Oil price drop spurs Wall Street, TSE

Analysts said today’s advance was a continuation of Monday’s rally, when the Dow Jones average soared more than 63 points and the TSE index 16.30 points. Stock prices also surged in Tokyo early today, with the Nikkei Stock Average of 225 selected issues climbing 2,676.55 points, or 13.24 per cent, to 22,898.41. The gain, the index’s largest one-day advance, helped set a positive tone on Wall Street, analysts said.
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Full text: [The Vancouver Sun] Oct 2, 1990

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REPORT ON BUSINESS INDEX, TUESDAY, OCTOBER 2, 1990 SUMMARY Stock prices rise

Canadian barley farmers will find East Germany an impossible market to crack as reunification brings prohibitive import levies on the grain. page B7
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Full text: [The Globe and Mail] Oct 2, 1990

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Dow jumps 63.36 as Congress acts to subdue deficit

President Bush called on the Federal Reserve Board to push interest rates down in recognition of the budget accord, but Fed officials signaled that they were unlikely to do so in the foreseeable future. Portraying the budget accord as part of a pact between the administration and the Fed, Bush in effect demanded that the Fed hold up its share of the bargain, telling reporters in New York, “I would look to the Federal Reserve to lower the rates.” Despite the big increase in stock prices, economists were divided on how Wall Street responded to the budget accord. “While not great, and disappointing because it did not have a capital gains tax reduction, it still is positive in the sense that at the last moment Congress was able to function and produce an agreement. Nonetheless, the financial markets appeared to interpret it favorably,” said David Bostian, chief economist for Jesup, Josephthal & Co.
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Full text: [Star Tribune] Oct 2, 1990

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Northwest Stocks Take a Dunking in Third Quarter

How bad was third-quarter stock activity? It was so bad that among the 109 Pacific Northwest issues tracked by The Times, only five showed gains. It was so bad that 93 stocks –85 percent — recorded double-digit percentage losses for the three months starting July 2. It was so bad that the stocks which, as a group, showed a 5 percent gain through 1990′s first six months now show an average loss of 21 percent for the year. It was so bad that Northwest stocks lost 10 percent more in the quarter than the widely watched, big-stock Dow Jones industrial average. Northwest stocks fell 24.5 percent. The Dow dropped 14.9 percent. The NASDAQ composite index, a smaller-stock group more akin to the Northwest stocks, fell 25.5 percent. (excerpt)
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Heberlein, Greg

Full text: [Seattle Times] Oct 02, 1990

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Bad Quarter for Bay Stocks

Only 10 of the 172 Bay Area issues managed to post a gain during the quarter, and 22 companies dropped off the list altogether because they fell below the minimum criteria. To be included, a company must have at least $3 million in market value and a stock price of at least $3 per share at both the beginning and end of the quarter. The top two stocks – Velobind and Ingres – both received takeover offers. Velobind, which makes systems for binding papers, received an offer from its biggest competitor, General Binding Corp. Ingres, maker of database software, was courted by Ask Computer Sytems, which makes manufacturing control software. Similarly, database software leader Oracle Corp. – long one of Silicon Valley’s highest flyers – continued a decline that began early this year. The latest reverses included the disclosure on September 7 of Oracle’s first-ever quarterly loss and the layoff of 400 workers. Oracle stock, which fell 17 percent on September 7, went from above 23 to 6 1/2 during the quarter. Oracle’s problems also hurt rival Informix Corp., which analysts predicted would experience the same slowdown as Oracle.
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Kathleen Pender, Don Clark, Chronicle Staff Writers

Full text: [San Francisco Chronicle (pre-1997 Fulltext)] Oct 2, 1990

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Tokyo Stocks Up By 13.24%

”The budget package is not all that good,” said Sung Won Sohn, chief economist for the Norwest Corporation of Minneapolis. ”I’m somewhat disappointed. The general consensus in the financial markets is that this is not enough.” ”The market anticipates,” Ms. [Elaine Garzarelli] said. ”Historically, over the last 50 years, the stock market will begin to rally two quarters before the economy bottoms out. We’re only two quarters away from the bottom of the economy.” Robert G. Freedman, chief portfolio manager for John Hancock’s mutual funds, seemed skeptical. ”The market’s been tremendously oversold,” he said, ”and there’s been so much bearish sentiment, we were ready for a rally. But whether it’s a rally in a bear market or is ready to move up, is too early to tell.”
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Reuters

Full text: [New York Times] Oct 2, 1990

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BUDGET AGREEMENT TO TEST KEY ECONOMIC THEORIES

“Other things being equal – ignoring for the moment the rising oil prices, the banking system’s weakness and the sluggish economy – then the agreement to cut the budget deficit should lower interest rates, and eventually make stock prices rise,” said Ed Yardeni, chief economist at Prudential-Bache Securities Inc., the investment banking firm. Many economists, including Yardeni, hold that the budget deficit chokes the economy. Their argument is that the federal government, to finance deficits that have ranged above $200 billion a year sometimes, must borrow too much from the nation’s pool of savings. The heavy drain leaves an inadequate amount for private borrowing, and the competition for limited funds drives up interest rates. The new agreement is also likely to test another aspect of the theory behind budget-cutting. The theory holds that when the government’s deficit declines, the money that once financed the deficit shifts to the private sector, where both savings and investment rise.
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LOUIS UCHITELLE

Full text: [Journal Record] Oct 2, 1990

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Seaworthy Stocks; Double Play

It is particularly appropriate at this time to apply the single best strategy ever employed to pick individual stocks – value investing. This strategy calls for investors to search out companies whose assets and earnings can be bought at a discount. In an effort to find value, a search was conducted for companies with above-market dividend yields whose earnings, assets, and cash flow are not fully reflected in their share prices. Candidates with heavy debt loads were excluded, as were companies facing significant risks, such as Northrop and Hercules. The list also omits banks, financial companies, and regulated companies. Convertible bonds are an alternative to Treasury bonds and short-term certificates of deposit. Convertibles can give investors both high yields and price appreciation.
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Ozanian, Michael K.
Ourusoff, Alexandra

Full text: [Financial World] Oct 2, 1990

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Budget deal, oil ignite stocks Interest-rate hopes, falling crude prices lift Dow by 63

Stock prices surged Monday as traders reacted to a steep drop in oil prices and a budget deal in Washington that could result in lower interest rates. The Dow Jones industrial average closed up 63.36 points at 2515.84, building on a 25-point gain Friday when the market ascended from a 16-month low. It was a 2.6 percent gain for the index, the largest since Aug. 27, when the Dow rose 78.71 to 2611.63. Oil for November delivery slid $2.42, to $37.09 a barrel, on the New York Mercantile Exchange after touching 10-year peaks last week. At one point, it fell to $35.85 a barrel, down $3.66. Analysts said the oil price drop was in part related to a lessening of belligerent rhetoric by Iraqi leader Saddam Hussein.
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Chicago Tribune wires

Full text: [Chicago Tribune (pre-1997 Fulltext)] Oct 2, 1990

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Rally fizzles: Dow slides 10

Analysts said today’s early advance was a continuation of Monday’s rally, when the Dow Jones industrial average soared more than 63 points. But nervous traders, fearing the market might resume a bearish course, took profits from the two-day advance while they could. Stock prices also surged in Tokyo early today, with the Nikkei Stock Average of 225 selected issues climbing 2,676.55 points, or 13.24 percent, to 22,898.41. The gain, the index’s largest one-day advance, helped set a positive tone on Wall Street, analysts said. In Tokyo, the dollar fell 0.42 yen to a closing 136.73 yen. Later in London, the dollar was quoted at 137.00 yen.
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Full text: [Chicago Sun - Times] Oct 2, 1990

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NCNB’s Decline Is a Bitter Pill for Investors

The continuing and sharp fall of NCNB Corp’s stock price is discussed.
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Matthews, Gordon

Full text: [American Banker] Oct 2, 1990

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Stock Prices End Mixed as Traders Take Profit after Two-Day Rally

Stocks close mixed in heavy trading as NYSE investors took profits on the back of a two-day, 88.36-point rally. The Dow Jones Industrial Average fell 10.64 to 2505.20, with losses in two big stocks, Eastman Kodak and Primerica, contributing about six points to the overall declines.
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Torres, Craig
Smith, Craig S

Full text: [Wall Street Journal] Oct 3, 1990

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Four Lead Banks Pledge $1.4 Billion to UAL Plan

NEW YORK, Oct. 2 — Employees at United Airlines have made progress in lining up $2 billion of financing for their proposed buyout of the carrier and have given themselves an extra six days to obtain the necessary loans to complete the long-delayed deal, sources said today. The reported headway is the most positive news in months about the union-led deal, which has dragged on for three years without success. The news helped push up the stock price of UAL Corp., United’s parent, nearly $15 per share in two days. It closed today at $112. (excerpt)
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McCartney, Robert J.
Hamilton, Martha M.

Full text: [The Washington Post] Oct 03, 1990

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Big Rally in Japanese Stocks Eases Nation’s Financial Fears

Japanese stock prices rallied on the Tokyo exchange, easing fears of financial crisis.
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Blustein, Paul

Full text: [The Washington Post] Oct 3, 1990

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Purchaser of stake in Tonka offers no clues to his plans

Frank Rolfes, an analyst for Dain Bosworth in Minneapolis, speculated yesterday that a takeover of Tonka is possible with the company’s stock price hovering near its 52-week low of $4 a share. Its high was $20.62 1/2. He said one scenario would be a takeover by an investor with enough resources to refinance about $454 million in Tonka debt bearing interest rates of up to 17 1/4 percent. Such refinancing could save “$30 million a year in interest expense” and turn the company’s expected loss for 1990 into a profit, he said. Tonka, incorporated in Minnesota, is covered by the state’s antitakeover law passed at the time of a threat against Dayton Hudson Corp. in 1987. Joe Joyce, Tonka’s general counsel, said the form of state protection would depend on how an investor intended to take control. He would not answer questions about his family’s intentions regarding Tonka, referring to the range of options spelled out in the Glazers’ filing Friday with the Securities and Exchange Commission. The filing is required by shareholders who acquire more than 5 percent of a publicly owned company. The filing said the Glazers have “no definitive plans” for Tonka “at this time.”
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Dan Wascoe Jr.
Staff Writer

Full text: [Star Tribune] Oct 3, 1990

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DOMINION WON’T CLOSE CENTRAL OFFICE, AREA BRANCHES HERE IN MERGER PLANS

The Richmond bank is being merged with Dominion banks based in Roanoke, Norfolk, McLean and Harrisonburg. Dominion Chairman Warner Dalhouse said the merger shows the bank is serious about controlling overhead after recent stock price declines. He said the merger will standardize operation and policies, eliminate duplication and allow for more efficient allocation of resources. Dominion’s Richmond office laid off 12 employees last month. The layoffs and the merger come after a rough six months for Dominion and the banking industry in general.
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From staff and wire reports

Full text: [Richmond Times - Dispatch] Oct 3, 1990

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TouchStone to merge with Standard Logic

NASDAQ listing should give TouchStone higher quality market makers and greater stability in its stock price, Chairman Larry Dingus said. The company has been unable to attract a market maker since the forced liquidation of Boinden Robinson & Co., a Colorado investment banker that took TouchStone public in 1984. SLI’s [Wes Baumgardner], who also is a TouchStone director, said, “Right now, (TouchStone) bids range from 50 cents to a dollar. No one is going to buy stock with that large a spread. The two companies propose that TouchStone shareholders exchange their shares for SLI stock in a tax-free swap. TouchStone shareholders will own a majority of the merged company, which will change its name to TouchStone Software.
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Jan Norman:The Orange County Register

Full text: [Orange County Register] Oct 3, 1990

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Tokyo Stocks In Biggest One-Day Rise

”The important thing was that finally investors were convinced that the market has a bottom,” said Toshio Mori, the executive vice president of the Tokyo Securities Company. ”It will still take a while for the market to stabilize, but it was an important day psychologically.” ”It was a complete change in tone by the Government, after it ignored the markets for months,” said Toyoharu Tsutsui, the head of the equity department at CS First Boston. ”That really gave a lot of impetus to things.” ”What he announced was just symbols; it had no substantial impact by itself,” said Kazuhiko Hama, a senior executive in the equity department at the Nomura Securities Company. ”But it showed that he was not unaware of our situation, and that he would consider changing monetary policy if things in the market got too bad. It was psychological, but that’s important.”
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JAMES STERNGOLD, Special to The New York Times

Full text: [New York Times] Oct 3, 1990

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Dow Declines 10.64, Ending a Strong Rally

”The bear market is not over yet,” warned Stefan D. Abrams, chief investment strategist for Kidder, Peabody & Company. Wall Street began the day overjoyed by yesterday’s record gain in Tokyo stocks and the steep drop in crude prices, and the Dow blue chips took off from the opening bell, jumping 35 points. But many investors took the strong gains as a last chance to salvage losses – and sold. By 10:30, the market had slid 20 points. Kodak traded at 37 to 39 before ending at 38, down 1 5/8, in heavy trading. Polaroid traded between 30 3/4 and 34 5/8, rising 2 5/8, to 33 1/8. Polaroid said that the Dow Jones Professional Investor Report said erroneously at 2:04 P.M. that a decision had been reached in a patent-infringement lawsuit involving Kodak and that the news service issued a correction 10 minutes later.
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COLE, ROBERT J.

Full text: [New York Times] Oct 3, 1990

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Corrections

LEAD: A brief report in the Company News columns of Business Day yesterday misstated the reason for a drop during the summer in the Tonka Corporation’s stock price….
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Full text: [New York Times] Oct 3, 1990

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