ( VP ( VBN reached ) ) ) ) ) ( NP-SBJ-2 ( JJ other ) ( NNS buyers ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sought ) ( PP-MNR ( IN by ) ( NP ( NN bid ) ( CC or ) ( NN auction ) ) ) ) ) ) ) ) ) )

Mr. Vaux said that if no agreement is reached other buyers will be sought by bid or auction


( S ( NP-SBJ ( DT The ) ( NNS shares ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ redeemable ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( CD 1994 ) ) ) ) ) ) )

The shares are redeemable after the end of 1994


( S ( NP-SBJ ( NNP Mr. ) ( NNP Vaux ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN share ) ( NN issue ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN strategy ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB strengthen ) ( NP ( NP ( NNP Labatt ) ( POS 's ) ) ( NN balance ) ( NN sheet ) ) ( PP ( IN in ) ( NP ( NP ( NN anticipation ) ) ( PP ( IN of ) ( NP ( NP ( NNS acquisitions ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN made ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ next ) ( QP ( CD 12 ) ( TO to ) ( CD 18 ) ) ( NNS months ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Vaux said the share issue is part of a strategy to strengthen Labatt 's balance sheet in anticipation of acquisitions to be made during the next 12 to 18 months


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNP Labatt ) ( POS 's ) ) ) ( VP ( VBZ has ) ( NP ( NP ( DT no ) ( NN takeover ) ( NNS bids ) ) ( ADJP ( JJ outstanding ) ) ) ( ADVP-TMP ( RB currently ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Labatt 's has no takeover bids outstanding currently he said


( S ( NP-SBJ ( NP ( JJ Lead ) ( NN underwriter ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN issue ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NNP Toronto ) ( NNP Dominion ) ( NNPS Securities ) ( NNP Inc ) ) ) )

Lead underwriter to the issue is Toronto Dominion Securities Inc


( S ( NP-SBJ ( NP ( NP ( DT THE ) ( NNP FINANCIAL ) ( NNP ACCOUNTING ) ( NNPS STANDARDS ) ( NNP BOARD'S ) ) ( JJ coming ) ( NN rule ) ) ( PP ( IN on ) ( NP ( NP ( NN disclosure ) ) ( VP ( VBG involving ) ( NP ( JJ financial ) ( NNS instruments ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ effective ) ) ( PP ( IN for ) ( NP ( NP ( JJ financial ) ( NNS statements ) ) ( PP ( IN with ) ( NP ( NP ( JJ fiscal ) ( NNS years ) ) ( VP ( VBG ending ) ( PP-TMP ( IN after ) ( NP ( NNP June ) ( CD 15 ) ( CD 1990 ) ) ) ) ) ) ) ) ) ) )

THE FINANCIAL ACCOUNTING STANDARDS BOARD'S coming rule on disclosure involving financial instruments will be effective for financial statements with fiscal years ending after June 15 1990


( S ( NP-SBJ-1 ( DT The ) ( NN date ) ) ( VP ( VBD was ) ( VP ( VBN misstated ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN edition ) ) ) ) ) )

The date was misstated in Friday 's edition


( S ( NP-SBJ ( DT The ) ( NNP Treasury ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( QP ( CD 2 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( JJ 51-day ) ( JJ cash-management ) ( NNS bills ) ) ) ) ( NP-TMP ( NN today ) ) ( S-ADV ( VP ( VBG raising ) ( NP ( RB all ) ( JJ new ) ( NN cash ) ) ) ) ) ) ) ) ) ) ) )

The Treasury said it plans to sell 2 billion of 51-day cash-management bills today raising all new cash


( S ( NP-SBJ-1 ( DT The ) ( NNS bills ) ) ( VP ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN dated ) ( NP ( NNP Oct. ) ( CD 31 ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB mature ) ( NP-TMP ( NNP Dec. ) ( CD 21 ) ) ) ) ) )

The bills will be dated Oct. 31 and will mature Dec. 21


( S ( NP-SBJ-1 ( DT No ) ( JJ non-competitive ) ( NNS tenders ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN accepted ) ) ) ) )

No non-competitive tenders will be accepted


( S ( NP-SBJ-1 ( NP ( NNS Tenders ) ) ( ADJP ( JJ available ) ( PP ( IN in ) ( NP ( NP ( JJ minimum ) ( NNS denominations ) ) ( PP ( IN of ) ( NP ( QP ( CD 1 ) ( CD million ) ) ) ) ) ) ) ) ( VP ( MD must ) ( VP ( VB be ) ( VP ( VBN received ) ( PP-TMP ( IN by ) ( NP ( NN noon ) ( NN EST ) ) ) ( NP-TMP ( NN today ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Federal ) ( NNP Reserve ) ( NNPS Banks ) ) ( CC or ) ( NP ( NNS branches ) ) ) ) ) ) ) )

Tenders available in minimum denominations of 1 million must be received by noon EST today at Federal Reserve Banks or branches


( S ( NP-SBJ ( DT The ) ( NNP Treasury ) ) ( ADVP ( RB also ) ) ( VP ( VBD announced ) ( NP ( NP ( NNS details ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT this ) ( NN week ) ( POS 's ) ) ( JJ unusual ) ( NN bill ) ( NN auction ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN changed ) ( S-PRP ( VP ( TO to ) ( VP ( VB accommodate ) ( NP ( NP ( DT the ) ( NN expiration ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ federal ) ( NN debt ) ( NN ceiling ) ) ) ( PP-TMP ( IN at ) ( NP ( NN midnight ) ) ) ( NP-TMP ( NN tomorrow ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Treasury also announced details of this week 's unusual bill auction which has been changed to accommodate the expiration of the federal debt ceiling at midnight tomorrow


( S ( NP-SBJ-1 ( DT The ) ( JJ 13-week ) ( CC and ) ( JJ 27-week ) ( NNS bills ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN issued ) ( NP-TMP ( NP ( NN tomorrow ) ) ( PP ( RB rather ) ( IN than ) ( NP ( NP ( NNP Thursday ) ) ( NP ( NNP Nov. ) ( CD 2 ) ) ( SBAR ( RB as ) ( S ( ADVP-TMP ( RB originally ) ) ( VP ( VBN planned ) ) ) ) ) ) ) ) ) ) )

The 13-week and 27-week bills will be issued tomorrow rather than Thursday Nov. 2 as originally planned


( S ( S ( NP-SBJ-2 ( DT The ) ( JJ three-month ) ( NNS bills ) ) ( VP ( MD will ) ( ADVP-TMP ( RB still ) ) ( VP ( VB mature ) ( NP-TMP-1 ( NNP Feb. ) ( CD 1 ) ( CD 1990 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ=2 ( DT the ) ( JJ six-month ) ( NNS bills ) ) ( PP-TMP=1 ( IN on ) ( NP ( NNP May ) ( CD 3 ) ( CD 1990 ) ) ) ) )

The three-month bills will still mature Feb. 1 1990 and the six-month bills on May 3 1990


( S ( NP-SBJ ( DT The ) ( NNP Treasury ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( JJ noncompetitive ) ( NNS tenders ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN considered ) ( S ( ADJP-PRD ( JJ timely ) ) ) ( SBAR-ADV ( IN if ) ( S ( VP ( VP ( VBN postmarked ) ( ADVP-TMP ( ADVP ( RB no ) ( RBR later ) ) ( PP ( IN than ) ( NP ( NP ( NNP Sunday ) ) ( NP ( NNP Oct. ) ( CD 29 ) ) ) ) ) ) ( CC and ) ( VP ( VBN received ) ( ADVP-TMP ( ADVP ( RB no ) ( RBR later ) ) ( PP ( IN than ) ( NP ( NN tomorrow ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Treasury also said noncompetitive tenders will be considered timely if postmarked no later than Sunday Oct. 29 and received no later than tomorrow


( S ( NP-SBJ ( DT The ) ( NNP Treasury ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB honor ) ( NP ( NP ( NN reinvestment ) ( NNS requests ) ) ( PP ( IN from ) ( NP ( NP ( NNS holders ) ) ( PP ( IN of ) ( NP ( NP ( NNS bills ) ) ( VP ( VBG maturing ) ( NP-TMP ( NNP Nov. ) ( CD 2 ) ) ) ( VP ( VBN held ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP Treasury ) ( POS 's ) ) ( JJ book-entry ) ( NN system ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Treasury said it wo n't be able to honor reinvestment requests from holders of bills maturing Nov. 2 held in the Treasury 's book-entry system


( S ( NP-SBJ ( DT The ) ( NN department ) ) ( VP ( MD will ) ( VP ( VB make ) ( NP ( NP ( NN payment ) ) ( PP ( IN for ) ( NP ( NP ( NNS bills ) ) ( VP ( VBG maturing ) ( PP-TMP ( IN on ) ( NP ( NNP Nov. ) ( CD 2 ) ) ) ) ) ) ) ( PP-CLR ( PP ( TO to ) ( NP ( NP ( DT all ) ( NNS investors ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP have ) ( VP ( VBN requested ) ( NP ( NP ( NN reinvestment ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS bills ) ) ) ( PP-TMP ( IN on ) ( NP ( DT that ) ( NN date ) ) ) ) ) ) ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( PP ( TO to ) ( NP ( NP ( DT all ) ( NN account ) ( NNS holders ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBP have ) ( ADVP-TMP ( RB previously ) ) ( VP ( VBN requested ) ( NP ( NN payment ) ) ) ) ) ) ) ) ) ) ) )

The department will make payment for bills maturing on Nov. 2 to all investors who have requested reinvestment of their bills on that date as well as to all account holders who have previously requested payment


( S ( NP-SBJ ( NP ( NNS Retailers ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP West ) ) ( CC and ) ( NP ( NP ( NNS parts ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP South ) ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG entering ) ( NP ( DT the ) ( JJ critical ) ( NNP Christmas ) ( NN shopping ) ( NN season ) ) ( PP ( IN with ) ( NP ( NP ( JJR more ) ( NN momentum ) ) ( PP ( IN than ) ( NP ( NP ( DT those ) ) ( PP-LOC ( IN in ) ( NP ( JJ other ) ( NNS regions ) ) ) ) ) ) ) ) ) )

Retailers in the West and parts of the South are entering the critical Christmas shopping season with more momentum than those in other regions


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( JJ new ) ( NN report ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP International ) ( NNP Council ) ) ( PP ( IN of ) ( NP ( NNP Shopping ) ( NNPS Centers ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( JJ general ) ( NN merchandise ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP West ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( CD seven ) ( NNS months ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ) ) ( VP ( VBD rose ) ( PP-DIR ( NP-ADV ( CD 6.6 ) ( NN % ) ) ( IN above ) ( NP ( JJ year-earlier ) ( NNS levels ) ) ) ) ) ) ) )

In a new report the International Council of Shopping Centers said sales of general merchandise in the West for the first seven months of 1989 rose 6.6 % above year-earlier levels


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VP ( VBD increased ) ( NP-EXT-2 ( DT a ) ( ADJP ( RBR more ) ( JJ modest ) ) ( CD 4.8 ) ( NN % ) ) ( PP-LOC-1 ( IN in ) ( NP ( DT the ) ( NNP South ) ) ) ) ( CC and ) ( VP ( NP-EXT=2 ( CD 4.4 ) ( NN % ) ) ( PP-LOC=1 ( IN in ) ( NP ( DT the ) ( NNP Midwest ) ) ) ) ) )

Sales increased a more modest 4.8 % in the South and 4.4 % in the Midwest


( S ( S-TPC-1 ( CC But ) ( S ( NP-SBJ ( NP ( NNS sales ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN oil-patch ) ( NN state ) ) ( PP ( IN of ) ( NP ( NNP Texas ) ) ) ) ) ) ( VP ( VBD surged ) ( NP-EXT ( CD 12.9 ) ( NN % ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNS sales ) ) ( PP-LOC ( IN in ) ( NP ( NNP South ) ( NNP Carolina ) ) ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 10.6 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN period ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP New ) ( NNP York ) ( NN trade ) ( NN group ) ) ( VP ( VBD said ) ) )

But sales in the oil-patch state of Texas surged 12.9 % and sales in South Carolina jumped 10.6 % in the period the New York trade group said


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( NNP Northeast ) ) ) ( ADVP ( RB however ) ) ( NP-SBJ ( NNS sales ) ) ( VP ( VBD declined ) ( NP-EXT ( CD 0.4 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN period ) ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( NP ( NNS sales ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP England ) ) ) ) ( VP ( VBG falling ) ( NP-EXT ( CD 2.6 ) ( NN % ) ) ) ) ) ) )

In the Northeast however sales declined 0.4 % in the period with sales in New England falling 2.6 %


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNS numbers ) ) ( VP ( VBP show ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB have ) ( NP ( DT a ) ( JJ monolithic ) ( NN economy ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Isaac ) ( NNP Lagnado ) ) ( NP ( NN council ) ( NN research ) ( NN director ) ) ) )

The numbers show that we do n't have a monolithic economy said Isaac Lagnado council research director


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ have ) ( CC and ) ( JJ have-not ) ) ( NNS markets ) ) ) ) ) )

There are a lot of have and have-not markets


( S ( S-TPC-1 ( NP-SBJ ( NNS Sales ) ) ( ADVP-LOC ( RB nationally ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 3.9 ) ( NN % ) ) ( PP-TMP ( IN through ) ( NP ( NP ( NNP July ) ) ( NP ( NP ( DT the ) ( JJS latest ) ( NN month ) ) ( SBAR ( WHPP-2 ( IN for ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( DT the ) ( NNS figures ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ available ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN council ) ) ( VP ( VBD said ) ) )

Sales nationally rose 3.9 % through July the latest month for which the figures are available the council said


( S ( NP-SBJ-1 ( NP ( DT The ) ( NNP Northern ) ( NNP California ) ( NN earthquake ) ) ( CC and ) ( NP ( NNP Hurricane ) ( NNP Hugo ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( ADVP-TMP ( RB temporarily ) ) ( VP ( VB damp ) ( NP ( JJ sales ) ( NN growth ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP West ) ) ( CC and ) ( NP ( NNP South ) ( NNP Carolina ) ) ) ) ) ) ) ) ) )

The Northern California earthquake and Hurricane Hugo are likely to temporarily damp sales growth in the West and South Carolina


( S ( CC But ) ( NP-SBJ ( NNP Mr. ) ( NNP Lagnado ) ) ( VP ( VBD predicted ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ regional ) ( NNS trends ) ) ( VP ( MD would ) ( VP ( VB continue ) ( PP-TMP-CLR ( IN through ) ( NP ( NNP Christmas ) ) ) ) ) ) ) ) )

But Mr. Lagnado predicted the regional trends would continue through Christmas


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( JJ big ) ( NN mo ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( RB as ) ( JJ much ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN factor ) ) ) ( PP-LOC ( IN in ) ( NP ( NN retailing ) ) ) ( PP ( IN as ) ( PP-LOC ( IN in ) ( NP ( NN politics ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

The big mo is as much of a factor in retailing as in politics he said


( S ( NP-SBJ ( DT The ) ( NNP Christmas ) ( NN quarter ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ important ) ( PP ( TO to ) ( NP ( NNS retailers ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ represents ) ( NP ( NP ( NP ( QP ( RB roughly ) ( DT a ) ( JJ third ) ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS sales ) ) ) ) ( CC and ) ( NP ( NP ( QP ( RB nearly ) ( NN half ) ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS profits ) ) ) ) ) ) ) ) ) )

The Christmas quarter is important to retailers because it represents roughly a third of their sales and nearly half of their profits


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN council ) ( POS 's ) ) ( NN report ) ) ( VP ( VBZ is ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( NP ( NP ( NNS data ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN trade ) ( NN group ) ) ( VP ( VBZ buys ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NNP U.S. ) ( NNP Census ) ( NNP Bureau ) ) ) ) ) ) ) ) ) ) )

The council 's report is based on data the trade group buys from the U.S. Census Bureau


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN information ) ) ( PP ( IN on ) ( NP ( CD 125 ) ( JJ metropolitan ) ( NNS markets ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN supplied ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( NNS retailers ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP Sears ) ( NNP Roebuck ) ( CC & ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP K ) ( NNP mart ) ( NNP Corp. ) ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NP ( ADJP ( RB closely ) ( VBN held ) ) ( NNS concerns ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP R.H. ) ( NNP Macy ) ( CC & ) ( NNP Co ) ) ) ) ) ) ) ) )

The information on 125 metropolitan markets is supplied by retailers such as Sears Roebuck & Co. and K mart Corp. as well as closely held concerns such as R.H. Macy & Co


( S ( NP-SBJ-1 ( DT The ) ( NN council ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB release ) ( NP ( PRP$ its ) ( JJ regional ) ( NNS reports ) ) ( ADVP-TMP ( RB monthly ) ) ) ) ) ) )

The council plans to release its regional reports monthly


( S ( NP-SBJ ( NNP Mr. ) ( NNP Lagnado ) ) ( VP ( VBD said ) ( S ( NP-SBJ-1 ( NP ( NN strength ) ) ( PP-LOC ( IN in ) ( NP ( NN employment ) ) ) ) ( VP ( VBZ appears ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( NP ( DT the ) ( JJS biggest ) ( NN impact ) ) ( PP ( IN on ) ( NP ( NNS sales ) ( NN growth ) ) ) ) ) ) ) ) ) ) )

Mr. Lagnado said strength in employment appears to have the biggest impact on sales growth


( S ( NP-SBJ-1 ( NP ( NP ( NNP El ) ( NNP Paso ) ) ( NP ( NNP Austin ) ) ( CC and ) ( NP ( NNP Fort ) ( NNP Worth ) ) ) ( NP ( NP ( DT the ) ( CD three ) ( JJS strongest ) ( JJ retail ) ( NNS markets ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN nation ) ) ) ) ) ( VP ( VBP are ) ( DT all ) ( VP ( VBN located ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Texas ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( NN employment ) ) ( VP ( VBD grew ) ( NP-EXT ( DT a ) ( ADJP ( RB relatively ) ( JJ strong ) ) ( CD 2 ) ( NN % ) ) ) ) ) ) ) ) ) )

El Paso Austin and Fort Worth the three strongest retail markets in the nation are all located in Texas where employment grew a relatively strong 2 %


( S ( NP-SBJ ( NP ( NNP Massachusetts ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN lost ) ( NP ( NP ( NNS jobs ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( UCP ( NN computer ) ( CC and ) ( JJ defense-related ) ) ( NNS industries ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( DT the ) ( JJS weakest ) ( NN link ) ) ( PP-LOC ( IN in ) ( NP ( JJ bleak ) ( NNP New ) ( NNP England ) ) ) ) )

Massachusetts which has lost jobs in the computer and defense-related industries was the weakest link in bleak New England


( S ( NP-SBJ ( DT The ) ( NNS results ) ) ( VP ( VBP reflect ) ( NP ( NP ( DT a ) ( NN reversal ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNS fortunes ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS regions ) ) ) ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ past ) ( CD two ) ( NNS years ) ) ) ) )

The results reflect a reversal in the fortunes of the regions during the past two years


( S ( PP-TMP ( IN In ) ( NP ( CD 1987 ) ) ) ( S ( NP-SBJ ( DT the ) ( NNP West ) ) ( VP ( VBD had ) ( NP ( DT the ) ( JJS slowest ) ( NNS sales ) ( NN growth ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP South ) ) ( CC and ) ( NP ( DT the ) ( NNP Midwest ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ first ) ( CC and ) ( JJ second ) ) ( ADVP ( RB respectively ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT the ) ( NN council ) ) ) ) )

In 1987 the West had the slowest sales growth and the South and the Midwest were first and second respectively according to the council


( S ( NP-SBJ ( NNP Mr. ) ( NNP Lagnado ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( NNS retailers ) ) ( ADVP ( RB probably ) ) ( VP ( MD wo ) ( RB n't ) ( ADVP-TMP ( RB ever ) ) ( VP ( VB recover ) ( NP ( NP ( NNS sales ) ) ( VP ( VBN lost ) ( PP-PRP ( RB because ) ( IN of ) ( NP ( NP ( DT the ) ( NNP California ) ( NN quake ) ) ( CC and ) ( NP ( NNP Hurricane ) ( NNP Hugo ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD could ) ( VP ( VB see ) ( NP ( DT some ) ( NNS benefits ) ) ( ADVP-TMP ( RB later ) ( RB on ) ) ) ) ) ) ) )

Mr. Lagnado said that although retailers probably wo n't ever recover sales lost because of the California quake and Hurricane Hugo they could see some benefits later on


( S ( S-TPC-2 ( NP-SBJ ( NP ( NNS Stores ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNS Sears ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP sell ) ( NP ( JJ big-ticket ) ( JJ durable ) ( NNS goods ) ) ) ) ) ) ( VP ( MD might ) ( ADVP ( RB actually ) ) ( VP ( VB get ) ( NP ( DT a ) ( NN boost ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-3 ( NNS consumers ) ) ( VP ( VBP rush ) ( S ( VP ( TO to ) ( VP ( VB replace ) ( NP ( NP ( NNS items ) ) ( VP ( VBN lost ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS disasters ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Stores such as Sears that sell big-ticket durable goods might actually get a boost as consumers rush to replace items lost in the disasters he said


( S ( NP-SBJ ( NP ( NNP Sharp ) ( NNP Corp. ) ) ( NP-LOC ( NNP Tokyo ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( JJ net ) ( NN income ) ) ( PP-TMP ( IN in ) ( NP ( PRP$ its ) ( JJ first ) ( NN half ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 59 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 18.32 ) ( CD billion ) ) ( NNS yen ) ) ( NP ( QP ( CD 128.9 ) ( CD million ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 11.53 ) ( CD billion ) ) ( NNS yen ) ) ( ADVP-TMP ( NP-ADV ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) )

Sharp Corp. Tokyo said net income in its first half rose 59 % to 18.32 billion yen 128.9 million from 11.53 billion yen a year earlier


( S ( NP-SBJ ( DT The ) ( NN consumer ) ( NNS electronics ) ( NN home ) ( NNS appliances ) ( CC and ) ( NN information-processing ) ( NN concern ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NN revenue ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( CD six ) ( NNS months ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP Sept. ) ( CD 30 ) ) ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 8.9 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 517.85 ) ( CD billion ) ) ( NNS yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 475.6 ) ( CD billion ) ) ( NNS yen ) ) ) ) ) ) ) )

The consumer electronics home appliances and information-processing concern said revenue in the six months ended Sept. 30 rose 8.9 % to 517.85 billion yen from 475.6 billion yen


( S ( NP-SBJ ( NP ( NNS Sales ) ) ( PP ( IN of ) ( NP ( NP ( NN information-processing ) ( NNS products ) ) ( CC and ) ( NP ( JJ electric ) ( NNS parts ) ) ) ) ) ( VP ( VP ( VBD increased ) ( NP-EXT ( DT a ) ( JJ strong ) ( CD 22 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 236.23 ) ( CD billion ) ) ( NNS yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 194.24 ) ( CD billion ) ) ( NNS yen ) ) ) ) ( CC and ) ( VP ( VBD accounted ) ( PP-CLR ( IN for ) ( NP ( NP ( CD 46 ) ( NN % ) ) ( PP ( IN of ) ( NP ( JJ total ) ( NNS sales ) ) ) ) ) ) ) )

Sales of information-processing products and electric parts increased a strong 22 % to 236.23 billion yen from 194.24 billion yen and accounted for 46 % of total sales


( S ( PP-LOC ( IN In ) ( NP ( JJ audio ) ( NN equipment ) ) ) ( NP-SBJ ( NNS sales ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 13 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 44.3 ) ( CD billion ) ) ( NNS yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 39.19 ) ( CD billion ) ) ( NNS yen ) ) ) ) )

In audio equipment sales rose 13 % to 44.3 billion yen from 39.19 billion yen


( S ( S ( NP-SBJ ( NP ( NNS Sales ) ) ( PP ( IN of ) ( NP ( JJ electric ) ( NNS appliances ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ flat ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( JJ electronic ) ( NN equipment ) ) ) ) ( VP ( VBD declined ) ( ADVP-MNR ( RB slightly ) ) ) ) )

Sales of electric appliances were flat and sales of electronic equipment declined slightly


( S ( NP-SBJ ( JJ Sharp ) ) ( VP ( JJ projected ) ( NP ( NP ( NNS sales ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ current ) ( NN year ) ) ( VP ( VBG ending ) ( NP-TMP ( NNP March ) ( CD 31 ) ) ) ) ) ) ( PP-CLR ( IN at ) ( NP ( NP ( QP ( CD 1.6 ) ( CD trillion ) ) ( NNS yen ) ) ( NP ( DT a ) ( ADJP ( CD 7 ) ( NN % ) ) ( NN increase ) ) ( NP-TMP ( DT the ) ( JJ previous ) ( JJ fiscal ) ( NN year ) ) ) ) ) )

Sharp projected sales for the current year ending March 31 at 1.6 trillion yen a 7 % increase the previous fiscal year


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( NN net ) ) ( VP ( TO to ) ( VP ( VB rise ) ( NP-EXT ( CD 45 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 380 ) ( CD billion ) ) ( NNS yen ) ) ) ) ) ) ) ) ) ) )

It said it expects net to rise 45 % to 380 billion yen


( S ( NP-SBJ ( NP ( DT The ) ( NNP New ) ( NNP York ) ( NNP Mercantile ) ( NNP Exchange ) ) ( NP ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( JJ chief ) ( NN oil ) ( NNS futures ) ( NN marketplace ) ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( IN at ) ( NP ( DT a ) ( JJ critical ) ( NN juncture ) ) ) ) )

The New York Mercantile Exchange the world 's chief oil futures marketplace is at a critical juncture