Tokyo Stock Prices Drop as Correction Continues; In London, Profit-Taking Pushes Shares Lower —- A Wall Street Journal News Roundup

Stocks closed narrowly lower for their second decline in as many sessions as the market continued to correct itself after the Nikkei index’s first climb above 34000. In London, selective profit-taking pushed share prices lower in moderate trading as the market mulled over the chances for a rise in interest rates in continental Europe. The Nikkei Average of 225 issues, which fell 103.37 points Tuesday for its first retreat in eight sessions, dropped 39.52 to 33992.35. Volume on the first section was estimated at 900 million shares, down from 1.02 billion Tuesday. Losers outnumbered gainers 482-406, and 204 issues closed unchanged.
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Full text: [Wall Street Journal] May 11, 1989

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Stocks End Loss Streak At 8 Sessions — Small Gain Is Made Despite Softer Dollar, Lower Bond Prices

Stock prices finally broke a string of eight consecutive losses, despite a continuing decline in bond prices and a softer dollar. The Dow Jones Industrial Average eked out a gain of 3.12 points to 2374.45 in light trading. But long-term bond prices slipped on the eve of the Treasury’s auction of some $9.5 billion of new long-term debt, and the dollar sank as traders braced for a possible big round of central bank intervention.
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By Douglas R. Sease

Full text: [Wall Street Journal] May 11, 1989

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Blockbuster Rebuts Bear Stearns Report That Depressed Stock

The report by Lee J. Seidler, a senior managing director and accounting analyst at Bear, Stearns & Co., argued that Blockbuster shares, which had been trading at a multiple of 59 times 1988 earnings, were extremely overvalued. Mr. Seidler said Blockbuster has been hyping its stock price with “fancy accounting” to enable it to use its stock as currency in buying new stores.
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Full text: [Wall Street Journal] May 11, 1989

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Cybermedix stock price soars on news of sale by Agra

Saskatoon-based Agra said Wednesday it wants to sell its controlling stake in Toronto-based Cybermedix because it believes the company’s shares are worth as much as $24 apiece, almost twice their all-time high of $12.50. Halted during the morning pending Agra’s announcement, Cybermedix Class B shares jumped $6.25 to $18.25 apiece by the close of trading on the Toronto Stock Exchange.
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Full text: [The Ottawa Citizen] May 11, 1989

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Stock prices register modest uptick

“Let’s see what Friday brings,” he said, referring to tomorrow’s U.S. report on wholesale prices. Investors are also awaiting today’s U.S. retail sales figures. “People want to keep the economy from overheating. But we keep getting mixed signals,” said Thomas Walsh, head of equity trading for Nikko Securities Intl. “Until the interest-rate picture gets clearer and we get a stable (U.S.) dollar the market will be fickle and boring.” In Montreal, 6.09 million shares changed hands, down from 7.37 million traded Tuesday. Banks climbed 12.06 to 1841.05, mines 10.58 to 1866.16, forest products 2.23 to 3080.32 and utilities 1.07 to 1499.29, while oils sagged 13.3 to 1593.57 and industrials 4.38 to 1573.41.
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Full text: [The Gazette] May 11, 1989

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Stocks turn around, rise Series: BUSINESS DIGEST

NEW YORK – Stock prices rose in lackluster trading Wednesday. The Dow Jones average of 30 industrials rose 3.12 points to finish at 2,374.45, ending an eight-day string of losses. Advancing issues outnumbered declining ones by about 9-to-8 in nationwide trading of New York Stock Exchange-listed stocks. Volume on the floor of the exchange totaled 146-million shares. WASHINGTON – Gary G. Lynch, the driving force behind the insider trading investigation that rocked Wall Street, said Wednesday he is leaving the Securities and Exchange Commission after four years as its top cop. Lynch, a lanky, soft-spoken 38-year-old lawyer who became the SEC’s youngest-ever enforcement director in early 1985, said he will step down in mid-July. He said he had no specific plans after that. GTE may sell Florida Teleguide ORLANDO – GTE Corp. has confirmed that it may sell Florida Teleguide, an electronic-information and advertising service it began three years ago. The service is the only one of its kind in Florida and provides information on attractions and restaurants to tourists and conventioneers. Teleguide has 96 computer kiosks in Central Florida, including locations at Walt Disney World and Fashion Square Mall in Orlando.
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Full text: [St. Petersburg Times] May 11, 1989

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Nervous Wall St. Fears a ‘Melt-Up’

Some Wall Street professionals are anxious about a market “melt-up,” in which stock prices explode upward, propelled by program trading and huge amount of idle cash.
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Wallace, Anise C

Full text: [New York Times] May 11, 1989

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MARKET PLACE; Nervous Wall St. Fears a ‘Melt-Up’

Few investors are bold enough actually to predict the flip side of October 1987. But some are hinting at it, and their rumblings illustrate the market’s continued nervousness. Several weeks ago, Barton M. Biggs, chief market strategist at Morgan Stanley & Company, told his clients there was at least one chance in four that world stock markets would stage a ”chaotic, disorderly blowout on the upside.” Shortly after the October crash, however, Mr. Biggs predicted that the Dow Jones industrial average would quickly rise to 2,500, a level it has still not reached. ”It doesn’t take a lot of action in the futures market to move it,” said Michael A. Petrino, president of Matrix, which invests $200 million for six clients. ”Less liquidity in institutionally dominated markets means continued high volatility,” Robert J. Farrell, chief market strategist for Merrill Lynch & Company, wrote to his clients last week. Although Mr. Farrell has his doubts about a ”runaway” market scenario, he concedes it is a possibility. And if it happens, he said, institutions will have a ”compulsion to be in the stock market.”
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Wallace, Anise C.

Full text: [New York Times] May 11, 1989

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BUSINESS DIGEST

A religious group has put pressure on advertisers to withdraw from ”Roe vs. Wade,” a dramatization of the story surrounding the Supreme Court decision legalizing abortion. General Foods will advertise, and NBC said it would go through with the broadcast. [ D1. ] A legal battle has erupted over rights to an audio version of the novel ”Lonesome Dove.” [ D10. ] Some Wall Street professionals fear a ”melt-up,” in which stock prices explode upward. Market Place. [ D12. ]
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Full text: [New York Times] May 11, 1989

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Stock market creeps out of 8-session slump

Stocks crept higher Wednesday, snapping an eight-session losing streak as investors stalked bargains while the dollar retreated from its recent nine-month high. The Dow Jones industrial average rose 3.12 points to 2374.45, ending a 47-point slide in eight trading days, its longest losing string since August, 1982. Stocks gaining in value led losers 7 to 6 on New York Stock Exchange volume of 146 million shares, down from 150.09 million Tuesday. Jack Conlon, director of institutional trading for Nikko Securities International in New York, said the dollar’s strength partly explains recent gains in U.S. stock prices.
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Chicago Tribune wires.

Full text: [Chicago Tribune (pre-1997 Fulltext)] May 11, 1989

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Q & A

He says the latest figures show a 15 million ounce surplus of production over industry consumption for 1988. Since 1981 the surplus has accumulated to 332 million ounces. [Larson Powell] says at today’s price of $5-plus an ounce there is considerable talk about closing silver mines, particularly in Canada, so long as this high surplus and the resulting low price overhangs the market. He sees a remote possibility of the price bouncing back to $6 to $6.50 an ounce, but that would be speculation-induced and not a price accurately reflecting supply and demand. Rebeco actively trades on the Amsterdam stock exchange at about 104 guilders a share. The commercial attache’s office at the Embassy of the Netherlands in Washington says the address is: Robeco, Heer Bokelweg No.133, 3032AD, Rotterdam, The Netherlands. It’s been a full year of disappointing news for Tucson Electric. The stock price had a good run-up last year on the expectation of a merger with San Diego Gas & Electric. This was supposed to guarantee an outlet for Tucson’s surplus power production and, under the terms of the stock swap, increase Tucson’s stockholders dividend by some 15 percent. Everything changed when California utility rival SCEcorp. made a pre-emptive bid for San Diego G&E.
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Beatson Wallace

Full text: [Boston Globe (pre-1997 Fulltext)] May 11, 1989

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Stock Prices Rise Despite Uncertainties

The Dow Jones average of 30 industrials rose 8.43 closing the market on May 11, 1989, at 2382.88.
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Full text: [The Washington Post] May 12, 1989

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Stock Prices Rise Despite Uncertainties

Stock prices rose slightly today in restrained trading that reflected uncertainties over news from Panama, the progress of a Treasury debt auction and an upcoming report on inflation. Among actively traded issues on the NYSE, Avon fell 3/8 to 39 1/2, Pan Am lost 3/8 to 4 5/8 and IBM dropped 1/2 to 109 1/8. Standard & Poor’s industrial index rose 1.33 to 353.48, and S&P’s 500-stock composite index gained 1.15 to 306.95.
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Full text: [The Washington Post (pre-1997 Fulltext)] May 12, 1989

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Stock prices surge on major markets

The Vancouver market inched ahead, rising 1.26 points to 760.16 by 9.30 a.m. Advances outpaced declines 138 to 132with 254 issues unchanged. Volume was 5.3 million shares worth $4.,6 million. “The reason the market is responding so positively to the data is people were bracing for the worst,” said James Solloway, director of economic research at Argus Research Corp. in N.Y. “The fact that we had just a 0.4 per cent increase in producer prices despite the massive seven per cent rise in energy prices is a very good development. It takes the pressure off the U.S Federal Reserve to consider tightening monetary policy even further.”
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Full text: [The Vancouver Sun] May 12, 1989

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Stocks continue slow climb Series: BUSINESS DIGEST

NEW YORK – Stock prices rose slightly Thursday in restrained trading that reflected uncertainties over news from Panama, the progress of a Treasury debt auction and an upcoming report on inflation. The Dow Jones average of 30 industrials rose 8.43 to 2,382.88. Advancing issues outnumbered decliners by a margin of about 4-to-3 in nationwide trading of New York Stock Exchange-listed stocks, with 785 issues up, 602 down and 568 unchanged. WASHINGTON – Yields on 30-year Treasury bonds rose in Thursday’s auction to the highest level in a year. The average yield was 9.11 percent, up from 8.91 percent at the last comparable auction on Feb. 9. It was the highest rate since 30-year bonds averaged 9.17 percent on May 12, 1988. The notes will carry a coupon interest rate of 8 7/8 percent with each $10,000 in face value selling for $9,755.30. A total of $9.54-billion in notes were sold out of bids totaling $20-billion. Retail sales make slight gain
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Full text: [St. Petersburg Times] May 12, 1989

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Dow Up 8 On Higher Bond Prices

New York Stock prices rose yesterday in restrained trading that reflected uncertainties over news from Panama, the progress of a Treasury debt auction and an upcoming report on inflation. Activity remained subdued with investors awaiting the final day of the Treasury’s $28.75 billion three-day round of borrowing. There was uncertainty over how a new glut of Treasury debt would be absorbed. Among actively traded issues on the NYSE, Avon fell 3/8 to 39 1/2, Pan Am lost 3/8 to 4 5/8 and IBM dropped 1/2 to 109 and General Electric gained 1 1/8 to 49.
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Full text: [San Francisco Chronicle (pre-1997 Fulltext)] May 12, 1989

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BUSINESS INSIDER

Some persons familiar with Grubb & Ellis say it would be impossible for someone to launch an unfriendly takeover since the key assets of a real-estate firm – its agents – could leave the newly acquired company out of loyalty to former owners. However, as one money manager points out, that doesn’t rule out the possibility of aggressive investors forcing the company into a compromising position, with the end result being a higher stock price. Several people will be transferred to the firm’s Los Angeles office, while others are either integrated into other Smith Barney operations in San Francisco, or laid off. “”Quite simply, the institutional business is a contracting business,” says John Weingart, head of sales for Smith Barney in San Francisco.
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Herb Greenberg

Full text: [San Francisco Chronicle (pre-1997 Fulltext)] May 12, 1989

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Stocks: Up but trading restrained

Stock prices rose slightly Thursday in restrained trading that reflected uncertainties over news from Panama, the progress of a Treasury debt auction and an upcoming report on inflation. The market has spent most of the week waiting for April producer price numbers, which it hopes will provide a clearer indication of inflation in the economy. Observers said last Friday’s jobless report confused investors, because while it showed higher unemployment and a slowing economy, it also showed that wages rose substantially in April, suggesting inflation is still a problem.
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The Associated Press

Full text: [Orange County Register] May 12, 1989

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COMPANY NEWS; Amgen Rises $3

Shares of Amgen Inc., a biotechnology company based in Thousand Oaks, Calif., rose $3, to $40, in over-the-counter trading yesterday after a Food and Drug Administration advisory committee recommended approval for erythropoietin to combat anemia…
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Full text: [New York Times] May 12, 1989

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COMPANY NEWS; Hilton Sale Hinted

Stock in the Hilton Hotels Corporation surged $6.50 a share today, to $72, on the New York Stock Exchange after [Barron Hilton], the company’s chairman, suggested at the annual meeting that he might contemplate selling all or part of the hotel and gaming concern. ”While we are not seeking buyers for the corporation, should…
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Special to The New York Times

Full text: [New York Times] May 12, 1989

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