European Stars and Stripes (Newspaper) - May 07, 1989, Darmstadt, Hesse Page 20 the stars and stripes sunday May 7,1989 business news Market slides despite favourable labor report new York up the Stock Market broke a string of five consecutive weekly advances after a rally triggered Friday by the april employ ment report failed to offset the negative effects of profit taking. The Dow Jones Industrial average hich fell 2.94 Friday to close at 2381.96. Lost a total of 36.84 Points or 1.5 percent for the week. Broader Market indicators also slipped. The new York Stock Exchange composite Index fell 0.99 to172.14, and Standard & poor s 500 Stock Index dropped a total of 2.03 Points last week to close at 307.61. Declines edged advances 897-885 among the 2,133 issues traded. Big Board volume totalled 816,402,690 Doyle investor s guide by Bill Doyle q. The ambiguities of allegedly illegal insider trading in Stock perplex me. Only the biggies Are currently prosecuted which is patently irrational. There is no flaw less Way to determine if information about a company is material and nonpublic. A custodian emptying a company s wastepaper Basket might Dis cover pertinent information about a corporate , he would have inside facts which possibly could enrich him. Who deter mines the legitimacy of Stock trading based on in Side information a. The courts. If you have Bee Reading the newspapers you should know that lots of people have been charged with illegally acting on in Side information. More insider trading cases have been brought since 1980 than in All the years since this nation s securities Laws were passed in the 1930s. Although not All the cases have resulted in convictions the vast majority have. The biggies you mention make the headlines. But other medium and Small Fry have been caught in the nets of the jus Tice department and the securities and Exchange commission. Q. You have explained that Astuck goes sex dividend at the opening of trading the fourth Busi Ness Day before the record Date for the payment of a dividend. At thai time the amount of the dividend is automatically deducted from the Stock s Market Price. If the record Dale for a 25-Cenl dividend is Friday feb. 24, the sex dividend Date is monday feb. 20, and the Stock s Price will be adjusted downward 25 cents one Quarter of a Point at the opening feb. 20. Stocks Trade in fractions no cents and for most the smallest fraction is one eighth. What Hap pens if the dividend is not divisible by eighths i have in mind a com Pany that pays a 40-cent dividend. A. When a dividend is not Divis Ible by eighths the sex dividend adjustment equals the next highest eighth. In the Case of a 40-Ccnt dividend the Price of the Stock would be adjusted downward one half of a Point 50 cents. Shares compared with 803,152,700the previous week and 756,153,410 a year ago. Stock prices rallied Early Friday Fol lowing a government report that the april jobless rate Rose to 5.3 percent from 5 percent in March while non farm payroll jobs Rose by only117,000, compared with 180,000 in March. Analysts said the data suggested slowdown in the Economy which could ease pressures on inflation and interest , some late afternoon sell ing robbed the Market of its Sharp gains. Traders also noted that computerized sell programs kicked in late pullback late Friday prevented the Market from breaking out of slump earlier in the week which stemmed from profit taking on gains won Over the past five weeks. John Burnett senior vice president and head trader at Donaldson Lufkin & Jan Rettic securities corp., noted the sell ing followed news that the United steelworkers Union reached a tentative agreement with Bethlehem steel a new labor contract that would re store wages to their higher 1982 Levels. He said some Stock players viewed the labor news As Loews tacked on 5 a to 99%. The company posted first Quarter earnings of $2.71 a share Down from $3.03 a share in the year ago Quarter. Eastman Kodak plunged 5 to 43. The company tuesday said its earnings fell to 62 cents a share compared with 80 Pinnau Unay. A share a the year ago Quarter. Traders also noted that computerized weakness on theyse failed to have sell programs kicked in late Friday after much effect on the american Stock sex certain Index futures dropped in relation change. The amex Market value Index to the Cash indexes. That led to the Pur ro5e 1.76 to end the week at 346.84.chase of the futures and the Sale of the posting its highest closing level since the underlying stocks. October 1987 crash. Declines led and on the trading floor. Union Carbide was the most Active nose Issue climb ing i to 30 a. Avon products followed jumping 7 Ato 36 a on speculation that Amway corp. And investor Irwin Jacobs might attempt a takeover. Texaco was the third most Active Issue falling it to 53 a. Elsewhere in the Blue Chip sector at to fell a to 34 a ism Slid 4v4 to Vancus however 439-389 among 1.024issues traded. Macx volume totalled 53,294,675 shares compared with54,580,440 traded a week earlier and 49,761,590 traded in the same week a year labs class b led the amex is sues climbing 1 to 8 a. Traders credited rumours that Wang May Combine forces i. For the Stock s Rise. 109%, Exxon eased % to 42 a and Gen eral electric dropped 1 it to 47%. With Xerox corp the National association of securities dealers Index surged 3.19 to end the week with a Post crash closing High of 430.74. Oil prices plummet on . Exchange new York up Oil prices plunged in a funereal Day of trading Friday on the investigation stricken new York mercantile Exchange ending a week that saw gasoline Down nearly 4 cents a gallon. In addition to the . Government investigation into trading practices at the merc and three other new York commo Dity exchanges analysts said trading also was subdued because of holidays in Europe and Japan. On the merc unleaded gasoline futures plummeted 2.12 cents to 67.50 cents a gallon losing 3.72 cents on the week. West Texas intermediate the Bench Mark . Crude Oil for immediate delivery fell 56 cents to $20.02 a barrel 40 cents below the previous week. Home heating Oil dropped 1.22 cents to 47.37 cents a gallon. On the . Gulf coast where Oil i bought and sold for Cash to the highest bidder wit lost 10 cents Friday to$20.30 a barrel 13 cents less than a week earlier. It was kind of a Dull Boring Day that saw prices drop significantly in the last half hour of trading said Pete Simonelli of new York s Balfour Maclaine futures inc. He said traders were Selling to take profits on contracts bought during the Price run up of the last Tew Days after Shell Oil co. Said its Cormorant plat form hit by an explosion april 18, would be Down longer than expected. Cormorant accounts for about 25 per cent of Britain s North sea crude Oil production. Subdued is a better word to characterize the Day s trading said Peter Beu Teclof elders futures inc., new York. An analyst who commented on Condi Tion of anonymity said there was a funereal atmosphere on the floor because of Federal subpoenas seeking information on 21 present and former merc member Sas part of an investigation into trading practices. There was Little enthusiasm for i today the analyst said. 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