To: Glenn D. Rudolph who wrote (10476 ) 12/10/1997 8:24:00 PM From: Glenn D. Rudolph Respond to of 22053
Alert: Tech, bank stocks lead market's slide
United Press International - December 10, 1997 19:03
%FINANCIAL %STKS %MOVERS V%UPI P%UPI
NEW YORK, Dec. 10 (UPI) - Technology and bank issues led the market's
slide in heavy trading Wednesday, while other stocks responded to
earnings and other news.
Compaq Computer Corp. paced the Big Board actives, dropping 3 3/8 to 60.
Dow components IBM Corp. slipped 3 7/8 to 106 1/2 and Hewlett-Packard Co.
fell 13/16 to 63 3/4.
Bay Networks Inc. lost 2 3/8 to 25 3/16, while Texas Instruments Inc.
shed 15/16 to 44 5/16, Micron Technology Inc. fell 1 1/2 to 24 1/8 and
Motorola Inc. dropped 2 1/4 to 59 7/8.
J.P. Morgan & Co. was the biggest loser among Dow components,
slumping 5 to 117 7/8. The banking and financial services company raised
its quarterly dividend to 95 cents a share from 88 cents, but said
earnings for the first two months of the fourth quarter ''were adversely
affected by unsettled market conditions globally.''
Citicorp also lost 5 7/8 to 132, Chase Manhattan slipped 3 5/8 to 112 1/4 and
BankAmerica Corp. dropped 2 5/16 to 78 1/2.
Elsewhere on the NYSE, Tenneco Inc. slid 2 7/8 to 41 7/16 after saying
it expects fourth-quarter earnings of 40 cents to 45 cents a share, well
below analysts' forecast of 62 cents, due to the dollar's strength and
weaker North American aftermarket for automotive parts.
Oracle Corp. led the Nasdaq actives, regaining 1/2 to 23 7/16 as the
database maker tried to stabilize after tumbling Tuesday on
disappointing earnings results.
Intel Corp. followed, falling 15/16 to 74 11/16.
Microsoft Corp. slid 2 1/16 to 142 1/4, Dell Computer Corp. skidded 2
13/16 to 91 1/8, Cisco Systems Inc. dropped 2 1/16 to 85 3/8 and Sun
Microsystems Inc. fell 1 3/4 to 37 7/8.
Oxford Health Plans Inc. was the third most active, losing 2 15/16 to
17 1/8, after announcing late Tuesday it expects to lose about $120 million
in the fourth quarter due to the New York State Insurance Department's
directive that Oxford increase its medical claim reserves by $164
million as part of an ongoing review of Oxford's financial condition.
Vivus Inc. slumped 6 5/16 to 13 13/16 after the developer of
treatment of erectile dysfunction, commonly referred to as impotence,
warned fourth-quarter revenues could drop about 25 percent from third
quarter levels due to production shortfall.
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Copyright 1997 by United Press International.
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