Goldman to Pursue Bid for Gleason

Relying on dissatisfaction among Gleason Corp. shareholders, Goldman Financial Group Inc. intends to pursue its bid to acquire the Rochester company, despite the rebuff of Goldman’s $20-a-share purchase offer last week. Goldman made what it called a friendly offer to buy the ailing machine tool manufacturer, but Gleason’s management said it regarded it as hostile and unacceptable. In published reports, Gleason officials said the merger offer did not provide investors with a fair price for their stock. (excerpt)
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Johnston, Phil

Full text: [Rochester Business Journal] Jun 19, 1989

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Stock market rally not over yet, adviser claims

The stock market rally has a way to go, says Steven Einhorn of Goldman Sachs. Einhorn was the top-ranked portfolio strategist in last year’s Institutional Investor magazine survey. He also moved his clients out of stocks shortly before 1987′s crash. Einhorn believes moderating inflation and a slowing economy will produce lower interest rates and still higher stock prices soon. His numbers show stocks producing an 11 percent total return, several points higher than that of Treasury bills. Mario Gabelli likes franchise stocks, companies that generate a lot of cash and operate in difficult-to-enter businesses. But he buys only those that sell at big discounts from what a potential buyer would be willing to pay for the whole company.
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Brendan Boyd:Special to The Register

Full text: [Orange County Register] Jun 19, 1989

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BUSINESS PEOPLE; Chief Seeking to Double Size of Applied Power

”This is an immense opportunity,” Mr. [Richard G. Sim] said. ”It doubles the size of our company,” he added, pointing out that Applied Power’s sales would reach $450 million annually once Barry Wright is acquired. Applied Power uses its stock price to gauge its success, and Mr. Sim said he wants the stock price, currently at $20 a share, to grow to $50 by 1992. Originally the company’s goal was $100 a share by 1992. ”But we split the stock,” Mr. Sim said, ”and now it’s $50. Some wanted to leave it at $100, but, well that’s a little aggressive. We chickened out and brought it back to $50.”
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CUFF, DANIEL F.

Full text: [New York Times] Jun 19, 1989

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Compensation: The $550 Million Question

Many observers say that the US corporate pay system is a vehicle for resentment and divisiveness within the workforce. The gap between what the chief executive officer (CEO) earns and what the average manufacturing employee earns is widening every year. At several large US firms, the pay for top executives in now almost 500 times what the average US worker makes, mainly because of stock options. For example, in 1987, Drexel Burnham Lambert’s Michael Milken made $550 million in salary and bonuses. Theoretically, stock options tie executive compensation to the company’s performance and make CEOs think like entrepreneurs. In practice, the ideal often breaks down because executives can simply exercise the options when the stock price is high and pocket the gains. Although many companies have revised their pay systems to reward long-term performance, there is skepticism about whether the pay system really penalizes poor performers. In addition, in the absence of caps on executive pay, executives often enjoy unwarranted increases.
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Full text: [Industry Week] Jun 19, 1989

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What A Way To Start A Company

Nova Pharmaceutical Corp. (Baltimore, Maryland) went public – even before it had a laboratory – by bringing in experienced managers from the start. Nova has linked up with a company nearly 250 times its size that is supplying the new firm with marketing expertise, a ready-made salesforce, and an infusion of over $70 million. Henry Wendt, chief executive of SmithKline Beckman, initiated the creation of Nova. Nova is poised to come to market with powerful new medications that treat maladies ranging from symptoms of the common cold to anxiety and other ailments. Solomon H. Snyder, a neuroscientist at Johns Hopkins Medical School, is chairman of Nova’s scientific advisory board. Venture capitalists David Blech and Isaac Blech helped start the company. John Lloyd Huck, former president of Merck, is now Nova’s chairman. The board of directors includes Ralph Gomory, who is retiring as IBM’s chief scientist, and former president Gerald R. Ford.
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Bylinsky, Gene

Full text: [Fortune] Jun 19, 1989

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Corporate performance: companies to watch: Continental comes back

Continental Bank (Chicago, IL) is bouncing back from its 1984 takeover by the FDIC. First quarter data for 1989 reflect a seven percent increase in revenues to $292 million and a 10% increase in earnings to $76 million. Its stock price has increased 100% to $24 per share since the beginning of 1988. Thomas Theobald, CEO, has reduced the staff 15% and sold real estate and other businesses, netting $85 million. He has also shifted Continental’s focus to corporate and investment banking.
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Ballen, Kate

Full text: [Fortune] Jun 19, 1989

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Bob Allen Rattles The Cages At AT&T

When Robert Euegne Allen was elected chairman and chief executive of AT&T in April 1988, the company was losing share in the long-distance market. To compete in fast-changing markets, AT&T had to learn to be aggressive, to take chances, and to move quickly. By writing off $6.7 billion in obsolete transmission equipment, Allen produced a $1.67-billion annual loss, the first since AT&T’s incorporation 104 years ago. By spending $250 million to acquire Paradyne Corp., a competitor that manufactures data communications equipment, Allen signaled the end to the “not-invented-here syndrome” that had plagued AT&T. He is reorganizing the company to help it be more competitive. AT&T has won large government contracts, has succeeded in important regulatory battles, and has arranged a new venture with Italy’s state-owned telephone company that will take AT&T overseas. First-quarter profits were up 21%, and the stock price has risen almost 40% since August 1988.
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Full text: [Fortune] Jun 19, 1989

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Bank of New York Vaults First Hurdle After Its Merger

When Bank of New York Co. won over Irving Bank Corp. last fall, the experts agreed that the real battle in the long-running takeover drama had only just begun. As exhausting and expensive as the fight had been, the real test came earlier this year when Bank of New York set about integrating staff and business with Irving. So far, Bank of New York is winning high marks. Wall Street is cooing over accelerated progress in reducing head count and praises the restructuring of suburban branches, a move aimed at making these sites more responsive to the communities they serve. (excerpt)
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Silverman, Edward R.

Full text: [Crain's New York Business] Jun 19, 1989

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In First Year, Drug Emporium Climbs Steadily

Nearly one year after going public, Drug Emporium Inc.’s stock has more than doubled in price and reached new highs on a weekly basis, reflecting the strong growth rate and balance sheet of the Worthington-based deep discount drug store chain. Institutional investors — like mutual funds, pension funds and insurance companies — as well as retail buyers have pushed the stock from its initial $14.50 a share to $31.75 last week, with much of the increase beginning in the company’s fourth quarter when it reported a 34 percent increase in earnings per share compared with the year-earlier when the company was private. The increase was the largest quarterly jump in earnings per share for the year. (excerpt)
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Herold, June R.

Full text: [Business First] Jun 19, 1989

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NUMISMATIC FRENZY

One reason behind the surge: Limited partnerships and brokerage firms, such as Kidder Peabody and Shearson Lehman Hutton, have taken a shine to rare coins. That’s because the growth of coin-grading firms has taken the guesswork out of determining the quality of rare coins. Now, “you don’t have to send the coin to 50 coin dealers to get an opinion on the coin,” says [Robert Bernier]. Bernier and others warn that unsophisticated collectors can be badly burned if they’re not careful. Because the coins are often traded like commodities these days, prices can fluctuate quickly, as can stocks and bonds. One gold coin recently rose to $4,500, dropped to $3,000 and climbed back to $4,000, all within a week’s time, recalls [Scott Travers]. A downturn, [Michael Burke] says, is usually preceded by a period when newsletter publishers are widely optimistic about the market’s prospects. That indicates a peak in stock prices, he explains. Two months before the market crash of 1987, 60 percent of the publishers were bullish. “We would expect the worst you would get from here is a 5 percent correction,” Burke reckons.
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Hank Gilman, Globe Staff

Full text: [Boston Globe (pre-1997 Fulltext)] Jun 19, 1989

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Wave of prosperity–rising rates, ebbing capacity buoy tanke

Numerous offerings have come to market for brand new companies in the ocean shipping business. There is a very real possibility that, by the mid-1990s, the need for commodity transportation could exceed the ability of the aging fleet to meet it, which would send both rates and ship prices soaring. Pointing to 90% utilization rates for dry bulkers, Barry Parker of ED&F Man International Futures predicts that London’s Baltic International Freight Futures Exchange will resume its rise when the usual summer lull ends. Soviet grain imports in the current crop year are expected to be up about 30% from 1988. Meanwhile, some tanker prices have soared. In January 1989, the price of a new large crude carrier reached $74 million, up from $40 million in 1986. Current world shipyard capacity seems too small to meet expected future needs. By some estimates, the tanker industry will need to find $10 billion a year in new cash for quite a few years, starting early in the 1990s, to keep capacity from declining drastically.
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Savitz, Eric J.

Full text: [Barron's National Business and Financial Weekly] Jun 19, 1989

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Oases in the desert–alan snyder’s negative but still likes

In an interview, Alan Snyder, founder of Snyder Capital Management (San Francisco, California), discussed the future of the market, which he believes has come up too far, too fast. Snyder thinks that the US will go into a recession in 1989, having experienced the longest consecutive expansion in peacetime history since World War II. The market should peak sometime in July 1989 and then head lower. A volatile market is possible, with 50- to 75-point swings in a day. In several segments of the economy, earnings are going to flatten or go down, perhaps sharply down. There will probably be earnings problems in commodity-related stocks and some financial-related stocks. One of Snyder’s larger holdings is Health Care Property Investors, exclusively oriented toward health care, such as hospitals, nursing homes, and psychiatric-care facilities. While the market views this as a bond substitute, Snyder considers it as a growth stock. The stock is currently about $28 a share, with an annualized dividend of about $2.68 a share and a yield of around 11%.
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Palmer, Jay

Full text: [Barron's National Business and Financial Weekly] Jun 19, 1989

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Molex inc–gains market share as competitors stumble.

Molex Inc.’s 8-month-old joint venture for making electronic components in the Peoples’ Republic of China has continued running throughout the recent turmoil in China. Foreign markets in 1988 accounted for 71% of Molex’s $502 million of sales of connectors and other electronic components and 78% of profits. Molex sells more and earns more in Japan than in the US. The company has been outperforming the industry and expects to continue to do so. Molex is not sure it can match 1988′s record earnings of $59.3 million, or $2.34 a share, largely because of a $6.5-million aftertax impact of a patent litigation. Molex should resume profit growth, though at a slower pace than in recent years. Net of around $2.60 a share seems possible for fiscal 1990. Molex scored a 21% sales gain in the US in 1988, more than doubling the performance of the US connector industry. Domestic profits increased 30%. Following rapid and costly expansion of capacity in the past few years, Molex is reducing its capital spending. Molex has increased research and development spending, however, to more than $30 million a year.
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Byrne, Harlan S.

Full text: [Barron's National Business and Financial Weekly] Jun 19, 1989

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Markovitz redux–what an ace forecaster thinks now

Morry Markovitz, a professional trader and proponent of Austrian economics, correctly saw the collapse in sentiment and equity prices in November 1988 as a solid buying opportunity. Markovitz is turning cautious for the first time since the October 1987 stock market crash. Any stock market correction will be only a mild and short-lived interruption on a path to new highs. Where Markovitz truly differs from mainstream analysts is in his belief that the current real level of inflation is an out-and-out positive for stocks. Stocks represent ownership in goods and should rise as the price of goods rise. He also believes the economy will eventually level off. One problem is that the Federal Reserve creates more lendable funds than a free market would support, which causes society’s real assets to be allocated to the borrower that is first in line rather than to the most efficient producer. Markovitz is advising long-term investors to stay in the market.
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Liscio, John

Full text: [Barron's National Business and Financial Weekly] Jun 19, 1989

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Government to Sell 41.1 Million Shares of Air Canada Stock,

Air Canada plans to complete the 2nd stage of its privatization in June 1989 with the sale of the remaining 41.1 million shares of stock now owned by the Canadian government. In October 1988, the airline received about $246.2 million from the sale of 30.8 million shares. The Canadian government is expected to retain the proceeds from the 2nd sale, which could bring as much as $441 million. The major factor currently challenging Air Canada is the company’s high cost structure. High unit labor costs, low productivity, and expenses associated with an aging fleet have combined to prevent operating margins from keeping pace with the airline’s strong load factors. However, one of Air Canada’s advantages is its relative freedom from serious price competition in the domestic market. The most promising area of improvement in the company’s profits lies in reducing unit operating costs.
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Kernstock, Nicholas C.

Full text: [Aviation Week & Space Technology] Jun 19, 1989

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Biotech Pioneer Charts Return to Profit in ’91

Genex Corp., the Gaithersburg biotech firm that was once the darling of Wall Street investors, is about 18 months away from ending a seven-year losing streak that dropped its stock price from the high teens to 41 cents a share, company officials say. “As the company continues to expand, particularly in the bioseparations business, the market will recognize that, and the stock price will act accordingly” said Doug Whelan, chief financial officer after the company’s annual meeting last week. “We don’t see the likelihood — especially since 1989 is half over — of anything happening that would prevent us from continuing our plans,” Gary E. Frashier, Genex president, told about 100 shareholders. (excerpt)
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Cooper, Stephen K.

Full text: [Washington Times] Jun 20, 1989

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Biotech Pioneer Charts Return to Profit in ’91

Genex Corp, a Gaithersburg MD biotech firm, is about 18 months away from ending a seven-year losing streak that dropped its stock price from the high teens to 41 cents a share.
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Cooper, Stephen K

Full text: [Washington Times] Jun 20, 1989

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New Securities Issues The following were among

Biogen Inc. — 2.4 million convertible exchangable preferred shares priced at $25 each with a $2.125 dividend, for a dividend yield of 8.50%. The preferred shares are convertible into common at $15.25 each, representing a 24.49% conversion premium over yesterday’s closing stock price. At any dividend date beginning June 15, 1991, the company can exchange the preferred for convertible subordinated debentures due 2014. Rated single-B-3 by Moody’s Investors Service Inc. and triple-C by Standard & Poor’s Corp., the issue will be sold through underwriters led by Shearson Lehman Hutton Inc. Municipal Electric Authority of Georgia — $92.4 million of power revenue bonds, Series S, due 1991-2002, 2009 and 2025, tentatively priced by a First Boston Corp. group to yield from 6.40% in 1991 to 7.25% in 2009. Serial bonds are priced at par to yield from 6.40% in 1991 to 7% in 2001 and 2002. There are $14.9 million of 7 1/4% bonds at par due in 2009 and $64.1 million of 6% original issue discount term bonds due in 2025, priced to yield 7%. The underwriter expects ratings of single-A/double-A-minus.
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Full text: [Wall Street Journal] Jun 20, 1989

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Chrysler LBO Is Recommended by Analyst Despite the Cyclical Nature of Its Operations

Charles J. Brady, the auto specialist at Oppenheimer & Co., is making the highly controversial argument that Chrysler is a likely candidate for a debt-financed buy-out. “We are sure Chrysler management must be at least exploring the possibilities of a management-led buy-out” of public shareholders, he told clients recently in recommending the stock. Mr. Brady asserts that Chrysler’s stock price, at 25 yesterday, is simply “too compelling not to attract outside interest.” And the fear of such an approach, he argues, is likely to spur an insider group — including Chairman Lee A. Iacocca — to borrow $13 billion to $14 billion, pay off the company’s debt and dole out $40 to $45 a share. Chrysler’s assets, Mr. Brady says, would support more than enough debt to acquire the company, though he concedes that some of those assets couldn’t be easily sold. Its cash flow, after deducting capital expenditures, figures to be about $2 billion a year, he says. Thus, even with an interest rate of 15%, Chrysler could service its LBO debt without selling any of its assets. And Mr. Brady says the company could use its cash and marketable securities to pare down its debt.
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By Roger Lowenstein

Full text: [Wall Street Journal] Jun 20, 1989

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About NWA

Hdqrts: Eagan, Minn. Chrmn: Steven Rothmeier ’88 operating revs: $5.7B ’88 net income: $135M ’88 EPS: $4.63 1st Q ’89: Operating revs.: $1.5B Net income: $12.6M Stock price, change: Fri.: $107 5/8, up 1/8 Mon.: $114, up 6 3/8 Yr. ago: $43 1/8 Employees: 35,532 Aircraft: 321 Hubs/market share: Minneap./St.
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Full text: [USA TODAY (pre-1997 Fulltext)] Jun 20, 1989

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