Word: stockings
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Dates: during 1980-1989
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Troubled by the uncertainty, many analysts took the Gap's stock off their list of recommended buys. The company's shares fell by 8 5/8 the next day. Then over the weekend, Chairman Fisher finally announced the firm's projections for third-quarter earnings: 40 cents to 55 cents a share, in contrast to 60 cents last year. It was this news that drove the stock down another 10 1/4 points last Monday. On Tuesday, when the Dow Jones industrial average climbed a record 75.23 points, the Gap managed an anemic 5/8-point rise. It closed on Friday...
...sprees never really revved up. Some shoppers, it seems, were just not sure what they wanted to buy. Many were wondering, for example, if the miniskirt was really back. Once inventories piled up, stores had to cut prices to keep their merchandise moving. That depressed earnings. The Limited's stock price dropped 27% over the past month, and the Dress Barn was down...
...when real-life economic problems like the trade deficit are getting worse. Says Investment Banker Felix Rohatyn: "If the reality doesn't get better but the myth becomes more and more insane, then the correction is going to be more and more violent." While no direct tie exists between stock-market crashes and depressions, a shattering of Wall Street's confidence would deliver a sharp psychological blow to the rest of the population. Adds Rohatyn: "People will only wake up when one morning they see the stock market unwinding by 150 points in the first two hours. Then people will...
Today's worrisome parallels to the 1920s begin with Wall Street. From 1925 to 1929, stock prices more than doubled. But during the current bull market, the Dow Jones industrial average has more than tripled in value since the run- up began in August 1982. During the rally's first phase, investors put their money in stocks based on their intrinsic value, which was backed by corporate profits and dividends. But in the later stages, the betting has become almost purely speculative, as investors pour cash into the market in fear of missing the free ride. At this point, many...
Another dramatic parallel is the emergence of a new financial center where cash-laden investors are bidding wildly. In the 1920s that place was Manhattan; today it is Tokyo. In the overheated Tokyo exchange, shares are trading at about triple the level of Wall Street stocks in terms of the ratio of prices to corporate earnings. Says Eric Shubert, an international economist for Manhattan's Bankers Trust: "Lots of inexperienced people in Tokyo are playing the market; they have switched from comic books to the stock pages, just as in America in the 1920s millions of people switched from baseball...