Provo Daily Herald | 1992-06-22 | Page 5

,v, n'fiii'iiinn .... ...... :r t ir,, nj B:....w.i..-:.- , The Daily Herald - .. .., ..s - Monday, -,- , June 22, 1992 Dayna prepares for new expansion SALT LAKE CITY - fever Dayna Communications Inc., broke ground Friday beginning the construction of a office and manufacturing complex in the Sorenson Research Park. The computer networking company plans to move and consolidate its operations from its downtown Salt Lake City and West Valley City locations to the new building in February 1993, Brad Romney, president and CEO said. "We've really grown with the industry the past few years," he said. "Sales revenues are up, profits are up, the mumber of employees are up 'it was time for the new building so we can continue to be aggressive in our future 40,000-square-fo- M J ,m v F Tis II jak two-sto- ry jf iff traM "NkJ By CHET CURRIER AP Business Writer - 1 . Commentary after commentary published by investment firms raises the subject, almost all of them concluding on a positive note. Speaking at the ceremonies, Salt Commissioner Mike Stewart said, "The industry Dayna is in is good for the country and good for BMW plans plant in South Carolina - U.S. Surgeon General Antonla Novello (center right, glasses) marches with children and doctors in a "Dump the Hump" parade. - CHICAGO The U.S. surgeon general led. a "Dump the Hump" parade to protest advertisements featuring the cigarette-puffin- g cartoon dromedary Joe Camel an image she says encourages children to take up smoking. The MUNICH, Germany (AP) Dr. Antonia Novello marched German luxury car maker BMW Sunday with hundreds of children has decided to build a new factory and leaders of the American Mediin Spartanburg, S.C., company cal Association to help kick off the sources said today. Officially, the company said a decision on a plant had been reached but that no details would be released until Tuesday. BMW sources, speaking on the condition of anonymity, said the company's leadership had picked Spartanburg as the site. The sources said the factory is By JOHN CUNNIFF AP Business Analyst expected to employ about 2,000 workers by the year 2000. The Accustomed NEW YORK plant itself is expected to cost about as people are to economic dis$625 million, they added. The first BMW cars would begin rolling off appointments, they might be inclined to forget that some of the 1996. the assembly line in worst expectations also fail to Company spokesman Harry true. come dea confirmed that only Roegner Yes, occassionally there is cision had been reached. He said some good economic news, and details would not be released until of the good news is that some conference. news News Tuesday's worst doesn't always occur, the said for weeks the have reports even though it seems foreorcompany's leadership prefered dained by popular thinking. South Carolina over Nebraska, the The economy wasn't main competitor for the site. pitched into depression by the stock market collapse of 1987. It wasn't 1929 again; nor have the 1990s, despite their troubles, been a repeat of the 1930s. The extent of damage from overleverrdng was greatly exThe dollar LONDON (AP) aggerated. Real estate developrose against major foreign curreners did collapse, and the damcies today in early European tradage was extensive, but others ing. Gold prices were lower. with big debts have been able to In Tokyo, the dollar closed at handle them, thanks to lower 127.47 yen, up 0.55 yen from Friinterest rates.. Those who escaped collapse day's close. Later in London, the include even some companies dollar was quoted at 127.27 yen. that were heavily dependent on Other dollar rates at midmorn-in- g junk bonds. Many of them have compared with late Friday: been able to convert their high-co1.5712 German marks, up bonds into equity. from 1.5705 Housing prices didn't col1.4170 Swiss francs, unlapse. They declined in many changed areas, but the average drop 5.2900 French francs, up throughout the country has been from 5.2870 in the range of only 2 percent to 1.7730 Dutch guilders, up 3 percent a year over the past from 1.7691 three years or so. 1,188.40 Italian lire, down d True, some from 1,188.50 desuffered neighborhoods 1.1967 Canadian dollars, 30 or Of 20 percent clines perdown from 1.1978 in asking prices, but many cent British In London, the pound such prices reflected speculawas quoted at $1 .8587, down from tive excess, and even today $1.8595 late Friday. prices remain higher than many London's major bullion dealers five years ago. of fixed a recommended gold price at ounce .60 $341 midmorning, per AMA's annual meeting. AMA delegates are to consider a recommendation for curbs on tobacco advertising, which Joe Camel represents to detractors. The cartoon is used to promote Camel cigarettes, made by R.J. Reynolds Tobacco Co. youth-orient- ed "We're not against Camels. It's a legal product," Novello said. "But we're against the cartoon. Whether intentionally or not, it has touched the kids." gold drops down - st high-price- Dole DowCh 0!CS?!O York Stock Ex(elected change prices: Stock Last Chg AMR 6W-- V4 Albtsn Alcan AldSgnl ... 39 20ft .. 53ft- -H Alcoa 7- 2- Amas AmHes ACyan AElPw AHome AIntGr 21V- -V 46- -H MV4V4 AT&T 42 Amitch Amoco Anheus Armco AtlRich Atlas Mft Avon BakrHu BankAm ... ... 32vb 89 4 -V- 1 H S3ft 6H-- V4 113V 6 1V4 -- V 48V 21 42f- t-l k 44tt V4 -tt Boeing 41- BoUeC I8V4-- V4 Borden BrMySq BritPt Brnwk BurlNth CascNG Caterp Ceridan Chmpln Chevm Chtquta Chryalr CocaCl ColgPal 47 ' BellAU BellSo -v 29- 468 ... 55H lMi 13ft-- V4 4 21V4 36 MV4-- V4 I3V4-- V4 68H- -1 17V4-- 20f40 48ft V4 t- vJCoIGs 15V4- -V Comsat ConEd DanaCp Deere DialCp Digital Disney 39V4 J8V4 43Vb 40H--1 35V4 H H V4 ... ... ... 3- 538W- -H These discussions honor a tradition that dates back decades in the offices of brokerage firms. It probably originated in the days before Dressr DuPont EKodak Eaton Exxon FMC FIntste FordM FrptMc GTE Gannett GenCrp GnDyn GenEl GnMUI GnMotr GME GaPac Gillete Gdrich Goodyr Grace Halbtn HeclaM HewlPk Hmstke Honwel men IdahoP IntPap JRiver 28H-- V4 9- 620f- t49ft- -ft 3- 97- 66- 148ft 39- -ft -- 45 19f31 V4 43 Kmart Litton Lockhd Loews LaPac MDU MartM McDonld McDnD McKes Merck 1 t- ... 1- 2- 70-- V4 MMM Mobil 7- 56SHV4 4- 32- 657f- t45 46-- V4 64 32- 47- 9ft ... 68ft UV4 68f- t-l 62f25f- tt- INCO 29- IBM 06 -Vi ... - 67V4-- V4 20 21 46V4V 43f- SO 4- 4- S7V4-- V4 SOV4 63 54 Nil 12 PacEnt PacGE PacTel PaclfCp V4 49V41 t6-- V4 1 2- 52 162 2- -- V4 2- 538 78V20 ... 4- 4- 4- 19... 17 32-40-- 22 Moreover, prices in general are rising again. The National Association of Realtors found the median price of existing homes in March was 5.4 percent higher than a year earlier. These examples are but a smattering of instances in which the oracles of doom were wrong. A more complete and impressive collection will be available soon from Professor Richard B. McKenzie of the University of California, Ir- V4 V4 ... smoke when business suffered noticeably vertising says it's cool and you'll be popular," said the every time the clients went on summer vacation. incoming AMA president, Dr. What better antidote for John L. Clowe, a family practilethargy than to circulate tioner from Schenectady, N. Y. the idea that stocks often stage Maura Payne, a spokeswoman brisk rallies while everybody has for R.J. Reynolds, said Novello's gone to the beach? The main trouble with this bit of campaign is an attempt to divert folk wisdom, say some skeptical attention from the nation's No. 1 students of the game, is that it isn't medical issue health care re- borne out by the historical record. form. Sure, they say, stock averages hot-weath- er The Tokyo Stock TOKYO Exchange's key index plunged below 16,000 points today for the first time in 5xh years as investors waited for the government to do something to reverse pessimism about the economy. The dollar gained against the yen, which was weakened by the stock plunge. Prime Minister Kiichi Miyaza-w- a told reporters the government should come up with a supplementary budget to stimulate, the economy but without resorting to bonds. He also said the government was not considering specific measures to prop up stock prices. Nikkei Stock AvThe erage plunged 598.65 points, or 3.62 percent, closing at 15,921.22 points after bouncing through the level several times in 16,000-poierratic trading during the afternoon. It was the index's first close below 16,000 since it finished at on Oct. 22, 1986. With most investors on the sidelines, the index was pushed down by selling for arbitrage, in which investors seek profits from price differences between the spot and futures markets, said Kazuyuki Kan, a trader with Kokusai Securities. "It's a signal from the market should do that the falling to up buoy something market," said Satoru Ishihara, an equity analyst with Yamaichi Securities. Kan added: "Today's fall single-- vine. McKenzie is one of a rare species, a person who has built a reputation for independent thinking and detailed research, and who, because of this, has often rattled the complacency of the and crowd. The professor is preparing a book on the subject, to be called "Reality is Tricky: The Exorbitant Claims That Misguided Public Policy Debates," but a sample is offered in a paper for the Cato Institute, a conservative think tank. According to McKenzie, economic doomsayers in the 1980s misrepresented the United States as an inept giant stumstatus, bling toward second-rat- e its companies and workers unable or unwilling to remain com- deficit-financi- self-assuran- ce 225-iss- ue policy-make- rs ... PhilPet Polaroid PopeTal PortGC Potltch Primes ProctG 25V- 4- 4- 69V4-- V4 4- 8- 72ftV sSSL ScottP Sears SierPac SouthCo SwBeU Syntei 18f- t- m 33- 7- J"" 5 Transm 4- 1- 46 TriCon 26-- V4 t- 15 ... 23 44ft 5- 92- 28- 6- 45ft 28 12 -4 -V- 4- 7338 22 -... 7-l 35 6- 0$- 3- The stock NEW YORK (AP) market fell sharply today, extending the slide of the past two weeks. The Dow Jones average of 30 industrials, down 69.01 points last week on top of a 44.33-poidrop the week before, slumped 27.82 points to 3,257.53 by noontime on Wall Street. Losers outnumbered gainers by almost 3 to 1 in nationwide trading of New York Stock Exchange-liste- d issues, with 404 up, , 193 down and 536 unchanged. The Japanese stock market came under renewed pressure overnight, low. tumbling to another The Nikkei index of 225 stocks fell 0 3.62 percent, dropping below for the first time since October nt 37 25f- RojrID 2- 1- 542ft PugetP Quantm Questar SSk? 18ft-- V4 TejJnst Textron 28V- 4- ReyMtl Rockwl 5- Tektmx Teldyn V4 PSvCol KalsPu TRW UALCp USWst USXMar USXUSS UCarb UnElec 37 - -ft 3- 52- 2- 115- 26-- 26 V4 -- 1 UnPacs 3- 55- 0- Unisys Univar 8 1- Unocal Varian WalMart WarnL WstgEl Weyerh 'wth Xer? Ze"lthE y "A p ''' ' ' 4W - Zj- ' AP Photo Unhappy Japanese brokers reflect the overall mood of the Tokyo Stock Exchange's spiraling downfall. wasn't surprising because nobody sees the market as having hit the bottom." Amid discouragement over both government policy and weak prospects for corporate earnings, the Nikkei fell 1,799.48 points about in the seven trading 10 percent before Friday. days The index gained 474.31 points on Friday as institutional investors saw signs the government might act to stimulate the economy. But in a nationally televised news conference today, Miyazawa said it is natural that stock prices rise and fall. Miyazawa said housing starts are picking up, showing some improvement in the economy. USII 0 BEE CA 1- 24f- t35f- tMV- -V 5- 8- 17-- V4 3- 2- "JJ- J- - 1 5Vi-ye- ar 16,-00- of 1986. Analysts said that contributed to a revival of the uneasy mood that has set in on Wall Street since early 0 SPECIAL HEARING AID CARE PROGRAM HAS BEEN CREATED FOR THE MEMBERS OF USX RE WHO TIRED STEEL WORKERS ARE ELIGIBLE FOR THE NEW HEARING AID BENEFITS PROGRAM BEGINNING FEB. 1, 1992. A OF EDI- SON STANFORD ASSOCIATES, Stock market falls off sharply 27.l 15-- : MIKE LLOYD, PRESIDENT - 3- X (If fjf rye ng 15,-819.- Countering the attir.de that everything was wrong about the 1980s, he calls his paper "What Went Right in the 1980s," and offers these observations: America did not "deindus-trializ- e in the '80s. The overall industrial production index rose by 29 percent, and the manufacturing index rose 37 percent. 67 $ nt petitive. Penney PepsiC Pfizer PhelpD 1 By KOZO MIZOGUCHI Associated Press Writer family PhiMr t- K 43V4y4 2- 2- 112 Monsan MonPw NtSeml Navistr Nerco NwVall NflkSo Nortrp Norwst Nynex OcclPet Olin OutbdM V4 mammoth investing institutions "Every day 3,000 children pick came to dominate the market, adfirst because their up cigarette Brokers sick over Tokyo stocks fall Sometimes, things are better than they seem Dollar moves up, ue rally," another asserts. Protesters say 'dump the hump' By PAUL A. DRISCOLL Associated Press Writer "Perhaps the summer heat adbrain," Stumpp adds in a current report, "because about this time of year we begin to hear predictions of summer rallies from folks who ought to know better. ' ' The first problem that arises when people talk about a summer rally, he suggests, is figuring out what they mean by the term. For the sake of argument, he proposed putting a "rally" label on any month in which prices wind up higher at the end than they were at the start. "According to the proponents of summer rallies," Stumpp' observed, "we would expect to see more rallies (that is, more up markets) in the summer than in other times of the year." From December 1925 through January 1992, he found, there were 453 rallying months out of a total of 792. dles the a correction, and we can still look forward to a summer long-overd- Romney said Dayna plans to continue growing through product development and acquisition and plans to have about 125 employees working when the building is complete. Dayna is an international company that specializes in networking and connectivity products for microcomputer systems. 18tt- the mind. "Market indicators suggest a summer rally," one declares. "I conclude that we are in the midst of AP Photo Utah." Beanuj are in any other part of the year. '"Summer rally' is a term that has become part of Wall Street folklore," says investment adviser Yale Hirsch in his annual Stock Trader's Almanac. "But a clearly identifiable one simply does not exist." Or as Mark Stumpp, research director at Prudential Diversified Investment Strategies, put it: "Summertime rallies exist only in NEW YORK After the slump the stock market has suffered in recent weeks, Wall Streeters seem to be talking up prospects for a "summer rally" with a special urgency this year. growth." NEW YORK (AP) -Monday's noon New often hit a level sometime during the summer that is above their low point in May or June. But that doesn't mean prices are any more likely to rise in summer than they Optimistic view may be folklore it steeeS EddSs this month. U.S. investors are said to be untroubled by election-campaig- n certainties as well as a growing belief that the Federal Reserve won't ease credit conditions further. Merck ranked among the volat 491a. The ume leaders, up it Food and won said company Drug Administration clearance to market its drug Proscar for treatment of prostate enlargement in the United States. Losers among the blue chips included General Motors, down 7a at 43; Boeing, down 3e at Coca-Colat 40, and down at Glaxo Holdings, down The NYSE's composite index of all its listed common stocks fell 1.87 to 220.09. At the American Stock Exchange, the market value index was down 3.53 at 375.86. 41; a, 25. MADE THE ANNOUCEMENT AT THE ANNUAL MEETING OF THE COMPANIES HEARING AMBASA-DOR- S HELD IN SALT LAKE CITY ON JAN. 14. LLOYD SAID THIS SPECIAL PROGRAM COVERS ALL EXPENSES (EXCEPT BATTERIES) RELATED TO THE RETIREES STARKEY HEARING AIDS FITTED BY HIS FIRM AFTER FEB. 1, 1992, THAT ARE PROVIDED THRU THE STEEL WORKERS BENEFIT PLAN. IT INCLUDES ALL REPAIRS, LOSS AND DAMAGE AND ANY CHANGE IN HEARING LOSS FOR 5 FULL YEARS. LLOYD SAID THIS PROGRM COULD SAV EACH USX RETIREE SEVERAL HUNDRED DOLLARS OVER THE 5 YEAR PERIOD, IF THEY CHOOSE EDISON STANFORD AS THEIR DISPENSER. THOSE INTERESTED IN LEARNING MORE ABOUT THIS SPECIAL PLAN SHOULD CALL THE LOCAL OFFICE IN OREM AT 221-18BETWEEN THE HOURS OF 9 AM TO 5 PM MONDAY THRU FRIDAY.