Stocks Sink In Uncertain Market

Stocks dropped sharply Monday in a sell-off that traders attributed to rising interest rates, weaker markets abroad and concern about the U.S. automotive trade dispute with Japan.

The Dow Jones industrial average fell 34.59 points to 4,551.25.

Declining issues outnumbered advances by about 7 to 3 on the New York Stock Exchange.

Volume on the floor of the Big Board came to 296.68 million shares as of 4 p.m., down from 318.5 million in the previous session.

Among broader market indicators, the NYSE’s composite index fell to 2.69 to 291.48. The Standard & Poor’s 500-stock index lost 5.58 to 544.13, while the Nasdaq composite index tumbled 11.56 to 927.39.

Some of the stocks that moved substantially or traded heavily Monday:

NYSE

Lockheed Martin, down 2 to 61 5/8.

Newly created Lockheed Martin Corp., the nation’s largest defense contractor, announced plans Monday to eliminate 12,000 jobs and close 12 plants and laboratories in hopes of saving $1.8 billion.

Capital Cities/ABC, down 4 3/4 to 99 3/4.

The New York broadcast network said it will no longer televise baseball games after this season.

Bell Industries, up 1 1/8 to 21 1/8

The stock was mentioned favorably in the most recent edition of Barron’s.

NASDAQ

Sybase, down 3 7/8 to 30 1/8.

The stock fell after rising last week amid buyout rumors.

Geoworks, up 2 to 10 3/4.

The maker of operating system software was mentioned Friday in a Wall Street Week television program. The company was apparently said to have opportunities in the market for software used in consumer products.

Coventry, down 7 3/4 at 14.

The managed health care company forecast fiscal second-quarter earnings below analysts expectations of 33 cents to 34 cents a share. Earnings, the company said, have been affected by slower membership growth and usage in the Pittsburgh and St. Louis markets.

Ultrak, down 2 1/4 to 6 3/4.

The company, which makes closedcircuit TV products, was quoted in The Wall Street Journal as saying it expects second-quarter pretax earnings to be at least 35 percent below first-quarter profit.

AMEX

Hawaiian Airlines, down 4 5/8 to 8 7/8.

The stock fell after rising sharply last week amid speculation that USAir Group was interested in buying the company. USAir denied rumors on Friday that it had plans to buy another airline, specifically Hawaiian Air.