Corcom Turnaround Plan Focuses on Phone Line Filter

The new company motto for Corcom Inc., a Libertyville electronics company, is “Back in Gear,” a not-so-subtle sign that the company was out of gear for most of the past year. Indeed, Corcom was seriously out of sync with its profits goals in 1988, when it posted losses of $2.6 million against record sales of $32.9 million. In 1987 the company posted a net profit of $522,000 on sales of almost $23.9 million. Corcom also lost money in 1986, recording a net loss of 12 cents a share, or $399,000. Charles R. Whitchurch, Corcom’s vice-president of finance, told a sparse group of employees and shareholders at the company’s recent annual meeting that “1988 was a very difficult year.” (excerpt)
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Bennett, Julie

Full text: [Crain's Chicago Business] Jun 12, 1989

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Market is resembling a casino

“The lunatics have taken over the asylum,” declared one U.S. bond analyst in bewilderment as U.S. bond prices soared to a new two-year high Friday in response to a jump in the inflation rate. Behavior among equity investors, in contrast, has been too calm to be described as lunacy. A fairer way to characterize the stock market situation might be to say that gamblers have taken over the casino. Nevertheless, there seems no reason to expect a sharp decline in stock prices, as long as the dollar and the bond market continue to sweep ahead on the wave of worldwide euphoria that began two months ago. If and when the bull market in the dollar and bonds goes into reverse, though, serious trouble will follow.
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Anatole Kaletsky, Financial Times.

Full text: [Chicago Tribune (pre-1997 Fulltext)] Jun 12, 1989

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Can Cassoni Get Olivetti Off the Slippery Slope?

Vitorio Cassoni returned to Italy to run Olivetti SpA, Europe’s largest maker of personal computers and office equipment. In the year since Cassoni retuned, he has wrestled with one of the most diffficult jobs in Corporate Europe: revamping Olivetti to stop a sharp drop in margins, profits, market share, and stock price. Last month, Olivetti reported 1988 net profits of $254 million on $6.1 billion in sales, a drop of 11%. With Europe’s plan for an integrated market in 1992, Olivetti faces additional challenges. Like other European computer makers, Olivetti has been strong in its home markets, but weak in other parts of the Continent and outside Europe. It also lacks the financial and technological clout of the leading US-based suppliers, which have strong pan-European businesses. Quality problems and the lack of new product introductions are allowing rivals such as Compaq Computer Corp. to take market share from Olivetti.
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Rossant, John
Peterson, Thane

Full text: [Business Week] Jun 12, 1989

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Metropolitan financial corp. how a thrift became a regional

In 1988, Metropolitan Financial Corp. acquired 7 once-insolvent thrifts, which boosted the company’s assets 76% to $4.1 billion at year-end 1988 and its loan portfolio by 78% to $1.8 billion. Although Metropolitan invested $40 million of its own into the deals, the firm also received $367 million worth of notes from the Federal Savings & Loan Insurance Corp. (FSLIC) and $191 million in FSLIC-covered nonperforming assets. Thus, in 1989′s first quarter, FSLIC notes and covered assets account for $14.2 million of interest income out of a total of $93.6 million. In addition, for the first quarter, Metropolitan received a $4.2-million income tax benefit arising from the tax-exempt status of that $14.2 million of interest income. With the tax benefit, Metropolitan posted net income of $3.5 million, or 54 cents per share, for the first quarter, up from $1.9 million in 1988, or 33 cents per share. Metropolitan could end 1989 with earnings of $3.40 per share or better, and $4 per share looks attainable for 1990.
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Byrne, Harlan S.

Full text: [Barron's National Business and Financial Weekly] Jun 12, 1989

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Bullish but not raging–investment strategist abby cohen tem

In an interview, Abby Joseph Cohen, Drexel Burnham Lambert’s senior investment strategist, explained why, when others were converting to her bullish camp, she has turned neutral, but not negative, on the market. As the market index approaches 2,500, Drexel is aiming for 20% cash in all equities accounts, which is an 80%-invested position. The substantial amounts of cash in domestic portfolios and the fact that many had underperformed the market since the 1987 stock market crash were influential in this decision. The market is reasonably valued, given the fundamentals on economic growth and corporate profits. Using a dividend discount model, profit growth of 15% is expected in 1989, with 10% expected in 1990. Cohen does not favor the commodity chemical business at the moment, but thinks Dow Chemical, Imperial Chemical, and Monsanto are interesting opportunities. In regard to dollar value, the dollar is likely to go down again, probably late in 1989 or early in 1990.
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Welling, Kathryn M.

Full text: [Barron's National Business and Financial Weekly] Jun 12, 1989

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C&S Asset Sales Seen as Option to Boost Stock

The Citizens & Southern Corp may sell some of its assets in an effort to boost its stock price in the aftermath of NCNB Corp’s failed takeover bid. It may sell off part of its credit card portfolio or securitize some of its automobile finance paper, and may also consider branch sales in Georgia and South Carolina.
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Cline, Kenneth

Full text: [American Banker] Jun 12, 1989

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Spear Leeds Settles Stock-Price Suit For $2.5 Million

Spear, Leeds & Kellogg has agreed to pay $2.5 million to settle a class-action lawsuit by investors who claimed that the stock-specialist firm vastly overpriced shares of J.P. Morgan & Co. on Terrible Tuesday, Oct. 20, 1987. The settlement by Spear Leeds, one of the largest New York Stock Exchange specialists, was reached in March but not made public at the time. Securities lawyers said the settlement may make it easier for other plaintiffs to sue stock-specialist firms. The suit alleged that Spear Leeds set the opening price artificially high, knowing that it would plummet, and then profited by buying it back at the lower price. Spear Leeds sold from its own account half of the 500,000 shares traded at the opening, according to the suit. The plaintiffs contended that a fair opening price would have been about $34, and they sought to recover the difference.
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By Amy Docker

Full text: [Wall Street Journal] Jun 13, 1989

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Cashing In: How to Prune Your Stock-Market Portfolio

Soon it will be “time for aggressive accounts to start taking some chips off the table,” says Alfred Goldman, chief technical analyst for A.G. Edwards & Sons Inc. He points out that many of the people who might invest in stocks already have: “To find a bear, you almost have to look under a rock.” Of course, many investment advisers remain bullish. “The market’s going a lot higher,” says Mike Wolf, an IDS Advisory Corp. portfolio manager who sees no recession this year or next and views stocks as a scarce resource, thanks to takeovers. Neil T. Eigen, senior equity manager for Integrated Resources Inc., says the Federal Reserve Board has “engineered an orderly slowdown.” Yale Hirsch, editor of Smart Money, an Old Tappan, N.J., newsletter, hails the “powerful” way the market shrugs off bad news such as the turmoil in China. Old standby: More familiar to most investors is the price-earnings ratio, namely the stock price divided by the company’s per-share earnings. “Taking the highest P-E stocks and selling them might be sensible” as a pruning technique, says Laurence B. Siegel, a managing director at Ibbotson Associates Inc., a Chicago market research firm. Mr. Siegel, however, believes that a long-term buy-and-hold strategy is best for most small investors.
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By John R. Dorfman

Full text: [Wall Street Journal] Jun 13, 1989

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Business and Finance

THE DOLLAR SURGED further, propelled by strong foreign demand for U.S. stocks and bonds and speculation that central banks are split in their policy toward the currency. Stock prices slumped with the dollar’s early rally, then rebounded as the currency eased slightly. The Dow Jones industrials closed up 5.42, at 2518.84, a post-crash high. Long-term bonds ended with modest gains. Seagate Technology plans to buy Control Data’s disk-drive unit for about $450 million in cash and securities. The sale, part of Control Data’s restructuring, would nearly double Seagate’s huge disk-drive sales. Kohlberg Kravis and A&P are discussing making a friendly takeover bid for British food retailer Gateway Corp. of up to $3.1 billion, sources said. Gateway is fighting a hostile offer from disgruntled shareholders.
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Full text: [Wall Street Journal] Jun 13, 1989

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FIDELITY FEDERAL JOINS MARKET LIST

The Henrico County-based thrift’s market listing will make the company’s stock price public daily nationwide, according to Barry D. Crawford, president and chief executive officer.
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Full text: [Richmond Times - Dispatch] Jun 13, 1989

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Stock Prices Are Mixed as Dow Gains 5.42

Stock prices ended mixed on Jun 12, 1989 as by the close, the Dow Jones industrial average was up 5.42 points, to 2,518.84, another post-crash high.
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Wiggins, Phillip H

Full text: [New York Times] Jun 13, 1989

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Stock Prices Are Mixed as Dow Gains 5.42

”An increasing number of familiar bears are coming in from the cold, as foreign investors escape Far East instability by following a strong dollar back to U.S. bonds and stocks,” said Gene Seagle, chief technical analyst at Gruntal & Company. ”Sentiment figures of those expecting a correction probably mean that a number of bulls are leaving the market, but any correction of the 300-point March advance should prove to be short and shallow.” In foreign markets, shares on Hong Kong’s Hang Seng index soared 171.83 points, to 2,440.21, in its fourth consecutive gain since Monday’s 22 percent plunge following the violence in Beijing.
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WIGGINS, PHILLIP H.

Full text: [New York Times] Jun 13, 1989

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Market Place; Japanese Stocks: Laggards of ’89

For those who had the nerve to bet against Japan, the result is welcome. ”What bull market?” asks James Rogers, an American investor and finance professor at Columbia University’s graduate school of business. ”I’m short Japanese stocks, and not one of them is up since last summer.” ”There is fear of American protectionism, a lack of Japanese interest in the stocks, and enough worry that the consumer cycle in the United States may fall apart,” said Nimrod Fachler, the chief international investment officer at Mitchell Hutchins Asset Management, a subsidiary of Paine Webber. The Japanese Government’s figures on foreign buying of shares turned positive in October, and 1988 became the first year since 1983 that there was a net inflow of foreign money into the Japanese stock market. But starting in December, the American market has done better than the Japanese one in every month except February. ”Foreigners usually buy at the tops in most markets,” Mr. Rogers said.
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Norris, Floyd

Full text: [New York Times] Jun 13, 1989

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Hong Kong Stocks Rebound

Hong Kong shares soared 8 percent today amid signs that a civil war in China is increasingly unlikely.
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AP

Full text: [New York Times] Jun 13, 1989

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BUSINESS DIGEST

MARKETS The dollar rose again, reaching its highest level against the yen since August 1987. Some traders and economists said the sharpness of the latest advance had complicated the ability of the U.S. and its allies to contain the rally. [ Page D1. ] Stock prices ended mixed, and the Dow Jones industrial average was up 5.42 points, to 2,518.84, another post-crash high. [ D8. ] Late profit-taking slashed prices of all but the longest-term Treasury maturities. [ D18. ] Coffee futures prices plunged after producers and consumers failed to agree on export limits. [ D19. ] COMPANIES Canon will invest $100 million in Next Inc., the computer company started by Steven P. Jobs, the co-founder of Apple. The investment will give Canon a 16.67 percent share. [ D1. ] The stock of Time Inc. fluctuated widely in trading driven by rumors that a number of new parties might join the battle. The names included the Bass Brothers, Warren E. Buffett, Coca-Cola, Kohlberg, Kravis, Roberts or a combination of them.
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Full text: [New York Times] Jun 13, 1989

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Colorado Prime Buyout Target

Colorado Prime Corp., a Farmingdale-based upscale food-service company, announced yesterday that it had received a $79.3-million cash buyout proposal under which it would become a private company. The $17-a-share offer was made by KPC Holdings Corp. and comes two years after Colorado Prime switched from private to public ownership. The takeover bid did not come as a surprise to analysts or investors, since Colorado Prime announced in January that it had hired New York investment banking firm Dillon, Read & Co. to explore “methods of enhancing shareholder value.” (excerpt)
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Enrico, Dottie

Full text: [Newsday] Jun 13, 1989

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Prices Mixed in Erratic Session: Dow Gains 5.42

The stock market managed a mixed performance June 12, 1988 coming out of negative territory on the coattails of a rise in blue chip stock prices.
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Full text: [Los Angeles Times] Jun 13, 1989

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American General plans to buy back block of its stock

For [Carl H. Lindner], the buyback means that he can sell his large stake in the company without the risk of depressing the stock price. American Financial, which has bought and sold large stakes in a variety of publicly traded companies, purchased American General shares over the last 12 years. For American General, the deal represents a boost to its ongoing stock repurchase plan at a reasonable price, analysts said. Lindner will likely be paying near market price for the stock, so the buyback could not be considered “greenmail,” the practice of paying a large premium to get rid of a takeover threat, analysts said. Still, American General management will likely sleep easier with Lindner’s stake in company hands, [William R. Anderson] said. The buyback agreement includes a standstill agreement that bars Linder from buying American General common stock for the next three years.
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JAMES DRUMMOND

Full text: [Houston Chronicle (pre-1997 Fulltext)] Jun 13, 1989

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The Next Chapter

Harcourt Brace Jovanovich Inc. (HBJ) has become an odd company. It presently owes $2.6 billion in long-term liabilities, has a $1.4-billion negative net worth, and likely will lose another $110 million or so in 1989, after a $127 million loss in 1988. On the other hand, HBJ just might be an undervalued investment. The stock has climbed from under 4 to over 13 in 16 months. It currently trades around 10 on the stock market, but some Wall Streeters believe it could reach 50 in 3 or 4 years. Known mainly known as a book publisher, HBJ diversified into insurance and theme parks in the 1960s and 1970s. In 1987, Chief Executive Officer William Jovanovich successfully fought off a takeover attempt by British press baron Robert Maxwell. Although HBJ’s 3 businesses are all growing, analysts wonder whether the firm can keep ahead of its debt payments. Interest expenses in 1989 alone will amount to $360 million.
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Weiss, Stuart

Full text: [Financial World] Jun 13, 1989

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Company Watch: Mattel: The Mouse and Miss America

Mattel is the third-largest toy manufacturer in the US, and with new products ready for marketing and old mainstays doing well, the company is strong. Over the past 6 months, Mattel’s stock price has risen 50%.
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Bancroft, Tom

Full text: [Financial World] Jun 13, 1989

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