Recent Trends In Electric Utility Stock Prices

Utility stock prices during the 3rd quarter of 1989 closely tracked bond prices, as they have for most of the past 5 years. However, unlike the 2nd quarter, when a strong bond market rally enabled utility stock prices to outgain industrial stock prices, neither bond prices nor utility stock prices made any appreciable progress. The relationship between utility stock yields and long-term government bond yields was as close before the beginning of the market rally as it has been since then. Utility stock prices fell 2.2% in the first quarter of 1989, while the Standard & Poor’s industrial index rose 4.9%. Since the beginning of 1989, utility stock prices have risen 12.6%, industrial stock prices have risen 22.9%, and utility stock prices have declined 8.4% relative to industrial stock prices. Earnings per share probably declined significantly in the 3rd quarter. There is not much reason to expect a significant change in the spread between bond and utility stock yields.
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Studness, Charles M.

Full text: [Public Utilities Fortnightly] Nov 9, 1989

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Robert C. Brown Purchased By S.F. Group

Capitalcorp Inc. (San Francisco, California), a newly formed group of Montgomery Street executives, has acquired Robert C. Brown & Co. Inc. for $18 million. Brown’s subsidiaries include its fixed-income investment unit, whose tax-exempt assets under management have decreased greatly as its performance has declined. Capitalcorp is in the process of acquiring GB Capital Corp. (Sausalito, California), an investment consultant and manager. Brown’s aggressive interest rate strategy has attracted attention. Brown has been noted for taking extreme market-timing swings, between all cash and full investment in securities of 30-year maturities. No one knows if the new principals will seek to change the investment approach. In the 6 months ended June 30, 1989, Brown had a total operating revenue of $13.4 million.
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Burr, Barry B.

Full text: [Pensions & Investment Age] Nov 13, 1989

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Kanne, Paris & Hoban Inc.: A Comfortable Optimism

A few statistics have made principals at Kanne, Paris & Hoban Inc. (Chicago, Illinois) comfortable about their optimistic outlook for the stock market for the rest of 1989. The Standard & Poor’s (S&P) 500 Stock Index is generating the highest rate of return on shareholders equity in history, 15.5%. The current yield on the S&P 500 – the annual dividend rate over the price per share – is 3.4%. The average for the past 5 years has been just under 3.1%. Kanne, Paris & Hoban uses a quantitative-based approach to screen candidates for purchase. The firm typically turns over 40% of its portfolio annually. Its equity performance generally has been better than the S&P 500.
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Burr, Barry B.

Full text: [Pensions & Investment Age] Nov 13, 1989

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Sailing Ahead in Choppy Apparel Seas: Nautica, Parent Build on Stellar Growth

Two men are sitting at a conference table, and one of them wants to be the next Ralph Lauren. The first guy’s name is Harvey Sanders. Tall, silver-haired and all-American, he seems to be the likely Lauren. But to his left in this designer showroom filled with colorful jackets and chinos sits a slight, dark Taiwanese immigrant named David Chu. Remarkably, he’s the one that suggests the Lauren parallel, talking about — of all things — the sea, sailing and JFK. “I think it was Kennedy who said there is something special about the ocean,” says Mr. Chu, president of Nautica Apparel, as his boss, Mr. Sanders, nods approvingly. “Nautica means anything related to water, so our collection expresses man’s association with the sea.” (excerpt)
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Furman, Phyllis

Full text: [Crain's New York Business] Nov 13, 1989

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UPI Isn’t Quite Ready For The Spike

United Press International, in a bid to expand its nonmedia customers, is considering the acquisition of QuoTrek services. Customers could buy news and other UPI reports along with stock prices.
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Full text: [Business Week] Nov 13, 1989

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A Jaguar Buyer May Be in for a Long, Slow Drive

The UK government’s October 31, 1989, decision not to block a takeover of Jaguar PLC clears the way for a possible auction of the luxury automobile maker. Fueled by speculation of a bidding war between Ford Motor Co. and General Motors Corp., Jaguar’s stock has more than doubled since mid-September. Some analysts have predicted that the final price could rise another 20%. Jaguar has cultivated a blue-blood image and is a powerful brand. Ford plans to keep Jaguar as a standalone division while using Ford productivity and technology skills to catch up with competitors. However, productivity badly trails both BMW and Daimler-Benz. Continuing quality problems caused the XJ-S convertible to be ranked among the 10 worst models out of 154 in J. D. Power & Associates Inc.’s 1989 survey of new-car quality. An acquirer would have to deal with these types of problems in an already soft luxury-car market while launching new models, expanding the dealer network, and competing with the Japanese.
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Maremont, Mark

Full text: [Business Week] Nov 13, 1989

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Not the Yellow Brick Road – But Measurex Has Found the Way to Higher Results

Measurex Corp. (Cupertino, California) makes sensors and computer systems used mainly in continuous manufacturing processes. It is completing its 7th consecutive year of higher earnings and revenues. The firm’s products are designed to yield significant savings to manufacturers in raw-material and energy consumption, while improving product quality and consistency. However, Measurex’s shares are trading close to their 52-week low, down 13.6% from where they closed out 1988 and some 29% below their all-time high, set in 1988, of 35 7/8. One reason for the low share price is that Measurex’s main customers are suffering from softening business. The pulp and paper industry, which accounted for at least 77% of the firm’s revenues in each of the last 4 years, is cutting back on capital spending. President and Chief Executive Officer David A. Bossen is confident that Measurex has the resources to weather even a severe economic downturn. The firm is working to diversify its customer base. It has formed the Measurex Automation Systems division to work on products for discrete manufacturers.
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Savitz, Eric J.

Full text: [Barron's National Business and Financial Weekly] Nov 13, 1989

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Earnings Drop Bedevils J.M. Peters Stock Sale

NEWPORT BEACH — In the wake of a more than 50 percent dip in second-quarter earnings for J.M. Peters Company Inc., hope has dimmed that a struggling Houston thrift will be able to unload its stock in the luxury home building company. In June, San Jacinto Savings Association of Houston hired Shearson Lehman Hutton to sell the thrift’s 87 percent interest in the company. But J.M. Peters reported net earnings of nearly $3.5 million, or 25 cents a share, in the quarter ended Aug. 31, compared with almost $7.3 million, or 53 cents a share, in fiscal 1989′s second quarter. (excerpt)
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Cox, Tony

Full text: [Orange County Business Journal] Nov 20, 1989

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Pattern Processing Will Attempt $900,000 Placement

Pattern Processing Technologies Inc., an 8-year-old Eden Prairie company that has yet to become profitable, will test investors’ continued interest in “machine vision” systems early next month when it offers for sale 900,000 shares of common stock at $1 per share. Most of the proceeds from the offering will be used to market the company’s machine vision products, which are used to inspect, measure and recognize products — including aspirin bottles and cigarette packages –being produced on automated production lines. (excerpt)
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Ewen, Beth

Full text: [Minneapolis / St. Paul CityBusiness] Nov 20, 1989

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First Bank Unit Plays Role in Deltak Sale

A First Bank System Inc. subsidiary that owns more than 14 percent of Deltak Corp. stands to take in about $2.5 million if the sale of the company is completed as planned in January. The subsidiary, FBS Venture Capital Co., owns about 14.3 percent of Deltak’s outstanding shares. Under an agreement announced Nov. 6, Plymouth-based Deltak will be sold for $15 per share, or a.total of $18.3 million, to an investment group. That per-share price is double what Deltak’s shares were selling for just eight months ago. (excerpt)
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Ewen, Beth

Full text: [Minneapolis / St. Paul CityBusiness] Nov 20, 1989

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A Public Offering Against All Odds

Employee Benefit Plans Inc. CEO William Sagan takes pleasure in citing an unusual statistic: Last year, about 13 of his company’s 41 sales representatives earned more money on commissions than the $250,000 in base salary that Sagan pulled down as CEO. Sagan said those numbers illustrate the strong financial condition of Employee Benefit Plans (EBP). “When their compensation is based on the profitability of this company, I love it,” he said. EBP, which sells self-funded insurance health care packages to small and medium-size, companies, has experienced dramatic growth in recent years. Revenues jumped from $9.8 million in 1986 to $66.3 million this year. Net earnings for the 1989 fiscal year, which ended May 31, were $1.9 million, compared with a $3.6 million loss the previous year. (excerpt)
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Nissen, Todd

Full text: [Minneapolis / St. Paul CityBusiness] Nov 20, 1989

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Northeast Slips as New Regs Advance on Thrifts’ Stock

Northeast Savings F.A.’s common stock has fallen to a 52-week low, and the thrift may have to eliminate its prefferred stock dividends. On Nov. 6, the federal Office of Thrift Supervision announced that savings and loan associations such as Northeast Savings had to induce preferred stockholders to relinquish the cumulative aspect of their stock. The agency’s action was a result of the Financial Institution Reform, Recovery and Enforcement Act, federal legislation enacted in August in response to the problems in the thrift industry. (excerpt)
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Ballman, Barbara

Full text: [Capital District Business Review] Nov 20, 1989

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From Punching Bag to Retailing Black Belt

Under Chairman and Chief Executive Kenneth A. Macke, Dayton Hudson Corp. has managed to return its earnings, operating margins, and stock price to solid ground. Net income is expected to rise 22% to $377 million in 1989 on sales of $13.1 billion. With the stock price back in the mid-60s, after dropping to 39 at one point, analysts are showing Macke a new measure of respect. Recently, Macke has been pouring funds into the company’s 400-store Target chain in an effort to hone its image as an upscale discounter that is less cluttered and more like a department store than its principal rivals, Wal-Mart and K mart. All the Target stores now are equipped with electronic scanners that read prices from bar codes, which has helped to control inventories and to speed customers through checkout lines. The investment in efficiency is paying off. Target’s stores now enjoy sales per square foot of $198, compared with K mart’s $148. Target’s margins also are improving now that costs for a big 1986 expansion in California are behind it.
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Mitchell, Russell

Full text: [Business Week] Nov 20, 1989

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Running Out of Resources: A Troubled Company Draws Speculators

One of the New York Stock Exchange’s best performers in recent weeks has been Service Resources Corp., with shares up 167% from the end of September 1989. This gain is even more remarkable because the firm has posted a profit in only 2 of the last 10 years; Service Resources’ book value has not been positive since 1984. The firm’s principal subsidiary is in default on long-term debt, and it has been selling off operations in an effort to remain solvent. Formerly active in such businesses as financial printing, musical instruments, and breweries, Service Resources now has only one operating unit, Charles P. Young (CPY) Management Services, which provides mail-room, reprographic, messenger, and supply-room management services to law firms and financial institutions. Spurring the stock speculation is the firm’s announcement in October 1989 that it had hired Morgan Guaranty Trust to explore the sales of CPY Management. Despite the excitement generated by various financing proposals, the prospects for Service Resources remain bleak.
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Savitz, Eric J.

Full text: [Barron's National Business and Financial Weekly] Nov 20, 1989

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Cracking Good Prospects: For Oil Refiners, the Outlook Is Bright

Takeover discussions have been focusing on US oil refiners in recent weeks, and 2 independent refiners, Tosco and Tesoro Petroleum, have seen their shares rise as they examine acquisition offers. Underlying this surge of interest is the prospect of a period of tight capacity and limited physical expansion for US refiners. The number of operating refineries has declined by 1/3 in the past decade, and available capacity is more than 15% below its early-1980s level. Stringent environmental regulations have raised significant barriers to refinery construction and to the refurbishment of closed sites. In addition, new fuel formulations being considered to counter pollution require more refinery capacity to produce and thus restrict the output of existing refineries. While the major oil firms dominate the refining business, independent oil refiners should benefit as well. The smaller firms often have significant niches in local markets. As refinery capacity remains tight, gasoline demand is likely to continue to increase over the next several years.
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Wyatt, Edward A.

Full text: [Barron's National Business and Financial Weekly] Nov 20, 1989

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Scathing Forbes Story Mauls Rouse, Sends Stock Reeling

A scathing article in Forbes magazine about Columbia’s The Rouse Co. sent the firm’s stock reeling in a trading frenzy several weeks ago, and it has yet to fully recover from the fall. The Oct. 30 Forbes article, titled “Malled” and written by Tatiana Pouschine, said Rouse has “slipped,” its “future is cloudy” and the firm’s over the-counter stock appeared to be “seriously overvalued.” It also pegged the current value of Rouse’s equity at about $1 billion, instead of the firm’s $1.5 billion figure. (excerpt)
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Couturier, Brian J.

Full text: [Baltimore Business Journal] Nov 20, 1989

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Price Cuts Draining CCE’s Growth

Coca-Cola Enterprises Inc., the world’s largest soft drink bottler, this week marks its third anniversary as a public company. Not everyone will be celebrating. Coca-Cola Co. on Nov. 21, 1986, sold a 51 percent interest in Coca-Cola Enterprises, spinning off 71.4 million CCE shares to the public. The sale raised over $1.1 billion in what was, and still is, one of the biggest initial stock offerings ever. Coca-Cola Co. had initially hoped to get as much as $24 each for Coke Enterprises shares, but the stock eventually came to market at $16.50 and has been an underperformer on Wall Street ever since. CCE shares for most of this month have been trading between $15 and $16, below what they were first sold at three years ago. In contrast, the Dow Jones Industrial Average over the past three years has advanced approximately 35 percent. (excerpt)
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Jenks, Alan

Full text: [Atlanta Business Chronicle] Nov 20, 1989

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While Competitors Flounder, Adaptec Stronger Than Ever

To gauge the success of Milpitas-based Adaptec Inc. one may look at the situation among some of its competitors. One, Scientific Micro Systems Inc., is in bankruptcy reorganization. Xebec Corp., also in Chapter 11, soon plans to file its reorganization plan. Even the largest, Western Digital Corp., has seen its profits decline. Adeptec, on the other hand, is about to become the newest of Silicon Valley’s $100 million companies. After two quarters, ended Sept. 29, the firm’s revenues stood at $49.7 million. That compares with revenues of $29.6 million a year ago for the same period. Adaptec finished its fiscal year March 31 with revenues of $64.7 million, compared with $58.7 million in fiscal ’88 and $57.3 million in fiscal ’89. (excerpt)
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Krey, Michael

Full text: [The Business Journal] Nov 27, 1989

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Many Stocks Can Offer Shelter in Mideast Storm, Analysts Say

“The revaluation of oil stock prices is going to take a while, to think about the effects of $25-a-barrel crude oil vs. $15-a-barrel crude,” says Edward Kerschner, chairman of the investment policy committee at PaineWebber. “If oil prices settle in the mid-20s per barrel, there’s still another 10% to 15% left in the oils and more than that in the oil services,” Mr. Kerschner says. Texaco, Amerada Hess, British Petroleum, Unocal and Atlantic Richfield are Mr. Kerschner’s favorites among the oil companies; Schlumberger, Halliburton, Baker Hughes, Smith International and Rowan are his choices in the oil-services group. “We think oil stocks are attractive on a longer-term basis,” says Michael Metz, chief market strategist at Oppenheimer. “The developments in the Mideast indicate that the secular direction of oil prices should be higher,” Mr. Metz says. Arco is Mr. Metz’s pick among the oils; he adds that Tosco, an oil refiner, has probably been beaten down too far and might be attractive.
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Hilder, David B

Full text: [Wall Street Journal] Aug 7, 1990

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Jefferies Officer And Ex-Trader Accept Suspensions

The two settlements wrap up major loose ends from Jefferies & Co. Chairman Boyd Jefferies’s decision to cooperate with the government. Mr. Jefferies, who has been barred from the securities industry for life for his role in several illegal stock transactions, is eligible to apply for reinstatement in 1992. Mr. [James] Melton was a witness in the recent stock-manipulation conviction of GAF Corp. and James Sherwin, its vice chairman. In 1986, the company and Mr. Sherwin asked Mr. Jefferies to boost the stock price of Union Carbide Corp. before the sale of a large block of Carbide stock, according to testimony at the trial. In return, GAF and Mr. Sherwin agreed to indemnify Jefferies, a Los Angeles brokerage firm, against any loss in the stock trading. The SEC also said that when Jefferies bought the shares, it did so in its own name, concealing that GAF was the actual owner of the stock. Jefferies had losses of about $40,000 in the transactions, which was to be paid by GAF through a plan devised to conceal the true reason for the payment, the agency said. But that check was never sent, Mr. Jefferies said at the criminal trial, because a few days later Ivan Boesky was indicted on insider-trading charges. Mr. Boesky’s testimony to prosecutors eventually led to Mr. Jefferies’s plea agreement and subsequent assistance.
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By Kevin G. Salwen

Full text: [Wall Street Journal] Aug 7, 1990

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