Ex-Trader Is Indicted In Fraud Case; Mulheren Charges Latest in Boesky Case

According to today’s indictment, [John A. Mulheren Jr.] manipulated the price of Gulf & Western Inc. stock on October 17, 1985, by buying 75,000 shares in six minutes and driving up the price to $45 a share from $44.75. By doing this, Mulheren enabled [Ivan F. Boesky] to complete the sale of 3.4 million shares to Gulf & Western. Boesky’s sale was contingent on the stock price reaching at least $45. Mulheren also allegedly held stock on Boesky’s behalf, engaging in a series of “sham” purchases and sales to hide Boesky’s ownership. Mulheren’s actions allegedly helped Boesky evade taxes and circumvent the minimum capital requirements for broker-dealers.
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Steven Mufson

Full text: [The Washington Post (pre-1997 Fulltext)] Jun 15, 1989

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Hees stock-swap plan called illegal at QSC

MONTREAL (CP) _ A stock-swap plan that Hees International Bancorp Inc. says is designed to protect minority shareholders in a Hees subsidiary would break a Quebec securities rule forbidding the rigging of stock prices, the Quebec Securities Commission was told Wednesday. The plan involves Great Lakes and Trilon Financial Corp. Those companies, as well as Hees, are controlled by Toronto financiers Edward and Peter Bronfman. Hees, a holding company, wants to sell the investment banking arm of Great Lakes to Trilon in exchange for $319 million in Trilon shares. It would realize a profit of between $125 million and $175 million on the deal, Great Lakes chief operating officer, Stanford Riley, told a QSC hearing Wednesday.
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Full text: [The Ottawa Citizen] Jun 15, 1989

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Late trading aids Tokyo stocks

Tokyo stock prices ended higher in light trading, as index-buying by large brokerages lured some investors out of hiding. The Nikkei stock average gained 189.44 points to 33,402.99, as a result of an afternoon upturn. Volume was 450 million shares, compared with 500 million on Tuesday.
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Full text: [The Globe and Mail] Jun 15, 1989

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Uncertainty in markets keeps stock prices falling

An attitude of uncertainty prevailed in the market as investors awaited a series of economic statistics. They hope a clearer economic picture will emerge so they can form judgments about the outlook for interest rates, inflation and the U.S. dollar. “Everybody is anticipating the U.S. numbers that are coming out in the next couple of days,” said Joe Ismail, a stock analyst with Moss Lawson and Co. in Toronto. “Then, there’s the triple-witching hour.” Among actively traded stocks, Paramount Communications climbed $1.75 to $59.50 as nearly four million shares changed hands. There has been speculation that Paramount, which has offered $175 a share in cash to acquire Time, might become a takeover target itself. Time fell $487 to $175.12 as rumors that General Electric might make a takeover proposal faded. GE closed down 25 cents at $53.25.
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Full text: [The Gazette] Jun 15, 1989

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Hollinger has no eyes for Southam: Black

Black dismissed speculation he’s interested in buying more shares of Southam Inc., the Toronto-based newspaper group whose publications include The Gazette, the Ottawa Citizen, and the Vancouver Sun. Hollinger holds an undisclosed number of shares in Southam. “We have a nice unrealized capital gain on them – the stock price has gone up quite steadily since we bought them. But I don’t anticipate anything dramatic to be done with them at this stage.”
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Full text: [The Gazette] Jun 15, 1989

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Takeover rumors drive down stock in Minnetonka Corp.

Minnetonka, the Bloomington company that markets Calvin Klein fragrances such as Eternity and Obsession, said in early March that it was for sale because its executives were disappointed with the firm’s stock price, then about $13 a share. Yesterday’s market speculation was that bids for the company have been lower than expected, but [Mark Witmer] said he expects Minnetonka “won’t leave shareholders in the lurch” and will “do something to enhance shareholder value” even if the company is not sold. A special dividend would be one possibility, he said. Its Fragrance Marketing Group includes such brands as Claire Burke, Vitabath, Foltene, Rigaud, Giraffe and Country Diary. It also sells the La Costa Spa line and Minnetonka Medical products.
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Dan Wascoe Jr.
Staff Writer

Full text: [Star Tribune] Jun 15, 1989

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Stock Market May Get a Jolt

Three types of contracts – index futures, options on the futures and options on individual stocks – will all expire tomorrow, hence the term “”triple witching”. These contracts are traded on the Chicago Mercantile Exchange. When they expire, traders can either roll their position into the next futures contract, which will expire in September, or they can close out the position, which often involves buying or selling stock to offset the futures position. The latter procedure can lead to abnormally large volume and price movements in stocks included in the S&P index. “”The recent increase in stock prices and the decline in interest rates have set up conditions in pricing between the June contract and the September contract that has encouraged people to hold onto their positions until expiration,” [Joanne Hill] said. Whether these pent-up futures positions unleash a wave of buying or selling in stocks is open to debate.
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Kathleen Pender, Chronicle Staff Writer

Full text: [San Francisco Chronicle (pre-1997 Fulltext)] Jun 15, 1989

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California Banking Stocks Shoot Up

The stock prices of California’s four largest banks rose sharply on June 14, 1989.
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Howe, Kenneth

Full text: [San Francisco Chronicle] Jun 15, 1989

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Suitors For Time In Spotlight

In all the behind-the-scenes talk about Time, Warner and Paramount, the general argument is that only Paramount has professed to want all of Time’s operations. Other potential bidders seem interested only in part of Time’s holdings. Warner, meanwhile, is said to be tentatively planning on holding a board meeting today. Time’s directors are said to be ”on standby,” ready to meet and consider whatever Warner might propose. Stockholder Meetings June 23 An executive close to the situation said that the options available to Warner and Time ”are still the same.”
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COLE, ROBERT J.

Full text: [New York Times] Jun 15, 1989

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Stocks Mixed, as Dow Dips 0.18, to 2,503.36

Stock prices moved listlessly on Jun 14, 1989 and finished mixed on moderate volume. The Dow average slipped 0.18 point, to 2,503.36.
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Wiggins, Phillip H

Full text: [New York Times] Jun 15, 1989

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Stocks Mixed, as Dow Dips 0.18, to 2,503.36

Traders said that investors, continuing the trend of recent weeks, remained on the sidelines awaiting the release of several closely watched economic reports. Today the Government is to report on the United States trade balance for April and industrial production and factory utilization for May, and tomorrow the Consumer Price Index for May is to be released. ‘Market Is Nervous’ ”The market is nervous in anticipation of what these numbers may portend,” said William M. LeFevre, a market strategist at Advest Inc. ”With the Dow up 334 points, or more than 15 percent, on the year to date, some investors feel that a correction is overdue.” In the broader market, the Standard & Poor’s 500-stock index dipped 0.08, to 323.83, while the New York Stock Exchange composite index slipped 0.11, to 180.83.
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WIGGINS, PHILLIP H.

Full text: [New York Times] Jun 15, 1989

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Investor Alleges NEC Sought to Inflate Stock Prices

[David Grobow] claimed in the suit that National Education and its chairman, H. David Bright, attempted to inflate stock prices until Monday of this week, when it released an even more discouraging announcement. On May 26, National Education announced that its revenue and net income might be flat to lower for the three months ending June 30 as compared to the second quarter of 1988. The company said that sales at its Applied Learning subsidiary had been weak but that its revenue outlook for the entire year remained strong and it expected to make up any second quarter shortfall by year-end, the suit said. The suit claims that the company was aware at the time of the May 26 release that the Applied Learning subsidiary would have disappointing preliminary results but that the May statement was worded in an overly optimistic way in an effort to prevent the company’s stock price from sliding.
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JOHN CHARLES TIGHE

Full text: [Los Angeles Times (pre-1997 Fulltext)] Jun 15, 1989

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FINANCIAL MARKETS Dow Slips 0.18 as the Market Hits a Standstill

“People are using the dollar’s rise as an excuse to take profits (in drug stocks). But most drug companies have made a substantial move, and all large moves have to be consolidated or corrected,” he said. In foreign trading, stock prices rose across the board in Tokyo in very thin trading Wednesday on buying by investment trust funds and program trading linked to trading in stock index futures. The 225-share Nikkei index closed up 189.44 at 33,402.99, retracing Tuesday’s 184.46-point drop. Soybeans for July delivery on the Board of Trade soared the permitted daily limit of 30 cents a bushel shortly before the close but finished with a gain of 28.50 cents at $7.295 a bushel. Other soybean contracts settled 17 cents to 21.75 cents higher. The strongest corn contract, for July 1990 delivery, settled 9.25 cents higher, just 0.75 cent shy of the daily limit in that market. Other contracts advanced from 3.25 cents to 9 cents with the price for July, 1989, delivery settling at $2.5675 a bushel.
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Full text: [Los Angeles Times (pre-1997 Fulltext)] Jun 15, 1989

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Hongkong: Riding the Storm; Chill from the North

Hong Kong’s auction markets and banking system have coped remarkably well with the extreme shock delivered by the Beijing massacre and surrounding turmoil in the Peoples’ Republic of China. While the stock market lost 22% of its value on June 5, 1989, investors were able to liquidate their positions in an orderly fashion. The absence of immediate, serious problems in the territory’s financial system highlights improvements in its management and regulation established since the early 1980s. However, the stock market will continue to slide if conservatives retain power in China, a civil war develops, or disturbances erupt in Hong Kong itself. The market is being ruled by loss of confidence, and China’s political volatility makes it impossible to forecast market moves with authority. A period of economic austerity seems inevitable as tourism slows, trade declines, property values retreat, and new business ventures are postponed.
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Friedland, Jonathan
Marchand, Christopher

Full text: [Far Eastern Economic Review] Jun 15, 1989

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Chill from the North

In response to the Tiananmen Square massacre in Peking China, stock prices in Hong Kong, Taiwan and Singapore have tumbled and Hong Kong’s property market is expected to follow. The effect of the Peking massacre on Hong Kong’s market and other regional stock markets are discussed.
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Marchand, Christopher

Full text: [Far Eastern Economic Review] Jun 15, 1989

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Bangkok’s bull-wonders

A rapid multiplication of local and cash-rich overseas short-term investor groups are competing with each other on the Securities Exchange of Thailand. The result is a showdown on the market that is crowded with investors willing to bid up the stock price until someone quits.
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Full text: [Far Eastern Economic Review] Jun 15, 1989

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Investors yield to caution signs; stocks end flat

Stock prices were little changed Wednesday, with blue chips ending a fraction lower as investors grew cautious before several major economic reports. The Dow Jones industrial average edged down 0.18 points to 2503.36. In the broader market, advancing and declining stocks were nearly even in moderate New York Stock Exchange trading of 170.5 million shares, up from 164.9 million Tuesday. Market analysts said investors shrugged off a firm bond market and a stronger dollar before Thursday’s April merchandise trade report and Friday’s release of the May consumer price index.
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Chicago Tribune wires.

Full text: [Chicago Tribune (pre-1997 Fulltext)] Jun 15, 1989

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Trustcorp Stock Drops Sharply as Rumors Fly

Trustcorp Inc’s stock price fell sharply in heavy trading on Jun 14, 1989 amid a swirl of market rumors. Among them was the possibility that Trustcorp is considering a cut in its third-quarter dividend. The company has increased its dividend every quarter for the past 35 years.
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Ringer, Richard

Full text: [American Banker] Jun 15, 1989

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Stocks, Bonds Slide as Dollar Plunges — ‘Witching’ Hour, Profit Sales Cited

The bubble of speculation that has pushed the dollar sharply higher burst as investors bolted in the face of stepped-up international efforts to pressure the currency lower. Bond prices followed the dollar down. Analysts said the rout in financial markets may mark an end to the big rallies that carried stock prices up some 22% since November, bond prices up more than 11% in the past four weeks and the dollar up nearly 16% against the yen since late April. They said investors have been flocking to stocks, bonds and the dollar, with little regard for how lofty prices were getting. Some traders attributed the dollar’s decline to profit-taking, after the government reported that it had revised the March merchandise trade deficit upward to $9.54 billion from $8.86 billion. Others said the dollar was hurt by reported threats from the Bank of Japan to spend as much as $1 billion a day to defend the yen through intervention. And U.S. Commerce Secretary Robert Mosbacher put additional pressure on the U.S. currency by suggesting that the dollar’s strength may undermine continued improvement in the nation’s trade picture.
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By Douglas R. Sease

Full text: [Wall Street Journal] Jun 16, 1989

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Stock Prices Slip in Cautious Trading As Dealers Await Triple Witching Session

In anticipation of today’s triple witching hour, the concurrent expiration of stock-index futures, options and options on stocks, OTC traders said they weren’t busy yesterday. “As the day went on it was evident that nothing was going on,” said A. Cuyler Kline, head OTC trader at Robinson-Humphrey Co. Wheelabrator Technologies and its major shareholder, Wheelabrator Group, said they would merge, ending months of speculation to that effect. Wheelabrator Technologies slipped 1 to 26, while Wheelabrator Group fell 3/8 to 7 1/4. The drops were attributed to the market’s overall decline. Wheelabrator Technologies builds and operates waste-to-energy water-treatment and power plants. Wheelabrator Group is a holding company controlling about 60% of Wheelabrator Technologies’ stock. It was spun off from Henley Group in January.
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By James T. Areddy

Full text: [Wall Street Journal] Jun 16, 1989

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