Market rally is seen as `a key reversal’

“This is a key reversal,” said Craig Corcoran, a market analyst who edits the Davis/Zweig Futures Hotline published in Nokomis in Sarasota County. He said the outlook is now favorable for stocks – at least for the next week or so. “The sharp decline (in stock prices) over the past week has put into place a very high degree of pessimism in the market,” Corcoran said. “When too many people are looking in one direction, the market tends to go in the other direction.” “The market got very deeply oversold,”he said.
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HELEN HUNTLEY

Full text: [St. Petersburg Times] Aug 14, 1990

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Prices decline as rally fades Dow falls 5.44 points at noon

[Bob Shabazian] also said the Amex was treating Monday as an official trading day and had calculated closing prices for all listed stocks, many of which continued to trade on other exchanges after the Amex closed prematurely. Monday’s rally, which sent the Dow more than 30 points higher, followed an initial plunge in stock prices. The rally was boosted by a late flurry of buying stemming from computer programs linked to stock-index futures. The dollar opened at 150.05 yen, down 0.60 yen from Monday’s close, and moved in a range of 149.80 to 150.15 yen. The dollar closed at 149.90 yen and mixed in London.
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The Associated Press

Full text: [Orange County Register] Aug 14, 1990

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Some Financial Exchanges Are Brought to a Halt

”As far as the market’s direction goes, the market would have been behaving this way whether or not we had a power failure,” said Jay Hohmann, head of futures trading at Donaldson, Lufkin & Jenrette Inc., an investment house where power was not lost. Wayne A. Seaton, a research analyst with DRI McGraw Hill Inc., said that the entire office building at 11 Broadway where he works was dark when he returned from lunch at 2:30 yesterday afternoon. ”Everyone had gone home,” Mr. Seaton said. ”It was pitch black and I had to walk up six floors of darkness to get my things. It was kind of spooky because Wall Street typically follows a predictable, high-paced pattern. But nothing was normal.” The Dow Jones News Service, which is relied on by many traders, went down from 1:13 P.M. to 1:39 P.M., when Dow Jones got a back-up generator going. That generator failed two hours later, and the news service was again down from 3:44 P.M. to 4:03 P.M., when it began working again, a Dow Jones spokesman said.
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FUERBRINGER, JONATHAN

Full text: [New York Times] Aug 14, 1990

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Dow Up 30.20 in Late Rally; Trading Light

Gene J. Seagle, director of technical research at Gruntal & Company, said that the market rise, which included blue chips like Eastman Kodak, which was up 2 1/2, to 43 1/2, and I.B.M., up 1 3/4, to 103 3/4, might have given a technical buy signal to the market. ”This market is much better prepared for an oil problem than it was in 1978,” he added. The market’s rally from an opening plunge – the Dow fell as much as 32 points in the first half-hour – began with investors entering the market to bargain-hunt and was supported by a stabilized bond market. Declines in other overseas markets yesterday -the Tokyo market had ended down sharply and London was having an off day – were less important than the Treasury’s 30-year bond, which closed unchanged at a price to yield 8.79 percent. Birinyi Associates Inc., which keeps tabs on program trading by large institutions and brokers through certain fluctuations in trading activity, said there were six sell programs yesterday, four between 2:50 P.M. and 3:56 P.M., when the Dow rose 31.19 points.
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HURTADO, ROBERT

Full text: [New York Times] Aug 14, 1990

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AFTERNOON RALLY LIFTS STOCK PRICES

Trading on the American Stock Exchange, the New York Mercantile Exchange and the Commodity Exchange was cut off shortly after 1 p.m. EDT after a fire caused a power outage in lower Manhattan. The exchanges were forced to halt trading for the rest of the day. The fact that conditions in the Mideast did not deteriorate significantly in recent days may have helped spark Monday’s rally, [Dudley Eppel] said. Standard & Poor’s 500-stock composite index rose 3.32 to 338.84. S&P’s industrial index was unavailable due to the power outage.
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Full text: [Journal Record] Aug 14, 1990

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Projectavision Reduces Exercise Price of Its Five-Year Redeemable Common Stock Purchase Warrants

Projectavision, Inc. (NASDAQ Symbol: PJTVU) announced that its Board of Directors has authorized a reduction in the exercise price of its outstanding five-year redeemable common stock purchase warrants to $3.00 from $6.30. Projectavision, Inc. (the “Company”) pursuant to its initial public offering declared effective by the Securities and Exchange Commission on July 24, 1990, offered and sold 800,000 units (the “Units”) on July 31, 1990, at a price of $5.25 per Unit. Each Unit consists of one share of common stock, par value $.0001 per share (the “Common Stock”), and one five-year redeemable common stock purchase warrant (the “Redeemable Warrant”). The securities comprising the Units are not separately transferable or detachable until August 24, 1991, or such earlier date as is determined by Rosenkrantz Lyon & Ross Incorporated, the Underwriter of the Company’s initial public offering. The Company has decided, in its discretion, to reduce the exercise price of the Redeemable Warrants. Accordingly, upon separation,each Redeemable Warrant shall entitle its holder to purchase one share of Common Stock at the reduced exercise price of $3.00 per share of Common Stock until July 23, 1995. (excerpt)
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Maslow, Marvin
Heilshorn, John
Volk, Jeffrey

Full text: [Business Wire] Aug 14, 1990

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Stock prices up when fire halts day’s trading

Prices in New York began to pick up in the afternoon in a “light-volume rally,” said Dudley Eppel, a managing director at Donaldson, Lufkin & Jenrette Securities Corp. He said the market had reached an “oversold” state and investors resumed buying. Analysts had expected the stock market to continue its downward path from Friday, when the Dow plunged 42.33 points. Concern about the Mideast and the effect of rising oil prices on the economy prompted investors to dump stocks in favor of safer investments, analysts said. the fact that conditions in the Mideast did not deteriorate significantly in recent days may have helped spark Monday’s rally, Eppel said.
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Full text: [Austin American Statesman] Aug 14, 1990

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Small Indiana Bank to Issue Convertibles

CNB Bancshares, Evansville IN, is preparing to issue $15 million in convertible bonds, a difficult task even for larger banks. Convertibles depend on solid stock prices, as companies do not like to issue equity at depressed prices.
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Vogelstein, Fred

Full text: [American Banker] Aug 14, 1990

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Tokyo Stocks Rebound After Monday Plunge; London Shares Are Higher on Bargain-Hunting

Tokyo stock prices finished higher Tuesday, a day after the market had one of its biggest setbacks since the beginning of this year. Shares extended late-morning gains during the afternoon on widespread perception that both stocks and futures were oversold. In Tokyo, the Nikkei index of 225 selected issues was up 496.10 points at 26672.53. The index plunged 1153.12 points, or 4.22%, Monday. The Tokyo Stock Price Index (Topix) of all issues listed in the First Section, which plunged 63.84 points Monday, was up 27.29 points, or 1.37%, at 2020.33.
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Full text: [Wall Street Journal] Aug 15, 1990

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Stocks’ Drop Spurs Margin Calls, but Brokers Aren’t Too Worried

The stock market’s drop this month is boosting the number of margin calls as brokers demand additional collateral from their customers who buy stocks on credit. Thousands of small investors who bought stock on margin — using money borrowed from their brokerage firms — have had to pony up additional collateral in recent days. Roiled by soaring oil prices since the Kuwait invasion, the Dow Jones Industrial Average this month has plunged about 157 points. Buying securities on margin is done only through brokerage accounts. Technically, margin is the amount of cash put up and amounts to at least 50% of a stock’s purchase price. When an investor’s equity — the current stock price minus the loan amount — drops to 25% to 30% of the stock price, he will get a margin call requiring the deposit of more cash or securities with the broker.
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Power, William

Full text: [Wall Street Journal] Aug 15, 1990

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Stock Prices Edge Up 0.99 Point as Mideast Tensions Seem to Ease

The Dow Jones Industrial Average, which swung within a trading range of more than 30 points over the course of the session, closed 0.99 higher at 2747.77. Broader measures, which trailed badly Monday as the Dow Jones industrials advanced 30.20, fared a bit better than the 30-stock measure in the latest session. Standard & Poor’s 500-Stock Index gained 0.55 to 339.39, the New York Stock Composite Index rose 0.47 to 186.10 and the Dow Jones Equity Market Index added 0.51 to 314.55. Advancing issues topped decliners on the Big Board by 852 to 640. Volume amounted to 130,320,000 shares, up from 122,820,000 Monday but well below the totals set earlier this month when prices plummeted. “There’s just a lot of waiting and seeing going on here,” said Robert S. Robbins, a market strategist and technical analyst at Robinson-Humphrey Co., Atlanta.
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Wilson, David

Full text: [Wall Street Journal] Aug 15, 1990

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CBOT to Introduce Futures Tied to Japanese Markets

The exchange said it will launch long-term Japanese Government Bond futures and futures-options trading Sept. 27, along with its so-called TOPIX futures and options, which will be based on the Tokyo Stock Price Index.
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Full text: [Wall Street Journal] Aug 15, 1990

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AmBase to Sell Home Insurance Unit To European Investors for $544 Million

Under the agreement, which includes Home Insurance subsidiaries Gruntal Financial Corp., Sterling Forest Corp., US International Re and Commonwealth Insurance Co., Vik Brothers will also assume $76 million of AmBase’s corporate debt. The proposed deal leaves in place $285 million of Series A cumulative preferred stock of Home Insurance. The sale of Home Insurance, which had been on the block since February, leaves AmBase essentially a thrift holding company. In March, its board ousted Marshall Manley, one of the insurance industry’s highest-paid executives, as president and chief executive officer. Mr. Manley had embarked on an acquisition spree in 1985 in an effort to get AmBase into a variety of financial services. But the strategy didn’t impress Wall Street; the company’s stock price has tumbled about 75% since 1986. By the time the deal is completed, AmBase’s debt is expected to stand at $730 million. The company said it will use the proceeds from the sale to help pay off that debt. AmBase will also sell in the open market preferred stock in Home Insurance with a face value of $124 million, a company spokesman said.
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By Kathleen Deveny

Full text: [Wall Street Journal] Aug 15, 1990

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King’s visit boosts markets but prices remain mixed

The Dow Jones average of 30 industrials in New York fell 0.25 points after three hours of trading to 2,747.52 while the Toronto Stock Exchange 300 composite index gained 8.46 to 3,505.98. The Vancouver index lost 1.39 points by mid-morning to 755.14. Analysts said U.S. markets are reacting favorably to the visit by Jordan’s King Hussein to the United States. Hussein was carrying a letter from Iraqi President Saddam Hussein to President Bush. Speculation that the Mideast situation might be easing prompted a stock rally in Japan. The key index on the Tokyo Stock Exchange, the Nikkei, closed 5.4 per cent higher. Stock prices also were higher in London.
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Full text: [The Vancouver Sun] Aug 15, 1990

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Tokyo’s Nikkei Index Up 1,439.59, or 5.4%

Peter G. Grennan, a senior vice president at Shearson Lehman Brothers, said that stocks had been in a holding pattern since last Tuesday in an attempt to change direction. ”The success in changing near-term direction will depend on near-term movement in bonds and any positive development coming from the Middle East,” he said. Today, data on industrial production for July, capacity utilization for July and inventory and sales for June are scheduled to be released. ”Presently the market is interested in the immediate future, not the immediate past,” Mr. Grennan said. ”And economic statistics have less of an influence, but if today’s figures are way off Street expectations, it could bring the market’s attention back to the economy and away from the Middle East.”
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HURTADO, ROBERT

Full text: [New York Times] Aug 15, 1990

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STOCK PRICES MOVE HIGHER

Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 160.91 million shares. Jon Groveman, head of equity trading at the New York brokerage Ladenburg, Thalmann & Co., said the market rallied on the news that Jordan’s King Hussein was on his way to the United States to confer with President Bush over the Iraqi situation. Standard & Poor’s industrial index rose 0.78 to 400.84, and S&P’s 500-stock composite index rose 3.32 to 338.84.
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Full text: [Journal Record] Aug 15, 1990

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BARGAIN-HUNTERS PROP UP PRICES

Once again, provident funds took advantage of discounted stock prices, while mutual-fund participants proceeded to cash in their holdings. According to the manager of one of the large mutual funds, provident funds purchased approximately NIS 100 million worth of stock in the last week, while individuals redeemed almost NIS 300m. of their holdings in mutual funds.
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Galit Lipkis

Full text: [Jerusalem Post] Aug 15, 1990

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Stock prices inch up

Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 160.91 million shares. Jon Groveman, head of equity trading at the New York brokerage of Ladenburg, Thalmann & Co., said the market rallied on the news that Jordan’s King Hussein was on his way to the United States to confer with President Bush over the Iraqi situation.
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Full text: [Houston Chronicle (pre-1997 Fulltext)] Aug 15, 1990

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Stocks edge up; Mideast, dollar weigh on traders

Stock prices moved slightly higher Tuesday, but worries over the Middle East conflict and a sharply lower dollar held gains in check. The Dow Jones industrial average added .99 of a point to close at 2747.77. In the broader market, gaining stocks led losers 4 to 3 on light New York Stock Exchange volume of 130.3 million shares, up from 122.8 million Monday. The dollar posted a record low of 1.5608 marks in afternoon trading before rebounding to close in New York at 1.5640 marks, still well below Monday’s close of 1.5760. Previously, the dollar’s lowest level since currencies were realigned after World War II was 1.5620 marks on Jan. 4, 1988.
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Chicago Tribune wires

Full text: [Chicago Tribune (pre-1997 Fulltext)] Aug 15, 1990

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Major Banks Seeking to Calculate Profitability of Products, Clients

In an attempt to bolster stock prices and allocate capital more effectively, major banks are building sophisticated information systems that measure the profitability of individual products, customers and lines of business.
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Layne, Richard

Full text: [American Banker] Aug 15, 1990

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