Japan Stocks Fall Sharply

”The Nikkei has been dropping almost every day,” said a trader at a foreign brokerage. ”There is a growing number of people who think it will fall to levels that were inconceivable only a year ago. They say it could fall as low as 23,000 or 22,000.” ”The current tension in the Middle East makes it too risky for bargain-hunting on a grand scale,” said Richardson Wong, a broker at Sun Hung Kai Securities here.
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Reuters

Full text: [New York Times] Aug 13, 1990

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INTERNATIONAL REPORT; Iraqi Invasion Adds To Markets’ Problems

”The Middle East is keeping people very nervous and keeping people in cash,” said David A. Robbins, head of the international securities department at UBS Securities in New York. Even without an escalation in the Persian Gulf, he said, world markets are likely to drift lower. A rally will be difficult, he said, because investors will be unwilling to commit themselves even to bargains until some resolution to the crisis appears. ”And whenever you get a bad piece of news out of the gulf,” he added, ”the markets will sell off again.”
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FUERBRINGER, JONATHAN

Full text: [New York Times] Aug 13, 1990

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All Is Risky in a Recession

Tom Petruno discusses the effect of the impending recession on stock prices.
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Petruno, Tom

Full text: [Los Angeles Times] Aug 13, 1990

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Coke Gets Off Its Can in Europe

Coca-Cola Co. is changing its business strategy in Europe. Coke is breaking out of its role of image marketer and supplier of ingredients to local independent bottlers. Rather than let local bottlers simply serve their own regions as in the past, the firm is setting strategy across the continent. Taking charge of the vital link between parent company and retailer, Coke has invested $385 million in bottling operations in the UK, France, Belgium, the Netherlands, and West Germany. As a result, volume has been increasing over 10% annually, more than twice the US rate. In 1989, Europe’s operating profits were 29% of Coke’s total. The key to growth in Europe is better selling right where the product meets the customer; this involves closer relationships with retailers, bolder merchandising, lower prices, and faster delivery. Coke recognized early the implications of a united Europe. In spring 1990, the company opened a $55-million canning plant in Dunkirk, France.
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Sellers, Patricia

Full text: [Fortune] Aug 13, 1990

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Texas Oil Booms as Tanks Roll

Iraqi tanks rolled into the Kuwaiti desert. And Texas oil rolled straight over the top of the stock market. In a rare display of focus, Wall Street dumped nearly everything in the days following Iraq’s invasion of Kuwait to bow down to the new King Oil — a monarchy that last week counted more than a dozen Metroplex energy companies as royalty. Key industry players who took their lumps during the long oil bust, such as Dallas’ T. Boone Pickens, suddenly were millions of dollars richer, at least on paper. (excerpt)
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Paton, Huntley
Steffy, Loren
Preston, Darrell
Staton, Tracy

Full text: [Dallas Business Journal] Aug 13, 1990

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Investors Aim Broadside at N.Y. Stocks

The Arabian Peninsula is just the latest battleground in a war that has assaulted New York companies for much of this summer. But in this conflict the aggressor isn’t Iraqi President Saddam Hussein; it’s a recession. The casualties aren’t soldiers; they’re local stock prices. While Iraq’s invasion of Kuwait has heightened both economic risks and stock market anxiety, it is the underlying fear that the economy will be gripped by both higher inflation and less activity that has been undercutting share prices of New York area companies since even before the market peaked in mid-July. (excerpt)
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Belsky, Gary

Full text: [Crain's New York Business] Aug 13, 1990

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Top of the news: banking: the remake of the remake at Continental Bank

Chairman Thomas C. Theobald continues to try to make over Continental Bank Corp. (Chicago), with his latest tactic a product-by-product review designed to pinpoint and eliminate any lines that fall far below the bank’s 15% return on equity goal. Continental is now focusing on interest rate risk management, corporate finance, private banking, and debt distribution, and its stock price continues to languish while expenses remain high. The FDIC will sell its 26% stake in Continental soon.
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Greising, David
Nathans, Leah J.

Full text: [Business Week] Aug 13, 1990

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The Remake of the Remake at Continental Bank

Continental Bank Corp. has announced plans to sell the Federal Deposit Insurance Corp.’s (FDIC) remaining 26% stake in the bank. In March 1990, after an early look at first-quarter numbers that eventually produced a poor $56.7-million profit, Chief Executive Officer Thomas C. Theobald ordered a product-by-product review of the bank’s business. The result was the loss of 900 jobs, an exit from the commodities execution and clearing business, and the shuttering of foreign-exchange trading desks in Tokyo and London. The bank took a $48-million hit but expects annual savings of $75 million. Each of the jettisoned subsidiaries was falling well below Continental’s goal of 30% gross profit margins and 15% return on equity. A mix of interest-rate risk management, debt distribution, corporate finance, and private banking is designed to keep intact Continental’s core client list of about 2,000 large and medium-sized companies, most based in the Midwest. Continental’s ongoing operations lost $46 million in the 2nd quarter, noninterest expenses rose 37% to $221.7 million, and salaries rose 11%.
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Greising, David

Full text: [Business Week] Aug 13, 1990

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The International Trader: A Hairy Camel Story … Bourses Tumble

The effects of the Persian Gulf crisis on stock prices throughout the world are discussed.
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Du Bois, Peter C

Full text: [Barron's National Business and Financial Weekly] Aug 13, 1990

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Damage Control – The New Circuit Breakers: How They’re Working

“Circuit breakers” generally refer to a number of measures designed to lessen market volatility. Restrictions on stock price movements are a fairly recent creation, the result of the increasing popularity of stock-index futures and the greater volatility of the stock market. How circuit breakers will perform in the long run is unclear. Since the October 1989 mini-crash in the stock market, circuit breakers have become increasingly restrictive and have gained ever-greater support as a means of stemming sharp market movements. Most of the major stock and derivative exchanges employ some form of circuit breakers. Not surprisingly, disagreements abound about the circuit breakers, particularly between stock and futures sectors. American Stock Exchange Chairman Jim Jones feels that circuit breakers should not be regarded as the only solution to the problem of volatility. Joseph Hardiman, president of the National Association of Securities Dealers (NASD), believes that trading halts run contrary to what markets are supposed to do.
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Wyatt, Edward A.

Full text: [Barron's National Business and Financial Weekly] Aug 13, 1990

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Consider the Alternative . . . What the Crisis Means for Natural Gas; What the Crisis Means for Coal

With the specter of war and long-term oil-supply disruptions hanging over the Middle East, crude quotes have climbed 50% or so to levels not seen since 1986. The market for natural gas seems to have accepted the turn in world events with almost preternatural calm. Likewise, the price of coal has scarcely responded to the crisis in the Middle East. In an interview, Lawrence A. Crowley and Robert E. Phaneuf, who follow the natural-gas group for Rauscher Pierce Refsnes Inc., indicated that the gas market is too mired in internal difficulties – too much supply, a confused distribution scene, and too much mild weather – to get any substantial lift from the outside world. Over the long term, the 2 analysts are bullish on selected gas issues. Coal analyst Joel Price of Donaldson Lufkin & Jenrette believes that, if the oil-supply disruption lasts long enough and drives the price of crude high enough, coal will benefit.
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Welling, Kathryn M.

Full text: [Barron's National Business and Financial Weekly] Aug 13, 1990

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Tensions spur rise, fall in defense stock prices

Tokyo’s Nikkei Index of 225 issues plunged 1153.12 points to 26176.43. Volume on the first section was estimated at 250 million shares, down from 317.3 million shares Friday. Decliners outnumbered gainers 934 to 34, while 70 issues were unchanged. Monday’s Tokyo Stock Price Index of all issues listed in the first section plummeted 63.84 points, or 3.10%, to 1993.04. The close on the Topix was the first time it had been below 2000 points since February 1988. Prices tumbled from the opening on index-linked selling mostly by arbitragers, falling to an intraday low of 25913.76 points and not showing a turnaround until late afternoon. At that, the Nikkei Index recovered only about 260 points by the close.
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Full text: [Aviation Week & Space Technology] Aug 13, 1990

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Tokyo Shares Plunge in Thin Holiday Trading; London Stocks Slip but Finish Far Above Lows

Tokyo’s Nikkei Index of 225 issues plunged 1153.12 points to 26176.43. Volume on the first section was estimated at 250 million shares, down from 317.3 million shares Friday. Decliners outnumbered gainers 934 to 34, while 70 issues were unchanged. Monday’s Tokyo Stock Price Index of all issues listed in the first section plummeted 63.84 points, or 3.10%, to 1993.04. The close on the Topix was the first time it had been below 2000 points since February 1988. Prices tumbled from the opening on index-linked selling mostly by arbitragers, falling to an intraday low of 25913.76 points and not showing a turnaround until late afternoon. At that, the Nikkei Index recovered only about 260 points by the close.
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Full text: [Wall Street Journal] Aug 14, 1990

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Stocks Rise on Bargain Hunting

Stock prices rebounded sharply in thin trading on Aug 13, 1990, as the Dow Jones Industrial Average rose 30.20 points to 2746.78 with 122.8 million shares traded on the NYSE.
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Winans, Christopher

Full text: [Wall Street Journal] Aug 14, 1990

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Stocks Rise On Bargain Hunting — Industrials Gain 30.20; Bond Prices, Dollar End With Declines

Stock prices rebounded sharply in thin trading as bargain-hunters picked through the market after a weekend that passed without a much-feared meltdown in the Middle East. The Dow Jones Industrial Average rose 30.20 points to 2746.78 as 122.8 million shares traded on the New York Stock Exchange. Bond prices fell amid continued worries that inflation is picking up. The dollar weakened against most other major currencies, with traders betting that the Federal Reserve will soon move to lower U.S. interest rates. “It was as if investors started coming in with a whole bunch of confidence,” said Paul Hennessey, head of equities trading at Boston Co. He noted, however, that volume was restrained by a power failure in lower Manhattan, which hampered some securities firms.
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By Christopher Winans

Full text: [Wall Street Journal] Aug 14, 1990

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Pension Expanse May Drag Down ’90s Corporate Profits

“A hidden source of past profit growth” is how Kidder Peabody describes the reduction in pension expense. In a study, Kidder shows how the pension factor has been especially significant for America’s largest companies. And now, in an important turnabout, pension expenses now aren’t dropping any longer. Kidder says that in the 1990s, they could well become a hidden drag on corporate earnings. “This trend in lower pension expense has reversed,” says the study by George Boyd, director of quantitative research, and Easton Ragsdale, a Kidder vice president and analyst. Pension costs “will no longer be a major source of future earnings growth and stock price support — buyers beware.” From 1982 to 1989, shrinkage in pension expense accounted for 12% of the rise in pretax profit of the Standard & Poor’s 500 companies. For the largest 100 companies (in terms of market value), the contribution was an even bigger 17% of growth in earnings before taxes. And for the top 25 corporations, the pension-cost decline accounted for a startling 36% of pretax profit growth.
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Lowenstein, Roger

Full text: [Wall Street Journal] Aug 14, 1990

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Business and Finance

THE U.S. ECONOMY appears headed for significantly higher unemployment and little or no growth in the next year, according to a survey of economists conducted by The Wall Street Journal since the Mideast crisis began. The consensus represents a swift change of mood from a similar survey less than two months ago, when most economists predicted a continuing expansion. The economists still disagree, however, about whether a recession lies ahead. Iraq has slashed its oil production to as little as 600,000 barrels a day, in response to the tightening world embargo. The current level, about one-sixth the country’s pre-embargo output, is enough to meet the nation’s internal needs plus a trickle of exports bypassing the near blockade, mainly via trucks through Jordan. Stock prices rebounded sharply in thin trading as bargain hunters picked through the market. The Dow Jones Industrial Average rose 30.20 points to 2746.78. Bond prices fell amid continued worries that inflation is accelerating. The dollar weakened against most major currencies.
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Dow does a U-turn to post a 30.20 gain

Despite the Dow’s gain, traders say the stock market remains in a precarious position because of the possibility Iraqi President Saddam Hussein will send his troops into Saudi Arabia. “Nobody knows for sure if this idiot, this psycho, will shoot,” says James Crist, trader at Parker/Hunter Inc. “It’s a massive cloud hanging over us that will remain and overshadow the stock market economic events.” – Comments by brokerages continued to have an effect on stock prices. LIN Broadcasting gained 1 to $59 3/4 after Goldman Sachs reiterated its buy rating on the cellular phone company. Motorola climbed 1 3/8 to $76 1/4. PaineWebber repeated its buy rating on the semiconductor and cellular communications equipment maker, saying the stock is undervalued. International Flavors & Fragrances advanced 1 1/2 to $68 3/4. Donaldson Lufkin & Jenrette reiterated its buy rating on the stock. L.A. Gear fell 5/8 to $17 7/8 after Shearson Lehman Bros. reduced its estimates for the shoemaker’s earnings in fiscal 1990 and 1991.
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David Craig

Full text: [USA TODAY (pre-1997 Fulltext)] Aug 14, 1990

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Wall Street, TSE mixed amidst jitters

Stock prices were mixed in early trading today following Monday’s rally and gains overseas. Monday’s rally followed an initial plunge in stock prices. The rally was boosted by a late flurry of buying stemming from computer programs linked to stock-index futures.
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Full text: [The Ottawa Citizen] Aug 14, 1990

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Competition, Falling Profits Force Changes

The newspaper industry is facing a major downturn in 1990. After a decade of declining profits, stock prices have reached astonishingly low levels, and experts say those values will keep declining.
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Turner, Melissa

Full text: [The Atlanta Constitution] Aug 14, 1990

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