In the wake of yesterday's announcement, Salomon stock rose only 37.5 cents, to slightly less than $35, probably not low enough to interest the Revlon chief.

But in addition, he could trade it in at any time before 1996 for Salomon common stock at thirty-eight dollars a share.

In early 1994, he was buying Salomon common stock, paying more than $50 a share for some of Berkshire's position.

The activity, they said, was focused on the October contracts that would allow the buyer to purchase Salomon stock at between $65 and $70.

Salomon stock, which is trading close to its 52-week low of $35 a share, initially moved higher after the results were announced.

But some money managers who own Salomon stock were unruffled.

He added that he still owned a fair amount of Salomon stock and expected the firm to prosper.

Paul W. Mozer sold about $1.7 million worth of Salomon stock shortly before the scandal erupted, the firm said.

But in lieu of a bonus, he received 300,000 options for Salomon stock, exercisable at $18.125, the closing price on the day they were awarded.

The second-largest holder of Salomon stock, the Dart family, sold 7.6 million shares during that period, exactly offsetting their long position.