Bond Prices, Stocks Post Small Gains — Mideast Continues To Influence Trading; Dollar Ends Mixed

Stock and bond prices continued to dance to the tune of the Mideast, gyrating through the day before ending with tiny gains. Long-term U.S. Treasury bonds ended up 1/8 point, or $1.25 for each $1,000 of face amount, in thin trading. Stock prices followed the bond market in lock step. The Dow Jones Industrial Average eked out a 0.50 point rise to 2748.27. The dollar ended mixed. Bonds jumped more than half a point early in the day on reports that Iraq might consider leaving Kuwait in return for a freeze in the U.S. military buildup in the Persian Gulf. Oil prices drifted lower on the news. Then President Bush said he sees no hope of a diplomatic solution until Iraqi troops leave Kuwait. That helped halt the slide in oil prices and sent bonds tumbling nearly a full point.
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By Christopher Winans

Full text: [Wall Street Journal] Aug 16, 1990

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Early start falls flat; Dow gains 0.50

Behind the market: The Dow got off to a strong start. Hopes were high that Jordan’s King Hussein was delivering good news to President Bush, perhaps a promise from Iraqi President Saddam Hussein to stay out of Saudi Arabia if the U.S. scaled back its military presence in the Persian Gulf.By 10 a.m., the Dow was up 15.60 points. (Iraq index, 1A.) Jitters quickly set in again, and stocks mimicked a midday slump in bonds.By noon, the Dow was down 1.48 points. Then some buyers stepped in, encouraged by easing oil prices. At 3 p.m., the Dow was up 9.90 points. But for the second day in a row, the gains all but evaporated by the close. “You’ve got an extraordinarily indecisive group of investors,” says Jack Conlon, head of stock trading at Rothschild Inc. “And with good reason.” A slumping economy, inflation fears and the ongoing threat of outright war in the Middle East have cast a pall over Wall Street. Still, says Conlon, three straight days of rising stock prices, no matter how modest, are a “mild victory for the bulls.” He’s expecting a short-term technical rally that could carry the Dow back up to 2850. But the party won’t last long, he says. Too many big problems are hanging over the market.
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Paul Wiseman

Full text: [USA TODAY (pre-1997 Fulltext)] Aug 16, 1990

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HQ TO OPEN 2 BOSTON AREA STORES

Hechinger Co., which has three locations in the Richmond area, operates 87 Hechinger stores, 17 Home Quarters Warehouse stores and six Triangle Building Centers stores in 13 states and Washington. Shareholders wanted company executives to concentrate on raising Hechinger’s stock price. They maintained that spending money to build more stores would hurt Hechinger earnings.
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From staff, wire dispatches

Full text: [Richmond Times - Dispatch] Aug 16, 1990

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Electric Utility Stock Prices Sat Out Stock Market Rally

Fiery rhetoric from Iraq’s Saddam Hussein and higher-than-expected inflation sent bond prices plummeting in early trading today. Crude oil prices jumped 69 cents to $27.15 per 42-gallon barrel of West Texas Intermediate, the benchmark US grade, in trading on the New York Mercantile Exchange.
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Studness, Charles M.

Full text: [Public Utilities Fortnightly] Aug 16, 1990

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Bond, stock prices tumble on reports

Fiery rhetoric from Iraq’s Saddam Hussein and higher-than-expected inflation sent bond prices plummeting in early trading today. Crude oil prices jumped 69 cents to $27.15 per 42-gallon barrel of West Texas Intermediate, the benchmark US grade, in trading on the New York Mercantile Exchange.
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From Register news-service reports

Full text: [Orange County Register] Aug 16, 1990

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Market Flat, With Dow Up By Only 0.50

The backdrop for most of yesterday’s trading included a rally on the Tokyo stock market, where the Nikkei index of 225 stocks rose 1,439.59 points, or 5.4 percent, to 28,112.12. It was the Nikkei’s third-highest one-day gain. ”In all it was a dull day,” said Robert H. Stovall, president of Stovall/ Twenty-First Advisers Inc. ”A day filled with a lot of offsets: The dollar ended higher, which bodes well for United States exports in the future. Crude oil prices rose, but oil stocks fell because of profit taking.”
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HURTADO, ROBERT

Full text: [New York Times] Aug 16, 1990

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STOCKS Hussein Visit Boosts Market; Dow Gains 0.5

Analysts said the market reacted favorably to the visit by Jordan’s King Hussein to the United States. Hussein was carrying a letter from Iraqi President Saddam Hussein to President Bush. The king was to meet with Bush today. Stock prices initially spurted on expectations that some breakthrough was imminent in the Mideast, traders said, sending the Dow 22 points higher in the first half-hour of trading. When no breakthrough materialized, prices moved lower and “the market settled down to something that was more reflective of what’s going on in the market itself,” said Walter Murphy, analyst at Merrill Lynch & Co. The contract tumbled from near its opening level of $6.105 to $6.025 at midday after a report that Brazil would make available to farmers the equivalent of $6.3 billion in loans, prompting speculation that next year’s crop would be large. But prices rebounded with a report that Brazilian President Ferdinand Collor de Mello said the amount would be equal to $4.2 billion.
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Full text: [Los Angeles Times (pre-1997 Fulltext)] Aug 16, 1990

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OVERSEAS Stocks in Tokyo Surge on Hope Gulf Crisis Is Easing

The U.S. dollar ended one yen lower after hectic Tokyo trading, contributing to the advance in stock prices. From the time Iraq invaded Kuwait through Monday, the Tokyo market had lost 15% of its value, as investors worried over Japan’s ability to absorb an oil shock. An already-surging market was boosted by delayed reaction to a U.S. television report that Iraq had made a conditional offer to discuss withdrawal of its forces from Kuwait. There was no immediate White House comment on the report.
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Full text: [Los Angeles Times (pre-1997 Fulltext)] Aug 16, 1990

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STOCKS INCH UP IN LIGHT TRADING

Analysts said the market reacted favorably to the visit by Jordan’s King Hussein to the United States. Hussein was carrying a letter from Iraqi President Saddam Hussein to President Bush. The king was scheduled to meet with Bush on Thursday. Speculation that the Mideast tension might be easing prompted a stock rally in Japan before the domestic market opened. The key index on the Tokyo Stock Exchange, the Nikkei, closed 5.4 percent higher. Stock prices also gained in London. Among most-active blue-chip issues on the NYSE, Philip Morris rose 1/2 to 47 1/4, Boeing gained 3/8 to 52 3/8, IBM rose 5/8 to 105 and General Electric fell 3/4 to 66 1/4.
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Full text: [Journal Record] Aug 16, 1990

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Stocks post slight gain; volume low

Analysts said the market reacted favorably to the visit by Jordan’s King Hussein to the United States. Hussein was carrying a letter from Iraqi President Saddam Hussein to President Bush. The king was scheduled to meet with Bush today. Stock prices initially spurted on expectations that some breakthrough was imminent in the Mideast, traders said, sending the Dow 22 points higher in the first half-hour of trading. Speculation that the Mideast tension might be easing prompted a stock rally in Japan before the domestic market opened. The key index on the Tokyo Stock Exchange, the Nikkei, closed 5.4 percent higher. Stock prices also gained in London.
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Full text: [Houston Chronicle (pre-1997 Fulltext)] Aug 16, 1990

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The Oil Effect: Iraq’s Invasion of Kuwait Sends Asian Stocks Diving

Investors, fearing the stagflationary effects of a steep rise in oil prices and the destabilizing effects of another Middle East crisis, caused Asian financial markets to plunge as a result of Iraq’s invasion of Kuwait on August 2, 1990. The Nikkei index declined sharply to close in thin trading on August 7, 1990, at 27,653 points, 8.6% lower than 5 days earlier. Hong Kong’s drop of 7.9% in the Hang Seng Index from 3,425 on August 2, 1990, to 3,146 by the end of trading on August 8, 1990, was slightly above the average for the region. The trade balance of Asian oil-importing countries will be seriously affected by any rise in the oil price. For Japan, every $1 rise in the price of a barrel of oil adds about $1.6 billion to the annual import bill. As oil exporters, the effect on Indonesia, the Peoples’ Republic of China, and Malaysia is the opposite. A $1 rise in the oil price for Malaysia translates into a $155-million annual increase in export revenue.
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Anonymous

Full text: [Far Eastern Economic Review] Aug 16, 1990

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The Oil Effect

Asian stock prices have tumbled on heightened anxiety about the inflationary effects of the Persian Gulf crisis. Investors feared the staginflationary effects of a steep rise in oil prices and the destabilizing effects of another Middle East crisis. Asian financial markets are discussed.
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Anonymous

Full text: [Far Eastern Economic Review] Aug 16, 1990

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Joker in the Pack: Tepid Response to Hongkong Takeover Bid

Takeover bids are supposed to affect stock prices. However, on August 1, 1990, when Taiwan property magnate Hwang Chou-shiuan made his bid for Evergo Industrial Holding and Chinese Estate Holding, both of which are controlled by Hong Kong businessmen Joseph Lau and Thomas Lau, the $1.1-billion offer for the shares and warrants in Evergo and Chinese Estate failed to move the equity prices of the 2 property firms, which remained flat until Iraq’s invasion of Kuwait. The prices of the 2 firms dropped because of adverse market conditions and because market players were unable to gauge the sincerity of Hwang’s offer or the lengths to which the Laus are willing to go to maintain control over their corporate empire. The Laus reportedly hold 48% of outstanding Evergo shares and 1.5% of the 1990 warrants, with up to 25% of the 1990 warrants said to be controlled by Lau allies. Evergo has 49.9% of Chinese Estate’s shares. Merchant bankers say that Taiwanese parties friendly to Hwang have accumulated as much as 25% of Evergo’s stock and 40%-50% of the 1990 warrants.
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Friedland, Jonathan

Full text: [Far Eastern Economic Review] Aug 16, 1990

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Joker in the Pack

When Taiwan property magnate Hwang Chou-shiuan made a bid for two companies controlled by Hong Kong businessmen Joseph Lau and Thomas Lau, stock prices failed to move. Hwang’s bid for Evergo Industrial and Chinese Estate Holdings and the market’s skepticism are discussed.
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Friedland, Jonathan

Full text: [Far Eastern Economic Review] Aug 16, 1990

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[Headline Missing]Peaceful day pushes Dow up 0.50

Stock prices initially spurted on expectations that some breakthrough was imminent in the Mideast, traders said, sending the Dow Jones industrial average 22 points higher in the first half hour of trading. The Dow average of 30 industrial stocks, however, ended the day up a slight 0.50 point at 2,748.27. [Thomas F. Chandler] replaces Douglas A. Lapins, who was appointed president and chief executive of A.E. Staley Manufacturing Co. of Decatur, Ill. Both Western Sugar and A.E. Staley are owned by London-based Tate & Lyle PLC. Timet is one of the world’s largest producers of titanium, a metal used in aerospace and medical industries. Timet, which reported a profit of $16.2 million on sales of $216.8 million last year, is a subsidiary of Baroid Corp. of Houston.
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Full text: [Denver Post (pre-1997 Fulltext)] Aug 16, 1990

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Market settles for small gain after rally fizzles

Stock prices ended with only small gains Wednesday after an early rally fizzled amid disappointment that there was no quick resolution of the Middle East conflict. The Dow Jones industrial average rose 0.50 of a point to close at 2748.27 after two more attempts at a rally fizzled. Analysts said the market reacted favorably to the visit by Jordan’s King Hussein to the United States. Hussein was carrying a letter from Iraqi President Saddam Hussein to President Bush. The king was scheduled to meet with Bush on Thursday.
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Chicago Tribune wires

Full text: [Chicago Tribune (pre-1997 Fulltext)] Aug 16, 1990

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Parker Hannifin Corp. Announces Stock Repurchase

Parker Hannifin Corp. (NYSE:PH) today announced that its board of directors has authorized the repurchase, from time to time, of up to three million shares of its common stock in the open market, at prevailing prices. President and Chief Executive Officer Paul G. Schloemer said, “Management believes that Parker shares represent a sound investment for the company at current prices.” The repurchase will be funded from operating cash flow and the shares initially will be held as treasury stock. Parker has approximately 48.9 million shares of common stock outstanding. Yesterday’s closing price for Parker common stock was $24.75 per share. (excerpt)
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Charlton, R. G.
Logan, D. E.
Young, W. C.

Full text: [Business Wire] Aug 16, 1990

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KeyCorp Scores High in Shareholder Returns; American Banker and Fortune Reports Cited

According to a recent issue of American Banker, one of the financial industry’s leading publications, KeyCorp out-performed most of the banking industry in shareholder value during the second quarter of 1990. During that time period, the American Banker index of 225 publicly traded bank stocks fell 1.73 percent, and the Standard & Poor’s 500 stock index rose 5.3 percent while KeyCorp shares appreciated in value by 14.6 percent for the quarter. A more recent article in American Banker reported on a study conducted by Montgomery Securities Inc. in San Francisco. According to the study, only a select group of 10 of the nation’s top 50 banks reported any appreciation in their stock prices over the past two years. (excerpt)
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Volkenant, Allen J.
O’Neill, Donna R.

Full text: [Business Wire] Aug 16, 1990

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STOCKS: Price Slide May Signal Death of Maryland Merger Series: 9

The stock of Baltimore Bancorp. has fallen steadily in the past few weeks, a victim of the general anemia afflicting bank equities. On Wednesday it traded unchanged at $8.875, an astonishing 47% below the offer by First Maryland, which is a subsidiary of Allied Irish Banks PLC. “Obviously nobody thinks the deal is still on, or the stock wouldn’t be trading that low. It’s been several months, and we haven’t seen further steps by First Maryland,” said Lacy M. Shockley, banking industry analyst at Smith Barney, Harris Upham & Co., New York. Worse Drop than Average Some observers suspect that the slowdown in the real estate market and local economy in the Baltimore-Washington area and stricter examinations by bank regulators have dampened enthusiasm for dealmaking at First Maryland.
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GORDON MATTHEWS

Full text: [American Banker (pre-1997 Fulltext)] Aug 16, 1990

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Price Slide May Signal Death of Maryland Merger

Doubts are setting in about the likelihood that First Maryland Bancorp will pursue its unsolicited $17-a-share bid for Baltimore Bancorp in light of the decline in Baltimore Bancorp’s stock prices. The stock traded at $8.875 on Aug 15, 1990.
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Matthews, Gordon

Full text: [American Banker] Aug 16, 1990

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