Word: quarters
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Dates: during 1980-1989
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...Treasury securities. Enticed by a surge in interest rates and put off by the stock market, individuals have turned the once staid investment into a popular favorite. Small investors bought three-month and six-month T- bills at the record pace of $2.5 billion a week during the first quarter of 1989, compared with $2 billion a year ago. Says a Chicago Federal Reserve officer: "On auction days, you'd think this was the racetrack...
...bankruptcy last March after a strike by its machinists virtually shut it down. The bankruptcy court has set a deadline for Eastern bids this week. And Pan Am seems to be running on fumes. Last week the once proud carrier said it lost $151 million during the first quarter, following a $73 million annual loss...
There is one rival that doesn't shoot there, though it might want to shoot at it. For a quarter-century, Universal Studios has considered erecting a studio park in Florida to complement its Southern California facility...
...millions of small investors, the latest downturn reflected weakness in virtually every phase of Wall Street's business. With merger mania dampened by high interest rates and fears of a political backlash against debt-laden megadeals, the value of announced corporate acquisitions fell to $76 billion in the first quarter of 1989, down 58% from the comparable period last year. At the same time, intense competition has driven down the commission on stock trades to as little as 4 cents a share, vs. about 8 cents before the crash...
Such problems have plunged most firms into the financial doldrums. Merrill Lynch, the largest U.S. brokerage, reported last week that its first-quarter profits tumbled to $37.2 million, down 46% from a year ago. Paine Webber Group said its earnings dropped 56%, while Dean Witter's income was off nearly 40%. Shearson Lehman Hutton suffered a particularly harsh blow. After writing down its holdings in MCorp, a troubled Texas banking firm, Shearson reported a $15 million loss for the quarter. Overall, the before-tax income of U.S. securities firms slumped to $450 million, down 60% from the first quarter...