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Stock prices rebounded sharply in thin trading on Aug 13, 1990, as the Dow Jones Industrial Average rose 30.20 points to 2746.78 with 122.8 million shares traded on the NYSE.
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Winans, Christopher
Full text: [Wall Street Journal] Aug 14, 1990
Stock prices rebounded sharply in thin trading as bargain-hunters picked through the market after a weekend that passed without a much-feared meltdown in the Middle East. The Dow Jones Industrial Average rose 30.20 points to 2746.78 as 122.8 million shares traded on the New York Stock Exchange. Bond prices fell amid continued worries that inflation is picking up. The dollar weakened against most other major currencies, with traders betting that the Federal Reserve will soon move to lower U.S. interest rates. “It was as if investors started coming in with a whole bunch of confidence,” said Paul Hennessey, head of equities trading at Boston Co. He noted, however, that volume was restrained by a power failure in lower Manhattan, which hampered some securities firms.
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By Christopher Winans
Full text: [Wall Street Journal] Aug 14, 1990
“A hidden source of past profit growth” is how Kidder Peabody describes the reduction in pension expense. In a study, Kidder shows how the pension factor has been especially significant for America’s largest companies. And now, in an important turnabout, pension expenses now aren’t dropping any longer. Kidder says that in the 1990s, they could well become a hidden drag on corporate earnings. “This trend in lower pension expense has reversed,” says the study by George Boyd, director of quantitative research, and Easton Ragsdale, a Kidder vice president and analyst. Pension costs “will no longer be a major source of future earnings growth and stock price support — buyers beware.” From 1982 to 1989, shrinkage in pension expense accounted for 12% of the rise in pretax profit of the Standard & Poor’s 500 companies. For the largest 100 companies (in terms of market value), the contribution was an even bigger 17% of growth in earnings before taxes. And for the top 25 corporations, the pension-cost decline accounted for a startling 36% of pretax profit growth.
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Lowenstein, Roger
Full text: [Wall Street Journal] Aug 14, 1990
THE U.S. ECONOMY appears headed for significantly higher unemployment and little or no growth in the next year, according to a survey of economists conducted by The Wall Street Journal since the Mideast crisis began. The consensus represents a swift change of mood from a similar survey less than two months ago, when most economists predicted a continuing expansion. The economists still disagree, however, about whether a recession lies ahead. Iraq has slashed its oil production to as little as 600,000 barrels a day, in response to the tightening world embargo. The current level, about one-sixth the country’s pre-embargo output, is enough to meet the nation’s internal needs plus a trickle of exports bypassing the near blockade, mainly via trucks through Jordan. Stock prices rebounded sharply in thin trading as bargain hunters picked through the market. The Dow Jones Industrial Average rose 30.20 points to 2746.78. Bond prices fell amid continued worries that inflation is accelerating. The dollar weakened against most major currencies.
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Despite the Dow’s gain, traders say the stock market remains in a precarious position because of the possibility Iraqi President Saddam Hussein will send his troops into Saudi Arabia. “Nobody knows for sure if this idiot, this psycho, will shoot,” says James Crist, trader at Parker/Hunter Inc. “It’s a massive cloud hanging over us that will remain and overshadow the stock market economic events.” – Comments by brokerages continued to have an effect on stock prices. LIN Broadcasting gained 1 to $59 3/4 after Goldman Sachs reiterated its buy rating on the cellular phone company. Motorola climbed 1 3/8 to $76 1/4. PaineWebber repeated its buy rating on the semiconductor and cellular communications equipment maker, saying the stock is undervalued. International Flavors & Fragrances advanced 1 1/2 to $68 3/4. Donaldson Lufkin & Jenrette reiterated its buy rating on the stock. L.A. Gear fell 5/8 to $17 7/8 after Shearson Lehman Bros. reduced its estimates for the shoemaker’s earnings in fiscal 1990 and 1991.
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David Craig
Full text: [USA TODAY (pre-1997 Fulltext)] Aug 14, 1990
Stock prices were mixed in early trading today following Monday’s rally and gains overseas. Monday’s rally followed an initial plunge in stock prices. The rally was boosted by a late flurry of buying stemming from computer programs linked to stock-index futures.
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Full text: [The Ottawa Citizen] Aug 14, 1990
The newspaper industry is facing a major downturn in 1990. After a decade of declining profits, stock prices have reached astonishingly low levels, and experts say those values will keep declining.
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Turner, Melissa
Full text: [The Atlanta Constitution] Aug 14, 1990
“This is a key reversal,” said Craig Corcoran, a market analyst who edits the Davis/Zweig Futures Hotline published in Nokomis in Sarasota County. He said the outlook is now favorable for stocks – at least for the next week or so. “The sharp decline (in stock prices) over the past week has put into place a very high degree of pessimism in the market,” Corcoran said. “When too many people are looking in one direction, the market tends to go in the other direction.” “The market got very deeply oversold,”he said.
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HELEN HUNTLEY
Full text: [St. Petersburg Times] Aug 14, 1990
[Bob Shabazian] also said the Amex was treating Monday as an official trading day and had calculated closing prices for all listed stocks, many of which continued to trade on other exchanges after the Amex closed prematurely. Monday’s rally, which sent the Dow more than 30 points higher, followed an initial plunge in stock prices. The rally was boosted by a late flurry of buying stemming from computer programs linked to stock-index futures. The dollar opened at 150.05 yen, down 0.60 yen from Monday’s close, and moved in a range of 149.80 to 150.15 yen. The dollar closed at 149.90 yen and mixed in London.
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The Associated Press
Full text: [Orange County Register] Aug 14, 1990
”As far as the market’s direction goes, the market would have been behaving this way whether or not we had a power failure,” said Jay Hohmann, head of futures trading at Donaldson, Lufkin & Jenrette Inc., an investment house where power was not lost. Wayne A. Seaton, a research analyst with DRI McGraw Hill Inc., said that the entire office building at 11 Broadway where he works was dark when he returned from lunch at 2:30 yesterday afternoon. ”Everyone had gone home,” Mr. Seaton said. ”It was pitch black and I had to walk up six floors of darkness to get my things. It was kind of spooky because Wall Street typically follows a predictable, high-paced pattern. But nothing was normal.” The Dow Jones News Service, which is relied on by many traders, went down from 1:13 P.M. to 1:39 P.M., when Dow Jones got a back-up generator going. That generator failed two hours later, and the news service was again down from 3:44 P.M. to 4:03 P.M., when it began working again, a Dow Jones spokesman said.
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FUERBRINGER, JONATHAN
Full text: [New York Times] Aug 14, 1990
Gene J. Seagle, director of technical research at Gruntal & Company, said that the market rise, which included blue chips like Eastman Kodak, which was up 2 1/2, to 43 1/2, and I.B.M., up 1 3/4, to 103 3/4, might have given a technical buy signal to the market. ”This market is much better prepared for an oil problem than it was in 1978,” he added. The market’s rally from an opening plunge – the Dow fell as much as 32 points in the first half-hour – began with investors entering the market to bargain-hunt and was supported by a stabilized bond market. Declines in other overseas markets yesterday -the Tokyo market had ended down sharply and London was having an off day – were less important than the Treasury’s 30-year bond, which closed unchanged at a price to yield 8.79 percent. Birinyi Associates Inc., which keeps tabs on program trading by large institutions and brokers through certain fluctuations in trading activity, said there were six sell programs yesterday, four between 2:50 P.M. and 3:56 P.M., when the Dow rose 31.19 points.
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HURTADO, ROBERT
Full text: [New York Times] Aug 14, 1990
Trading on the American Stock Exchange, the New York Mercantile Exchange and the Commodity Exchange was cut off shortly after 1 p.m. EDT after a fire caused a power outage in lower Manhattan. The exchanges were forced to halt trading for the rest of the day. The fact that conditions in the Mideast did not deteriorate significantly in recent days may have helped spark Monday’s rally, [Dudley Eppel] said. Standard & Poor’s 500-stock composite index rose 3.32 to 338.84. S&P’s industrial index was unavailable due to the power outage.
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Full text: [Journal Record] Aug 14, 1990
Projectavision, Inc. (NASDAQ Symbol: PJTVU) announced that its Board of Directors has authorized a reduction in the exercise price of its outstanding five-year redeemable common stock purchase warrants to $3.00 from $6.30. Projectavision, Inc. (the “Company”) pursuant to its initial public offering declared effective by the Securities and Exchange Commission on July 24, 1990, offered and sold 800,000 units (the “Units”) on July 31, 1990, at a price of $5.25 per Unit. Each Unit consists of one share of common stock, par value $.0001 per share (the “Common Stock”), and one five-year redeemable common stock purchase warrant (the “Redeemable Warrant”). The securities comprising the Units are not separately transferable or detachable until August 24, 1991, or such earlier date as is determined by Rosenkrantz Lyon & Ross Incorporated, the Underwriter of the Company’s initial public offering. The Company has decided, in its discretion, to reduce the exercise price of the Redeemable Warrants. Accordingly, upon separation,each Redeemable Warrant shall entitle its holder to purchase one share of Common Stock at the reduced exercise price of $3.00 per share of Common Stock until July 23, 1995. (excerpt)
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Maslow, Marvin
Heilshorn, John
Volk, Jeffrey
Full text: [Business Wire] Aug 14, 1990
Prices in New York began to pick up in the afternoon in a “light-volume rally,” said Dudley Eppel, a managing director at Donaldson, Lufkin & Jenrette Securities Corp. He said the market had reached an “oversold” state and investors resumed buying. Analysts had expected the stock market to continue its downward path from Friday, when the Dow plunged 42.33 points. Concern about the Mideast and the effect of rising oil prices on the economy prompted investors to dump stocks in favor of safer investments, analysts said. the fact that conditions in the Mideast did not deteriorate significantly in recent days may have helped spark Monday’s rally, Eppel said.
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Full text: [Austin American Statesman] Aug 14, 1990
CNB Bancshares, Evansville IN, is preparing to issue $15 million in convertible bonds, a difficult task even for larger banks. Convertibles depend on solid stock prices, as companies do not like to issue equity at depressed prices.
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Vogelstein, Fred
Full text: [American Banker] Aug 14, 1990
Tokyo stock prices finished higher Tuesday, a day after the market had one of its biggest setbacks since the beginning of this year. Shares extended late-morning gains during the afternoon on widespread perception that both stocks and futures were oversold. In Tokyo, the Nikkei index of 225 selected issues was up 496.10 points at 26672.53. The index plunged 1153.12 points, or 4.22%, Monday. The Tokyo Stock Price Index (Topix) of all issues listed in the First Section, which plunged 63.84 points Monday, was up 27.29 points, or 1.37%, at 2020.33.
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Full text: [Wall Street Journal] Aug 15, 1990
The stock market’s drop this month is boosting the number of margin calls as brokers demand additional collateral from their customers who buy stocks on credit. Thousands of small investors who bought stock on margin — using money borrowed from their brokerage firms — have had to pony up additional collateral in recent days. Roiled by soaring oil prices since the Kuwait invasion, the Dow Jones Industrial Average this month has plunged about 157 points. Buying securities on margin is done only through brokerage accounts. Technically, margin is the amount of cash put up and amounts to at least 50% of a stock’s purchase price. When an investor’s equity — the current stock price minus the loan amount — drops to 25% to 30% of the stock price, he will get a margin call requiring the deposit of more cash or securities with the broker.
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Power, William
Full text: [Wall Street Journal] Aug 15, 1990
The Dow Jones Industrial Average, which swung within a trading range of more than 30 points over the course of the session, closed 0.99 higher at 2747.77. Broader measures, which trailed badly Monday as the Dow Jones industrials advanced 30.20, fared a bit better than the 30-stock measure in the latest session. Standard & Poor’s 500-Stock Index gained 0.55 to 339.39, the New York Stock Composite Index rose 0.47 to 186.10 and the Dow Jones Equity Market Index added 0.51 to 314.55. Advancing issues topped decliners on the Big Board by 852 to 640. Volume amounted to 130,320,000 shares, up from 122,820,000 Monday but well below the totals set earlier this month when prices plummeted. “There’s just a lot of waiting and seeing going on here,” said Robert S. Robbins, a market strategist and technical analyst at Robinson-Humphrey Co., Atlanta.
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Wilson, David
Full text: [Wall Street Journal] Aug 15, 1990
The exchange said it will launch long-term Japanese Government Bond futures and futures-options trading Sept. 27, along with its so-called TOPIX futures and options, which will be based on the Tokyo Stock Price Index.
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Full text: [Wall Street Journal] Aug 15, 1990
Under the agreement, which includes Home Insurance subsidiaries Gruntal Financial Corp., Sterling Forest Corp., US International Re and Commonwealth Insurance Co., Vik Brothers will also assume $76 million of AmBase’s corporate debt. The proposed deal leaves in place $285 million of Series A cumulative preferred stock of Home Insurance. The sale of Home Insurance, which had been on the block since February, leaves AmBase essentially a thrift holding company. In March, its board ousted Marshall Manley, one of the insurance industry’s highest-paid executives, as president and chief executive officer. Mr. Manley had embarked on an acquisition spree in 1985 in an effort to get AmBase into a variety of financial services. But the strategy didn’t impress Wall Street; the company’s stock price has tumbled about 75% since 1986. By the time the deal is completed, AmBase’s debt is expected to stand at $730 million. The company said it will use the proceeds from the sale to help pay off that debt. AmBase will also sell in the open market preferred stock in Home Insurance with a face value of $124 million, a company spokesman said.
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By Kathleen Deveny
Full text: [Wall Street Journal] Aug 15, 1990