Stock prices tumble again Dow: Falls 76 to 13-month low on heavy volume

The Dow sank 76.73 points Thursday, to 2,483.42, its lowest level since July 6, 1989. By 9:54 a.m., less than 30 minutes after trading began, the Dow had tumbled more than 50 points, prompting the New York Stock Exchange to invoke a rule that makes index arbitrage trading virtually impossible. GRAPH; (GRAPH) How we’ve fallen // A month of madness (OCR); (GRAPH) 1987 vs. 1990 // A day in the markets (OCR); (GRAPH) Oil futures since 1984 (Knight-Ridder); Credit: Kate Cohen:George Turney:Knight-Ridder Tribune News
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Robert J. Cole:The New York Times

Full text: [Orange County Register] Aug 24, 1990

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U.S. Stocks Plunge on Heavy Selling over Crisis in Gulf

Stock prices plunged Aug 23, 1990 for the third day, falling to their lowest level in 13 months on growing concern over the Persian Gulf crisis. The Dow Jones Industrial Average fell 76.73 points, or 3%, to 2,483.42.
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Cole, Robert J

Full text: [New York Times] Aug 24, 1990

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Tokyo Stocks Are Up 1.8% In a Volatile, Nervous Day

”People are running on emotion,” said David Stewart, an analyst at James Capel Pacific Ltd. ”The market was due for a technical move, since it’s underperformed the other markets lately.” ”The market won’t settle here,” Mr. Stewart continued. ”It could go up 1,000 points or down that much in an instant, but my guess is it’s going lower.” ”Volumes are small simply because no one is prepared to risk buying anything,” one trader said. ”If we met all the sell offers, volumes would be much higher.”
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JAMES STERNGOLD, Special to The New York Times

Full text: [New York Times] Aug 24, 1990

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Quiet Shift in Trading Rules On Japan’s Stock Exchange

The effect of the changes, reported to brokerage houses late Thursday, will be to limit program trading by tightening restrictions on the trading of index futures and to permit individual brokerage houses to exert more influence over the prices of individual stocks. Some have argued strongly that shackling the futures market simply adds to volatility by eliminating one of the outlets for selling pressure when it builds sharply. ”It is too early to say if these changes limit volatility or add to it,” said Deryck Maughan, chairman of Salomon Brothers Asia.
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JAMES STERNGOLD, Special to The New York Times

Full text: [New York Times] Aug 24, 1990

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Market Place; Why the Broad Selloff in Oil Stocks?

Anthony Banham, managing director of Simmons & Company International, an investment firm in Houston, said the selling was a logical response after the large price gains posted this year by many energy issues. ”My guess is you are seeing a correction to a knee-jerk runup in oil prices,” he said. ”There really is no reason for us to be trading for some extended period of time in the $30-a-barrel range.” ”When $18 oil becomes $25 oil, it’s a good thing for oil stocks,” said Thomas A. Petrie, chairman of Petrie, Parkman & Company, an investment firm in Denver. ”But somewhere between $32 and $60 it becomes too much of a good thing, and major imponderables loom on the investment horizon.” ”In this already somewhat tight market,” she said, speaking of oilfield services, ”we are now introducing higher oil prices and stimulus for higher levels of activity for drilling.” She added that Merrill Lynch would soon raise its earnings estimates in the industry by 20 percent for 1991. Her recommendations included Dresser Industries, Schlumberger, Halliburton and Baker Hughes.
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THOMAS C. HAYES, Special to The New York Times

Full text: [New York Times] Aug 24, 1990

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‘Junk Bond’ Prices Plunge In Reaction to Stocks’ Fall

LEAD: Heavy selling sent prices of high-risk, high-yield ”junk bonds” sharply lower yesterday as traders reacted to the uncertainty in the Middle East and the sharp decline in the stock market. Heavy selling sent prices of high-risk, high-yield ”junk bonds” sharply lower yesterday as traders reacted to the uncertainty in the Middle East and the sharp decline in the stock market. ”It’s a nightmare,” the head trader at one Wall Street firm said. ”The market was very, very illiquid.”
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WALLACE, ANISE C.

Full text: [New York Times] Aug 24, 1990

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Mideast Fears Put Stocks Into Worldwide Dive

Fears of war in the Mideast also sent oil prices rocketing. The price of the benchmark U.S. crude rose 71 cents Thursday in New York to $31.93 a barrel, the highest level in seven years. The rise in oil prices was a major factor in the stock selloff. Investors believe that petroleum production in Saudi Arabia and other Mideast nations could be abruptly curtailed if war breaks out between the United States and Iraq. That would send oil prices and inflation soaring, which could cause economic problems in any nation that depends on petroleum imports. The continuing drop of stock prices in the United States prompted some U.S. firms to announce plans to buy back some of their shares. Fannie Mae, the government-sponsored, publicly held firm that buys mortgages from lenders, announced plans for a buyback, as did Intel Corp., the big computer chip maker.
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KATHY KRISTOF

Full text: [Los Angeles Times (pre-1997 Fulltext)] Aug 24, 1990

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Mideast Fears Put Stocks Into Worldwide Dive Markets: Tokyo’s exchange plunged 5.8%, the fourth-biggest one-day drop in history; the Dow fell 3%. Oil prices skyrocketed too.

Fears of war in the Mideast also sent oil prices rocketing. The price of the benchmark U.S. crude rose 71 cents Thursday in New York to $31.93 a barrel, the highest level in seven years. The rise in oil prices was a major factor in the stock selloff. Investors believe that petroleum production in Saudi Arabia and other Mideast nations could be abruptly curtailed if war breaks out between the United States and Iraq. That would send oil prices and inflation soaring, which could cause economic problems in any nation that depends on petroleum imports. The continuing drop of stock prices in the United States prompted some U.S. firms to announce plans to buy back some of their shares. Fannie Mae, the government-sponsored, publicly held firm that buys mortgages from lenders, announced plans for a buyback, as did Intel Corp., the big computer chip maker.
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KATHY KRISTOF

Full text: [Los Angeles Times (pre-1997 Fulltext)] Aug 24, 1990

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La Jolla Bank Gives OK to Merger With Security Pacific

The vote, the last obstacle to the merger that is scheduled to become final today, means La Jolla Bancorp shareholders will receive roughly $11 worth of Security Pacific stock and cash for each share they own, La Jolla Bancorp President Ed Sondker said Thursday. When the two banks first announced plans to merge last year, La Jolla Bancorp said its shareholders would receive Security Pacific stock worth $15 for each share, as long as Security Pacific stock stayed above a floor price of $38.25 a share. Security Pacific stock has fallen sharply in price in recent weeks, as have the shares of other banks and savings and loans. The reduced stock price–Security Pacific stock closed Thursday at $26, down $1–makes the stock swap less attractive to La Jolla Bancorp shareholders.
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CHRIS KRAUL

Full text: [Los Angeles Times (pre-1997 Fulltext)] Aug 24, 1990

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Dow Regains 49 but Still Off 111 for Week

Stock prices also rebounded in Tokyo, London and Frankfurt, West Germany, even as tensions intensified over Iraq’s deployment of troops near foreign embassies in occupied Kuwait. “This market’s been going straight up for so long and it tends to overextend itself. Some people are also selling on the prospect of an OPEC meeting,” said one trader. But most analysts said OPEC ministers meeting informally in Vienna Sunday will have problems agreeing on boosting output. West Texas Intermediate, the U.S. benchmark, finished down a steep $1.02 at $30.91 a barrel for October delivery. New York unleaded gasoline for September ended down 3.89 cents at $1.0466 a gallon.
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Full text: [Los Angeles Times (pre-1997 Fulltext)] Aug 24, 1990

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Investors Growing Impatient With Westcott’s Performance

Investor impatience as well as a dose of reality have sent Westcott Communications stock prices plummeting in recent weeks. The Carrollton-based provider of private satellite television networks saw its stock fall to a 52-week low of $5 on Aug. 14. Although the tumble was precipitated by a drastically reduced earnings forecast by Alex. Brown & Sons, the price plunge seemed especially harsh in light of the company’s ability to make a profit, albeit a slight profit, in recent quarters. Yet that’s what happens when company projections and analyst predictions are overly optimistic, said John Rossi, vice president of Robertson Stephens. (excerpt)
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Scott, Dave

Full text: [Dallas Business Journal] Aug 24, 1990

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Dow plunges 76.73 Stock prices skid to lowest in year

Robert Hatcher, a corporate foreign exchange dealer with Barclays Bank PLC in New York, said the dollar is likely to fall further unless central banks including the Federal Reserve decide the U.S. currency has fallen far enough. Soybeans rise: The soybean futures complex fought off a surprise revision of a government report on soy oil stocks and closed higher on the Chicago Board of Trade. The Census Bureau reported early in the session that the stocks of soyoil and meal are far below all trade expectations. Wheat closed 3/4 cent to 4 cents higher with the contract for delivery in September at $2.83 a bushel; corn was 3 cents to 5 1/2 cents higher with September at $2.58 1/2 a bushel; oats were 2 cents to 2 3/4 cents higher with September at $1.19 1/4 a bushel; and soybeans were 7 3/4 cents to 13 3/4 cents higher with September at $6.28 1/2 a bushel. Gold higher: In New York, an ounce of gold picked up $1 to close at $412. Earlier in London, gold gained $1.50 to close at $412.75 an ounce. Silver in New York slipped 0.3 cent to $5.126 an ounce. It was unchanged in London at $5.15 an ounce. Bonds fall again: Government bond prices fell in light trading as oil prices continued their climb, keeping the key long-term interest rate above 9 percent for the second day. The price of the Treasury’s benchmark 30-year bond fell $7.81 per $1,000 face amount, pushing its yield to 9.13 percent from 9.05 percent Wednesday.
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Full text: [Chicago Sun - Times] Aug 24, 1990

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Stock prices plummet in tumultuous market

The Dow Jones average of 30 industrials plunged 76.73 points to 2,483.42, its lowest close since it stood at 2,462.44 on July 6, 1989. Losers among the blue chips included General Electric, down 1 3/4 at 58 1/2; Philip Morris, down 1 5/8 at 41 3/8; Boeing, down 2 1/2 at 42 1/2, and International Business Machines, down 2 1/8 at 96 7/8.
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Full text: [Austin American Statesman] Aug 24, 1990

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Markets rally, dollar and oil down

The recovery worldwide was based more on a belief that stock prices had bottomed out and oil prices shot up too rapidly over $31 U.S. a barrel than on the latest tense developments in the Iraq-U.S. standoff. Oil futures have soared more than 40 per cent since Iraq invaded Kuwait Aug. 2. The dollar closed at 88.07 cents U.S. in Toronto, down .51 cents from Thursday when it ended at 88.58. That was the currency’s highest level since the 88.62 reached July 27, 1978. Its lowest was 69.24 U.S. in February 1986. When Iraq invaded Kuwait, the dollar stood at 86.90 cents U.S.
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Full text: [The Ottawa Citizen] Aug 25, 1990

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Markets reel, gain optimism ; Panic is gone “for time being’

The recovery worldwide was based more on a belief that stock prices had bottomed out and oil prices shot up too rapidly over $31 a barrel than on the latest tense developments in the Iraq-U.S. standoff. Stocks also rebounded in Europe and Japan. But despite the gains, the crisis spawned by Iraq’s takeover of Persian Gulf neighbor Kuwait has erased hundreds of billions of dollars in the value of U.S. stocks. Significantly easing market worries, Soviet President Mikhail Gorbachev sent a message to Iraqi leader Saddam Hussein indicating Moscow would back Western powers pressing for Iraq to withdraw from Kuwait and free foreign hostages.
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Full text: [Telegram & Gazette] Aug 25, 1990

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GULF TURMOIL DRIVES MARKET TO BIG PULLBACK

The war of nerves in the Persian Gulf kept Wall Street hostage all week, driving the market to one of its biggest pullbacks and threatening to pull stock prices even lower. The Dow Jones industrial average fell 111.88 points to 2,532.92 for the week, the biggest decline since January, when it fell 118.67 for the week ending Jan. 26. The turmoil Thursday carried the Dow Jones industrial average to a 13-month low of 2,483.42. Bond prices also tumbled, with the fear of inflation sending interest rates higher.
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Full text: [Seattle Times] Aug 25, 1990

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Hasbro Plans to Buy Back Up to 30 Million Stock Shares

Toy maker Hasbro Inc. of Pawtucket said yesterday it plans to buy back up to 3 million of its shares, or up to 5.2 percent of its 57.86 million shares outstanding, saying the stock is undervalued. Hasbro will buy the shares from time to time in the open market or in private transactions. It is the first such stock buyback plan in the company’s history, chief financial officer John T. O’Neill said in a telephone interview. “Hasbro clearly feels that the stock is undervalued and that for the company, it’s a good investment at this time,” he said. (excerpt)
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Downing, Neil

Full text: [Providence Journal] Aug 25, 1990

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Dow Gains on Peace Sentiment

Stock prices advanced briskly on Aug 24, 1990, posting their first gain after three days of heavy losses. The Dow Jones Industrial Average rose 49.50 points to 2532.92.
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Cole, Robert J

Full text: [New York Times] Aug 25, 1990

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Dow Gains On Peace Sentiment

”I base it all on crude oil,” said Peter G. Grennan, senior vice president of Shearson Lehman Brothers. ”If crude had continued going up you wouldn’t have seen such a dramatic turn in the market now.” Crude oil futures traded yesterday between a high of $31.60 a barrel and a low of $30.75 before ending the day at $30.91, off $1.02. He noted that Iraqi troops had surrounded the American Embassy in Kuwait City but that the deadline for diplomats to leave had been extended. ”So,” he said, ”it looks less likely that there’ll be a military flare-up, in the short term, anyway.” ”The price of oil is now high enough,” he said, ”that people are wondering how high it’ll go without a shooting war, so it stabilized.” Continuing a trend that could deepen after a sharp run-up, oil stocks tumbled for the second day. ARCO fell 3 5/8, to 134 7/8; Chevron slid 1 3/8, to 74 1/4; Amoco dropped 1 3/4, to 54, and British Petroleum fell 2 7/8, to 81 1/8.
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COLE, ROBERT J.

Full text: [New York Times] Aug 25, 1990

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Wall Street Rebounds Past 2500

Stock prices staged a sharp rally near the close on Aug 24, 1990 in what analysts described as a technical rebound from the market’s free-fall of the past several weeks.
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Full text: [Houston Post] Aug 25, 1990

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