McClatchy Stock Sale Likely to Cool Takeover Talk
Last week’s sale of 1 million shares of stock by the estate of C.K. McClatchy may cool notions by speculative stockbuyers that family-controlled McClatchy Newspapers Inc. may be sold. The shares of C.K. McClatchy, the company head who died of a heart attack April 16, were sold to an undisclosed party, reportedly at $22 a share, to pay estate taxes. Analysts said the stock could command $35 to $42 per share from an acquisitive suitor. “This should end the speculation on the stock,” said John Reddan, a newspaper analyst with the Greenwich, Conn.-based Moran & Associates Inc. “We saw the family sell a large chunk of stock at half its value.” (excerpt)
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Larson, Mark
Full text: [The Business Journal; Sacramento] Jul 03, 1989
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Higby’s to Reveal Pact
J. Higby’s Inc., the suffering Sacramento-based franchiser of frozen yogurt restaurants, soon will announce a move to restructure the company. Company officials say they’re talking with other parties, but won’t disclose whether those negotiations involve a merger, acquisition or something else. “We have not selected a final candidate, but we’ve talked to probably 40 people and will boil it down to eight or 10,” said president Gary Nelson. By early this week, the company should have narrowed the choices to the candidates that will be presented for a shareholders’ vote, he said. (excerpt)
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Graebner, Lynn
Full text: [The Business Journal; Sacramento] Jul 03, 1989
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Sharing the Wealth: ACC, Voit, Moscom Rewarded Their Investors With Stellar Stock Performances
For Rochester’s Top 50, 1988 was a year of dizzying heights and dismal lows on the stock market. Those stocks posted an average total return to investors of 31 percent. The 24 locally based companies on the list posted an even higher average return — 40 percent. Several, however, blew the averages out of the water. ACC Corp., buoyed last year by reconsolidation and interest spurred by a near-takeover, returned 212 percent to investors. Voit Corp., which last year completed a financial restructuring, saw its stock rise 167 percent. (excerpt)
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Ericson, Rose
Full text: [Rochester Business Journal] Jul 03, 1989
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Revved Up at Roadway
Spurred by a large acquisiton, Roadway Motor Plazas Inc. was the fastest-growing locally based company among Rochester’s Top 50 in 1988. Roadway operates a chain of full- and mini-service truck stops throughout the Eastern United States. Net sales (excluding consumer excise taxes) jumped 89 percent, from $52.6 million in fiscal 1987 to $99.4 million in fiscal 1988. Among the Top 50 only MDT Corp., based in Torrance, Calif., posted faster sales growth. Acquisitions fueled Roadway’s sales boom in 1988, says President John Holahan. The company doubled in size in December 1986 when it acquired LaBar Enterprises, which owned 10 truck stops, a trucking company and other operations. Sales from those operations were first reflected in the company’s 1988 report. (excerpt)
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Bonfield, Tim
Full text: [Rochester Business Journal] Jul 03, 1989
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Weiss Files Intent to Increase Home & City Holdings
The Home & City Savings Bank investment picture has become clearer recently as major shareholders have made their intentions known. On June 14, Eugene Weiss, owner of Latham Circle Mall, notified the Federal Deposit Insurance Corp. that he planned to increase his holdings in the Albany-based thrift from 9.64 percent to as much as 24.9 percent. The real estate developer also disclosed that he had purchased 277,188 shares, constituting the 9.64 percent, from Plaza at Latham Associates, a general partnership he controls. (excerpt)
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Ballman, Barbara
Full text: [Capital District Business Review] Jul 03, 1989
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The Spreadsheet That Nearly Wore Lotus Out
Release 3, Lotus Development Corp.’s latest version of the Lotus 1-2-3 spreadsheet program, has 3-dimensional displays and the ability to draw data from other programs. For many customers, changing spreadsheets will require buying powerful new personal computers. Release 3′s biggest impact might well be the change it has caused at Lotus. As the company struggled to complete the product, it recast the way it creates and sells software, rethought its strategic plan, and reorganized itself – several times. The consensus inside the firm is that Lotus has emerged a tougher, smarter competitor. Its stock price has increased 42% since January 1, 1989. Release 3 is by far the most ambitious product Lotus has ever taken on, requiring the attention of 35 developers, compared to 2 for the original 1-2-3. To discourage cutthroat competition, Lotus cut the margin it gives retailers on new products by 5 points, to 40%, then added incentives to dealers. The strategy boosted sales, but not as intended.
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Hammonds, Keith H.
Full text: [Business Week] Jul 3, 1989
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LyphoMed’s Vital Signs Are Stabilizing
LyphoMed Inc. (Rosemont, Illinois), a maker of generic drugs, has suffered from many quality control problems, damaging Food & Drug Administration (FDA) reports, product recalls, and bad publicity, all of which caused its stock price to plunge. Today, a new management team is solving the company’s quality control problems. On June 15, 1989, the FDA granted the company the exclusive right to market aerosol pentamidine, the first drug proven effective in inhibiting a deadly form of pneumonia suffered by acquired immune deficiency syndrome patients. Announcement of the pending approval sent LyphoMed’s stock to a 52-week high of 21 1/8 in late May. The company has regained permission to bid for contracts with all except one of the hospital purchasing groups that dropped it as a major supplier. The total market for pentamidine could reach $120 million by the early 1990s.
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Siler, Julia Flynn
Full text: [Business Week] Jul 3, 1989
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Sky’s the Limit? Analyst Says It’s Not Too Late to Buy the Airlines
In an interview, Kevin Murphy, Morgan Stanley’s airline analyst, discussed the condition and future of the airline industry. During the bull market, from 1982 to 1987, the airlines generally underperformed the market, but more recently, they have outperformed it. Now that the 2nd phase of deregulation is in progress, fares are being priced appropriately, so the needs of the consumer and the needs of the shareholder are in proper balance. What counts now is yield management, which refers to the sophisticated computerized systems the airlines have developed to manage their ticket sales, to know when and how much to discount fares and where to raise prices without hurting demand. Now, even though traffic for a given month may be down, yields can be up. In the first 5 months of 1989, for instance, revenues for the industry were up 11% and yields were up 13%, yet traffic was down 2%. Delta Airlines is a particularly favored stock, with valuation parameters of 5.9 times earnings and a 24% return on equity.
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Welling, Kathryn M.
Full text: [Barron's National Business and Financial Weekly] Jul 3, 1989
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Good Performers and Bad Actors – Do You Own One of 1989′s Big Winners or Worst Losers?
All of the major stock indexes finished the first 6 months of this year 12% or more above where they began 1989. Smaller stocks did even better. Confidence in a soft landing for the economy and hope of a decline in interest rates drove stock prices higher. Prominent on the American Stock Exchange (AMEX) list of winners were the score components of Americus Trusts. An Americus Trust divides a stock into 2 parts, scores and primes. The prime gets all the dividends of the underlying stock, while the scores represent appreciation in the price of the underlying stock. In a rally, a score will advance more quickly than the share on which it is based. The AMEX list includes Sierracin, a producer of aerospace components, which accepted a $15-a-share bid from management. One of the most impressive stocks is L. A. Gear, which has nearly tripled this year. Earnings have expanded as demand for the company’s footwear has exploded. Prominent among the poor performers were savings & loan associations in Arizona.
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Savitz, Eric J.
Full text: [Barron's National Business and Financial Weekly] Jul 3, 1989
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DeTomaso Promise of Deal Fails to Pacify Owners
Alejandro DeTomaso, the embattled president of DeTomaso Industries, told shareholders at the company’s annual meeting that he would find a partner for the company within 90 days. The company’s financial problems are described, and its stock prices are discussed.
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Henry, Jim
Full text: [Automotive News] Jul 3, 1989
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The Brave Cyclist: Hongkong’s Sino Land Rides the Property Market
Rivals of Sino Land (Hong Kong) say that Sino has bought most of its land at government land auctions in recent years by quoting excessive prices that leave little margin for profit. Risk-taking and a consistently bullish view on Hong Kong and the Peoples’ Republic of China have been the trademark of both Ng Teng Fong, the Singapore-based property magnate who is Sino Land’s ultimate controlling shareholder, and his son, Robert Ng Chee Siong, who commands the Hong Kong axis of Ng’s empire. Sino has not been able to establish an image of independence and consistency. Slower profit growth is attributed to the building of Sino’s investment property base, now totaling an impressive 3 million square feet. Ownership of properties is split between the public and private sectors on the basis of cash flow; however, better disclosure, especially of smaller property purchases, is needed. The Ng family’s financial strength is of legitimate market concern, either because of the potential support it could give to Sino or the demands it might make.
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Marchand, Christopher
Full text: [Far Eastern Economic Review] Jul 6, 1989
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BTI Plunges Into Once Chilly Waters for Funding
Biomagnetic Technologies Inc., a manufacturer of medical equipment for epilepsy and stroke treatment, is testing waters that have long been considered too chilly for young medical and biotechnology companies. Still unprofitable, BTI nevertheless will become the first San Diego-based biotech company to embark on an initial public offering, industry analysts said, since the stockmarket plunge of October 1987. Stock prices have plummeted, and underwriters have deemed IPOs too risky for untested high-tech companies. (excerpt)
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Hock, Sandy
Full text: [San Diego Business Journal] Jul 10, 1989
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Analysts Name Startups Among Top Stock Picks
Young companies on the brink of turnarounds or big breakthroughs were prevalent on two analysts’ lists of best performing local stocks. Other favorites included perennial performers with consistently strong financial figures. Among the top performing local stocks are the following, listed in alphabetical order: Beeba’s Creations Inc. An importer and wholesaler of women’s sportswear, “this company had problems in 1987/88,” said Timothy Cronin, regional vice president of J.T. Moran & Co. “It closed a couple of plants. But they’re in the saddle again and looking real, real strong. They’ve had a nice turnaround and should do over $100 million in business this year. They should earn 60 cents per share compared to last year’s 8 cents per share loss.” (excerpt)
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Henshaw, Jean
Full text: [San Diego Business Journal] Jul 10, 1989
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Suitor Weighs Hostile Bid to Land Gleason
Goldman Financial Group Inc. of Boston will seriously consider pursuing a hostile takeover of Gleason Corp., a circumstance that would reduce Goldman’s purchase offer of $20 a share, officials said last week. Goldman originally asked Gleason’s board of directors to discuss a proposal to buy the financially troubled machine tool company for $20 a share. Gleason categorically rebuffed the offer, saying that the price was inadequate and now is not an appropriate time to sell the company. “We were rather shocked by their response that $20 a share was not an acceptable price, given their financial performance,” said John Blatz, a Goldman partner specializing in acquisitions and mergers. He said that Gleason’s board has yet to respond directly to Goldman and that the company’s reply to Goldman’s offer has come only through a press release. (excerpt)
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Johnston, Phil
Full text: [Rochester Business Journal] Jul 10, 1989
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Mid-Year Market Report: Smaller Stocks Sizzle in Indiana, as Gainers Outpace Losers 3-to-1
Gainers outpaced losers among Indiana stocks by a nearly 3-1 margin during the first half of 1989, proving investors in local companies are seeing more light since that black Monday 20 months ago. Of the 40 stocks examined, 27 showed positive growth while 10 declined and three remained flat. Thirteen of the stocks outperformed the Standard & Poor’s 500 index, while 17 did better than the Dow Jones industrial average. As a whole, the group didn’t advance as rapidly during the first half of 1989 as it did last year. Interestingly, smaller-capitalized companies, however, saw the most investment. (excerpt)
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Ketzenberger, John
Full text: [Indianapolis Business Journal] Jul 10, 1989
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American General Buys Back Principal Shareholder’s Stock
As part of an ongoing stock repurchase program, American General Corp. has agreed to buy back 10.5 million of its shares from its largest stockholder, American Financial Corp. Armed with a fresh cash infusion from the sale of its subsidiary Maryland Casualty Co., American General bought the first million shares from American Financial on June 15 at $37.625 per share. The purchase price represents 106.9 percent of American General’s book value per share as of March 31. American General’s stock was trading last week at around $35.875 per share. (excerpt)
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McNamara, Victoria
Full text: [Houston Business Journal] Jul 10, 1989
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Comstock Resources Cuts Debt With Buy-Back of Stock
Comstock Resources Inc. of Dallas has eliminated more than $5 million in short-term debts, a move that has boosted the company’s net worth by about 33 percent, President and Chief Executive Offier Jay Allison said. The deal, completed last month with the help of the Dallas investment firm Rauscher Pierce Refsnes Inc., satisfied the company’s buy-back requirements on about 4 million shares of its common stock used in property acquisitions last year. “It is a significant step for the company,” Rauscher Pierce Analyst Phil Pace said. “You take that big debt out of the way and it gives management the freedom to pursue other things. Comstock looks like they’re in a good situation — speculative, but good.” (excerpt)
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Steffy, Loren
Full text: [Dallas Business Journal] Jul 10, 1989
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Lindner to Sell $400 Million of American General Stock
Carl Lindner has struck a deal with a Texas insurance and financial service company by which Lindner can sell his 8.4 percent stake in the company for about $400 million. Greenmail? Probably not, at least according to an analyst who follows the company that appears eager to buy its stock out of the hands of Lindner and his American Financial Corp. Under the terms of the June 11 agreement between American Financial and Houston-based American General Corp., the first sale will involve 1 million shares of American General common stock. American General will purchase those shares for $37.63 per share, 106.9 percent of the stock’s book value and the price it traded at on the open market June 9. (excerpt)
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Shingler, Dan
Full text: [Cincinnati Business Courier] Jul 10, 1989
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Johnson Worldwide Associates Inc.: Maker of Outdoor Gear Gets a Lift from the Weather
Johnson Worldwide Associates Inc. went public in October 1987, a week before the stock market crash. The firm’s stock tumbled 50% when the crash came but has since recovered. Recently, the company has had to contend with the more mundane threat of weather conditions, which adversely affected sales of fishing and camping gear, the biggest part of the firm’s business. Johnson officials have recently indicated that the company should be capable of boosting earnings by 15%-20% in the coming fiscal year (the current year ends September 29, 1989). Such optimism is based largely on the firm’s perception of large underlying demand for most of its products. Johnson Worldwide is an offshoot of S. C. Johnson & Son Inc., better known as Johnson Wax. Johnson Worldwide’s products include Old Town canoes, Eureka! tents, and Camp Trails backpacks. The company’s financial condition has improved sharply since it went public.
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Byrne, Harlan S.
Full text: [Barron's National Business and Financial Weekly] Jul 10, 1989
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Front-Runners and Fall-Behinds: The First Half’s Best and Worst Fund Performers
Growth-oriented mutual funds that shunned the blue-chip path and avoided the technology trap tended to do well in the 2nd quarter of 1989. Zero-coupon bond funds soared to the top of the winners’ list. As a group, mutual funds failed to match the market in the April-June stretch. The only category of stock fund to outshine the Standard & Poor’s was the utility group, which climbed an average 11.25%. Telephone stocks (local, long-distance, and cellular) attracted a number of the quarter’s top performers in the growth group, which turned in an average 7.79% return. The specialized funds that did so well from January through March had tepid results in the more recent quarter. Nevertheless, health/biotechnology funds were the first half’s top performers. The big losers in the 2nd quarter were gold funds. Benham Target 2015, the firm’s longest term zero fund, claimed the number one place on the large winners’ list. Another beneficiary of zooming zeros was Dreyfus Capital Value.
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Eaton, Leslie
Full text: [Barron's National Business and Financial Weekly] Jul 10, 1989
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