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TORONTO – Stock prices pulled back Tuesday in Toronto in anticipation of a tough federal budget Thursday and sagged in New York as investors cashed in recent gains. Toronto investors were held back by concerns over how an expected deficit-slashing budget would affect the Canadian economy, said analyst John Ing of Maison Placements Canada.
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Full text: [The Vancouver Sun] Apr 26, 1989
A federal judge has dismissed a $90 million lawsuit by Occupational Urgent Care Health Systems Inc. of Sacramento against a San Francisco brokerage in a dispute over the decline of the company’s stock. In a 28-page decision dated Friday, U.S. District Judge Milton L. Schwartz ruled that OUCH failed to support its case that a top executive of Sutro & Co. Inc. had conspired to drive OUCH out of business through a securities fraud scheme. OUCH, in an original complaint filed on Feb. 1, 1988, had accused the late Claxton A. Long, a Sutro vice president, and unnamed co-conspirators, of racketeering, mail and wire fraud and slander in a short-selling scheme involving OUCH stock. Short-sellers profit when the price of a stock declines. (excerpt)
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Garcia, Philip J.
Full text: [The Sacramento Bee] Apr 26, 1989
Mr. [Noboru Takeshita]‘s departure may relieve some of the pressure on NTT, whose offices have been searched and whose business has suffered, although many Japanese still expect the scandal’s revelations to lead ultimately to a breakup of the company.
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DAVID SANGER
Full text: [The Globe and Mail] Apr 26, 1989
The stock of Digital Equipment Corp. (around $97, NYSE), which manufactures computers, has been hammered by sluggish demand for mainframes and minicomputers. However, a patient investor who doesn’t demand gains this year will be rewarded in the future, said Carol Muratore, analyst with Morgan Stanley & Co. McDonald’s (around $52, NYSE), the fast-food restaurant chain, has seen a significant stock price rise and is, therefore, not considered a bargain, said Pavlos Alexandrakis, analyst with Argus Research Corp. However, it is worth holding because the company is so well-run, he added. “From time to time, Genovese is rumored to be a takeover candidate, but any deal would have to be friendly because the Genovese family has voting control of the company,” said [Richard Wholey]. “However, takeover potential aside, Genovese Drug Stores is a stock worth holding and or buying.”
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Andrew A. Leckey
Full text: [Telegram & Gazette] Apr 26, 1989
NEW YORK – Stock prices slumped Tuesday as traders pulled profits from an unenthusiastic market and oil and technology company earnings declined. The Dow Jones average of 30 industrials fell 15.77 points to 2,386.91, the second straight decline after a four-week rise that pushed the market to post-crash highs. Declining issues outnumbered advances by about 8 to 7 in nationwide trading of New York Stock Exchange-listed stocks, with 687 up, 827 down and 471 unchanged. Volume on the floor of the Big Board totaled 165.43-million shares, up from 142.10-million in the previous session. Analysts cited a tepid environment with traders lacking conviction in the recently rising market. They said the gains were achieved in fits and starts, not in a solid atmosphere, and the selloffs this week reflected that weakness. Earnings up at Raymond James ST. PETERSBURG – Bucking the trend in the securities industry, Raymond James Financial Inc. Tuesday reported substantially improved earnings for the fiscal second quarter, which ended March 31. The company, which is the parent corporation for the brokerage firm Raymond James & Associates Inc., had profits of $2.8-million, or 51 cents per share, on record quarterly revenues of $55.2-million. That compares with income of $1.8-million, or 32 cents per share, on revenues of $40.9-million, for the same period a year ago.
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Full text: [St. Petersburg Times] Apr 26, 1989
Mobil representatives in South Africa and the United States remained tight-lipped about the reports, which sent the stock price of General Mining Union Corp.’s subsidiary, Trek, soaring on the Johannesburg Stock Exchange. The Citizen, another Johannesburg daily, quoted “local and overseas” sources as saying that Mobil was considering disinvesting. The paper said Mobil is the largest non-South African controlled employer in the country with 1,000 gasoline stations, a $225 million investment in an oil refinery, and a distribution network.
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The Associated Press
Full text: [Orange County Register] Apr 26, 1989
In a short sale, an investor, betting that a stock’s price will decline, sells borrowed stock in anticipation of buying back an equal number of shares later at a lower price, thereby making a profit. Some traders and analysts consider a large short position bearish, because it presumably represents a strong cumulative belief that the market will turn down. Under this reasoning, a large jump in the short position would also be bearish. ‘Overhang’ Can Spur Rally Many other analysts believe that a large short position is a bullish sign for the stock market, because short-sellers must eventually buy back the stock they have sold. By this reasoning, a large ”overhang” of short stock can spur a market rally. Still, many analysts who track market sentiment still study short interest, and have devised ways to screen out the arbitrage and other ”noise” that distorts the figures.
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Full text: [New York Times] Apr 26, 1989
LEAD: An article in Business Day yesterday about Monday’s stock market trading misstated the closing price for ITT.
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Full text: [New York Times] Apr 26, 1989
Lake Success-based Tambrands Inc., the troubled tampon manufacturer, yesterday reported yet another down quarter that Wall Street analysts said was even more lackluster than expected. At its annual meeting of shareholders, the company, one of the largest with headquarters on Long Island, said first-quarter net earnings dropped 14 percent to $18 million, or 81 cents per share, from the first quarter of 1988. Sales for the quarter dipped 2 percent to $129.9 million from a year earlier. Although Tambrands previously announced that results would be lower, analysts said the figures were below their expectations. “I’m a little surprised,” analyst Andrew Shore, who follows Tambrands for Shearson Lehman Hutton Inc., said of the company’s second consecutive drop in quarterly earnings. (excerpt)
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Wax, Alan J.
Full text: [Newsday] Apr 26, 1989
Cautious investors, awaiting and upcoming report on the GNP, took profits and pulled down stock prices on April 25, 1989. The Dow Jones average dropped 15.77 points, closing at 2,386.91.
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Full text: [Chicago Tribune] Apr 26, 1989
Profit-taking pulled stock prices lower Tuesday, as investors, wary of an upcoming report on the gross national product, turned cautious. The Dow Jones industrial average closed 15.77 points lower at 2386.91. Declining issues led advancers 5 to 4 in active New York Stock Exchange trading of 165.4 million shares, up from 142.1 million Monday. Alfred Goldman, director of technical market research for A.G. Edwards & Sons Inc. in St. Louis, said stock selling in the last two days has not been heavy and represented “more of a buyers’ strike.”
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Chicago Tribune wires.
Full text: [Chicago Tribune (pre-1997 Fulltext)] Apr 26, 1989
First Chicago said it will pay $11 in cash and a fraction of a share of First Chicago common stock valued at $33 for each common share of Ravenswood Financial. The transaction can be called off by First Chicago if its average stock price exceeds $45 a share in the 30-day period before the deal closes. Similarly, Ravenswood Financial can back out if the stock price falls below $35 a share.
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Susan Chandler
Full text: [Chicago Sun - Times] Apr 26, 1989
Stock prices rose slightly in lackluster trading, with news of the economy’s better-than-expected performance in the first quarter having little impact on prices. Just 146,090,000 shares changed hands on the New York Stock Exchange, compared with the 165,430,000 traded on Tuesday. “It’s just a boring, boring grind here,” said Guy Cappucci, a block trader at Morgan Stanley & Co. Among broader market averages, Standard & Poor’s 500-Stock Index rose 0.18 to 306.93, the Dow Jones Equity Market Index added 0.28 to 288.07 and the New York Stock Exchange Composite Index gained 0.15 to 171.75. Advancing stocks outnumbered decliners on the Big Board by a narrow margin, with 744 issues rising in price and 681 falling.
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By David Wilson
Full text: [Wall Street Journal] Apr 27, 1989
Bond Corp. Holdings of Australia said it plans to buy back as much as 10% of its shares because of sharply fallen stock prices.
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Full text: [Wall Street Journal] Apr 27, 1989
Still, the computer maker’s stock price dropped $1.50 to close at $77.75 in New York Stock Exchange composite trading because it was cautious in comments about its results to analysts. Analysts say Compaq warned that its business can be seasonal and said that earnings per share estimates of $8 for 1989 were “aggressive.” Later yesterday, however, the company called the estimates “aggressive but achievable,” and said it was merely trying to keep analysts from boosting their earnings estimates by too much based on one quarter’s results. Compaq had net income of $255.2 million, or $6.30 a share, in 1988.
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By Karen Blumenthal
Full text: [Wall Street Journal] Apr 27, 1989
They gave chairman Claude Taylor and president Pierre Jeanniot a turbulent ride at the first annual meeting yesterday because of a potentially lucrative stock option plan. Last October interest-free loans were provided to Taylor to buy 34,375 Air Canada shares, while Jeanniot bought 40,625. Other executives bought fewer. At recent stock prices, that represents a paper profit to Taylor of about $129,000 and to Jeanniot of about $152,000. The shares, however, cannot be sold for two years.
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James Daw Toronto Star
Full text: [Toronto Star] Apr 27, 1989
NEW YORK – Ranking officials of the Federal Reserve acknowledged this week that the central bank has stopped pushing interest rates up because of recent signs that the nation’s economy might be slowing significantly. In describing the new wait-and-see tactic, the officials confirmed what market traders thought they had already discerned. In recent weeks, stock prices have risen to their highest levels since the 1987 crash, and one common explanation has been that the Federal Reserve has been holding rates steady. Even “inflation hawks“ – those Federal Reserve officials who had argued strongly for ever-higher interest rates to control inflation – appear to accept the “hands off interest rates“ approach, at least for the time being.
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Full text: [St. Petersburg Times] Apr 27, 1989
During the first quarter of 1989, the price of a sample of 83 utility stocks, which account for 95% of the industry’s capitalization, slipped 2.2%., closely following a decline in long-term government bond prices. For the past 5 years, it appears that whenever bond prices and stock prices have moved to counter each other, utility stock prices have followed bond prices. There have been no changes in the industry’s fundamentals that might cause a significant revaluation of utility stocks. Fourth quarter 1988 earnings reports indicate a continuation of the earnings weakness that has been evident for almost 4 years, and regulators generally have continued to treat utilities harshly in their rate decisions. The desire of regulators to deal with the problems of the financially troubled utilities during the last year has produced major relative price changes among utility stocks. As a result, the large dispersion of utility stock price-to-book values fostered after 1983 by nuclear plant problems has begun to diminish.
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Studness, Charles M.
Full text: [Public Utilities Fortnightly] Apr 27, 1989
Wall Street analysts said Xerox could be vulnerable to a takeover by Hanson or another company that might break up its holdings, which range from insurance to stock brokering, in addition to its well-known business machines. Analysts speculated it would take $8.5 billion to $9 billion, or about $85 to $90 a share, to acquire Xerox.
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Reuters
Full text: [New York Times] Apr 27, 1989
The two companies announced a preliminary merger pact in mid-February, 2 days after Newport Chairman Barret B. Weekes offered to purchase all his company’s stock for $9 per share. Newport’s board opted instead to accept Sensor Control’s $9-a-share bid. The Sensor offer represents a hefty premium over Newport’s stock price before the bid was announced. The stock had not topped $5.50 per share in the year before the offer. Newport stock closed Wednesday at $8.375, up 37.5 cents in over-the-counter trading.
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DAVID OLMOS
Full text: [Los Angeles Times (pre-1997 Fulltext)] Apr 27, 1989