I would guess valves or alternator. Not that there's necessarily anything wrong with either, the valves can make that noise if oil hasn't reached them yet, when you haven't driven in a while or it's very cold (altho it wasn't). I think that's a normal alternator noise too (mine makes it). The alternator ticking isn't nearly as fast as valve ticking should be, so that's how you tell the difference. Try popping the hood and seeing if you can hear where it's coming from.

Richard
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'90 744 tic