Wall St. share prices wilt on economic-data worries

Share prices on Toronto and Montreal stock exchanges lost some ground yesterday, while stock prices tumbled on Wall St. in a sell-off linked to nervousness about today’s flurry of U.S. economic data. Reports that Iraq had issued a warning to U.S. officials about possible terrorist attacks against American targets unsettled the market as well, traders said. They said there also is growing investor frustration concerning the drawn-out negotiations on a U.S. federal budget deficit- reduction package.
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Full text: [The Gazette] Sep 14, 1990

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Mercantile Makes Move up in Pack

Mercantile Bancorporation in St Louis is expecting to increase its profits in 1990 in order to encourage investors and raise the stock prices.
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Gallagher, Jim

Full text: [St. Louis Post - Dispatch] Sep 14, 1990

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Program trading pounds market; Dow falls 43.07

Stock prices fell sharply Thursday in repeated waves of computerized program selling, with the Dow Jones industrial average sliding 43.07, or 1.64 percent, to 2,582.67. Birinyi Associates, which monitors program activity, said 98 minutes of heavy program selling during the day trimmed the Dow by 61 points. It was the third-largest negative impact on the Dow this year from program trading and was only 22 points away from the biggest such decline eight months ago. Since the Dow average itself fell just 43.07, the implication was that program selling accounted for practically all of the market’s weakness.
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Full text: [Star Tribune] Sep 14, 1990

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Edina firm has unusual plan to raise $5.4 million

The “units” in the offering, priced at $4 each, will consist of one share of Cherne common stock plus the right to acquire two additional shares of stock at an exercise price of 50 cents a share. The warrants, as they are called, will be issued by company founders Lloyd and Joan Cherne. The first round of the offering is available only to existing shareholders on the record date of the offering, which has not been set. In a briefing for brokers yesterday, David Printy, Cherne’s new chairman (and former IR candidate for governor), said the company was hoping to drive the stock price with results rather than expectations.
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Anthony Carideo
Staff Writer

Full text: [Star Tribune] Sep 14, 1990

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Mideast Jitters Push Dow Down 43

Stock prices, weak from the opening, tumbled more than 40 points in midafternoon after Iraq accused the United States of looking for an excuse to attack it and said it would hold President Bush personally responsible for any strike. Futures-related selling amid the thin trading intensified the stock market’s slide. The stock of Conner Peripherals Inc., the San Jose-based maker of computer disk drives, fell about 7 percent – to 20 5/8 – following an announcement by Japan’s Toshiba Corp. that it will offer a 2 1/2-inch disk drive that may compete with Conner products. The NYSE Composite index of all listed common stocks fell 1.93 to 175.16. The Standard & Poor’s composite index of 500 stocks fell 3.89 to 318.65.
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Full text: [San Francisco Chronicle (pre-1997 Fulltext)] Sep 14, 1990

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British Stock Prices Fall

The broad-based Financial Times-Stock Exchange 100-share index was down 15.2 points, or 0.71 percent, at 2,127.1.
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Full text: [San Francisco Chronicle (pre-1997 Fulltext)] Sep 14, 1990

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VNB Parent Stock Dips to New Low

Declining issues outnumbered advances by more than 2 to 1 in nationwide trading of New York Stock Exchange-listed stocks, with 430 up, 1,009 down and 506 unchanged. Volume on the floor of the Big Board came to 123.37 million shares, against 129.89 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 148.04 million shares.
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Young, Carl

Full text: [Phoenix Gazette] Sep 14, 1990

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VNB parent stock dips to new low Officials unsure of reason for fall

Declining issues outnumbered advances by more than 2 to 1 in nationwide trading of New York Stock Exchange-listed stocks, with 430 up, 1,009 down and 506 unchanged. Volume on the floor of the Big Board came to 123.37 million shares, against 129.89 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 148.04 million shares.
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Carl Young, THE PHOENIX GAZETTE

Full text: [Phoenix Gazette] Sep 14, 1990

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Economic fears fuel sharp drop in stock prices

Declining issues outnumbered advances by more than 2 to 1 in nationwide trading of New York Stock Exchange-listed stocks, with 430 up, 1,009 down and 506 unchanged. Volume on the floor of the Big Board came to 123.37 million shares, against 129.89 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 148.04 million shares.
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Full text: [Pantagraph] Sep 14, 1990

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Worried market at 3-week low Dow drops 43 on Mideast news, inflation fears

Stock prices, weak from the opening, tumbled more than 40 points in midafternoon after Iraq accused the United States of looking for an excuse to attack it and said it would hold President Bush personally responsible for any strike. Futures-related selling amid the thin trading intensified the stock market’s slide. Chase shares dropped three-eighths to 163/4, Citicorp one-quarter to 173/8, Chemical Banking one-half to 207/8, Manufacturers Hanover 11/4 to 255/8, and BankAmerica five-eighths to 213/4. Standard & Poor’s industrial index fell 5.08 to 376.88, and S&P’s 500-stock composite index was down 3.89 at 318.65.
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From Register news-service reports

Full text: [Orange County Register] Sep 14, 1990

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Dow Drops by 43.07, to 2,582.67

Stock prices fell sharply on Sep 13, 1990 in repeated waves of computerized program selling, with the Dow Jones Industrial Average sliding 43.07 to 2582.67.
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Cole, Robert J

Full text: [New York Times] Sep 14, 1990

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Dow Drops by 43.07, To 2,582.67

”You have a market with just traders,” said Michael Metz, chief market analyst for Oppenheimer & Company, ”and they’re very nervous and trend-conscious.” Mr. Metz argued that the Fed may be precluded from easing because of the inflationary impact of a weaker dollar. ”The Fed is now forced to hold interest rates higher than it would like to,” he said, ”to keep the dollar from collapsing any further.” He said that individual investors had become ”extraordinarily cautious,” and that many were watching for today’s report on the producer price index – one of the first significant indicators of the impact of crude oil prices on the economy.
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COLE, ROBERT J.

Full text: [New York Times] Sep 14, 1990

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Investing by the seasons just one more silly system

Wall Street’s reaction to Aon Corp’s $840 million bid for Corroon & Black Corp cooled Sep 13, 1990 as shares of Corroon retreated on the NYSE.
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WILLIAM DOYLE

Full text: [Houston Chronicle (pre-1997 Fulltext)] Sep 14, 1990

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Corroon, Aon Stock Prices Slip

Wall Street’s reaction to Aon Corp’s $840 million bid for Corroon & Black Corp cooled Sep 13, 1990 as shares of Corroon retreated on the NYSE.
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Cohen, Laurie

Full text: [Chicago Tribune] Sep 14, 1990

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Corroon, Aon stock prices slip

Shares of Corroon, a New York insurance broker, retreated on the New York Stock Exchange. Even though Aon’s proposal, announced Wednesday, offers a premium to a previous tentative deal with Willis Faber PLC of London, some observers said they don’t expect Willis to sweeten its offer. Meanwhile, Aon’s stock continued to slide, apparently on investors’ fears that its bid might burden the Chicago-based insurance holding company with debt.
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Laurie Cohen

Full text: [Chicago Tribune (pre-1997 Fulltext)] Sep 14, 1990

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ACKERLEY STOCKS DO A SLAM-DUNK

While most of the stock market ran south, Ackerley Communications was headed north. Although the price gain wasn’t huge – 37.5 cents – the numbers equated to a 13 percent jump because the stock price was so low. Ackerley closed in American Stock Exchange trading at $3.25. The reason? A Business Week article suggested that the low-priced stock may be worth a lot more. It quoted one money manager as saying that Ackerley’s asset value was $15 a share. It cited another pegging the value at $20. Heady stuff for Seattle’s quiet king of billboards and airport advertising. A Times database of 109 Pacific Northwest stocks also showed deterioration: 29 stocks gained, 62 fell and 18 were unchanged. The Murphey Favre Northwest 50, 50 stocks weighted by their regional economic impact, lost 22.68 points for the week to close at 1,478.57.
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GREG HEBERLEIN

Full text: [Seattle Times] Sep 15, 1990

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Stock prices fall on inflation fears

Brokers also noted that stocks had to contend with rising oil prices in the commodity markets. Crude oil for October delivery climbed 69 cents a barrel to $31.76 on the New York Mercantile Exchange amid resurgent worries about the continuing showdown in the Persian Gulf. Bank stocks, which had a rocky weak amid persistent credit-crunch worries, turned in a mixed showing. Chemical Banking fell5/8 to 20 1/4, and Citicorp slipped 1/8 to17 1/4, while J.P. Morgan rose 1/2 to 32 5/8 and BankAmerica was unchanged at 21 3/4. Energy issues also finished mixed. Exxon gained 5/8 to 51 3/8; Texaco added 1/8 to 64 1/2; Atlantic Richfield rose 11/8 to 139 7/8; Mobil dropped 1/8 to 65 1/2, and Chevron was down 1/8 at 75 7/8.
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Full text: [Pantagraph] Sep 15, 1990

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Stocks Drift Lower Again; Dow Falls 18.56

”There’s so much conflicting news and rumors about what’s happening in the Middle East, it’s confusing to figure out what’s going on,” said Peter G. Grennan, head of stock index futures trading at Shearson Lehman Brothers. Noting that the Dow slid to a ”climactic low” of 2,483 on Aug. 23, he said: ”You have to retest the lows. History teaches us that the first rally, of the last two weeks, always fails.” ”What he thinks about doing,” he said, ”is not important at this point. All that matters is oil prices are up, which suggests that long-term interest rates will move higher. When oil prices stop going up, then long-term interest rates will stop going up -and that’ll help the stock market.”
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COLE, ROBERT J.

Full text: [New York Times] Sep 15, 1990

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STOCKS Economic Fears Sink Market; Dow Falls 18.56

Reports of Iraqi actions against several foreign diplomats in Kuwait and the stopping of an Iraqi tanker in the gulf by U.S. and Australian forces gave nervous investors new reasons to shun stocks, analysts said. Trading was thin and volatile. The U.S. currency closed at 1.570 German marks, up slightly from 1.568 Thursday, and at 137.00 yen, up from Thursday’s 136.10. Gold rallied strongly at midday on news that the U.S. Navy fired a warning shot at an Iraqi tanker and then boarded it briefly. But the gains were quickly scaled back despite higher crude oil and lower stock prices. Market Roundup, D6
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Full text: [Los Angeles Times (pre-1997 Fulltext)] Sep 15, 1990

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Digital’s Stock Falls to ’85 Levels

Investors, long cool to Digital Equipment Corp.’s stock, have turned ice cold. Shares of the Maynard computer maker, which started Monday at 64-3/4, fell 2-7/8 to close at on the New York Stock Exchange, a decline of 13.6 percent for the week. It was the most active issue on the exchange. The deep freeze, which has brought Digital’s stock to its lowest level since 1985, set in after several Wall Street analysts cut their estimates of company earnings for the fiscal year ending June 30. Why is everybody so down on Digital? (excerpt)
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Edelman, Lawrence

Full text: [Boston Globe] Sep 15, 1990

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