Business and Finance
DURABLE GOODS ORDERS rose 2.9% in April, indicating there is still considerable strength in the economy. Analysts said the increase, the biggest since December, shows that manufacturers are continuing to spend on capital goods even though consumers appear to be cutting back. Stock prices slumped on the durable-goods report and profit-taking, sending the Dow Jones industrials down 24.01, to 2478.01. Bond prices eased and the dollar was narrowly mixed. Gold and silver rose. Fed Board members Robert Heller and Manuel Johnson expressed optimism about the inflation outlook. Both are said to be supporting a possible easing of short-term interest rates to stem the dollar’s recent surge.
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Full text: [Wall Street Journal] May 24, 1989
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Stockholder files suit against Carlson Cos. // Plan to buy out TGI Friday’s disputed
The plan calls for a merger of Dallas-based TGI Friday’s with a to-be-formed subsidiary of Carlson Hospitality Group. TGI Friday’s said a definitive merger agreement must first be prepared, and the agreement must be approved by two-thirds of the minority shareholders, by the boards of TGI Friday’s and Carlson Hospitality, and by an advisory committee of the TGI Friday’s board. The suit, filed by Sarah B. Shields, a Florida shareholder, accuses the defendants of violating federal securities laws by allegedly forcing the sale of shares at an unfair price, and of manipulating the TGI Friday’s stock price by failing to publicly disclose the stock’s true value. The suit asks the court to stop Carlson’s bid or get a “fair” price for shareholders, [Richard D. Greenfield] said. The TGI Friday’s suit jumps the gun, according to a TGI Friday’s official. “Until there’s a definitive agreement proposal, I’d say they’re a little premature in filing a lawsuit,” said Stephen King, chief financial officer.
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Anthony Neely
Staff Writer
Full text: [Star Tribune] May 24, 1989
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For Boom the Bell Tolls
The 26% plunge in stock prices in mid-October 1987 leads many forecasters to believe that the US is experiencing its 9th postwar recession. The economic downturn might be worse than average because, for the first time since the 1930s, both fiscal and monetary policies are not easing to cushion the downturn. Gramm-Rudman, the Federal Reserve, and the prevailing view in the economics profession all say that Washington’s deficit must be reduced in order to relieve pressures on the financial markets so that interest rates might come down. However, a sliding scale of deficit cuts once the economy strengthens would seem to be a more effective way of reaching the president’s goal of cutting $500 billion over 5 years than simply taking the same amount out of each year. One positive factor is that consumers’ attitudes may brighten when they see that their worst fears may not be realized. In addition, the jump in petroleum prices is likely to spur business growth in energy conservation.
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Kellner, Irwin L.
Full text: [The Manufacturers Hanover Economic Report] Oct 1990
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Insiders Snapping Up Stock in Local Banks
If records of insider stock purchasing are an accurate yardstick, officers and directors at a number of Massachusetts banks were bullish during the market’s August doldrums. While many of the state’s public companies saw an upswing in insider buying, according to Securities and Exchange Commission documents and Invest/Net, a Florida-based firm that tracks these records, insiders at local banks led the pack, especially those involved in smaller community banks. Moreover, the buying took place at a time when most of these banks continued to report substantial losses due to real estate loans. (excerpt)
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Glass, John
Full text: [The Boston Business Journal] Oct 01, 1990
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