Election Results Fuel Tokyo Market

Following the July 23, 1989, elections in the upper house of Japan’s Diet and the resignation announcement of Prime Minister Sousuke Uno, the Tokyo stock market suddenly surged higher. Analysts suggested the movement was due to widespread relief by investors, especially in Japan, that the election was over. However, many international money managers still are not wildly impressed. Despite the market’s sudden ebullience, which is reported to be linked to heavy buying by cash-rich Japanese institutions, some investment managers are concerned about the effects of the next election, coming probably in the early part of 1990, in the more powerful lower house of parliament. Analysts note that Japan’s political problems this year were a major depressant on the country’s stock market. There are some analysts and investors who perceive opportunity now in the Tokyo market.
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Price, Margaret

Full text: [Pensions & Investment Age] Aug 7, 1989

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Concorde to Sell Secondary Stock Offering

A little over a year since Concorde Career Colleges Inc. was spun off into a separate company, a secondary stock offering soon will complete one of the final obligations of that spin-off. Kansas City-based Concorde operates a chain of career training schools, concentrating on the allied health and computer industries, and operates a review program for the certified public accountant exam. On June 30, 1988, the company was spun off from CenCor Inc. The company recently has filed documents with the Securities and Exchange Commission for a secondary offering of 500,000 shares of common stock. Of the shares in the offering, 435,000 will be sold on the stock market and 65,000 will go to B.C. Christopher Securities Inc. as compensation for underwriting the offering. (excerpt)
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Kaberline, Brian

Full text: [Kansas City Business Journal] Aug 07, 1989

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Drug Firm Mergers Are Painful for Pfizer

Pfizer Inc. may have to swallow some distasteful medicine or else find itself swallowed up. For years, Wall Street has urged the pharmaceutical giant to bolster its stock price by selling off its low-margin non-health-care businesses and buying back shares. And for years Pfizer’s conservative management has resisted, instead accumulating a huge cash hoard and watching its stock flounder. Now Pfizer’s reckoning may be near. Late last month Bristol-Myers Co. and Squibb Corp. said they would join forces in the latest of a series of drug industry consolidations. The merged company, which will boast an 8,000-person sales force and a $600 million research budget, will be well situated for global expansion and renew pressure on other companies to find friendly mergers or risk being gulped up. (excerpt)
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Agovino, Theresa

Full text: [Crain's New York Business] Aug 07, 1989

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Amerada Finding Favor as Analysts Push Oils

In 1987 analysts said that Amerada Hess Co. and other oil companies had become inept at finding oil in the United States. Analysts speculated companies would try to bolster reserves by acquiring other companies that had found oil. Yet Amerada Hess, an oil refiner, has defied expectations by making an intensive effort to find new oil — an effort which has paid off in big production gains. Amerada’s European production, for instance, increased 50% last year. Moreover, the company recently announced deals to buy reserves in the North Sea and in the Gulf of Mexico from other companies. (excerpt)
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Boroff, Philip

Full text: [Crain's New York Business] Aug 07, 1989

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Lubrizol Earnings Up but Not to Level Analysts Had Predicted

It was a good second quarter for Lubrizol Corp., but apparently it wasn’t good enough to satisfy some of its shareholders. On July 24, the Wickliffe-based oil additive company announced that it earned 70 cents a share for the quarter ended June 30, compared with 58 cents a share for the second quarter of last year. Revenue rose 14%; specialty chemical shipments increased 18%, and management was pleased with its “solid performance,” the company reported. But Wall Street wasn’t pleased. The stock promptly plunged to $40.875 a share by July 26, down from $44.50 a share July 21, the Friday before the second-quarter earnings figures were released. It had risen about 25% during the first 6 1/2 months of the year. (excerpt)
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Barnes, Jon

Full text: [Crain's Cleveland Business] Aug 07, 1989

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Those Little Yellow Boxes Are Looking a Little Paler

Eastman Kodak Co. has announced that it will take a $225 million charge in the 2nd quarter of 1989 to account for cost-cutting measures that it plans to disclose in September. The company’s stock subsequently dropped 2 1/4 in 2 days, to 46 7/8. Much of Kodak’s problem appears to be poor revenue growth in the photographic-products group, which accounted for 45% of Kodak’s $2.9 billion in 1988 operating earnings. Volume in most of Kodak’s photo products has been strong worldwide, but in the US, discounts and promotions are estimated to have pushed prices down 5% in the first quarter alone. Pricing pressures and currency losses reduced overseas revenues by 10% in the first half of the year. Kodak has raised many prices by 3%-5%, but it has not been enough to cover increased costs. Fuji Photo Film Co., Konica USA, and Kodak are all expanding. This crowded field, along with discounting by both Kodak and Fuji and the sluggish US demand, add up to a market that should stay weak through the end of the year.
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Hammonds, Keith H.

Full text: [Business Week] Aug 7, 1989

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Shangri-La or Sun-Baked Wasteland?

The recent history of Oppenheimer Industries Inc. (Kansas City, Missouri) is a case study of the perilous strategy of investing in companies holding “undervalued” real estate. Oppenheimer has put its real estate holdings up for sale and announced that Hamilton G. Oppenheimer is resigning. The asking price for its 350,000-acre Armendaris Ranch is $30 million, or $7 a share. In a merger, the company is worth perhaps $10 a share, with the ranch accounting for 80%. While the company has diversified into horse insurance and construction, Oppenheimer is in the red and has had to take out a $4.8 million 2nd mortgage on the ranch, in addition to its $6.2 million first mortgage. The ranch’s saving grace may be its lengthy frontage on Elephant Butte Reservoir, the largest expanse of water in New Mexico. Early plans called for the lakefront to be developed, but Oppenheimer holds no water rights that would allow developers to tap into Elephant Butte or drill wells, except for homesites. Oppenheimer may only be able to sell the ranch near its asking price by luring a buyer from overseas.
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Weiss, Gary

Full text: [Business Week] Aug 7, 1989

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How Time Warner Will Look When the Fog Clears

On July 24, 1989, Warner Communications Inc. defeated Paramount Communications Inc.’s $12.2 billion bid for Time Inc. when the Delaware Supreme Court upheld a decision allowing Time and Warner to merge without a shareholder vote. Company executives have not yet supported their claims that Time Warner Inc.’s plans will give shareholders more value than they would have received by taking cash from Paramount. Nevertheless, Time Warner stock could trade around $145 a share by the end of 1989, which would be a 4% improvement over what it commanded at the close of trading on July 26. The range of estimates, however, extends from $126 to $180 a share. Time Warner is having a good year, with Time’s 11% growth in operating income and Warner’s 73% rise in operating profit in the first half. The 2nd half of the year should be even better as Warner’s hit movie, Batman, makes its mark. Time Warner, whose estimated assets total $16 billion, is hinting that it will sell some assets to pare down its debt, and it may form some joint ventures overseas.
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Lieberman, David

Full text: [Business Week] Aug 7, 1989

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Hello, Reality Calling

Since June 1989, stocks of US cellular telephone operators have fallen by at least 18%, despite a surge of as much as 90% in subscriber growth since January. In the UK, Racal Telecom PLC’s shares have fallen 31% since early June. Concern is growing in the industry that its present duopolistic system will be opened up. Carriers also fear that, before they can lower their costs, their freedom to price will be curtailed by regulators. Moreover, demand for the service is so great that some companies will be forced to invest vast new sums in a switch-over to digital equipment in order to handle the new business, which could squeeze profits. In response, many investors are cashing out now. Emerging technologies could give cellular’s dominance further problems. The UK, for instance, will soon begin a new cordless phone service called Telepoint, or CT2, which will enable people with hand-held phones to place outgoing calls and charge their regular phone accounts. CT2 units are smaller and cheaper than cellular phones, and calling charges should be near that of regular phone service.
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Hof, Robert D.

Full text: [Business Week] Aug 7, 1989

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Has Dow Chemical Found the Right Formula?

Since 1986, Dow Chemical Co.’s earnings have more than tripled, to $2.4 billion, on a 50% sales spurt, to $16.7 billion. Much of that growth has come from an extended upturn in chemical prices, but Dow has also been streamlining and diversifying in an effort to smooth out earnings. At 91, its stock still trades at only 6 times earnings. Chief Executive Frank P. Popoff’s latest moves include a proposal to link up with Marion Laboratories Inc. in a complex deal that ultimately could be valued at $5.5 billion. Dow would add Marion to its Merrell Dow Pharmaceuticals Inc. unit to create a $2.3-billion subsidiary with its own publicly traded stock. Investors, however, recall the recession and overcapacity in the early 1980s that reduced Dow’s operating profits to $287 million in 1982 from a peak of $1.4 billion in 1979. Prudential-Bache Securities Inc.’s Leonard Bogner predicts that all of Dow’s consumer and specialty chemical products will earn as much as $6 a share over the next few years.
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Woodruff, David

Full text: [Business Week] Aug 7, 1989

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Hawkeye’s Stock Rally Puzzles Experts

Someone out there is taking a bird’s-eye view of Hawkeye Bancorporation, and the result is a soaring stock price. Last week, Hawkeye stock pushed $7.50 a share, marking a three year high and an exceptional recovery from December 1986, when the company’s stock price plunged to $1 per share. The increased price reflects unusually high trading volume for Hawkeye. During the last two weeks of July, nearly 500,000 shares of Hawkeye stock were traded, compared with an average weekly trading volume of 60,000 shares, said Robert W. Murray, executive vice president of the company. (excerpt)
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Buelt, Jamie Gottula

Full text: [Business Record] Aug 07, 1989

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Vencor Going Public to Reduce Debt, Add Hospitals

With the wheels in motion for its first public stock offering, Vencor Inc., a specialized Louisville health-care company, is planning a major expansion of operations over the next 18 to 24 months. In late July, Vencor filed a registration statement with the Securities and Exchange Commission to sell 1.2 million shares of common stock. According to the statement, 1.1 million shares will be sold by the company and 100,000 by other stockholders. The initial stock price is expected to be between $6.50 and $8.50 per share, according to the statement — meaning the offering will raise between $7.8 million and $10.2 million. J.C. Bradford & Co. and Hambrecht & Quist of San Francisco are underwriting the offering. The stock is expected to be available for sale in September, according to the statement. (excerpt)
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Hutcherson, Eve

Full text: [Business First] Aug 07, 1989

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KMIC Stock on Fire Since New York Times Article

Propelled by a mention in The New York Times, the price of Kentucky Medical Insurance Co.’s stock virtually doubled in July, its second major run of the year. The price of the stock went from $18 a share at the beginning of the month to a high of $42.50, before closing at $34 on Aug. 2. The price of the stock, adjusted for a two-for-one split in April, started the year at $5.50 per share. “It’s obviously a bright and shining star on the horizon of Kentucky stocks,” said John Wingfield, manager of Stifel Nicolaus & Co.’s Louisville office. (excerpt)
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Chitlik, Alan

Full text: [Business First] Aug 07, 1989

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Empire’s Future Is Hazy After Loss, Analysts Say

A record $54.2 million loss in the second quarter heightens the possibility of tighter federal regulatory control of Empire of America F.S.B. The quarterly report, which dropped the price of Empire stock to a new low of 38 cents a share, was generally discouraging news for stockholders. President and Chief Executive Officer Kent Dixon said common shareholders’ equity will be wiped out within six to nine months if losses continue at the current rate. Negative shareholders’ equity probably would lead to closer supervision of the bank by federal regulators, he said. (excerpt)
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Hartley, Tom

Full text: [Business First] Aug 07, 1989

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Ole Repsol! The Spanish Oil Company Sets a Swift Pace

Perhaps more than any other Spanish corporation, oil company Repsol SA embraces all the contradictions and absurdities apparent in the economic miracle that has been occurring in the post-Franco era. Some European industry analysts view the stock as an emerging and reasonable challenger to more established European oil concerns. As a company skewed more toward retailing and marketing than exploration, production, and other upstream operations, Repsol ultimately benefits from lower prices. The emphasis on the downstream reflects the fact that Spain produces little petroleum. Repsol dominates many aspects of Spain’s energy market. However, one obstacle the company must overcome in order to become an integrated producer is its relatively modest petroleum reserves. The 1989 acquisition of 5% of the North Sea Magnus oil field gave Repsol an all-important tax shelter to help finance further North Sea exploration. Repsol also has focused its attention firmly on Spain’s potentially lucrative gas market.
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Kielmas, Maria

Full text: [Barron's National Business and Financial Weekly] Aug 7, 1989

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Helen of Troy: Handsome Gains from Hair-Care Products

Because Helen of Troy Corp. (El Paso, Texas) obtains most of its hair-care appliances from independent contractors with manufacturing operations in the Peoples’ Republic of China, the recent political turmoil there had an impact on the company’s stock. Although the company has had no supply disruptions since the riots in Beijing, it is making arrangements with its 16 Hong Kong-based independent contractors to move 30% or more of production from China to other low-wage countries. Presently, Helen of Troy’s sales are doing quite well, largely because of the introduction of new products. Helen of Troy has stayed in a highly competitive field, hair-care appliances, that many large companies, such as General Electric, Sunbeam, and Gillette, abandoned a few years ago. When those companies left the field, they dumped unsold inventories, temporarily depressing earnings for the remaining producers. Helen of Troy stayed in the business because management believes it knows the market better than most. Obtaining rights to the Vidal Sassoon trademark has helped the firm significantly.
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Full text: [Barron's National Business and Financial Weekly] Aug 7, 1989

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Best of All Worlds: Convertibles Never Had It So Good

A surging stock market and plunging interest rates have made mid-1989 a good time for investors to take another look at convertible securities. Convertibles are fixed-income corporate securities, either bonds or preferred stocks, that can be exchanged for the issuing company’s common stock at a specified price. An investor in convertibles enjoys higher current income than a common stock holder and can also participate in potential equity appreciation. Because they offer a higher yield and lower risk and are senior in the company’s capital structure to common stock, convertible debentures almost always sell at a premium, which is the percentage that the convertible’s price exceeds its conversion value. However, the bulk of these issues are not investment-grade credits, and although virtually every new issue now limits the potential for a loss in a takeover play, many can still be called by an issuer before the investor has collected enough yield to break even. It should be stressed that, just as convertibles enjoy the best of both worlds when equities are climbing and interest rates are falling, they suffer a double impact when stocks and bonds both fall.
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Liscio, John

Full text: [Barron's National Business and Financial Weekly] Aug 7, 1989

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Paper Gate to Taipei: Taiwan’s Top Paper Maker to Tap Foreign Investors

Taiwan’s paper industry leader, Yuen Foong Yu Paper Mfg. Co. (YFY), is preparing to launch the country’s first convertible Eurobond to help finance the final stages of its nearly $400-million expansion plan. Proceeds will be used to complete the acquisition of a large pulp plant in the US or Canada. YFY produced more than 400,000 tons of paper in 1988 and had aftertax earnings of NT$959.4 million. The $100-million Eurobond issue will carry a coupon of 2% and a conversion price targeted at 50% above the company’s stock price prior to launching. Bonds can be converted into shares after 2 years and have a maturity of 10 years. Other innovative YFY financial moves are the first exchangeable bond and Taiwan’s first 2 issues of convertible preferred stock. The expansion plan is aimed at countering the company’s self-proclaimed weaknesses: lack of adequate pulp supply and foreign competition. YFY also plans to diversify its market by increasing exports from 15% to about 20% of its total revenue.
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Moore, Jonathan

Full text: [Far Eastern Economic Review] Aug 10, 1989

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Allen & Co Acquires 5.7% of Interco Stock

Allen & Co. Inc., a New York investment firm, is betting that Interco Inc. can turn around its ailing financial fortunes. The New York company, which specializes in buying stock in floundering companies at batgain prices, acquired control of 5.7 percent of Interco stock for $6.3 million in June, according to a June 30 filing with the Securities and Exchange Commission. Interco stock may not be in the basement, but it appears to be close. Largely as a result of the debt Interco accumulated in a hostile takeover fight in 1988, the firm’s stock has fallen below $2 a share. (excerpt)
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Graves, Lawrence

Full text: [St. Louis Business Journal] Aug 14, 1989

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Cooker Stock Price Makes It Bargain in Eateries: Analyst

Just two months since its initial public offering, Cooker Restaurant Corp. is serving investors with an inexpensive entree into the restaurant industry. While most comparable publicly held restaurants sell at per-share prices three to seven times higher than Cooker, the company’s stock appears more palatable than the stock of other restaurant chains. “The thing that sets Cooker apart from other restaurant operations is that the company puts its money where its mouth is,” says Craig Weichmann, an analyst with Morgan Keegan & Co. Inc. (excerpt)
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Thorp, Susan

Full text: [Nashville Business Journal] Aug 14, 1989

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