Though investors often respond by selling the shares of corporate acquirers, Raytheon rose 25 cents today, to $50, on the New York Stock Exchange.

Share prices of corporate acquirers usually fall when deals are announced, but Disney shares were an exception.

A. Mr. Icahn was an arbitrager at the time and a well-known corporate acquirer.

It would also give corporate acquirers no more than 20 years to take a good will charge, half of what is permitted under American rules.

And home runs, or at least doubles, are what the market has come to expect from Cisco, almost surely the most successful corporate acquirer the last decade.

Another new trend that may emerge in 1989 is the increasing interest in Europe by both corporate and financial acquirers.

In the deal-making days of the 1980's, investment banks provided such loans to corporate acquirers, charging large amounts for the short-term extension of credit.

Federal Express's drop appeared to reflect short-selling by speculators who bet that the stock of corporate acquirers will decline as deals approach completion.

Would-be corporate acquirers engage in similar arithmetic gymnastics, Mr. Yardeni said.

The fall of the most recent corporate acquirers provides spectacular reminders of lessons we've seen decade after decade.