Hasbro Plans to Buy Back Up to 30 Million Stock Shares

Toy maker Hasbro Inc. of Pawtucket said yesterday it plans to buy back up to 3 million of its shares, or up to 5.2 percent of its 57.86 million shares outstanding, saying the stock is undervalued. Hasbro will buy the shares from time to time in the open market or in private transactions. It is the first such stock buyback plan in the company’s history, chief financial officer John T. O’Neill said in a telephone interview. “Hasbro clearly feels that the stock is undervalued and that for the company, it’s a good investment at this time,” he said. (excerpt)
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Downing, Neil

Full text: [Providence Journal] Aug 25, 1990

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Dow Gains on Peace Sentiment

Stock prices advanced briskly on Aug 24, 1990, posting their first gain after three days of heavy losses. The Dow Jones Industrial Average rose 49.50 points to 2532.92.
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Cole, Robert J

Full text: [New York Times] Aug 25, 1990

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Dow Gains On Peace Sentiment

”I base it all on crude oil,” said Peter G. Grennan, senior vice president of Shearson Lehman Brothers. ”If crude had continued going up you wouldn’t have seen such a dramatic turn in the market now.” Crude oil futures traded yesterday between a high of $31.60 a barrel and a low of $30.75 before ending the day at $30.91, off $1.02. He noted that Iraqi troops had surrounded the American Embassy in Kuwait City but that the deadline for diplomats to leave had been extended. ”So,” he said, ”it looks less likely that there’ll be a military flare-up, in the short term, anyway.” ”The price of oil is now high enough,” he said, ”that people are wondering how high it’ll go without a shooting war, so it stabilized.” Continuing a trend that could deepen after a sharp run-up, oil stocks tumbled for the second day. ARCO fell 3 5/8, to 134 7/8; Chevron slid 1 3/8, to 74 1/4; Amoco dropped 1 3/4, to 54, and British Petroleum fell 2 7/8, to 81 1/8.
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COLE, ROBERT J.

Full text: [New York Times] Aug 25, 1990

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Wall Street Rebounds Past 2500

Stock prices staged a sharp rally near the close on Aug 24, 1990 in what analysts described as a technical rebound from the market’s free-fall of the past several weeks.
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Full text: [Houston Post] Aug 25, 1990

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Bargain-hunters, institutions host surprise stock rally

A late rally that surprised many traders moved stock prices sharply higher Friday to close perhaps the most painful week on Wall Street since October 1987. The Dow Jones industrial average ended up 49.50 points to 2532.92, staying in positive territory all day. Advancing stocks led decliners 3 to 2 on New York Stock Exchange volume of 199 million shares, down from 250.4 million Thursday. Charles Schwab’s Dale Tills said the majority of the stock market’s strength came from short-sellers who were buying stocks to pay back their loans. In short selling borrowed stock is sold in the hope it can be bought later at a lower price, before it must be repaid.
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Chicago Tribune wires

Full text: [Chicago Tribune (pre-1997 Fulltext)] Aug 25, 1990

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THE MARKETPLACE

Market manages gainNEW YORK Stock prices staged a sharply rally near the close Friday in what analysts described as a technical rebound from the market’s free-fall slide of the past several weeks. The Dow Jones average of 30 industrials, which had plunged 173.02 points over the three previous sessions, climbed 49.50 to 2,532.92. The average finished the week with a net loss of 111.88 points. Bonds continued downward. The Treasury’s key 30-year issue fell 7|32 point or about $2.19 per $1,000 in face amount. Its yield reached 9.15 percent. Firms buy back stockNEW YORK The stock market’s depressed levels opened the door Friday for a number of companies to launch or extend stock buyback programs. A.O. Smith Corp., which had suspended a share repurchase program in June 1989, said it was resuming stock buybacks.
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Full text: [Anchorage Daily News] Aug 25, 1990

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Scared by Slowdown? Experts Offer Advice;Suggestions for Coping With Economy Vary

Long-term investors should carefully consider what industries are likely to do well in the 1990s. “We are back to goals and objectives-looking for longer-term themes for the 1990s,” [Robert Hewitt] said. Some industries that Hewitt thinks will prosper over the long haul are oil, health care and the environmental industry. “The whole investment community is sitting on a knife-edge at this point,” added [Henry Gooss], who said he is most concerned right now about weakness in the economy. That’s why, Gooss said, “we are not making new commitments to the {stock} markets right now.” Here are some of the optimists: Michael Metz, the stock market strategist at Oppenheimer & Co., said that-barring any increased hostilities in the Middle East-stock prices could be bottoming right now. “I think we’ve just about washed out the sellers,” said Metz, who added that the stock market has already discounted the possibility of a recession.
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John Crudele

Full text: [The Washington Post (pre-1997 Fulltext)] Aug 26, 1990

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Health Firm Tries to Regain Its Health

Once a fast growing provider of mental health, substance abuse and physical rehabilitation services, Comprehensive Care Corp is mired in staggering losses and a plunging stock price. Last week, six of seven directors were ousted in a proxy fight.
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Steyer, Robert

Full text: [St. Louis Post - Dispatch] Aug 26, 1990

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Get the scoop on the `Light Line’

“For instance, we have established a Saudia Arabia Info Line (7010) for friends and relatives of military personnel stationed in the Middle East. This line is intended to provide a means for exchange of useful information among friends and relatives of military members in the area.” In what is sure to be one of the service’s more popular offerings, stock prices that are current within 30 minutes will be available via the Stock Quote Hotline (9910). This line uses Standard & Poor’s ticker symbols for any stock on the New York, American or NASDAQ exchanges.
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Full text: [San Antonio Express-News] Aug 26, 1990

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SLOW CONSTRUCTION, SALES CUT INTO STATE ECONOMY

“In June, four of the six components of Crestar’s coincident index declined in contrast to May when only two components fell. The four components that declined in June were employment and inflation-adjusted retail sales, checking account activity and average hourly manufacturing wages,” said Alan M. Gayle, the bank’s chief economist. “Of greater concern, though, is the slowing growth in the service sector because it comprises the largest portion of employment. Services have led the state through the current expansion, and there is no indication that any other sector will take its place in fueling growth,” Gayle said. unemployment claims (in this case, lower is better), new-auto registrations, Virginia stock prices, inflation-adjusted residential building permits and the average weekly hours in manufacturing,” Gayle said.
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Ed Crews

Full text: [Richmond Times - Dispatch] Aug 26, 1990

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World Markets; Even Norway Takes a Nose Dive

Since the invasion on Aug. 2, the All Share index has dropped 14.9 percent while the stock markets in two other major energy producers and exporters – Canada and Australia – have fallen 5.8 percent and 7.5 percent, respectively. (The Financial Times index for Norway has fallen less because it includes fewer stocks and a different mixture than the All Share index, which gives a greater weight to oil stocks.) The Oslo shipping index has fallen 28.6 percent since the invasion. The stock of Bergeson, the biggest shipper with the largest exposure in tankers used in the Gulf, was at 225 kroner before the invasion. It was at 150 kroner Friday, down 33.3 percent. Storli, a smaller shipping company, has fallen, 38.5 percent, from 195 kroner to 120 kroner. Shipping companies have been rocked by the rise in oil prices and the embargo of Iraqi and Kuwaiti oil. The embargo helped send the price of oil over $30 a barrel and sharply raised the cost of fuel for the tankers. The bunker or fuel costs have doubled in the last two weeks, said Peter Lawrence, an analyst at James Capel Ltd. in London. ”The Norwegian market ignores that there are other ships in the shipping business than tankers, and the reaction is in line with the freight rates,” said Jeremy Gaston of Svenska International P.L.C. in London.
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Fuerbringer, Jonathan

Full text: [New York Times] Aug 26, 1990

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MARKET WATCH; Hussein Has The Market Over a Barrel

”The markets are worrying that there will be a prolonged and messy confrontation,” said Edward Yardeni, the chief economist of Prudential-Bache Securities, who previously had voiced hopes that Iraq would back down and withdraw from Kuwait without violence. But, he said, ”the optimistic story, for the markets, now is that there will most likely be a military confrontation” – one that ends quickly. While there is no oil shortage now, that situation is not sure to continue as winter approaches. ”Saddam Hussein knows the supply-demand balance will work in his favor,” said William L. Randol, an oil analyst for the First Boston Corporation. That advance came after some indicators of stock market sentiment had reached their lowest levels in years. ”It’s hard to imagine pessimism getting greater than it is right now,” said Donald M. Fishback Jr. of Investment Research Institute, a Cincinnati firm. ”And we know from experience that when pessimism reaches an extreme, stocks make important bottoms.”
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Norris, Floyd

Full text: [New York Times] Aug 26, 1990

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Sinking stock market spurs bear sightings

The steep decline in stock prices this summer has left investors staring into the jaws of what some say may be Wall Street’s first sustained bear market in nearly a decade. Today’s generation of stock traders and analysts is by no means unaccustomed to the phenomenon of falling markets. Most of them were around for the Crash of 1987, which provided all the conditions you could want for a baptism by fire. That debacle produced a 36 percent drop in the Dow Jones industrial average, enough to rank prominently on any list of modern-day market declines.
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Full text: [Chicago Tribune (pre-1997 Fulltext)] Aug 26, 1990

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WRONG TIME FOR WHOLESALE STOCK SELLING UNLESS AS TAX LOSS

Q. Analysts recently have suggested that bank stocks are undervalued, so I have been looking at them and find the relationship between the common stocks and the preferred totally bewildering. For example, Bank of Boston common produces a yield of 12.2 percent while the preferred issues range from 12.8 to 13.9 percent. Similarly, Fleet/Norstar common yields 8.8 percent while its preferred range from 10.3 to 10.7 percent; Citicorp common 9.1 percent, preferred 10.3 to 11.1 percent. I always thought preferred stocks were a better risk and, thus, produced lower yields. What’s going on here? By contrast, last December one issue of the bank’s preferred traded for $32.25 with a dividend of $3.26 and a yield of 10.8 percent; the other issue traded for $31.50 with a dividend of $3.24 for a yield of 11.5 percent. Last Monday the same issues (with, of course, no change in the dividends) traded for $27.50 to yield 11.9 percent, and $26 for a 12.5 percent yield. The next day, the figures were $26.75 for a 12.2 percent yield and $25.25 for a yield of 12.8 percent. Note that the preferred also have dropped in per share price but this drop was much lower than the 50 percent drop in the common. Even if the trading price of common stock slips even lower and the dividend remains the same (as seems likely), the yield will exceed dividends on the preferred. If the common gets back to the Dec. 31 price of $19 and a yield of 6.5 percent, the preferred shares will regain the more normal higher yield and lower risk. You can run the same analysis and find the same yield patterns for the common and preferred stock prices of Fleet/Norstar and Citicorp.
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Beatson Wallace

Full text: [Boston Globe (pre-1997 Fulltext)] Aug 26, 1990

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Tokyo, London Post First Gains in Seven Sessions; Most Continental European Markets Also Advance

The Nikkei Index of 225 issues was up 428.13 points at 24165.76, helped by buying focused on blue-chip issues in the late afternoon, traders said. The index plunged 1473.28 points Thursday. In Friday’s trading, volume on the first section was estimated at 550 million shares, up from 477 million Thursday. Declining issues still outnumbered gainers, 526-367, with 80 issues unchanged. But the Tokyo Stock Price Index of all issues listed in the first section, which plummeted 110.58 points Thursday, was up 16.47, or 0.90%, at 1845.72. After a weak opening, the Nikkei Index shot up nearly 750 points by midmorning. A Japanese news wire’s headline at the time said that Iraq was withdrawing from the Kuwait-Saudi Arabian border. However, participants soon learned from reports by other news services that Iraq wasn’t withdrawing but was replacing some elite troops at the border with less highly trained units.
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Full text: [Wall Street Journal] Aug 27, 1990

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‘New’ Fund American’s Portfolio Makes Its Stock an Oil-Patch Play

Fund American, which was called Fireman’s Fund Corp. until last December, agreed a few weeks ago to sell its insurance operations to the West German insurer Allianz for $3.3 billion. Fund American, based in Greenwich, Conn., will remain a publicly traded company, and its first move will be to buy back its former insurance unit’s stockholdings for $2.2 billion, which was the market value of the portfolio on May 31. The Allianz agreement initially drove Fund American’s stock price to a new high of 51 3/4, prompting many Wall Street insurance analysts to advise clients to unload their shares. The stock has since declined to 46 3/4. Now analysts say Fund American is beginning to look attractive, because its shares are trading at a significant discount to the value of the oil-rich fistful of stocks in the portfolio. If the insurance unit had been sold as of last Monday, says Ira Malis at Alex. Brown & Sons in Baltimore, the remaining company would have had a net asset value of roughly $65.15 a share. Based on his estimate, Fund American shares last Friday were selling at a 28% discount to the company’s worth, known in Wall Street jargon as the net asset value. Fund American will say only that the transaction should cause its book value to exceed $60 a share, based on its financial position as of last May 31.
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Hilder, David B

Full text: [Wall Street Journal] Aug 27, 1990

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Hot-and-Cold Pattern of Economic Data Is Likely to Continue During This Week

This week is likely to see a continuation of the economy’s up-and-down pattern. Today, for instance, analysts expect the Commerce Department to report that personal income in July rose by about 0.5%, slightly faster than the 0.4% gain in June. The main factor, according to Stephen S. Roach, senior economist at Morgan Stanley & Co., was an acceleration of wage earnings. Another report today, however, is expected to show that personal consumption in July rose by 0.5%, down from a 1.0% gain in June. Nancy Lazar, an economist at C.J. Lawrence, Morgan Grenfell Inc., figures last month’s spending pattern was highly uneven: a 1.5% rise in outlays on durable goods other than automobiles and a 0.8% upturn in services, both partly offset by a 1.5% drop in autos, with no change in spending on nondurable goods. The performance of the index’s components in July, analysts say, was almost entirely negative. C.J. Lawrence analysts offer the following estimates for various index statistics: stock prices, down 0.1%; inflation-adjusted M2 money supply, down 0.3%; manufacturing hours worked, down 0.2%; vendor performance, down 7.9%; and consumer sentiment, down 0.1%. These declines, C.J. Lawrence says, more than offset a 0.2% gain in sensitive materials prices and a 0.8% drop in initial unemployment claims, resulting in a projected 0.2% drop in the index. The index will be announced Wednesday.
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Clark, Lindley H Jr

Full text: [Wall Street Journal] Aug 27, 1990

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Computer Maker Withdraws Public Stock Offering Plan

Computer maker Sun Microsystems Inc dropped its planned public offering of 5.9 million shares of new common stock because of a sharp dive in the stock’s price.
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Full text: [Wall Street Journal] Aug 27, 1990

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The Market: Death by a Thousand Cuts

According to an increasing number of investment analysts, a sustained decline in stock prices has begun. Only the ability of the Dow Jones Industrial Average to hold up has masked the trend.
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Egan, Jack

Full text: [U.S. News & World Report] Aug 27, 1990

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Stock prices climb as tensions ease: Crude oil and gold go down

The Dow Jones average of 30 industrials was up 81.93 points to 2,614.85 by mid-session today after Iraqi troops backed down from an ultimatum that U.S. embassy officials leave the country. About four million barrels of oil a day have been lost to the world market because of the international embargo on Iraqi and Kuwaiti oil. The sanctions were imposed after Iraq invaded and occupied Kuwait on Aug. 2. Inflation is the greatest fear of the bond market, since it erodes the value of the fixed-return securities. Inflation also worries stock traders, since it puts a squeeze on corporate profits and can lead to higher interest rates.
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Full text: [The Vancouver Sun] Aug 27, 1990

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