Surge in bond market acts as tonic for stocks

Stock prices closed with solid gains Thursday, pushed higher in late trading by a surge in the bond market that was seen as a favorable harbinger for interest rates. The Dow Jones industrial average closed with a gain of 24.01 points to 2758.91. New York Stock Exchange volume was 155.8 million shares, down from 190.4 million Wednesday. Gaining issues led losers 4 to 3. A solid response to the government’s auction of 30-year Treasury bonds provided some relief for stocks. The successful auction followed a lackluster showing for 10- and 3-year note sales earlier this week.
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Chicago Tribune wires

Full text: [Chicago Tribune (pre-1997 Fulltext)] Aug 10, 1990

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Prices fall 0.1% in July ; Inflation tamed before oil shock

“Obviously this number is history,” said economist Donald Ratajczak of Georgia State University. “But what it shows is that heading into the oil shock, inflation was tame.” Financial markets shrugged off the good news. Stock prices fell after Iraqi President Saddam Hussein called for Arab unity to condemn U.S. forces in Saudi Arabia and to overthrow the Saudi royal family. The prospect of accelerating inflation at the same time the economy seems on the verge of recession presents a problem for the Federal Reserve. The central bank has been fighting inflation by cooling the economy with relatively high interest rates.
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Full text: [Telegram & Gazette] Aug 11, 1990

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Gulf crisis pushes stock prices down

Feverish activity moved the Dow down across the 50-point level at 1:38 p.m. and to its low of 2,692.82, down 54 points, two minutes later, bringing the new “circuit-breaker” rule on the New York Stock Exchange into play for the second time this week. Peter G. Grennan, a vice president of Shearson Lehman Brothers Inc., noted an immediate calming at the time the market tripped the circuit breaker. Birinyi Associates Inc., which tracks program trading through certain fluctuations in market activity, said there were nine program trades — eight sell and one buy, when the net decline on the Dow was 52.96 points. The eight sell programs happened between 10:05 a.m. and 1:44 p.m.
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Robert Hurtado:The New York Times

Full text: [Orange County Register] Aug 11, 1990

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Dow Falls 42.33 Points, To 2,716.58

Feverish activity moved the Dow down across the 50-point level at 1:38 P.M. and to its low of 2,692.82, down 54 points, two minutes later. That brought the new ”circuit breaker” rule on the New York Stock Exchange into play for the second time this week. ”It was a Friday,” Mr. [Peter G. Grennan] said, ”and after the type of week we’ve had, I would have thought it unusual if the market had continued its rally.” ”It’s very diffcult for any market to sustain any rally, if it is faced with uncertainty,” he continued. ”Next week will be important as investors look for a trend to develop.”
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HURTADO, ROBERT

Full text: [New York Times] Aug 11, 1990

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Financier Gets 3 Pic `N’ Save Board Seats Retailing: David Batchelder has been trying for four months to gain control of the close-out merchandiser.

Among other things, [David H. Batchelder] is credited with instigating the ouster of Lewis B. Merrifield III as chairman, president and chief executive of Pic `N’ Save. Batchelder has pushed for a chief executive with strong experience in merchandising. Merrifield, a corporate securities lawyer by training, was a longtime Pic `N’ Save board member but had no other background in retailing before taking over as chief executive four years ago. “We’ve gotten most of the way there,” Batchelder said. “The shareholders wanted to see some positive change, and I think they’ve seen that in large part.” A spokesman for Pic `N’ Save called the agreement a true compromise and said “shareholders are the winners.” He also said Pic `N’ Save had already planned to make many of the changes sought by Batchelder. Batchelder, whose group is Pic `N’ Save’s second-biggest shareholder with a 6.7% stake, conceded that he has been disappointed by his failure to arrange a buyout of Pic `N’ Save and by the company’s weak stock price. He acquired his Pic `N’ Save shares at an average price of $10.80, below Friday’s close.
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STUART SILVERSTEIN

Full text: [Los Angeles Times (pre-1997 Fulltext)] Aug 11, 1990

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WHOLESALE PRICES DROP 0.1% IN JULY

“Obviously this number is history,” said economist Donald Ratajczak of Georgia State University. “But what it shows is that heading into the oil shock, inflation was tame.” Financial markets shrugged off the good news. Stock prices fell after Iraqi President Saddam Hussein called for Arab unity to condemn U.S. forces in Saudi Arabia and to overthrow the Saudi royal family. The prospect of accelerating inflation at the same time the economy seems on the verge of recession presents a problem for the Federal Reserve. The central bank has been fighting inflation by cooling the economy with relatively high interest rates.
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Full text: [Journal Record] Aug 11, 1990

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Stocks suffer growing case of Mideast jitters

Stock prices moved broadly and steeply lower Friday as once again the market fell victim to concerns about the Middle East. The Dow Jones industrial average, which had climbed a total of 48.27 points in the two prior sessions as investors went bargain-hunting, retreated 42.33 to 2716.58. For the week, the Dow lost 93.07 points, or 3.3 percent. Investors, made wary by saber-rattling and bellicose comments by Iraq’s President Saddam Hussein, became reluctant to hold onto stocks and bonds going into the weekend, said Marshall Front, executive vice president of Stein Roe & Farnham Inc. of Chicago.
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Chicago Tribune wires

Full text: [Chicago Tribune (pre-1997 Fulltext)] Aug 11, 1990

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Is this a buying — or a bye-bye opportunity?

“The economy is substantially slower (now) than it was in 1987, and the prospects for growth are small,” says Richard Rippe, chief economist for Dean Witter Reynolds, who added that this was true even before Iraq invaded Kuwait, sending oil prices skyrocketing and endangering the U.S. economy further. Rippe said that in early 1987 the economy was improving, and that it was being given a boost because the declining dollar was making U.S. products more attractive around the world. The “wealth effect,” described simply, is how wealthy Americans feel. In 1987, the experts were worried that the drop in stock prices would scare Americans so much that they’d cut back on their purchases and send the U.S. economy into a recession.
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John Crudele

Full text: [Toronto Star] Aug 12, 1990

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World Markets

Even oil, once people began to take a closer look at the makeup of some of the oil companies, was weaker than might be expected. In the Financial Times Indicies, the oil sector declined four-tenths of 1 percent, after oil prices retreated and investors had second thoughts. ”Some people had jumped in willy-nilly,” said David A. Robbins of UBS Securities in New York. ”They’re not pure plays in the oil industry,” said Didier P. Bodart, an analyst at Cresvale International. The markets can expect another difficult week, even if the gulf crisis doesn’t escalate. Robin West, president of the Petroleum Finance Company, said in that case, the price of oil would fall further as the fundamentals took over. These include the promise of increased production from Saudi Arabia, Venezuela and other OPEC members to offset much of the the expected 4.5 miillion barrel-a-shortage from the embarago. ”There is a lot of crude in the world,” said Mr. West, ”and this ought to supersede the psychology of the market.”
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Jonathan Fuerbringer

Full text: [New York Times] Aug 12, 1990

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WALL STREET; This Middle Eastern Play Is in Rice

SINCE Iraq invaded Kuwait, some investors have been prowling for ways to benefit from the turmoil in the Middle East. One ”Iraq play” that has been spotted involves Erly Industries Inc., a Los Angeles-based food processor whose 2.8 million shares are trading at $7.125 over the counter. Like other thinly capitalized stocks, the shares have fallen modestly since the invasion, but speculative investors think they will drop further because of a disclosure in the company’s annual report that one short seller described as ”too good to be true.”
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COWAN, ALISON LEIGH

Full text: [New York Times] Aug 12, 1990

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Knowing When Bonds Are Ripe for Picking

If you want to hold bonds for six months to a year or longer, the opposite is true, [William H. Gross] says. You want a Fed that keeps money tight to fight inflation, because high inflation is Enemy No. 1 of long-term bonds. Thus, your hope now is that Fed Chairman Alan Greenspan, who wants to keep money tight, prevails over Treasury Secretary Nicholas Brady, who wants the Fed to ease, Gross says. * Are those yields historically high? If bond yields rise to historically high levels, bonds may be poised for a rally. Yields in the 9% or 10% range are considered historically high, says Samuel (Spike) Thorne, managing director in charge of bond policy at Scudder, Stevens & Clark, a New York money management firm that offers mutual funds investing in zero-coupon Treasury notes and bonds. Thirty-year Treasuries now yield about 8.8%. For example, Benham Target Maturity Trust 2015, a mutual fund investing in long-term Treasury zeroes, gained about 25% in the week after the October, 1987, crash, says William E. Donoghue, publisher of Donoghue’s Moneyletter, a Holliston, Mass., newsletter. * Are bonds yielding a lot more than stocks? Low stock dividend yields (dividends per share as a percentage of stock prices) relative to bond yields could signal that bonds will outperform stocks.
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BILL SING

Full text: [Los Angeles Times (pre-1997 Fulltext)] Aug 12, 1990

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EXPANDING MARKET FOR RECYCLER AS LANDFILL SPACE SHRINKS

A. Central Vermont Public Service Corp. (802/773-2711) permits residents of 13 states, including New Hampshire, to buy stock directly from the company in sums of from $50 to $2,000 for its dividend reinvestment plan. There are some 160 electric, gas and water utilities listed among more than 1,000 companies in the “Directory of Companies with Dividend Reinvestment Plans” ($28.95, Evergreen Enterprises, P.O. Box 763, Laurel, Md. 20725-0763). These plans require ownership of at least one share and dividends of whatever dollar amount are credited as of the next payment date toward a fractional share. Most accept optional cash payments each month or quarter to buy more shares directly from the company without charge and in some cases at a discount to the market price. A. In a July 6 report Value Line Investment Survey attributed Wellman’s rocky stock ride to duPont’s price cut for its competing polyester fiber (and the expensive acquisition by Wellman of Fiber Industries Inc.) but doubts these changes “will hurt the company’s earnings as badly as Wall Street expects.” The report also says plans to acquire CRInc. and its subsidiary, Materials Recovery Inc., “should give Wellman greater control over the recycling of plastic waste.” The report concludes: “Prospects for this issue to 1993-95 are bright. Wellman is the leading recycler of plastic waste, a market that is likely to expand rapidly through the ’90s as landfill space becomes scarce and more expensive.” The stock price projection is a high of $70 and a low of $50 compared with last week’s about $20.
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Beatson Wallace

Full text: [Boston Globe (pre-1997 Fulltext)] Aug 12, 1990

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Tokyo Shares Slip to 1990 Low on Mideast Fears; London Prices Also Decline in Cautious Trading

Tokyo stocks retreated to a new 1990 low, with waves of arbitrage selling accelerating the slide Friday afternoon as investors held off buying ahead of a possible weekend worsening of the Persian Gulf crisis. Tokyo’s Nikkei index of 225 issues lost 286.18 to finish at 27329.55. The index plunged 893.41 points Thursday. Volume on the first section was estimated at 320 million shares, down from 409.4 million Thursday. Losers outnumbered gainers 616-303, with 169 unchanged. The Tokyo Stock Price Index of all issues listed in the first section, which lost 31.61 Thursday, was down 11.53, or 0.56%, at 2056.88 Friday. The Second Section Index, which gained 22.25 Thursday, was down 0.83, or 0.02%, to close at 4112.11. Volume in the second section was estimated at 11 million shares, down from 14.8 million.
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Full text: [Wall Street Journal] Aug 13, 1990

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Mideast Tension Cools the Market for New Issues

As tensions in the Middle East shook the financial markets, investment bankers postponed 13 out of 15 initial public stock offerings planned for last week, according to a tally by Investment Dealers Digest, a trade publication. Many underwriters say they will try to creep back this week if stock prices remain stable, but they agree the euphoria that bathed the IPO market this summer isn’t likely to return soon. If last week’s lone new stock offering is an example, IPO prices will fall and companies won’t be willing to sell as much stock as they had been to the public. Volatile stock prices also may drive both short-term investors and marginal companies from the IPO market, analysts say.
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Newman, Anne
Raghavan, Anita

Full text: [Wall Street Journal] Aug 13, 1990

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Stock prices decline in Toronto, New York

The Dow Jones average of 30 industrial stocks in New York fell 13.86 points to 2,702.72 after three hours of trading as declining issues outpaced gainers by a two-to-one margin. The Toronto Stock Exchange 300 composite index lost 8.26 points by midday to 3,468.35. Economists expect the rise in oil prices to depress the U.S. economy and put pressure on corporate profits. Before the Mideast shock, experts were looking for profits to improve in the second half of the year.
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Full text: [The Vancouver Sun] Aug 13, 1990

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INSIDE STORY ON INTERMEC: IT’S WORTHY OF PURCHASE

Here are recent brokerage-house and investment-advisory opinions affecting Pacific Northwest stocks. The Seattle Times neither advises against nor recommends purchase of these stocks. Stock quotations reflect prices at the time reports were issued: Airborne Freight ($25) is rated “highest” for next 12 months’ stock performance by Value Line, which chose the stock as its weekly highlight. (The highlight was written before Iraq’s invasion of Kuwait, which sparked higher oil prices and selling of Airborne shares.) The stock’s price-to-earnings multiple (stock price divided by past 12 months’ per-share earnings) remains modest, Value Line said. As a result, the stock looks good over the three- to five-year range as well, Value Line said.
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GREG HEBERLEIN

Full text: [Seattle Times] Aug 13, 1990

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Lackluster summer puts heat on Orion Pictures Stock price sags as blockbuster eludes studio

Whatever hopes Orion had for its summer films have already dissipated. The studio has released “Cadillac Man,” “Robocop 2″ and “Navy Seals.” None have been hits. David Londoner, a media analyst at Wertheim Schroder & Co., said that if “Cadillac Man” grossed $28 million at movie theaters, Orion might keep $13 million from the film rentals. And he estimated that the studio would keep $20 million from “Robocop 2,” and $11 million from “Navy Seals,” based on its gross to date of $17 million. Last year, in an attempt to raise money, Orion sold for $175 million the foreign rights to all the films it produces in the next six years, its next 50 videos, and some television properties. While the deal provided a large infusion of cash, it also means that if Orion comes up with hit films, it will not receive as much income as it might have. To that degree, Orion has mortgaged its future.
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Geraldine Fabrikant:The New York Times

Full text: [Orange County Register] Aug 13, 1990

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Japan Stocks Off Sharply

Tokyo stock prices were sharply lower at midday Aug 13, 1990 as a result of concern over the Middle East, index-related selling and a thin market. The Nikkei index of 225 issues ended the morning session down 763.12 points, or 2.79%, to 26,566.43.
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Full text: [New York Times] Aug 13, 1990

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Japan Stocks Fall Sharply

”The Nikkei has been dropping almost every day,” said a trader at a foreign brokerage. ”There is a growing number of people who think it will fall to levels that were inconceivable only a year ago. They say it could fall as low as 23,000 or 22,000.” ”The current tension in the Middle East makes it too risky for bargain-hunting on a grand scale,” said Richardson Wong, a broker at Sun Hung Kai Securities here.
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Reuters

Full text: [New York Times] Aug 13, 1990

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INTERNATIONAL REPORT; Iraqi Invasion Adds To Markets’ Problems

”The Middle East is keeping people very nervous and keeping people in cash,” said David A. Robbins, head of the international securities department at UBS Securities in New York. Even without an escalation in the Persian Gulf, he said, world markets are likely to drift lower. A rally will be difficult, he said, because investors will be unwilling to commit themselves even to bargains until some resolution to the crisis appears. ”And whenever you get a bad piece of news out of the gulf,” he added, ”the markets will sell off again.”
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FUERBRINGER, JONATHAN

Full text: [New York Times] Aug 13, 1990

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