Driving legend Scott, who broke stock-car color barrier, is dead at 69

Actor Richard Pryor played [Wendell Scott] in the 1977 film "Greased Lightning." The movie focused on Scott's racing career, which began in 1949 when the owner of a Danville race track, seeking to boost attendance, went to the police station looking for names of blacks with speeding records. Police gave the owner Scott's name. Even Scott's greatest victory was tainted. In 1963, he won the Jake 200, a race in Jacksonville, Fla., for the Grand National division, what is now the Winston Cup series. But Buck Baker, whom Scott had lapped three times, was given the winner's trophy.

Full text: Austin American Statesman, Dec 24, 1990

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Reduced Hours in the Markets

Trading on the NYSE and the AMEX and in over-the-counter stocks closed at 2 p.m. Dec 24, 1990, two hours earlier than normal. Other reduced hours in world stock markets for the day are listed.

Full text: New York Times, Dec 25, 1990

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Covering Your Assets

Asset allocation funds divide their portfolios among stocks, bonds, cash, and sometimes precious metals with the goal of preserving capital while keeping a hand in certain growth stocks. In 1990, the top-performing asset allocation fund managers emphasized bonds and cash and kept only 30% to 40% of their portfolios in stocks. Many allocation managers who rely on computer models are currently keeping their portfolios more evenly divided among these 3 investment vehicles. For example, Thomas Gunderson, manager of the MIMLIC Asset Allocation Fund, is keeping an asset mix of around 40% stocks, 45% bonds, and 15% cash. He uses computer analysis to compare risk versus return on these 3 vehicles to determine the best asset mix. While asset allocation funds do not produce quick profits, they provide stock market opportunities with less risk and protection from bonds and cash in down markets. Since most funds always hold stocks, there is growth potential on the upside.

Full text: Financial World, Dec 25, 1990

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Financing Business: American Capital & Research Corp

American Capital & Research Corp said it completed a private placement of $25 million in senior preferred stock with units of Ifint SA, an international investment firm affiliated with Italy's Agnelli group of companies.

Full text: Wall Street Journal, Dec 26, 1990

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Blue chips outpace secondary stocks

Unfortunately, the fight against AIDS is discouraging, for a number of reasons. ICN Pharmaceutical once seemed to offer hope. Its drug, Ribavirin, went to the Food and Drug Administration (FDA) for approval. At that time, in the mid-'80s, the FDA had little machinery for expediting medications tests with promise against AIDS. On the other hand, there was not sufficient evidence for approval. ICN became disheartened and sought approval abroad, securing Ireland's blessing for Ribavirin as a treatment in delaying the symptoms of AIDS. In addition, India recently approved Ribavirin for the treatment of hepatitis, herpes simplex and respiratory disorders. ICN stock, which once traded at 30, now trades at about 3. In this highly charged environment, it may be years before ICN finds fans for its shares. It has been losing money and may lose the equivalent of $1.75 a share this year, 75 cents a share next year.

Full text: Star Tribune, Dec 26, 1990

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