Economic barometer rebounds, easing recession fears/Orders for manufactured goods also show encouraging rise in April, Commerce reports

Meanwhile, another Commerce Department report Wednesday also pointed to an early spring pickup in the economy as new orders for non-durable manufactured goods advanced a surprisingly hefty 2.4 percent in April, while the total gain for all kinds of manufactured goods rose 2.7 percent. Weakness in various measures of output and sales have signaled that economic growth is slowing and raised some concerns about a possible recession. The slowdown has also, however, raised hopes that the Federal Reserve might ease the tight grip it has kept on monetary policy for more than a year. Ranked by the size of their contribution, the factors that contributed to the increase were manufacturers’ new orders for consumer goods and materials, building permits, the average work week, stock prices, weekly initial claims for state unemployment insurance, vendor performance, contracts and orders for plant and equipment and the change in manufacturers’ unfilled orders.
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ROBERT D. HERSHEY Jr.

Full text: [Houston Chronicle (pre-1997 Fulltext)] Jun 1, 1989

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Money, Credit, and Security Markets: Common Stock Prices and Yields

Statistics from 1981 through Jul 1, 1989.
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Anonymous

Full text: [Economic Indicators] Jun 1989

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Indicators rise in April, easing recession fears

The April report showed that eight of the 11 indicators in the index rose, led by increased manufacturers’ orders for consumer goods, increased building permits and a longer average workweek. Other pluses were higher stock prices, lower initial claims for jobless benefits, slower vendor deliveries meaning growing demand, more orders for plants and equipment and an increase in manufacturers’ unfilled orders. “We believe there will be a slowdown that is gradually occurring in the economy, but it’s not going to ultimately end in a recession,” said economist John Hagens of the WEFA Group in Bala Cynwyd, Pa. “It was a bit too premature to call for a recession later this year based on the data in February and March.”
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Full text: [Chicago Sun - Times] Jun 1, 1989

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Your Retirement: Guarding that Retirement Nest Egg

Some of the hotest scams used to swindle retirees out of their annuities are discussed. Most swindlers use stocks, securities, and coins to lure a prospective victum.
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Paulson, Morton C

Full text: [Changing Times] Jun 1989

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ADVANCED INVESTING

Stock options conjure up visions of high rollers and craps tables. But despite their reputation as risky investments, options fitcomfortably into conservative portfolios, too. The best-known strategy for moderate-risk investors is the sale of covered call options.
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MANUEL SCHIFFRES

Full text: [Changing Times (1986-1991)] Jun 1989

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Internalization of Tokyo Stock Market

The Tokyo Stock Exchange (TSE) has made an effort to achieve more market growth and play a greater role in the globalizing equity markets in order to better serve investors and issuers worldwide. Several factors are at work behind globalizing equity trading. These include: 1. a growing interdependence of national economies, 2. the deregulation of capital markets and exchange control, 3. the institutionalization of savings and wealth, 4. the volatility of exchange rates and stock prices, and 5. developments of electronic and communications technology. The TSE has reacted to these changing environments by trying to internationalize itself, strengthening its market through: 1. the encouragement of foreign listing, 2. an enlargement of the membership base, 3. a reduction in transaction costs, 4. the introduction of new products, 5. the computerization of operations, and 6. the enhancement of market integrity. Major economies and markets must cooperate and coordinate in order to maintain worldwide financial stability.
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Nagaoka, Minoru

Full text: [Business Japan] Jun 1989

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Check Out Tesco

Food retailing is now the buzz area in the market, partly because earnings growth should be secure during any UK consumer recession through to 1992. Also, Tesco managed by a single act some weeks ago to transform images of the sector and to set in motion a whole series of bids, mergers, and takeovers. On April 12, 1989, Tesco Chairman and Chief Executive Ian MacLaurin unveiled his group’s full-year figures, shocking the market. Sales registered a gain of 15%, and pretax profits jumped by more than 1/5. In the 1970s, MacLaurin emerged as the group’s dominant force, the person capable of changing the corporate culture while maintaining continuity. MacLaurin chased Sainsbury up the market; he chose to push rapidly into out-of-town superstores, pioneered, but then neglected, by Asda; and he aimed to build the type of brand loyalty enjoyed by premier retailers like Marks & Spencer. Close examination of Tesco’s published data reveals the risks MacLaurin and his team have taken. MacLaurin’s successful gamble is putting intolerable pressure on conventional structures of the sector that were already in unstable equilibrium.
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Dunn, Chris

Full text: [Business] Jun 1989

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Tokyo Stock Prices Fall 285.40 to Below 34000; London Shares Close Lower as Caution Prevails —- A Wall Street Journal News Roundup

Tokyo stock investors kissed domestic-demand issues goodbye, traders said, eliminating one “theme” that has fueled the past year’s rally and sending a broad section of the market lower. Earlier in the session in Tokyo, blue-chip technology issues such as electrical, auto, and precision machinery stocks had managed moderate gains, but these stocks gave back their increases as concern spread about the ruling party’s continuing trouble in picking a successor to Prime Minister Takeshita. Volume on the first section was on the rebound, however. The estimated final tally swelled to 1.60 billion shares from 1.16 billion shares Wednesday. Wednesday was the first time in 17 sessions that market volume exceeded one billion shares. Losers outnumbered gainers 632-320, and 151 issues were unchanged.
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Full text: [Wall Street Journal] Jun 2, 1989

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Business Brief — Potlatch Corp.: Firm Offers No Explanation For Stock’s Recent Gains

Potlatch Corp. official says there is “no internal activity and no announcement pending” to explain the recent rise in the forest-product concern’s stock price.
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Full text: [Wall Street Journal] Jun 2, 1989

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Former bull sees slide, says sell

[Richard Eakle] also says that the recent run-up in stock prices lacked two key bullish elements. To confirm that the bull market was indeed expanding in the May rally, NYSE volume should have run 275 million to 300 million shares a day and the number of daily advancing NYSE issues should have outnumbered decliners by at least 3 to 1. Instead, May volume averaged 170 million shares and the advance-decline ratio stayed around 1.5 to 1. His top picks (see chart) are mostly smaller firms, which, he says, offer the best values. But overall, Eakle reiterates, “it’s a bum time to be buoyant.” TEXT OF GRAPHIC Eakle’s best and worst bets Here are the 15 stocks that technical strategist Richard Eakle predicts will get whacked the most in the market decline he’s forecasting, and 10 others that he says should rise despite the market drop. The worst bets – Sharply diminishing cash reserves in institutional hands. Mutual fund cash positions, for example, stand at 8.7%, the lowest level since August 1987. Institutional equity portfolios – as measured by Indata, a Stamford, Conn., outfit that tracks 1,230 portfolios with $150 billion of assets – show cash reserves of 5.9%, the lowest since September 1987. Such low cash levels reflect an aging bull cycle, Eakle says.
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Dan Dorfman

Full text: [USA TODAY (pre-1997 Fulltext)] Jun 2, 1989

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Icahn Sells Big Stake in Texaco

NEW YORK, June 1 — In the biggest block trade in the history of the New York Stock Exchange, investor Carl Icahn today sold his $2.1 billion worth of shares in Texaco Inc., the giant oil company he had once threatened to take over. The sale sparked market speculation that Icahn might use the money to increase his 11 percent stake in USX Corp. or his reported 4 percent stake in Williams Cos., but Icahn declined to comment about his plans. The price of USX jumped $2.62 1/2 to $37.50 a share; Williams rose $2 to $38 a share. USX trading was halted shortly before the market closed because of an order imbalance. (excerpt)
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Mufson, Steven

Full text: [The Washington Post] Jun 02, 1989

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Famous names spur stock’s price

The company said [Bruce Bronfman] and [Steven Reichmann] each purchased 1.25 million special warrants at 20 cents each. Each special warrant entitles the holder to acquire at no additional cost 1.25 million common shares and 1.25 million warrants.
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Full text: [The Vancouver Sun] Jun 2, 1989

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Dow average up over 10 points Series: BUSINESS DIGEST

NEW YORK – Stock prices gained ground Thursday in a session dominated by a record-sized transaction in Texaco shares just as the market closed. The Dow Jones average of 30 industrials rose 10.48 points to 2,490.63. Advancing issues outnumbered declines by about 3-to-2 in nationwide trading of New York Stock Exchange-listed stocks. Volume on the floor of the exchange came to 223.16-million shares, against 162.53-million in the previous session. TAMPA – Hugh F. Culverhouse and his Palmer Financial Corp. on Wednesday again extended the deadline for his $60-million, $15-a-share bid for Coast Federal Savings and Loan Association, this time to July 31. The offer by the owner of the Tampa Bay Buccaneers was set to expire May 31, but federal regulators have yet to rule on the bid for control of the Sarasota-based thrift. Culverhouse, who has spent more than a year pursuing Coast Federal, said the offer will not be extended again. As of May 31, nearly 2-million shares had been tendered to Culverhouse. These shares, plus the 394,473 he already owns, would give him 59 percent of Coast Federal’s shares. WASHINGTON – The productivity of American workers slipped in the first quarter while unit labor costs shot up more than 6 percent on an annual basis, the government said Thursday in a report analysts cited as proof both of a slowing economy and stubborn inflation. The Labor Department’s revised figures for the first three months of the year showed a 1.1 percent decline in non-farm business productivity at an annual rate, down from the 0.5 percent gain reported in preliminary first-quarter data issued last month. Unit labor costs – a key determinant of overall inflation – rose 6.6 percent on an annual basis in the quarter.
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Full text: [St. Petersburg Times] Jun 2, 1989

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Icahn Unloads Texaco Stock for $2 Billion

[Carl Icahn] became Texaco’s biggest shareholder when Trans World Airlines, of which he is chairman, bought a 12 million-share block from Australian investor Robert Holmes a Court in November 1987. TWA already had owned 5.9 million Texaco shares. Icahn complained that Texaco management was not doing enough to raise the company’s stock price and indicated he was willing to mount a takeover of the company. If successful, he indicated, a takeover would lead to the piecemeal sale of its assets with proceeds going to Texaco shareholders. He also fought with Texaco over the terms of its subsequent bankruptcy reorganization plan. The company sought protection from creditors to avoid posting a multibillion-dollar bond while it appealed the 1985 Pennzoil verdict, which resulted from Texaco’s acquisition of Getty Oil Co.
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Full text: [San Francisco Chronicle (pre-1997 Fulltext)] Jun 2, 1989

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Stocks: Texaco trade dominates

Stock prices gained ground Thursday in a session dominated by a record transaction in Texaco shares as the market closed. As the New York market was about to close, three big Wall Street firms handled a 42.32 million-share block trade of Texaco at 49, down 21/8 from Wednesday’s last price. Traders immediately concluded that financier Carl Icahn had unloaded his position in the company to pursue other objectives, possibly involving USX Corp., in which Icahn long has held a large stake. USX shares jumped 23/4 to 371/4.
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The Associated Press

Full text: [Orange County Register] Jun 2, 1989

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Stock Rally Spurs New Offerings

”It’s the strongest deal market in two years,” said Dan Case, head of investment banking for Hambrecht & Quist, a San Francisco investment firm that specializes in taking companies public. ”This is a caveat emptor situation,” said Roger B. McNamee, co-manager of the T. Rowe Price New Horizons Fund, a mutual fund that invests in emerging growth companies. Mr. McNamee, whose fund has invested in some new offerings but has shunned others, added, ”We’re already seeing some real cheesy merchandise.” Moreover, investment bankers say, there is pent-up demand by companies that have not been able to go public at favorable prices since the crash in October 1987. ”There’s a whole backlog of inventory,” said Shelley Floyd, an investment banker specializing in technology at Salomon Brothers’ San Francisco office.
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ANDREW POLLACK, Special to The New York Times

Full text: [New York Times] Jun 2, 1989

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Cost Controls Working, First Interstate Says; Stock Jumps

The conference was sponsored by Sanford C. Bernstein & Co., a New York investment bank. Ronald Mandle, the firm’s banking industry analyst, said [Joseph J. Pinola] was more adamant than ever about the need to rebuild the stock price and replenish capital as quickly as possible. Weak earnings, stemming chiefly from problems at its First Interstate of Texas unit, have plagued the company in recent quarters and created speculation that it might be vulnerable to a takeover in 1991, when California opens its doors to full interstate banking.
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DOUGLAS FRANTZ

Full text: [Los Angeles Times (pre-1997 Fulltext)] Jun 2, 1989

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ICAHN ENDS LONG-TERM ASSOCIATION WITH RECORD SALE OF TEXACO STOCK

[Carl Icahn] became Texaco’s biggest shareholder when Trans World Airlines, of which he is chairman, bought a 12 million-share block from Australian investor Robert Holmes a Court in November 1987. TWA already had owned 5.9 million Texaco shares. Icahn complained that Texaco management was not doing enough to raise the company’s stock price and indicated he was willing to mount a takeover of the company which. If successful, he indicated, a takeover would lead to the piecemeal sale of its assets with proceeds going to Texaco shareholders. Icahn proposed a takeover of Texaco valued at $14.5 billion that the company’s board rejected. He then tried and failed to unseat the board in a proxy fight at Texaco’s annual meeting a year ago.
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Full text: [Journal Record] Jun 2, 1989

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Stock prices post solid gains ahead of jobless report

Stock prices posted a solid gain Thursday in a day that featured the largest single trading transaction in the history of the New York Stock Exchange, on behalf of financier Carl Icahn. The Dow Jones industrial average opened on a weak note, but rose steadily throughout the day. The average closed at 2490.63 with a gain of 10.48, after being adjusted following the close to account for Icahn’s 42 million-share block of Texaco shares that crossed late in the day. Traders immediately concluded that Icahn had decided to pursue other objectives, possibly involving USX Corp., in which he also has long held a large stake. USX shares jumped $2, to $37.50.
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Chicago Tribune wires.

Full text: [Chicago Tribune (pre-1997 Fulltext)] Jun 2, 1989

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Dow up 10.48 in session dominated by Texaco shares

NEW YORK (AP) – Stock prices gained ground Thursday in a session dominated by a record-sized transaction in Texaco shares just as the market closed. Volume on the floor of the Big Board came to 223.16 million shares, against 162.53 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 262.03 million shares. Traders immediately concluded that financier Carl Icahn had unloaded his position in the company to pursue other objectives, possibly involving USX Corp., in which Icahn also has long held a large stake. USX shares jumped 2 3/4 to 37 1/4.
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Full text: [Austin American Statesman] Jun 2, 1989

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