By Peter Travers
July 11, 1988 12:00 PM

>OSCARED: MICHAEL DOUGLAS (WALL STREET) Kirk Douglas’ son came into his own playing a ruthless corporate raider in Oliver Stone’s glowering look at bull market maneuverings. The movie itself isn’t worth a big investment—too much Stone sermonizing. But Douglas’ juicy, jabbing performance paid off with this year’s Oscar as Best Actor. Suggestion: Rent 1949’s Champion (Republic) and see the senior Douglas sizzle as an unscrupulous boxer. Then watch the kid in Wall Street. That should clear up any questions about where Michael got his moxie. (CBS/Fox)

OSCAR ALSO-RAN: MARCELLO MASTROIANNI (DARK EYES) It is a tribute to Douglas that he snagged the Academy Award away from this great Italian actor at a career peak, playing an adulterous husband brought to ruin by love. (CBS/Fox)

OSCAR FORGOT: CHRISTINE LAHTI (HOUSEKEEPING) Shame on the Academy for ignoring Christine Lahti’s acclaimed acting as a roving eccentric returned home to manage the lives of her two orphaned nieces. (RCA/Columbia)

OSCAR FAREWELL: GERALDINE PAGE (MY LITTLE GIRL) As a matriarch urging her granddaughter to go her own way, this prizewinner for The Trip to Bountiful ended her career with a small role. But, as always, it was perfectly played. (Prism)