Word: selloff
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There was no mystery about the recent selloff. Basically, Wall Street does not believe that Congress will reduce the budget by enough to make up for the huge tax cuts it passed in July. Said H. James Toffey, a managing director of First Boston Corp.: "Wall Street was always scared of tax cuts without commensurate spending cuts." The Administration's budget slashing efforts were nowhere near deep enough to meet its goal of a $42.5 billion federal deficit for fiscal 1982, or to make possible a balanced budget by 1984, as Reagan promised. Because the Government would have...
...start of a broad and bloody selloff, or just a brief interruption in the wild climb of gold and silver? That question last week taunted everyone from Middle East oil sheiks to Chicago secretaries. In the biggest one-day tumble in precious metals history, gold slumped a startling $145 per oz., or 18%, while silver dropped $10 per oz., or 22%. Yet prices began bouncing back up, sending investors on an unnerving joyride...
...weeks ago that U.S. Treasury Secretary W. Michael Blumenthal had met secretly in Paris with European monetary officials, currency traders assumed that a dollar-propping agreement would be announced at last week's monthly meeting of central bankers in Basel, Switzerland. None was forth coming, and the selloff of dollars started anew. By midweek the herd instinct had taken hold, and in Switzerland the dollar lost 1.5% in value in a single day, one of its largest one-day drops. That will make Swiss vacations more expensive for American tourists - if they can find anyone to exchange dollars...
...investors in Four Seasons' seemingly golden growth. In fact, says the indictment, part of the company's earnings were based on sales of nursing homes that were reported in company documents and certified in accounting statements but had never really occurred. Another ruse, it said, was the selloff, at inflated prices, of some of Four Seasons' losing properties, which unnaturally increased the company's earning power. Actually, says the indictment, the buyer was Four Seasons Equity Inc., a firm that was secretly owned by the parent company. The company had bought its own losers...
...much money is pouring into the coffers of institutional investors that they will be forced to step up their stock purchasing. Somewhat surprisingly, mutual funds actually sold off some $124 million worth of stocks during August, despite the market rise. According to figures from the Investment Company Institute, the selloff lifted the mutuals' cash reserves to $3.5 billion, or 7.1% of fund assets. Mutual funds generally keep only 5.5% of their resources idle...