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Show Business Friday, June 15, 1990 The Daily Herald, Provo, Utah NYSE unveils plan for - NEW YORK (AP) After 198 years of trading siocks only during the daytime, the New York Stock Exchange plans to phase in a market by the end of the decade to meet increasing competition from overseas. Big Board Chairman John J. Phe-la-n Jr. on Thursday unveiled a five-ste- p plan expected to begin later this year that would allow access to the nation's largest exchange after the current 4 p.m. Eastern closing time. "There is some volume going overseas, and we'd like to capture some of that volume back," Phelan said in Nashville, Tenn., where he was meeting with officials from a regional brokerage. k trading is already a reality in the foreign currency and U.S. Treasury bond mar- ur Round-the-cloc- dealers where ket, conduct transactions via telephone and computer links. But the concept has stirred controversy at the stock exchange because it could lead to replacing the powerful "specialists," who today regulate the flow of trading, with computers. "It's an incredible surprise," one veteran specialist who asked not to be named said. "The incredible thing is that the floor hasn't lynched anyone yet." Nevertheless, the exchange has been pressured by new technology and competing markets that allow traders to buy and sell Big Board-liste- d stocks domestically and abroad when the NYSE is closed. The London exchange, which eliminated its specialists and trading floor when it went electronic four years ago, and the Tokyo market have siphoned the most business. The steps outlined by Phelan would begin with two brief sessions after the market's normal close. Subsequent phases would involve stock auctions held several times a night, some form of conventional trading overnight and finally dealing. Market experts said that by phasing in the plan, the NYSE could stimulate after-houintprest. The ur rs Quotes SHEARSON GROUP Bid Ask j ? i f ! NEW YORK (AP) -Friday's noon New York Ex- - Stock selected change prices: Stock Last Chg ' AMR 66- 467Albtsn 23 Alcan 36- 4AldSgnl 66 Alcoa 24- Amax 44 AmHes 57 ACyan AEIPw 29'. 52 AHome s Amrtfh 63- 4100 AIntGr 42lAT&T 452 Amoco 42 Anheus Armco 9'i 11- 6AURich 11AUas -4 Avon 354 27' BakrHu 30' BnkAm V, '- 4 ' i ( tt 4 v, 4 4 v V. 23 Bearng BellAUs H Vt v. 14 v4 5- BellSo Boeing s BoiseC Borden s BrMySq 155l-4- 4 60 V4 354 344 61 BritPt 6- 6- Bmwk 134 BurlNth 37 CascNG CastlCk 1- 633i- 4- W Caterp Chmpln Chevrn Chiquta 654 H 30 70 25 V4 Comsat 35- 4- ConEd Contel s 244 CocaCl s ColgP ColGas 44 66 44l4 194 CurtW 65- 4- DanaCp Deere Digital Disney DowCh s Dresr duPont s EKodak Eaton 36 v 7- 1- 86 132 3 6- 2- 49 39'4 42 62 - -- 1 Exxon FMC 4- 735l- 4- FIntste FordM FrptMc 43 V4 5- 4 11.. .. 433 63 32 40 GTE GTE wi Gannett GenCrp GnDyn 354 GenEl 69 GnMills 84- 3935- 4- GnMotr GMEs HeclaM HewlPk 114 58' V4 2- 9- 284 4 4- 7- 16 4 5- 824' 27- 412- 05- 3- INCO IBM IntPap JRiver K mart -'- 44 26 35- Thursday's Open Close DOW JONES AVERAGES VOLUME 135,770,000 ur Exchange with packers firm on light to moderate offerings, sales on 19 loads of steer and heifer carcasses, steer carcasses, Choice 0 4 lbs 106.00, heifer carcasses, 0 0 lbs 106.00, lbs Choice 3 105.00, Choice 4 500400 lbs 106.00, cow carcasses, 11 Loads reported, utility and cutter carcasses firm, bull carcasses not tested, demand light, movement slow to moderate on light supplies and offerings, breaking utility 4 450 up lbs boning utility 3 400 up lbs cutter 2 350 up lbs Sales reported on 36 loads of pork cuts and 9 loads of trim process pork, fresh 8 lbs weak to 2.00 lower, pork loins other retail items not tested, skinned hams weak to mostly 2.00 lower, seedless bellies steady, demand fairly light, movement slow on moderate supplies and offerings, U.S. No. 2 pork carcass cutout value advanced .06 to 80.76 per 8 lbs cwt, fresh pork loins skinned 4 inch trim 6 lbs hams 0 lbs 82.0043.00, lbs 70.00, 8 seedless bellies lbs Livestock estimated daily slaughter, cattle 127,000, calves 6,000, hogs 287,000, sheep 22,000. 600-90- 400-50- 93.00-94.0- Open Close 68vt 67 69 68' 31 31 29 43 35' 29' 42 T 8 41v. 42 12 12l 64 W 63H 35 1214 20 124.50-130.0- 14-1- 140.50-150.0- 20-2- 35' assuming member firms agree. This level would involve sessions that could last one to two hours and handle activity mainly related to program trading. In the third phase, expected to begin in 1991, the exchange would hold auctions of each listed stock at 8 p.m., midnight, and 5 a.m. Eastern time. Each stock would trade once at each auction with trades combined at a single price. More than 1,700 stocks are listed on the exchange and all could be included in the auctions. Phelan said the fourth phase 35k 6 67.50-68.0- 83.50-85.0- 36' Savin Bus. Mach. Shearson Lehman Hut. Syntfx Teleflex L'SX Pac. IVr. Works Wash. WateriPower multiple transactions involving those contracts and individual Apple Computer 20 35 20 26 26' 15' 15 2134 21' Bid Ask 40 19 3934 Iomega Novell 544 44 Sace Analvtics Vallev Nat Corp estimate Market players the has lost 10 million to 20 million shares a day of trading to foreign markets, where many U.S. companies now list their securities. Also, other domestic markets that offer after-hour- s trading via computer pose a threat. NYSE lower than percent all-tim- much larger improvement than many analysis thought possible. Through the first four months, the deficit has been running at an annual rate of $ 1fi wwon, com- - GSfrDb USte one-thir- The April deficit of $6.94 billion was the smallest since a February imbalance of $6.10 billion with both : months turning in the best trade performance since a $5.7 billion ... imbalance in December 1983. For April, both oil imports and.. auto imports were down by about."" $1 billion each. The 20 percent drop in oil imports to a total of $3.75 billion reflected a drop in the volume of shipments!1' ' and price. J SQsQ : f : MEN'S 4V WOMEN'S - p- FRAMES' MTN. BIKE Shimano Derailleurs Sturdy High Tensile Frame Splatter Paint Cantilever Brakes $380.00 GS" "200 e Shimano New Rapid Fire Shifting Light Weight e Chro-mol- y 2 Frame ,f nr.. 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University Mall, Orem, 225-300- 0 wAl4a 19 4 55 34 4 154 15 3 15 16 29 K. 4 29 MUTUAL FUNDS Bid Ask 16.10 17.60 12.90 13 69 16.75 17.77 9.35 9.35 4.90 4.90 16.28 16.28 10.72 10.72 21. 97 24.01 21.00 22.95 13.67 14 66 23.15 25.30 18.80 20.55 8.36 8.87 16.44 17.97 16.19 17.69 8.42 9.20 SIIKARSON SPW1AL PORTFOLIOS Bid Ask Dad's job and outside obligations keep him tied up enough as it is, so why remind him by giving him one for Father's Day. This year give him the gift that will help improve family ties a mobile phone from Cellular One. He'll get more accomplished w hile in the car or on the juu Mie, vwuui means ne sun nave some uay leu at day s end to spend with the ones he loves. 11 IliCh Inc. Bond 1952, 6.2 March, with the decline attributed primarily to lower demand for foreign oil and a big drop in auto imports. Exports fell by 3.5 percent to $32.3 billion. But this was conside ered only a small drop off an high of $33.5 billion set in March. America's trade performance has been a pleasant surprise so far this year, with the deficit showing a 16 304 304 Equity Growth Intl. Equity lnterniilt Govt Tax Exempt until April, 20' Dunron First Security Option Income 1873 when weekend trading was abolished and weekday activity extended until 3:30 p.m. An extra half hour was added in 1974 and 1985. stocks, a preponderance of sell orders showed up in a good many blue-chi- p issues. Losers among the volume leaders included Exxon, down V4 at 477; at 44 Ve; Philip Morris, down Coca-Coldown 5i at 44V4; International Business Machines, down at 120, and DuPont, down Vi at OVER THE COUNTER Glolwl Saturdays from Prices show broad loss in market - 10 10' 32 32 3 16 1164 14s 144 58 58 354 35 33 33 2134 214 28H 28 Smith's FoodlDrug Templeton Current trading hours are 9:30 a.m. to 4 p.m. Eastern time. Trading ran from 10 a.m. to 3 p.m. on weekdays and 10 a.m. to noon on Many analysts are now forecasting that the 1990 deficit will drop below $100 billion for the first time r since 1983 as export growth remains strong enough to offset a growing dependence on foreign oil. That would spell good news for the Bush administration, which is counting on a strong trade performance to keep the economy out of a recession. Over the Dast three of overall Uned years, fully conomic growth has been supplied hi '? by surging export sales. 25H 25 23l 22 Merrill Lynch McDonalds Ohio Edison Occidental Pet. Pinnacle West (AZP) Pub. Svc. of Colo. Pub. Serv N. Mex Opivn Special Opprn High Y. Pioneer Fund Pioneer II Putnam Vovager Templeton Grwlh Templeton World round-the-clo- p, Dared to a deficit for all of 1989 of $108.99 billion. 120 1634 Am Cup Comstock Am Cap Pace FD Am Cap Venture Eaton Vance Muni Keystone B-- 4 Keystone B-- 2 Keystone Tax E Oppen Directors officials said they planned to implement the first two phases of the plan by year's end, non-sto- 700-85- 0 101.00-102.0- S & P Index 500 362.90 S & P Index 100 345.50 Natl. strictly 550-70- 0 3 88.00-89.0- Industrials 2928.22 Transportation 1195.44 Wicat Zions First be NEW YORK (AP) Stock prices showed a broad loss today as the market absorbed the impact of a quarterly "triple witching hour." The Dow Jones average of 30 12.05 12.68 industrials dropped 6.93 to 2,921.29 13.38 14.08 in the first half hour of trading. 14.94 15.67 Losers outnumbered gainers by 14.89 15.67 about 5 to 2 in nationwide trading of New York Stock Exchange-liste- d Provided to The Daily Herald By Shearson Lehman Hutton issues, with 267 up, 675 down and An American Express Company 490 unchanged. Volume on the Big Board came to 68.27 million shares as of 10 a.m. on DES MOINES, Iowa (AP) (USDA) -- Wall Street. The government reported that the Central U.S. meat trade on Thursday: consumer price index rose 0.2 per(FOB OMAHA BASIS) boxed beef movement and demand light to moderate, cent in May, not far from most supplies moderate, Select cuts mostly advance estimates. steady with some firmness noted on Separately, the Commerce Dechuck cuts, Choice cuts weak, with the said the nation's trade partment most weakness noted in loin cuts, beef deficit shrank to $6.94 billion last to on moderate lower light trimmings month from $3.45 billion in April, demand. Estimated composite cutout value of registering a lb carcasses down .25 decline. Choice lb carcasses down .17 at at 122.51, But analysts said it was hard to 0 lb carcasses up 123.60, Select gauge investors' reactions to either 0 .14 at 114.40, lb carcasses up .03 of those developments in the midst at 115.13, based on 142 loads of fabricatof the witching hour, involving a ed cuts and 58 loads of trimmings. series of expiring options and fuChoice 3 and Select not established, undertone firm, Choice 4 1.00 higher, tures on stock indexes. As the process began of settling demand moderate but movement light 20.12 21.18 9.16 9.64 6.66 7.01 27.54 28.99 Growth Appreciation Fndmntl Value Global Managed Govt High Yield Managed Muni Precious Metals 500-55- Fred Meyer Marriott trading rs 700-85- 99- 4- Avnet AT&T Boise Case. Commodore Int Eastman Kodak Geneva Steel Gen. Tel. & Elec. Hercules Inc. Intl. Bus. Mach. Knss Gas & Electric after-hou- - The U.S. (AP) trade deficit shrank dramatically to $6.94 billion in April, the second lowest level in the past six years; the government reported today. The Commerce Department said the 17 percent improvement from a March deficit of $8.36 billion came entirely from a big drop in imports, which offset a smaller decline in U.S. export sales. Imports totaled $39.25 billion in WASHINGTON of rudi- mentary trading during the night." It could begin by 1992. The final step is five to 10 trading years off, exchange officials said. "I'm not skeptical about it long term. But I think short term there is a serious question whether there is a lot out there, and that's (what) we're proposing to do with steps," Phelan said. 550-70- 47 Honwell ITT Cp Albertsons American Stores Am. Exp. er electronic. "The limiting factor here is the demand, it's not the technology," said Eric K. demons, a professor at the University of Pennsylvania's Wharton School. "What if you had a market and nobody came?" sort would involve "some larger-than-expect- Hmstke V 4 - GaPac Gillete Gdrich Goodyr Grace GreyhD Halbtn 44 IdahoP - 4 8- CtData 151 Chryslr 2- round-the-clo- Trade deficit shrinks trading 24-ho- ur exchange couli determine, for instance, whether the floor should or whethstay open A,6,f 13.79 16.68 17.95 11.28 16 86 13.79 16 68 17.95 11 28 86 10.56 10.56 16 Salt Lake. 7?3 K. 3300 So.. 580-CKL- Save during our Father's Day Special. Pay ONLY $399.00 for our MOTOROLA MC-30It's our lowest price ever. Plus, installation is FREE! That's another $150.00 SAVINGS. So. this year, help 'un-ii- e if Hi Dad from his busy schedule with a mobile phone from Cellular One. Op den. 4025 Kivct Jalc Rd . 54 0. a tlar Provo. 2275 No t'nivctMty Pky.. 3?6 XWO t I |
