Mobil S. Africa sales reported

Mobil Oil Co., the largest U.S. company in South Africa, is selling its operations there at bargain prices to the oil subsidiary of a South African mining conglomerate, South African newspapers reported Wednesday. Mobil representatives in South Africa and the United States remained tight-lipped about the reports, which have sent the stock price of General Mining Union Corp.’s subsidiary, Trek, soaring on the Johannesburg Stock Exchange. Jack Lord, spokesman for New York-based parent Mobil Corp., said the company had no comment. Business Day of Johannesburg quoted “banking and other sources” as confirming the sale of about $400 million in assets for $150 million, and said the Mobil properties would be sold in separate deals over a period of time. BAXTER-NESTLE VENTURES: Baxter International’s domestic operating subsidiary announced Wednesday that its Clintec Nutrition Co. is forming a network of 50/50 ventures with Nestle S.A. of Switzerland. The ventures will develop and distribute clinical nutrition products worldwide where the market is a $1.2 billion business. Clintec already distributes Baxter’s and Nestle’s clinical nutrition products in the $650 million U.S. market. The products are for people who cannot be fed by normal means for reasons of chronic digestive problems or illness.
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Full text: [Chicago Sun - Times] Apr 27, 1989

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Fed stops hiking rates

In describing the new wait-and-see tactic, the officials confirmed what market traders thought they had already discerned. In recent weeks, stock prices have risen to their highest levels since the 1987 crash, and one common explanation has been that the Federal Reserve has been holding rates steady.
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Louis Uchitelle

Full text: [Austin American Statesman] Apr 27, 1989

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Wall Street’s Recession: The Market’s Fine; the Street Isn’t — Pre-Crash Conditions Were the Anomaly

For investors, Wall Street these days is like a playground filled with fun rides. Stock prices are at their post-crash highs and not far short of all-time records. If you don’t like stocks, buy a bond. The yield on ultra-safe Treasury bills and bonds is 9% or better. But the guys who run the rides aren’t having much fun. For them, Wall Street is more like a junkyard than a playground. Profits at the big brokerage houses are in a tailspin. Thousands of securities industry employees have lost their jobs since the October 1987 stock market crash and thousands more are on hit lists being drawn up by fearful brokerage-firm executives. It’s all a matter of what’s normal. According to market historians, the financial markets now may be about as normal as one can expect. But Wall Street was operating under the assumption that the heady days of early 1987, when the great bull market of the 1980s was reaching its peak, were the new standard.
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By Douglas R. Sease

Full text: [Wall Street Journal] Apr 28, 1989

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Tokyo Stock Prices Increase to Another Record; London Shares Close Up Sharply for Second Day —- A Wall Street Journal News Roundup

Tokyo stocks, buoyed by expectations of continued buying by new investment trusts, closed firmer for the third day, sending the Nikkei index to another record. London share prices finished sharply higher for the second day, with the Financial Times-stock exchange 100-share index rising comfortably above 2100 on continued optimism about U.K. interest rates. Brokers said Tokyo shares began the day firmer, reflecting investors’ enthusiasm about further index-buying by investment trusts. A series of brokerage firms are setting up new investment trusts, and some analysts estimate total liquidity available for investment in the equity market and others at 1 trillion yen ($7.57 billion).
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Full text: [Wall Street Journal] Apr 28, 1989

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Ford Net Rose To $1.64 Billion In First Quarter — Record Earnings Exceeded Forecasts as Firm’s Share Of the Market Increased

January through March 1989 was the 12th straight period in which Ford posted record quarterly earnings, but the No. 2 auto maker may have trouble repeating the feat. Several factors in the weakening U.S. market will make it difficult for Ford to match last year’s record net income of $5.13 billion, said David N. McCammon, Ford vice president and treasurer. “A lot of the stock price decline had to do with the statements Ford made about possibly not matching last year’s earnings,” said Philip K. Fricke, an auto industry analyst with with Prudential-Bache Research. Mr. McCammon later yesterday said he wasn’t giving an official earnings estimate, but outlining obstacles Ford’s earnings face this year. Particularly striking in Ford’s first quarter was the effect of incentives, which the industry has substantially sweetened to attract tentative U.S. buyers. In Ford’s international automotive markets where incentives aren’t commonly used, the company’s earnings increased nearly 30% to a record $696 million. Ford’s sales to dealers in Europe increased 7% in the period.
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By Bradley A. Stertz

Full text: [Wall Street Journal] Apr 28, 1989

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United States sees leading indicators plunge 0.7 per cent

“The underlying growth rate in the economy is much below last year and the risks of a recession certainly are higher,” said economist Sandra Shaber of the Futures Group in Washington. “To be a prudent planner, you have to take those risks into account.” The traditional signal of a recession is three straight declines in the index. It has flashed two false recession signals since the 1981-82 economic downturn, however, one of them in the months after the stock market crash. Other negatives included: a dip in manufacturers’ orders for consumer goods; a shorter average work week; an increase in initial claims for jobless benefits; a drop in an index measuring consumer confidence; faster vendor deliveries, signaling slower demand; a contraction in the money supply; a decline in manufacturers’ unfilled orders and falling stock prices.
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AP

Full text: [Toronto Star] Apr 28, 1989

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Budget leak sparks Air Canada trading probe

[John Carson] said trading in Air Canada stock the day of the leak was much lighter than a day earlier and the stock price was quite steady. Only about 46,000 shares were traded in Toronto compared with 142,000 the day before. The price was down just 13 cents at $11.63. “Normally when you get a leak of material information, unless it only gets leaked to one person, you will see some market activity,” said Carson. “If we find something, then we’ll go after it, but it sure doesn’t look like anybody took advantage on Air Canada.” Robert Fowler, vice-president of Wood Gundy Inc. in Toronto, said someone who had advance knowledge of the surprise cancellation of the $8 billion to $10 billion nuclear-powered submarine program could have dumped stock of prospective suppliers.
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James Daw Toronto Star

Full text: [Toronto Star] Apr 28, 1989

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Stocks, dollar end the day looking bright

The proposed cut in the annual federal subsidy to Crown corporation Via Rail Canada Inc. made a winner out of Calgary-based bus company Greyhound Lines of Canada Ltd., whose stock price climbed 62 cents to $26.12. “If we don’t have any trains to ride, I guess we’ll take the bus,” said ScotiaMcLeod’s Mr. [Fred Ketchen].
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LEONARD ZEHR

Full text: [The Globe and Mail] Apr 28, 1989

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Banks, trusts emerge victors as tax is killed

“We’re not going to have to find some way of flushing that cost through to our consumers,” the executive said. Although he insisted the tax reversal was not a victory for banks, the official was surprised to learn his bank’s stock price was nearing its record high yesterday afternoon. “That’s incredible,” he said.
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JACQUIE McNISH

Full text: [The Globe and Mail] Apr 28, 1989

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Investors shrug off budget deficit projection as stock prices jump

The Canadian dollar fell by half-a-cent against its U.S. counterpart in early trading in reaction to Finance Minister Michael Wilson’s unexpectedly large $30.5 billion deficit projection for fiscal 1990. But it later recovered to close unchanged at 84.1 cents (U.S.). And the Bank of Canada rate rose only by 1-100th of a percentage point, to 12.62 per cent, signalling that borrowing costs faced by consumers and businesses won’t budge in the next week. Analysts said the Toronto market opened down from Wednesday’s close because of a feeling among investors that the budget didn’t go far enough in attacking the deficit. Within an hour of opening, though, the market began to pick up steam, said analyst Don Dillistone of Richardson Greenshields in Winnipeg. “Initially, the market weakened, but then it was carried upward by New York.”
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Full text: [The Gazette] Apr 28, 1989

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Leading indicators drop again

“The underlying growth rate in the economy is much below last year and the risks of a recession certainly are higher,” said economist Sandra Shaber of the Futures Group in Washington. “To be a prudent planner, you have to take those risks into account.” The traditional signal of a recession is three straight declines in the index. However, it has flashed two false recession signals since the 1981-82 economic downturn, one of them in the months after the stock market crash. Other negatives included: a dip in manufacturers’ orders for consumer goods; a shorter average work week; an increase in initial claims for jobless benefits; a drop in an index measuring consumer confidence; faster vendor deliveries, signaling slower demand; a contraction in the money supply; a decline in manufacturers’ unfilled orders and falling stock prices.
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Nancy Benac:The Associated Press

Full text: [Orange County Register] Apr 28, 1989

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Surge in Stocks Has Its Doubters

Floyd Norris examines the lack of confidence in the stock market, despite recent surges in stock prices.
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Norris, Floyd

Full text: [New York Times] Apr 28, 1989

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Market Place; Surge in Stocks Has Its Doubters

”This doesn’t look like a bull market in anything but price,” said Henry J. Gailliot, an economist and head of investment policy at Federated Investors, a money management and mutual fund group based in Pittsburgh. ”What you need” for a long-term bull market, he said, ”is a soft landing that takes care of inflation.” That, he said, is highly unlikely. The balanced funds he manages have the maximum cash position allowed. ”I don’t think inflationary growth will last very long,” he said, because it will bring on higher interest rates, which the highly leveraged economy will find difficult to accept as variable interest rates cause more borrowers to suffer quickly. A recession is likely to follow, he said.
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Norris, Floyd

Full text: [New York Times] Apr 28, 1989

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Ford’s Quarterly Profit Up 1.2%; Decline Expected for ’89

Indeed, David McCammon, vice president for finance at Ford, said at a news conference that the auto maker’s full-year 1989 profit is likely to dip below last year’s record $5.3 billion, or $10.96 a share, mainly because of stiff competitive pressures and a softening United States market. Additionally, Mr. McCammon said that United States automotive profitability was under pressure because inflation over all was going up faster than automotive prices. Stock Price Slips Ford’s top executives, however, had been upbeat in a statement prepared for release before the news conference. ”Our strong first-quarter earnings are a result of worldwide efforts by the Ford team, which has shown once again its commitment to continuous improvement in providing high-quality products and services to our customers,” Donald E. Petersen, chairman, said in the statement.
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DORON P. LEVIN, Special to The New York Times

Full text: [New York Times] Apr 28, 1989

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Lead Index Plunges 0.7% During March Indicators Mark Second Straight Decline, Sparking Debate on Recession Possibility

The traditional signal of a recession is three straight declines in the index. However, it has flashed two false recession signals since the 1981-82 economic downturn, one of them in the months after the stock market crash. Other negatives were: a dip in manufacturers’ orders for consumer goods; a shorter average work week; an increase in initial claims for jobless benefits; a drop in an index measuring consumer confidence; faster vendor deliveries, signaling slower demand; a contraction in the money supply; a decline in manufacturers’ unfilled orders, and falling stock prices. “The leading indicator is just another indicator of how the economy has slowed down,” said Irwin Kellner, chief economist for Manufacturers Hanover Trust Co. in New York. “We’re at a point now where if the Federal Reserve doesn’t back off, the slowdown could very easily become a recession by or before the end of the year.”
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Full text: [Los Angeles Times (pre-1997 Fulltext)] Apr 28, 1989

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Economic forecast takes 2nd straight dip

Analysts said the latest negative signals from the leading index are in line with signs that the U.S. economy is losing steam and with widespread expectations that the slowdown will become more pronounced as the year progresses. The traditional signal of a recession is three straight declines in the index. However, it has flashed two false recession signals since the 1981-82 economic downturn, one of them in the months after the stock market crash. Other negatives included: a dip in manufacturers’ orders for consumer goods; a shorter average work week; an increase in initial claims for jobless benefits; a drop in an index measuring consumer confidence; faster vendor deliveries, signaling slower demand; a contraction in the money supply; a decline in manufacturers’ unfilled orders and falling stock prices.
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Full text: [Houston Chronicle (pre-1997 Fulltext)] Apr 28, 1989

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Stocks heat up amid signs of cooling growth

Stock prices surged Thursday to their fourth post-crash closing high in two weeks, as traders perceived additional signs the economy is slowing, which would hold interest rates in check. The Dow Jones industrial average rose 29.88 points to 2418.99, the highest level since Oct. 13, 1987, when it ended at 2508.16. Advancing stocks led decliners more than 2 to 1 on the New York Stock Exchange, where volume was a solid 191.2 million shares, up from 146 million Wednesday. There is new confidence among investors that short-term interest rates have peaked, so they are putting money back into stocks, said Marshall Front, executive vice president of Stein Roe & Farnham Inc. of Chicago.
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William Sluis.

Full text: [Chicago Tribune (pre-1997 Fulltext)] Apr 28, 1989

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BUSINESS INSIDER

A case in point: A few months ago one of the hottest topics among the shorts was L.A. Gear, the Los Angeles-based maker of fashion sneakers. But L.A. Gear’s price defied the critics by rising sharply. The story may change one day, but lately the short interest has been falling, and L.A. Gear remains on a roll. Because of their negative approach, the shorts are suspect, and they’re often painted as black hats by other Wall Street denizens. But more often than not they’re the first to detect corporate fraud or hype or merely controversial tactics. The kind of fraud that puts people like ZZZZ Best’s Barry Minkow in jail, for example. The kind of hype that led to an inflated stock price for Regina, the vacuum-cleaner company that couldn’t muster the earnings to support its high-flying stock price. The kind of controversy surrounding the tangled web of financial dealings by Cooper Cos.
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Herb Greenberg

Full text: [San Francisco Chronicle (pre-1997 Fulltext)] Apr 29, 1989

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Dow Off Fraction in Quiet Market

Stock prices for Apr 28, 1989 are given.
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Full text: [Los Angeles Times] Apr 29, 1989

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INDEX OF LEADING ECONOMIC INDICATORS EXPERIENCES BIGGEST DROP IN 8 MONTHS

“The underlying growth rate in the economy is much below last year and the risks of a recession certainly are higher,” said economist Sandra Shaber of the Futures Group in Washington. “To be a prudent planner, you have to take those risks into account.” The traditional signal of a recession is three straight declines in the index. However, it has flashed two false recession signals since the 1981-82 economic downturn, one of them in the months after the stock market crash. Other negatives included: a dip in manufacturers’ orders for consumer goods; a shorter average work week; an increase in initial claims for jobless benefits; a drop in an index measuring consumer confidence; faster vendor deliveries, signaling slower demand; a contraction in the money supply; a decline in manufacturers’ unfilled orders and falling stock prices.
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Full text: [Journal Record] Apr 29, 1989

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