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Doubts are setting in about the likelihood that First Maryland Bancorp will pursue its unsolicited $17-a-share bid for Baltimore Bancorp in light of the decline in Baltimore Bancorp’s stock prices. The stock traded at $8.875 on Aug 15, 1990.
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Matthews, Gordon
Full text: [American Banker] Aug 16, 1990
“There seem to be a fair number that want to get in,” said William J. Downes, a vice president at Keefe, Bruyette & Woods Inc. “I’m not saying they’re all going to want to issue in the next two weeks, but I think they will pick a number of points to issue between now and the end of the year.” “The banks that sorely need capital are capped out on subordinated debt,” Anne McDermott, an analyst at Kidder, Peabody & Co. “What they need is equity, which is impossible to raise given the depressed state of bank stock prices.”
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FRED VOGELSTEIN
Full text: [American Banker (pre-1997 Fulltext)] Aug 16, 1990
Stock prices buckled under the pressure created by signals of increasing tensions in the Middle East and evidence that U.S. inflation may have been on the rise even before the recent surge in oil prices. Growth stocks and recession-resistant consumer issues paced the market’s downturn, while oil and precious-metals stocks bucked the decline — a pattern which has prevailed since Iraqi troops invaded Kuwait two weeks ago. Among broader measures, Standard & Poor’s 500-Stock Index tumbled 7.67 to 332.39, the New York Stock Exchange Composite Index skidded 3.81 to 182.73 and the Dow Jones Equity Market Index fell 7.14 to 308.16.
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Wilson, David
Full text: [Wall Street Journal] Aug 17, 1990
A shareholder filed suit, charging AmBase Corp with disseminating false information about a special dividend to inflate its stock price.
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Full text: [Wall Street Journal] Aug 17, 1990
On May 14, AmBase said that it was suspending its quarterly common stock dividend but that it expected to pay a special dividend to shareholders when it closed the sale of Home Insurance. But Tuesday, when AmBase announced the sale of Home Insurance to Vik Brothers International, it also said it no longer expects to pay the special dividend.
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Full text: [Wall Street Journal] Aug 17, 1990
TORONTO – The Toronto stock market advanced slightly and Wall Street dropped sharply Thursday amid signs U.S. inflation is picking up and tension in the Middle East may be rising. Stock prices dropped sharply Thursday on Wall Street in moderate trading amid signs of rising inflation and increasing tension in the Middle East.
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Full text: [The Vancouver Sun] Aug 17, 1990
The Dow Jones average of 30 industrial stocks fell 66.83 points to 2,681.44. It was the lowest close of the market’s key indicator since the gulf crisis began. The Dow dropped about 20 points after the Labor Department reported that consumer prices were up sharply last month. Also, the Commerce Department said housing starts fell 2.6 percent in July to their lowest level since September 1982. GRAPH; GRAPH – Dow drops 66.83
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Bart Ziegler:The Associated Press
Full text: [Orange County Register] Aug 17, 1990
In Japan, share prices plunged today on the Tokyo Stock Exchange, where the key index closed 2.77 percent lower. Traders said investors were disappointed that Thursday’s meeting between President Bush and Jordan’s King Hussein failed to produce a breakthrough on Iraq. On Thursday, the Dow index lost 66.83 points, to 2,681.44, amid signs of rising inflation and increasing tension in the Mideast. GRAPH; GRAPH- Dow drops 68.63 Thursday
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The Associated Press
Full text: [Orange County Register] Aug 17, 1990
”Basically, the market was disappointed over the C.P.I. in the morning, which crept into the market all day, and that did not include data collected before the Iraqi invasion,” said Ron Schroeder, chief investment officer at J.&W. Seligman & Company. He expects the next consumer price report to be even higher because of the jump in oil prices following the Iraqi invasion of Kuwait. There was little program trading in advance of today’s ”double witching hour.” The double witching hour, as opposed to a triple witching hour, involves the simultaneous expiration of stock options, stock index options and the major-market index futures. The major-market index is made up of 20 blue-chip issues, but it is not as widely watched as the S.&P. 500. Instead, it is considered confirmation of the Dow because it has 17 of the 30 Dow stocks, including A.T.& T., I.B.M., General Motors, Coca-Cola and General Electric. Mr. Schroeder said there could be a bright side to yesterday’s activity. ”When the market reacts in the way it did, it does so in a broad-brush way, taking down stocks across the board and creating buying opportunities in certain stocks,” he said. Among the stocks he mentioned were Dillard Department Stores, which fell 1 3/8, to 82 5/8; Newell, off 7/8, to 26 3/8, and Tyco Laboratories, down 1 1/2, to 54 3/4.
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HURTADO, ROBERT
Full text: [New York Times] Aug 17, 1990
”Once the Mideast situation blows over, we think there will be a setback in gold prices, but then we think they’ll strengthen again based on other fundamentals,” he said. On the Chicago Mercantile Exchange, livestock and meat futures were mixed, as cattle traders evened up their positions before today’s monthly cattle-on-feed report is released by the Agriculture Department.
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The Associated Press
Full text: [New York Times] Aug 17, 1990
”We are facing an ugly combination of lousy growth and too much inflation,” said Donald Straszheim, an economist with Merrill Lynch & Company. ”And the Fed’s anti-inflation policy has been a failure.” ”The pressure will be on the Fed to ease credit next Tuesday,” said Mr. Straszheim of Merrill Lynch. ”The housing numbers indicate the economy is staggering and would suggest easing credit. But easing would be risky when we’ve got as much inflation as we have. My guess is that they will just stand pat for a while.” ”We are teetering close to the edge of zero or negative growth in the economy,” said Frederick Sturm, an ecnomist with Fuji Securities Inc. ”And if they wait until the economy is into a recession, they may have to ease willy-nilly. The time to take action is now. Perhaps they can say that they haven’t abandoned their anti-inflation policy, but may have to take a holiday from it.”
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LESLIE WAYNE, Special to The New York Times
Full text: [New York Times] Aug 17, 1990
The company’s seeming lack of preparation for the crucial committee hearing intensified criticism of Dr. [Robert A. Fildes]. ”This is the most important thing in the history of Cetus,” said Jeffrey Casdin, a biotechnology analyst with Oppenheimer & Company. ”For him to have allowed this to happen is inexcusable.” ”We’re not looking to sell, we’re looking for strategic alliances,” Mr. [Hollings C. Renton] said. ”We don’t think putting the company up for sale at $9 a share makes any sense,” he added, referring to the company’s stock price, which has been depressed by the recent developments. The stock closed today at 8 3/4, down 1/2. ”I don’t view Ron Cape as a permanent C.E.O.,” said Denise Gilbert, an analyst with County NatWest Securities in San Francisco. ”They are leaving the door open for a potential suitor or breakup.”
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ANDREW POLLACK, Special to The New York Times
Full text: [New York Times] Aug 17, 1990
The Dow Jones average of 30 industrial stocks fell 66.83 to 2,681.44. It was the lowest close of the market’s key indicator since the Mideast crisis began. Also, President [Bush] met with Jordan’s King [Saddam Hussein], but afterward the king said he had not made up his mind about complying with a United Nations embargo of Iraq. In addition, the king said he did not carry a letter from the Iraqi leader to Bush, as was previously reported. About 20 minutes before the close of trading, the Dow’s drop set off a market “circuit breaker” designed to prevent a freefall in prices. The mechanism, triggered by a 50-point Dow decline, bars sales connected to index-futures arbitrage until the prices of the stocks involved rise.
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Full text: [Journal Record] Aug 17, 1990
Eljer Industries Inc. has become a beast of burden of sorts. The Plano-based home-improvement and plumbing concern, which was spun off from Household International Inc. in April 1989, carries a heavy load of debt, legal troubles and slumping markets for its goods. Through it all, the company has managed to trudge onward and upward — 1989 sales were slightly higher than 1988′s, though profits fell to $1.03 a share from $1.58 a share. But the nation’s homebuilding industry, which fuels Eljer’s $430 million in sales, is in a big slump, and with the specter of a recession looming, some Wall Street watchers fear that Eljer’s stock may collapse under the weight. (excerpt)
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Paton, Huntley
Full text: [Dallas Business Journal] Aug 17, 1990
The Japanese economy is growing by more than 5% in real terms, and inflation is low. Across the world, Japanese firms are boosting market share. Even the 50% rise in oil prices would add only 0.5% to Japanese consumer prices. Yet, there is much turmoil on the Tokyo stock market. Between August 2, 1990, when Iraq invaded Kuwait, and August 16, 1990, the Tokyo market’s Nikkei index fell by 15%, more than double the declines on markets in New York and London. Investors are worried about the fragility of Japan’s financial system. Its share and property markets are built on shaky foundations. In the late 1980s, the combination of a loose monetary policy and an only partially liberalized financial system encouraged people to borrow to buy land and shares, pushing up collateral values and thus allowing more borrowing. Japan’s huge commercial banks are caught in the spiral. A Japanese crash could become a global one. Eight of the 10 largest banks are Japanese; they account for almost 40% of all cross-border bank loans and a large portion of the domestic lending in the US and the UK.
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Anonymous
Full text: [The Economist] Aug 18, 1990
The Dow Jones average of 30 industrial stocks fell 36.64 to 2,644.80, its lowest close since March 1. Earlier in the session, the Dow was down by as much as 65 points. Earlier in the session, the Dow’s steep drop set off a market “circuit breaker” designed to prevent a price freefall. The mechanism, triggered by a 50-point Dow decline, bars sales connected to index-futures arbitrage until the prices of the stocks involved rise. Though there was little news from the Mideast, A.C. Moore, director of research at Argus Research in New York, said the market has started to realize that “the domestic economy is indeed in a shaky position and in no real position to withstand an oil price increase.”
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Bart Ziegler:The Associated Press
Full text: [Orange County Register] Aug 18, 1990
Yesterday was also a ”double witching hour,” which involves the simultaneous expiration of stock options and stock index options, as well as the Major Market Index futures. Futures for the Standard & Poor’s 500-stock index do not expire in a double witching hour, as they do in a ”triple witching hour”; they will expire next month. ”But at some point,” he said, ”the most urgent sellers will be out of the way. And the market will define the low at the end of the trading range. I think we’re almost there.” ”The problem is, no one has a convincing scenario as to how the Persian Gulf situation will end,” he added. ”It raises anxiety and erodes confidence at best.”
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HURTADO, ROBERT
Full text: [New York Times] Aug 18, 1990
Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 262.71 million shares. Earlier in the session, the Dow’s steep drop set off a market “circuit breaker” designed to prevent a price freefall. The mechanism, triggered by a 50-point Dow decline, bars sales connected to index-futures arbitrage until the prices of the stocks involved rise. Among most-active blue-chip stocks on the NYSE, Boeing dropped 2 1/8 to 48 1/2, AT&T fell 7/8 to 33 3/8, General Electric was down 7/8 to 64, Philip Morris was unchanged at 45 1/4 and IBM fell 2 3/8 to 101 3/8.
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Full text: [Journal Record] Aug 18, 1990
The Dow Jones average of 30 industrial stocks fell 36.64 to 2,644.80, its lowest close since March 1. Earlier in the session, the Dow was down by as much as 65 points. Earlier in the session, the Dow’s steep drop set off a market “circuit breaker” designed to prevent a price freefall. The mechanism, triggered by a 50-point Dow decline, bars sales connected to index-futures arbitrage until the prices of the stocks involved rise. Among most-active blue-chip stocks on the NYSE, Boeing dropped 2 1/8 to 48 1/2, AT&T fell 7/8 to 33 3/8, General Electric was down 7/8 to 64, Philip Morris was unchanged at 45 1/4 and IBM fell 2 3/8 to 101 3/8.
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Full text: [Austin American Statesman] Aug 18, 1990
That’s only the beginning. Sponsors often buy a property and resell it to their partnership five minutes later-marking up the price by several million dollars. They might give the partnership only a fraction of the building’s rent. And they run up rich expense accounts. Information on your partnership may be easier to come by now that Robert A. Stanger & Co., which tracks and analyzes partnerships, has set up a 900 telephone number, at a charge of $5 a minute. It allows you to learn such things as where the payout is coming from, how the partnership is doing and what your units are worth. Call 900-786-9600. Many general partners are rolling up several deals-some strong, some weak-into new partnerships and listing them on a stock exchange. The stock price is estimated at, say, $10, which might be enough to make the limited partners whole.
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JANE BRYANT QUINN
Full text: [The Washington Post (pre-1997 Fulltext)] Aug 19, 1990