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Sizzling Mideast tensions drove oil prices to their highest levels in almost ten years and sent stock prices to their lowest levels in 14 months on Sep 24, 1990. The Dow Jones industrial average fell 59.41 points to 2,452.97.
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Pender, Kathleen
Full text: [San Francisco Chronicle] Sep 25, 1990
He said it appears that a Japanese-based firm sold about four million shares short through a U.S. brokerage in early September as part a tax strategy related to Fleet/Norstar’s dividend payments that would permit the firm, under Japanese law, to get the dividend tax free. Traditionally, short sellers bet a stock price will fall by selling borrowed shares with the intent of replacing them later with shares bought at a lower price. If the stock price drops, the replacement shares cost less than those originally borrowed and the short seller makes money. Fleet/Norstar’s stock fell 62.5 cents on the NYSE yesterday, to a new 52-week low of $12.75.
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JOHN KOSTRZEWA Journal-Bulletin Staff Writer
Full text: [Providence Journal] Sep 25, 1990
The S.E.C. said Mr. [Kevin L. Weakland] had also tried unsuccessfully to manipulate the stock prices of Kings Road Entertainment Inc. and the Southmark Corporation by filing false S.E.C. statements earlier in 1988. The commission contended that in those instances Mr. Weakland, using an alias, sent letters to the companies threatening a hostile takeover.
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Prices of gold futures climbed above $400 an ounce Sep 24, 1990 as soaring energy prices, crumbling stock prices and a slumping dollar renewed investor interest in metals.
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Full text: [New York Times] Sep 25, 1990
Prices of gold futures climbed above $400 an ounce Sep 24, 1990 as soaring energy prices, crumbling stock prices and a slumping dollar renewed investor interest in metals.
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Full text: [New York Times] Sep 25, 1990
”The bank stocks are out of sync with the rest of the market,” said Leon G. Cooperman, chairman of Goldman Sachs Asset Management, the investment management arm of the Wall Street brokerage firm. ”Investors are forecasting a credit crunch and a total lack of confidence in the left hand side of the banks’ balance sheet. They don’t have confidence that the banks’ assets are worth what they’re carrying them for on their books.” If banks are as troubled as their stocks suggest, the banking system will be unable to finance the economy and future corporate earnings will suffer, a fact apparently lost in the broader market. ”Investors in bank stocks have discounted the problem,” said Barton M. Biggs, director of worldwide stock strategy at Morgan Stanley & Company. ”But the market has not.” Yesterday, the broader market caught up with bank stocks a bit. Reacting to fears of war in the Mideast and a sharp increase in oil prices, the Dow Jones industrial average fell nearly 60 points. But the decline in bank stocks has so far been much deeper than the fall in the market averages. Since October 1989, the Salomon Brothers 35-bank stock index has declined 44 percent, but the broader market, as measured by the Standard & Poor’s index of 500 stocks, is down only 15.3 percent.
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Wallace, Anise C.
Full text: [New York Times] Sep 25, 1990
”The story’s oil again; it’s boring but it’s oil,” said Peter G. Grennan, senior vice president of Shearson, Lehman Brothers. ”It has been oil, is oil and will be oil.” While acknowledging first that ”oil’s up again,” Michael Metz, chief market analyst for the Wall Street firm of Oppenheimer & Company, argued that ”the Fed’s in a box,” adding, ”It’s unable to ease money despite the slow economy for fear of inflation.” ”Tensions are heightening in the Persian Gulf and there’s considerable anxiety that it means war.” he said. ”In that environment, discretion is the better part of valor and market participants are choosing not to participate.”
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COLE, ROBERT J.
Full text: [New York Times] Sep 25, 1990
New fears that Iraq might prompt a worldwide oil shortage by attacking Saudi Arabian oil fields sent crude oil prices up 8% on Sep 24, 1990 to a record $38.25 a barrel, helping to drive stock prices down on Wall Street and weakening the dollar on world currency markets.
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Lee, Patrick
Full text: [Los Angeles Times] Sep 25, 1990
According to an amended agreement reached last week with Security Pacific, Santa Clarita National could back out of the acquisition if Security Pacific’s stock price averages less than $26 for the five days before the closing date. Security Pacific’s stock closed at $22.75 on Monday. Last week, Security Pacific amended the agreement to keep the value of the deal at $52.5 million as long as Security Pacific’s stock is worth $30 per share or more.
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JOHN MEDEARIS
Full text: [Los Angeles Times (pre-1997 Fulltext)] Sep 25, 1990
Additional material published Sept. 26, 1990: Corrections and clarifications. A Sept. 25 Business story about General Binding Corp. misstated the Northbrook firm’s revenues for the first half of this year. The correct figure is $155.6 million. The disclosure of the definitive merger agreement, which was reached Saturday by the two firms, caps a week of takeover speculation about VeloBind. After heavy trading in its stock on Sept. 17, VeloBind revealed it was engaged in takeover talks with a party it didn’t identify. The speculation pushed VeloBind’s stock price up $1.50, to $9 a share, last week. In over-the-counter trading Monday, VeloBind closed at $8.75, slipping 25 cents to reflect a projected late December completion of the transaction. General Binding closed off $1.25 at $15.75, also trading over the counter.
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Charles Storch
Full text: [Chicago Tribune (pre-1997 Fulltext)] Sep 25, 1990
While much of Wall Street seemed to feel that a huge pool of capital was waiting to jump into the market, Ronald J. Hill, investment strategist for Brown Brothers Harriman, argued that the cash level was ”not so high.” One thing that would lift the market quickly, he said, would be a resolution of what he called ”the stalemates.” ”Investors are giving up on the stalemates,” he said. ”There’s a stalemate in the Iraq crisis. There’s a stalemate on the budget and there’s a stalemate on lower interest rates. The longer the stalemates continue, the more likely the negative effects move deeper into the economy.”
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Full text: [Chicago Tribune (pre-1997 Fulltext)] Sep 25, 1990
While much of Wall Street seemed to feel that a huge pool of capital was waiting to jump into the market, Ronald J. Hill, investment strategist for Brown Brothers Harriman, argued that the cash level was ”not so high.” One thing that would lift the market quickly, he said, would be a resolution of what he called ”the stalemates.” ”Investors are giving up on the stalemates,” he said. ”There’s a stalemate in the Iraq crisis. There’s a stalemate on the budget and there’s a stalemate on lower interest rates. The longer the stalemates continue, the more likely the negative effects move deeper into the economy.”
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COLE, ROBERT J.
Full text: [New York Times] Sep 27, 1990
The U.S. will sell five million barrels of oil from its Strategic Petroleum Reserve as a test of the oil market’s reaction. The move was announced by President [Neil Bush], who said there was ”no justification” for the recent run-up in oil prices. [Page A1.] Oil prices jumped to within pennies of a record in futures trading, climbing $1.14 a barrel, to $38.67, on the New York Merc. [D1.] Matsushita wants to take its rivalry with Sony to Hollywood. A Matsushita deal to buy MCA, the parent of Universal Pictures, would undboubtedly surpass in price Sony’s $5 billion purchase of Columbia Pictures last year. [D1.] MCA’s stock price climbed to $61.25, up another $7.25 a share, as reports circulated that top executives were gathering to negotiate a Matsushita deal. [D7.] G.M.’s Saturn lives up to the company’s game plan: It feels and drives very much like a Japanese car. [D1.]
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Full text: [New York Times] Sep 27, 1990
[G. Douglas Fox] noted that the company’s stock price had dropped significantly during 1990. He reported that the board of directors of T/SF had authorized the company to take steps to initiate a “Dutch auction” for up to 500,000 shares of its common stock. This process would allow stockholders to offer to sell their stock back to the company at a price specified by the tendering stockholder, subject to the company agreeing to the offered price. The company would then determine how many, if any, of the tendered shares it would acquire.
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Full text: [Journal Record] Sep 27, 1990
The slide in share prices since Iraq’a invasion of Kuwait has created a buy opportunity in Malaysia’s two listed property unit trusts. The unit trusts are a good way for foreigners to invest in Malaysia’s property market.
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Tsuruoka, Doug
Full text: [Far Eastern Economic Review] Sep 27, 1990
Stock prices fell Wednesday as oil prices resumed their upward march toward a 10-year high, heightening fears on Wall Street of inflation, high interest rates and possible recession. Deadlocked talks in Washington to cut the massive U.S. budget deficit also worried investors; economically damaging automatic spending cuts are to take place Monday if a deal is not clinched. The broader market also was hard hit, with declining issues overtaking advances by more than 2 to 1. New York Stock Exchange volume reached a moderate 155.6 million shares, down from 155.9 million Tuesday.
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Chicago Tribune wires
Full text: [Chicago Tribune (pre-1997 Fulltext)] Sep 27, 1990
Dow drops 26 pointsNEW YORK Stock prices declined in light dealings Wednesday. The Dow Jones average of 30 industrials, which gained 32 points on Tuesday, fell 25.99 to close at 2,459.65. One analyst called Iraq a “wild card” that is preventing the market from responding to fundamental factors, like interest rates and general economic data. The government’s bellwether 30- year bond crept up 1|32 point, or about 31 cents per $1,000 face amount. Its yield, which moves in the opposite direction from its price, slipped to 9.12 percent from late Tuesday’s 9.13 percent.
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Full text: [Anchorage Daily News] Sep 27, 1990
Marriott Corp. yesterday reported a 52 percent decline in third quarter earnings, a setback resulting from the combined effect of a one-time charge for food contract billing errors and the sale of both its airline catering operations and a London hotel during the same period last year. The Bethesda company’s net earnings were $27 million (27 cents per share) on $1.66 billion in sales for the quarter ended Sept. 7, compared with $63 million (56 cents per share) on $1.7 billion in sales for the same period in 1989. (excerpt)
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Williams, Elisha
Full text: [Washington Times] Sep 28, 1990
Crude oil prices increased nearly 90 cents a barrel, sending stock prices lower again as investors continued to grapple with the inflationary impact of higher oil prices. While oil price movements largely dictated the stock markets’ direction, traders say other issues also continue to influence the market. Rumors about the military standoff in the Persian Gulf and the ongoing federal budget talks in Washington also affected stocks, traders say. Oracle fell 5/8 to 5 5/8 in heavy trading yesterday after gyrating wildly on two apparently fabricated documents alleging Oracle is the target of a takeover bid. Oracle, a highflying supplier of database software that has fallen on hard times, declined to comment on the documents.
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Pettit, Dave
Full text: [Wall Street Journal] Sep 28, 1990
Union Carbide Corp., hoping to check the steady erosion of its stock price, announced a plan to buy back as much as 14% of its shares, reduce debt and reap roughly $300 million from certain asset sales. Although this year the Danbury, Conn., company decided against a radical restructuring, it left open the possibility of the kind of moves it disclosed yesterday as it sought to regain investors’ confidence. The company, whose emphasis on petrochemicals makes it vulnerable to rising oil prices, also took pains to say its quarterly dividend of 25 cents a share is solid. The announcement bolstered Carbide shares in composite trading on the New York Stock Exchange as the overall market continued to falter. Carbide rose 62.5 cents to close at $14.875. The previous day’s closing price had been a new 52-week low, down by more than half from the 52-week high of $28.625.
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Koenig, Richard
Full text: [Wall Street Journal] Sep 28, 1990