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Word: junking (lookup in dictionary) (lookup stats)
Dates: during 1980-1989
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Usage:

Experts found no shortage of culprits to blame for the latest debacle. A series of downbeat realizations converged on Friday, ranging from signs of a new burst of inflation to sagging corporate profits to troubles in the junk- bond market that has fueled major takeovers. The singular event that shook investors was the faltering of a $6.75 billion labor-management buyout of UAL, the parent company of United Airlines, the second largest U.S. carrier. "That's when all hell broke loose," said Robert Newman, a floor trader for Equitrade Partners. "It was very reminiscent of something I do not care...

Author: /time Magazine | Title: Boom, Ka-boom! | 10/23/1989 | See Source »

...this year's rally has rested on some shaky foundations. Chief among them is the relentless pace of corporate takeovers, which enriched everyone on Wall Street, from stockholders to investment bankers. But the buyouts have been fueled by financing from a junk-bond market that was severely weakened last month when Canadian developer Robert Campeau nearly defaulted on $1.27 billion of debt payments on loans that he had used to acquire Allied Stores and Federated Department Stores. In the wake of Campeau's problems, the money for new takeovers has begun...

Author: /time Magazine | Title: Boom, Ka-boom! | 10/23/1989 | See Source »

...heaviest blow to the market came Friday afternoon. In a three-paragraph statement, UAL said a labor-management group headed by Chairman Stephen Wolf had failed to get enough financing to acquire United. Several banks had apparently balked at the deal, which was to be partly financed through junk bonds. The takeover group said it would submit a revised bid "in the near term," but the announcement stunned investors who had come to view the United deal as the latest sure thing in the 1980s buyout binge. Said John Downey, a trader at the Chicago Board Options Exchange: "The airline...

Author: /time Magazine | Title: Boom, Ka-boom! | 10/23/1989 | See Source »

Many investors, especially short-term speculators, were badly shaken. The biggest losers were Wall Street arbitragers, who make money by buying the stock of takeover targets and selling it at a higher price when the deals go through. The high anxiety about the junk-bond market sent the stocks of takeover targets plunging across the board. "The arbs got their heads handed to them," said Anson Beard, the chief trader for Morgan Stanley. "Very few anticipated that the UAL buyout could fail." Small investors suffered less because they have been less active in the market since the 1987 crash...

Author: /time Magazine | Title: Boom, Ka-boom! | 10/23/1989 | See Source »

...business nipping at the Blue Jays' heels. Aside from their lone star, indestructible shortstop Cal Ripken Jr., the O's represent an amalgam of rookies and major-league rejects. A typical lineup includes six players who have been released or traded cheaply by other teams. | Jeff Ballard, their junk-balling star pitcher, had a career record of 10-20 before this season. Cleanup hitter Mickey Tettleton never clubbed more than eleven homers in a year; in '89 he already has 25. As the O's clubhouse T shirts...

Author: /time Magazine | Title: Sport: The Days Dwindle Down | 10/2/1989 | See Source »

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