Stocks Slide As Oil Rise Continues

”Basically the focus is on the Middle East,” said Kenneth P. Ducey, senior vice president of S.G. Warburg & Company. ”The volume is lackluster and it looks like the economy isn’t going anywhere.” ”People want to see how the Middle East finally settles up,” he went on. ”Anything can happen and nobody wants to step up. The market could easily drop 100 points if something happens.” Heading the most-active list on the New York Stock Exchange, Motorola, the big electronics producer, plunged 7 5/8, to 61 1/2, after falling 2 the day before. Rajiv Chaudri, electronics analyst for Goldman, Sachs, cut his earnings estimate on Motorola on Wednesday and other investment houses followed. Referring to the economic slump, Reuters quoted David Angel, research director of Dataquest, as saying, ”We’ve got to batten down for heavy weather.”
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COLE, ROBERT J.

Full text: [New York Times] Sep 7, 1990

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COMPANY NEWS; Motorola Stock Plunges by 11%

Analysts also said Motorola, based in Schaumburg, Ill., predicted profits at its communications businesses were likely to be hurt by the economy.
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Reuters

Full text: [New York Times] Sep 7, 1990

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THE KING OF BANK STOCKS NOW CHARLES H. HOWARD 3D STANDS INDICTED FOR 1986 DEAL

[HOWARD]‘s specialty was stock in New Hampshire banks. Driven by the growth in the state’s economy, those stocks soared in the 1980s. “Suffice it to say, I am New England’s bank expert,” Howard told The Boston Globe in a 1984 interview. As is often the case, the New Hampshire bank boom ended in a crash. Stock prices plummeted in 1987, which led to big and embarrassing losses for local banks. Howard was dumped by many old clients; the executives who trusted his advice also lost their jobs. Howard was censured by securities regulators in Connecticut, Maine and Vermont in 1988 who charged him with operating without a license. Investigators have been looking into his activities for the past three years. The Globe reports that Howard helped procure personal investment loans for senior executives of two New Hampshire bank holding companies whose stock portfolios he managed. Howard directed executives of Amoskeag Bancshares Inc. and United Savers Bancorp to Suffield for their loans. In many cases, the executives used the borrowed funds to buy more bank stock through Howard’s firm. One executive, William S. Bushnell, Amoskeag’s chairman, borrowed $155,000 and bought shares in Coastal just days before the merger announcement.
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Charles Stein, Globe Staff

Full text: [Boston Globe (pre-1997 Fulltext)] Sep 7, 1990

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Despite Tisch, Analysts Don’t See Bottom Yet

Bank stocks have received renewed attention since the Tisch family disclosed its large positions in three beaten-down bank stocks. Analysts, however, say it is too early to expect a meaningful rebound in these stock prices.
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Vogelstein, Fred

Full text: [American Banker] Sep 7, 1990

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UAL rises on rumor

Paul Nisbet, the Prudential-Bache analyst, said he repeated a strong buy on UAL based on his belief that a buyout will materialize. He said Mr. Davis’ interest may be rekindled by the low stock price.
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Full text: [The Globe and Mail] Sep 8, 1990

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UAL Stock Jumps on Rumor Davis May Renew His Bid

[Marvin Davis], who withdrew an offer for UAL 11 months ago, may return to the bidding after the sale of Pebble Beach Co., owned by his real-estate partnership, for as much as $1 billion, the traders said. Paul Nisbet, the Prudential-Bache analyst, said he repeated a strong buy on UAL based on his belief that a buyout will materialize. He said Davis’ interest may be rekindled by the low stock price. Davis dropped out of the bidding for UAL last October 17, withdrawing his bid of $300 a share, or about $6.75 billion.
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Full text: [San Francisco Chronicle (pre-1997 Fulltext)] Sep 8, 1990

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Buyout speculation lifts UAL stock

[Marvin Davis], who withdrew an offer for UAL 11 months ago, may return to the bidding after the sale of the Pebble Beach Golf Links, owned by his real estate partnership, for as much as $1 billion, the traders said. A spokeswoman for the Los Angeles-based investor declined to comment on the rumors or on his current ownership in UAL. Paul Nisbet, Prudential-Bache analyst, said he repeated a strong buy on UAL based on his belief that a buyout will materialize. He said Davis’ interest might be rekindled by the low stock price.
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Reuters

Full text: [Orange County Register] Sep 8, 1990

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Dow Up 23.26 Points; Week’s Rise Is 5.19

”The market’s not focusing on developing evidence of a recession,” said David B. Bostian Jr., chief economist of Jesup, Josephthal & Company, ”but on the potentially positive aspect of the Bush and Gorbachev meeting.” Toys ”R” Us led the Big Board active list, falling 5/8, to 23 1/8, after Robert J. Schweich of Wertheim Schroder cut his earnings estimate. I.B.M. rose 3 1/8, to 105 1/2, after favorable comments by Shearson; Merrill Lynch; Smith Barney; Morgan Stanley and Sanford C. Bernstein.
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COLE, ROBERT J.

Full text: [New York Times] Sep 8, 1990

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CONSUMER’S WORLD: Guidepost; Reviewing Portfolios

For example, when the yield on bonds is higher and money rates are higher and stock prices are lower, as they are now, the best possible return of each has improved and there is very little reason to change. Strategists continue to favor stocks as the lead component in portfolios.
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Full text: [New York Times] Sep 8, 1990

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UAL’s Stock Soars $8 on Analyst’s ‘Buy’ Advice

The stock price of UAL Corp rose sharply on Sep 7, 1990 on the strength of an analyst’s “buy” recommendation, based on his belief that the employees’ effort to buy the company will succeed.
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Dallos, Robert E

Full text: [Los Angeles Times] Sep 8, 1990

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UAL’s Stock Soars $8 on Analyst’s `Buy’ Advice Airlines: The suggestion, based on a belief that an employee buyout will succeed, comes amid rumors of Marvin Davis’ renewed interest.

Rumors of [Marvin Davis]‘ renewed interest in UAL resulted from the sale earlier this week of Pebble Beach Co. by the Denver-based real estate partnership of Miller, Klutznick, Davis & Gray Co. to Japanese developer Minoru Isutani. The rumors grew out of a belief that Davis, the best-known member of the partnership, would now seek a place to invest his part of the proceeds. The sale was reportedly for $800 million to $1 billion, giving Davis much liquidity. Davis, who could not be reached for comment Friday, made a bid for UAL last year. A spokeswoman for the United Employees Acquisition Corp., the labor group seeking to buy UAL, declined to comment on the stock price rise. Last month, UAL’s unions were given an additional 60 days-until Oct. 9-to arrange financing for the deal. PHOTO: UAL STOCK SOARS: An analyst’s recommendation and rumors of renewed interest by investor Marvin Davis, above, sent the price up $8.; PHOTO: (Southland Edition D1) Marvin Davis
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ROBERT E. DALLOS

Full text: [Los Angeles Times (pre-1997 Fulltext)] Sep 8, 1990

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Davis bid speculation boosts UAL

Shares of UAL Corp. rose Friday on speculation that investor Marvin Davis may renew his interest in buying the parent of United Airlines. The stock of Chicago-based UAL climbed $8, to $100.25, on the New York Stock Exchange, a gain of nearly 9 percent. Paul Nisbet of Prudential-Bache repeated a strong buy on UAL based on his belief that a buyout will materialize. He said the low stock price may rekindle Davis’ interest.
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Chicago Tribune wires

Full text: [Chicago Tribune (pre-1997 Fulltext)] Sep 8, 1990

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Vidmark Profits Rise, but Stock Tumbles

Despite a sharp increase in annual revenues and profits, the stock price of Vidmark Inc has fallen more than 50% since the home video distributor went public in Jun 1990.
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Jeffrey, Don

Full text: [Billboard] Sep 8, 1990

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Analyst criticizes investor’s merger plan for Texas firms

The move was designed to strengthen the balance sheet of Valhi, [Harold Simmons]‘ investment vehicle, said J. Landis Martin, NL chief executive. Valhi, if the transaction is completed, would remain a publicly traded company and would wholly own NL Industries. Officials said NL’s stock price has ranged between $9 a share and $13 a share in recent weeks, after reaching a high of $27 in the past 52 weeks.
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Full text: [Austin American Statesman] Sep 8, 1990

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THE MARKETPLACE

Sales trim oil pricesNEW YORK Oil prices fell Friday as traders sold futures to pocket their profits from Thursday’s surge over $31 a barrel, but crude stayed higher for the week amid fears of supply shortages this winter. “There was really no news to go on,” said trader Ed Kevelson. “It was a Friday, so people were more likely to take profits.” Light sweet crude for October delivery fell $1.39 to $30.04 per barrel on the New York Mercantile Exchange. Alaska North Slope crude fell $1.45 to $29.20 per barrel.Stocks rally at week’s endNEW YORK Stock prices closed out a week of erratic swings with a moderate rally Friday as oil prices fell.
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Full text: [Anchorage Daily News] Sep 8, 1990

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Consortium to put heat on Dayton foundation // Strategy won’t include immediate boycott

“Nobody will be satisfied until they restore funding,” said Toni Tschann, chairwoman of the Minnesota Women’s Political Caucus and one of the leaders of the consortium’s efforts. “I think that’s reflected here by the numbers of leaders and individuals who got together and plotted a coherent strategy for impacting on Dayton’s and the Dayton Hudson Corp.” The decision to stop the donations coincided with an announcement by the Christian Action Council that it was targeting Dayton Hudson and 42 other companies in a boycott and letter-writing campaign to protest the companies’ support of Planned Parenthood. It is unclear what, if any impact, the council-led boycott had on the company, though Dayton Hudson officials had said the cutoff was not a response to the threat. The decision to reconsider came the same day that Elizabeth Holtzman, who oversees the New York City employee pension fund, a major Dayton Hudson stockholder, sent a protest letter to Kenneth Macke, Dayton Hudson’s chairman and chief executive officer. The letter expressed concern that the publicity surrounding the foundation’s decision could damage the company’s image and lead to a boycott that could hurt profits and stock prices.
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Cope Moyers
Staff Writer

Full text: [Star Tribune] Sep 9, 1990

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Troubled computer giant Unisys is ready to turn the corner

Still, the red ink keeps flowing. In July, Unisys reported a $45.1 million loss in the year’s first half after paying preferred-stock dividends. Two weeks ago, the company’s stock price plunged to a 52-week low after several industry analysts reduced their earnings forecasts. The cutbacks, losses and a Pentagon bribery scandal at the Unisys defense division are said to have taken their toll on morale among the company’s 78,000 employees. In a burst of optimism, W. Michael Blumenthal, the Burroughs chairman who engineered the merger, launched the renamed company on an ambitious plan to double annual sales to $20 billion by 1993. He predicted Unisys would rival International Business Machines Corp., the world’s largest computer-maker.
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Bart Ziegler, Associated Press

Full text: [Chicago Tribune (pre-1997 Fulltext)] Sep 9, 1990

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Pizzeria Uno: Can It Deliver in a Bear Market?

These are hard times for stocks. But bear market hand-wringers aside, West Roxbury’s Uno Restaurant Corp. is one of the restaurant industry’s hottest stocks. Trade publications refer to Uno’s executives as “Growth Gurus.” Analysts like Don Spindel of A.G. Edwards tell clients to buy Uno shares. Uno, an 77-unit chain of company-owned and franchise outlets, has clearly delivered, by a number of measures. In the past five fiscal years, earnings soared an average of 78 percent annually to $3 million; sales, meanwhile, rose 38 percent a year to $43.3 million. Operating profit, as a ratio of sales, ranges from 25 percent to 35 percent annually compared with about 20 percent for similar restaurants, figures Steven Rockwell, an Alex. Brown & Sons analyst. (excerpt)
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Gilman, Hank

Full text: [Boston Globe] Sep 09, 1990

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Area Public Companies Taking Hits in Market

At a time when the nation’s stock market is reeling under the uncertainties of the Middle East crisis, the majority of the Wichita area’s 20 publicly held companies are following the trend and continuing a year-old downward spiral. During a one-year period ending Aug. 29, 11 of the area’s 20 stocks have been driven down by depressed earnings and overall market conditions, while eight have shown marginal increases and one has shown no change. Several of those enjoying increased stock prices include energy companies — High Plains and Sage Drilling –which have been boosted in recent weeks by increased energy prices. But two in the banking and thrift business –Western Financial Corp. and Fourth Financial Corp. –have buckled under the weight of the savings and loan crisis and banking industry trends. (excerpt)
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Groene, Lee Ann
Mullins, Jesse

Full text: [Wichita Business Journal] Sep 10, 1990

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Stocks’ Long-Term Trend Is down, Technicians Say

For the first half of the year, many bullish investors ignored the yawning gap between the briskly advancing Dow Jones Industrial Average and the lagging broader market indexes. They looked the other way as New York Stock Exchange trading volume dwindled while the industrial average rose. “The market can’t keep rising when you have those kinds of divergences, but you never know when it will end,” Mr. [Timothy] Clark says. Though technical analysts were warning investors away from stocks even before the Dow set new records in July, “sometimes what’s needed is a catalyst” to bring about the sometimes-abrupt adjustment. Before the 1987 crash it was rising interest rates. This summer, it was Saddam Hussein. PUT-CALL RATIO: Many analysts follow the ratio of volume in put options (a bet that stock prices are headed lower) to the volume in call options (a bet that prices will rise). In a bull market, heavy volume in puts during an intermediate decline in the market suggests stock prices will soon resume climbing, they say. That’s because puts are popular with high-risk speculators who bet against the odds. But in a bear market, heavy put volume can be generated by conservative investors who are recognizing a trend.
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Winans, Christopher

Full text: [Wall Street Journal] Sep 10, 1990

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