Ibm Leads, But Dow Falls Short Of 8,000 Mark

A new technology unveiled by IBM energized the blue-chip sector Monday, but the Dow Jones industrial average came up shy again in a bid to push back above 8,000.

The Dow, which bobbed above 8,000 for the first time in a month on Thursday, also made four fleeting forays above 8,000 on Monday before settling at 7,996.83, up 79.56 on the day.

Similarly, the Standard & Poor’s 500 index nudged into record territory for the first time since early August, but also faltered slightly in the afternoon.

The reluctance to bid the blue chips back to record levels continued to benefit smaller-company shares.

The New York Stock Exchange composite index, which includes a substantial contingent of secondary shares, closed at a record high for the first time since the blue-chip sector peaked in early August.

Meanwhile, the Russell 2000 index of smaller companies notched its seventh straight closing record and 16th in 18 sessions. And the Nasdaq Stock Market and the American Stock Exchange, both home to a large number of small-company issues, also set the latest in a series of new highs.

The Dow, which has been down as much as 8 percent from Aug. 6’s record close of 8,259.31, hasn’t finished a day above 8,000 since Aug. 20.

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

NYSE

IBM, up 4-5/8 at 103-7/8.

The company introduced a new technology to make the circuitry on semiconductors with copper instead of aluminum, a breakthrough that could make computers cheaper and faster.

AmVestors Financial, down 3-7/8 at 21-1/16.

AmerUs Life Holdings agreed to acquire the rival life insurer for stock valued at $360 million, or less than $20 a share. AmerUs, based in Des Moines, Iowa, is to exchange 0.6724 class A share for each of share of AmVestors.

ICN Pharmaceuticals, up 6-1/16 at 49-7/8.

Schering-Plough reported encouraging results from clinical studies treating hepatitis C with a combination of its Intron A drug and ICN’s oral ribavirin. ICN, based in Costa Mesa, has licensed Schering-Plough to market oral ribavirin for hepatitis C treatment.

NASDAQ

Informix, down 2-3/16 at 7-1/4.

The software maker cautioned that the expected downward revision of its 1996 and 1995 financial results could exceed $250 million. Informix, based in Menlo Park, Calif., said it will need more time to complete an audit of those periods.

Computer Data Systems, up 10-1/4 at 46-1/2.

The data-management is being acquired by Affiliated Computer Services of Dallas for stock valued at $373 million. Each share of Computer Data, which is based in Rockville, Md., is to be swapped for 1.759 Affiliated shares.