CVN Cos. Wants to Highlight TV Shopping Unit

CVN COS. Inc. is considering spinning off its direct mail division, which the company recently converted into a separate operating group. If the direct mail unit is divested, the Plymouth-based marketing company will be left with only its fast-growing televison division, which operates three cable television shopping channels. “Our options go all the way from operating a separate division . . . to forming two publicly traded companies,” said Theodore Deikel, the company’s chairman and CEO. “The question becomes, should they trade separately? Is there an option of spinning it off to the shareholders?” (excerpt)
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Fink, Laurie

Full text: [Minneapolis / St. Paul CityBusiness] Jun 26, 1989

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Shareholders Sue Sun for Bigger Offer: $7.5 Million

The company that owns the Las Vegas Sun newspaper has offered $9 a share to buy out its only minority shareholders. But they have sued to get as much as $1500 per share they think their 5000 shares may be worth, or $7.5 million. The four — former sports editor Clarence A. Heckethorn and three children of former editor Ray Germain — own about five percent of the company’s common stock in Las Vegas Sun Inc., and LVSI owns the rest, according to a complaint filed in Clark County District Court. The buyout offer followed an internal “simple merger” in March between LVS Parent Corporation and LVSI. Brian Greenspun, LVSI’s president, then wrote the minority shareholders that the “fair cash value” of $9 LVSI offered per share is “extremely generous in light of the recent operating performance of the corporation.” (excerpt)
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Ellingson, Dave

Full text: [Las Vegas Business Press] Jun 26, 1989

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Market Mix-Up: Traders Question Mutz’s Explanation of Wednesday Sell-Off

On June 21, nearly half a million Forum Group Inc. shares were traded, increasing usual volume almost tenfold and sending the stock to a new low. Company officials say they were stymied as to what prompted the heavy selling, but they finally landed on an explanation that market makers are finding hard to buy. The stock, which generally trades about 50,000 shares daily, saw 491,400 shares change hands that day, driving down its price from Tuesday’s close of 2-1/16 to 1-5/8, a drop of 21 percent. In the course of the day, the stock had dipped as low as 1-7/16, and shareholders watched the market value of their firm drop from $67 million to $52 million. (excerpt)
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Thomas, John B.

Full text: [Indianapolis Business Journal] Jun 26, 1989

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Where to Invest

Thus far in 1989, the Dow Jones industrial average is up 15.5%, the Standard & Poor’s 500 is up 16.7%, and over-the-counter stocks are up 18%. In addition, long-term interest rates have fallen rapidly, and the dollar is once again soaring. The Federal Reserve is holding down inflation, and global forces are improving the investment climate in the US. The crackdown against the pro-democracy forces in the Peoples’ Republic of China has frightened investors away from the Pacific Basin countries and into dollar-denominated assets. New money has begun to flow into mutual funds, the stocks of noncyclical companies that cater to the consumer, and companies in emerging-growth technology areas. Although the rising dollar makes it risky for US investors to buy foreign stocks, export-fueled economic growth may be strong enough to be worth the risk. Bond experts are enjoying the current appreciation in bonds, while cautioning investors to watch the Fed’s inflation policies.
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Laderman, Jeffrey M.
Marcial, Gene G.
Zigas, David
Riemer, Blanca
Farrell, Christopher
Greising, David
Weiss, Gary

Full text: [Business Week] Jun 26, 1989

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How Compaq Gets There Firstest with the Mostest

Compaq Computer Corp. is the leading supplier of IBM Corp.-compatible personal computers to major companies. This year, its revenues should reach $3 billion, up 5-fold since 1986. Since March 1989, Compaq’s stock has soared by 45% to 97. Compaq’s US market share has doubled from 4% in 1985 to 8% in 1988, and overseas sales, which account for nearly 1/2 of Compaq’s total, are increasing at about 60% annually. Compaq’s process – a sort of endlessly introspective consensus-management system – has kept the company’s core management team intact and in charge despite such potentially overwhelming growth. The key consensus-building group is the product strategy team, which includes top management, engineers, and marketers. This process has given Compaq the confidence to pursue an aggressive role. Meanwhile, both IBM and Apple Computer Inc. have been priming dealers – Compaq’s sole channel of distribution – with discounts and rebates, but new products are expected to keep Compaq growing.
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Ivey, Mark

Full text: [Business Week] Jun 26, 1989

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M&M Execs Collect Top Broker Salaries

At Marsh & Mclennan Cos. Inc. (M&M), Chairman Frank J. Tasco and President A. J. C. Smith each earned more than $1 million in cash compensation in 1988. While the vice-chairman of the holding company and the chairman of M&M’s retail brokerage unit earned less than $1 million, they still earned more than other officers of publicly traded insurance brokerages. Tinsley H. Irvin, chairman, chief executive officer, and president of Alexander & Alexander Services Inc., the 2nd-largest US-based broker, reported reduced cash compensation in 1988. Most brokerage executives are wealthier in 1989 than in 1988 because the value of their company stock holdings has increased. The price of most brokerage stocks increased in 1989. Except for price increases of Aon and Corroon & Black Corp. stock, the increases generally brought stock prices back to their pre-Crash levels. M&M stock was trading at $63.125 as of June 16, 1989; Aon’s was trading at $34.75, along with Corroon & Black’s.
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McIntyre, Kathryn J.

Full text: [Business Insurance] Jun 26, 1989

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Pulitzer Publishing Co.- A prized newspaper name girds to fi

In September 1989, Ingersoll Publications, which publishes a string of weekly newspapers in the St. Louis, Missouri, area, plans to launch a daily tabloid called the St. Louis Sun. Michael E. Pulitzer of Pulitzer Publishing Co., which has published the St. Louis Post-Dispatch for 111 years, is taking the threat of new competition seriously. Pulitzer intends to launch promotional initiatives for his publication and plans to use the new paper as a weapon in upcoming labor contract negotiations with Post-Dispatch employees. Pulitzer’s new challenge reverses the situation that the company was in during 1986, when it acquired 2 suburban dailies in the Chicago, Illinois, area. Those papers now are expanding press capacity. At the firm’s other properties, progress is reported at the Arizona Daily Star in Tucson, and broadcasting revenues have been up slightly in 1989. Pulitzer’s 1990 earnings could top $2.20 per share.
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Byrne, Harlan S.

Full text: [Barron's National Business and Financial Weekly] Jun 26, 1989

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Pawing the ground- Money manager Errol Rudman is very bullis

In an interview, Errol Rudman, head of Rudman Partners, a money management firm, discusses why he thinks that the fun has begun on Wall Street’s current bull market. First, the present average multiple of stocks does not reflect the prospect for further declines in long-term rates, a longer lived economic expansion, or lower inflation rates. Because Rudman believes that the economy will be lethargic, he is particularly interested in some of the regional Bell operating companies. Pacific Telesis and Southwestern Bell are favorites in the group. Other favorites include: 1. McCay Cellular Communications, 2. a package of cable companies – Time Inc., Warner Communications, Paramount, Viacom Inc., and Cablevision Systems, 3. Sotheby’s, 4. Shaw Industries, 5. Crown Cork & Seal, 6. News Corp., 7. Castle & Cooke, and 8. US Shoe. Rudman, who is flexible in his approach to investing, adjusts his style to the winds of the market. Rudman Partners returned 35% before allocations in 1988; in 1989, the partnership is up about 47%.
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Welling, Kathryn M.

Full text: [Barron's National Business and Financial Weekly] Jun 26, 1989

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Joy toy-Nintendo’s future not all fun and games

Over the past 3 years, Nintendo has become the largest player in the US toy market. With 1988 sales of $1.7 billion, the 100-year-old Japanese firm has captured between 70% and 80% of the reemerging US video game market with its Nintendo Entertainment System (NES), a quasi-computer that connects to a television set and allows the display of video games. The firm is capitalizing on its popular system by opening trading of its American depository receipts on NASDAQ. Nintendo hopes to expand on its success with the introduction of a hand-held game system called Gameboy and a 16-bit game system. The firm also has approached AT&T about using NES to access databases. Such moves may prove critical to its survival as NEC Corp. prepares to launch a video game system that will offer more action for the money than NES. In addition, Nintendo is beset by certain lawsuits that strike at the heart of the company’s success – the way the firm licenses software.
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Palmer, Jay

Full text: [Barron's National Business and Financial Weekly] Jun 26, 1989

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Capital Markets: Hope of Fed Easing Sparks Rally

Bond and stock prices soared despite a marked weakening of the dollar. Japanese and West German authorities have agreed to bring the dollar down to previous levels. The prospect of easy money made prices soar.
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Full text: [Barron's National Business and Financial Weekly] Jun 26, 1989

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Cimpoint Loses Name in Merger, but Brings 30 Jobs

The merger next month of an Austin-based computer integrated manufacturing company and a Minneapolis firm will bring 30 new jobs to Austin. Officials of Cimpoint, which has been headquartered in Austin since 1984, said the firm has signed a letter of intent to merge with one of its chief rivals, Intercim. Intercim and Cimpoint employ 50 and 40 people, respectively. The agreement calls for Intercim to issue Cimpoint approximately 2.65 million shares, which will result in about 8 million shares outstanding. (excerpt)
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MacDougall, John

Full text: [Austin Business Journal] Jun 26, 1989

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Reaping Rupees

The India Fund, an investment trust managed by Unit Trust of India and quoted on the London Stock Exchange, is enjoying tremendous growth so far in 1989. The performance of the fund is examined.
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Full text: [Far Eastern Economic Review] Jun 29, 1989

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Cracks in the Crystal Ball

Forecasting mortgage rates has much in common with predicting the stock market. Mortgages trade in efficient markets, and just as efficient markets mean that stock returns cannot be forecast profitably, they also mean easy money cannot be made from interest-rate forecasts. While one should not expect to make money by betting on interest rates, it might be possible to use implied market forecasts to avoid mistakes. In general, implied market forecasts can be used to make pricing decisions. Most modern mortgage pricing models, which calculate the expected present value of the mortgages’ cash flows, postulate a probability distribution of future interest rates. However, speculating on interest rates is not only dangerous, it is largely unnecessary, given hedging. The simplist hedging vehicle – the passthrough security – has provided the Federal Home Loan Mortgage Corp. with a remarkably stable income in unstable times.
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Van Order, Robert

Full text: [Secondary Mortgage Markets] Summer 1989

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Cracks in the Crystal Ball

Forecasting mortgage rates has much in common with predicting the stock market. Mortgages trade in efficient markets, and just as efficient markets mean that stock returns cannot be forecast profitably, they also mean easy money cannot be made from interest-rate forecasts. While one should not expect to make money by betting on interest rates, it might be possible to use implied market forecasts to avoid mistakes. In general, implied market forecasts can be used to make pricing decisions. Most modern mortgage pricing models, which calculate the expected present value of the mortgages’ cash flows, postulate a probability distribution of future interest rates. However, speculating on interest rates is not only dangerous, it is largely unnecessary, given hedging. The simplist hedging vehicle – the passthrough security – has provided the Federal Home Loan Mortgage Corp. with a remarkably stable income in unstable times.
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Van Order, Robert

Full text: [Secondary Mortgage Markets] Summer 1989

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Book Finds: The Managerial Mystique

Once the dominant innovator in technology, marketing, and manufacturing, US business has lost ground to foreign competition. The causes of this decline are complex, but at the forefront is the attitude of management. Essentially, business in the US lost its competitive advantage by focusing on profits and stock prices instead of fostering innovation and long-term goals. Leaders must face situations actively rather than passively, overcome and transform conditions, and not simply react and adapt to them. The failures of business in the 1980s reflect a lack of this type of effective leadership and an overconcentration on the false virtues of the managerial mystique. Business executives incorrectly believe that management and leadership are synonymous. For the past 40 years, executives have put their faith in numbers, managed by process, and formed elaborate structures to get people to do the predictable thing. Leadership moves past the accepted body of knowledge of how to manage a process, and leaders overcome the process to establish creative programs, ideas, and actions.
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Zaleznik, Abraham

Full text: [Sales and Marketing Management] Jul 1989

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Stock Compensation Plans: Types And Accounting Issues

Accounting for the rapid proliferation of incentive compensation packages and stock compensation plans for senior management in US companies has become an issue of debate within the profession. In the area of stock compensation plans, there are 2 broad categories – noncompensatory and compensatory plans – and more specific categories of particular plans. Accounting Principles Board (APB) Opinion 25 sets forth the expectations of current accounting requirements for such plans, including the disclosures that should be made in the notes that accompany the financial statements. The Financial Accounting Standards Board (FASB) currently is reconsidering these basic guidelines, which involve methods to calculate the fair market value of stock options. While there are some possible solutions that the FASB can employ, it is likely that several years will pass before any new stock compensation accounting standards will take effect.
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Salwen, Robert J.
Rasey, T. David

Full text: [Ohio CPA Journal] Summer 1989

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Stock Compensation Plans: Types and Accounting Issues

Accounting for the rapid proliferation of incentive compensation packages and stock compensation plans for senior management in US companies has become an issue of debate within the profession. In the area of stock compensation plans, there are 2 broad categories – noncompensatory and compensatory plans – and more specific categories of particular plans. Accounting Principles Board (APB) Opinion 25 sets forth the expectations of current accounting requirements for such plans, including the disclosures that should be made in the notes that accompany the financial statements. The Financial Accounting Standards Board (FASB) currently is reconsidering these basic guidelines, which involve methods to calculate the fair market value of stock options. While there are some possible solutions that the FASB can employ, it is likely that several years will pass before any new stock compensation accounting standards will take effect.
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Salwen, Robert J.
Rasey, T. David

Full text: [Ohio CPA Journal] Summer 1989

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Investment Psychology: Cognitive Biases

The typical turnover ratio for managed funds is over 60%. There are 2 kinds of reasons why people trade so much: cognitive and emotional. Cognitive errors appear in many financial contexts. The confusion between a variable that leads and a variable that follows is a common form of optical illusion. Standard statistical techniques can be used to distinguish the follower from the leader, but they are not always used. People generally substitute intuitive judgment for statistical analysis. While such judgment is usually good, sometimes it is insufficient. Yet, people are highly confident of their intuitive judgment. People trade partly because they think they have superior information or superior information processing skills. Traders see patterns in stock prices that are random, and they rely on intuitive judgment even when systematic analyses demonstrate that their judgment is incorrect. People trade because it brings the joy of pride. Investors try to increase the pride and reduce the regret through several devices.
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Statman, Meir

Full text: [Intermarket] Jul 1989

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Controlling Market Volatility

Even if it is agreed that government should try to control volatility, a point on which there is anything but agreement, there appears to be no easy answer as to how it should do so. Those seeking an answer have recently discussed 3 techniques: trading halts or circuit breakers, increased margin requirements, and a stock transfer tax. Circuit breakers are coordinated market mechanisms that produce trading halts across all affected markets in extreme circumstances. They could be triggered by a variety of ways – order imbalances, position limits, or volume limits. The argument for imposing higher margins on buyers and sellers of futures is this: Index futures generate substantial stock trading; the stock market cannot now handle this additional trading pressure without substantial increases in volatility; raising futures margins will decrease the amount of futures trading; therefore, stock price volatility will be reduced. Transfer tax proponents assume that a transfer tax would fall most heavily on short-term speculators.
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Harris, Alton B.
Kramer, Andrea S.
Foley, Kevin M.

Full text: [Intermarket] Jul 1989

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Money, Credit, and Security Markets: Common Stock Prices and Yields

Statistics from 1981 through Jul 29, 1989.
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Anonymous

Full text: [Economic Indicators] Jul 1989

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