Market shudders

Stock prices fell sharply in heavy trading Tuesday as investors continued…
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Full text: [Houston Chronicle (pre-1997 Fulltext)] Aug 22, 1990

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CRISIS LEAVES WORLD MARKETS WOBBLING

“Everything is being driven by the Middle East,” said David Wyss, senior economist at DRI/McGraw-Hill in Lexington. The markets are being spooked by Middle East fact and rumor. Stock prices fell sharply in Frankfurt yesterday, because of a rumor — later dismissed — that a US plane was shot down over Iraq. The market slide cannot be written off as simply irrational fear. The Kuwait invasion hit at a time when the US economy was already drifting toward a recession. The crisis has improved the odds of a recession, analysts said. It has also driven up oil prices, hiked interest rates, damaged consumer confidence and hurt chances for a budget deal between the White House and Congress. Even before the Iraq crisis, most analysts were expecting the market to fall. The Dow peaked at 2999.75 in July. “We were looking for a 10 percent decline,” said Robert Goodman, senior economic adviser to Putnam Cos., another Boston mutual funds firm.
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Charles Stein, Globe Staff

Full text: [Boston Globe (pre-1997 Fulltext)] Aug 22, 1990

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CAPITAL: The Pullback From Dividend Investment Plans Series: 1

Nevertheless, analysts and bankers alike say discount dividend reinvestment programs are likely to remain in force at a number of banks concerned about the prospect of higher capital requirements and unwilling to publicly issue new equity in today’s hostile market. When stock prices are low, discount dividend reinvestment programs become painfully costly. In recent months, banks have found themselves issuing new shares at sharp discounts to book value, dramatically diluting the holdings of shareholders. Bait for Arbitragers Moreover, dividend reinvestment programs are bait for arbitragers. It is easy for arbs to bid down the price of a bank’s stock during the pricing period so they can buy at a discount to an artificially low price. Chase Manhattan Corp. and Chemical Banking Corp. learned about arbitragers’ interest in discount dividend reinvestment porgrams earlier this year, when their stocks’ prices dropped sharply during pricing periods.
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KELLEY HOLLAND

Full text: [American Banker (pre-1997 Fulltext)] Aug 22, 1990

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Stock Prices Tumble; Kuwaiti Investors Buy

Kuwait has found an unexpected benefit in Iraq’s invasion of the tiny kingdom; the subsequent tumble in stock prices around the world has presented a great buying opportunity for its huge investment portfolios.
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Full text: [Washington Times] Aug 23, 1990

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Unlisted Shares Plunge in Final Hour en Route to 4th Straight Losing Session

Despite an initial surge at the opening bell, over-the-counter stocks eased by midmorning and then fell drastically in the last hour of trading on their way to another closing loss. Traders say uncertainty about a resolution to the crisis in the Middle East is preoccupying investor minds. They say until there is positive news from the Persian Gulf the market can expect more erosion of stock prices. The Nasdaq Composite Index ended the day at 374.84, a 4.84 point loss. The Nasdaq’s broad index’s 1.3% loss was slightly better than the New York Stock Exchange Composite Index’s 1.5% decline. The Dow Jones Industrial Average fell 1.7%, or 43.81.
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Hoffman, Howard

Full text: [Wall Street Journal] Aug 23, 1990

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Tokyo Stocks Slump to Post-Crash Intraday Low; U.K. Shares End Mixed as Early Surge Is Halted

Tokyo stock prices fell sharply Wednesday, sending the Nikkei Index below 25000 points in the midafternoon and marking a post-crash intraday low. Tokyo’s Nikkei index of 225 issues was down 1086.93 points at 25210.91 on Wednesday. Volume on the first section was estimated at 360 million shares, up from 284 million shares Tuesday. The Nikkei Index bounced up 370 points toward the end of the day from its intraday low of 24844 points, helped by arbitrage buying and some bargain-hunting buying for steel and blue-chip electrical shares, traders said.
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Full text: [Wall Street Journal] Aug 23, 1990

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Industrials Plunge 43.81 Points on Jump in Crude Oil Futures

Stock prices dove in late trading on a spike in crude oil futures, while a report that Iraq claimed its airspace had been invaded added to the selling. The broader market also fell. Standard & Poor’s 500-Stock Index slid 5.31 to 316.55, the New York Stock Exchange Composite Index lost 2.72 to 174.22 and the Dow Jones Equity Market Index tumbled 4.92 to 293.10. Stock prices surged at the opening, pushing the Dow Jones average up about 17 points within the first half hour of trading. But the gains quickly evaporated as crude oil futures rose through the morning.
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Smith, Craig S

Full text: [Wall Street Journal] Aug 23, 1990

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Dow Slumps 43.81 as Broad Indexes Fall to 52-Week Lows

A sharp jump in oil prices pounded stock prices so hard that broad market indexes tumbled to their lowest levels in more than a year. The Dow Jones Industrial Average fell 43.81 points in active trading to 2560.15, its low for the day but still above the 1990 low set in January. But both Standard & Poor’s 500-stock index and the New York Stock Exchange composite index fell to their lowest levels since May 1989. Bond prices also fell sharply, pushing the yield on the long-term U.S. Treasury bond to 9.05%, its highest level this year. The dollar skidded against most major foreign currencies amid a continuing flight to currencies of countries with relatively high interest rates. The Swiss franc continued to gain stature as the perceived safe-harbor currency if war breaks out in the Mideast.
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Winans, Christopher

Full text: [Wall Street Journal] Aug 23, 1990

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Business and Finance

CRUDE OIL PRICES passed the $30-a-barrel mark, their highest level since the early 1980s. The Mideast turmoil also pushed up prices of refined petroleum in frantic trading. Gasoline futures rose nearly three cents a gallon. Oil industry officials reported tightening supplies of some products in certain countries. Stocks and bonds fell sharply on the surge in oil prices. The Treasury’s 30-year bond fell more than a point, pushing its yield above 9%. The Dow Jones industrials fell 43.81 points. Broad stock indexes hit their lowest points in more than a year. The dollar closed mostly lower. Tokyo stock prices plunged amid anxiety about the Mideast. The Nikkei marked a post-1987 low before closing down 1086.93 points. The index fell 1,003.96 points Thursday morning.
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Full text: [Wall Street Journal] Aug 23, 1990

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Local Issues Sink in Stock Slump

Publicly traded companies based in Sacramento or with a large corporate presence locally have hardly escaped the bloodbath that has swept the world’s stock markets. Among Sacramento firms, five listings on Wednesday sank to, or matched, yearly lows. Their stock prices have now fallen 20 percent to 60 percent below highs for the year. The downward spiral on Wall Street continued Wednesday as the Dow Jones industrial average fell 43.81 points to close at 2,560.15. The blue-chip average has lost 440 points or nearly 15 percent since mid-July, much of it since the Middle East exploded in crisis three weeks ago. (excerpt)
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Schnitt, Paul

Full text: [The Sacramento Bee] Aug 23, 1990

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Foreign stock markets plunge

Among actively traded U.S. blue chips, General Electric dropped 1 5/8 to 60 1/4; Philip Morris 7/8 to 43; Coca-Cola 1 7/8 to 39 1/2; International Business Machines 1 1/2 to 99, and American Telephone & Telegraph 3/4 to 32 1/8. Volume on the floor of the Big Board came to 175.55 million shares, down from 194.63 million in the previous session. Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 212.20 million shares. Standard & Poor’s industrial index fell 6.17 to 373.64, and S&P’s 500-stock composite index was down 5.31 at 316.55.
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From THE PHOENIX GAZETTE news services

Full text: [Phoenix Gazette] Aug 23, 1990

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STOCK PRICES FALL UNDER PRESSURE; DOW INDUSTRIALS SINK 43.81 POINTS

Among actively traded U.S. blue chips, General Electric dropped 1 5/8 to 60 1/4; Philip Morris 7/8 to 43; Coca-Cola 1 7/8 to 39 1/2; International Business Machines 1 1/2 to 99, and American Telephone & Telegraph 3/4 to 32 1/8. Volume on the floor of the Big Board came to 175.55 million shares, down from 194.63 million in the previous session. Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 212.20 million shares. Standard & Poor’s industrial index fell 6.17 to 373.64, and S&P’s 500-stock composite index was down 5.31 at 316.55.
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Full text: [Journal Record] Aug 23, 1990

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Small stockholders waiting out crisis/Stoicism called lesson from ’87 crash

NEW YORK – The Mideast conflict and corresponding U.S. stock market slide have not triggered widespread selling among retail investors, but their money has been gravitating toward more conservative investments, Wall Street money managers say. Fidelity’s Spartan U.S. Government money market fund jumped from $660 million in assets Aug. 3 to the current level of about $855 million, Gordon added. Dreyfus itself has been less affected by the sharp stock price drops, Gordon said, because only about $5 billion of its $54 billion in assets are in equity funds. Dreyfus, like Fidelity, has seen added interest in money market funds.
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CHRISTINA TOH-PANTIN

Full text: [Houston Chronicle (pre-1997 Fulltext)] Aug 23, 1990

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Stock Drop Adds to Nike Problems

Nike Inc., which faces a boycott from Chicago-based Operation PUSH, encountered a new problem Wednesday as its stock dove $5.37 1/2 per share to $62 in over-the-counter trading. The 8-percent plunge came after an analyst with Montgomery Securities in San Francisco downgraded her rating on Nike stock to “hold” from “buy,” citing concerns that a recession might hurt sales of athletic shoes. But another analyst said the boycott might also be affecting Nike stock, which has declined from $75.50 a share on Friday. (excerpt)
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James, Michael

Full text: [Detroit News] Aug 23, 1990

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Michigan National Letter Challenges Critics of Bank

Michigan National Corp is attributing a sinking stock price to an overreaction to perceived problems in real estate. In a letter to employees, Michigan National offered a detailed analysis of why the bank’s top officers believe the bank’s stock is unreasonably low.
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Tompor, Susan

Full text: [Detroit News] Aug 23, 1990

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Justin to buy rival bootmaker Lama

Justin Industries Inc. said Wednesday it agreed to buy rival Texas bootmaker Tony Lama Co. for $9 a share, or about $17.4 million. The pact comes five months after a higher bid for Lama collapsed. Lama, an El Paso manufacturer and retailer of medium- to high-price cowboy boots of skins ranging from the mundane to the exotic, had been the object of a $14-a-share leveraged buyout bid from a group led by a Houston partnership and two Lama executive vice presidents. That bid died last March, sending Lama’s stock price tumbling. In over-the-counter trading, Lama’s stock closed Wednesday at $8 a share, up $3.50; Justin’s stock fell 75 cents, to $14.25.
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Charles Storch

Full text: [Chicago Tribune (pre-1997 Fulltext)] Aug 23, 1990

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Electronics For Imaging Inc. Files Registration Statement for 1 Million Units

Electronics For Imaging Inc. (EFI) announced Thursday it has filed a registration statement with the Securities and Exchange Commission for a public offering of 1 million units. Each unit consists of one share of common stock of EFI. Each unit is expected to be priced at $6.50 prior to the effective date of the offering. The company said that the offering, which is expected to commence in September 1990, will be managed by Whale Securities Co. Copies of the preliminary prospectus may be obtained from Whale Securities Co., at 650 Fifth Ave., New York, N.Y. 10019. (excerpt)
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Bond, Liz
Davis, Gil

Full text: [Business Wire] Aug 23, 1990

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STOCKS: WEDNESDAY’S MARKET

Given the pounding bank stocks have taken in recent weeks, one bank has done something different about the slide in bank stock prices.
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GORDON MATTHEWS

Full text: [American Banker (pre-1997 Fulltext)] Aug 23, 1990

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First Union’s Price Plunge Sparks Interest

First Union Corp’s stock price hit a new low of $14.50 Aug 22, 1990, off 27.5% from June, prompting some analysts to declare a buying opportunity despite their lingering concerns about the impact of its latest acquisition.
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Matthews, Gordon

Full text: [American Banker] Aug 23, 1990

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U.S. Firms Profit on the Tokyo Exchange — Japan Gobbles Up Minority Stakes in Foreign Units

The solution involves listing a Japanese subsidiary publicly on the Tokyo stock market, and then selling off a minority interest in the concern to Japanese investors. If done skillfully, the strategy can take advantage of what’s left of the high prices on Japan’s stock market and possibly improve the subsidiary’s recruiting and marketing capabilities. The most recent U.S. firm to try the strategy is Kentucky Fried Chicken Co. On Tuesday, executives at Kentucky Fried Chicken Japan, the fast-food chain’s Japanese subsidiary, served up two million shares on the second section of the Tokyo Stock Exchange. While the market as a whole has been down sharply in recent weeks, hungry Japanese investors gobbled up the stock at the maximum value the Tokyo Stock Exchange would allow. In attempting to raise money by taking its Japanese subsidiary public, Kentucky Fried Chicken has followed in the footsteps of a number of other firms, including Levi Strauss & Co., Shaklee Corp., Avon Products Inc. and Hughes Aircraft Co. The Japanese market’s astronomical stock price-earnings multiples — still over 40 — lend powerful appeal to the idea of listing on the Tokyo exchange.
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By Clay Chandler

Full text: [Wall Street Journal] Aug 24, 1990

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