Four Dow stocks - Allied Signal, J. P. Morgan, General Electric and Minnesota Mining and Manufacturing - accounted for most of the drop.

Tyco is paying $11.3 billion, or $51 a share, for AMP, considerably more than the $44.50 a share Allied Signal was offering in its hostile bid.

The new assignment, with billings estimated at $8 million to $10 million, consolidates all Allied Signal's advertising at McCann Detroit.

AMP's counteroffer is intended to thwart Allied Signal's $9.7 billion offer for the entire company.

AMP's tender offer was just the latest salvo in its effort to thwart Allied Signal's efforts to buy the company.

Lotus also took the opportunity to include its new 3,506cc V8 engine which combined with twin Allied Signal intercooled turbochargers was able to produce 550bhp.

Westinghouse also subleased part of the plant to Bendix beginning in 1949, which later became Allied Signal.

Mr. Trux, for instance, wondered if Breed and Allied Signal might join forces.

In 1981 it was purchased by Allied Corporation, later Allied Signal.

Two other companies with big aerospace presences - Allied Signal and Northrop Grumman, also reported increases, though they fell short of expectations.