Word: stockely
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Dates: during 1970-1979
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Trading had already been under way for 30 minutes, and brokers were carefully watching the big illuminated screen that carries the latest stock quotations to the turbulent floor of the New York Stock Exchange. Suddenly there flashed a terse announcement about Columbia Pictures: CPS WILL NOT OPEN FOR TRADING TODAY. Thus last Friday began yet another episode in the unending saga of the troubled moviemaker...
...York Times Magazine scheduled to appear on Sunday. After hastily leafing through advance copies of the article, which had already been circulating on Wall Street, the Big Board's bosses decided it would be unwise to expose the shares to the uncertainty that the article could cause. Columbia's stock, which had sold at a high of 20? last December, was down to 14? last Thursday in the wake of the scandal involving David Begelman, 56, the former president of its film and television divisions; the shares had fallen another point on Thursday, in anticipation of the Times article. Begelman...
...Times piece seriously compounded Columbia's troubles by directing attention to the power behind the scenes: the prestigious and secretive Wall Street investment house of Allen & Co. Inc., which owns approximately 7% of Columbia's stock, or 500,000 shares, worth some $7.2 million, and dominates Columbia's board. The article, which was written by Lucian K. Truscott IV, an aspiring novelist and a freelance journalist, asserted that Allen & Co. was seeking to sell out. Begelman's reinstatement and the condoning of his crimes, charged Truscott, were part of a scheme by Allen & Co. to show that all was well...
...energy. Sure, Europeans and Japanese and Latin Americans have been putting much of their surplus cash into land and factories in the U.S., which they figure is immune to the socialism that infects many of their own countries. But they would invest much more-particularly in the U.S. stock market, which is undervalued and could use the lift from abroad-if the dollar showed signs of recovery. So long as it falls, Europeans stand to lose on their American investments...
...University of Oregon and Portland State University are occupied by protesters; a silent demonstration is held by a group of 100 at Wesleyan University. It is all eerily reminiscent of the Viet Nam War days, but the protests involve a new generation and a different issue: college ownership of stock in U.S. corporations that operate in ?or have dealings with?South Africa...