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Stock prices plunged again on Aug 7, 1990 as continuing tensions in the Middle East pushed up oil prices, leading to investor fears of inflation. The Dow Jones Industrial Average fell 93.31 points, or 3.3%, to 2,716.34.
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Hurtado, Robert
Full text: [New York Times] Aug 7, 1990
Richard Torrenzano, an executive vice president of the Big Board, told reporters that all the computer systems for executing trades were operating without difficulty. He said that market ”circuit breakers,” which delay or halt some trading in times of big declines, appeared to have steadied the market. ”There is scattered selling and the institutions are picking their spots to buy or sell,” one trader said late in the day. ”The blocks are ordinary and there were none of any real size.” The new ”circuit breaker” rule on the Big Board, which was used for the first time on Friday, came into play again yesterday. When the Dow falls more than 50 points, the rule restricts traders who use computer programs to initiate sell orders. Such program traders are not permitted to sell stock on a downtick, which is when a stock’s last sale is lower than the one before.
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HURTADO, ROBERT
Full text: [New York Times] Aug 7, 1990
”We are taking a critical look at our business and operating systems in the context of our business and the industry in order to allow Businessland to be positioned for future profitability and growth,” said David A. Norman, Businessland’s chairman, president and chief executive. ”Our priority is to insure that the fundamentals of the business are sound and that we recover our balance and strength in fiscal year 1991.” But Seymour Merrin, a computer retail consultant in Palo Alto, Calif., who has questioned Businessland’s prospects for some time, said that kind of recovery would happen only ”if there is a substantive change of management style and culture and a rethinking of how they do business.” He said Businessland had never really recovered from the loss of its Compaq Computer Corporation franchise in 1989, even though it regained the line this year. ‘House of Cards’ ”Businessland was a house of cards, with no substantial infrastructure,” Mr. Merrin said. ”Compaq’s initial disenfranchisement knocked out one of the bottom row of cards, and it just took a while to collapse.”
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Fisher, Lawrence M
Full text: [New York Times] Aug 7, 1990
”We are taking a critical look at our business and operating systems in the context of our business and the industry in order to allow Businessland to be positioned for future profitability and growth,” said David A. Norman, Businessland’s chairman, president and chief executive. ”Our priority is to insure that the fundamentals of the business are sound and that we recover our balance and strength in fiscal year 1991.” But Seymour Merrin, a computer retail consultant in Palo Alto, Calif., who has questioned Businessland’s prospects for some time, said that kind of recovery would happen only ”if there is a substantive change of management style and culture and a rethinking of how they do business.” He said Businessland had never really recovered from the loss of its Compaq Computer Corporation franchise in 1989, even though it regained the line this year. ‘House of Cards’ ”Businessland was a house of cards, with no substantial infrastructure,” Mr. Merrin said. ”Compaq’s initial disenfranchisement knocked out one of the bottom row of cards, and it just took a while to collapse.”
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LAWRENCE M. FISHER, Special to The New York Times
Full text: [New York Times] Aug 7, 1990
Network television as a share of the viewing audience has slipped below 2/3, and 50% is possible. In 1989, gross advertising revenues among the 3 major networks dropped 5%, to $9.1 billion. In the 1990 fall season ad market, NBC and CBS suffered estimated 12% and 10% dollar declines from a year ago. Second-place ABC, led by Thomas S. Murphy of Capital Cities/ABC, increased its take 7.6%, after raising its prices an average 14%, more than CBS’ and NBC’s 10% or so. ABC also announced that it would no longer set ad rates based upon audience figures supplied by A. C. Nielsen. Since the 1986 Cap Cities/ABC merger, Murphy and Chief Executive Daniel Burke have seen earnings grow 35% on average annually, and return on equity has risen from 9.7% to 15.4%. The company’s stock is up 11% so far in 1990 and 180% since 1986. Cap Cities/ABC will likely increase earnings 18% in 1990, to $32.10 per share, and another 15% to 20% annually for the next 3-5 years. But much of the improvement will come from the network. For Murphy and Burke, the problem lies in generating more revenues. Growth opportunities are not likely to be in broadcasting.
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Baldo, Anthony
Full text: [Financial World] Aug 7, 1990
Financial World’s (FW) 1990 list of the 500 fastest growing US corporations ranks the companies by their earnings per share growth over the past 5 years and grades them by their average annual sales growth over the same time period. To make the list, a firm must have earned at least 25 cents per share during its most recent 4 quarters and have been publicly traded since 1984. To eliminate more speculative issues, additional requirements are a book value of at least 50 cents per share and a stock price of at least $2. To ensure comparability, limited partnerships, foreign companies, and banks and savings and loan institutions are excluded, as is any company whose financials are fully consolidated by another company. The FW list can be used as an analytical tool to help investors distinguish the better growth companies.
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Montgomery, Leland
Ourusoff, Alexandra
Full text: [Financial World] Aug 7, 1990
In an interview with Financial World (FW), 4 top growth-fund managers explain how they analyze fast-track companies: 1. Stephen Poling, who runs the $160-million-in-assets AMEV Capital fund, 2. Richard Jodka, who is in charge of the $180-million-in-assets Putnam OTC fund, 3. Richard Foulkes, who manages the Vanguard World International Growth Fund, and 4. Bing Carlin, who is in charge of the $184-million IAI Regional Fund. Poling concentrates on companies where sales are growing 15%-20%, where earnings are improving 20% a year, and where clean balance sheets exist. Jodka looks for companies that post sustainable growth rates and superior returns on equity. Foulkes prefers companies whose earnings are likely to grow faster than the market in which it is traded and whose price per earnings ratio is low, relative to the market the stock trades in. All of these generally lead him to underfollowed, smaller cap companies. Carlin likes to fill his fund with companies that have niches. He looks for consistency in earnings growth.
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Coletti, Richard J.
Full text: [Financial World] Aug 7, 1990
In order to determine which firms are most likely to continue on the fast track, Financial World (FW) put its Growth 500 companies through a rigorous test: Debt had to be less than 1/2 of the company’s total capitalization; a company had to have at least 50 cents per share in operating cash flow; its 5-year average return on equity had to be at least 20%. Those companies that had recently undergone restructurings or large share buybacks were not included. With the help of Zacks Investment Research, any company that was not expected to earn at least 15% more this year than last and more in 1991 than in 1990 was eliminated. Only consensus estimates were used for companies for which at least 3 analysts had provided 1990 projections. The result is a listing of mainly consumer product companies that range from small-cap niche outfits, such as Diagnostic Products and TCBY Enterprises, to well-established blue chips like Walt Disney and Merck. Most are trading at multiples of their earnings and book values that are far above the rest of the market. However, there are some exceptions, such as Nike, which ranked number one on the listing.
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Ourusoff, Alexandra
Full text: [Financial World] Aug 7, 1990
Although no bond funds made the top 50 list of mutual funds, the 2nd quarter of 1990 was good for people in bonds. In May 1990, for the first time since August 1989, high-yield bond funds stopped losing money. Net inflows through sales and reinvested dividends exceeded redemptions by $51.9 million. The Tokyo market staged a comeback after its sharp decline early in 1990; however, gold funds were not as fortunate. The number one performer for the quarter was $160-million-in-assets Fidelity Select – Biotechnology, up 24% and leading several small funds specializing in the medical sector that dominated the list of top performers. The quarter’s 2nd-best results were by Bull & Bear Special Equities Fund, up 22%. Several trends continued to gain momentum in the 2nd quarter, among them the increasing popularity of index funds, which try to mirror the performance of broader indexes like the Standard & Poor’s 500. Another trend is that short sellers are more vocal than they have been. For the individual mutual fund, distribution remains the key. The 2nd half of the year is expected to bring weak growth.
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Barrett, Amy
Pearlman, Andrew
Full text: [Financial World] Aug 7, 1990
Although Martin Marietta’s stock price has been tentative recently, it has raised its revenues and nearly doubled its earnings per share. The defense contractor’s business forecast is presented.
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Full text: [Financial World] Aug 7, 1990
UAL Corp’s stock price continued to fall Aug 6, 1990, closing at $110 per share on the NYSE.
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Storch, Charles
Full text: [Chicago Tribune] Aug 7, 1990
UAL Corp.’s stock price continued its free fall Monday, dropping $12.50 a share as investor gloom deepened over the prospects for a takeover of United Airlines’ parent company and for airline issues generally. The pilots’ briefing comes a day before a special meeting of the UAL board and two days before the deadline for the unions to show the board evidence of their ability to finance the $4.54 billion takeover. With the stock market suffering its worst loss since Oct. 13-the day a previous UAL bid died for lack of financing-UAL shares sank Monday to $110 a share on the New York Stock Exchange.
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Charles Storch
Full text: [Chicago Tribune (pre-1997 Fulltext)] Aug 7, 1990
Financial markets in major industrial countries took another big hit Monday as tensions in the Middle East simmered and oil prices continued to skyrocket. The Dow Jones industrial average dropped 93.31 points, to close at 2716.34 in heavy trading. It was the biggest drop since the mini-crash Oct. 13, when the Dow fell 190.58 to 2569.26. In London, the Financial Times-Stock Exchange 100-share index fell 64.4 points, or 2.9 percent. West German shares plunged 5.4 percent, and French stock prices posted their lowest close this year, down 5.12 percent.
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Pat Widder, Chicago Tribune. Chicago Tribune wires contributed to this report
Full text: [Chicago Tribune (pre-1997 Fulltext)] Aug 7, 1990
As speculators and oil companies rushed to hoard crude oil against a potential supply disruption, investors in every financial capital from Hong Kong to Madrid were bailing out of stocks and bonds, as well as dollars. At the same time, traders pushed up the price of gold. “The prospects of higher oil prices changed investor as well as consumer sentiment, and could turn a mild recession into a more severe one with high inflation. This means lower stock prices,” said Malcolm Pirnie, Harbor Capital Management investment adviser. “The dollar is weak because the US economy is more vulnerable to recession that Japan or Germany,” says Nicholas Sargen, a Salomon Inc. international economist. “We think both Japan and Germany will raise their interest rates to fight inflation, while the Fed lowers them here.”
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Robert Lenzner, Globe Staff
Full text: [Boston Globe (pre-1997 Fulltext)] Aug 7, 1990
The second reason for falling per-share values has to do with deposit insurance. Bank shares include a premium for what is called the deposit insurance subsidy. That is, by failing to graduate deposit-insurance charges according to bank riskiness, the government in effect subsidizes the bank shareholder, and this subsidy is embedded in the stock price. Any increase in the owner’s capital stake in the bank tends to reduce the value of the subsidy, thereby lowering the worth of individual shares. The effects of asset retrenchment will extend beyond that of increasing expected losses. The true riskiness of the loan portfolio depends on the correlation or covariance of asset returns, which measures the likelihood that a given economic disturbance will result in a simultaneity of customer defaults. Down with Interdependence Although spreads would have fallen, asset-efficiency ratios would have risen because the decline in risk, as measured by the loss volatility, was greater percentagewise than the drop in returns. The reason for the sharp decline in risk was that the loss correlations between the loans in the nationwide pool and the loans in the banks’ existing portfolios were lower than those within these portfolios.
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SANFORD ROSE
Full text: [American Banker (pre-1997 Fulltext)] Aug 7, 1990
”Right now, something fundamental has changed,” said Sander Cseh, senior vice president at Provident Capital Management International. Referring to the sharp market declines in 1987 and 1989, he added, ”Every other time we have had a major drop in the market, there was not a major change in the economic fundamentals.” With the sharp rise in the price of oil, he said, ”this time there will be a change in the rate of inflation, a change in consumer spending and a change in interest rates.” Mr. Cseh said he did not assume that the situation would be resolved quickly or that the price of oil would soon drop. Mr. [Steven H. Nagourney] said he sees several more potential jolts for the markets. The most extreme is the possibility of a war that could turn the oil fields of Iraq, Kuwait and Saudi Arabia into a ”burning heap.”
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FUERBRINGER, JONATHAN
Full text: [New York Times] Aug 8, 1990
Some analysts are finding reasons to be optimistic about Tokyo’s battered stock market. A flurry of rumors linked to Iraq’s invasion of Kuwait pummeled the Nikkei Index of 225 stocks on Aug 7, 1990 as it tumbled 946.46 points to 27653.07.
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Chandler, Clay
Brauchli, Marcus W
Full text: [Wall Street Journal] Aug 8, 1990
They say the Tokyo market, ravaged by rumors of higher interest rates and steeper oil prices resulting from Iraq’s blitzkrieg into Kuwait, still holds opportunities for careful investors. The comeback may not happen next week or next month. But many market watchers insist that given the underlying strength of Japan’s economy, stock prices are bound to creep upward again before long. It may have been difficult for many investors to catch sight of that vision Tuesday, though. A flurry of rumors linked to Iraq’s takeover of Kuwait pummeled the Nikkei Index of 225 stocks to its lowest point since mid-1988. The Nikkei tumbled 946.46 points, or 3.3%, to 27653.07 — well below the year’s previous low of 28002.07, reached April 2 after a three-month decline. Volume was moderate with about 500 million share changing hands, up from 350.4 million on Monday. The Nikkei plunged a hair-raising 1300 points within a little more than an hour of the opening. The market staged a small rally later after a statement by Finance Minister Ryutaro Hashimoto that Iraq’s bid for power in the Persian Gulf won’t weaken the Japanese economy, but the gains were quickly obliterated by renewed worries about the tension in the Middle East.
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By Clay Chandler and Marcus W. Brauchli
Full text: [Wall Street Journal] Aug 8, 1990
Despite growing gloom about the stock market’s prospects, many pension funds and other big investors say their current strategy is to hang on tight for the ride. Still, Mr. [Joseph W.] Perrone, like many other big investors, said he hasn’t soured on stocks despite suffering “screen shock” watching the market plunge in recent days. “Things would have to get a whole lot clearer before we would do some bold moves in the market,” he said. Some big investors have been increasingly edgy about the U.S. economy and stock prices for months before the latest Mideast turmoil, causing them to trim stock portfolios slowly. For example, the $58 billion California Public Employees Retirement Fund has cut stock holdings to 38% of its assets from 42% 18 months ago. But the latest market declines haven’t prompted more selling by the California fund, the nation’s largest public employee fund.
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By James A. White
Full text: [Wall Street Journal] Aug 8, 1990
SAUDI ARABIA AGREED to boost its oil output to help make up for the loss of supplies from Iraq and occupied Kuwait, U.S. officials said. The Saudis haven’t yet pledged to a specific figure, but the Bush administration was seeking a commitment to increase production by about two million barrels a day. Meanwhile, global sanctions against Iraq began to cut into its petroleum exports. Bond prices fell sharply and stocks swung wildly as oil-related news shook the financial markets during the day. Long-term Treasury bonds dropped half a point. The Dow Jones industrials fell 5.70 points, to 2710.64, their sixth consecutive loss. Broader stock indexes rose slightly. Signs of escalating tension buoyed the dollar. st Tokyo stock prices tumbled Tuesday on concerns about the Mideast. The Nikkei fell 946.46 points, or 3.3%. In morning trading Wednesday, the index recovered 359.08 points.
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Full text: [Wall Street Journal] Aug 8, 1990