Cleaning Up on the Coming Cleanup

The public is demanding definitive action against pollutants, and the Bush Administration is strengthening enforcement and regulation of environmental cleanup programs. According to conservative estimates, annual spending on products and services that clean up the environment will increase to $174 billion by 1995, from $56 billion in 1989. That opens lucrative opportunities for investors to buy into firms that are in the business of environmental cleanup and pollution control. Trading at 65 3/8, Waste Management, the largest firm in waste collection and disposal, is highly rated by analysts. It is diversifying into hazardous waste, asbestos, and medical-waste incineration. In recycling, Wellman used 70% of the returned plastic beverage bottles in the US to manufacture polyester fibers in 1988. The top-ranked firm in cleaning up and safely disposing of toxic wastes is Chemical Waste Management. Many experts think private firms will increasingly take over water management from public agencies, which makes Metcalf & Eddy an attractive investment choice.
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Smith, Emily T.

Full text: [Business Week] Oct 16, 1989

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Banking Gets Leaner and Meaner

The US banking system will decrease in size in the 1990s. As bankers push for cost controls and economies of scale, the pace of acquisitions and mergers is increasing. The stock market has often lowered the stock price of acquirers because takeovers usually result in an immediate dilution of earnings. However, shrewd investors might take advantage of these declines in stock price. There are fewer obstacles to expansion because states have been dismantling the barriers against interstate banking since the early 1970s. Many of the acquisitions will be made by super-regionals, such as NCNB of Charlotte, North Carolina. Super-regionals enjoy a clear advantage when it comes to consolidation. They already are good at making their interstate franchises profitable. Less obvious investment candidates are the Bank of New York and Wells Fargo, which analysts expect to become super-regionals. Specialization will largely determine which of the US’ thrift institutions will survive. A good investment candidate is H. F. Ahmanson, the largest originator of adjustable rate mortgages.
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Meehan, John

Full text: [Business Week] Oct 16, 1989

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What Bull Market?

The last 24 months rank as one of the strongest rallies in stock market history. With this in mind, Barron’s asked FactSet Data Systems to run a computer screen of companies whose stocks have not yet recovered from the stock market crash of 1987. The screen initially was set to scan only for stocks that still were within 10% of their 2-year-old low. However, so many candidates were produced that the parameters were tightened. Finally, 45 companies were left, ranging in performance from Filtertek, a maker of sophisticated filter products (whose stock is up 9.7%), to Inmac, a direct-response marketer of computer-related products (whose stock is down 59%). Many well-known firms also are on the list, such as Canadian newsprint producer Abitibi-Price. One industry stands out more than the others on the screen: high technology, especially computers, led by IBM Corp. Other poor performing computer stocks include Cray Research (down 25%) and Digital Equipment Corp. (down 10.3%). Several noncomputer high-technology firms are listed as well.
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Palmer, Jay

Full text: [Barron's National Business and Financial Weekly] Oct 16, 1989

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Less There than Meets the Eye: A Hard Look at CMS Energy’s Financials and Earnings

CMS Energy Corp. is the holding company for Consumers Power Co., one of Michigan’s largest electric utilities. The current value of CMS Energy’s notes in a Midland, Michigan, cogeneration plant project appears to be considerably less than anticipated by investors. CMS Energy will experience large annual losses from its agreement to buy power from the cogeneration venture. In addition, the supposedly lush free tax flow that has lured many investors into the stock has turned out to be more of an illusion than reality. While CMS Energy is likely to suffer most of the fallout from Midland’s poor economics, its partners in the cogeneration project (and the venture’s notes) are unlikely to escape completely unscathed. Excessive costs are at the root of these troubles. Aside from the annual losses for the commitment to buy power, CMS Energy faces additional losses for disallowed gas costs, a pretax writedown of $800 million on its subordinated notes and equity in the cogenerator, and a $350-million aftertax writedown in assets that the venture cannot use.
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Tice, David W.

Full text: [Barron's National Business and Financial Weekly] Oct 16, 1989

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Jump-Starting Philips: The Electronics Giant Finds New Spark

Investors in Philips Electronics (Eindhoven, Holland), Europe’s largest and broadest based electrical and electronics company, may be focusing too much on the firm’s troubled past and ignoring signs of a gathering improvement. Since 1980, a number of steps have been taken to improve the firm. These include: 1. a sweeping management shakeup, and 2. a thrust to slim once-extensive product lines. In addition, a drive has been launched to expand operations in the US and the Pacific Rim. Chief Executive Cor van der Klugt took the helm at Philips in 1986; a fundamental part of his strategy is that the firm remain on the cutting edge of high-technology electronics, particularly in the research and production of advanced semiconductors. By van der Klugt’s reasoning, Philips still must close 50 to 70 European factories and lay off some 30,000 more workers before it can become profitable. Large US money managers holding the stock are looking for 1989 earnings (before exceptional items) of $1.25 to $1.75 a share.
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Palmer, Jay

Full text: [Barron's National Business and Financial Weekly] Oct 16, 1989

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Greiner Engineering: Trim and Fit for Infrastructure Jobs.

A spending binge to repair US infrastructure may hold great promise for Greiner Engineering Inc. (Irving, Texas). For years, Greiner has been well regarded for its expertise in providing design services for construction projects, such as bridges, highways, airports, and other transportation projects. Frank T. Callahan, president and chief executive officer of Greiner, is confident that a lot of new business is ahead. California is one area that Greiner has especially targeted. In the past year or so, the company has picked up a few highway and bridge design jobs in that state. In its quest for new business, Greiner has the solid footing of a sound balance sheet. To realize a better return while expanding its business, management has put costs under closer scrutiny. One result has been a tendency to avoid new jobs with questionable profitability. Greiner is trimming overhead expenses as well.
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Full text: [Barron's National Business and Financial Weekly] Oct 16, 1989

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Funds: Chain Reaction

John Tilson of the $37-million Pasadena Growth Fund believes that Wal-Mart Stores Inc. is the most consistent growth company around. Tilson says that the great thing about Wal-Mart is its ability to recognize a retailing trend and then adapt it to the business. An interesting confirmation of Wal-Mart’s expertise is that 30% of its stores were formerly occupied by other retailers who did not find the locations worth holding. Part of the company’s growth potential lies in its move to larger communities. For example, Wal-Mart soon will open stores in California and New York. While many investment professionals are concerned about retail stores’ exposure to a hard landing of the economy, Tilson is not worried about the effect on Wal-Mart. He feels that, if Wal-Mart can succeed in Texas, it can succeed anywhere.
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Cochran, Thomas N.

Full text: [Barron's National Business and Financial Weekly] Oct 16, 1989

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From Pits to Peaks to . . . Until Friday, the Crash Was Just a Fading Memory

The trauma of the 1987 stock market crash had faded perceptibly until Friday, October 13, 1989, when the Dow Jones Industrial Average dropped 190.58 points. Corporations and other pension-fund sponsors suddenly became insistent again that their portfolio managers remain fully invested in stocks. While the public, chastened by memories of the crash, still might be mostly out of the market, professional investors are not. Robert Farrell, Merrill Lynch’s chief technical analyst, says that the sharp downturn of October 13th could wash out some excess bullishness and possibly extend the rally. The stock market currently is selling at rarefied levels by many traditional measures. However, the leveraged buyout mania, which has spurred the bull market of the 1980s, is experiencing problems, as the gap between the market value of potential targets and their private owner value has closed dramatically. Despite these problems, major securities firms have returned to index arbitrage in an attempt to profit from price discrepancies between different markets.
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Full text: [Barron's National Business and Financial Weekly] Oct 16, 1989

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Ames Department Stores Inc.: Zayre Units Close to Boosting

When Ames Department Stores Inc. (Hartford, Connecticut) acquired the Zayre chain in October 1988, it doubled the discount retailer’s size and posed a giant consolidation task. One year after the acquisition, the consolidation is well ahead of schedule. In addition, Ames is finding more dollar savings and spending less on the consolidation than projected. On October 26, 1989, some 254 refurbished Zayre stores will begin carrying the Ames name, with many of the converted outlets slated for more extensive remodeling over the next 3 or 4 years. One of Ames’ main jobs has been to trim Zayre’s top-heavy management. Aside from operating savings, Ames is getting more market penetration in certain eastern markets, and, perhaps more importantly, is entering major new markets where the company previously lacked a presence (particularly Florida and Illinois). Prior to the Zayre acquisition, Ames stores were concentrated in the suburban areas of large cities and in smaller cities.
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Byrne, Harlan S.

Full text: [Barron's National Business and Financial Weekly] Oct 16, 1989

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Valley, Pinnacle West Eliminate Dividends

Two of Arizona’s largest firms –Pinnacle West Capital Corp. and Valley National Corp. — simultaneously reported dismal third-quarter financial results last week and announced the suspension of their common stock dividends. Blaming their problems largely on failed or failing real estate loans made by their subsidiaries, both companies’ top officers said eliminating dividends would allow them to conserve resources until their difficulties subside. “It certainly is a difficult decision, but you have to face reality,” said Keith Turley, Pinnacle West’s chairman. (excerpt)
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O’Brien, Pat

Full text: [The Business Journal] Oct 23, 1989

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Mid-November Offering of Gehl Co. Stock Remains on Schedule After Crash

Just hours after Gehl Co. filed a prospectus outlining its proposed initial public offering on Oct. 13, the Dow Jones industrial average took a 190-point nose dive. Despite the volatility of the stock market and speculation about its future stability, Gehl officials intend to continue with their plans for a mid-November offering, according to individuals familiar with the IPO. “There’s a lot of room between the cup and the lip on this,” said John Collopy, chief executive officer of the Milwaukee brokerage firm of Cleary Gull Reiland McDevitt & Collopy Inc. “I’m sure they gulped a little over the weekend. (excerpt)
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Kurschner, Dale

Full text: [The Business Journal] Oct 23, 1989

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FlowMole Is Finally Hitting Pay Dirt

For FlowMole Corp., the nation’s deteriorating underground cables spell increasing profits. The Kent-based firm seems to be on an upswing after five erratic years, with improved management, a deepening market, and improved profits in the first quarter of fiscal 1990. The company’s sole product, a process for drilling underground holes for cables, dominates the market. FlowMole’s net income in the first quarter tripled to $772,000 on revenue of $10.2 million, up from $249,000 on revenues of $10.2 million during the first quarter the year before. (excerpt)
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Wilhelm, Steve

Full text: [Puget Sound Business Journal] Oct 23, 1989

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Insurers Adjust to Jittery Market

The sharp drop in the Dow Jones Industrial Average on October 13, 1989, raised some serious questions for insurers. Top among these involved how the insurance industry will bear up under extreme market fluctuations and a review of investment strategy. On October 13, the Dow fell 6.9%, down 190.58 points to 2,569.26, which was the 3rd-largest drop in the indicator’s history. On October 16, the Dow had rebounded. The unraveling of the United Airlines buyout proposal and the underlying concern with the tendency to finance leverage buyouts with high-yield bonds triggered the slide in the Dow. Life insurers are concerned with the high-yield bond market. Analysts say that insurance stocks performed reasonably well in spite of the Dow’s drop. Insurers’ investment in common stocks is not that large in relation to their portfolios. Therefore, their portfolios were less affected by the Dow’s drop.
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Connolly, Jim

Full text: [National Underwriter] Oct 23, 1989

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Tonka Stock Offering Ruffles Current Shareholders

By nearly doubling the number of shares of its stock outstanding. Tonka Corp. will take a big step toward digging itself out from a mountain of debt. But in the process, analysts say, the Minnetonka-based toy manufacturer may disillusion its current stockholders. Tonka announced this month that it plans in November to sell 6.5 million new shares of stock. The company plans to use proceeds from the sale to pay off a portion of more than $500 million in debt from Tonka’s 1987 acquisition of Kenner Parker Toys Inc. (excerpt)
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Urbonya, Tim

Full text: [Minneapolis / St. Paul CityBusiness] Oct 23, 1989

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Area Stocks Sag, but Don’t Crash

Call it the week that wasn’t. For local, publicly traded companies, the week that ended Oct. 20 wasn’t a disaster, but that’s the only positive thing that can be said about the prices of Detroit-area stocks last week. They didn’t crash, they didn’t soar; they just sort of sagged. In fact, for most of last week, prices of both the 15 largest Detroit stocks and a Crain’s index of 15 stocks of small and medium-sized companies dipped below their close of Oct. 13. On that day, the Dow Jones Index of 30 Industrials plunged by 191 points. (excerpt)
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Lindstrom, John

Full text: [Crain's Detroit Business] Oct 23, 1989

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Track of the Bear: Paul Tudor Jones Says Market Decline, Recession Loom

On Friday, October 13, 1989, the Dow Industrials plunged over 190 points, but prices quickly stabilized the following Monday and closed up for the week on Friday. Paul Tudor Jones, the celebrated futures speculator, agrees with the majority in labeling the Friday break a temporary phenomenon, but he also sees some portent and menace because the collapse occurred amid stable interest rates, a stable dollar, a rising savings rate, low unemployment, declining budget and trade deficits, and just after a new market high. Jones sees these auguries foretelling the end of the Great Bull Market of the 1980s. Ahead lies a grinding, debilitating, 2- to 3-year bear market offering few trading opportunities. The decline will resume in earnest as a worsened savings and loan association crisis, lower corporate earnings, drooping automobile production and housing starts, and the repercussions of natural disasters all impact the economy.
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Full text: [Barron's National Business and Financial Weekly] Oct 23, 1989

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APS Spends $5 Million on N.J. Medical Firm

Austin-based American Physicians Service Group (APS) purchased 42 percent of the stock of Prime Medical Services, a firm that provides business management services to the health-care industry. The $5 million purchase could eventually result in Prime moving its headquarters from Bedminster, N.J. to Austin, according to an APS official. “There is no definitive answer on (the move) . . . we will be looking at it in the upcoming months,” said APS vice president Bill Hayes. Prime, which has about 150 full-time employees, operates 48 cardiac rehabilitation clinics and seven diagnostic imaging centers. (excerpt)
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MacDougall, John

Full text: [Austin Business Journal] Oct 23, 1989

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Investing In Gas Stocks With Top-Dollar Ted

Gas company stocks have been strong during recent years for a variety of reasons, including new technologies, environmental advantages, and increased competition within the industry. The Edward D. Jones and Co. Gas Distribution Average rose from 29.731 at the end of 1984 to 58.427 at the end of September 1989, a price gain of 96.5%, compared with 122.3% for the Dow Jones Industrial Average during the same period. An analysis of a potential investment in the natural gas industry during this period showed that market timing is not critical to achieving an above-average return. Rather, investors should focus their investment strategies on maintaining a diversified portfolio and systematically making additional purchases. In addition, by selecting stocks that pay good dividends and then reinvesting those dividends into more shares, investors can reduce their exposure to declines in stock prices and lock in certain minimum returns. Gas utility stocks clearly offer investors attractive investment alternatives under this scenario. According to Energy Performance Review, 2nd-quarter 1989 earnings before “special items” for 40 major gas distributors were up 22% over the same period in 1988.
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Burkhardt, Daniel A.
Mosbacher, Merry L.

Full text: [Public Utilities Fortnightly] Oct 26, 1989

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Lawmakers Consider Changes to Ease Investor Fears

SEC Chairman Richard C. Breeden announced what others have been saying since the Oct 1987 stock market crash: big moment-to-moment changes in stock prices are here to stay. A report on how lawmakers are considering changes is presented.
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Cranford, John R

Full text: [Congressional Quarterly Weekly Report] Oct 28, 1989

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Most Local Stockbrokers Perform Better Than Dart

At the end of the first quarter of play, Tim Shively of Prudential-Bache Securities leads a field of five in the Business Journal’s stock market game. At stake in the contest are the reputations of four local stockbrokers and a dart. Three months ago, each contestant wagered $100,000 in Business Journal funny money on a group of three publicly traded stocks. Now a quarter has passed, and it’s time to check the point spread on the bets. Shively’s investment — buoyed largely by a 24 percent increase in Blockbuster Entertainment — earned 4.7 percent on his portfolio, which completed the three months ended Oct. 20 at $104,716.93. (excerpt)
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Blaker, Ashley

Full text: [San Antonio Business Journal] Oct 30, 1989

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