Texaco sale fuels rumors over Icahn’s plans

[Carl Icahn], chairman of Trans World Airlines Inc., acquired about 24 million Texaco shares from Australian investor Robert Holmes a Court after the 1987 stock market crash. TWA already owned 5.9 million Texaco shares and Icahn further increased the stake after the purchases from Holmes a Court. Icahn complained that Texaco management was not doing enough to raise the company’s stock price and indicated he might mount a takeover of the company. His threats complicated Texaco’s attempt to extricate itself from bankruptcy proceedings and a $10.35 billion damage judgment it was ordered to pay Pennzoil Co. Texaco’s board rejected Icahn’s later proposal for a $14.5 billion buyout and he failed to unseat the board in a proxy fight at Texaco’s annual meeting a year ago.
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(AP)

Full text: [Toronto Star] Jun 3, 1989

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Second-guessers missed the boat on Air Canada stock

All those smug second-guessers _ me included _ who went around saying that the average guy would get burned by buying Air Canada stock, that the government would be sorry once the stock price fell and the suckers started to get restless, all those smart big-fee guys who played the stock for a quick hit at its $8 listing price and then dumped it, where are they now? There are Canadian institutions in there _ especially Gluskin Sheff & Associates, which is the largest with two million shares. And there are U.S. investors, so many that Air Canada is bumping against its 25 per cent foreign-ownership ceiling. Neither the underwriter nor the company _ which, after all, isn’t making money on the deal this time around _ would want to take on a sale at that high a price. With more than $520 million worth of stock to sell _ three-quarters of that in Canada _ it would not be a cinch placing all the shares even at $13.
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Ann Shortell

Full text: [The Ottawa Citizen] Jun 3, 1989

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Shareholders can reap benefit from corporate divestitures ON STOCKS

If Ms [Helen Roman-Barber] decides to retain Lawson, it won’t be because of the company’s lousy stock price performance during the past 12 months. For one thing, Lawson’s 1988 profit of $1.45 a share was below analysts’ estimates, which were as high as $1.80 as late as last November.
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LEONARD ZEHR

Full text: [The Globe and Mail] Jun 3, 1989

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Home Owners’ stock price falls to a new low

Richard Morsilli, manager of the Providence office of Smith Barney, Harris Upham & Co., said the new price low confirms the forecasts of the short sellers who expected the stock price to fall. “The shorts are proving to be right,” he said.
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Full text: [Providence Journal] Jun 03, 1989

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Strong Stock Market Digests Large Sale of Texaco Shares

”What you see is realism setting in,” Mr. [George J. Gaspar] said. ”Investors are realizing that [Carl C. Icahn] might not step up to the plate and bat tomorrow. His intention is probably to increase his investment in USX over time. But to think that buying the company is the first thing he’ll do represents an erroneous thought process.” Despite the heavy trading of USX Corporation stock yesterday, some traders said that it appeared that arbitragers were not anticipating a bid by Mr. Icahn for the steel company. ”The sophisticated money is saying that he doesn’t have to do anything right away,” said one trader who asked not to be identified. ”You were dealing with a very powerful market,” said Robert J. Chamine, head of trading at Wertheim Schroder & Company. ”It’s not euphoric, just solid.”
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WALLACE, ANISE C.

Full text: [New York Times] Jun 3, 1989

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BUSINESS DIGEST: SATURDAY, JUNE 3, 1989

The dollar plummeted in a surprisingly sharp reaction to the weaker-than-expected report on U.S. employment in May. The dollar fell by almost four pfennigs against the West German mark and by two Japanese yen. In late trading, the dollar was at 140.45 yen and 1.9445 marks, down from 142.46 and 1.9805 Thursday. [ Page 35. ] Stock prices set a post-crash high in a surge stimulated by the employment data. The Dow Jones industrial average jumped 27.20 points to 2,517.83. The gain for the week was 24.06 points. [ 39. ] Interest rates plunged as bond prices soared in reaction to the jobs report. Rates on Treasury bills fell more than 20 one-hundredths of a percentage point, and the yield on the 30-year Treasury bond fell to 8.46 percent, from 8.59 percent. [ 38. ] Gold and silver futures prices surged in late trading, reacting to a weaker dollar and a stronger oil market. [ 43. ] Texaco led the most-active list, trading 22 million shares, in the wake of Carl C. Icahn’s sale of his huge stake. [ 35. ] The credibility of Paul A.
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Full text: [New York Times] Jun 3, 1989

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Columbia’s summer movies may fuel stock’s advance

“Integrated Resources (IRE, NYSE, 14 1/4, 12-month range 11 7/8-18), which organizes and markets investment programs as well as private investment services, is a buy,” says Al Frank’s The Prudent Speculator from Santa Monica, Calif. “The stock price has risen sharply in recent weeks because of recurring takeover rumors. ICH Corp. has agreed to buy 7.5 million newly issued shares of IRE at $21. ICH has stated that it may seek greater control. Of course, takeover rumors don’t enter into our fundamental analysis, and we don’t advise purchase of any stock just on rumors. We do recommend IRE, however, based on its impressive numbers. The stock trades at less than seven times current earnings, less than four times cash flow, and at a sizable discount to book value.” o o o
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Steve Halpern

Full text: [Austin American Statesman] Jun 4, 1989

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Bank Buyout Heads Back to Court

First American Bankshares Inc. and unhappy former shareholders of the company’s Virginia affiliate, First American Bank of Virginia, will meet in a Richmond appeals court this week, arguing whether an earlier $3.3 million award to the shareholders should be set aside or extended to other minority investors. The Court of Appeals for the Fourth Circuit in Richmond will hear oral arguments on Wednesday in the dispute over the controversial $30.8 buyout of the bank’s minority shareholders in 1987. Since the judgment in favor of the dissident shareholders group in November, three other shareholder suits have been filed against the Virginia bank, seeking similar awards. The suits have been stayed pending the outcome of the appeal. (excerpt)
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Sands, David R.

Full text: [Washington Times] Jun 05, 1989

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Wellcome May Be Hurt by AIDS Conference, But Bulls Like the Prospects for Herpes Drug

Wellcome’s stock price usually tumbles on any upbeat news about possible rivals to the company’s drug AZT, the world’s only prescription medicine approved for treating acquired immune deficiency syndrome. But analysts say any renewed price weakness in Wellcome shares could offer a good buying opportunity. They say investors — especially U.S. ones, who hold about 17% of Wellcome’s publicly traded stock — focus too much on the company’s AIDS drug, which it sells under the name Retrovir. U.S. investors jumped on the Wellcome bandwagon in early 1987, after the company offered the public 25% of its shares and just before the U.S. cleared AZT. The AIDS drug looked “like the savior for the great plague of the 1980s,” recalls Erling Refsum, a drug-industry analyst at Nomura Research Institute in London. To such investors, he says, the fact that Wellcome has a “savior” for what’s probably a bigger prospective market — herpes sufferers — doesn’t really matter. Wellcome estimates that 15% of people suffer from herpes cold sores.
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By Joann S. Lublin

Full text: [Wall Street Journal] Jun 5, 1989

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Using Utility Stocks as Market Indicator

The utility average — comprising 15 utility stocks — has usually predicted the course of the overall market at times like these, when interest rates are a key factor in stock prices. Over the past 25 years, the average has usually moved in advance of the Dow Jones Industrial Average by two or three months, says Geraldine Weiss, editor of Investment Quality Trends newsletter in La Jolla, Calif. Two other utility-stock indexes have been soaring recently. The New York Stock Exchange utility index closed at a record high 87.78 on Friday, while the Standard & Poor’s utility index finished at 133.33, also a record high. But the Dow Jones Utility Average seems to be most widely followed. The Dow Jones Utility Average is “the supreme bellwether of any stock or stock group,” says Norman Fosback, editor of Market Logic, a Fort Lauderdale, Fla., newsletter. Because utilities are so sensitive to interest rates, the average often reflects bond and money market developments before they exert any influence on the general market, he says.
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By Earl C. Gottschalk

Full text: [Wall Street Journal] Jun 5, 1989

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Sun Microsystems’ Stock Price Cools As Company Foresees Loss for Quarter

Or so went the glamour company with the high-flying stock until late last week. Sun said Thursday that it might report a loss for the fiscal-fourth quarter, citing manufacturing delays because of a series of management miscalculations. The stock tumbled 1 1/4, or 5.7%, Thursday, and lost 1 1/2 more on Friday to finish the week at 19 1/4, a drop of 15.4% from its high. Nearly 10 million shares traded; average daily turnover is 1.1 million. Market individuals say the National Association of Securities Dealers is investigating the heavy volume and price drop in Sun’s common stock before the earnings news was announced. An NASD spokesman wouldn’t confirm the inquiry, but a Sun spokesman said the NASD has questioned it about heavy trading volume last week. Last week wasn’t tumultuous only for Sun; it was equally rough on short sellers, who have been betting that the stock price would drop. Those investors sold borrowed shares, expecting to replace them later with stock purchased at a lower price. But the stock soared 7.7% Tuesday on news that the company took a big step toward establishing its Sparc microprocessor as the standard for future workstation designs by signing up Toshiba Corp. to build products based on Sun’s high-performance desktop computer design.
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By Sonja Steptoe

Full text: [Wall Street Journal] Jun 5, 1989

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Soft Landing? Here Are Signs to Watch — Seeking Clues To Slowdown

Investors are betting more and more money that the economy will come in for a “soft landing,” as Friday’s heavy volume and 27-point jump in the Dow Jones Industrial Average attest. But stock market strategists, who argue about a lot of things, agree that the route to a soft landing is long and treacherous. The Federal Reserve is in the pilot’s seat, trying to steer the economy to slower growth and reduced inflation without crashing into a recession. Trouble is, the U.S. economy is a clumsy machine over which the Fed has very little control. For investors who happily latched on to the prospect of a soft landing as their rationale for jumping into the stock market in recent weeks, the risk is high. Should the economy either falter or begin racing out of control, stock prices could be badly battered.
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By Douglas R. Sease

Full text: [Wall Street Journal] Jun 5, 1989

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Hong Kong’s Stocks Plummet in Early Trading, Responding to Bloody Turn in China’s Politics

Earlier, analysts had forecast that share prices would plummet in early trading as the market digested the fact that China’s political chaos had turned bloody. “The market has already discounted all the political developments in Beijing except the violence,” said Philip Niem, an analyst at brokerage Hoare Govett Asia Ltd. He foresees a sharp sell-off today. Since Chinese Premier Li Peng declared martial law in Beijing May 20, the Hong Kong market has become a virtual hostage to political developments in China. The Hang Seng index plunged 10.8% the following Monday. The next day, it rallied 9.4% on the prospect that student demonstrators and the government might reach a pact. Hoare Govett’s Mr. Niem said the index might fall to the 2000 level — though not necessarily today — before stabilizing. That would put the index on a price-earnings ratio of about six; the ratio, which compares stock prices to per-share earnings, is a widely used indicator of a stock’s underlying value. He said that the only time the Hong Kong market has sold that cheaply was in 1983, in reaction to the news that Britain would return the colony to Chinese sovereignty in 1997.
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By Russell G. Todd

Full text: [Wall Street Journal] Jun 5, 1989

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NCNB to Issue 7.5 Million New Shares

NCNB Corp. will issue more than 7.5 million new shares of common stock to raise money for general corporate purposes. Based on NCNB’s recent stock price of $46.875, the transaction could bring in more than $350 million. Susan Carr, vice president and director of investor relations at Charlotte-based NCNB, said although NCNB doesn’t have specific uses for the anticipated proceeds at this time, “every day that we wait, we risk a general economic downturn that would send the stock market down.” The continuing rise in NCNB stock offers the opportunity to raise funds “at a price that is too good to resist — selling shares at over two-times book value has an enormous attraction,” Carr said. (excerpt)
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Cranford, Steve

Full text: [The Business Journal] Jun 05, 1989

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Executives Pull in Profits as Hyster Deal Closes

When the long-awaited purchase of Portland’s Hyster Co. closed last week, ESCO Corp. and a group of Hyster Co. executives made roughly $200 million on the sale of the lift-truck maker to Cleveland-based NACCO Industries Inc. NACCO, a conglomerate that makes everything from toaster ovens to lift-trucks, paid $620 million for Hyster and also assumed about $80 million of Hyster’s outstanding debt. In 1984, Portland steel maker ESCO and Hyster executives paid $421 million for Hyster in a leveraged buyout. (excerpt)
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Gauntt, Tom

Full text: [The Business Journal] Jun 05, 1989

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Interco Grants Executives Options

Interco Inc. is granting options to key employees of its four core businesses to purchase 5.9 million shares of stock at an option price of $2.8378 per share, according to the company’s 1989 proxy statement. The grants are conditioned on approval by shareholders of a 1989 stock option plan. Interco stock closed at $2.25 per share Wednesday, well below the option price. The distribution of the options is being determined by a special committee, according to the proxy. The options are designed as an incentive for Interco’s top management. One of the executives who will be granted options is R. Stuart Moore. Interco vice president and chairman of the board of The Lane Co. According to the proxy statement. Moore will be granted 350,000 option shares at a price of $2.9375 per share. (excerpt)
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Graves, Lawrence

Full text: [St. Louis Business Journal] Jun 05, 1989

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Brokerage Firm Agrees to Close Down Operations

FORT LAUDERDALE — The David-Maxwell Co. Inc. has agreed to cease its brokerage operations as the result of allegations of fraud and overcharging brought against it by the Securities and Exchange Commission. David-Maxwell agreed to close its doors after the SEC brought public administrative proceedings seeking to censure the firm for the violations. Howard M. Caplan, David-Maxwell’s president, also agreed to a one-year suspension of his broker-dealer license as a result of the allegations. Both the firm and Caplan agreed to the actions without admitting or denying the allegations. (excerpt)
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Sedore, David

Full text: [South Florida Business Journal] Jun 05, 1989

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Oregon Metallurgical Corp.: Titanium Products Catapult Farm Town Into Prosperous Age

ALBANY, Ore. –The time: Spring 1955. The place: Albany, Ore. The setting: A local service-club luncheon. The situation: Albany’s economy, almost completely dependent on farming and the forest-products industry, is stagnating through a severe forest-products recession. The mayor challenges his luncheon audience to propose some way to keep Albany vital. Someone stands up and suggests the city start a factory to produce titanium, a new “wonder metal” needed by the U.S. Air Force to make jet engines. (excerpt)
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Buck, Richard

Full text: [Seattle Times] Jun 05, 1989

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HONG KONG MARKETS REELING AFTER CHINA BLOODSHED

HONG KONG – Stock prices tumbled today in the worst day for Hong Kong shares since the 1987 crash, and queues of people formed outside Chinese-owned banks to withdraw money in protest against the slaughter of pro-democracy activists in Beijing. Hong Kong will come under Chinese rule in 1997. China has promised Hong Kong can retain its free-wheeling capitalist system and social structure for at least 50 years after the turnover.
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Full text: [Seattle Times] Jun 5, 1989

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Why Longs’ Stock Is Languishing

Longs says that much of its success derives from a willingness to delegate great amounts of authority to its store managers. While other large chains tend to be tightly managed from headquarters, Longs lets individual managers decide what goods to stock so they can closely tailor their merchandise to the preferences of customers in their areas. DIVERSITY OF CUSTOMERS Longs also is seeking to beef up its profits by steering away from bargain sales, which had been an important feature of its merchandising mix in years past. Longs got on this kick in fiscal 1987, when profits rose only 2 percent – in part because of large insurance-rate increases and store-expansion costs. Duff & Phelps analyst [Rick Nelson] says that the current Longs stock price doesn’t fully reflect the value of the company’s real estate. Longs owns about 58 percent of its outlets, most of them located in California, and, of course, real-estate prices here are appreciating rapidly.
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LAURA EVENSON, Chronicle Staff Writer

Full text: [San Francisco Chronicle (pre-1997 Fulltext)] Jun 5, 1989

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