Stocks warm up amid signs of cooler inflation

Optimism that an upcoming deluge of economic data will point conclusively to a moderation of inflation sent stock prices higher Wednesday. The market took comfort in some surprisingly good first-quarter earnings reports from Motorola and Federal National Mortgage Association, which calmed fears that a cooling economy may cut sharply into corporate profits. But traders said the market’s weeklong vigil for the economic reports, especially the March producer price data, kept trading subdued. The important price data is due Friday.
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Chicago Tribune wires.

Full text: [Chicago Tribune (pre-1997 Fulltext)] Apr 13, 1989

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Valley National Denies Rumors of Resignation That Hurt Stock Price

PHOENIX, Ariz. — Valley National Corp.’s stock price fell on rumors, which the company said were unfounded, that its chairman and chief executive officer had resigned and that it would post losses on bad real estate loans. Prior to the announcement, Valley National shares had plunged nearly $2 apiece on rumors of a management shake-up that the company traced to a local newspaper article. At least one analyst has also said he expects Valley National to post major losses in the current quarter because of bad real estate loans.
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Full text: [Wall Street Journal] Apr 14, 1989

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GE’s Earnings Increased 18% In First Quarter — Net Better Than Expected, Gain Sparks Some Hope For Firm’s Stock Price

General Electric Co. reported a better-than-expected first-quarter rise in earnings of 18%, giving some analysts hope that GE shares’ performance will start to improve. The Fairfield, Conn.-based company said earnings rose to $849 million, or 94 cents a share, from $725 million, or 80 cents a share. Revenue rose 13% to $11.9 billion from $10.5 billion. Revenue included earned income of GE Financial Services Inc., which rose 17% to $2.8 billion from $2.4 billion.
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By Janet Guyon

Full text: [Wall Street Journal] Apr 14, 1989

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Stock Prices Decline Broadly as Dollar Weakens, Rates Rise

The stock market suffered a decline on April 13, 1989 as traders warily awaited the latest government report on inflation. The Dow Jones average of 30 industrials dropped 23.65 points, to 2296.00.
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Currier, Chet

Full text: [The Washington Post] Apr 14, 1989

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Economy watch hits stock prices

The Toronto Stock Exchange’s 300 composite index was off 13.0 points in moderate trading to 3,555.60 while New York’s Dow Jones average of 30 industrials…
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Full text: [The Vancouver Sun] Apr 14, 1989

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Stock prices stage rally

Traders generally responded positively to that showing, in light of IBM’s warning a few weeks ago that its results this year weren’t likely to live up to some of the most optimistic estimates in the financial world. IBM shares gained 11/2 to $1103/4. Among other leading technology issues, Digital Equipment rose 3/4 to $973/4; Honeywell 3/8 to $71, and Hewlett-Packard 11/8 to $545/8.
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Full text: [The Ottawa Citizen] Apr 14, 1989

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Inflation worries hit Tokyo stocks

Tokyo stock prices declined on inflation worries and investor caution ahead of today’s U.S. economic reports. The Nikkei stock average fell 192.51 points to close at 33,063.94. Volume was 850 million shares, compared with 1.03 billion on Wednesday.
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Full text: [The Globe and Mail] Apr 14, 1989

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Cabinet shuffle in Bonn strengthens mark, stock prices

Finally, the introduction of a 10 per cent withholding tax this year on securities income hurt Mr. [Gerhard Stoltenberg] in the financial community. There is now much speculation that Mr. [Theo Waigel] will seek to remove or reduce the tax, although neither Mr. [Helmut Kohl]‘s office nor the Finance Ministry could confirm that. Mr. Waigel’s CSU party has been in favor of getting rid of the tax, but has been unable to convince its coalition partners.
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MIRIAM WIDMAN

Full text: [The Globe and Mail] Apr 14, 1989

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Stocks: Prices suffer broad loss

The stock market suffered a broad setback Thursday as traders warily awaited the latest temperature reading on inflation. Declining issues outnumbered advances by more than 2 to 1 in nationwide trading of New York Stock Exchange-listed stocks, with 456 up, 1,005 down and 501 unchanged. Losers among the blue chips included International Business Machines, down 17/8 at 1091/4; Philip Morris, down 23/8 at 1171/2; Coca-Cola, down 11/4 at 505/8; and
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The Associated Press

Full text: [Orange County Register] Apr 14, 1989

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A Broad Fall For Stocks; Dow Off 23.65

”The market is following in the footsteps of the dollar and bonds and today both declined, which gave no reason for stocks to move to higher ground,” said Kenneth S. Hackel, president of Systematic Financial Management Inc. in Fort Lee, N.J. ”If the economic news out of Washington today is negative, I would expect portfolio managers to scatter like a flock of sheep, conceivably suppressing the Dow substantially,” Mr. Hackel said. He added that he did not expect the day ”to be one of quietude.”
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WIGGINS, PHILLIP H.

Full text: [New York Times] Apr 14, 1989

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With no clear direction, stock market stumbles

Stock prices fell under the weight of futures-related selling Thursday as nervous traders worried that imminent economic reports might worsen uncertainty about the economy. The Dow Jones industrial average suffered its worst loss since March 20, falling 23.65 to 2296.00 in moderate trading. The decline more than offset the average’s gain of 17.78 points in the preceding two sessions. The market has been anxious all week about the March producer price data, which heads a list of government reports on the economy scheduled for release Friday. Trade data for February also are on the agenda, as are reports on March industrial production and capacity utilization and February business inventories.
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Chicago Tribune wires.

Full text: [Chicago Tribune (pre-1997 Fulltext)] Apr 14, 1989

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The Undervalued 200: Browsing for This Year’s Stock Bargains

Candidates for Business Week’s list of 200 undervalued stocks are found by calculating the ratio of market value to book value – defined as assets less liabilities and the par value of preferred stock – in a computer run for 1,500 of the largest US corporations. The standards differ according to how an industry is valued by the market. For example, the computer industry is more highly valued than the utilities industry. Among those on the list are Manville, MCorp, and Coca-Cola Enterprises, which carries a heavy debt load but also generates a large amount of cash and is 49% owned by blue-chip Coca-Cola Co. While 100 companies on last year’s list beat the performance of the Standard & Poor’s (S&P) 500 stock index (Manville was up by 195%), others lagged behind the S&P, and some filed bankruptcy under Chapter 11. A total of 10% of 1988′s Undervalued 200 were taken private or merged, a figure that understates the amount of takeover activity since several companies currently are involved in long-running takeover attempts. A complete listing of the Business Week Undervalued 200 is included.
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Farrell, Christopher

Full text: [Business Week] Apr 14, 1989

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25 Executives To Watch: Robert Swanson

Robert A. Swanson, CEO of Genentech, must make the company’s marketing strategy for the heart-attack drug TPA work. The drug’s disappointing performance in 1988 caused the stock price to plummet, and the company must show signs of renewed health.
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Full text: [Business Week] Apr 14, 1989

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25 Executives To Watch: Charles Corry

Charles A. Corry, who will become chairman of USX Corp in May 1989, will be faced with the task of reducing the company’s debt over the next two years. At the same time, he must keep the stock price from falling in order to avoid attacks from raiders.
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Full text: [Business Week] Apr 14, 1989

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Con-Fusion

Japanese investors have demonstrated their inability to resist a chance to run up stock prices by responding to reports of “nuclear fusion in a jar” with massive investments in anything remotely connected with fusion.
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Anonymous

Full text: [The Economist] Apr 15, 1989

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Bank takes its gloves off in proxy battle

The letter also said that Table Talk Group leaders Christos Cocaine and Anthony J. Stevens were non-management members of an advisory committee to the Arizona firm, Stockbridge Capital Ltd., a former Table Talk Group member. In the mailing, [Harold Cabot] said that after Cocaine and Stevens acquired shares in Stockbridge, the company lost money and the stock price plummeted from a high of nearly $2 per share to as low as 25 cents per share. The Table Talk Group for a Better BankWorcester, 25 stockholders led by Worcester businessmen Christos Cocaine and Anthony J. Stevens and Bruce Schindler of Florida, owns 6.77 percent of the stock of the holding company for Worcester County Institution for Savings. The group has charged that Cabot is “historically unresponsive” to its requests for information and that the bank could be more profitable. In his letter to stockholders this week, Cabot reiterated earlier statements from the lawsuit that Michael A. Myers, chairman of Wilmmar Financial Corp. of Dallas, a Table Talk Group member, is chairman of six small Texas banks. Cabot said one of the banks has a negative net worth.
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RENDA E. MOTT

Full text: [Telegram & Gazette] Apr 15, 1989

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Stock prices rally with indications of economic slowdown

Canadian stock prices are easily moved by the U.S. economy, and expectations of weaker growth pushed the Toronto Stock Exchange 300 composite index up 22.16 points yesterday to close at 3577.76. Over the five trading sessions the TSE 300 gained 24.72 points. The U.S. merchandise trade figures weren’t nearly as comforting because imports are still pouring into the country. The U.S. trade deficit widened to $10.5 billion on a customs-value basis in February. With the risk of recession apparently receding, investors are speculating that the central banking authorities in Canada and the United States will be able to relax interest rates, [John Ing] said. Further brightening the picture was a report from International Business Machines that first-quarter earnings reached $1.61 U.S. a share, up from $1.57 in the comparable period a year ago.
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Full text: [The Gazette] Apr 15, 1989

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Sun Micro Blamed as Rival’s Stock Dips

Silicon Graphics Inc is complaining that false marketing claims by rival Sun Microsystems caused a drop in its stock price.
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Clark, Don

Full text: [San Francisco Chronicle] Apr 15, 1989

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Promoter guilty of stock fraud

Henry Lorin, 47, president of Henlor Securities Capital Ltd., pleaded guilty to two counts of conspiracy to commit securities and mail fraud and obstructing an investigation by the Securities and Exchange Commission. Eugene Laff, former Haas chairman, was charged last month with 15 counts of conspiring to mainipulate the prices of the same three stocks to increase their value in a scheme that included Lorin. Lorin admitted to conspiring with Laff and [Stanley A. Aslanian Jr.] from July 1986 until Haas Securities went out of business to manipulate the stock prices of Flores de New Mexico Inc., Hungtington Beach-based TS Industries Inc., and Big O Tires Inc.
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Stefan Fatsis:The Associated Press

Full text: [Orange County Register] Apr 15, 1989

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Economic news cheers Wall St.; Dow jumps 41

If traders had any problem with Friday’s stock rally it was that the Dow is still lagging behind broader gauges of the market’s performance. The Standard & Poor’s 500-stock index, the New York Stock Exchange composite index, the NASDAQ index of over-the-counter issues and the American Stock Exchange market-value index all rose to post-crash highs. The Dow’s move was its biggest since a 43.92-point jump on Oct. 20, and it put the blue-chip indicator within striking distance of 2,347.14, the Dow’s highest point since the stock market crash of 1987, which was reached this past Feb. 7. Returns on bonds and other fixed-income securities compete with those offered in the stock market; thus, falling rates are normally good for stock prices. Traders said that the big stock rally was “called” by recent advances in the Dow Jones utility index, which closed at 187.53, up 1.84 points Friday.
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Lawrence J. DeMaria:The New York Times

Full text: [Orange County Register] Apr 15, 1989

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