Dow Slumps 43.81 as Broad Indexes Fall to 52-Week Lows

A sharp jump in oil prices pounded stock prices so hard that broad market indexes tumbled to their lowest levels in more than a year. The Dow Jones Industrial Average fell 43.81 points in active trading to 2560.15, its low for the day but still above the 1990 low set in January. But both Standard & Poor’s 500-stock index and the New York Stock Exchange composite index fell to their lowest levels since May 1989. Bond prices also fell sharply, pushing the yield on the long-term U.S. Treasury bond to 9.05%, its highest level this year. The dollar skidded against most major foreign currencies amid a continuing flight to currencies of countries with relatively high interest rates. The Swiss franc continued to gain stature as the perceived safe-harbor currency if war breaks out in the Mideast.
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Winans, Christopher

Full text: [Wall Street Journal] Aug 23, 1990

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Business and Finance

CRUDE OIL PRICES passed the $30-a-barrel mark, their highest level since the early 1980s. The Mideast turmoil also pushed up prices of refined petroleum in frantic trading. Gasoline futures rose nearly three cents a gallon. Oil industry officials reported tightening supplies of some products in certain countries. Stocks and bonds fell sharply on the surge in oil prices. The Treasury’s 30-year bond fell more than a point, pushing its yield above 9%. The Dow Jones industrials fell 43.81 points. Broad stock indexes hit their lowest points in more than a year. The dollar closed mostly lower. Tokyo stock prices plunged amid anxiety about the Mideast. The Nikkei marked a post-1987 low before closing down 1086.93 points. The index fell 1,003.96 points Thursday morning.
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Full text: [Wall Street Journal] Aug 23, 1990

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Local Issues Sink in Stock Slump

Publicly traded companies based in Sacramento or with a large corporate presence locally have hardly escaped the bloodbath that has swept the world’s stock markets. Among Sacramento firms, five listings on Wednesday sank to, or matched, yearly lows. Their stock prices have now fallen 20 percent to 60 percent below highs for the year. The downward spiral on Wall Street continued Wednesday as the Dow Jones industrial average fell 43.81 points to close at 2,560.15. The blue-chip average has lost 440 points or nearly 15 percent since mid-July, much of it since the Middle East exploded in crisis three weeks ago. (excerpt)
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Schnitt, Paul

Full text: [The Sacramento Bee] Aug 23, 1990

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Foreign stock markets plunge

Among actively traded U.S. blue chips, General Electric dropped 1 5/8 to 60 1/4; Philip Morris 7/8 to 43; Coca-Cola 1 7/8 to 39 1/2; International Business Machines 1 1/2 to 99, and American Telephone & Telegraph 3/4 to 32 1/8. Volume on the floor of the Big Board came to 175.55 million shares, down from 194.63 million in the previous session. Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 212.20 million shares. Standard & Poor’s industrial index fell 6.17 to 373.64, and S&P’s 500-stock composite index was down 5.31 at 316.55.
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From THE PHOENIX GAZETTE news services

Full text: [Phoenix Gazette] Aug 23, 1990

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STOCK PRICES FALL UNDER PRESSURE; DOW INDUSTRIALS SINK 43.81 POINTS

Among actively traded U.S. blue chips, General Electric dropped 1 5/8 to 60 1/4; Philip Morris 7/8 to 43; Coca-Cola 1 7/8 to 39 1/2; International Business Machines 1 1/2 to 99, and American Telephone & Telegraph 3/4 to 32 1/8. Volume on the floor of the Big Board came to 175.55 million shares, down from 194.63 million in the previous session. Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 212.20 million shares. Standard & Poor’s industrial index fell 6.17 to 373.64, and S&P’s 500-stock composite index was down 5.31 at 316.55.
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Full text: [Journal Record] Aug 23, 1990

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Small stockholders waiting out crisis/Stoicism called lesson from ’87 crash

NEW YORK – The Mideast conflict and corresponding U.S. stock market slide have not triggered widespread selling among retail investors, but their money has been gravitating toward more conservative investments, Wall Street money managers say. Fidelity’s Spartan U.S. Government money market fund jumped from $660 million in assets Aug. 3 to the current level of about $855 million, Gordon added. Dreyfus itself has been less affected by the sharp stock price drops, Gordon said, because only about $5 billion of its $54 billion in assets are in equity funds. Dreyfus, like Fidelity, has seen added interest in money market funds.
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CHRISTINA TOH-PANTIN

Full text: [Houston Chronicle (pre-1997 Fulltext)] Aug 23, 1990

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Stock Drop Adds to Nike Problems

Nike Inc., which faces a boycott from Chicago-based Operation PUSH, encountered a new problem Wednesday as its stock dove $5.37 1/2 per share to $62 in over-the-counter trading. The 8-percent plunge came after an analyst with Montgomery Securities in San Francisco downgraded her rating on Nike stock to “hold” from “buy,” citing concerns that a recession might hurt sales of athletic shoes. But another analyst said the boycott might also be affecting Nike stock, which has declined from $75.50 a share on Friday. (excerpt)
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James, Michael

Full text: [Detroit News] Aug 23, 1990

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Michigan National Letter Challenges Critics of Bank

Michigan National Corp is attributing a sinking stock price to an overreaction to perceived problems in real estate. In a letter to employees, Michigan National offered a detailed analysis of why the bank’s top officers believe the bank’s stock is unreasonably low.
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Tompor, Susan

Full text: [Detroit News] Aug 23, 1990

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Justin to buy rival bootmaker Lama

Justin Industries Inc. said Wednesday it agreed to buy rival Texas bootmaker Tony Lama Co. for $9 a share, or about $17.4 million. The pact comes five months after a higher bid for Lama collapsed. Lama, an El Paso manufacturer and retailer of medium- to high-price cowboy boots of skins ranging from the mundane to the exotic, had been the object of a $14-a-share leveraged buyout bid from a group led by a Houston partnership and two Lama executive vice presidents. That bid died last March, sending Lama’s stock price tumbling. In over-the-counter trading, Lama’s stock closed Wednesday at $8 a share, up $3.50; Justin’s stock fell 75 cents, to $14.25.
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Charles Storch

Full text: [Chicago Tribune (pre-1997 Fulltext)] Aug 23, 1990

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Electronics For Imaging Inc. Files Registration Statement for 1 Million Units

Electronics For Imaging Inc. (EFI) announced Thursday it has filed a registration statement with the Securities and Exchange Commission for a public offering of 1 million units. Each unit consists of one share of common stock of EFI. Each unit is expected to be priced at $6.50 prior to the effective date of the offering. The company said that the offering, which is expected to commence in September 1990, will be managed by Whale Securities Co. Copies of the preliminary prospectus may be obtained from Whale Securities Co., at 650 Fifth Ave., New York, N.Y. 10019. (excerpt)
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Bond, Liz
Davis, Gil

Full text: [Business Wire] Aug 23, 1990

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STOCKS: WEDNESDAY’S MARKET

Given the pounding bank stocks have taken in recent weeks, one bank has done something different about the slide in bank stock prices.
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GORDON MATTHEWS

Full text: [American Banker (pre-1997 Fulltext)] Aug 23, 1990

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First Union’s Price Plunge Sparks Interest

First Union Corp’s stock price hit a new low of $14.50 Aug 22, 1990, off 27.5% from June, prompting some analysts to declare a buying opportunity despite their lingering concerns about the impact of its latest acquisition.
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Matthews, Gordon

Full text: [American Banker] Aug 23, 1990

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U.S. Firms Profit on the Tokyo Exchange — Japan Gobbles Up Minority Stakes in Foreign Units

The solution involves listing a Japanese subsidiary publicly on the Tokyo stock market, and then selling off a minority interest in the concern to Japanese investors. If done skillfully, the strategy can take advantage of what’s left of the high prices on Japan’s stock market and possibly improve the subsidiary’s recruiting and marketing capabilities. The most recent U.S. firm to try the strategy is Kentucky Fried Chicken Co. On Tuesday, executives at Kentucky Fried Chicken Japan, the fast-food chain’s Japanese subsidiary, served up two million shares on the second section of the Tokyo Stock Exchange. While the market as a whole has been down sharply in recent weeks, hungry Japanese investors gobbled up the stock at the maximum value the Tokyo Stock Exchange would allow. In attempting to raise money by taking its Japanese subsidiary public, Kentucky Fried Chicken has followed in the footsteps of a number of other firms, including Levi Strauss & Co., Shaklee Corp., Avon Products Inc. and Hughes Aircraft Co. The Japanese market’s astronomical stock price-earnings multiples — still over 40 — lend powerful appeal to the idea of listing on the Tokyo exchange.
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By Clay Chandler

Full text: [Wall Street Journal] Aug 24, 1990

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Tokyo Shares Plunge 5.8%, Leaving Traders Wondering How Low Stock Market Will Plummet

The slide in Tokyo, which accelerated after Wednesday’s 4% plunge, had traders wondering how low the market can go. “People are panicking,” says Craig Chudler, strategist at UBS-Phillips & Drew Securities Ltd. “We’re looking at a meltdown scenario.” From the moment trading began Thursday morning, the Nikkei Index continued its tailspin, falling more than 1000 points in the first two hours. The Nikkei finished the day at 23737.63, down 1473.28 points. An estimated 450 million shares changed hands, up slightly from 397.7 million Wednesday. Analysts said the plunge in stock prices reflected the dismal performance of the Tokyo bond market. The benchmark No. 119 issue of 10-year Japanese government bonds fell 0.82 to 82.14, for a yield of 8.305%, a 0.195 percentage point gain. It is the highest government bond yield in a decade. The bond market, in turn, was battered by the Japanese government’s decision to go ahead with an 800 billion yen ($5.48 billion) bond sale Wednesday despite the market’s jitters. Analysts had been warning for days that if Japan’s Ministry of Finance pushed ahead with the auction few investors would respond. The dire predictions proved accurate from the moment selling began; the auction drew little better than half the number of bidders who participated in a similar sale in July.
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Chandler, Clay

Full text: [Wall Street Journal] Aug 24, 1990

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Takeover Bets Turning into Bum Risks

Investors bid up Paramount Communications Inc. shares this week, amid reports that Chris-Craft Industries Inc. Chairman Herbert Siegel is buying the stock and that a takeover may follow. Paramount shares surged $2.75 on Wednesday to close at $36.625. This decline has inflicted a paper loss of $171 million on UAL’s biggest holder, Coniston Partners, which paid an average disclosed price of $161 a share for its 2.5 million shares. Coniston’s general partner, Paul Tierney Jr., said yesterday, “We still have our entire position and will do everything in our power to effect a positive resolution.” But he wouldn’t comment on the stock price. Michael Steinhardt, a hedge-fund manager, placed a bet on a takeover of USAir Group Inc. during the heady days a year ago when the Los Angeles investor Marvin Davis was pursuing UAL and the real estate developer and casino owner Donald Trump was bidding for American Air Lines parent AMR Corp. Average cost of Mr. Steinhardt’s 3.7 million USAir shares: $45. Yesterday’s closing price of USAir stock: $14.25. “If I live long enough, it’ll come out,” Mr. Steinhardt chuckled ruefully.
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Smith, Randall

Full text: [Wall Street Journal] Aug 24, 1990

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Intel Corp.’s Board Authorizes Buy-Back of 20 Million Shares

SANTA CLARA, Calif. — Intel Corp. said its board authorized it to repurchase as many as 20 million, or roughly 10%, of its 204 million shares outstanding. Chairman Gordon E. Moore said recent declines in the semiconductor maker’s stock price have made its shares a bargain. Analysts attribute at least part of the decline to concern over the outcome of a copyright dispute with Advanced Micro Devices pending in federal court.
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Full text: [Wall Street Journal] Aug 24, 1990

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Business and Finance

STOCKS AND BONDS FELL for the third straight session on selloffs overseas and still-rising oil prices. The Dow Jones industrials fell 76.73 points in heavy trading to 2483.42, their lowest point since July 1989. The 30-year Treasury bond lost 3/4 point, sending the yield to 9.13%. In Tokyo, stock prices plummeted 5.8%, their fourth-largest one-day drop, but rose 1.5% in Friday morning trading. Oil prices surged as much as $4 a barrel, despite promises of more output. Some OPEC ministers will meet in Vienna this weekend. Meanwhile, a fire at a Shell refinery in Texas helped boost gasoline prices.
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Full text: [Wall Street Journal] Aug 24, 1990

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Stocks Slide on World Exchanges

Widespread fear of a war in the Middle East slashed stocks prices around the globe, pushed interest rates higher and drove oil prices to nearly $32 a barrel.
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Hinden, Stan

Full text: [The Washington Post] Aug 24, 1990

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Security Pacific takes over La Jolla Bancorp

Nine La Jolla Bank & Trust branches will remain open as Security Pacific National Bank branches, while three branches in Oceanside, Vista and San Diego are to be closed, said Chuck Lemoine, a Security Pacific spokesman. Lemoine said one Security Pacific branch in La Jolla will be consolidated with an existing La Jolla Bank & Trust branch. Almost a year has passed since Security Pacific agreed to acquire La Jolla Bancorp in a stock-for-stock takeover that decreased in value when Security Pacific’s stock price hit a new low on Wall Street.
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Robert Hanley

Full text: [The San Diego Union] Aug 24, 1990

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Persian Gulf crisis pushes oil upward, stock prices down

[Leon Tuey] said the sell-off was a result of fear that the rise in oil prices, now up to $31.83 U.S. a barrel, caused by Iraq’s Aug. 2 invasion of Kuwait could increase the likelihood of a recession. Oil futures have almost doubled since the invasion. The price of light, sweet crude — the most popular among refiners — reached a high of $32.35 U.S. per barrel for October delivery on the New York Mercantile Exchange, before slipping back to a close of $31.93, up 71 cents from Wednesday. The day’s high equaled a record set Aug. 2, 1983. Traders responded to concerns over the international showdown expected today when the United States, Canada, Japan, the European Community countries, among others, have indicated they will defy an order by Iraq to close their embassies in Kuwait.
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Full text: [The Ottawa Citizen] Aug 24, 1990

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