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In Aug 8, 1990 Tokyo trading, the Nikkei Index of 225 issues ended at 28509.14, up 856.07. London stock ended fractionally better in hectic, choppy trading.
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Full text: [Wall Street Journal] Aug 9, 1990
London stocks ended fractionally better in hectic, choppy trading, as investors assessed the minute-by-minute developments in the Middle East. In Tokyo, after a volatile morning session, stocks rose steadily in the afternoon encouraged by firming bond prices, traders said. Both markets responded favorably to reports that Saudi Arabia had agreed to increase oil output to help make up for the shortage in world supplies because of the embargo of Iraqi oil. The Nikkei Index of 225 issues ended Wednesday at 28509.14, up 856.07 points. Thursday morning in Tokyo, however, stocks fell 247.26 points to 28261.88.
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Full text: [Wall Street Journal] Aug 9, 1990
The closing of the San Francisco office will leave HomeFed with commercial lending offices in San Diego and Los Angeles, said [Robert Adelizzi], who explained that the move is part of HomeFed’s plan to refocus on home mortgage lending. In addition to limiting growth in commercial lending — which accounts for 6 percent of HomeFed’s portfolio — the S&L will virtually abandon commercial real estate lending, development and out-of-state lending. Meanwhile, analysts are speculating that HomeFed’s declining stock price could make the company vulnerable to a hostile takeover. HomeFed closed at $10 a share yesterday, down from a high of $47.50 over the last year.
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Robert Hanley
Full text: [The San Diego Union] Aug 9, 1990
TORONTO (CP) — The investment community seems no closer to understanding merchant banker Hees International Bancorp, which continues to report growth of more than 10 per cent in profits while its stock price languishes.
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Full text: [The Ottawa Citizen] Aug 9, 1990
UAL FACES DEADLINE. UAL Corp.’s stock pulled out of a nose dive Wednesday as the airline company’s board met on the eve of a deadline for employees to secure financing commitments for their $4.38-billion buyout bid. UAL shares rose $13.50 on New York Stock Exchange trading Wednesday to close at $114.50. Analysts said the rally – after a plunge of 38 percent in less than two weeks – stemmed mainly from Wednesday’s drop in oil prices. They said it was not a sign of heightened investor confidence that United Airlines’ workers will meet today’s deadline for getting $4-billion in financing. UAL EXTENDS DEADLINE. United Airlines’ parent company Wednesday gave an employee buyout group an extra two months to arrange financing for its $4.38-billion bid. UAL Corp.’s board of directors said it was willing to extend the deadline, which was due to expire today, because of the crisis in the Middle East, which has caused wild fluctuations in oil and stock prices. The company said, however, that if financing is not arranged by the new deadline, Oct. 9, UAL will terminate the buyout agreement it reached with United Airlines employees last April. The buyout group is trying to arrange $4-billion in financing, despite the recent pullout of three New York banks from its lending group. However, the employees got a boost earlier Wednesday when the Los Angeles banking company Security Pacific Corp. said it had joined the loan talks. PEAT CHIEF TO RESIGN. Larry D. Horner, chairman of New York-based KMPG Peat Marwick, said Wednesday that he will step aside as head of the world’s largest accounting firm when his six-year term expires in October. As recently as last week, Horner had planned to run for a second term at the partners’ annual meeting in October in Orlando. Because the deputy chairman, Robert Beecher, wanted to retire soon, Horner had named K. Dane Brooksher to replace him. However, that nomination did not please some partners who consider Brooksher too inexperienced in dealing with clients. Tampa Bay/State
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Anonymous
Full text: [St. Petersburg Times] Aug 9, 1990
U.S. troops landed in Saudi Arabia, and President Bush said they would defend the world’s largest oil exporter from any Iraqi aggression. The news spurred a pullback in world oil markets and bolstered stock prices. Actively traded blue chips included: Philip Morris, up 3/8 to 455/ 8; America Telephone & Telegraph, off 3/8 to 35; Boeing, up 1 to 53; International Business Machines, up 1/8 to 1031/8; General Electric, up 5/8 to 677/8; Eastman Kodak, up 411/8; and McDonald’s, up 3/8 to 301/8. * INDICATORS: The NYSE’s composite index of all its listed common stocks rose 1.95 to 185.40. Standard & Standard & Poor’s industrial index rose 3.86 to 398.96 and S&P’s 500-stock composite index rose 3.52 to 338.35.
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Full text: [San Antonio Express-News] Aug 9, 1990
Judge Randall G. Johnson’s order was mailed Tuesday to the attorneys for George B. Little and the VRS. The $11 billion state pension fund was sued July 6 by Little, a Richmond lawyer, for alleged violations of the Virginia Freedom of Information Act. Among the VRS officials who testified was Mark T. Finn, chairman of the investment advisory committee, who said closed sessions of the board were necessary because of discussions of possible stock transactions. Opening the meetings to the public could affect the stock’s price and eventually hurt the pension fund, he argued. The purchase increased the VRS holdings in RF&P and, Finn said, added negotiation power in case a merger is attempted.
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Estelle Jackson
Full text: [Richmond Times - Dispatch] Aug 9, 1990
”UAL emphasized that – especially in light of events in the Middle East, state of the financial markets and softening economy – there can be no assurance that a transaction can be completed,” the statement said. Should the offer collapse, the company’s stock might well slide sharply, further alienating stockholders, who have seen the value of their shares decline sharply in recent weeks. Within the last 12 months, UAL’s share price has been as high as $294. ”[Gerald Greenwald] will have to present the board with an outline that is very doable,” said Sharon Kalin, president of Athene Coronado Management Inc., a big New York money-management firm that has a significant stake in UAL.
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From THE PHOENIX GAZETTE news services
Full text: [Phoenix Gazette] Aug 9, 1990
”UAL emphasized that – especially in light of events in the Middle East, state of the financial markets and softening economy – there can be no assurance that a transaction can be completed,” the statement said. Should the offer collapse, the company’s stock might well slide sharply, further alienating stockholders, who have seen the value of their shares decline sharply in recent weeks. Within the last 12 months, UAL’s share price has been as high as $294. ”[Gerald Greenwald] will have to present the board with an outline that is very doable,” said Sharon Kalin, president of Athene Coronado Management Inc., a big New York money-management firm that has a significant stake in UAL.
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ERIC N. BERG, Special to The New York Times
Full text: [New York Times] Aug 9, 1990
The Tokyo stock market had rebound strongly yesterday after losing more than 10 percent of its value in the four previous trading days since Iraq invaded Kuwait. But today’s severe drop offset yesterday’s gain of 856.07 points in the Nikkei average. In other financial markets yesterday, there were mixed reactions to President Bush’s announcement that American forces would go to Saudi Arabia and to rumors that the United States had bombed Iraq’s capital, Baghdad. In West Germany, the Frankfurt bourse’s blue chip index, the DAX, fell 46.67 points, or 2.6 percent, to 1723.63. The market, traders said, was whipped by rumors and closed before Presdent Bush made his televised speech in the United States.
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FUERBRINGER, JONATHAN
Full text: [New York Times] Aug 9, 1990
Oil prices fell and the stock markets in New York and Tokyo steadied on Aug 8, 1990 after the US decision to send troops to Saudi Arabia and reports that the oil-rich kingdom would increase its production.
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Hershey, Robert D Jr
Full text: [New York Times] Aug 9, 1990
With the downward trend in prices so well established, and ample warnings from bankers that losses on real estate loans might worsen, Mr. [W. Anthony Hitchler] said, ”the risk of client displeasure is just too great” to begin buying. ”I want to diversify out of the mid-Atlantic and Southern regions,” he added, ”but first I want to see some stability.” As bank stock prices tumbled in recent weeks, bankers and Wall Street analysts began attributing much of the decline to speculative selling by ”hedge funds.” These privately owned funds try to protect their speculative trading positions by ”hedging” in the futures or options markets or in stocks of companies in the same industry. Operators of hedge funds say that blaming them for the weakness in bank stocks is a facile explanation. ”If bank managers are looking outside their companies for explanations of why their stock is down, they should take a second look,” said Joseph L. Feshbach, general partner at Feshbach Brothers, a hedge fund operator based in Palo Alto, Calif. ”Their stocks are down for lots of good reasons, starting with the fact that their financial performance has been nothing short of disastrous.”
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Quint, Michael
Full text: [New York Times] Aug 9, 1990
”Confidence is a big factor in the stock market,” said Peter G. Grennan, a senior vice president of Shearson Lehman Brothers Inc. ”It gives the market resiliency, which was evident today. So far the President’s firm handling of the situation has been good for the market.” Drug stocks, a traditional institutional favorite because they are not as susceptible to market swings as other stocks, also rallied. Merck & Company rose 2 1/4, to close at 85 1/8; Eli Lilly & Company, was up 2 5/8, to close at 78 3/8; Johnson & Johonson, was up 1 7/8, to 67 1/8, and Bristol-Myers Squibb, was up 1 3/8, to 61 1/2 UAL’s stock rose 13 1/2, to close at 114 1/2, on expectations that the company’s board might grant the employee group seeking to buy the company a 30- to 90-day extension to help arrange its financing.
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HURTADO, ROBERT
Full text: [New York Times] Aug 9, 1990
”I’m asking the oil companies to do their fair share,” the President said in a broadcast to the nation yesterday morning. ”They should show restraint and not abuse today’s uncertainties to raise prices.” ”We hope the market will stabilize during this time,” George Babikian, head of the Los Angeles-based company’s refining and marketing division, said in a statement, ”but if at the end of the week our position is out of line with world market prices, we will have to recognize that fact.” ”Sometimes the oil companies never learn,” Senator [Bob Dole] declared. ”They’re just asking for some kind of excess-profits or windfall-profits tax.”
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ROBERT D. HERSHEY Jr.
Full text: [New York Times] Aug 9, 1990
Last year, the two banks agreed to a $15-per-share buyout of La Jolla Bank & Trust by Security Pacific. Each share of La Jolla Bancorp was to have been exchanged for $15 worth of Security Pacific stock as long as Security Pacific shares maintained an average minimum price of $38.25 during the five trading days up to and including Aug. 20. The deal, which received shareholder approval in June, seemed a foregone conclusion until the drop in Security Pacific stock in recent weeks suddenly made the deal less attractive to La Jolla Bancorp shareholders. Security Pacific stock closed Wednesday at $30.75 per share, up $.625. If the stock were to trade at this level for the five days ending Aug. 20, La Jolla Bancorp shareholders would receive $12.25 in Security Pacific stock, instead of $15 per share. [Ed Sondker] declined to comment on whether the bank is negotiating with Security Pacific to sweeten its offer to ensure a stock swap value of $15 per La Jolla Bancorp share. He pointed out that several analysts have been quoted as saying that the deal, even at the reduced price, is still a good one for La Jolla Bancorp shareholders.
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CHRIS KRAUL
Full text: [Los Angeles Times (pre-1997 Fulltext)] Aug 9, 1990
In the currency markets, the dollar was down against the Japanese yen but up against most European currencies. The dollar fell 0.60 yen to 150.00 yen in Tokyo but was quoted in London at 150.15 yen. It slipped again in New York, closing at 149.90. The U.S. currency rose against the German mark, the British pound and the Swiss franc. The full economic implications of the turmoil caused by Iraq’s invasion and subsequent occupation of Kuwait are unknown. There has been speculation, however, that the struggling U.S. economy could be pushed into recession. The slide in petroleum prices sparked a selloff in energy stocks. The contract for September delivery of West Texas Intermediate, the benchmark grade of U.S. crude oil, pulled back by $2.35 to $25.96 a barrel on the New York Mercantile Exchange.
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Full text: [Journal Record] Aug 9, 1990
TOTAL Resources (Canada) Limited of Calgary, Alberta, a wholly owned subsidiary of TOTAL Compagnie Francaise des Petroles of Paris, France, announced that it has acquired Thursday through the facilities of The Toronto Stock Exchange 1,000,000 common shares of TOTAL Energold Corp. at a price of $1.80 per share. In addition, through previous acquisitions made on The Toronto Stock Exchange commencing in June 1990, TOTAL Resources acquired 281,600 shares of TOTAL Energold at prices ranging between $1.45 and $1.90. (excerpt)
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de Boos-Smith, Phillip
Full text: [Business Wire] Aug 09, 1990
August 9, 1990 — The Board of Directors of LDI Corporation (NASDAQ: LDIC) today approved a stock repurchase program under which the company may acquire up to 300,000 shares of its common sotck on the open market or in privatley negotiated transactions. Chairman and Chief Executive Officer Robert S. Kendall said, “The Board feels that based on the current price of stock, which it believes to be undervalued, the program is a positive investment for the company and will benefit all shareholders.” LDI has 6,453,000 common shares outstanding. (excerpt)
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Kish, Jerry E.
Full text: [Business Wire] Aug 09, 1990
Stock prices gained ground around the world as traders searched for bargains and expressed relief that events in the Persian Gulf appeared to show signs of stabilizing, despite the virtual shutoff of oil from Iraq and its occupied neighbor Kuwait. Experts said Iraq and Kuwait together produced about 4 million barrels of crude daily, but increased Saudi production could cover about 50 percent of that. A number of other oil producers, including Venezuela, Mexico, Iran and Nigeria, also indicated they could up production. In the currency markets, the dollar was down against the Japanese yen but up against most European currencies. The dollar fell 0.60 yen to 150.00 yen in Tokyo but was quoted in London at 150.15 yen. It slipped again in New York, closing at 149.90. The U.S. currency rose against the German mark, the British pound and the Swiss franc.
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Full text: [Austin American Statesman] Aug 9, 1990
The stock market is suspicious of big banks’ performance, as evidenced by the fact that none of the 50 largest banks have higher priced shares in August 1990 than in August 1989 and that only 10 have experienced a share gain in the last two years. The biggest stock price decreases are at banks which have lent heavily in the souring Mid-Atlantic region, including Bank of Boston Corp. and Midlantic Corp. (Edison, NJ). The biggest two year increase was experienced by BankAmerica Corp. (San Francisco). Some banks’ stock has recently appreciated slightly, including that of Wells Fargo & Co. (San Francisco) and Bankers Trust New York Corp. (New York City).
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Matthews, Gordon
Full text: [American Banker] Aug 9, 1990