Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.invest,americast.usa-today.invest From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: invest Thu, Aug 20 1992 Date: Thu, 20 Aug 92 04:20:23 EDT Message-ID: 08-20 0000 DECISIONLINE: Personal Investing USA TODAY Update Aug. 20, 1992 Source: USA TODAY:Gannett National Information Network ENZO INCHES DOWN AFTER SURGE: Biotechnology pioneer Enzo Biochem surged 69% the last two months. Tuesday, Enzo announced it will receive a patent for technology that essentially turns off genes that lead to decay or disease in plants, animals and humans. Rumors that Enzo would get the patent drove the stock to $6 3:8 Monday from $3 3:8 in June. Enzo fell 1:4 to $5 3:4 Wednesday, however. AMR NEWS DROPS STOCKS: Airline stocks sank Wednesday after AMR confirmed Wall Street's worst fears about this summer's fare wars. American Airlines' parent expects its third-quarter loss to exceed its second-quarter operating loss of $48 million. AMR stock dropped 1 3:8 to close at $57 1:4. UAL dropped 1 to $105 1:4; Delta fell 1 1:8 to $50 1:8; and USAir fell 3:8 to $13. SUN UP; OTHERS DOWN: Sun Microsystems rose Wednesday by 1, to $26 1:8. Standard & Poor's added the Mountain View, Calif., maker of computer workstations and networking software to the S&P 500 index at the close of trading Wednesday. S&P removed Wang, which filed for Chapter 11 protection from creditors Tuesday. Wang slid 1:8 to $1:4. Borland dropped 3 1:4 to $41 1:4. Stratus Computer dropped 1 7:8 to $42 1:4. BANYAN CAN SURVIVE WANG: Banyan Systems Inc. Wednesday said it did not anticipate taking a hit because of Wang Laboratories Inc. having declared bankruptcy on Tuesday. Wang was the biggest customer of the company, which made an initial public offering Aug. 6. Wang owes Banyan $1.2 million for software it bought and shipped. But Banyan said it had anticipated Wang's move and can write off Wang's orders. GABELLI GROUP UPS ELJER STAKE: A group led by New York financier Mario Gabelli Wednesday increased its stake in Eljer Industries to 13.08% from about 9.9% by acquiring shares worth about $2.1 million, according to Bloomberg Business News. The group's increase included purchases between July 27 and Aug. 17 at $7.00 to $10.13 a share. Eljer closed unchanged Wednesday at $1.39 on the NYSE. WHEN-ISSUED TRADING IN COURT: The Treasury said Wednesday a pending appeals court decision in a foreign exchange case could raise legal questions about when-issued trading in government securities. The Treasury said a narrowing or reversal of the decision could limit the types of securities the Treasury and other securities issuers could market. When-issued means prices are agreed upon before an auction. BERLITZ SELLS TWO-THIRDS: Berlitz International, the language services company onced controlled by the late media tycoon Robert Maxwell, is selling a 67% stake to Japan's Fukutake Publishing. The deal would leave 33% of Berlitz in the hands of existing stockholders. Two-thirds of the stockholders approve the transaction. NEW CHRYSLER LEADER CONFIDENT: Chrysler's Chairman-elect Robert Eaton says the No. 3 carmaker's new models should be good enough to boost Chrysler's share of the U.S. car and truck market to 15% by fall 1994, when the 1995 model year begins. That would be a 43% jump from its current 10.5% share. Eaton is banking on strong sales of the midsize Dodge Intrepid, Eagle Vision and Chrysler Concorde family sedans. BANK CD YIELDS FALL: Bank CD yields fell this week, according to `Bank Rate Monitor.' Average yields on certificates of deposit: six-month, 3.28%, vs. 3.30%; one-year, 3.56%, vs. 3.60%; 2 1:2-year, 4.33%, vs. 4.39%; five-year, 5.54%, vs. 5.61%. STOCKS FALL IN LATE SELL-OFF: Stocks fell Wednesday in a last-hour sell-off. The Dow Jones industrial average dropped 22.42 points to 3307.06. Broader indexes also fell. Losers trounced winners 1,132 to 584 on the New York Stock Exchange, where volume was 187 million shares. Stocks barely moved until the last hour of trading, when several computerized trades drove prices down. GOLD UP, SILVER UNMOVED: Gold rose Wednesday, but silver was essentially flat. Gold was up $2.10 to $337.90 on the Comex. Gold rose in London to $338.45 from $336.00. In Zurich, the metal rose to $338.00 from $335.60 and in Hong Kong, gold rose $1.78 to close at $337.98. Silver bullion in London was unchanged at $3.80. On the Comex, silver was quoted at $3.772, up slightly from $3.771. DOW JONES OPENS ON DOWNSWING: The Dow Jones average of 30 industrials opens Thursday at 3307.06 after closing down 22.42 points Wednesday. The New York Stock Exchange composite opens at 230.41, down 1.49. The American Stock Exchange market value opens at 385.89, down 0.92. The NASDAQ OTC composite opens at 567.61, down 3.26. DOLLAR OPENS MIXED OVERSEAS: The dollar opens mixed on Thursday. It opens at 0.5171 British pounds, down from 0.5179; 4.9533 French francs, up from 4.9400; 1.4526 German marks, down from 1.4563; and 126.30 Japanese yen, up from 126.07. (As of 3 p.m. Wednesday. Source: First American Bank of New York.) 24-HOUR TELEPHONE INFORMATION: USA TODAY Money Hot Line. 95 cents a minute. 1-900-555-5555. Personal Investing editor: Beth Mann. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution purposes violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM