Dow Up 23.26 Points; Week’s Rise Is 5.19

”The market’s not focusing on developing evidence of a recession,” said David B. Bostian Jr., chief economist of Jesup, Josephthal & Company, ”but on the potentially positive aspect of the Bush and Gorbachev meeting.” Toys ”R” Us led the Big Board active list, falling 5/8, to 23 1/8, after Robert J. Schweich of Wertheim Schroder cut his earnings estimate. I.B.M. rose 3 1/8, to 105 1/2, after favorable comments by Shearson; Merrill Lynch; Smith Barney; Morgan Stanley and Sanford C. Bernstein.
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COLE, ROBERT J.

Full text: [New York Times] Sep 8, 1990

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CONSUMER’S WORLD: Guidepost; Reviewing Portfolios

For example, when the yield on bonds is higher and money rates are higher and stock prices are lower, as they are now, the best possible return of each has improved and there is very little reason to change. Strategists continue to favor stocks as the lead component in portfolios.
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Full text: [New York Times] Sep 8, 1990

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UAL’s Stock Soars $8 on Analyst’s ‘Buy’ Advice

The stock price of UAL Corp rose sharply on Sep 7, 1990 on the strength of an analyst’s “buy” recommendation, based on his belief that the employees’ effort to buy the company will succeed.
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Dallos, Robert E

Full text: [Los Angeles Times] Sep 8, 1990

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UAL’s Stock Soars $8 on Analyst’s `Buy’ Advice Airlines: The suggestion, based on a belief that an employee buyout will succeed, comes amid rumors of Marvin Davis’ renewed interest.

Rumors of [Marvin Davis]‘ renewed interest in UAL resulted from the sale earlier this week of Pebble Beach Co. by the Denver-based real estate partnership of Miller, Klutznick, Davis & Gray Co. to Japanese developer Minoru Isutani. The rumors grew out of a belief that Davis, the best-known member of the partnership, would now seek a place to invest his part of the proceeds. The sale was reportedly for $800 million to $1 billion, giving Davis much liquidity. Davis, who could not be reached for comment Friday, made a bid for UAL last year. A spokeswoman for the United Employees Acquisition Corp., the labor group seeking to buy UAL, declined to comment on the stock price rise. Last month, UAL’s unions were given an additional 60 days-until Oct. 9-to arrange financing for the deal. PHOTO: UAL STOCK SOARS: An analyst’s recommendation and rumors of renewed interest by investor Marvin Davis, above, sent the price up $8.; PHOTO: (Southland Edition D1) Marvin Davis
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ROBERT E. DALLOS

Full text: [Los Angeles Times (pre-1997 Fulltext)] Sep 8, 1990

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Davis bid speculation boosts UAL

Shares of UAL Corp. rose Friday on speculation that investor Marvin Davis may renew his interest in buying the parent of United Airlines. The stock of Chicago-based UAL climbed $8, to $100.25, on the New York Stock Exchange, a gain of nearly 9 percent. Paul Nisbet of Prudential-Bache repeated a strong buy on UAL based on his belief that a buyout will materialize. He said the low stock price may rekindle Davis’ interest.
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Chicago Tribune wires

Full text: [Chicago Tribune (pre-1997 Fulltext)] Sep 8, 1990

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Vidmark Profits Rise, but Stock Tumbles

Despite a sharp increase in annual revenues and profits, the stock price of Vidmark Inc has fallen more than 50% since the home video distributor went public in Jun 1990.
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Jeffrey, Don

Full text: [Billboard] Sep 8, 1990

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Analyst criticizes investor’s merger plan for Texas firms

The move was designed to strengthen the balance sheet of Valhi, [Harold Simmons]‘ investment vehicle, said J. Landis Martin, NL chief executive. Valhi, if the transaction is completed, would remain a publicly traded company and would wholly own NL Industries. Officials said NL’s stock price has ranged between $9 a share and $13 a share in recent weeks, after reaching a high of $27 in the past 52 weeks.
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Full text: [Austin American Statesman] Sep 8, 1990

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THE MARKETPLACE

Sales trim oil pricesNEW YORK Oil prices fell Friday as traders sold futures to pocket their profits from Thursday’s surge over $31 a barrel, but crude stayed higher for the week amid fears of supply shortages this winter. “There was really no news to go on,” said trader Ed Kevelson. “It was a Friday, so people were more likely to take profits.” Light sweet crude for October delivery fell $1.39 to $30.04 per barrel on the New York Mercantile Exchange. Alaska North Slope crude fell $1.45 to $29.20 per barrel.Stocks rally at week’s endNEW YORK Stock prices closed out a week of erratic swings with a moderate rally Friday as oil prices fell.
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Full text: [Anchorage Daily News] Sep 8, 1990

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Consortium to put heat on Dayton foundation // Strategy won’t include immediate boycott

“Nobody will be satisfied until they restore funding,” said Toni Tschann, chairwoman of the Minnesota Women’s Political Caucus and one of the leaders of the consortium’s efforts. “I think that’s reflected here by the numbers of leaders and individuals who got together and plotted a coherent strategy for impacting on Dayton’s and the Dayton Hudson Corp.” The decision to stop the donations coincided with an announcement by the Christian Action Council that it was targeting Dayton Hudson and 42 other companies in a boycott and letter-writing campaign to protest the companies’ support of Planned Parenthood. It is unclear what, if any impact, the council-led boycott had on the company, though Dayton Hudson officials had said the cutoff was not a response to the threat. The decision to reconsider came the same day that Elizabeth Holtzman, who oversees the New York City employee pension fund, a major Dayton Hudson stockholder, sent a protest letter to Kenneth Macke, Dayton Hudson’s chairman and chief executive officer. The letter expressed concern that the publicity surrounding the foundation’s decision could damage the company’s image and lead to a boycott that could hurt profits and stock prices.
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Cope Moyers
Staff Writer

Full text: [Star Tribune] Sep 9, 1990

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Troubled computer giant Unisys is ready to turn the corner

Still, the red ink keeps flowing. In July, Unisys reported a $45.1 million loss in the year’s first half after paying preferred-stock dividends. Two weeks ago, the company’s stock price plunged to a 52-week low after several industry analysts reduced their earnings forecasts. The cutbacks, losses and a Pentagon bribery scandal at the Unisys defense division are said to have taken their toll on morale among the company’s 78,000 employees. In a burst of optimism, W. Michael Blumenthal, the Burroughs chairman who engineered the merger, launched the renamed company on an ambitious plan to double annual sales to $20 billion by 1993. He predicted Unisys would rival International Business Machines Corp., the world’s largest computer-maker.
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Bart Ziegler, Associated Press

Full text: [Chicago Tribune (pre-1997 Fulltext)] Sep 9, 1990

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Pizzeria Uno: Can It Deliver in a Bear Market?

These are hard times for stocks. But bear market hand-wringers aside, West Roxbury’s Uno Restaurant Corp. is one of the restaurant industry’s hottest stocks. Trade publications refer to Uno’s executives as “Growth Gurus.” Analysts like Don Spindel of A.G. Edwards tell clients to buy Uno shares. Uno, an 77-unit chain of company-owned and franchise outlets, has clearly delivered, by a number of measures. In the past five fiscal years, earnings soared an average of 78 percent annually to $3 million; sales, meanwhile, rose 38 percent a year to $43.3 million. Operating profit, as a ratio of sales, ranges from 25 percent to 35 percent annually compared with about 20 percent for similar restaurants, figures Steven Rockwell, an Alex. Brown & Sons analyst. (excerpt)
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Gilman, Hank

Full text: [Boston Globe] Sep 09, 1990

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Area Public Companies Taking Hits in Market

At a time when the nation’s stock market is reeling under the uncertainties of the Middle East crisis, the majority of the Wichita area’s 20 publicly held companies are following the trend and continuing a year-old downward spiral. During a one-year period ending Aug. 29, 11 of the area’s 20 stocks have been driven down by depressed earnings and overall market conditions, while eight have shown marginal increases and one has shown no change. Several of those enjoying increased stock prices include energy companies — High Plains and Sage Drilling –which have been boosted in recent weeks by increased energy prices. But two in the banking and thrift business –Western Financial Corp. and Fourth Financial Corp. –have buckled under the weight of the savings and loan crisis and banking industry trends. (excerpt)
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Groene, Lee Ann
Mullins, Jesse

Full text: [Wichita Business Journal] Sep 10, 1990

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Stocks’ Long-Term Trend Is down, Technicians Say

For the first half of the year, many bullish investors ignored the yawning gap between the briskly advancing Dow Jones Industrial Average and the lagging broader market indexes. They looked the other way as New York Stock Exchange trading volume dwindled while the industrial average rose. “The market can’t keep rising when you have those kinds of divergences, but you never know when it will end,” Mr. [Timothy] Clark says. Though technical analysts were warning investors away from stocks even before the Dow set new records in July, “sometimes what’s needed is a catalyst” to bring about the sometimes-abrupt adjustment. Before the 1987 crash it was rising interest rates. This summer, it was Saddam Hussein. PUT-CALL RATIO: Many analysts follow the ratio of volume in put options (a bet that stock prices are headed lower) to the volume in call options (a bet that prices will rise). In a bull market, heavy volume in puts during an intermediate decline in the market suggests stock prices will soon resume climbing, they say. That’s because puts are popular with high-risk speculators who bet against the odds. But in a bear market, heavy put volume can be generated by conservative investors who are recognizing a trend.
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Winans, Christopher

Full text: [Wall Street Journal] Sep 10, 1990

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Saatchi & Saatchi Decision to Forgo Dividend Sends Stock Price Tumbling

Friday’s announcement that the battered advertising giant’s balance sheet was too weak to pay a regular dividend sent Saatchi shares tumbling. Although the company had warned shareholders this year that the dividend might be sacrificed in a campaign to shore up the company’s capital position, shareholders unloaded their holdings, immediately driving the share price down 18 pence (34 cents) to 45 pence a share. The stock rebounded slightly, ending the day on London’s Stock Exchange at 52 pence, down 11 pence from the previous day’s close. “They do have an ability to slip on banana skins repeatedly,” said Neil Blackley, an analyst with James Capel Securities in London. The decision to scuttle the dividend follows a depressing drumbeat of bad news for the once-expansive advertising and communications company: divestitures under pressure, salary cuts and reorganizations, and defections of top advertising managers. The write-offs stem from sales of Peterson & Co., a litigation support concern, and Hay Co., a consulting firm. Having paid #42 million for Peterson in 1987, Saatchi received only #1.2 million for it in a buy-out by its managers. Saatchi sold Hay to a group of its managers and outside investors for $90 million. It bought the consultancy in 1985 for an undisclosed sum.
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Carrington, Tim

Full text: [Wall Street Journal] Sep 10, 1990

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Japan’s Equity Warrants Crippled by Market Collapse

The collapse of Tokyo stock prices has devastated the market for Japanese equity warrants, crippling what had been one of the most lucrative and popular sectors of the London-based Eurobond market. Many Japanese companies sold equity-warrant bonds as an inexpensive way of raising money during the Tokyo stock market’s heyday. Companies could issue bonds that paid interest of only a fraction of 1%, by attaching equity warrants as an inducement. More than $70 billion of Japanese equity warrants have been issued in the past three years. But since the start of the year, Japanese stocks, as measured by the 225-share Nikkei average, have lost more than 38% of their value — the market’s steepest loss in a single year since World War II. While there isn’t any formal index measuring performance of the warrant market — most transactions take place in London, outside the purview of Japanese regulators — some analysts believe warrant prices are off as much as two-thirds.
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Chandler, Clay
Brauchli, Marcus W

Full text: [Wall Street Journal] Sep 10, 1990

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ASK MONEY

Carefully – and rarely. When you sell a stock short, you’re making a bet that the stock’s price will decline. Here’s how it works: Suppose you think that the chances of ZipCo International, currently selling at $10 a share, are pretty dismal. You borrow 100 shares from your broker and sell them on the open market for $10 each, or $1,000. You now owe your broker 100 shares of ZipCo. Now suppose Zipco slides to $8 a share. You buy 100 shares for $800, give your broker the shares, and pocket the $200 difference between the price at which you sold and the price at which you bought – less the broker’s commissions, of course. The problem with selling short: A $10 stock can sink 100%, to $0, but there’s no limit to how far it can rise. So you can lose far more than you invest when you sell short. In addition, when you sell short, you owe your broker for any dividends the stock might have paid while you were borrowing the stock. If the general partnership has gone down that long lonesome road to involuntary bankruptcy, the chances of getting cash from your partnership are pretty limited. If you want to take legal action, you’d probably have to prove that you were misled about the investment. If your broker guaranteed that you could transform $20,000 into $150,000 in 10 years – a 750% gain – you might have some good legal footing. Bear in mind, however, that many partnerships sold before 1986 often counted tax benefits as part of their returns, so you first would have to tally up your tax benefits from the partnership before you could get an accurate assessment of what you lost. In addition, you’d have to prove that the broker, brokerage house or general partner misled you. Your best bet: Consult your attorney.
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Full text: [USA TODAY (pre-1997 Fulltext)] Sep 10, 1990

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Stock prices recover but Canadian dollar skids

The Canadian dollar, however, fell more than half a cent against its U.S. counterpart in opening trading today as fallout continued from unemployment figures released last week and the NDP victory in Ontario. Commenting on the NDP sweep in Ontario, Mike McCracken, head of Informetrica Ltd., an Ottawa-based economic think tank, said voters facing rising unemployment and likely a recession, wanted a government that would put jobs and social programs ahead of fiscal management.
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Full text: [The Vancouver Sun] Sep 10, 1990

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Photocomm Shines With Solar Technology

As the latest Middle East crisis continues to heat up, solar technology companies such as Scottsdale-based Photocomm Inc. are gaining strength and generating more interest. For one thing, the company’s stock has performed well over the last month while other issues have taken a dive, says Thomas LaVoy, Photocomm’s chief financial officer. The stock, listed on NASDAQ, closed at $1.31 per share Aug. 31, having ranged between $2.50 and 63 cents during the past 52 weeks. Also during the past month, renewed interest in energy conservation has encouraged a number of first-time customers to buy solar power equipment, he adds. (excerpt)
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Luebke, Cathy

Full text: [The Business Journal] Sep 10, 1990

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Airline stocks lose altitude after flying high in ’89 Series: TICKER TALK

That set off a shock to investors’ confidence that drove the Dow Jones industrial average down 190 points in what was billed as a “minicrash.” “The same factor that has created a panic in the broad market is working overtime on the transports, and it’s easy to see why,” says Stephen Leeb in his investment advisory letter Indicator Digest. “There’s a risk that higher oil prices will further torpedo earnings in the short term. But with the recent selloff, that’s already reflected in these stocks’ prices.”
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CHET CURRIER

Full text: [St. Petersburg Times] Sep 10, 1990

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Bank Stock Trades Fall Below 100 Percent of Book Value

For the first time in 10 years, stocks of 14 Southeastern bank holding companies as an average are trading below 100 percent of their book value, according to Williams Securities Group Inc. Banks also have stopped performing “monolithically” in the market, instead gaining or losing depending on market assessment of the institution’s strength, said Tim Rayl, a bank analyst with the Tampa firm. “The good ones have gotten soggy, but the bad ones keep going down,” Rayl said. Southeast Banking Corp. experienced the lowest bank book value per share, which is calculated by subtracting a bank’s liabilities from assets and dividing that figure by the number of shares outstanding. Southeast, the only bank stock trading below 50 percent of book value per share, brought the average below 100 percent for the first time in a decade. Its stock closed at $8.62 a share, which represents 41 percent of its book value of $20.89 a share. (excerpt)
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Zisser, Melinda

Full text: [South Florida Business Journal] Sep 10, 1990

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