Business and Finance
SAUDI ARABIA AGREED to boost its oil output to help make up for the loss of supplies from Iraq and occupied Kuwait, U.S. officials said. The Saudis haven’t yet pledged to a specific figure, but the Bush administration was seeking a commitment to increase production by about two million barrels a day. Meanwhile, global sanctions against Iraq began to cut into its petroleum exports. Bond prices fell sharply and stocks swung wildly as oil-related news shook the financial markets during the day. Long-term Treasury bonds dropped half a point. The Dow Jones industrials fell 5.70 points, to 2710.64, their sixth consecutive loss. Broader stock indexes rose slightly. Signs of escalating tension buoyed the dollar. st Tokyo stock prices tumbled Tuesday on concerns about the Mideast. The Nikkei fell 946.46 points, or 3.3%. In morning trading Wednesday, the index recovered 359.08 points.
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Full text: [Wall Street Journal] Aug 8, 1990
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War Rumors Whip Dazed Wall Street
On Aug 7, 1990, stock prices jerked on every bit of news coming out of the crisis in the Persian Gulf, and swung wildly through a 63-point range. When the final bell sounded, the Dow Jones industrial average was down 5.70 points to 2710.64, its sixth straight loss.
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Wiseman, Paul
Full text: [USA TODAY] Aug 8, 1990
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Kuwait crisis whips markets: New York, Toronto stock prices tumble
Oil prices have shot up since Thursday, following Iraq’s surprise invasion of its much smaller neighbor Kuwait. On Monday crude soared 14.5 per cent to the highest levels in 4 1/2 years. In New York, the Dow Jones average of 30 industrials fell 5.70 to 2,710.64. Since the market started sliding last Thursday when Iraq invaded Kuwait, the best-known market indicator has lost 188.62 points, or 6.5 per cent. After the end of trading, U.S. defence officials said President George Bush ordered several thousand U.S. troops and American jets sent to Saudi Arabia to counter a threat from Iraqi troops occupying neighboring Kuwait.
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Full text: [The Vancouver Sun] Aug 8, 1990
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Bargain-hunters boost stock prices
In New York on Tuesday, Persian Gulf war rumors sent jolts through U.S. stock and bond markets and lifted oil prices to almost $29 U.S. a barrel, their highest level in almost five years. On the New York Mercantile Exchange, the cost of key West Texas Intermediate crude for September delivery bounced throughout the day, falling as much as $1.55 U.S. a barrel to $26.50 U.S. and jumping as high as $1 U.S. a barrel to $29.05 U.S. The price settled at $28.31 U.S. a barrel by the close of trading, up 26 cents U.S. from Monday and up more than 40 per cent from a week ago. The closing price was the highest since $28.74 U.S. on Dec. 6, 1985.
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Full text: [The Ottawa Citizen] Aug 8, 1990
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Buyout financing woes sink UAL stock price
UAL’s three major unions have until tomorrow to arrange financing for their planned bid for the company, the parent of United Airlines Inc. of Elk Grove, Ill. But their effort has been dealt a series of blows over the past week, with three commercial banks reported to have withdrawn from the financing effort and sharply higher oil prices, which have hurt the prospects for profit.
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Full text: [The Globe and Mail] Aug 8, 1990
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Dow snaps losses with spurt of 24.2
Stock prices closed with strong gains today, bolstered by bargain-hunting and President Bush’s comments on U.S. troop movements to Saudi Arabia to prevent any Iraqi invasion. Stocks were higher in late trading but off earlier highs registered shortly after noon. The Dow was up about 36 points after the president, at a press conference at that hour, reiterated that U.S. troops were in Saudi Arabia for defensive purposes and not to drive Iraqi forces out of Kuwait. Light crude oil futures traded on the New York Mercantile Exchange fell a steep $2.36 to $25.95 a barrel at 2:45 p.m. EDT. Oil prices soared Monday to above $28 a barrel, their highest levels since December 1985. Prices have skyrocketed 33 percent since Iraq invaded Kuwait.
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Full text: [San Diego Tribune] Aug 8, 1990
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Rumors cause seesaw markets
Stock prices tumbled in Tokyo, rallied in London and seesawed in New York following Monday’s big loss. On Wall Street, the Dow Jones industrial average was down 5.70 to 2,710.64. Since the market started sliding Thursday when Iraq invaded Kuwait, the best-known market indicator has lost 188.62 points, or 6.5 percent. Elsewhere, U.S. bond prices rebounded from losses Monday then weakened again over anxiety about possible oil-shock inflation. The dollar gained ground against the Japanese yen, but was fairly steady in trading against major European currencies. Gold prices followed the behavior of oil. The dollar rose 1.10 yen to close at 150.60 yen in Tokyo. Later in London, the dollar was quoted at a lower rate of 149.73 yen but strengthened later in New York to 150.90 yen.
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Full text: [San Antonio Express-News] Aug 8, 1990
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Steep Market Fall Is Halted; Dow Off 5.70
”If you have followed what has been happening in the markets since the middle of July, you’ll have noticed that many market participants have become event watchers rather than analysts,” said Robert H. Stovall, president of Stovall/Twenty-First Advisers Inc., a New York investment management firm. ”Under the best circumstances the market will remain under pressure for a while,” he said, ”and today wasn’t a bad day in terms of a pattern.” Mr. Stovall noted that among high-technology stocks Compaq Computer was doing well after sliding in recent days. Yesterday the stock was up 1 3/8, to 53 7/8, with about 1.7 million shares traded. Another was Browning-Ferris Industries, a pollution control company, whose stock was up 1 1/8, to 38 3/4. The Walt Disney Company rebounded well from the previous days’ declines; an analyst had downgraded his rating on the stock to ”hold” from ”buy” on the theory that oil-induced inflation could mean less money spent on leisure activities. But the stock was up 1 yesterday, to 103 3/8.
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HURTADO, ROBERT
Full text: [New York Times] Aug 8, 1990
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Corrections
LEAD: The main article in Business Day yesterday about the performance of the stock market on Monday incorrectly characterized the drop in the Dow Jones industrial average in some copies.
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Full text: [New York Times] Aug 8, 1990
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Dow Turns Upward, Gains 24.26 Points Wall St.: Bargain hunters and President Bush’s Mideast comments snap four days of losses.
Stock prices were also bolstered by President [Bush]‘s comments on U.S. troop movements to Saudi Arabia to prevent any Iraqi invasion. The Shearson Lehman Brothers daily Treasury bond index, which measures price movements on all outstanding Treasury issues with maturities of a year or longer, fell 2.22 to 1,148.88. Yields on three-month Treasury bills rose to 7.61% as the discount rose 9 basis points to 7.38%. Yields on six-month bills rose to 7.67% as the discount rose 3 basis points to 7.30%. Yields on one-year bills rose to 7.73% as the discount rose 4 basis points to 7.22%.
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Full text: [Los Angeles Times (pre-1997 Fulltext)] Aug 8, 1990
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Brokers Enjoying Brief Windfall, but Outlook for Industry Still Grim
The combination of brisk trading and declining stock prices underscores [Lloyd Greif]‘s contention-that people are bailing out of the stock market. And if they don’t return to the market quickly, securities firms are bound to suffer, according to market experts. “The one area (of the brokerage industry) that has been reasonably healthy this year was the initial public offering market,” [Lawrence Eckenfelder] said. “But most of those deals are done over the counter, and the over-the-counter market has been falling apart here.” Eckenfelder predicts that a number of companies that had planned to go public will suspend their offerings during the next several months. Meanwhile, publicly traded firms that had hoped to return to the stock market to raise more cash will also be stymied, he said. To add insult to injury, most brokerage firms-and many stockbrokers-have their own trading accounts. And as the Dow has slipped from a high of nearly 3,000 to Tuesday’s close of 2,710.64, the value of these portfolios has also diminished.
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KATHY M. KRISTOF
Full text: [Los Angeles Times (pre-1997 Fulltext)] Aug 8, 1990
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Wary of Mideast Blowup, Many Brokers Aren’t Pushing Stocks
Just a few weeks ago, many of Ted Peck’s clients were awash in stocks. Some were even borrowing money to buy still more shares. Now the Prudential-Bache Securities Inc. broker says he has slashed some clients’ stock exposure to 40% and cut back the leverage. It’s no time to bet big on stocks, he tells many of them. Since the October 1987 stock-market crash, Wall Street has lectured investors to buy on stock-price drops, and that strategy has largely paid off. But some brokers and Wall Street executives say this time is different: There are too many unpredictable forces — Middle East tensions, volatile oil prices and the budget deficit — to prod investors back into the market just yet, they say.
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By Michael Siconolfi and William Power
Full text: [Wall Street Journal] Aug 9, 1990
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Tokyo Stock Prices Rebound, Gain 856.07 Points; London Shares Edge Up in Hectic, Choppy Trade
In Aug 8, 1990 Tokyo trading, the Nikkei Index of 225 issues ended at 28509.14, up 856.07. London stock ended fractionally better in hectic, choppy trading.
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Full text: [Wall Street Journal] Aug 9, 1990
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Tokyo Stock Prices Rebound, Gain 856.07 Points; London Shares Edge Up in Hectic, Choppy Trade —- A Wall Street Journal News Roundup
London stocks ended fractionally better in hectic, choppy trading, as investors assessed the minute-by-minute developments in the Middle East. In Tokyo, after a volatile morning session, stocks rose steadily in the afternoon encouraged by firming bond prices, traders said. Both markets responded favorably to reports that Saudi Arabia had agreed to increase oil output to help make up for the shortage in world supplies because of the embargo of Iraqi oil. The Nikkei Index of 225 issues ended Wednesday at 28509.14, up 856.07 points. Thursday morning in Tokyo, however, stocks fell 247.26 points to 28261.88.
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Full text: [Wall Street Journal] Aug 9, 1990
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23 layoffs are confirmed by HomeFed
The closing of the San Francisco office will leave HomeFed with commercial lending offices in San Diego and Los Angeles, said [Robert Adelizzi], who explained that the move is part of HomeFed’s plan to refocus on home mortgage lending. In addition to limiting growth in commercial lending — which accounts for 6 percent of HomeFed’s portfolio — the S&L will virtually abandon commercial real estate lending, development and out-of-state lending. Meanwhile, analysts are speculating that HomeFed’s declining stock price could make the company vulnerable to a hostile takeover. HomeFed closed at $10 a share yesterday, down from a high of $47.50 over the last year.
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Robert Hanley
Full text: [The San Diego Union] Aug 9, 1990
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Hees stock prices low despite profits
TORONTO (CP) — The investment community seems no closer to understanding merchant banker Hees International Bancorp, which continues to report growth of more than 10 per cent in profits while its stock price languishes.
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Full text: [The Ottawa Citizen] Aug 9, 1990
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Wednesday’s Markets Series: BUSINESS DIGEST
UAL FACES DEADLINE. UAL Corp.’s stock pulled out of a nose dive Wednesday as the airline company’s board met on the eve of a deadline for employees to secure financing commitments for their $4.38-billion buyout bid. UAL shares rose $13.50 on New York Stock Exchange trading Wednesday to close at $114.50. Analysts said the rally – after a plunge of 38 percent in less than two weeks – stemmed mainly from Wednesday’s drop in oil prices. They said it was not a sign of heightened investor confidence that United Airlines’ workers will meet today’s deadline for getting $4-billion in financing. UAL EXTENDS DEADLINE. United Airlines’ parent company Wednesday gave an employee buyout group an extra two months to arrange financing for its $4.38-billion bid. UAL Corp.’s board of directors said it was willing to extend the deadline, which was due to expire today, because of the crisis in the Middle East, which has caused wild fluctuations in oil and stock prices. The company said, however, that if financing is not arranged by the new deadline, Oct. 9, UAL will terminate the buyout agreement it reached with United Airlines employees last April. The buyout group is trying to arrange $4-billion in financing, despite the recent pullout of three New York banks from its lending group. However, the employees got a boost earlier Wednesday when the Los Angeles banking company Security Pacific Corp. said it had joined the loan talks. PEAT CHIEF TO RESIGN. Larry D. Horner, chairman of New York-based KMPG Peat Marwick, said Wednesday that he will step aside as head of the world’s largest accounting firm when his six-year term expires in October. As recently as last week, Horner had planned to run for a second term at the partners’ annual meeting in October in Orlando. Because the deputy chairman, Robert Beecher, wanted to retire soon, Horner had named K. Dane Brooksher to replace him. However, that nomination did not please some partners who consider Brooksher too inexperienced in dealing with clients. Tampa Bay/State
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Full text: [St. Petersburg Times] Aug 9, 1990
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Stocks rise in reaction to drop in oil
U.S. troops landed in Saudi Arabia, and President Bush said they would defend the world’s largest oil exporter from any Iraqi aggression. The news spurred a pullback in world oil markets and bolstered stock prices. Actively traded blue chips included: Philip Morris, up 3/8 to 455/ 8; America Telephone & Telegraph, off 3/8 to 35; Boeing, up 1 to 53; International Business Machines, up 1/8 to 1031/8; General Electric, up 5/8 to 677/8; Eastman Kodak, up 411/8; and McDonald’s, up 3/8 to 301/8. * INDICATORS: The NYSE’s composite index of all its listed common stocks rose 1.95 to 185.40. Standard & Standard & Poor’s industrial index rose 3.86 to 398.96 and S&P’s 500-stock composite index rose 3.52 to 338.35.
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Full text: [San Antonio Express-News] Aug 9, 1990
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JUDGE ISSUES INJUNCTION ORDERING VRS TO OBEY OPEN MEETING LAW
Judge Randall G. Johnson’s order was mailed Tuesday to the attorneys for George B. Little and the VRS. The $11 billion state pension fund was sued July 6 by Little, a Richmond lawyer, for alleged violations of the Virginia Freedom of Information Act. Among the VRS officials who testified was Mark T. Finn, chairman of the investment advisory committee, who said closed sessions of the board were necessary because of discussions of possible stock transactions. Opening the meetings to the public could affect the stock’s price and eventually hurt the pension fund, he argued. The purchase increased the VRS holdings in RF&P and, Finn said, added negotiation power in case a merger is attempted.
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Estelle Jackson
Full text: [Richmond Times - Dispatch] Aug 9, 1990
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Pessimism hits Tokyo market
”UAL emphasized that – especially in light of events in the Middle East, state of the financial markets and softening economy – there can be no assurance that a transaction can be completed,” the statement said. Should the offer collapse, the company’s stock might well slide sharply, further alienating stockholders, who have seen the value of their shares decline sharply in recent weeks. Within the last 12 months, UAL’s share price has been as high as $294. ”[Gerald Greenwald] will have to present the board with an outline that is very doable,” said Sharon Kalin, president of Athene Coronado Management Inc., a big New York money-management firm that has a significant stake in UAL.
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From THE PHOENIX GAZETTE news services
Full text: [Phoenix Gazette] Aug 9, 1990
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