Forex Trading System
Tokyo stock prices ended sharply lower as investors reacted to the U.S. dollar’s surge above 149 yen and the expected implications for the Japanese economy. The Nikkei stock average closed down 184.46 points at 33,213.55. Volume was 500 million shares, up from 343 million on Monday.
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Full text: [The Globe and Mail] Jun 14, 1989
A person close to Time said yesterday that its board would meet ”whenever Warner wants to meet.” And an individual close to Warner said that Warner ”has not scheduled a meeting at this point.” Asked whether anyone new had approached Time with an offer, a person close to the company said: ”Time is not for sale; the story is the Time-Warner deal and how it gets revamped. But nothing’s been decided.” Robert S. Pirie, president of Rothschild, said in an interview that Mr. [Rupert Murdoch] was ”seriously interested in getting involved in some way.” Mr. Pirie said, ”There are real opportunities in all this turmoil, which he wants to be in a position to take advantage of.”
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COLE, ROBERT J.
Full text: [New York Times] Jun 14, 1989
Teledyne Inc.’s stock price jumped today after the company announced late on Monday that it was considering a plan to spin off its insurance and finance units to shareholders. Teledyne’s stock rose $9.875 each, to $370, on the New York Stock Exchange The announcement also set off speculation on Wall Street that the restructuring plan might lead to the sale of the company’s 28 percent stake in Litton Industries. Litton’s stock price rose $4.125 a share on the New York Stock Exchange, closing at $84.
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Special to The New York Times
Full text: [New York Times] Jun 14, 1989
Asked if he stands to profit from a lower stock price, Mr. [Bennett S. LeBow] said, ”That’s true and that’s not true.” He said his overall investment would prosper if the company does well. Part of that rise seems to reflect promises that the company is willing to make concessions to bondholders. ”We’ve had various suggestions on covenants and maturities,” Robert J. Amman, the president and chief executive, said in an interview yesterday. ”I think we can incorporate a number of them.” He declined to be specific. That spread, of 22 cents between the common and the implicit common price in the preferred, even ignoring back dividends, has been falling as more investors understand the arithmetic. It was as high as 80 cents a few weeks ago. ”I’m surprised by that myself,” Mr. Amman said of the spread. ”I guess people didn’t focus on it.”
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Norris, Floyd
Full text: [New York Times] Jun 14, 1989
”The Dow’s erratic behavior of late is reflecting the thin line that exists between opportunity and disallusionment in trading stocks,” said Eugene E. Peroni, chief technical analyst at Janney Montgomery Scott Inc. in Philadelphia. ”While the Street is honing new scenarios to address the dollar’s dramatic strength, the market’s leadership is being dominated by takeover issues and by such fallen blue chips as I.B.M.”
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WIGGINS, PHILLIP H.
Full text: [New York Times] Jun 14, 1989
One of the nation’s premier bank stock specialists said the First Interstate Bank of California is a prime acquisition target that could be broken up to sell well above its current stock price.
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Frantz, Douglas
Full text: [Los Angeles Times] Jun 14, 1989
Donald K. Crowley, the Keefe Bruyette senior vice president in San Francisco who wrote the report, described several scenarios for a takeover of First Interstate, including a merger with one of its three big California rivals before the state opens its doors to out-of-state banks in less than 18 months. Crowley also suggested that a foreign bank or a group of non-banking investors could try to acquire First Interstate before interstate banking arrives in California on Jan. 1, 1991. After that, First Interstate could be a target for a New York bank or a financially strong super-regional bank from the Midwest or Southeast. Since then, First Interstate’s performance has lagged behind that of the other big California banks and its stock price remains at a lower percentage of its book value than B of A’s, Security Pacific’s and Wells Fargo’s, Crowley said.
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DOUGLAS FRANTZ
Full text: [Los Angeles Times (pre-1997 Fulltext)] Jun 14, 1989
The Dow Jones industrial average fell 15.30 points to close at 2503.54. Declining issues led advancers 2 to 1 in New York Stock Exchange trading of 164.9 million shares, up from 151.5 million Monday. Traders blamed the strength in the dollar, which this week hit its highest level in 2 1/2 years against the West German mark, for the selloff, which hit the drug group hard. However, the dollar retreated somewhat during the day. “What’s been happening is we’ve had a rally with three pieces-a strong dollar, strong bond prices and strong stocks. But what’s good for the dollar and for bonds isn’t necessarily good for stocks at all,” said Abby Joseph Cohen, market analyst at Drexel Burnham Lambert.
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Chicago Tribune wires.
Full text: [Chicago Tribune (pre-1997 Fulltext)] Jun 14, 1989
US fertilizer prices are declining after 2 years’ recovery. Nitrogen’s price fell because of lower-than-expected demand in spring 1989. In phosphates, the problem has been overproduction, not slow demand. Price declines are already affecting margins. At present ammonia price levels, it is estimated that 70% of US production is operating at cash cost, 20% is losing money, and only 10% is making money. Turned-around results, fueled by the price recovery, are characteristic of the new fertilizer companies. These improved results have led to public share offerings by the new companies. Nu-West Industries raised $20 million in US share offering in December 1988, and Royster’s proposal to go public has been filed with the Securities & Exchange Commission. The potash sector – relatively stable compared with changes in the phosphates business – is expected to see the largest public offering in the near future. In Canada, the Saskatchewan government plans to sell off Potash Corp. of Saskatchewan, the largest potash producer in the Western Hemisphere.
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Hansard, Sara
Hunter, David
Full text: [Chemical Week] Jun 14, 1989
The Dow Jones Industrial Average, which lost 15.30 points Tuesday, slipped 0.18 yesterday to 2503.36. Standard & Poor’s 500-stock index fell 0.08 to 323.83, the New York Stock Exchange composite index dropped 0.11 to 180.83, and the Dow Jones Equity Market Index of about 700 stocks eased 0.18 to 305.13. To benefit from the rising dollar, United Kingdom investors have been buying shares of British conglomerates that have dollar-earning assets, said David Ambrose, head trader at Smith New Court, Carl Marks Inc. But yesterday showed no sign that British investors are pursuing U.S. stocks, he said.
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By Craig Torres and David Wilson
Full text: [Wall Street Journal] Jun 15, 1989
Robert O’Toole Sr., manager of institutional OTC trading at Shearson Lehman Hutton, said some investors are awaiting passage of the “triple witching hour” on Friday, which marks the expiration of stock-index futures, index options and stock options and sometimes pushes stock prices lower. As a result, the Nasdaq Composite Index eased 0.09 to 450.64 on 131.6 million shares. Similar skittishness stalled the Dow Jones industrials and the Big Board Composite. Both declined fractionally. Added Tony Cecin, Piper Jaffray & Hopwood’s head of equity trading: “If you just keep pumping prices up, at some point the balloon’s got to burst. This way is healthier.” Mr. Cecin also said some OTC investors are “rotating” out of bigger stocks into smaller ones. He cited WTD Industries, which jumped 3/4 to 10 3/4 on 108,000 shares. The stock’s average daily volume is 32,000 shares.
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By Sonja Steptoe
Full text: [Wall Street Journal] Jun 15, 1989
CML Group Inc., Acton, Mass., said it doesn’t have any “solid information” on stock buyers who pushed the price of its shares up $7.375 to $25 in heavy New York Stock Exchange composite trading.
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Full text: [Wall Street Journal] Jun 15, 1989
In fact, a softening real estate market worries analysts and contributed to a surprise $176 million fourth-quarter loss at Newark, N.J.-based First Fidelity Bancorp. First Fidelity’s woes, which triggered the departure of respected CEO Harold Pote, initially soured many analysts on regional bank stocks. But analysts’ opinions and regional bank stock prices bounced back this spring. 1 – based on consensus of analysts per-share earnings estimate for current fiscal year (Zacks Investment Research). 2 – as of Mar. 31. 3 – Loss reserves as a percentage of non-performing loans, as of Mar. 31. Source: Keefe, Bruyette & Woods Inc., USA TODAY research GRAPHIC;b/w,Source:Keefe,Bruyette & Woods Inc.,USA TODAY research(Chart)
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Paul Wiseman
Full text: [USA TODAY (pre-1997 Fulltext)] Jun 15, 1989
Moreover, on June 5, the day before Paramount’s bid, Outlook estimated Time’s takeover value at $175 a share – right in line with Paramount’s thinking. “We, of course, are very happy,” says Outlook Editor Arnold Kaufman. – Timer Digest in Greenwich, Conn., added Time to its model portfolio Oct. 28, when the media company’s stock closed at $111. Timer Digest makes its decisions on in-house formulas based on stock price, volume and fundamentals such as earnings, dividends and industry outlook. Its signals almost turned bearish shortly before the Paramount offer. “Time was on the bubble a few weeks ago,” says Editor Jim Schmidt. Fortunately, the signals weren’t strong enough to take action, he notes.
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Paul Wiseman
Full text: [USA TODAY (pre-1997 Fulltext)] Jun 15, 1989
NEW YORK (AP) – Stock prices headed lower in early trading today, dragged down by weakness in the U.S. bond market and uneasiness ahead of Friday’s “triple witching hour.” Analysts detected little reaction to a U.S. commerce department report showing the country’s merchandise trade deficit fell to $8.26 billion in April.
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(AP)
Full text: [Toronto Star] Jun 15, 1989
MONTREAL (CP) – A stock-swap plan that Hees International Bancorp Inc. says is designed to protect minority shareholders in a Hees subsidiary would break a Quebec securities rule forbidding the rigging of stock prices, the Quebec Securities Commission was told yesterday. The plan involves Great Lakes and Trilon Financial Corp. Those companies, as well as Hees, are controlled by Toronto financiers Edward and Peter Bronfman. Hees, a holding company, wants to sell the investment banking arm of Great Lakes to Trilon in exchange for $319 million in Trilon shares. It would realize a profit of between $125 million and $175 million on the deal, Great Lakes chief operating officer, Stanford Riley, told a Quebec Securities Commission hearing.
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(CP)
Full text: [Toronto Star] Jun 15, 1989
NEW YORK, June 14 — A federal grand jury today charged stock arbitrageur John A. Mulheren Jr. with 42 counts of securities and tax fraud in the latest case connected to the investigation of corporate raider Ivan F. Boesky. The investigation of Mulheren, 39, a general partner and chief trader for the now-defunct firm Jamie Securities, has been widely reported. In February 1988, Mulheren was arrested for carrying a loaded rifle near his Rumson, N.J., home after he allegedly said he planned to kill Boesky and a potential witness in the case against him for talking to government prosecutors. (excerpt)
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Mufson, Steven
Full text: [The Washington Post] Jun 15, 1989
According to today’s indictment, [John A. Mulheren Jr.] manipulated the price of Gulf & Western Inc. stock on October 17, 1985, by buying 75,000 shares in six minutes and driving up the price to $45 a share from $44.75. By doing this, Mulheren enabled [Ivan F. Boesky] to complete the sale of 3.4 million shares to Gulf & Western. Boesky’s sale was contingent on the stock price reaching at least $45. Mulheren also allegedly held stock on Boesky’s behalf, engaging in a series of “sham” purchases and sales to hide Boesky’s ownership. Mulheren’s actions allegedly helped Boesky evade taxes and circumvent the minimum capital requirements for broker-dealers.
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Steven Mufson
Full text: [The Washington Post (pre-1997 Fulltext)] Jun 15, 1989
MONTREAL (CP) _ A stock-swap plan that Hees International Bancorp Inc. says is designed to protect minority shareholders in a Hees subsidiary would break a Quebec securities rule forbidding the rigging of stock prices, the Quebec Securities Commission was told Wednesday. The plan involves Great Lakes and Trilon Financial Corp. Those companies, as well as Hees, are controlled by Toronto financiers Edward and Peter Bronfman. Hees, a holding company, wants to sell the investment banking arm of Great Lakes to Trilon in exchange for $319 million in Trilon shares. It would realize a profit of between $125 million and $175 million on the deal, Great Lakes chief operating officer, Stanford Riley, told a QSC hearing Wednesday.
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Full text: [The Ottawa Citizen] Jun 15, 1989
Tokyo stock prices ended higher in light trading, as index-buying by large brokerages lured some investors out of hiding. The Nikkei stock average gained 189.44 points to 33,402.99, as a result of an afternoon upturn. Volume was 450 million shares, compared with 500 million on Tuesday.
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Full text: [The Globe and Mail] Jun 15, 1989