Blue-chip stocks fell sharply for a second consecutive session Wednesday as a late bond market selloff fueled another rash of profit-taking. The Dow Jones industrial average ended down 35.84 points, or 0.63 percent, at 5,673.83, after a 53-point loss on Tuesday. In the broader market, declining issues beat advances 1,506 to 829, but the trading volume was subdued at 346 million shares on the New York Stock Exchange. "It appears we're in a period of digestion," said Richard Cripps, chief market strategist at Legg Mason Wood Walker. pennystocks

"There's the belief we need to consolidate and head a little lower. Nothing much more than that." The Dow ended well off its session lows of 5,645.39 but the loss of more than 50 points nonetheless triggered NYSE curbs on computerized trad- "T It appears we're in a period of digestion. There's the belief we need to consolidate and head a little lower." — Richard Cripps Legg Mason Wood Walkering for the 56th time so far this year. The curbs were triggered only 28 times for all of The Nasdaq Composite tumbled 10.67 points to 1,225.63. The key 30-year Treasury bond tumbled 1-2-32, boosting its yield to 6.95 percent — the highest since May 9 — from 6.86 percent Tuesday after disappointing comments by Richmond Federal Reserve Bank President Alfred Broaddus. "It may be we don't need to do anything. It may be that we need to move toward greater restraint..." Broaddus was quoted as saying in a Market News wire service interview. Cripps said Wall Street's next big focus would likely be the release of May jobs data on June 7. Analysts said big technology stocks and cyclical, or economically sensitive, issues appeared to be the weakest sectors on Wednesday. IBM feH 1% to and Micron lost % to 30»/4, while DuPont lost 1% to 81V4 and Alcoa rose % to 61%. Among individual issues, Texas Instruments fell % to 53%. The company's chairman, chief executive and president, Jerry JunMns, 58, died of a cardiac arrest during a business trip in Europe. Bill Mitchell and Pat Weber, members of its office of the chief executive with Junkuis, will oversee the dayto-day operations at Texas Instruments in the near-term.pennystocks

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High-technology electronic stocks are still the ones to own, in my mind even though some people say they are overpriced right now. Can you give me some high-tech stocks that seem  to have good potential? -A recent listing of high-tech stocks by the brokerage firm of Smith, Barney, Harris, Upham & Co. contained some interesting prospects, but only for those willing to buy and hold onto a stock for a period of time. The firm warned that the list is not for shortterm trading "since it sometimes takes months for a Pennystock to achieve an upside objective."

Some of the stocks listed by the company (with the top price expected for the stock indicated in parentheses) include: Ametek (58) AVX Corp. (45) Burndy Corp. (44) Centronics Data (40) Fischbach (62) GCA Corp. (55) Gould (59) Hewlett Packard (100) Killmorgen (50) LFE Corp. (29) Loral (69) National Semiconductor (56) Square D (55) ThomasI. Belts (83) and Yard Co. (29). I want to learn more about mutual funds and to get some idea as to how well individual funds have performed over the past five years. - Two companies recently published comprehensive mutual fund directories that list the performance records of leading funds and provide addresses. The most complete directory is "Donoghue's Mutual Funds Almanac 14th Edition." It covers the performance of 650 mutual funds, both those that charge a sales fee as well as those that are free of any purchase charges. The almanac is available for $25 plus $3 for postage with handling, from the Donoghue Organization, P.O. Box 540, Holliston, Mass. 01746. The second directory is called "The Handbook For No-Load Fund Investors 1983 Edition." It covers the performance record and provides information on 373 no-load mutual funds -those that charge no sales commission. The book costs $28 and can be ordered from the No-Load Fund Investor, P.O. Box 283 Hasting-On-Hudson N.Y. 10706. Both books contain many chapters on the nature of mutual funds, how to invest in them how to choose the fund that is right for you, and have a glossary of mutual fund terms.pennystocks


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Drexel Burnham Lambert Inc. a central component in Wall Street's insider trading investigation, is denying allegations it attempted to extort Staley Continental Inc. into a Drexel-led buyout of the food company. Staley a food company based in Rolling Meadows, is suing the investment banking firm for $220 million in U.S. District Court, alleging violations of federal securities and racketeering statutes. pennystocks

Drexel spokesman Steven Anreder said Friday in a telephone interview he had not seen a copy of the lawsuit and did not know whether his company's lawyers had either. But he said the allegations as reported in newspapers were totally without merit.”Staley Continental does not lightly engage in litigation," company spokesman David Satterfield said Friday. Staley alleged Drexel attempted last November to pressure Stale management into supporting a leveraged buyout by undermining the company's attempts to raise money through a common stock offering. In a leveraged buyout, financing used to buy a target company is repaid with the company's cash flow or sales of its assets. Staley contended that when it proceeded in November with a stock offering that was opposed by Drexel the investment firm threatened to trade its Staley stock in a way to frustrate the offering -and then carried out the threa. pennystocks


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