Rocket and Roll: BEI Electronics Gets Liftoff from Defense,

When BEI Electronics Inc. launched its initial public offering, the response from Wall Street was “lukewarm” at best. BEI’s heavy reliance on defense spending in general, and a single military program in particular, put off investors. A fair portion of BEI’s revenues are likely to continue to come from contracts garnered for the Hydra-70, the standard free-flight rocket used by US attack helicopters. Lawrence W. Parrish, vice-president and chief financial officer at BEI, says that the company is working on adapting the Hydra-70 for use with land, sea, and fixed-wing aircraft weapons systems. The company now commands the financial resources to expand, and earnings are growing at a robust pace. On June 30, 1989, BEI’s backlog stood at $83 million, including $73 million of defense business, all of which is fully funded.
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Savitz, Eric J.

Full text: [Barron's National Business and Financial Weekly] Sep 11, 1989

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Fleet/Norstar Financial Group Inc.: Diversity Softens the Blow from New England’s Property Market

New England’s real estate slump and economic slowdown pose a public perception problem for Fleet/Norstar Financial Group Inc. Executives explain that the company is more diversified and spread out geographically than its major commercial banking peers in the Northeast. Fleet/Norstar operates nationally with an array of nonbank financial services. The company has substantial stakes in asset-based lending, student-loan processing (number 3 in the US), investment banking, trust banking, and consumer finance. Fleet/Norstar boasts $30 million in assets. The company is continuing to clamp down on overhead costs. Expansion of financial services is a critical part of the firm’s growth strategy.
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Byrne, Harlan S.

Full text: [Barron's National Business and Financial Weekly] Sep 11, 1989

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Buckle Up: Forecaster Sees 20% Correction for Stocks

Stock market forecaster James Finucane contends that the market is on the verge of breaking 20% or more. In addition, he sees little chance for a resumption of the post-1982 bull market for years to come. Finucane’s forecasts have been correct more times than not in recent years. For example, he sensed trouble and pulled out of the market well before the October 1987 crash. In Finucane’s view, the easy course of action is seldom the correct one. Confirmation of his bearish world view comes from the bullishness of some 5 money managers he has tracked for years as contrary indicators. Telltale signs of a market top are appearing, according to Finucane. He cites as indicators the takeover frenzy in airlines and elsewhere and the bloated market-price-to-book-value ratio of most major stocks. The stock market is not overpriced by all measures, but Finucane draws little comfort from that fact. He views the market as suspect in other respects.
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Full text: [Barron's National Business and Financial Weekly] Sep 11, 1989

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Beckman’s Back: Venerable Tech Outfit, on Its Own Again, Prospers

Beckman Instruments Inc., which was acquired by SmithKline Corp. in 1982, has come full circle and is once again on its own. While the company boasts bright prospects, it has not shown the investment success it did in its previous incarnation as an independent enterprise. Because of a balanced product mix and the diversity of its markets, Beckman is weathering the current softness in medical equipment sales in good form. The firm’s life sciences operation has borne the brunt of the weakness in the medical equipment market. The worldwide biomedical advances of the past few years promise to stimulate the rate of research and, by extension, equipment sales. Unlike many of the companies that have drifted in and out of public ownership in the 1980s, Beckman emerged with a clean balance sheet and strong financials.
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Wyatt, Edward A.

Full text: [Barron's National Business and Financial Weekly] Sep 11, 1989

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Ahead and Behind: A List of Stocks with Above-Average Growth and Below Average P/Es

Spotting firms that show above-average earnings growth is something that computers do well. FactSet Data Systems ran a screen featuring those companies that had outstripped the 23.2% and 45.8% earnings gains racked up by the Standard & Poor’s Industrial Index in the past 2 years. Only companies with superior financials were included. In all, nearly 100 companies made the cut out of COMPUSTAT’s database of more than 8,000 public firms. Many of the companies on the list are cyclical, and their relatively modest price earnings (P/E) ratios reflect investors’ expectations that earnings gains will not extend very far into the future. Computer and other high-technology organizations are well represented. Among these firms is Compaq Computer. A miscellany of industrial outfits on the list includes Hurco Cos., which makes sophisticated computer-controlled metalworking machines.
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Palmer, Jay

Full text: [Barron's National Business and Financial Weekly] Sep 11, 1989

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Chemex Sets Public Offering to Fund Testing of New Drugs

Chemex Pharmaceuticals Inc., a 15-year-old dermatological drug company, is preparing a public offering of its common stock. Greenwood Village-based Chemex has filed a registration statement and preliminary prospectus with the Securities and Exchange Commission for the sale of 1.2 million units, each consisting of two shares of common stock and a warrant to purchase an additional share. The units, to be priced at $8 to $10 each, will raise as much as $12 million for the 27-employee pharmaceutical company, according to SEC documents. (excerpt)
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McEachern, Sharon

Full text: [The Denver Business Journal] Sep 18, 1989

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Brokerage Chief, Buffeted by Series of Woes, Says Firm Remains Healthy

A recent blowout with brokers in its Buffalo office is only the latest in a series of problems that has beset Thomas James Associates Inc. since the October 1987 stock market crash. But recent sales efforts and underwriting successes have strengthened the brokerage firm’s performance, said President Brian Thomas. Rapid expansion contributed to a bottom line that was more than $500,000 in the red last year. And, Thomas said, an underwriting of secondary stock in February led to an additional loss possibly as high as $1 million. (excerpt)
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Salibian, E. Catherine

Full text: [Rochester Business Journal] Sep 18, 1989

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Penny-Stock Scams Are No. 1 Target

The state Securities Division has adopted new rules designed to help regulators prosecute fraud by penny-stock brokers. Deborah Bortner, division assistant administrator, says the Securities Division is “placing a real emphasis” on curbing fraud. “We have just adopted rules that apply only to the penny stock market.” They go into effect today. “The rules make it easier to determine whether there’s been a violation of the fraud rules of the Securities Act,” Bortner says. The federal Securities Act of 1933 contains anti-fraud provisions prohibiting false representations and disclosures. (excerpt)
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Neurath, Peter

Full text: [Puget Sound Business Journal] Sep 18, 1989

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Transaction ‘Report Cards’ Hit: Birinyi Is Harshest On Abel

Laszlo Birinyi, Jr., a prominent equity market analyst, has criticized trading cost measurement systems offered by Abel/Noser Corp. and SEI Corp. Birinyi states that the systems are badly flawed and are leading traders to distort their transactions so that they can look good. He indicates that the systems are flawed in terms of basic assumptions, inconsistencies, misreporting or misinterpreting data, and even in arithmetic. Birinyi’s criticism is the 2nd recent report to attack the methodologies of these 2 systems. A study in July 1989 by Stephen Bodurtha indicated that the systems fall short because they fail to measure opportunity costs. Abel/Noser, which offers its system free to pension executives as an incentive to obtain brokerage business and to induce money managers to subscribe, claims to track 35% of all institutional trading. SEI is thought to have about 24 clients and has stopped actively marketing the product.
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Chernoff, Joel

Full text: [Pensions & Investment Age] Sep 18, 1989

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Transaction “Report Cards” Hit: Birinyi Is Harshest on Abel/Noser, SEI

Laszlo Birinyi, Jr., a prominent equity market analyst, has criticized trading cost measurement systems offered by Abel/Noser Corp. and SEI Corp. Birinyi states that the systems are badly flawed and are leading traders to distort their transactions so that they can look good. He indicates that the systems are flawed in terms of basic assumptions, inconsistencies, misreporting or misinterpreting data, and even in arithmetic. Birinyi’s criticism is the 2nd recent report to attack the methodologies of these 2 systems. A study in July 1989 by Stephen Bodurtha indicated that the systems fall short because they fail to measure opportunity costs. Abel/Noser, which offers its system free to pension executives as an incentive to obtain brokerage business and to induce money managers to subscribe, claims to track 35% of all institutional trading. SEI is thought to have about 24 clients and has stopped actively marketing the product.
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Chernoff, Joel

Full text: [Pensions & Investment Age] Sep 18, 1989

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Two Thrifts Switch Spots in Report, but First Albany Still Ranks Both Well

National Savings Bank of Albany and Home & City Savings Bank have traded places in the mind of at least one local analyst, but both banks could be attractive to out-of-state holding companies seeking to establish a presence in the Capital Region. In his September research report on upstate New York converted thrifts, one in a series of annual reports written on the 16 banks which fall into that category, Donald Kauth, bank analyst for First Albany Corp., rated Home & City stock a “buy/hold,” meaning it is a good long-term investment. (excerpt)
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Ballman, Barbara

Full text: [Capital District Business Review] Sep 18, 1989

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Tarnished Gold

In 1989, a multitude of investment options have outshone gold. Many investors have deserted the metal and, in many cases, seem to have no thoughts of restoring gold to their portfolios. The dollar has replaced gold as the safe haven of choice for anxious investors. Seven observers of the gold market were interviewed. Steven Leuthold’s firm, the Leuthold Group, recently told clients to start “tiptoeing” back into gold. Leuthold says that the charts of individual mining issues show signs that gold is “bottoming.” However, Gebhard Rutsche, a principal in the Swiss firm, GIMA, feels that it is still too early to get back into gold. Timothy Green, a UK-based gold industry consultant, sees “gold bouncing along the bottom,” possibly providing some attractive buying opportunities. Harry M. Conger of Homestake Mining Co. expects the price of gold to remain in the mid-$350s per ounce until the end of 1989.
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Welling, Kathryn M.

Full text: [Barron's National Business and Financial Weekly] Sep 18, 1989

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Nuked but Alive: The Clouds Begin to Lift Over Niagara Mohawk

A series of mechanical and managerial lapses have kept Niagara Mohawk Power Corp.’s Number 1 unit of its Nine Mile Point nuclear facility idle for nearly 2 years. However, the utility has developed a recovery plan that should ultimately allow it to regain its financial strength and to rebuild earnings. Aided by the staff of the office of New York’s attorney general and other parties, Niagara Mohawk fashioned a pact that enables it to start collecting replacement power costs. The utility still faces some hurdles on its path to recovery, but once the uncertainties are resolved, the firm should begin to right itself. Earnings, which may decline to 90 cents a share in 1989, should rise to nearly $1.40 in 1990. Niagara Mohawk stands a reasonable chance of getting approval for a great deal of its proposed $369-million rate hike. Under the agreement, Niagara Mohawk will be able to defer some expenses, if necessary. The company will study the possible sale or spinoff of its gas operations.
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Wyatt, Edward A.

Full text: [Barron's National Business and Financial Weekly] Sep 18, 1989

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Louisiana-Pacific Corp.: Its Business Grows with Restraints

The controversy over cutting “old growth” timber in the Pacific Northwest and efforts to protect the spotted owl have worked to Louisiana-Pacific Corp.’s (Portland, Oregon) advantage. Shortages of timber, in part the result of environmental disputes, have sharply boosted prices of timber, and, accordingly, Louisiana-Pacific’s wood products. Moreover, Louisiana-Pacific depends less on “old growth” timber for its products than do many other forest product companies. It is in its 5th consecutive year of higher earnings since a slump in the early 1980s. Profits in the first half of 1989 were the company’s best ever. In 1988, its operating profits from pulp doubled to $88 million. Louisiana-Pacific has enjoyed a great deal of success in the production of lumber for use in construction forms for poured concrete. The firm’s strong cash position is supporting a continuing aggressive stock buyback program.
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Byrne, Harlan S.

Full text: [Barron's National Business and Financial Weekly] Sep 18, 1989

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Hail Columbia

In just over a year, the shares of Columbia Laboratories’ (Miami, Florida) have appreciated tenfold. Columbia’s remarkable stock market performance hinges on the fact that it has developed an unusual method of administering medications – a patented mucoadhesive delivery system. The process involves enmeshing a drug with a polymer that can be absorbed through mucous membranes. Columbia reports that this method allows drugs to be administered less frequently and absorbed more directly, avoiding the gastrointestinal system. Until its advanced product catches on, Columbia’s profits will depend on its existing line, which has not registered much in sales. In 1988, revenues totaled $1.9 million, down 32% from the $2.7 million posted in 1987. Columbia’s loss for 1988 amounted to $1.4 million, versus $1.3 million in 1987.
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Savitz, Eric J.

Full text: [Barron's National Business and Financial Weekly] Sep 18, 1989

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Arvin Industries Inc.: It Pushes an Overhaul of Its Auto-Parts Business

Arvin Industries Inc. (Columbus, Indiana), the world leader in automobile exhaust systems, has been conducting a major overhaul of its auto parts business. The overhaul combines expansion into Europe with a slimming and consolidation of the North American business. Recent European acquisitions will add about $225 million to Arvin’s sales, more than quadrupling the company’s business in Europe. The acquisitions put the firm in shape for the unified European market due in 1992. Arvin’s earnings are making a comeback from 1988, when net was depressed by a special restructuring charge and by losses incurred when General Motors Corp. and Ford Motor Co. decided to make some of their own exhaust-system components. For 1990, the company is looking for a decisive upswing in earnings, propelled largely by the European expansion. Earnings in the next year or 2 could exceed $2 a share if the current management strategy succeeds.
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Byrne, Harlan S.

Full text: [Barron's National Business and Financial Weekly] Sep 18, 1989

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Breaking Up Is Hard to Do

Even if the 2 governments give the go-ahead, the earliest that a split in the Kuala Lumpur and Singapore stock exchanges could take place would be in late 1990. This assertion emerged from the coffee sessions of a conference on the securities industry, which was organized by the Kuala Lumpur Stock Exchange (KLSE) and a private consultancy company in September 1989. Until the KLSE establishes a central depository system (CDS) for share certificates, there is nothing to stop a massive grey market in Malaysian stocks developing in Singapore after a split, so a split would be pointless. Even if it could raise the M$20 million needed, the CDS would have to be the nominee owner of all shares, which would require that the Malaysian law be changed to allow for 2 levels of ownership. If finally implemented, the CDS will kill any grey market in Singapore very swiftly. The delays will come as a comfort to all those brokers in Singapore who have been making huge amounts of money from the grey market.
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Seaward, Nick

Full text: [Far Eastern Economic Review] Sep 21, 1989

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Steel Investors Count on More Than Pipe Dreams

Oregon Steel Mills Inc. stock has climbed significantly during the last month, reaching five new 52-week highs since Aug. 31. The surge followed the company’s announcement of an agreement in principle to buy an idle California steel mill. The acquisition of California Steel Industries’ plate mill in Fontana, Calif., would give the Portland-based Oregon Steel additional capacity to supply steel plate needed by its Napa, Calif., subsidiary that manufactures pipe. Company officials are hoping to cash in on predictions of an increased market for wide-diameter steel pipe to be used in natural gas pipelines. (excerpt)
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Leary, Linda

Full text: [The Business Journal] Sep 25, 1989

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Riedel Environmental Kicks Into Expansion Gear

Riedel Environmental Technologies Inc. is on a roll. In the last two months, the company has hired a new president, purchased a new subsidiary and signed multimillion-dollar contracts for two new waste handling facilities. Meanwhile, talks continue on a hoped-for nationwide network of waste storage and transfer plants that would include more acquisitions and the opening up of branch offices. The activity has pushed up the price of Riedel Environmental’s stock, though analysts are surprised by the degree of the surge. During the first and second quarters of 1989 and into August, the stock price hovered near $13 and $14 per share, but recently shot out of the static state. Last Thursday the stock reached a new 52-week high, $19.750. The stock is traded on the American Stock Exchange. (excerpt)
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Leary, Linda

Full text: [The Business Journal] Sep 25, 1989

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Local Banking Goes Interstate

If you had bought $10,000 worth of stock in Plaza Commerce Bancorp 10 years ago, you’d stand to make a profit of nearly $150,000 when it merges with Comerica Inc. in a little more than a year — the dawn of out-of-state ownership of California banks. The purchase price: $16.50 a share, or three shares of Comerica for each share of Plaza. The deal is valued at about $117 million — a hefty three times book value. Of Plaza’s directors, Bruce Edwards, president of March Development Co., has the most shares — about 409,000 shares worth about $6.7 million. Jack Carsten, a general partner in U.S. Venture Partners, is the director with the fewest shares — a mere 43,000. (excerpt)
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Aragon, Lawrence

Full text: [The Business Journal] Sep 25, 1989

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