The economic news pulled down the broader market, including shares of other industrials like Caterpillar and Deere.
"People didn't like the earnings hit from the mortgage portfolio," said John Thompson of Thompson Plumb & Associates, which has about $2 billion under management, including shares of Cendant.
"Wuffli now has more control over PaineWebber," said Dieter H. Buchholz, who helps manage the equivalent of about $2.9 billion, including shares of UBS, at BNP Paribas Private Bank Switzerland in Zurich.
Last June, for example, Senator Hillary Rodham Clinton sold off the assets of a blind trust she owned, including shares of Raytheon stock.
"Apparel softness is clearly tied to the warmer weather," said David Ritt, who helps run investments, including shares of Wal-Mart and the Gap, at ASB Capital Management.
But many funds held the same stocks, including shares of companies known to be headed for a leveraged buyout, or others seen as targets for one.
But Mr. Simmons was not otherwise known to have a connection to the Nasdaq, in which dealers electronically buy and sell stocks, including shares of some of the world's biggest technology companies.
"We think there is a case for revisiting the high-level corporate structure of the company," said Robert Talbut, chief investment officer at Isis Asset Management, which controls $95 billion in assets, including shares of Shell Transport.
"Since they're one of the dominant players in Asia, people are concerned about SARS and how that might affect A.I.G.," said Craig Smith, who helps manage $80 billion at David L. Babson & Company, including shares of American International.
"Today's action is a step in the right direction," but Shell still has a difficult task ahead, said Tim Rees, a fund manager with Insight Investment, a London-based fund with £71.8 billion in assets under management, including shares of Shell Transport and Trading.
