NEW YORK -- U.S. stocks were mixed as losses in Eastman Kodak Co. and Aluminum Co. of America sullied an advance that briefly sent the Dow Jones industrial average above 6,000. The Nasdaq composite index set its first record since June 5.
Shares of companies whose profits rise and fall with the pace of general economic growth dragged the Dow average from its high. Late last week, Alcoa said its third-quarter profit tumbled 42 percent before charges, boding ill for companies like Kodak.
The 30-stock average broke 6,000 at 9: 51 a.m. and rose to 6,002.17 before falling back to 5,979.81, down 13.05. Kodak slid $3.25 to $75.375; Alcoa fell $1.625 to $58.375; chemicals maker Du Pont Co. dropped $1 to $92.375; and Caterpillar Inc., a maker of tractors and backhoes, slid 62.5 cents to $72.875.
The broader market reached records. The Standard & Poor's 500 index gained, rising 1.88 to 703.34, helped by advances in oil, computer and software shares. The Nasdaq composite index xTC climbed 3.31 to 1,250.87. Intel Corp. gained $3.0625 to $104.75 after Dan Niles of Robertson Stephens & Co. raised his profit estimates.
The Russell 2,000 index of small capitalization stocks fell 0.47 to 348.83; the Wilshire 5,000 index, comprising stocks on the New York, American and Nasdaq stock exchanges, gained 11.8 to 6,897.39; the American Stock Exchange market value index climbed 2.33 to 582.22; and the S&P; 400 midcap index fell 0.10 to 245.58.
Declining stocks topped advancers 1,218 to 1,125 on the New York Stock Exchange, where 381.9 million shares changed hands. The three-month daily average on the Big Board is 384.51 million shares.
The Morgan Stanley cyclical index of 30 stocks fell 0.53 to 377.19. Honeywell Inc., which makes thermostats and fire detection systems for buildings, fell 87.5 cents to $64.875; Ingersoll-Rand Co., a maker of air compressors and tools, dropped $1.25 to $45.25; truck leasing company Ryder System Inc. fell 37.5 cents to $29; and aerospace and auto product company AlliedSignal Inc. dropped $1 to $65.875.
Soaring oil stocks helped fuel the Dow's initial push above 6,000. Texaco rose 87.5 cents to $96.50. Royal Dutch Petroleum Co., which owns 60 percent of the Royal Dutch/Shell Group, rose $1.75 to $161.625. Mobil Corp. jumped $2 to $118.75 and Amoco Corp. rose 75 cents to $72.
The yield on the benchmark 30-year Treasury bond rose 4 basis points to 6.78 percent.
Thomas & Betts Corp.'s stock fell $1.875 to $37.875 after the company said it will buy Augat Inc. for $550 million in stock, or about $27 a share. The combination will make Thomas & Betts one of the five largest makers of electronics connectors. Augat jumped $4.375 to $25.25.
Gap Inc. fell $1 to $28.125. Clothing retailer Charming Shoppes Inc. said it plans to start a chain to go head-to-head with the Gap's Old Navy clothing stores.
Insilco Corp. rallied $2.50 to $39.50. The maker of industrial components and office products and publisher of school yearbooks said it hired Goldman, Sachs & Co. to find a buyer for its Rolodex unit and to review strategic alternatives.
Westell Technologies Inc. shares fell $12.375 to $34 after the telecommunications equipment provider failed to win a contract to supply high-speed data equipment to four Baby Bells.
Shares of Adtran Inc. shares fell $4.50 to 42. The digital-transmission products maker reported earnings rose to 24 cents a share in the fiscal third quarter from 20 cents in the year-earlier period. Analysts expected the company to earn 27 cents a share.
Coach USA Inc. dropped $3.25 to $38.75. The tour, charter and sightseeing company said it filed to sell 3.1 million shares.
Parker Hannifin Corp., maker of hydraulic and pneumatic equipment. fell $1.25 to $36.875 after predicting lower earnings.
Pub Date: 10/08/96