United Air Group’s Bid Extended

”UAL emphasized that – especially in light of events in the Middle East, state of the financial markets and softening economy – there can be no assurance that a transaction can be completed,” the statement said. Should the offer collapse, the company’s stock might well slide sharply, further alienating stockholders, who have seen the value of their shares decline sharply in recent weeks. Within the last 12 months, UAL’s share price has been as high as $294. ”[Gerald Greenwald] will have to present the board with an outline that is very doable,” said Sharon Kalin, president of Athene Coronado Management Inc., a big New York money-management firm that has a significant stake in UAL.
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ERIC N. BERG, Special to The New York Times

Full text: [New York Times] Aug 9, 1990

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Tokyo Stocks Fall Sharply On Worries About Mideast

The Tokyo stock market had rebound strongly yesterday after losing more than 10 percent of its value in the four previous trading days since Iraq invaded Kuwait. But today’s severe drop offset yesterday’s gain of 856.07 points in the Nikkei average. In other financial markets yesterday, there were mixed reactions to President Bush’s announcement that American forces would go to Saudi Arabia and to rumors that the United States had bombed Iraq’s capital, Baghdad. In West Germany, the Frankfurt bourse’s blue chip index, the DAX, fell 46.67 points, or 2.6 percent, to 1723.63. The market, traders said, was whipped by rumors and closed before Presdent Bush made his televised speech in the United States.
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FUERBRINGER, JONATHAN

Full text: [New York Times] Aug 9, 1990

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Oil Markets Ease; Stock Prices Rise

Oil prices fell and the stock markets in New York and Tokyo steadied on Aug 8, 1990 after the US decision to send troops to Saudi Arabia and reports that the oil-rich kingdom would increase its production.
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Hershey, Robert D Jr

Full text: [New York Times] Aug 9, 1990

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Market Place; Mixed Feelings On Bank Stocks

With the downward trend in prices so well established, and ample warnings from bankers that losses on real estate loans might worsen, Mr. [W. Anthony Hitchler] said, ”the risk of client displeasure is just too great” to begin buying. ”I want to diversify out of the mid-Atlantic and Southern regions,” he added, ”but first I want to see some stability.” As bank stock prices tumbled in recent weeks, bankers and Wall Street analysts began attributing much of the decline to speculative selling by ”hedge funds.” These privately owned funds try to protect their speculative trading positions by ”hedging” in the futures or options markets or in stocks of companies in the same industry. Operators of hedge funds say that blaming them for the weakness in bank stocks is a facile explanation. ”If bank managers are looking outside their companies for explanations of why their stock is down, they should take a second look,” said Joseph L. Feshbach, general partner at Feshbach Brothers, a hedge fund operator based in Palo Alto, Calif. ”Their stocks are down for lots of good reasons, starting with the fact that their financial performance has been nothing short of disastrous.”
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Quint, Michael

Full text: [New York Times] Aug 9, 1990

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Dow Rises 24.26 Points as Oil Prices Drop

”Confidence is a big factor in the stock market,” said Peter G. Grennan, a senior vice president of Shearson Lehman Brothers Inc. ”It gives the market resiliency, which was evident today. So far the President’s firm handling of the situation has been good for the market.” Drug stocks, a traditional institutional favorite because they are not as susceptible to market swings as other stocks, also rallied. Merck & Company rose 2 1/4, to close at 85 1/8; Eli Lilly & Company, was up 2 5/8, to close at 78 3/8; Johnson & Johonson, was up 1 7/8, to 67 1/8, and Bristol-Myers Squibb, was up 1 3/8, to 61 1/2 UAL’s stock rose 13 1/2, to close at 114 1/2, on expectations that the company’s board might grant the employee group seeking to buy the company a 30- to 90-day extension to help arrange its financing.
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HURTADO, ROBERT

Full text: [New York Times] Aug 9, 1990

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Confrontation in the Gulf; OIL MARKETS EASE; STOCK PRICES RISE

”I’m asking the oil companies to do their fair share,” the President said in a broadcast to the nation yesterday morning. ”They should show restraint and not abuse today’s uncertainties to raise prices.” ”We hope the market will stabilize during this time,” George Babikian, head of the Los Angeles-based company’s refining and marketing division, said in a statement, ”but if at the end of the week our position is out of line with world market prices, we will have to recognize that fact.” ”Sometimes the oil companies never learn,” Senator [Bob Dole] declared. ”They’re just asking for some kind of excess-profits or windfall-profits tax.”
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ROBERT D. HERSHEY Jr.

Full text: [New York Times] Aug 9, 1990

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Bank Employees Left in Limbo by Merger Doubts Slump: The fall in bank stock prices has cast a pall over the planned merger of La Jolla Bank & Trust and Security Pacific.

Last year, the two banks agreed to a $15-per-share buyout of La Jolla Bank & Trust by Security Pacific. Each share of La Jolla Bancorp was to have been exchanged for $15 worth of Security Pacific stock as long as Security Pacific shares maintained an average minimum price of $38.25 during the five trading days up to and including Aug. 20. The deal, which received shareholder approval in June, seemed a foregone conclusion until the drop in Security Pacific stock in recent weeks suddenly made the deal less attractive to La Jolla Bancorp shareholders. Security Pacific stock closed Wednesday at $30.75 per share, up $.625. If the stock were to trade at this level for the five days ending Aug. 20, La Jolla Bancorp shareholders would receive $12.25 in Security Pacific stock, instead of $15 per share. [Ed Sondker] declined to comment on whether the bank is negotiating with Security Pacific to sweeten its offer to ensure a stock swap value of $15 per La Jolla Bancorp share. He pointed out that several analysts have been quoted as saying that the deal, even at the reduced price, is still a good one for La Jolla Bancorp shareholders.
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CHRIS KRAUL

Full text: [Los Angeles Times (pre-1997 Fulltext)] Aug 9, 1990

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STOCK PRICES RISE AS MARKETS ASSESS CRUDE AVAILABILITY

In the currency markets, the dollar was down against the Japanese yen but up against most European currencies. The dollar fell 0.60 yen to 150.00 yen in Tokyo but was quoted in London at 150.15 yen. It slipped again in New York, closing at 149.90. The U.S. currency rose against the German mark, the British pound and the Swiss franc. The full economic implications of the turmoil caused by Iraq’s invasion and subsequent occupation of Kuwait are unknown. There has been speculation, however, that the struggling U.S. economy could be pushed into recession. The slide in petroleum prices sparked a selloff in energy stocks. The contract for September delivery of West Texas Intermediate, the benchmark grade of U.S. crude oil, pulled back by $2.35 to $25.96 a barrel on the New York Mercantile Exchange.
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Full text: [Journal Record] Aug 9, 1990

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TOTAL Resources (Canada) Ltd. Acquires Shares of TOTAL Energold

TOTAL Resources (Canada) Limited of Calgary, Alberta, a wholly owned subsidiary of TOTAL Compagnie Francaise des Petroles of Paris, France, announced that it has acquired Thursday through the facilities of The Toronto Stock Exchange 1,000,000 common shares of TOTAL Energold Corp. at a price of $1.80 per share. In addition, through previous acquisitions made on The Toronto Stock Exchange commencing in June 1990, TOTAL Resources acquired 281,600 shares of TOTAL Energold at prices ranging between $1.45 and $1.90. (excerpt)
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de Boos-Smith, Phillip

Full text: [Business Wire] Aug 09, 1990

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LDI Announces Stock Repurchase Program

August 9, 1990 — The Board of Directors of LDI Corporation (NASDAQ: LDIC) today approved a stock repurchase program under which the company may acquire up to 300,000 shares of its common sotck on the open market or in privatley negotiated transactions. Chairman and Chief Executive Officer Robert S. Kendall said, “The Board feels that based on the current price of stock, which it believes to be undervalued, the program is a positive investment for the company and will benefit all shareholders.” LDI has 6,453,000 common shares outstanding. (excerpt)
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Kish, Jerry E.

Full text: [Business Wire] Aug 09, 1990

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Market recovers as oil outlook brightens

Stock prices gained ground around the world as traders searched for bargains and expressed relief that events in the Persian Gulf appeared to show signs of stabilizing, despite the virtual shutoff of oil from Iraq and its occupied neighbor Kuwait. Experts said Iraq and Kuwait together produced about 4 million barrels of crude daily, but increased Saudi production could cover about 50 percent of that. A number of other oil producers, including Venezuela, Mexico, Iran and Nigeria, also indicated they could up production. In the currency markets, the dollar was down against the Japanese yen but up against most European currencies. The dollar fell 0.60 yen to 150.00 yen in Tokyo but was quoted in London at 150.15 yen. It slipped again in New York, closing at 149.90. The U.S. currency rose against the German mark, the British pound and the Swiss franc.
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Full text: [Austin American Statesman] Aug 9, 1990

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Finance: stocks; stocks: most bank equities aren’t growing in value

The stock market is suspicious of big banks’ performance, as evidenced by the fact that none of the 50 largest banks have higher priced shares in August 1990 than in August 1989 and that only 10 have experienced a share gain in the last two years. The biggest stock price decreases are at banks which have lent heavily in the souring Mid-Atlantic region, including Bank of Boston Corp. and Midlantic Corp. (Edison, NJ). The biggest two year increase was experienced by BankAmerica Corp. (San Francisco). Some banks’ stock has recently appreciated slightly, including that of Wells Fargo & Co. (San Francisco) and Bankers Trust New York Corp. (New York City).
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Matthews, Gordon

Full text: [American Banker] Aug 9, 1990

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Market Ends Higher as Technologies Spur Continued Rebound; Intel Up 2 1/8

The market’s recent sell-off caught the OTC technology group already weakened by a string of earnings disappointments and pushed them lower than they deserved, traders say. Now those stocks are outperforming other shares as the market climbs back. The Nasdaq Composite Index gained 5.25, or 1.3%, to 412.98, while the Nasdaq Industrial Index, which is more heavily weighted with technology issues, surged 1.6%. Meanwhile, the New York Stock Exchange Composite Index added only 0.45%. Intel gained 2 1/8 to 39 1/4 after Merrill Lynch reiterated its investment rating on the stock. Merrill Lynch analyst Thomas Kurlak told the brokerage firm’s sales force yesterday that “Intel’s stock price has fallen nearly enough to discount a 1991 recession impact on its earnings.”
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By Craig S. Smith

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

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Investment Dartboard: For Pros, It’s Business as Usual — Almost

“If this thing in Kuwait does not escalate into something really frightening,” the Dow Jones Industrial Average will probably stabilize around 2400 to 2600, said R. Jerry Falkner. Mr. Falkner, the contest’s winner for the six months ended in July, is director of research for Southeast Research Partners in Boca Raton, Fla., an affiliate of Dominick & Dominick. He said rising oil prices will probably “tip us over into a recession.” “I didn’t expect very much {from the market} before, and now I expect even less,” said John Doney, chief investment officer for stocks at National Securities & Research Corp. The Greenwich, Conn., firm manages close to $2 billion in mutual funds. Unless the Mideast crisis escalates, Mr. Doney thinks it won’t hurt stock prices much further. But he “figured stocks were fully priced” this summer, and noted that “earnings estimates are coming down.” Alden Stewart, who runs the $1.5 billion growth-stock account at Equitable Capital Management Corp. in New York, said that if the Persian Gulf turmoil is resolved quickly, “The market for growth stocks looks pretty good.” But if the U.S. gets bogged down for months in the region or if Iraq escalates the conflict through terrorism, it’s a different story.”
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By John R. Dorfman

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

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British Telecom Shows 17% Rise In Pretax Profit — Revenue Increases Slowly, But Cost Control Helps To Boost the Earnings

The pretax increase, to #741 million ($1.4 billion) from #635 million a year earlier, came despite a sluggish British economy and slower growth in telephone revenues. But the company’s labor and pension costs grew at a slower pace — suggesting to analysts that the bureaucratic phone giant is at last managing to control its costs. “The company’s actually doing well at holding down costs,” said London-based analyst Richard Ryder of Salomon Brothers Inc. He and other London analysts interpreted the first-quarter numbers as a sign that the company’s profit this year may suffer only minimally from the rocky British economic conditions. Reflecting that sentiment, British Telecom’s stock price rose five pence a share to 292 pence late Thursday on London’s stock exchange.
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By Richard L. Hudson

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

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Frank Lorenzo Steps Down at Continental Air

NEW YORK, Aug. 9 — Frank Lorenzo, the pioneering, widely vilified chairman of Continental Airlines, today agreed to step down in return for a $30 million payment, saying the airline was better off without him. Scandinavian Airlines System (SAS), which already owns 9.9 percent of Continental’s parent company, will buy most of Lorenzo’s stake, paying more than three times the market price of the stock before the deal was announced. Although SAS said it will not control Continental, its president is considering an offer to become the company’s “nonexecutive” chairman. (excerpt)
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McCartney, Robert J.
Day, Kathleen

Full text: [The Washington Post] Aug 10, 1990

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Pezim looks forward to venting feelings in insider trading case

[Murray Pezim]‘s chief geologist, Chet Idziszek, has testified that he gave Pezim daily progress reports, but there has been no direct evidence that any of the three men received assay results until they were released to the public. Prime, commonly referred to as Pezim’s flagship company, controlled Calpine, which owned a half interest in the Eskay Creek property. Under Prime’s stewardship, Calpine made a dazzling gold discovery last summer and the stock prices of both companies soared. Wynton Derby, lawyer for Pezim, pointed out several inconsistencies in the report, and accused [Herbert Drechsler] of emphasizing good assay results and ignoring bad ones. “I’m going to tell you at the end of this cross-examination that this is a very biased, bogus report,” he fumed.
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DAVID BAINES

Full text: [The Vancouver Sun] Aug 10, 1990

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Buyout extension heartens workers at United Airlines

Without the deadline extension, the bid to make United the world’s largest employee-owned company would have expired yesterday. The buyout group blamed its failure to line up loan commitments on the Middle East crisis, which it said had “slowed the progress of its discussions with financing sources,” according to a statement issued Wednesday by UAL. The Iraqi invasion of Kuwait last week has caused airline fuel prices to soar and airline stock prices to drop, presumably making United a greater credit risk.
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Full text: [Star Tribune] Aug 10, 1990

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Iraqi invasion hit all sectors of economy

Iraq’s lightning invasion of Kuwait Aug. 2 sent shock waves through virtually every sector of the U.S. economy, from the caucus rooms of Washington to the wheat fields of Kansas. * OIL: Crude oil prices topped $28 a barrel on the New York Mercantile E xchange this week before falling back. As of Thursday afternoon, the U.S. benchmark was $25.65, an increase of 19 percent over the pre-invasion price. * FINANCIAL MARKETS: Stock prices were boosted off their lows by news of increased U.S. involvement in the Mideast conflict, but buying has focused mainly on safe-haven issues such as food and pharmaceutical companies.
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Full text: [San Antonio Express-News] Aug 10, 1990

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Market Place; A Good Deal? Yes, for Lorenzo

At a news conference, Mr. [Frank Lorenzo] expressed no guilt over the fact that he is getting a price not available to other shareholders, to whom he had a fiduciary responsibility as chairman and chief executtive. ”We’re selling and being denied the upside here,” he said. ”Our shareholders are not.” In a statement distributed by the company, Mr. [Carl R. Pohlad] praised Mr. Lorenzo. ”Frank has provided an entrepreneurial spirit and dynamic leadership to this company for many years,” he said. ”Our board appreciates his vision and tireless efforts, which have benefited not only Continental and its people, but the entire traveling public.” The statement identified Mr. Pohlad as a director of Continental, but did not mention his own stake in Jet Capital. The recent plunge in Continental’s share price, which was $11.50 at the end of 1989, and $7.25 as recently as mid-June, had reflected concerns over the future of the highly leveraged airline. Mr. Lorenzo said the price fall was ”irrational,” and added that, ”This is not in any way a bailout.”
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Norris, Floyd

Full text: [New York Times] Aug 10, 1990

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