DOMINION WON’T CLOSE CENTRAL OFFICE, AREA BRANCHES HERE IN MERGER PLANS

The Richmond bank is being merged with Dominion banks based in Roanoke, Norfolk, McLean and Harrisonburg. Dominion Chairman Warner Dalhouse said the merger shows the bank is serious about controlling overhead after recent stock price declines. He said the merger will standardize operation and policies, eliminate duplication and allow for more efficient allocation of resources. Dominion’s Richmond office laid off 12 employees last month. The layoffs and the merger come after a rough six months for Dominion and the banking industry in general.
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From staff and wire reports

Full text: [Richmond Times - Dispatch] Oct 3, 1990

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TouchStone to merge with Standard Logic

NASDAQ listing should give TouchStone higher quality market makers and greater stability in its stock price, Chairman Larry Dingus said. The company has been unable to attract a market maker since the forced liquidation of Boinden Robinson & Co., a Colorado investment banker that took TouchStone public in 1984. SLI’s [Wes Baumgardner], who also is a TouchStone director, said, “Right now, (TouchStone) bids range from 50 cents to a dollar. No one is going to buy stock with that large a spread. The two companies propose that TouchStone shareholders exchange their shares for SLI stock in a tax-free swap. TouchStone shareholders will own a majority of the merged company, which will change its name to TouchStone Software.
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Jan Norman:The Orange County Register

Full text: [Orange County Register] Oct 3, 1990

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Tokyo Stocks In Biggest One-Day Rise

”The important thing was that finally investors were convinced that the market has a bottom,” said Toshio Mori, the executive vice president of the Tokyo Securities Company. ”It will still take a while for the market to stabilize, but it was an important day psychologically.” ”It was a complete change in tone by the Government, after it ignored the markets for months,” said Toyoharu Tsutsui, the head of the equity department at CS First Boston. ”That really gave a lot of impetus to things.” ”What he announced was just symbols; it had no substantial impact by itself,” said Kazuhiko Hama, a senior executive in the equity department at the Nomura Securities Company. ”But it showed that he was not unaware of our situation, and that he would consider changing monetary policy if things in the market got too bad. It was psychological, but that’s important.”
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JAMES STERNGOLD, Special to The New York Times

Full text: [New York Times] Oct 3, 1990

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Dow Declines 10.64, Ending a Strong Rally

”The bear market is not over yet,” warned Stefan D. Abrams, chief investment strategist for Kidder, Peabody & Company. Wall Street began the day overjoyed by yesterday’s record gain in Tokyo stocks and the steep drop in crude prices, and the Dow blue chips took off from the opening bell, jumping 35 points. But many investors took the strong gains as a last chance to salvage losses – and sold. By 10:30, the market had slid 20 points. Kodak traded at 37 to 39 before ending at 38, down 1 5/8, in heavy trading. Polaroid traded between 30 3/4 and 34 5/8, rising 2 5/8, to 33 1/8. Polaroid said that the Dow Jones Professional Investor Report said erroneously at 2:04 P.M. that a decision had been reached in a patent-infringement lawsuit involving Kodak and that the news service issued a correction 10 minutes later.
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COLE, ROBERT J.

Full text: [New York Times] Oct 3, 1990

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Corrections

LEAD: A brief report in the Company News columns of Business Day yesterday misstated the reason for a drop during the summer in the Tonka Corporation’s stock price….
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Full text: [New York Times] Oct 3, 1990

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Rating Firm Downgrades Bonds of Brea’s UnionFed

UnionFed’s deteriorating condition has made it one of the biggest third-quarter losers on the New York Stock Exchange. Its stock price dropped 73.8%-the sixth-worst performance on the Big Board during the third quarter-and 85.3% during the first nine months of the year, the 10th-worst performance. Its stock closed Friday at $2.625 a share. The company expects to report its adjusted financial statement early next week. Until then, Duff & Phelps has the S&L’s bonds and short-term certificates of deposit on a watch list with an “unfavorable trend” designation.
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JAMES S. GRANELLI

Full text: [Los Angeles Times (pre-1997 Fulltext)] Oct 3, 1990

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OVERSEAS Stock Prices Soar in Tokyo

The key 225-share Nikkei index surged 2,676.55 points, or 13.24%, to 22,898.41, after plunging 761.64 on Monday. Share prices also soared in Frankfurt, Germany, in busy trading as a series of positive factors brushed aside the worries about the Persian Gulf that have weighed on the market for weeks. Dealers reported strong buy orders. The U.S. budget news was the major factor in the sharp upturn.
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Full text: [Los Angeles Times (pre-1997 Fulltext)] Oct 3, 1990

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Profit-taking ends stock market’s rise

Analysts said Tuesday’s early advance was a continuation of Monday’s rally, when the Dow Jones average soared more than 63 points in response to a plunge in oil prices. But nervous traders, fearing the market might resume a bearish course amid the uncertainties surrounding the gulf, began to take profits from the two-day advance while they could. Stock prices surged Tuesday in Tokyo, with the Nikkei Stock Average of 225 selected issues climbing 2,676.55 points, or 13.24 percent, to 22,898.41. The gain, the index’s largest one-day advance, helped set a positive tone on Wall Street, analysts said. Polaroid was up 2 5/8 to 33 1/8 while Kodak dropped 1 5/8 to 38 amid rumors the two companies were close to a settlement of Polaroid’s patent infringement case against Kodak.
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Full text: [Houston Chronicle (pre-1997 Fulltext)] Oct 3, 1990

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Investment Strategy and Vehicles: The Pros Share Their Secrets

According to Michael Price, chairman of Mutual Shares, which runs a top-performing mutual fund, the stock market lesson of today involves rationale and restraint. Rather than selling into a panic, if anything, investors should buy. This tip, which is followed by many successful money managers, also can serve as a guide for amateur investors. Price also advises investors not to be hesitant to buy on bad news and sell when they believe that a stock is fully valued. Jean-Marie Eveillard, head of SoGen International Fund, believes that independent thinking is essential in investing. Among his precepts are focusing on the long-term and looking for investments with a certain payoff. He also believes that the best bargains are those that nobody wants. George Michaelis, president of Source Capital, has few grand strategies. For the most part, he simply tries to spot a few very good companies selling at reasonable prices. However, he does stress the importance of monitoring what is owned and giving special attention to the chief executive’s letter to shareholders.
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Fromson, Brett Duval

Full text: [Fortune] Fall 1990

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Investment Strategy and Vehicles: A Winning Strategy for the 1990s; A Nifty Fifty for the Nineties

Thus far, the 1990s have brought investors unpleasant news. However, if investors stay calm and adjust their portfolios to capitalize on coming demographic and economic changes, the 1990s may produce nice profits, despite a bad start. Stocks still promise to be the best investment, and bonds eventually should prove to be a reasonably good buy. Real estate looks unpromising, and the same may be said of gold (unless inflation soars or fears run rampant). In the 1990s, the single most important determinant of investor success will be asset allocation – how assets are distributed among the various classes of investments. While asset allocation is crucial for successful investing, investors should not underestimate the importance of stock picking. Growth companies – businesses with earnings that are steadily increasing at 15% or more a year – will lead the market in the 1990s. One example is Rockwell International. Overall, the investment outlook for the 1990s can be characterized as worse than that for the 1980s but not terrible.
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Dumaine, Brian

Full text: [Fortune] Fall 1990

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Investment Strategy and Vehicles: The Pros Share Their Secrets

According to Michael Price, chairman of Mutual Shares, which runs a top-performing mutual fund, the stock market lesson of today involves rationale and restraint. Rather than selling into a panic, if anything, investors should buy. This tip, which is followed by many successful money managers, also can serve as a guide for amateur investors. Price also advises investors not to be hesitant to buy on bad news and sell when they believe that a stock is fully valued. Jean-Marie Eveillard, head of SoGen International Fund, believes that independent thinking is essential in investing. Among his precepts are focusing on the long-term and looking for investments with a certain payoff. He also believes that the best bargains are those that nobody wants. George Michaelis, president of Source Capital, has few grand strategies. For the most part, he simply tries to spot a few very good companies selling at reasonable prices. However, he does stress the importance of monitoring what is owned and giving special attention to the chief executive’s letter to shareholders.
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Fromson, Brett Duval

Full text: [Fortune] Fall 1990

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A Year to Swing Both Ways

Barring a long war – or a devastating short war – the US economy will provide a slightly better climate for new investments in 1991. Short-term investors will get more for their money in credit markets, and bond buyers will garner slightly better yields. While corporate profits gradually are on the mend, providing support for stock prices, economic growth will continue at a frighteningly slow pace. Despite glum prospects, Fortune magazine believes that the US will avoid a recession at least until the end of 1991. Business spending for capital equipment is increasing modestly, and inventory accumulation is at a sustainable gait. However, inflation is a major concern for the Federal Reserve. Although the recent surge in oil prices is speeding price increases now, the decline in 1991 will soften inflation somewhat. Still, in 1991, inflation will be at its highest in nearly a decade. To deal with investor concerns about a flare-up of inflation, the Fed likely will push up short-term rates.
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May, Todd, Jr.

Full text: [Fortune] Fall 1990

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A Year to Swing Both Ways

Barring a long war – or a devastating short war – the US economy will provide a slightly better climate for new investments in 1991. Short-term investors will get more for their money in credit markets, and bond buyers will garner slightly better yields. While corporate profits gradually are on the mend, providing support for stock prices, economic growth will continue at a frighteningly slow pace. Despite glum prospects, Fortune magazine believes that the US will avoid a recession at least until the end of 1991. Business spending for capital equipment is increasing modestly, and inventory accumulation is at a sustainable gait. However, inflation is a major concern for the Federal Reserve. Although the recent surge in oil prices is speeding price increases now, the decline in 1991 will soften inflation somewhat. Still, in 1991, inflation will be at its highest in nearly a decade. To deal with investor concerns about a flare-up of inflation, the Fed likely will push up short-term rates.
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May, Todd, Jr.

Full text: [Fortune] Fall 1990

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Why Not Buy the Real Thing?

In June 1990, Merrill Lynch sold, at the rate of $100 million an hour, the largest convertible debt issue in US history, with a total face value of $2.25 billion. The issuer was Walt Disney Co., which owns 49% of Euro Disney SA. The balance of equity is publicly traded on the Paris, Brussels, and London stock exchanges. The terms of the issue are complex. The issue, a liquid yield option note otherwise known as LYONS, consists of convertible (and unsecured) zero coupon bonds maturing in the year 2005. These bonds sold for $412 per $1,000 maturity value, for a 6% yield to maturity. Investors were willing to accept a return that was 300 basis points below the US government’s cost of capital because the bonds are convertible. Instead of receiving actual equity upon conversion, investors will get the dollar cash equivalent of 19.7 Euro Disney shares for each $1,000 face value bond. Disney also inserted a clause stating that, if, within 2 years after the offering date, the stock climbs to $31.45 per share or above for 20 consecutive trading days, Disney can recall the bonds with an accrued interest of $51.
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Pouschine, Tatiana
Bancroft, Thomas

Full text: [Forbes] Oct 1, 1990

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Money, Credit, and Security Markets: Common Stock Prices and Yields

Statistics from 1981 through Oct 27, 1990.
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Anonymous

Full text: [Economic Indicators] Oct 1990

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The Comparable-Company Approach: Measuring the True Value of Privately Held Firms

A privately held firm negotiating the price of an equity issue with an investment banker or private investor may run into the widely used and abused comparable company approach to pricing a closely held company. This approach involves evaluating the earnings and asset quality of the firm and its publicly traded peers. The comparative analysis will examine the historical record and use it to project the relative future profitability, growth, and risk profiles of the firm and its peers. Analyzing the mechanics of how the market prices each of the comparable firms is critical. Four crosschecks can be used to test the reasonableness of the pricing conclusions: 1. Does the overall market seem to be fairly valued? 2. Do the comparable companies seem to be fairly valued relative to the overall market and their historical prices? 3. Does the price allow for a reasonable dividend yield, given the firm’s growth potential and the issue’s liquidity? 4. How do the prices set for the private firm and the prices of the comparable companies compare to traditional valuation benchmarks?
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Bielinski, Daniel W.

Full text: [Corporate Cashflow] Oct 1990

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Measuring the true value of privately held firms

In arranging a private placement or initial public offering of a privately held company, the most common approach is the “comparable company approach” to pricing. There are six steps to this process: 1) identify public companies similar to yours – but make sure they are meaningful within the same environment; 2) compare the relative performance and outlook of the two firms – but adjust figures of the private firm to make it “as if it were public;” 3) analyze market pricing – include historic stock prices, unique expectations and unusual circumstances, such as a recent acquisition; 4) set a price; 5) select an appropriate discount; and 6) conduct a “sanity check,” including whether or not the overall market appears to be fairly valued.
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Bielinski, Daniel W.

Full text: [Corporate Cashflow] Oct 1990

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Executive Compensation: Discount and Premium Stock Options

Two novel approaches to rewarding individuals for company performance may come to the fore in the 1990s. Although philosophically opposites, when designed properly, discounted stock options and premium stock options both accomplish the same objective. Options appear to be an ideal way to tie both the shareholders’ and executives’ financial well-being together. However, closer scrutiny indicates that the executive with options is not in the same situation as the shareholder. Their interests do not converge until after the executive exercises the options. A new approach to discounted stock began to evolve as companies sought to compensate board directors with rights to receive discount stock in lieu of annual director fees. Premium stock options are an entirely new approach to compensating directors and key executives. A premium stock option plan permits an executive to purchase company stock at specified periods at a price above the current market value at the time the option is granted.
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Kuraitis, Vytenis P.

Full text: [Compensation & Benefits Management] Autumn 1990

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PLUS BUSINESS

MERC MEMBER TESTIFIES: A Chicago Mercantile Exchange member began testifying today against 14 of his former Japanese yen pit colleagues in a trial stemming from the FBI undercover operation at the exchange. Aric March, 34, of Highland Park, told jurors he began working on the trading floor as a runner at age 13. He bought a membership seat 10 years later for $152,000 in cash “from the money I made trading,” he said. March, who pleaded guilty to reduced commodity fraud charges last month, resumed testifying this afternoon. TOKYO STILL FALLING: Tokyo stock prices partially recovered after a precipitous fall today on expectations the government will take action to support the stock market, traders said. The closely watched Nikkei Stock Average of 225 issues finished the day at 20,221.86, down 761.64 points, or 3.63 percent, from its Friday finish. At one point the index fell below the key 20,000 level for the first time in 3 1/2 years. NEW MARKS: Germany’s central bank began issuing new 100- and 200-mark banknotes today that it says are virtually impossible to forge. The notes also have an imprint that makes them readable to blind people. The Bundesbank said the new notes will replace old money over a period of two years.
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Full text: [Chicago Sun - Times] Oct 1, 1990

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Investment Update

Investment information is offered on technical analyst Martin Zweig’s outlook on stock prices for 1990, recent mergers of mutual funds and sales fees on load funds.
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Schiffres, Manuel
Kosnett, Jeff

Full text: [Changing Times] Oct 1990

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