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AMEX TO TRADE OPTIONS ON MORGAN STANLEY'S CYCLICAL & CONSUMER STOCKS INDEXES; LAUNCH DATE SET FOR SEPT. 21, 1993

 NEW YORK, Sept. 15 /PRNewswire/ -- The American Stock Exchange has received approval from the Securities and Exchange Commission to trade options on Morgan Stanley's Cyclical and Consumer Indexes (ticker symbols: "CYC" and "CMR"), widely regarded as barometers of U.S. economic activity. Options trading will be launched on the Indexes on Tuesday, Sept. 21, 1993.
 Developed by Morgan Stanley in 1992, the indexes are each comprised of 30 blue-chip stocks and considered representative of two distinct segments of the U.S. stock market. Together, they are designed to reflect shifts in investor sentiment in relation to changing economic cycles.
 The Cyclical Index, which includes stocks from the auto, metal, paper, machinery, chemical and transportation industries, measures the more sensitive movements of the economy -- generally outperforming the market during expansionary times and underperforming during a recession. The Consumer Index, represented by food, beverage, drug, tobacco and personal product stocks, replicates the performance of consumer- oriented, stable growth industries that are not as sensitive to swings in the business cycle.
 "Changing leadership among market sectors has created a demand for financial instruments that enable investors to adjust to the resulting shifts in market performance. Options on Morgan Stanley's Cyclical and Consumer Indexes are a timely response to that demand," said Ivers W. Riley, Amex senior executive vice president of derivative securities.
 The Cyclical Index consists of the following company stocks:
 Allied-Signal Aluminum Co. of America Bethlehem Steel
 Caterpillar Citicorp CSX
 Dana Dow Chemical Eaton
 Ford Motor Georgia-Pacific Goodyear Tire & Rubber
 Hewlett-Packard Honeywell Ingersoll-Rand
 International Paper Kmart Knight-Ridder
 Masco Maytag Mead
 Motorola Parker-Hannifin Phelps Dodge
 PPG Roadway Service Rohm & Haas
 Ryder System Tenneco United Technologies
 The Consumer Index is comprised of the following stocks:
 Abbott Labs Albertson's American Home
 Products
 Anheuser-Busch Automatic Data Processing Banc One
 Baxter International Coca-Cola Colgate Palmolive
 ConAgra Crown Cork & Seal Emerson Electric
 General Mills Gillette Grainger (W.W.)
 Int'l Flavors & Johnson & Johnson Kimberly-Clark
 Fragrances
 McDonald's Medtronic Merck
 Pepsi Co. Philip Morris Procter & Gamble
 Rubbermaid Inc Schering-Plough Sysco
 UST Walgreen Wal-Mart
 The stocks in the indexes are "equal dollar" weighted to ensure that the movement of each index will be indicative of cyclical or consumer stocks as a whole. The indexes are rebalanced annually.
 The Amex trades a total of 341 stock options, including 95 options on over-the-counter stocks, as well as 43 LEAPS(R) (Long-term Equity AnticiPation Securities)(R). In addition, options are traded on six broad market indexes and six industry-based indexes.
 -0- 9/15/93
 /CONTACT: Kathleen Fitzpatrick, manager, derivative securities communications, American Stock Exchange, 212-306-1697/
 (CYC CMR)


CO: Morgan Stanley ST: New York IN: FIN SU:

TW -- NY041 -- 2197 09/15/93 11:33 EDT
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Publication:PR Newswire
Date:Sep 15, 1993
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