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Parkvale Financial Corp’s board authorized the buy-back of as many as 85,300 shares, or 5% of the company’s common shares outstanding, because of the current low stock price.
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Full text: [Wall Street Journal] Aug 22, 1990
STOCK PRICES PLUNGED in a broad sell-off that began in European markets. The Dow Jones industrials fell 52.48 points to 2603.96 in hectic trading. Bonds closed slightly lower after falling sharply early in the day. The dollar rose against the yen but fell against the mark. European stock prices sank on rumors of Mideast fighting. Germany’s blue-chip DAX Index plunged 5.2%. London’s FT-SE 100 retreated 2.3%. Gasoline and oil prices swung wildly, ending mostly higher. Separately, the Energy Department doesn’t expect to tap the Strategic Petroleum Reserve until next month at the earliest, barring more fighting.
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Full text: [Wall Street Journal] Aug 22, 1990
American International Group Inc’s stock price has fallen steadily for several days, reflecting concerns about its bid for International Lease Finance Corp and reasing the prospect that AIG might have to sweeten its bid to salvage the $1.3 billion transaction.
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Garcia, Beatrice E
Full text: [Wall Street Journal] Aug 22, 1990
Since June 25, when the cash-and-stock agreement was announced, American International’s stock has dropped about 12.5% from its closing price that day of $75.20 a share, adjusted for a recent 4-for-3 stock split. The shares closed yesterday at $65.75, down $1, in composite trading on the New York Stock Exchange. Under terms of the agreement, if American International’s stock is trading below $68.80 a share on Aug. 30, the day before shareholders are scheduled to vote on the acquisition, American International could be forced to issue more stock to maintain the tax-free status of the transaction. And if the stock drops below $66.40, which it did during yesterday’s session, then either side could walk away from the agreement. Maurice Greenberg, American International’s chairman and chief executive officer, said in a brief interview late yesterday, “We hope the {stock} price will rise. We hope the terms will go through {as they are} and we hope everyone will benefit” from this transaction.
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By Beatrice E. Garcia
Full text: [Wall Street Journal] Aug 22, 1990
When the market opened Tuesday, investors frantically dumped their stock. By the close, [Adrian]‘s stock price had plunged by $3.57 to $4.05 on 1.4 million shares – highest volume on the VSE. Stockwatch editor John Woods defended the erroneous Street Wire report by saying his service merely reports rumors that appear to be driving a stock and never certifies as to their accuracy. He said the Adrian report was based on visual observations of drill core, which he estimates are wrong 19 times out of 20. Adrian director John Brock said that, after the Street Wire report was issued, he was contacted by a member of the VSE market surveillance group. “I certainly denied any knowledge of that information,” he said.
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DAVID BAINES
Full text: [The Vancouver Sun] Aug 22, 1990
The weak outlook suprised investors, who drove the stock lower. Deere shares slid $3.87 to close at $52 (U.S.) in active trading on the New York Stock Exchange, bringing them about 33 per cent below their 52-week high of $78.37.
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Full text: [The Globe and Mail] Aug 22, 1990
[Saddam Hussein] said his nation’s detention of foreigners was justified given the aggressive response by foreign nations to Iraq’s invasion of Kuwait. He added that if the United States continues its aggression, “a disaster will take place concerning the whole world.” Stock prices fell sharply in Frankfurt, primarily due to a rumor – - later dismissed — that a U.S. plane was shot down over Iraq. Share prices also closed sharply lower in London trading. Earlier, prices slipped for the fourth consecutive session in Tokyo. * INDICATORS: The NYSE’s composite index of all its listed common stocks fell 3.48 to 176.94. Standard & Poor’s industrial index fell 7.92 to 379.81, and S&P’s 500-stock composite index dropped 6.65 to 321.86.
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Full text: [San Antonio Express-News] Aug 22, 1990
”The futures had an exaggerated effect on the market,” said Jeffery Guy, an analyst at Yamaichi Securities. ”But the market is very shaky anyway.” Alistair Ross Goobey, the chief international strategist at James Capel Ltd. in London, said, ”At some stage you reach levels where people say, ‘Even if I do this and war breaks out I will be happy in six months’ time.’ ” Even with the growth of bargains in many markets people are not ready to take advantage of them. ”We are not recommending buying,” Mr. Ross Goobey said yesterday, ”because, as we saw today, the threat of war sends the market down.”
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From THE PHOENIX GAZETTE news services
Full text: [Phoenix Gazette] Aug 22, 1990
”The futures had an exaggerated effect on the market,” said Jeffery Guy, an analyst at Yamaichi Securities. ”But the market is very shaky anyway.” Alistair Ross Goobey, the chief international strategist at James Capel Ltd. in London, said, ”At some stage you reach levels where people say, ‘Even if I do this and war breaks out I will be happy in six months’ time.’ ” Even with the growth of bargains in many markets people are not ready to take advantage of them. ”We are not recommending buying,” Mr. Ross Goobey said yesterday, ”because, as we saw today, the threat of war sends the market down.”
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FUERBRINGER, JONATHAN
Full text: [New York Times] Aug 22, 1990
”An awful lot of stocks are being thrown in the dumper,” he said. ”It’s one thing to be scared about airlines and consumer stocks but it’s another to give up on equities in general.” ”Everybody seems to be very nervous we’ll get into a shooting war,” he said. He said, ”We’re not selling growth stocks; we’re adding utilities, which are recession-proof, and oil.”
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COLE, ROBERT J.
Full text: [New York Times] Aug 22, 1990
”People don’t want to get headlined,” another bond trader said, referring to the strong chance that a wire service report about the latest development in the Middle East could send prices plunging or soaring. ”But in this case, they are disentangling the system after the problems created a week ago Monday. As a result, I wouldn’t read too much into this.” While the sharp drop in stock prices had little effect in the secondary market for Treasury securities, the selloff in equities rattled investors in the high-yield ”junk bond” market. Market participants said that prices of most issues fell by 1 to 1 1/2 points, with some bonds falling by much more than that. Trading was very light, however.
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GILPIN, KENNETH N.
Full text: [New York Times] Aug 22, 1990
Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 236.78 million shares. Stock prices fell sharply in Frankfurt, primarily due to a rumor – later dismissed – that a U.S. plane was shot down over Iraq. Share prices also closed sharply lower in London trading. Earlier, prices slipped for the fourth consecutive session in Tokyo. Several times the Dow fell more than 50 points, each time triggering one of the NYSE’s “circuit breakers” designed to prevent a price freefall. The mechanism bars stock sales connected to index-futures arbitrage until the prices of the stocks involved rise.
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Full text: [Journal Record] Aug 22, 1990
Turnover increased to NIS 39.4m. from NIS 33.3m. the previous day. Leading the decliners among the heavily traded blue chips was Joel, down 5.25%, followed by Paz Oil, which fell 5%, and Frutarom, which declined 4.5%. Of the 40 blue chips traded, only Teva advanced, rising 2% on heavy turnover of NIS 1.9m.
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Galit Lipkis
Full text: [Jerusalem Post] Aug 22, 1990
Stock prices fell sharply in heavy trading Tuesday as investors continued…
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Full text: [Houston Chronicle (pre-1997 Fulltext)] Aug 22, 1990
“Everything is being driven by the Middle East,” said David Wyss, senior economist at DRI/McGraw-Hill in Lexington. The markets are being spooked by Middle East fact and rumor. Stock prices fell sharply in Frankfurt yesterday, because of a rumor — later dismissed — that a US plane was shot down over Iraq. The market slide cannot be written off as simply irrational fear. The Kuwait invasion hit at a time when the US economy was already drifting toward a recession. The crisis has improved the odds of a recession, analysts said. It has also driven up oil prices, hiked interest rates, damaged consumer confidence and hurt chances for a budget deal between the White House and Congress. Even before the Iraq crisis, most analysts were expecting the market to fall. The Dow peaked at 2999.75 in July. “We were looking for a 10 percent decline,” said Robert Goodman, senior economic adviser to Putnam Cos., another Boston mutual funds firm.
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Charles Stein, Globe Staff
Full text: [Boston Globe (pre-1997 Fulltext)] Aug 22, 1990
Nevertheless, analysts and bankers alike say discount dividend reinvestment programs are likely to remain in force at a number of banks concerned about the prospect of higher capital requirements and unwilling to publicly issue new equity in today’s hostile market. When stock prices are low, discount dividend reinvestment programs become painfully costly. In recent months, banks have found themselves issuing new shares at sharp discounts to book value, dramatically diluting the holdings of shareholders. Bait for Arbitragers Moreover, dividend reinvestment programs are bait for arbitragers. It is easy for arbs to bid down the price of a bank’s stock during the pricing period so they can buy at a discount to an artificially low price. Chase Manhattan Corp. and Chemical Banking Corp. learned about arbitragers’ interest in discount dividend reinvestment porgrams earlier this year, when their stocks’ prices dropped sharply during pricing periods.
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KELLEY HOLLAND
Full text: [American Banker (pre-1997 Fulltext)] Aug 22, 1990
Kuwait has found an unexpected benefit in Iraq’s invasion of the tiny kingdom; the subsequent tumble in stock prices around the world has presented a great buying opportunity for its huge investment portfolios.
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Full text: [Washington Times] Aug 23, 1990
Despite an initial surge at the opening bell, over-the-counter stocks eased by midmorning and then fell drastically in the last hour of trading on their way to another closing loss. Traders say uncertainty about a resolution to the crisis in the Middle East is preoccupying investor minds. They say until there is positive news from the Persian Gulf the market can expect more erosion of stock prices. The Nasdaq Composite Index ended the day at 374.84, a 4.84 point loss. The Nasdaq’s broad index’s 1.3% loss was slightly better than the New York Stock Exchange Composite Index’s 1.5% decline. The Dow Jones Industrial Average fell 1.7%, or 43.81.
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Hoffman, Howard
Full text: [Wall Street Journal] Aug 23, 1990
Tokyo stock prices fell sharply Wednesday, sending the Nikkei Index below 25000 points in the midafternoon and marking a post-crash intraday low. Tokyo’s Nikkei index of 225 issues was down 1086.93 points at 25210.91 on Wednesday. Volume on the first section was estimated at 360 million shares, up from 284 million shares Tuesday. The Nikkei Index bounced up 370 points toward the end of the day from its intraday low of 24844 points, helped by arbitrage buying and some bargain-hunting buying for steel and blue-chip electrical shares, traders said.
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Full text: [Wall Street Journal] Aug 23, 1990
Stock prices dove in late trading on a spike in crude oil futures, while a report that Iraq claimed its airspace had been invaded added to the selling. The broader market also fell. Standard & Poor’s 500-Stock Index slid 5.31 to 316.55, the New York Stock Exchange Composite Index lost 2.72 to 174.22 and the Dow Jones Equity Market Index tumbled 4.92 to 293.10. Stock prices surged at the opening, pushing the Dow Jones average up about 17 points within the first half hour of trading. But the gains quickly evaporated as crude oil futures rose through the morning.
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Smith, Craig S
Full text: [Wall Street Journal] Aug 23, 1990