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Saibo-creator

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ptb

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( S ( NP-SBJ ( NP ( DT The ) ( NNS stocks ) ) ( PP ( IN of ) ( NP ( NP ( JJ computer-related ) ( NNS companies ) ) ( VP ( VBN located ) ( PP-LOC-CLR ( IN outside ) ( NP ( NNP California ) ) ) ) ) ) ) ( VP ( VBD improved ) ( ADVP ( RB too ) ) ) )

The stocks of computer-related companies located outside California improved too

( S ( S ( NP-SBJ ( NNP Microsoft ) ) ( VP ( VBD advanced ) ( NP-EXT ( QP ( CD 1 ) ( CD 7\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 80 ) ( CD 1\/2 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Lotus ) ( NNP Development ) ) ( VP ( VBD added ) ( NP ( QP ( CD 1 ) ( CD 1\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 32 ) ( CD 1\/2 ) ) ) ) ) ) )

Microsoft advanced 1 7\/8 to 80 1\/2 and Lotus Development added 1 1\/4 to 32 1\/2

( S ( PP-LOC ( IN In ) ( NP ( JJ other ) ( JJ earthquake-related ) ( NN news ) ) ) ( S ( NP-SBJ-1 ( NP ( NNP Hambrecht ) ( CC & ) ( NNP Quist ) ( POS 's ) ) ( NNP OTC ) ( NN market ) ( NNS makers ) ) ( VP ( VBD were ) ( VP ( VBN excused ) ( PP-CLR ( IN from ) ( NP ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( PRP$ its ) ( NNS positions ) ) ( VP ( VBD were ) ( VP ( VBN frozen ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( NN day ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNP National ) ( NNP Association ) ) ( PP ( IN of ) ( NP ( NNP Securities ) ( NNP Dealers ) ) ) ) ) ) ) ) )

In other earthquake-related news Hambrecht & Quist 's OTC market makers were excused from trading yesterday and its positions were frozen for the day by the National Association of Securities Dealers

( S ( NP-SBJ-1 ( NN Power ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN restored ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNP San ) ( NNP Francisco ) ( NNS headquarters ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB allow ) ( NP ( NN trading ) ) ) ) ) ( NP-TMP ( NN yesterday ) ( NN morning ) ) ) ) ) )

Power could n't be restored at the company 's San Francisco headquarters to allow trading yesterday morning

( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ) ) ( NP-SBJ ( NP ( NNP Roger ) ( NNP Killion ) ) ( NP ( DT a ) ( NNP Hambrecht ) ( JJ executive ) ( NN vice ) ( NN president ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( NP ( NNP OTC ) ( NN trading ) ) ( PP ( IN at ) ( NP ( DT the ) ( NN company ) ) ) ) ( VP ( TO to ) ( VP ( VB resume ) ( NP-TMP ( DT this ) ( NN morning ) ) ( PP-LOC ( CC either ) ( PP ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ( CC or ) ( PP ( IN in ) ( NP ( NNP San ) ( NNP Francisco ) ) ) ) ) ) ) ) ) ) ) )

In New York Roger Killion a Hambrecht executive vice president said he expects OTC trading at the company to resume this morning either in New York or in San Francisco

( S ( PP-LOC ( IN In ) ( NP ( JJ other ) ( NN trading ) ) ) ( NP-SBJ-2 ( NNP Medco ) ( NNP Containment ) ( NNP Services ) ) ( VP ( VBD gained ) ( NP ( CD 7\/8 ) ) ( PP-DIR ( TO to ) ( NP ( CD 15 ) ) ) ( PP ( IN on ) ( NP ( QP ( CD 1.9 ) ( CD million ) ) ( NNS shares ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG reporting ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( NN quarter ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD ended ) ( NP-TMP ( NNP Sept. ) ( CD 30 ) ) ) ) ) ) ) ) ) ) ) ) )

In other trading Medco Containment Services gained 7\/8 to 15 on 1.9 million shares after reporting a loss for the first quarter which ended Sept. 30

( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD earned ) ( NP ( QP ( CD 6.6 ) ( CD million ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-earlier ) ( NN quarter ) ) ) ) )

The company earned 6.6 million in the year-earlier quarter

( S ( NP-SBJ ( NP ( NNP Jaguar ) ( POS 's ) ) ( JJ American ) ( JJ depositary ) ( NNS receipts ) ) ( VP ( VBD added ) ( NP ( CD 3\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 10 ) ( CD 3\/4 ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN volume ) ) ( PP ( IN of ) ( NP ( QP ( CD 1.1 ) ( CD million ) ) ) ) ) ) ) )

Jaguar 's American depositary receipts added 3\/8 to 10 3\/4 on volume of 1.1 million

( S ( S-TPC-1 ( NP-SBJ ( NP ( NNS Analysts ) ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ) ( VP ( VBP believe ) ( SBAR ( S ( NP-SBJ ( NNS investors ) ) ( PP ( IN despite ) ( NP ( PRP$ their ) ( NN stampede ) ( S ( VP ( TO to ) ( VP ( VB dump ) ( NP ( NN takeover ) ( NNS stocks ) ) ) ) ) ) ) ( VP ( MD should ) ( VP ( VB hold ) ( PRT ( RP on ) ) ( ADVP-MNR ( RB tight ) ) ( PP-CLR ( TO to ) ( NP ( PRP$ their ) ( NNP Jaguar ) ( NNS shares ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT this ) ( NN newspaper ) ( POS 's ) ) ( VP-TTL ( VBN Heard ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN Street ) ) ) ) ( NN column ) ) ( VP ( VBD said ) ( NP-TMP ( NN yesterday ) ) ) )

Analysts in London believe investors despite their stampede to dump takeover stocks should hold on tight to their Jaguar shares this newspaper 's Heard on the Street column said yesterday

( S ( NP-SBJ ( NNP Amgen ) ) ( VP ( VBD rose ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/2 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 50 ) ( CD 3\/4 ) ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ heavy ) ( NN trading ) ) ) ) )

Amgen rose 1 1\/2 to 50 3\/4 in heavy trading

( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBP figure ) ( SBAR ( S ( NP-SBJ ( NNP Amgen ) ) ( VP ( MD could ) ( VP ( VB benefit ) ( PP-PRP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( NP ( NNS troubles ) ) ( VP ( VBG facing ) ( NP ( NP ( PRP$ its ) ( NN competitor ) ) ( NP ( NNP Genetics ) ( NNP Institute ) ) ) ) ( PP ( IN over ) ( NP ( NP ( DT the ) ( NN anti-anemia ) ( NN drug ) ) ( NP ( NNP EPO ) ) ) ) ) ) ) ) ) ) ) ) ) )

Analysts figure Amgen could benefit as a result of troubles facing its competitor Genetics Institute over the anti-anemia drug EPO

( S ( NP-SBJ ( NNP Genetics ) ( NNP Institute ) ) ( VP ( VBD disclosed ) ( ADVP-TMP ( RB recently ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBN embroiled ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT a ) ( NN dispute ) ) ( PP ( IN with ) ( NP ( NP ( NNP Boehringer ) ( NNP Mannheim ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ distributes ) ( NP ( DT the ) ( NN drug ) ) ) ) ) ) ) ( VP ( VBG regarding ) ( NP ( NP ( DT the ) ( NN usability ) ) ( PP ( IN of ) ( NP ( DT some ) ( NNS batches ) ) ) ) ) ) ) ) ) ) ) ) )

Genetics Institute disclosed recently that it is embroiled in a dispute with Boehringer Mannheim which distributes the drug regarding the usability of some batches

( S ( NP-SBJ ( NNP United ) ( NNP Merchants ) ( CC & ) ( NNP Manufacturers ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( PRP$ its ) ( NN president ) ) ( NP ( NNP Uzi ) ( NNP Ruskin ) ) ) ( VP ( VBD withdrew ) ( NP ( PRP$ his ) ( NN proposal ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NP ( NN control ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( JJ textile ) ( CC and ) ( NN clothing ) ( NN company ) ) ) ) ) ) ) ) ) ) ) ) )

United Merchants & Manufacturers Inc. said its president Uzi Ruskin withdrew his proposal to acquire control of the New York textile and clothing company

( S ( NP-TMP ( JJ Last ) ( NN month ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Ruskin ) ) ( VP ( VBD proposed ) ( PP-LOC ( IN among ) ( NP ( JJ other ) ( NNS things ) ) ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( QP ( CD 3.5 ) ( CD million ) ) ( NNS shares ) ) ( CC or ) ( NP ( CD 38 ) ( NN % ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( CD 4 ) ) ( NP-ADV ( RB apiece ) ) ) ) ) ) ) ) )

Last month Mr. Ruskin proposed among other things to buy 3.5 million shares or 38 % for 4 apiece

( S ( PP ( VBN Coupled ) ( PP ( IN with ) ( NP ( NP ( PRP$ his ) ( JJ current ) ( QP ( CD 1.2 ) ( CD million ) ) ( NNS shares ) ) ( CC and ) ( NP ( NP ( CD 4 ) ( NN % ) ) ( VP ( VBN held ) ( PP ( IN by ) ( NP-LGS ( DT an ) ( NN associate ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN stake ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN given ) ( NP ( PRP him ) ) ( NP ( NP ( NN control ) ) ( PP ( IN of ) ( NP ( NP ( CD 55 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN concern ) ) ) ) ) ) ) ) ) )

Coupled with his current 1.2 million shares and 4 % held by an associate the stake would have given him control of 55 % of the concern

( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( NNP Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ( NN filing ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Ruskin ) ) ( VP ( VBD had ) ( VP ( VBN said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS holders ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ other ) ( CD 45 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP United ) ( NNP Merchants ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB receive ) ( NP ( NP ( JJ one-half ) ( NN share ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ new ) ( JJ preferred ) ( NN stock ) ) ) ( PP ( IN for ) ( NP ( NP ( DT each ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) ) )

In a Securities and Exchange Commission filing Mr. Ruskin had said that holders of the other 45 % of United Merchants would receive one-half share of a new preferred stock for each of their shares

( S ( NP-SBJ ( NP ( DT A ) ( JJ special ) ( NN committee ) ) ( PP ( IN of ) ( NP ( NNP United ) ( NNP Merchants ) ( NNS directors ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP ( IN in ) ( NP ( NP ( NN view ) ) ( PP ( IN of ) ( NP ( NP ( NNS uncertainties ) ) ( PP ( VBG regarding ) ( NP ( JJ various ) ( ADJP ( JJ legal ) ( CC and ) ( JJ financial ) ) ( NNS considerations ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB recommend ) ( NP ( DT the ) ( NN plan ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ full ) ( NN board ) ) ) ) ) ) ) ) )

A special committee of United Merchants directors said that in view of uncertainties regarding various legal and financial considerations it could n't recommend the plan to the full board

( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBZ is ) ( VP ( VBG exploring ) ( PP ( IN with ) ( NP ( DT a ) ( JJ major ) ( JJ financial ) ( NN institution ) ) ) ( NP ( NP ( DT the ) ( NN development ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB boost ) ( NP ( NP ( DT the ) ( NN value ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( NNS holders ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Ruskin ) ) ( VP ( VBD said ) ) )

The company is exploring with a major financial institution the development of a plan to boost the value of the company for its holders Mr. Ruskin said

( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( JJ separate ) ( NNP SEC ) ( NN filing ) ) ) ( NP-SBJ ( NP ( NNP Albert ) ( NNP Safer ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ holds ) ( NP ( NP ( CD 6.46 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP United ) ( NNP Merchants ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD retained ) ( NP ( NN investment ) ( NN bank ) ( NNP Lazard ) ( NNP Freres ) ( CC & ) ( NNP Co. ) ) ( PP-PRP ( IN for ) ( NP ( NN advice ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBZ evaluates ) ( NP ( NP ( DT the ) ( NN possibility ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG making ) ( NP ( NP ( DT a ) ( NN bid ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ textile ) ( NN maker ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In a separate SEC filing Albert Safer who holds 6.46 % of United Merchants said he retained investment bank Lazard Freres & Co. for advice as he evaluates the possibility of making a bid for the textile maker

( S ( PP-TMP ( IN On ) ( NP ( NNP Friday ) ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Safer ) ) ( NP ( DT a ) ( NAC-LOC ( NNP Newark ) ( NNP N.J. ) ) ( JJ textile ) ( NN businessman ) ) ) ( VP ( VBD signed ) ( NP ( NP ( DT a ) ( NN confidentiality ) ( NN agreement ) ) ( SBAR ( WHPP-1 ( IN under ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NNP United ) ( NNP Merchants ) ) ( VP ( MD would ) ( VP ( VB provide ) ( NP ( PRP him ) ) ( PP-CLR ( IN with ) ( NP ( JJ nonpublic ) ( NN information ) ) ) ) ) ) ) ) ) )

On Friday Mr. Safer a Newark N.J. textile businessman signed a confidentiality agreement under which United Merchants would provide him with nonpublic information

( NP ( NP ( NNP Tuesday ) ) ( NP ( NNP October ) ( CD 17 ) ( CD 1989 ) ) )

Tuesday October 17 1989

( S ( NP-SBJ ( NP ( DT The ) ( JJ key ) ( UCP ( NNP U.S. ) ( CC and ) ( JJ foreign ) ) ( JJ annual ) ( NN interest ) ( NNS rates ) ) ( ADVP-LOC ( RB below ) ) ) ( VP ( VP ( VBP are ) ( NP-PRD ( NP ( DT a ) ( NN guide ) ) ( PP ( TO to ) ( NP ( JJ general ) ( NNS levels ) ) ) ) ) ( CC but ) ( VP ( VBP do ) ( RB n't ) ( ADVP-TMP ( RB always ) ) ( VP ( VB represent ) ( NP ( JJ actual ) ( NNS transactions ) ) ) ) ) )

The key U.S. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions

( NP ( NP ( JJ PRIME ) ( NN RATE ) ) ( NP ( QP ( CD 10 ) ( CD 1\/2 ) ) ( NN % ) ) )

PRIME RATE 10 1\/2 %

( NP ( NP ( DT The ) ( NN base ) ( NN rate ) ) ( PP-LOC ( IN on ) ( NP ( JJ corporate ) ( NNS loans ) ) ) ( PP-LOC ( IN at ) ( NP ( JJ large ) ( NNP U.S. ) ( NN money ) ( NN center ) ( JJ commercial ) ( NNS banks ) ) ) )

The base rate on corporate loans at large U.S. money center commercial banks

( NP ( NP ( JJ FEDERAL ) ( NNS FUNDS ) ) ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 11\/16 ) ) ( NN % ) ) ( ADJP ( JJ high ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 5\/8 ) ) ( NN % ) ) ( ADJP ( JJ low ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 5\/8 ) ) ( NN % ) ) ( PP-TMP ( IN near ) ( NP ( NN closing ) ( NN bid ) ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 11\/16 ) ) ( NN % ) ) ( VP ( VBN offered ) ) ) ) )

FEDERAL FUNDS 8 11\/16 % high 8 5\/8 % low 8 5\/8 % near closing bid 8 11\/16 % offered

( NP ( NP ( NNS Reserves ) ) ( VP ( VBD traded ) ( PP-LOC ( IN among ) ( NP ( JJ commercial ) ( NNS banks ) ) ) ( PP-PRP ( IN for ) ( NP ( JJ overnight ) ( NN use ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS amounts ) ) ( PP ( IN of ) ( NP ( QP ( CD 1 ) ( CD million ) ) ( QP ( CC or ) ( JJR more ) ) ) ) ) ) ) )

Reserves traded among commercial banks for overnight use in amounts of 1 million or more

( NP ( NP ( NN Source ) ) ( NP ( NNP Fulton ) ( NNP Prebon ) ( PRN ( NP-LOC ( NN U.S.A ) ) ) ( NNP Inc ) ) )

Source Fulton Prebon U.S.A Inc

( NP ( NP ( NN DISCOUNT ) ( NN RATE ) ) ( NP ( CD 7 ) ( NN % ) ) )

DISCOUNT RATE 7 %

( NP ( NP ( DT The ) ( NN charge ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNS loans ) ) ( PP ( TO to ) ( NP ( JJ depository ) ( NNS institutions ) ) ) ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Federal ) ( NNP Reserve ) ( NNP Bank ) ) ) )

The charge on loans to depository institutions by the New York Federal Reserve Bank

( NP ( NP ( JJ CALL ) ( NN MONEY ) ) ( NP ( NP ( QP ( CD 9 ) ( CD 3\/4 ) ) ( NN % ) ) ( TO to ) ( NP ( CD 10 ) ( NN % ) ) ) )

CALL MONEY 9 3\/4 % to 10 %

( NP ( NP ( DT The ) ( NN charge ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNS loans ) ) ( PP ( TO to ) ( NP ( NNS brokers ) ) ) ( PP ( IN on ) ( NP ( NN stock ) ( NN exchange ) ( NN collateral ) ) ) ) ) )

The charge on loans to brokers on stock exchange collateral

( NP ( NP ( NP ( JJ COMMERCIAL ) ( NN PAPER ) ) ( VP ( VBN placed ) ( ADVP-MNR ( RB directly ) ) ( PP ( IN by ) ( NP-LGS ( NNP General ) ( NNP Motors ) ( NNP Acceptance ) ( NNP Corp. ) ) ) ) ) ( NP ( NP ( NP ( CD 8.40 ) ( NN % ) ) ( NP-TMP ( QP ( CD 30 ) ( TO to ) ( CD 44 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 8.325 ) ( NN % ) ) ( NP-TMP ( QP ( CD 45 ) ( TO to ) ( CD 59 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 8.10 ) ( NN % ) ) ( NP-TMP ( QP ( CD 60 ) ( TO to ) ( CD 89 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 8 ) ( NN % ) ) ( NP-TMP ( QP ( CD 90 ) ( TO to ) ( CD 119 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 7.85 ) ( NN % ) ) ( NP-TMP ( QP ( CD 120 ) ( TO to ) ( CD 149 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 7.70 ) ( NN % ) ) ( NP-TMP ( QP ( CD 150 ) ( TO to ) ( CD 179 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 7.375 ) ( NN % ) ) ( NP-TMP ( QP ( CD 180 ) ( TO to ) ( CD 270 ) ) ( NNS days ) ) ) ) )

COMMERCIAL PAPER placed directly by General Motors Acceptance Corp. 8.40 % 30 to 44 days 8.325 % 45 to 59 days 8.10 % 60 to 89 days 8 % 90 to 119 days 7.85 % 120 to 149 days 7.70 % 150 to 179 days 7.375 % 180 to 270 days

( NP ( NP ( NNP COMMERCIAL ) ( NNP PAPER ) ) ( NP ( NP ( JJ High-grade ) ( JJ unsecured ) ( NNS notes ) ) ( VP ( VBN sold ) ( PP ( IN through ) ( NP ( NNS dealers ) ) ) ( PP ( IN by ) ( NP-LGS ( JJ major ) ( NNS corporations ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS multiples ) ) ( PP ( IN of ) ( NP ( CD 1,000 ) ) ) ) ) ) ) ( NP ( NP ( NP ( CD 8.50 ) ( NN % ) ) ( NP-TMP ( CD 30 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.40 ) ( NN % ) ) ( NP-TMP ( CD 60 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.375 ) ( NN % ) ) ( NP-TMP ( CD 90 ) ( NNS days ) ) ) ) )

COMMERCIAL PAPER High-grade unsecured notes sold through dealers by major corporations in multiples of 1,000 8.50 % 30 days 8.40 % 60 days 8.375 % 90 days

( NP ( NP ( NP ( NNS CERTIFICATES ) ) ( PP ( IN OF ) ( NP ( NN DEPOSIT ) ) ) ) ( NP ( NP ( NP ( CD 8.05 ) ( NN % ) ) ( NP-TMP ( CD one ) ( NN month ) ) ) ( NP ( NP ( CD 8.02 ) ( NN % ) ) ( NP-TMP ( CD two ) ( NNS months ) ) ) ( NP ( NP ( CD 8 ) ( NN % ) ) ( NP-TMP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( CD 7.98 ) ( NN % ) ) ( NP-TMP ( CD six ) ( NNS months ) ) ) ( NP ( NP ( CD 7.95 ) ( NN % ) ) ( NP-TMP ( CD one ) ( NN year ) ) ) ) )

CERTIFICATES OF DEPOSIT 8.05 % one month 8.02 % two months 8 % three months 7.98 % six months 7.95 % one year

( NP ( NP ( JJ Average ) ) ( PP ( IN of ) ( NP ( NP ( JJ top ) ( NNS rates ) ) ( VP ( VBN paid ) ( PP ( IN by ) ( NP-LGS ( JJ major ) ( NNP New ) ( NNP York ) ( NNS banks ) ) ) ( PP-LOC ( PP ( IN on ) ( NP ( NP ( JJ primary ) ( JJ new ) ( NNS issues ) ) ( PP ( IN of ) ( NP ( JJ negotiable ) ( NNS C.D.s ) ) ) ) ) ( ADVP-TMP ( RB usually ) ) ( PP ( IN on ) ( NP ( NP ( NNS amounts ) ) ( PP ( IN of ) ( NP ( QP ( CD 1 ) ( CD million ) ) ( QP ( CC and ) ( JJR more ) ) ) ) ) ) ) ) ) ) )

Average of top rates paid by major New York banks on primary new issues of negotiable C.D.s usually on amounts of 1 million and more

( S ( NP-SBJ ( DT The ) ( JJ minimum ) ( NN unit ) ) ( VP ( VBZ is ) ( NP-PRD ( CD 100,000 ) ) ) )

The minimum unit is 100,000

( NP ( NP ( NP ( JJ Typical ) ( NNS rates ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ secondary ) ( NN market ) ) ) ) ( NP ( NP ( NP ( CD 8.50 ) ( NN % ) ) ( NP-TMP ( CD one ) ( NN month ) ) ) ( NP ( NP ( CD 8.50 ) ( NN % ) ) ( NP-TMP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( CD 8.45 ) ( NN % ) ) ( NP-TMP ( CD six ) ( NNS months ) ) ) ) )

Typical rates in the secondary market 8.50 % one month 8.50 % three months 8.45 % six months

( NP ( NP ( NNS BANKERS ) ( NNS ACCEPTANCES ) ) ( NP ( NP ( NP ( CD 8.38 ) ( NN % ) ) ( NP-TMP ( CD 30 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.28 ) ( NN % ) ) ( NP-TMP ( CD 60 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.23 ) ( NN % ) ) ( NP-TMP ( CD 90 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.13 ) ( NN % ) ) ( NP-TMP ( CD 120 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.03 ) ( NN % ) ) ( NP-TMP ( CD 150 ) ( NNS days ) ) ) ( NP ( NP ( CD 7.93 ) ( NN % ) ) ( NP-TMP ( CD 180 ) ( NNS days ) ) ) ) )

BANKERS ACCEPTANCES 8.38 % 30 days 8.28 % 60 days 8.23 % 90 days 8.13 % 120 days 8.03 % 150 days 7.93 % 180 days

( NP ( NP ( JJ Negotiable ) ( JJ bank-backed ) ( NN business ) ( NN credit ) ( NNS instruments ) ) ( VP ( ADVP ( RB typically ) ) ( VBG financing ) ( NP ( DT an ) ( NN import ) ( NN order ) ) ) )

Negotiable bank-backed business credit instruments typically financing an import order

( NP ( NP ( NNP LONDON ) ( JJ LATE ) ( NNS EURODOLLARS ) ) ( NP ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 5\/8 ) ) ( NN % ) ) ( TO to ) ( NP ( QP ( CD 8 ) ( CD 1\/2 ) ) ( NN % ) ) ) ( NP-TMP ( CD one ) ( NN month ) ) ) ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 9\/16 ) ) ( NN % ) ) ( TO to ) ( NP ( QP ( CD 8 ) ( CD 7\/16 ) ) ( NN % ) ) ) ( NP-TMP ( CD two ) ( NNS months ) ) ) ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 9\/16 ) ) ( NN % ) ) ( TO to ) ( NP ( QP ( CD 8 ) ( CD 7\/16 ) ) ( NN % ) ) ) ( NP-TMP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 1\/2 ) ) ( NN % ) ) ( TO to ) ( NP ( QP ( CD 8 ) ( CD 3\/8 ) ) ( NN % ) ) ) ( NP-TMP ( CD four ) ( NNS months ) ) ) ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 7\/16 ) ) ( NN % ) ) ( TO to ) ( NP ( QP ( CD 8 ) ( CD 5\/16 ) ) ( NN % ) ) ) ( NP-TMP ( CD five ) ( NNS months ) ) ) ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 7\/16 ) ) ( NN % ) ) ( TO to ) ( NP ( QP ( CD 8 ) ( CD 5\/16 ) ) ( NN % ) ) ) ( NP-TMP ( CD six ) ( NNS months ) ) ) ) )

LONDON LATE EURODOLLARS 8 5\/8 % to 8 1\/2 % one month 8 9\/16 % to 8 7\/16 % two months 8 9\/16 % to 8 7\/16 % three months 8 1\/2 % to 8 3\/8 % four months 8 7\/16 % to 8 5\/16 % five months 8 7\/16 % to 8 5\/16 % six months

( NP ( NP ( NP ( NNP LONDON ) ( JJ INTERBANK ) ( VBN OFFERED ) ( NNS RATES ) ) ( PRN ( NP ( NNP LIBOR ) ) ) ) ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 5\/8 ) ) ( NN % ) ) ( NP-TMP ( CD one ) ( NN month ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 9\/16 ) ) ( NN % ) ) ( NP-TMP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 7\/16 ) ) ( NN % ) ) ( NP-TMP ( CD six ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 7\/16 ) ) ( NN % ) ) ( NP-TMP ( CD one ) ( NN year ) ) ) ) )

LONDON INTERBANK OFFERED RATES LIBOR 8 5\/8 % one month 8 9\/16 % three months 8 7\/16 % six months 8 7\/16 % one year

( NP ( NP ( DT The ) ( NN average ) ) ( PP ( IN of ) ( NP ( NN interbank ) ( VBN offered ) ( NNS rates ) ) ) ( PP ( IN for ) ( NP ( NN dollar ) ( NNS deposits ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP London ) ( NN market ) ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN on ) ( NP ( NP ( NNS quotations ) ) ( PP-LOC ( IN at ) ( NP ( CD five ) ( JJ major ) ( NNS banks ) ) ) ) ) ) )

The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks

( NP ( NP ( JJ FOREIGN ) ( JJ PRIME ) ( NNS RATES ) ) ( NP ( NP ( NP ( NNP Canada ) ) ( NP ( CD 13.50 ) ( NN % ) ) ) ( NP ( NP ( NNP Germany ) ) ( NP ( CD 8.50 ) ( NN % ) ) ) ( NP ( NP ( NNP Japan ) ) ( NP ( CD 4.875 ) ( NN % ) ) ) ( NP ( NP ( NNP Switzerland ) ) ( NP ( CD 8.50 ) ( NN % ) ) ) ( NP ( NP ( NNP Britain ) ) ( NP ( CD 15 ) ( NN % ) ) ) ) )

FOREIGN PRIME RATES Canada 13.50 % Germany 8.50 % Japan 4.875 % Switzerland 8.50 % Britain 15 %

( S ( S ( NP-SBJ ( DT These ) ( NN rate ) ( NNS indications ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( RB directly ) ( JJ comparable ) ) ) ) ( S ( NP-SBJ ( NN lending ) ( NNS practices ) ) ( VP ( VBP vary ) ( ADVP-MNR ( RB widely ) ) ( PP ( IN by ) ( NP ( NN location ) ) ) ) ) )

These rate indications are n't directly comparable lending practices vary widely by location

( NP ( NP ( NN TREASURY ) ( NNS BILLS ) ) ( NP ( NP ( NP ( NNS Results ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NAC-TMP ( NNP Monday ) ( NNP October ) ( CD 16 ) ( CD 1989 ) ) ( NN auction ) ) ( PP ( IN of ) ( NP ( NP ( JJ short-term ) ( NNP U.S. ) ( NN government ) ( NNS bills ) ) ( VP ( VBN sold ) ( PP ( IN at ) ( NP ( NP ( DT a ) ( NN discount ) ) ( PP ( IN from ) ( NP ( NN face ) ( NN value ) ) ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS units ) ) ( PP ( IN of ) ( NP ( NP ( CD 10,000 ) ) ( TO to ) ( NP ( QP ( CD 1 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP ( NP ( NP ( CD 7.37 ) ( NN % ) ) ( NP-TMP ( CD 13 ) ( NNS weeks ) ) ) ( NP ( NP ( CD 7.42 ) ( NN % ) ) ( NP-TMP ( CD 26 ) ( NNS weeks ) ) ) ) ) )

TREASURY BILLS Results of the Monday October 16 1989 auction of short-term U.S. government bills sold at a discount from face value in units of 10,000 to 1 million 7.37 % 13 weeks 7.42 % 26 weeks

( NP ( NP ( NP ( NNP FEDERAL ) ( NNP HOME ) ( NNP LOAN ) ( NNP MORTGAGE ) ( NNP CORP ) ) ( PRN ( NP ( NNP Freddie ) ( NNP Mac ) ) ) ) ( NP ( NP ( VBN Posted ) ( NNS yields ) ) ( PP-LOC ( IN on ) ( NP ( JJ 30-year ) ( NN mortgage ) ( NNS commitments ) ) ) ( PP ( IN for ) ( NP ( NP ( NN delivery ) ) ( PP-TMP ( IN within ) ( NP ( CD 30 ) ( NNS days ) ) ) ) ) ) )

FEDERAL HOME LOAN MORTGAGE CORP Freddie Mac Posted yields on 30-year mortgage commitments for delivery within 30 days

( NP ( NP ( NP ( CD 9.88 ) ( NN % ) ) ( NP ( JJ standard ) ( JJ conventional ) ( JJ fixed-rate ) ( NNS mortgages ) ) ) ( NP ( NP ( CD 7.875 ) ( NN % ) ) ( NP ( ADJP ( CD 2 ) ( NN % ) ) ( ADJP ( NN rate ) ( VBN capped ) ) ( JJ one-year ) ( JJ adjustable ) ( NN rate ) ( NNS mortgages ) ) ) )

9.88 % standard conventional fixed-rate mortgages 7.875 % 2 % rate capped one-year adjustable rate mortgages

( NP ( NP ( NN Source ) ) ( NP ( NNP Telerate ) ( NNP Systems ) ( NNP Inc ) ) )

Source Telerate Systems Inc

( NP ( NP ( NP ( NNP FEDERAL ) ( NNP NATIONAL ) ( NNP MORTGAGE ) ( NNP ASSOCIATION ) ) ( NP ( NNP Fannie ) ( NNP Mae ) ) ) ( NP ( NP ( NP ( VBN Posted ) ( NNS yields ) ) ( PP-LOC ( IN on ) ( NP ( NP ( CD 30 ) ( NN year ) ( NN mortgage ) ( NNS commitments ) ) ( PP ( IN for ) ( NP ( NP ( NN delivery ) ) ( PP-TMP ( IN within ) ( NP ( CD 30 ) ( NNS days ) ) ) ) ) ( PRN ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NN par ) ) ) ) ) ) ) ) ( NP ( NP ( NP ( CD 9.80 ) ( NN % ) ) ( NP ( JJ standard ) ( JJ conventional ) ( JJ fixed-rate ) ( NNS mortgages ) ) ) ( NP ( NP ( CD 8.70 ) ( NN % ) ) ( NP ( CD 6\/2 ) ( ADJP ( NN rate ) ( VBN capped ) ) ( JJ one-year ) ( JJ adjustable ) ( NN rate ) ( NNS mortgages ) ) ) ) ) )

FEDERAL NATIONAL MORTGAGE ASSOCIATION Fannie Mae Posted yields on 30 year mortgage commitments for delivery within 30 days priced at par 9.80 % standard conventional fixed-rate mortgages 8.70 % 6\/2 rate capped one-year adjustable rate mortgages

( NP ( NP ( NN Source ) ) ( NP ( NNP Telerate ) ( NNP Systems ) ( NNP Inc ) ) )

Source Telerate Systems Inc

( NP ( NP ( NNP MERRILL ) ( NNP LYNCH ) ( NNP READY ) ( NNP ASSETS ) ( NNP TRUST ) ) ( NP ( CD 8.50 ) ( NN % ) ) )

MERRILL LYNCH READY ASSETS TRUST 8.50 %

( NP ( NP ( NP ( JJ Annualized ) ( JJ average ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NN return ) ) ) ( PP-TMP ( IN after ) ( NP ( NNS expenses ) ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ past ) ( CD 30 ) ( NNS days ) ) ) ) ( NP ( NP ( RB not ) ( DT a ) ( NN forecast ) ) ( PP ( IN of ) ( NP ( JJ future ) ( NNS returns ) ) ) ) )

Annualized average rate of return after expenses for the past 30 days not a forecast of future returns

( S ( NP-SBJ ( JJ Federal ) ( NNS prosecutors ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN obtained ) ( NP ( DT a ) ( JJ guilty ) ( NN plea ) ) ( PP-CLR ( IN from ) ( NP ( DT another ) ( NN person ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( JJ ongoing ) ( NN probe ) ) ( PP ( IN of ) ( NP ( NP ( JJ illegal ) ( NNS payments ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ record ) ( NN industry ) ) ) ) ) ) ) ) ) ) ) ) )

Federal prosecutors said they have obtained a guilty plea from another person in the government 's ongoing probe of illegal payments in the record industry

( S ( NP-SBJ ( NP ( NNP William ) ( NNP Craig ) ) ( NP ( DT an ) ( JJ independent ) ( NN record ) ( NN promoter ) ) ) ( VP ( VBD pleaded ) ( ADJP-PRD ( JJ guilty ) ( PP ( TO to ) ( NP ( NP ( NN payola ) ) ( CC and ) ( NP ( JJ criminal ) ( NN tax ) ( NNS charges ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN statement ) ) ( VP ( VBN issued ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Gary ) ( NNP Feess ) ) ( NP ( NP ( DT the ) ( NNP U.S. ) ( NN attorney ) ) ( ADVP-LOC ( RB here ) ) ) ) ) ) ) ) ) ) )

William Craig an independent record promoter pleaded guilty to payola and criminal tax charges according to a statement issued by Gary Feess the U.S. attorney here

( S ( NP-SBJ ( NN Payola ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN practice ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG making ) ( NP ( JJ illegal ) ( JJ undisclosed ) ( NNS payments ) ) ( PP-CLR ( TO to ) ( NP ( NN radio ) ( NN station ) ( NNS personnel ) ) ) ( PP ( IN in ) ( NP ( NP ( NN return ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG getting ) ( S ( NP-SBJ ( DT the ) ( NNS stations ) ) ( VP ( TO to ) ( VP ( VB play ) ( NP ( JJ certain ) ( NNS songs ) ) ( PP-LOC ( IN over ) ( NP ( DT the ) ( NN air ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Payola is the practice of making illegal undisclosed payments to radio station personnel in return for getting the stations to play certain songs over the air

( S ( PP ( IN As ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ his ) ( NN plea ) ( NN agreement ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN government ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJ 44-year-old ) ( NNP Mr. ) ( NNP Craig ) ) ( VP ( VBZ faces ) ( NP ( NP ( QP ( DT a ) ( NN maximum ) ( IN of ) ( CD three ) ) ( NNS years ) ) ( PP-LOC ( IN in ) ( NP ( NN prison ) ) ) ) ) )

As part of his plea agreement with the government the 44-year-old Mr. Craig faces a maximum of three years in prison

( SINV ( S-TPC-2 ( PP ( IN In ) ( NP ( NN return ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Craig ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB cooperate ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( VBG continuing ) ( NN payola ) ( NN probe ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( DT a ) ( NN spokeswoman ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NNP U.S. ) ( NN attorney ) ( POS 's ) ) ( NN office ) ) ) ) )

In return Mr. Craig agreed to cooperate in the government 's continuing payola probe says a spokeswoman for the U.S. attorney 's office

( S ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Craig ) ) ( CC and ) ( NP ( CD three ) ( NNS others ) ) ) ( VP ( VBD were ) ( VP ( VBN indicted ) ( NP-TMP ( JJ last ) ( NN year ) ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT that ) ( NN payola ) ( NN probe ) ) ) ) ) ) ) )

Mr. Craig and three others were indicted last year as part of that payola probe

( S ( S ( NP-SBJ ( CD Two ) ( JJ other ) ( NNS defendants ) ) ( ADVP-TMP ( RB previously ) ) ( VP ( VBD pleaded ) ( ADJP-PRD ( JJ guilty ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NP ( NNS charges ) ) ( PP ( IN against ) ( NP ( DT the ) ( JJ third ) ) ) ) ( VP ( VBD were ) ( VP ( VBN dropped ) ) ) ) )

Two other defendants previously pleaded guilty and charges against the third were dropped

( S ( NP-SBJ ( NNP Apogee ) ( NNP Robotics ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NN board ) ) ( VP ( VBD extended ) ( PP-TMP-CLR ( IN until ) ( NP ( NNP Feb. ) ( CD 1 ) ) ) ( NP ( NP ( DT the ) ( NN exercise ) ( NN period ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Apogee ) ( POS 's ) ) ( JJ existing ) ( NN stock ) ( NN purchase ) ( NNS warrants ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ) ) )

Apogee Robotics Inc. said its board extended until Feb. 1 the exercise period of Apogee 's existing stock purchase warrants outstanding

( S ( NP-SBJ ( DT The ) ( NN expiration ) ( NN date ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( NP-PRD ( NNP Nov. ) ( CD 3 ) ) ) ) )

The expiration date had been Nov. 3

( S ( NP-SBJ ( NP ( DT Each ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD 1,075,000 ) ( NNS warrants ) ) ) ) ( VP ( VBP entitle ) ( S ( NP-SBJ ( DT the ) ( NNS holders ) ) ( VP ( TO to ) ( VP ( VB purchase ) ( NP ( NP ( CD one ) ( NN share ) ) ( PP ( IN of ) ( NP ( NNP Apogee ) ( JJ common ) ( NN stock ) ) ) ) ( PP-CLR ( IN for ) ( NP ( CD 2.25 ) ) ) ) ) ) ) )

Each of the 1,075,000 warrants entitle the holders to purchase one share of Apogee common stock for 2.25

( S ( NP-SBJ-1 ( NNP Apogee ) ) ( VP ( VBD was ) ( VP ( VBN quoted ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ over-the-counter ) ( NN market ) ) ) ( NP-TMP ( NN yesterday ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 2 ) ) ( VP ( NN bid ) ) ) ) ) ) )

Apogee was quoted in the over-the-counter market yesterday at 2 bid

( S ( NP-SBJ ( NP ( NP ( DT The ) ( NN stock ) ( NN market ) ( POS 's ) ) ( JJ dizzying ) ( NNS gyrations ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ past ) ( JJ few ) ( NNS days ) ) ) ) ( VP ( VBP have ) ( VP ( VBN made ) ( S ( NP-SBJ ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( JJ individual ) ( NNS investors ) ) ) ) ( VP ( VB wish ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD could ) ( VP ( VB buy ) ( NP ( NP ( DT some ) ( NN sort ) ) ( PP ( IN of ) ( NP ( NN insurance ) ) ) ) ) ) ) ) ) ) ) ) )

The stock market 's dizzying gyrations during the past few days have made a lot of individual investors wish they could buy some sort of insurance

( S ( PP ( IN After ) ( NP ( DT all ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD wo ) ( RB n't ) ( ADVP-TMP ( RB soon ) ) ( VP ( VB forget ) ( NP ( NP ( DT the ) ( NN stock ) ( NNS bargains ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD became ) ( ADJP-PRD ( JJ available ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( NNP October ) ( CD 1987 ) ( NN crash ) ) ) ) ) ) ) ) ) )

After all they wo n't soon forget the stock bargains that became available after the October 1987 crash

( S ( CC But ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB be ) ( PP-PRD ( IN on ) ( NP ( NP ( DT the ) ( NN alert ) ) ( PP ( IN for ) ( NP ( JJ similar ) ( NN buying ) ( NNS opportunities ) ) ) ) ) ( ADVP-TMP ( RB now ) ) ) ) ) ) ) ) ( NP-SBJ-3 ( PRP they ) ) ( VP ( VBP 're ) ( ADJP-PRD ( JJ afraid ) ( PP ( IN of ) ( S-NOM ( VP ( VBG being ) ( VP ( VBN hammered ) ( PP ( IN by ) ( NP-LGS ( DT another ) ( JJ terrifying ) ( NN plunge ) ) ) ) ) ) ) ) ) )

But while they want to be on the alert for similar buying opportunities now they 're afraid of being hammered by another terrifying plunge

( S ( NP-SBJ ( DT The ) ( NN solution ) ) ( PP ( ADVP ( IN at ) ( JJS least ) ) ( IN for ) ( NP ( DT some ) ( NNS investors ) ) ) ( VP ( MD may ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN hedging ) ( NN technique ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ 's ) ( ADJP-PRD ( RB well ) ( VBN known ) ( PP ( TO to ) ( NP ( NP ( NNS players ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS stock-options ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) )

The solution at least for some investors may be a hedging technique that 's well known to players in the stock-options market

( S ( S-ADV ( VP ( VBN Called ) ( S ( NP-PRD ( DT a ) ( JJ married ) ( NN put ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN technique ) ) ( VP ( VBZ is ) ( VP ( VBN carried ) ( PRT ( RP out ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VP ( VBG purchasing ) ( NP ( DT a ) ( NN stock ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB simultaneously ) ) ( VBG buying ) ( NP ( NP ( DT a ) ( NN put ) ( NN option ) ) ( PP-LOC ( IN on ) ( NP ( DT that ) ( NN stock ) ) ) ) ) ) ) ) ) ) )

Called a married put the technique is carried out by purchasing a stock and simultaneously buying a put option on that stock

( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( POS 's ) ( PP-PRD ( IN like ) ( NP ( NN fire ) ( NN insurance ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Harrison ) ( NNP Roth ) ) ( NP ( NP ( DT the ) ( JJ senior ) ( NNS options ) ( NN strategist ) ) ( PP-LOC ( IN at ) ( NP ( NNP Cowen ) ( CC & ) ( NNP Co ) ) ) ) ) )

It 's like fire insurance says Harrison Roth the senior options strategist at Cowen & Co

( S ( SBAR-PRP ( IN Because ) ( S ( NP-SBJ ( DT a ) ( NN put ) ( NN option ) ) ( VP ( VBZ gives ) ( NP ( PRP$ its ) ( NN owner ) ) ( NP ( NP ( DT the ) ( NN right ) ) ( CC but ) ( NP ( RB not ) ( DT the ) ( NN obligation ) ) ( S-1 ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( DT a ) ( JJ fixed ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN stock ) ) ) ) ) ) ( PP ( IN at ) ( NP ( DT a ) ( JJ stated ) ( NN price ) ) ) ( PP-TMP ( IN on ) ( CC or ) ( IN before ) ( NP ( NP ( DT the ) ( NN option ) ( POS 's ) ) ( NN expiration ) ( NN date ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN investor ) ) ( VP ( VBZ is ) ( VP ( VBN protected ) ( PP ( IN against ) ( NP ( NP ( DT a ) ( JJ sudden ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN stock ) ( POS 's ) ) ( NN price ) ) ) ) ) ) ) )

Because a put option gives its owner the right but not the obligation to sell a fixed number of shares of the stock at a stated price on or before the option 's expiration date the investor is protected against a sudden drop in the stock 's price

( S ( CC But ) ( NP-SBJ ( JJS most ) ( NN investment ) ( NNS advisers ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB recommend ) ( S ( VP ( VBG using ) ( NP ( JJ married ) ( NNS puts ) ) ( NP-TMP ( PDT all ) ( DT the ) ( NN time ) ) ) ) ) ) )

But most investment advisers do n't recommend using married puts all the time

( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( SBAR-PRP-PRD ( IN because ) ( S ( NP-SBJ ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG buying ) ( NP ( NN put ) ( NNS options ) ) ) ) ) ) ( VP ( VBZ eats ) ( PP-DIR ( IN into ) ( NP ( NP ( DT an ) ( NN investor ) ( POS 's ) ) ( NN profit ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NN stock ) ( NNS prices ) ) ( VP ( VBP rise ) ) ) ) ) ) ) ) )

That 's because the cost of buying put options eats into an investor 's profit when stock prices rise

( SINV ( S-TPC-2 ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN type ) ) ( PP ( IN of ) ( NP ( NN fire ) ( NN insurance ) ) ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( ADVP ( RB only ) ) ( VBP buy ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( JJ nearby ) ( NNS woods ) ) ( VP ( VBP are ) ( PP-PRD ( IN on ) ( NP ( NN fire ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Roth ) ) )

This is the type of fire insurance you only buy when the nearby woods are on fire says Mr. Roth

( S ( S ( NP-SBJ ( PRP You ) ) ( ADVP-TMP ( RB always ) ) ( VP ( VB want ) ( S ( NP-SBJ-2 ( PRP$ your ) ( NN house ) ) ( VP ( VBN insured ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP do ) ( RB n't ) ( ADVP-TMP ( RB always ) ) ( VP ( VB feel ) ( NP-PRD ( NP ( DT the ) ( NN need ) ) ( SBAR ( IN for ) ( S ( NP-SBJ-1 ( PRP$ your ) ( NNS investments ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN insured ) ) ) ) ) ) ) ) ) ) )

You always want your house insured but you do n't always feel the need for your investments to be insured

( S ( PP ( IN In ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( S-NOM ( VP ( VBG hedging ) ( NP ( JJ new ) ( NN stock ) ( NNS purchases ) ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( JJ married-put ) ( NN technique ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB protect ) ( NP ( NP ( NNS stocks ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( DT an ) ( NN investor ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBZ owns ) ) ) ) ) ) ) ) ) ) ) )

In addition to hedging new stock purchases the married-put technique can be used to protect stocks that an investor already owns

( S ( PP-LOC ( IN In ) ( NP ( DT either ) ( NN case ) ) ) ( NP-SBJ ( DT the ) ( NN investor ) ) ( VP ( VBZ faces ) ( NP ( CD three ) ( JJ possible ) ( NNS outcomes ) ) ) )

In either case the investor faces three possible outcomes

( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ) ( VP ( VBZ goes ) ( ADVP-DIR ( RB up ) ( PP ( IN in ) ( NP ( NN price ) ) ) ) ( PP-TMP ( IN between ) ( NP ( NP ( RB now ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN put ) ( POS 's ) ) ( NN expiration ) ( NN date ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN put ) ) ( VP ( MD will ) ( ADVP ( RB probably ) ) ( VP ( VB expire ) ( S-CLR ( ADJP-PRD ( JJ worthless ) ) ) ) ) )

If the stock goes up in price between now and the put 's expiration date the put will probably expire worthless

( S ( S ( NP-SBJ ( DT The ) ( NN investor ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADVP-PRD ( IN out ) ( NP ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN put ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBN called ) ( S ( NP-PRD ( DT the ) ( NN premium ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT this ) ( NN loss ) ) ( VP ( MD will ) ( VP ( VB reduce ) ( NP ( DT the ) ( NN stock-market ) ( NN profit ) ) ) ) ) )

The investor will be out the cost of the put which is called the premium and this loss will reduce the stock-market profit

( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ) ( VP ( VBZ stays ) ( PP-LOC-CLR ( IN at ) ( NP ( DT the ) ( JJ same ) ( NN price ) ) ) ( PP-TMP ( IN between ) ( NP ( NP ( RB now ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN put ) ( POS 's ) ) ( NN expiration ) ( NN date ) ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NN investor ) ( POS 's ) ) ( NN loss ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN limited ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN put ) ) ) ( PP ( CC less ) ( NP ( NP ( DT any ) ( NN amount ) ) ( VP ( VBN realized ) ( PP-CLR ( IN from ) ( NP ( NP ( DT a ) ( NN closing ) ( NN sale ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN put ) ) ) ) ) ) ) ) ) ) ) ) ) )

If the stock stays at the same price between now and the put 's expiration date the investor 's loss will be limited to the cost of the put less any amount realized from a closing sale of the put

( S ( NP-SBJ ( DT The ) ( JJ worst-case ) ( NN scenario ) ) ( VP ( MD would ) ( VP ( VB be ) ( SBAR-PRD ( IN if ) ( S ( NP-SBJ-1 ( DT the ) ( NN put ) ) ( VP ( VBZ expires ) ( S-CLR ( ADJP-PRD ( JJ worthless ) ) ) ) ) ) ) ) )

The worst-case scenario would be if the put expires worthless

( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NP ( DT the ) ( NN price ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN stock ) ) ) ) ( VP ( VBZ declines ) ) ) ) ( NP-SBJ ( DT the ) ( NN put ) ) ( VP ( MD will ) ( VP ( VB increase ) ( PP ( IN in ) ( NP ( NN value ) ) ) ) ) )

If the price of the stock declines the put will increase in value

( S ( SBAR-TMP ( IN Once ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ( NN price ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJR less ) ) ( PP ( IN than ) ( NP ( NP ( NP ( DT the ) ( NN exercise ) ( NN price ) ) ( CC or ) ( NP ( NN strike ) ( NN price ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN put ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN gain ) ) ( VP ( MD will ) ( VP ( VB match ) ( NP ( NP ( DT the ) ( NN loss ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN stock ) ) ) ) ( NP-ADV ( NP ( NN dollar ) ) ( PP ( IN for ) ( NP ( NN dollar ) ) ) ) ) ) )

Once the stock price is less than the exercise price or strike price of the put the gain will match the loss on the stock dollar for dollar

( S ( NP-SBJ ( DT The ) ( NN put ) ) ( VP ( VBZ establishes ) ( NP ( NP ( DT a ) ( NN minimum ) ( NN selling ) ( NN price ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN stock ) ) ) ( PP-TMP ( IN during ) ( NP ( PRP$ its ) ( NN life ) ) ) ) ) )

The put establishes a minimum selling price for the stock during its life

( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( DT a ) ( NN stock ) ) ( VP ( VBZ falls ) ( PP-DIR ( IN below ) ( NP ( NP ( DT the ) ( NN put ) ( POS 's ) ) ( NN strike ) ( NN price ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN investor ) ) ( VP ( VP ( ADVP ( RB simply ) ) ( VBZ sells ) ( NP ( DT the ) ( NN stock ) ) ( PP ( IN at ) ( NP ( DT a ) ( NN loss ) ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB simultaneously ) ) ( VBZ sells ) ( NP ( DT the ) ( NN put ) ) ( PP ( IN at ) ( NP ( DT a ) ( NN profit ) ) ) ) ) )

When a stock falls below the put 's strike price the investor simply sells the stock at a loss and simultaneously sells the put at a profit

( S ( CC Or ) ( NP-SBJ-2 ( DT the ) ( NN investor ) ) ( VP ( MD can ) ( VP ( VB exercise ) ( NP ( DT the ) ( NN put ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG tendering ) ( NP ( DT the ) ( NN stock ) ) ( PP-DTV ( TO to ) ( NP ( PRP$ his ) ( CC or ) ( PRP$ her ) ( NN broker ) ) ) ( PP ( IN in ) ( NP ( NP ( NN return ) ) ( PP ( IN for ) ( NP ( NP ( NN payment ) ) ( PP ( IN from ) ( NP ( NP ( DT another ) ( NN investor ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ has ) ( VP ( VBN sold ) ( NP ( NP ( DT a ) ( NN put ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( JJ same ) ( NN stock ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Or the investor can exercise the put by tendering the stock to his or her broker in return for payment from another investor who has sold a put on the same stock

( S ( NP-SBJ ( NNS Brokers ) ) ( VP ( VBP handle ) ( NP ( JJ such ) ( NNS transactions ) ) ( PP ( IN through ) ( NP ( NP ( DT the ) ( NNP Options ) ( NNP Clearing ) ( NNP Corp. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ guarantees ) ( NP ( DT all ) ( NN option ) ( NNS trades ) ) ) ) ) ) ) ) )

Brokers handle such transactions through the Options Clearing Corp. which guarantees all option trades

( S ( NP-SBJ ( DT The ) ( JJ accompanying ) ( NN table ) ) ( VP ( VBZ shows ) ( SBAR ( WHADVP-1 ( WRB how ) ) ( S ( NP-SBJ ( DT this ) ( NN strategy ) ) ( VP ( MD would ) ( VP ( VB work ) ( PP ( IN for ) ( NP ( CD three ) ( NNS stocks ) ) ) ) ) ) ) ) )

The accompanying table shows how this strategy would work for three stocks

( S ( SBAR-ADV ( IN Though ) ( S ( VP ( RB not ) ( VBN reflected ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN table ) ) ) ) ) ) ( NP-SBJ ( DT an ) ( NN investor ) ) ( VP ( MD should ) ( VP ( VB know ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN option ) ( NN insurance ) ) ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( ADVP ( RB partially ) ) ( VBN offset ) ( PP ( IN by ) ( NP-LGS ( NP ( DT any ) ( NNS dividends ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ) ( VP ( VBZ pays ) ) ) ) ) ) ) ) ) ) ) ) ) )

Though not reflected in the table an investor should know that the cost of the option insurance can be partially offset by any dividends that the stock pays

( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ ( NNP Tenneco ) ( NNP Inc. ) ) ( VP ( VBZ pays ) ( NP ( NP ( DT a ) ( JJ quarterly ) ( NN dividend ) ) ( PP ( IN of ) ( NP ( CD 76 ) ( NNS cents ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD would ) ( VP ( VP ( VB be ) ( VP ( VBN received ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( DT the ) ( NNP February ) ( NN option ) ) ( VP ( VBZ expires ) ) ) ) ) ) ( CC and ) ( ADVP ( RB thus ) ) ( VP ( VB reduce ) ( NP ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG using ) ( NP ( DT the ) ( NN technique ) ) ) ) ) ) ( PP-EXT ( IN by ) ( NP ( DT that ) ( NN amount ) ) ) ) ) ) ) ) ) ) )

For example Tenneco Inc. pays a quarterly dividend of 76 cents which would be received before the February option expires and thus reduce the cost of using the technique by that amount

( S ( PP-LOC ( IN In ) ( NP ( DT this ) ( NN case ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN investor ) ( POS 's ) ) ( NN risk ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB exceed ) ( NP ( NP ( CD 3.6 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ total ) ( NN investment ) ) ) ) ) ) )

In this case the investor 's risk would n't exceed 3.6 % of the total investment

( S ( S-PRP ( VP ( TO To ) ( VP ( VB simplify ) ( NP ( DT the ) ( NNS calculations ) ) ) ) ) ( NP-SBJ-1 ( NP ( NNS commissions ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NN option ) ) ( CC and ) ( NP ( JJ underlying ) ( NN stock ) ) ) ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBN included ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NN table ) ) ) ) ) )

To simplify the calculations commissions on the option and underlying stock are n't included in the table

( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( QP ( JJR more ) ( IN than ) ( CD 650 ) ) ( NNS stocks ) ) ( SBAR ( WHPP-2 ( IN on ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-1 ( NP ( NNS options ) ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBN bought ) ( CC and ) ( VBN sold ) ) ) ) ) ) ( PP ( VBG including ) ( NP ( DT some ) ( JJ over-the-counter ) ( NNS stocks ) ) ) ) ) )

There are more than 650 stocks on which options may be bought and sold including some over-the-counter stocks

( S ( CC But ) ( NP-SBJ ( DT some ) ( NNS investors ) ) ( VP ( MD might ) ( VP ( VB prefer ) ( NP ( NP ( DT a ) ( JJR simpler ) ( NN strategy ) ) ( PP ( RB then ) ( S-NOM ( VP ( VBG hedging ) ( PP ( PRP$ their ) ( JJ individual ) ( NNS holdings ) ) ) ) ) ) ) ) )

But some investors might prefer a simpler strategy then hedging their individual holdings

( S ( NP-SBJ-3 ( PRP They ) ) ( VP ( MD can ) ( VP ( VB do ) ( NP ( DT this ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG purchasing ) ( NP ( NP ( NN index ) ( VBZ puts ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP are ) ( ADVP ( RB simply ) ) ( NP-PRD ( NP ( VBN put ) ( NNS options ) ) ( PP-LOC ( IN on ) ( NP ( NNS indexes ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP match ) ( NP ( NP ( JJ broad ) ( NNS baskets ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They can do this by purchasing index puts which are simply put options on indexes that match broad baskets of stocks

( S ( PP ( IN For ) ( NP ( NN instance ) ) ) ( NP-SBJ ( DT the ) ( ADJP ( RBS most ) ( JJ popular ) ) ( NN index ) ( NN option ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NNP S&P ) ( CD 100 ) ( NN option ) ) ( VP ( ADVP ( RB commonly ) ) ( VBN called ) ( S ( NP-PRD ( DT the ) ( NNP OEX ) ) ) ) ) ) )

For instance the most popular index option is the S&P 100 option commonly called the OEX

( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBZ is ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN on ) ( NP ( NP ( DT the ) ( NNS stocks ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP make ) ( PRT ( RP up ) ) ( NP ( NP ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( CD 100-stock ) ( NN index ) ) ) ) ) ) ) ) ) )

It is based on the stocks that make up Standard & Poor 's 100-stock index

( S ( PP ( IN Unlike ) ( NP ( NP ( NNS options ) ) ( PP-LOC ( IN on ) ( NP ( JJ individual ) ( NNS issues ) ) ) ) ) ( S ( NP-SBJ-1 ( NN index ) ( NNS options ) ) ( VP ( VBP are ) ( VP ( VBN settled ) ( PP ( ADVP ( RB only ) ) ( IN in ) ( NP ( NN cash ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( DT no ) ( NN stock ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB ever ) ) ( VP ( VBN tendered ) ) ) ) )

Unlike options on individual issues index options are settled only in cash and no stock is ever tendered

( S ( CC But ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NN index ) ( NNS options ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ convenient ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( NP ( JJ several ) ( NNS disadvantages ) ) ) )

But while index options are convenient they have several disadvantages

( S ( PP ( IN For ) ( NP ( CD one ) ( NN thing ) ) ) ( NP-SBJ ( NP ( DT an ) ( NN investor ) ( POS 's ) ) ( NN portfolio ) ) ( VP ( MD might ) ( RB not ) ( VP ( ADVP-MNR ( RB closely ) ) ( VB match ) ( NP ( DT the ) ( NNP S&P ) ( CD 100 ) ) ) ) )

For one thing an investor 's portfolio might not closely match the S&P 100

( S ( PP-PRP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( NP-SBJ ( DT the ) ( NNP OEX ) ( NN insurance ) ) ( VP ( VP ( MD may ) ) ( CC or ) ( VP ( MD may ) ( RB not ) ) ( VP-1 ( ADVP-MNR ( RB fully ) ) ( VB protect ) ( NP ( NP ( DT an ) ( NN investor ) ( POS 's ) ) ( NNS holdings ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN event ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN market ) ( NN decline ) ) ) ) ) ) )

As a result the OEX insurance may or may not fully protect an investor 's holdings in the event of a market decline