Word: stockings
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Dates: during 1980-1989
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...moment, takeovers have become a perilous pursuit. Many deals in progress when the crash hit have been scuttled or are in jeopardy because the original bids seem absurdly high after the drop in stock prices. Dart Group, a retail conglomerate controlled by Washington's Haft family, dropped its $68-a- share bid for the Dayton-Hudson department-store chain when the target company's shares fell to $30. Hong Kong-based Jardine Strategic Holdings called off a $390 million bid to buy a 20% interest in Bear Stearns when shares of the Wall Street firm plummeted from...
...when the Dow was at 2500, they will be even more attractive with the Dow at 1800." Manhattan Financier Asher Edelman has spent $72 million since late August to accumulate 11.5% of Foster Wheeler, a New Jersey-based construction company; much of the buying came as the firm's stock tumbled, from $21 to $11.25, amid the crash. Paul Bilzerian, a Florida investor who has made more than $50 million in profits since 1985 from corporate raids against such firms as Allied Stores and Hammermill Paper, is mulling a run at Singer...
...their full glory. The House last week passed a tax bill that, among other things, would put a $5 million cap on interest deductions for debt resulting from takeovers. The measure would inhibit corporate raids, and many Wall Streeters believe the specter of the possible tax change depressed takeover stocks and thus played a role in setting off October's crash. Raiders hope the anti-takeover provision will die in House-Senate conference when lawmakers realize that the tax could drive stock prices still lower...
...Wall Street history, saw his Quantum Fund drop some 36%, to $1.67 billion. Other stars emerged overnight. Elaine Garzarelli, 36, a research analyst and fund manager for Shearson Lehman Bros., had emphatically predicted a collapse exactly one week before Black Monday in an interview on Cable News Network. Her stock fund, the Sector Analysis Portfolio, reportedly gained 5% during the week of the crash because Garzarelli had moved the fund out of stocks and into cash and Treasury bills. Result: Garzarelli, who bases her prognostications on an elaborate computer model, now sends visible tremors through the market with her predictions...
...long, and eventually there are no good policy choices. That was a favorite saying of the late Arthur Burns when he piloted the Federal Reserve Board through the inflation-ridden 1970s, and it applies with equal force to the dilemmas facing Government policymakers in the wake of the stock market's Crash of '87. A babble of conflicting voices warns of peril in almost any course the economic managers might take to reduce the budget and trade deficits and force the country to live within its means. And those warnings cannot be lightly dismissed. There are in fact risks, magnified...