Forex Trading System
In response to the Tiananmen Square massacre in Peking China, stock prices in Hong Kong, Taiwan and Singapore have tumbled and Hong Kong’s property market is expected to follow. The effect of the Peking massacre on Hong Kong’s market and other regional stock markets are discussed.
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Marchand, Christopher
Full text: [Far Eastern Economic Review] Jun 15, 1989
A rapid multiplication of local and cash-rich overseas short-term investor groups are competing with each other on the Securities Exchange of Thailand. The result is a showdown on the market that is crowded with investors willing to bid up the stock price until someone quits.
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Full text: [Far Eastern Economic Review] Jun 15, 1989
Stock prices were little changed Wednesday, with blue chips ending a fraction lower as investors grew cautious before several major economic reports. The Dow Jones industrial average edged down 0.18 points to 2503.36. In the broader market, advancing and declining stocks were nearly even in moderate New York Stock Exchange trading of 170.5 million shares, up from 164.9 million Tuesday. Market analysts said investors shrugged off a firm bond market and a stronger dollar before Thursday’s April merchandise trade report and Friday’s release of the May consumer price index.
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Chicago Tribune wires.
Full text: [Chicago Tribune (pre-1997 Fulltext)] Jun 15, 1989
Trustcorp Inc’s stock price fell sharply in heavy trading on Jun 14, 1989 amid a swirl of market rumors. Among them was the possibility that Trustcorp is considering a cut in its third-quarter dividend. The company has increased its dividend every quarter for the past 35 years.
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Ringer, Richard
Full text: [American Banker] Jun 15, 1989
The bubble of speculation that has pushed the dollar sharply higher burst as investors bolted in the face of stepped-up international efforts to pressure the currency lower. Bond prices followed the dollar down. Analysts said the rout in financial markets may mark an end to the big rallies that carried stock prices up some 22% since November, bond prices up more than 11% in the past four weeks and the dollar up nearly 16% against the yen since late April. They said investors have been flocking to stocks, bonds and the dollar, with little regard for how lofty prices were getting. Some traders attributed the dollar’s decline to profit-taking, after the government reported that it had revised the March merchandise trade deficit upward to $9.54 billion from $8.86 billion. Others said the dollar was hurt by reported threats from the Bank of Japan to spend as much as $1 billion a day to defend the yen through intervention. And U.S. Commerce Secretary Robert Mosbacher put additional pressure on the U.S. currency by suggesting that the dollar’s strength may undermine continued improvement in the nation’s trade picture.
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By Douglas R. Sease
Full text: [Wall Street Journal] Jun 16, 1989
In anticipation of today’s triple witching hour, the concurrent expiration of stock-index futures, options and options on stocks, OTC traders said they weren’t busy yesterday. “As the day went on it was evident that nothing was going on,” said A. Cuyler Kline, head OTC trader at Robinson-Humphrey Co. Wheelabrator Technologies and its major shareholder, Wheelabrator Group, said they would merge, ending months of speculation to that effect. Wheelabrator Technologies slipped 1 to 26, while Wheelabrator Group fell 3/8 to 7 1/4. The drops were attributed to the market’s overall decline. Wheelabrator Technologies builds and operates waste-to-energy water-treatment and power plants. Wheelabrator Group is a holding company controlling about 60% of Wheelabrator Technologies’ stock. It was spun off from Henley Group in January.
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By James T. Areddy
Full text: [Wall Street Journal] Jun 16, 1989
A National Education Corp. shareholder charged that the technical training concern knowingly made misleading statements about its financial condition to prevent a drop in its stock price and financial harm to directors and officers who hold the stock. A federal court suit against National Education, based in Irvine, Calif., and its chairman, H. David Bright, was filed by David Grobow and seeks class action status on behalf of investors who purchased the company’s stock between May 26 and June 12. The suit, which seeks compensatory damages and punitive damages of $25 million, alleges that some current or former directors sold shares during that period.
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By Marc Ramirez
Full text: [Wall Street Journal] Jun 16, 1989
MIDLAND, Mich. — Dow Chemical Co., reacting to sharp declines in its stock price and bearish pronouncements from some analysts, said second-quarter earnings will rise from a year ago, but not as much as some on Wall Street were expecting. The big chemical maker said earnings should exceed $4 a share, up from $3.29 a share, or $624 million, a year earlier. But based on Dow’s first-quarter earnings of $4.08 a share, some analysts had expected profit would be closer to $4.20 a share. Dow’s earnings have soared in the past two years because of stringent cost cutting moves taken in late 1985 and rising prices of many of its key products. As of the end of March, Dow had racked up eight consecutive record quarters. But some analysts said the company’s unusual acknowledgment that second-quarter earnings might not come up to expectations was a signal that Dow’s earnings growth could be cooling off.
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By Joseph B. White
Full text: [Wall Street Journal] Jun 16, 1989
Decliners led advances, with 636 down, 506 up and 548 unchanged. The NYSE composite index of all its listed common stocks was off 0.08 points to 178.89. Pan Am, which said it submitted a revised takeover bid for NWA, parent of Northwest, was unchanged at $4 and NWA rose 13 cents to $107.63.
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(AP)
Full text: [Toronto Star] Jun 16, 1989
The U.S. dollar fell against most major currencies. It closed at $1.1967, off 37-100ths of a cent against the Canadian dollar. A setback in the U.S. credit market also acted as a catalyst for the stock selling. “I guess we just got a case of tired blood,” he said. “The U.S. bond market, the stock market and the U.S. dollar have all moved to excess. Evidence of slower economic growth didn’t evoke much of a response in the stock market either. The U.S. Federal Reserve reported that the operating rate for U.S. factories, mines and utilities dropped in May to 83.8 per cent, down 0.3 percentage point from the previous month. The Fed also reported that the pace of industrial production held steady in May.
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Full text: [The Gazette] Jun 16, 1989
NEW YORK – Stock prices took a pounding Thursday, hit by futures-related selling programs plus plunges in bond prices and the dollar. The Dow Jones average of 30 industrials tumbled 28.36 to 2,475.00. Losers swamped gainers in nationwide trading of New York Stock Exchange-listed stocks, with 1,078 issues down, 444 up and 466 unchanged. Volume on the floor of the exchange came to 179.48-million shares, up from 170.54-million in the previous session. Dollar takes a tumble … NEW YORK – The dollar plummeted Thursday in what analysts called the biggest single-day drop in years, as traders who had been powering the currency’s long rally suffered a sudden crisis of confidence. Traders said the dollar appeared to have risen too far, too fast in recent weeks and may have been ripe for a selloff by speculators anxious to cash in their gains. The dollar sank 4 yen to about 145 Japanese yen and 5 pfennigs to about 1.98 West German marks. TOKYO – The Tokyo Stock Exchange on Thursday suffered its worst one-day loss in a year, amid widespread worries that the dollar has risen too high against the yen. The Nikkei index of 225 stocks declined 489.90 points, or about 1.5 percent of its value, to 32,913.09. The strong dollar has begun to raise fears that Japan’s trade deficit with the United States will widen again, leading to political tensions and rising prices in Japan. Analysts and traders have said in recent days that they are increasingly worried because the Bank of Japan seems unable to stop the yen’s slide, despite huge intervention in the currency markets.
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Full text: [St. Petersburg Times] Jun 16, 1989
Monsanto Co on June 15, 1989 announced out-of-court settlements of 70 suits against its Copper-7 intrauterine birth control device, causing heavy stock trading, a record stock price and favorable comments from security analysts.
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Steyer, Robert
Full text: [St. Louis Post - Dispatch] Jun 16, 1989
Few blue chips bucked the downtrend. International Business Machines fell 1 to 1093/8, American Telephone & Telegraph fell five-eighths to 351/4 and Merck dipped one-fourth to 68. USX, however, rose five-eighths to 373/4. Stocks were sold in preparation for the triple witching hour, something that occurs once each quarter when stock-index futures, index options and options on individual stocks expire. Wall Streeters expect trading volume to be heavy today as investors adjust their positions in stocks and futures.
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The Associated Press
Full text: [Orange County Register] Jun 16, 1989
On Thursday, Japanese officials tried to talk the yen down. The Finance Minister, Tatsuo Murayama, said Japanese investors were engaged in ”speculative buying,” and strongly suggested they would soon regret it. ”We must stop the dollar’s rise by using every means available,” Mr. Murayama said. ”All we can do is intervene, and hope the tide turns,” a Bank of Japan official said the other day, with some exasperation in his voice.
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DAVID E. SANGER, Special to The New York Times
Full text: [New York Times] Jun 16, 1989
”The dollar’s drop accentuated program trading, which contributed to the market’s precipitous decline,” said James Kalil Sr., president of Compu-Val Investments in Wilmington, Del. ”In addition, the upcoming consumer price data have traders on edge.” Mr. Kalil said, however, that the long-term outook for stocks was positive. Volume on the Big Board expanded slightly to 179.5 million shares, from 170.5 million on Wednesday, somewhat less than some analysts expected. Many traders were apparently content to await today’s ”triple witching hour” – when the June stock index futures, options on futures and stock options all expire -as well as the results of the Consumer Price Index for May.
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WIGGINS, PHILLIP H.
Full text: [New York Times] Jun 16, 1989
Stock prices for June 15, 1989 are presented.
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Full text: [Los Angeles Times] Jun 16, 1989
Larry Wachtel, market analyst at Prudential-Bache Securities Inc., said computer-driven program trading maneuvers ahead of Friday’s “triple witching hour” accentuated the selloff. The Federal Reserve reported that the operating rate for U.S. factories, mines and utilities dropped in May to 83.8 percent, down 0.3 from the previous month. The Fed also reported that the pace of industrial production held steady in May. Few blue chips bucked the downward trend. International Business Machines fell 1 to 109 3/8, American Telephone & Telegraph fell five-eighths to 35 1/4, and Merck dipped one-fourth to 68. USX, however, rose five-eighths to 37 3/4.
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Full text: [Austin American Statesman] Jun 16, 1989
Hees, Great Lakes’ controlling shareholder, had asked securities commissions across Canada to exclude the protection plan from takeover bid regulations. This would have enabled Hees to buy any leftover shares from Wood Gundy after Dec. 31 at $20 without making followup offers. The QSC refused to go along on Thursday, apparently accepting arguments that the scheme violated rules forbidding stock-price fixing and amounted to an indirect takeover bid. The QSC also threatened sanctions against executives of Hees, Great Lakes and Trilon – including withdrawal of certain trading privileges – if Great Lakes tried to ignore the ruling by offering the plan outside of Quebec. Great Lakes’ Riley had told the QSC during a hearing Wednesday that even if the commission nixed the plan, Hees would offer it in Ontario and other provinces where it obtained approval.
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By CRAIG TOOMEY of The Gazette
Full text: [The Gazette] Jun 17, 1989
[Susan Eich] denied that the announcement was tied to takeover rumors. But Kurt Rivard, an analyst with Dain Bosworth Inc., said Honeywell can indirectly fend off a takeover by improving its financial performance. “They have to get the company’s public value – the stock price – closer to the company’s perceived asset value,” Rivard said. Rivard said he estimates that a buyer could raise $120 to $140 per share by breaking up the company. Honeywell stock closed yesterday at $75.12 1/2, up $1.50. One way to raise the stock price it to improve profits through greater efficiency, Rivard said.
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Dave Hage
Staff Writer
Full text: [Star Tribune] Jun 17, 1989
Stock in Providence and Worcester Railroad Co. plunged yesterday by $6.75 per share, or 46 percent, one day after Conrail announced that talks over its possible acquisition of P&W had been terminated. News of the end of takeover talks came Thursday night, too late to affect Thursday’s trading. Yesterday, P&W stock closed at $8 a share in over-the-counter trading, down from $14.75 Thursday. The precipitous drop left P&W with a total market value of $16.16 million. That is down $13.63 million from the day before, based on the company’s 2.02 million shares outstanding, including preferred shares that can be converted to common stock. (excerpt)
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Downing, Neil
Full text: [Providence Journal] Jun 17, 1989