Stock prices decline on war worries
“The markets were characterized by a renewed fear of war in the Middle East,” said Rolie Bradley of brokerage Levesque Beaubien Geoffrion. Trading in CAE shares was halted late Tuesday after stock fell $1 to $4.50 following reports the Pentagon might cut off payments on multimillion-dollar contracts to the firm’s CAE-Link subsidiary. The reports contained nothing new about a civil suit that began two years ago, said CAE vice-president Fred Fraser. CAE-Link, a former unit of Singer Co., is being sued on allegations of overbilling the government by $75 million. A statement from CAE said a U.S. Federal Court has described CAE as a tangential defendant in the case, with Singer the main defendant.
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Full text: [The Gazette] Oct 4, 1990
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Dow rises but finishes day down 15.84 points
Stock prices rose sharply in early trading Wednesday but began dropping by midday and continued dropping until the close. The Dow Jones industrial average closed at 2,489.36, down 15.84. With the Dow down only moderately, changes among individual blue chips were mostly small. The only Dow changes of a point or more included General Motors, which fell 1 5/8 to 35 3/8 after it said late September car sales slid 12.2 percent. GE fell 1 1/4 to 54 1/2 after announcing appliance-plant layoffs because of the economic slump. Sears, which has been under selling pressure, fell 1 1/2 to 25 3/8.
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Full text: [Star Tribune] Oct 4, 1990
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THE MEDIA BUSINESS; MCA’s Stock Rises Again On Talk of Matsushita Offer
The stock of MCA Inc. rose $3.875 a share yesterday, to $63.50, on continued speculation both in the United States and Japan that the Matsushita Electric Industrial Company was moving toward a buyout of MCA. Volume was heavy, with 1.76 million shares traded. In the last several days, MCA executives have become extremely concerned that the extensive publicity surrounding the buyout talks would upset the Japanese. As one investment banker put it, ”They do not like to negotiate in a fishbowl.” Matsushita said it did not intend ”to issue any further statements during the course of our discussions until we reach some conclusion.”
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FABRIKANT, GERALDINE
Full text: [New York Times] Oct 4, 1990
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Early Stock Gains Wane; Volume Off
Commenting on the 85-point spurt Friday and Monday, Kenneth P. Ducey, senior vice president in the trading department of S. G. Warburg & Company, said, ”The market came out of a good rally; now you’re back to the same condition before the rally.” Pointing to the steep drop in volume from 188.3 million Tuesday to only 135.5 million yesterday, he said, ”It looks like the buying power’s dried up.” ”Nothing’s changed,” he said. ”There’s a little more favorable news out of the Middle East; it looks like they’re talking. You have talk of easing interest rates but no action.”
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COLE, ROBERT J.
Full text: [New York Times] Oct 4, 1990
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Early Momentum Wanes; Dow Falls 15.84
Stock prices rose sharply in early trading on Oct 3, 1990 but began dropping by early afternoon and continued dropping for the rest of the day. The Dow Jones Industrial Average closed at 2489.36, down 15.84 for the day.
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Cole, Robert J
Full text: [New York Times] Oct 4, 1990
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Corrections
LEAD: A chart at the top of the Business Digest on Monday misstated the previous week’s decline in the…
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Full text: [New York Times] Oct 4, 1990
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SEC Investigates Firm Whose Biggest Stockholder Is Feinstein’s Husband Securities: Blum denies participating in any improprieties. Probe focuses on allegations that the company and its officials inflated the value of stock.
Financial disclosure statements filed by URS in recent years show that the SEC began investigating the firm in 1988-well before [Dianne Feinstein], a Democrat, signaled her candidacy for governor. [Richard C. Blum], the firm’s largest shareholder throughout the 1980s, increased his holdings in URS from about 10% of the company to about 80% this year. Company records also show that Blum and his investment company have received monthly financial consulting fees throughout the last decade, including more than $1 million from 1987 through 1989. On Sept. 15, Blum said that he had been questioned by the Securities and Exchange Commission “some months ago” about his sale of the stock, but said he presumed the investigation had since ended. In March, 1990, National Education Corp. settled for $11.85 million a shareholders’ class action suit against the company, Blum and three other directors. The suit accused the defendants of lying about the company’s falling revenue and earnings to keep the stock price “artificially inflated” during the time when Blum sold the $2.7 million in shares. During 1987-the year that the company says was the subject of the SEC’s initial investigation-Blum received monthly payments for consulting, plus other income from URS. In all, the firm’s annual 10-K report shows that Blum received $213,762 in payments that year from the company, personally and through his control of Richard C. Blum & Associates Inc.
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DAVID WILLMAN
Full text: [Los Angeles Times (pre-1997 Fulltext)] Oct 4, 1990
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Banks Pulling Plug on Lending
Over the next 12 to 24 months, some of the largest regional banks in the US, hurt by the downturn in office building and leasing, will write off billions of dollars in bad construction loans. The commercial loan business paid off through the late 1980s, when the economy was strong, but turned sour due to overbuilding and economic stagnation in 1989 and 1990. According to a new report from investment bank Bear, Stearns & Co. Inc. (New York City), 32 regional banks with at least $5 billion in assets have more than 8% of their loan portfolios in construction loans, and some have at least 16%. Many of these banks have seen their stock prices and bond ratings plummet. MNC Financial Inc. (Baltimore, Maryland), which has 21% construction loans, is in financial trouble. Most banks are responding to the current lending situation by refusing to make new construction loans, except to applicants that can provide significant project preleasing, collateral guarantees, and much more developer and contractor equity.
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Carr, F. Housley
Setzer, Steven W.
Krizan, William G.
Full text: [ENR] Oct 4, 1990
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Rising oil prices again cut rally by stocks short
Stock prices backpedaled again Thursday under the pressure of rising oil prices, creating consternation among investors who thought the market was overdue for a rally. The Dow Jones industrial average ended down 15.84 points at 2489.36. At midday, the index was up 20 points. Crude oil for November delivery rose $3.37 on the New York Mercantile Exchange to close at $37.32 a barrel. In the preceding two sessions, oil had fallen a total of $5.56 a barrel on hopes of lessening tensions in the Persian Gulf.
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Chicago Tribune wires
Full text: [Chicago Tribune (pre-1997 Fulltext)] Oct 4, 1990
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