Dow Up 13.12, to 2,625.74; Trading Sluggish

”The market’s at a stalemate,” said Peter G. Grennan, head of stock index futures trading for Shearson Lehman Brothers. ”But it won’t stay that way much longer; sooner or later – and I think it will be sooner -a news item of some import will break the deadlock.” The one bright development, Mr. Grennan maintained, was President Bush’s message to Congress Tuesday night. ”It wasn’t a speech where you’d go out and load up on stock,” he said, ”but his forcefulness was good – it was a plus.” He added: ”It’s frequently frustrating to trade the market because up to now, there’s no follow-through in either direction. When people go short and think they’ll make money when the market goes down, it turns around and doesn’t give it to them. When it rallies on good news, it doesn’t hold its gains, which means that it’s influenced by traders rather than investors.”
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COLE, ROBERT J.

Full text: [New York Times] Sep 13, 1990

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In the Case of Michael Milken

Crime Two: Aiding and abetting the filing of false documents with the Securities and Exchange Commission. [Michael Milken] admitted to failing to record a deal compensating [Ivan F. Boesky] for trading losses in the stock of a construction company that was the target of a takeover. Milken recommended the stock purchase and had Drexel pay Boesky several millions of dollars for trading losses. Crime Three: Securities fraud. Milken admitted arranging Boesky’s secret purchase of MCA Inc. stock held by Drexel client Golden Nugget Inc. in 1984. Milken got Boesky to buy 875,000 shares of MCA to hide from the market that Golden Nugget was dumping its position-and to hold up MCA’s stock price.
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Full text: [Los Angeles Times (pre-1997 Fulltext)] Sep 13, 1990

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Banks sought by First City as partners

First City Bancorporation of Texas is looking for big-bank partners to help redeem some of its preferred stock. To get the cash needed to redeem the 2.45 million shares, First City would either have to sell assets or get a loan, said Sandra Flannigan, senior banking analyst at Alex. Brown & Co. in Baltimore. Flannigan and other analysts agreed that First City does not have a lot of excess assets it wants to sell. And it is not unusual, they said, for large lenders to ask for an equity position as part of this type of loan. First City’s common stock, which traded at about $35 per share last year, cratered after the first quarter when the company announced back-to-back bad loans. Three large national companies to which First City had lent millions had sought protection from creditors in bankruptcy courts. The stock price tumbled despite [Robert Abboud]‘s assurances that First City could recoup its losses.
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Full text: [Houston Chronicle (pre-1997 Fulltext)] Sep 13, 1990

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Talk of budget accord sparks gain in stocks

Stock prices rose modestly Wednesday as traders perceived growing signs of an imminent agreement on a plan to cut the huge federal budget deficit. The Dow Jones industrial average rose 13.12 points to close at 2625.74, with energy and metals stocks setting the pace. Advancing shares led losers 4 to 3 on New York Stock Exchange volume of 129.89 million shares, up from 113.22 million Tuesday. “There’s some hope that we’re moving closer to some positive development on the budget deficit,” said Alan Ackerman at Gruntal & Co.
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Chicago Tribune wires

Full text: [Chicago Tribune (pre-1997 Fulltext)] Sep 13, 1990

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PLUS BUSINESS

TOKYO STOCKS FALL: Stock prices fell in volatile trading today on Tokyo’s Stock Exchange, with the 225-share Nikkei Stock Average losing 141.06 points to end the day at 25,075.08. The key index rose nearly 200 points by mid-afternoon before falling back when arbitrage sellers took profits on differences between the spot and futures markets, traders said. On Wednesday, the Nikkei index rose 611.48 points. HOPEFUL SIGN: In a sign of progress in contract talks affecting over 300,000 workers at General Motors Corp., the United Auto Workers union said today it has scheduled an important meeting of its bargaining officials early next week. The meeting, to be held in Dearborn, Mich., on Monday, will convene the union’s 300-member council that leads the contract talks with the world’s largest automaker. DISNEY DEAL: Japanese investors have entered a partnership with Walt Disney Co. in which they will invest $50 million to $75 million to finance four or five Hollywood films. Nomura Babcock and Brown (NBB) Co. Ltd., owned 80 percent by Japan’s Nomura financial services group, will invest the money in the venture, with Walt Disney contributing an equal amount, NBB general manager Akira Osawa said today.
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Full text: [Chicago Sun - Times] Sep 13, 1990

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Q & A

These debentures were issued by J.H. Whitney & Co., the venture capital group, with the help of Shearson Lehman Hutton Inc. to those Prime Computer stockholders who did not receive cash. When contacted, a Whitney official said Shearson was making a market in them. A Shearson vice president said as of Sept. 5 the price was $17 per $1,000. If you wish to check in the future, call a Shearson broker. Most brokerage houses are dues paying members of the Securities Investor Protection Corp., a congressionally created independent insurance agency financed and run by the industry. Each account, including all book entry holdings, is insured up to $500,000. In case of a brokerage bankruptcy, any stocks and/or bonds held for a client are automatically shifted to a solvent broker who wants you to stay as a client. Any cash balance co-mingled with the old broker’s funds is paid off by SIPC. If you would like a free booklet, How SIPC Protects You, write to: 805 Fifteenth St. N.W., Suite 800, Washington, D.C. 20005-2207. In a July 13 report, when USF&G was trading for $27 a share versus last week’s $23, Value Line Investment Survey said, in part: “USF&G’s lofty dividend payout ($2.92 annually) is a modest strain on this carrier. We believe that the hefty dividend . . . remains secure given the company’s substantial cash flow from insurance premiums and investment income . . . This quality stock is ranked to mirror the market averages over the next six to 12 months . . . Increased profit prospects, combined with management’s commitment to raising the dividend every year, suggest that patient investors will be rewarded with superior total returns.” Over the same time span, the stock price is estimated in a range of $60 a share high and $45 low. Sounds worth holding.
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Beatson Wallace

Full text: [Boston Globe (pre-1997 Fulltext)] Sep 13, 1990

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Northeast Utilities Chief Claims PSNH Merger ‘Works’

Taking over a bankrupt electric company and the operation of a nuclear power plant that became a symbol of runaway construction costs may sound like a recipe for financial disaster. But not to Robert E. Busch, chief financial officer of Northeast Utilities. He argues his Berlin, Conn., holding company’s pending acquisition of Public Service Co. of New Hampshire and its one-third stake in the $6.6-billion Seabrook, N.H., plant, will position Northeast for major financial gains in the next few years. (excerpt)
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Kindleberger, Richard

Full text: [Boston Globe] Sep 13, 1990

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Tokyo Stocks Edge Down 0.56% on Last Day for Trading of September Futures and Options

Tokyo stocks finished softer Thursday after a volatile last trading day for September futures and options contracts. Arbitrage selling in the afternoon was largely responsible for the Nikkei Index’s decline, traders said. The broader-based index of all issues listed on the first section outperformed the Nikkei. The Tokyo Stock Price Index slipped 1.04 points, or 0.05%, to 1912.68. Traders said they had been anticipating Nomura Securities and the other Big Four brokerage houses to aggressively try to place at least 150 billion yen ($1.09 billion) in new investment trust funds on the market Thursday.
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Full text: [Wall Street Journal] Sep 14, 1990

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The Good Stock-Bad Stock Chasm Gets Ugly

A study this week by David Katz, chief investment officer of Matrix Asset Advisors in New York, gives new evidence of what many investment pros suspected: Investors today are making the sharpest distinctions between in-favor and out-of-favor stocks since the famous “two-tier market” of 1972-74. Mr. Katz studied the multiple of stock prices to companies’ book values (assets minus liabilities). As the accompanying chart shows, he found that the price-to-book multiples for the favorite fifth of New York Stock Exchange issues are 2.17 times those of the average stock (see accompanying table — WSJ Sep. 14, 1990). This is the biggest lead for the favorites since 1974. “There is no question that Wal-Mart is a vastly superior company,” Mr. Katz says. But he believes it is irrational to pay three times as much for a dollar of Wal-Mart earnings as for a dollar of Sears earnings. Investors, in his view, are “paying too much for the growth prospects in Wal-Mart and . . . assuming that Sears earnings are never going to grow again.”
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Dorfman, John R

Full text: [Wall Street Journal] Sep 14, 1990

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Stocks Dive on Oil Rise, War Rumor

Stock prices took a dive on Sep 13, 1990 under pressure from program selling that was sparked by a midday jump in oil prices and a rumor of war. The Dow Jones Industrial Average fell 43.07 points in light trading to 2582.67.
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Winans, Christopher

Full text: [Wall Street Journal] Sep 14, 1990

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Market Resumes Decline as Budget Talks Stall; Conner Peripherals Off 1 5/8 to 20 5/8

While equity market indexes dropped ahead of today’s producer price, retail sales and industrial production data, the markets absorbed more bad news in the form of Iraqi threats of terrorist actions against U.S. targets. The skittish stock markets have been predisposed to decline at every hint of bad news since Iraq invaded Kuwait six weeks ago. No budget agreement yesterday was just what stock prices didn’t need. Mr. Gold says the market is merely drifting amid cross-currents from budget negotiators, the Middle East, the Federal Reserve and the economy. Until the Persian Gulf situation is resolved, a budget is in place and the Fed eases credit, Mr. Gold says, the market will meander.
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Hoffman, Howard

Full text: [Wall Street Journal] Sep 14, 1990

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Industrials Fall 43.07 on Gulf News, Anticipation of Economic Reports

Stock prices tumbled in a sell-off linked to nervousness about today’s flurry of economic reports and frustration with the drawn-out negotiations on a federal deficit reduction package. The Dow Jones Industrial Average skidded 43.07 to 2582.67 — its sharpest decline since Aug. 23 — as stocks buckled under the weight of broad-based selling. Decliners topped advancers on the New York Stock Exchange by 1,009 to 430. Broader indexes weren’t hit quite as hard as the industrial average, but nonetheless dropped sharply. Standard & Poor’s 500-Stock Index, for example, went down 3.89 to 318.65; its 1.21% drop compared with a 1.64% decline in the Dow Jones industrials. The New York Stock Exchange Composite Index dropped 1.93 to 175.16 and the Dow Jones Equity Market Index fell 3.41 to 295.39.
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Wilson, David

Full text: [Wall Street Journal] Sep 14, 1990

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Dow drops, TSE also loses points

Stock prices showed a broad loss today as the New York market absorbed new signs of higher U.S. inflation and weak consumer spending. The Dow Jones average of 30 industrials in New York dropped 18.56 points to 2,564.11 after three hours of trading as losing issues outpaced gainers by a three-to-one margin.
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Full text: [The Vancouver Sun] Sep 14, 1990

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CP considers share buyback Conglomerate trying to bolster flagging stock price

“This is Plan B in the company’s attempt to improve shareholder values,” one analyst said. “Clearly, they’re frustrated with the sell-off of the stock.”
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BARRIE McKENNA

Full text: [The Globe and Mail] Sep 14, 1990

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Wall St. share prices wilt on economic-data worries

Share prices on Toronto and Montreal stock exchanges lost some ground yesterday, while stock prices tumbled on Wall St. in a sell-off linked to nervousness about today’s flurry of U.S. economic data. Reports that Iraq had issued a warning to U.S. officials about possible terrorist attacks against American targets unsettled the market as well, traders said. They said there also is growing investor frustration concerning the drawn-out negotiations on a U.S. federal budget deficit- reduction package.
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Full text: [The Gazette] Sep 14, 1990

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Mercantile Makes Move up in Pack

Mercantile Bancorporation in St Louis is expecting to increase its profits in 1990 in order to encourage investors and raise the stock prices.
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Gallagher, Jim

Full text: [St. Louis Post - Dispatch] Sep 14, 1990

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Program trading pounds market; Dow falls 43.07

Stock prices fell sharply Thursday in repeated waves of computerized program selling, with the Dow Jones industrial average sliding 43.07, or 1.64 percent, to 2,582.67. Birinyi Associates, which monitors program activity, said 98 minutes of heavy program selling during the day trimmed the Dow by 61 points. It was the third-largest negative impact on the Dow this year from program trading and was only 22 points away from the biggest such decline eight months ago. Since the Dow average itself fell just 43.07, the implication was that program selling accounted for practically all of the market’s weakness.
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Full text: [Star Tribune] Sep 14, 1990

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Edina firm has unusual plan to raise $5.4 million

The “units” in the offering, priced at $4 each, will consist of one share of Cherne common stock plus the right to acquire two additional shares of stock at an exercise price of 50 cents a share. The warrants, as they are called, will be issued by company founders Lloyd and Joan Cherne. The first round of the offering is available only to existing shareholders on the record date of the offering, which has not been set. In a briefing for brokers yesterday, David Printy, Cherne’s new chairman (and former IR candidate for governor), said the company was hoping to drive the stock price with results rather than expectations.
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Anthony Carideo
Staff Writer

Full text: [Star Tribune] Sep 14, 1990

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Mideast Jitters Push Dow Down 43

Stock prices, weak from the opening, tumbled more than 40 points in midafternoon after Iraq accused the United States of looking for an excuse to attack it and said it would hold President Bush personally responsible for any strike. Futures-related selling amid the thin trading intensified the stock market’s slide. The stock of Conner Peripherals Inc., the San Jose-based maker of computer disk drives, fell about 7 percent – to 20 5/8 – following an announcement by Japan’s Toshiba Corp. that it will offer a 2 1/2-inch disk drive that may compete with Conner products. The NYSE Composite index of all listed common stocks fell 1.93 to 175.16. The Standard & Poor’s composite index of 500 stocks fell 3.89 to 318.65.
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Full text: [San Francisco Chronicle (pre-1997 Fulltext)] Sep 14, 1990

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British Stock Prices Fall

The broad-based Financial Times-Stock Exchange 100-share index was down 15.2 points, or 0.71 percent, at 2,127.1.
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Full text: [San Francisco Chronicle (pre-1997 Fulltext)] Sep 14, 1990

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