Word: junks
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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...
...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...
...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...
...food store, looking at a little blue convertible and thinking, "Aw, isn't it cute?" I do not usually gurgle about cars. Like other citizens with some mileage on them, I used to love cars, maybe 30 years ago, and then I grew up. Now when a hunk of junk that cost twice the price of my first house needs new front shocks at only 120,000 miles, my feeling is bitter resentment. Americans hate their cars...
...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...