Dow gains 0.92 points on day of swings

Among individual issues, Deltak rose 1 1/4 to 14 3/4 in national over-the-counter trading. The Plymouth manufacturer of specialty heat recovery generators and energy conversion systems said in March that it was looking for a buyer for the company but yesterday it said there were no new developments to account for the rise in the stock price. Deltak said interest in the stock might be linked to concerns about energy shortages this summer.
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Full text: [Star Tribune] May 23, 1989

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Astro-Med Makes Graphic Case for It’s Stock

WEST WARWICK-Usually when a company reports record sales and earnings, its stock goes up. Astro-Med Inc. hasn’t had such luck. Last fall the manufacturer of fancy graphic printers saw its stock fall one dollar in a single day. The news? Third-quarter results were the best ever. The stock slipped again in February when Astro-Med announced its year-end sales and profits had jumped 31 percent and 47 percent, respectively, to record levels. Both times, says chairman Albert W. Ondis, “we were a little disappointed.” (excerpt)
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Hiday, Jeffrey L.

Full text: [Providence Journal] May 23, 1989

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Tyson Foods Wants Court To Block ConAgra Merger

In a lawsuit filed late Monday, Tyson asked a Delaware Chancery Court to issue a temporary injunction against the ConAgra-Holly merger, announced over the weekend. Under the new agreement, ConAgra would acquire Memphis, Tenn.-based Holly Farms in a $70.61-a-share stock swap that values the company at about $1.29 billion. The total value varies, according to ConAgra’s stock price and the number of Holly’s outstanding shares, which stood at about 18.4 million. The bid tops the $1.1 billion ConAgra agreement that Holly Farms shareholders rejected April 14. It also is greater than the $63.50-per-share cash tender offer from [Don] Tyson, based in Springdale, Ark. The value of the Tyson offer is about $1.15 billion.
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John Taylor

Full text: [Omaha World - Herald] May 23, 1989

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Stock Prices Mixed; Dow Inches Up 0.92

Although the Dow Jones industrial finished up only 0.92 point on May 22, 1989, it did achieve a post-crash high of 2,502.02.
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Wiggins, Phillip H

Full text: [New York Times] May 23, 1989

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Stock Prices Mixed; Dow Inches Up 0.92

”The dollar rally could continue for some time, which could provide a positive impetus for equities,” said Larry Kekst, a senior portfolio manager at the National City Corporation in Cleveland. Avon, the most-active issue on a volume more than 2.8 million shares, climbed 2 3/8, to 34 5/8, on speculation that the beauty products company might be the target of another acquisition bid. Last week, Avon rejected a $39-a-share bid by the Amway Corporation. Conagra-Holly Farms Deal In foreign markets, Hong Kong’s Hang Seng index plunged 339.06 points, to 2,806.57, when fears of student-soldier conflict in Beijing sparked a sharp selloff of shares. Despite the precipitous decline, Hong Kong Telecommunications rose 1/2, to 19 5/8.
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WIGGINS, PHILLIP H.

Full text: [New York Times] May 23, 1989

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HONG KONG MARKET FALLS OVER UNREST

Despite the demonstration on Sunday, when upwards of 500,000 people rallied in support of the Beijing students, the colonial government here has remained silent on all developments. A government spokesman said that the Governor, Sir David Wilson, ”will have nothing to say about internal events in China.” ”The Hong Kong economy is sound, but the problem is the people’s confidence in that economy isn’t,” said Vincent Cheng, chief economist for the huge Hongkong and Shanghai Banking Corporation. ”I think this market won’t recover until there is a solution in China, and that solution must be peaceful.” The colony’s Secretary for Monetary Affairs, David Nendick, spoke today of a sound economy and good corporate profits, cautioning small investors to remain calm. ”My advice to the small investor is to stay put rather than to sell at the sort of prices he’ll get at the moment,” he said.
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BARBARA BASLER, Special to The New York Times

Full text: [New York Times] May 23, 1989

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COMPANY NEWS; Avon Stock Up On Speculation

Amid speculation that the bidding for Avon Products Inc., the direct-selling cosmetics company based in New York, was not finished, Avon’s share price rose $2.375 yesterday, to $34.625, in heavy trading on the New York Stock Exchange. In addition, Irwin L. Jacobs, the Minneapolis investor who controls 10.3 percent of Avon’s common stock in a partnership with the Amway Corporation, said he was not interested in selling the stock back to Avon.
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Full text: [New York Times] May 23, 1989

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Stock Prices Get a Boost From Dollar

Stock prices for May 22, 1989 are given.
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Full text: [Los Angeles Times] May 23, 1989

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FINANCIAL MARKETS Stock Prices Get a Boost From Dollar

Stocks also closed modestly higher on the Tokyo Stock Exchange in cautious trading despite the sharp decline of the Japanese yen against the U.S. dollar. The Nikkei 225-share average, which jumped 144.65 points Friday, added another 65.90 points to 34,067.86. Grain and soybean futures prices dropped sharply on the Chicago Board of Trade, reflecting investor reaction to wet weather forecasts and the relentless rise in the dollar’s value. CHART: DOW JONES 30 INDUSTRIALS; CHART: MARKETS AT A GLANCE; CHART: NEW YORK VOLUME, Los Angeles Times
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Full text: [Los Angeles Times (pre-1997 Fulltext)] May 23, 1989

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M.D.C. Stock Shows Puzzling Activity

The price of stock in Denver homebuilder M.D.C. Holdings Inc. jumped up 37 percent yesterday, baffling analysts and sparking an official inquiry from the New York Stock Exchange. Trading at nearly nine times its normal daily volume, M.D.C. Holdings’ stock rose 87.5 cents to $3.25 per share, its highest price this year. Officials at M.D.C., the nation’s fifth-largest homebuilding concern, refused a request yesterday morning from the New York Stock Exchange, where the company’s stock is traded, to explain the stock’s jump. Exchange officials said they seek a company’s explanation whenever its stock trades beyond its usual volume or price range, but has no power to force a response. (excerpt)
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Sleeth, Peter
Wilmsen, Steve

Full text: [Denver Post] May 23, 1989

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First Union–No Longer Wall Street’s Darling

First Union Corp. (Charlotte, NC) has slipped from its status as one of the “super banks” of late. Its stock price is only 1.29 times book value, lower than all its southeastern peers’. Still, CEO Edward E. Crutchfield, Jr. remains optimistic because after three years of consolidating operations (with 21 acquisitions since 1985), expense growth is leveling off. Earnings are only apparently off because one-time asset sales inflated 1988′s figures. A long-range strategic plan for interstate banking has led to investments which may not pay off in the short run. The next major investment is the acquisition of Florida National Banks of Florida, Inc. (Jacksonville), which lost $47 million in the first quarter 1989. The deal raises antitrust questions.
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Cline, Kenneth

Full text: [American Banker] May 23, 1989

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Time, Warner Disclose Fees For 3 Advisers — Investment Banks to Receive $36 Million if Merger Of Firms Is Completed

In proxy materials for June 23 shareholder meetings to vote on the merger, Time and Warner disclosed the advisory fees that will be paid to Lazard Freres & Co., Wasserstein Perella & Co. and Shearson Lehman Hutton Inc. The proxy material also indicates that certain previously disclosed payments for Warner’s chief executive officer, Steven J. Ross, could exceed $125 million depending on what happens to the stock price of the combined company after the merger. But Time’s proxy document — 150 pages not including exhibits — was a disappointment to some takeover stock traders. Time stock has risen in recent weeks partly because the traders speculated that the material would disclose talks between Time and potential acquirers of Time. Among rumored companies were Gulf & Western Inc., Capital Cities/ABC Inc., Cablevision Systems Corp. and Robert M. Bass Group Inc. In the case of Capital Cities, talks apparently took place but never reached a stage where Time felt it necessary to disclose them. Executives familiar with the talks said Time approached Capital Cities before it began talking to Warner. The talks were “serious” and went on for several days, involving Capital Cities Chairman Thomas Murphy, but fell apart when the sides were unable to agree on what would be done with Time’s unit that operates local cable systems, the executives said. Time and Capital Cities declined to comment.
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By Laura Landro and David B. Hilder

Full text: [Wall Street Journal] May 24, 1989

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Stocks Prices Plunge in Tokyo, Slump in London On Dollar’s Strength; Hong Kong Shares Recover

In Hong Kong, frenetic buying by local investors sent Hong Kong stock prices soaring nearly 10%, a rise almost as big as the previous day’s fall. But in London share prices slumped for a second day as the pound’s continued decline fueled fears of an imminent rise in U.K. interest rates. The index had plunged more than 450 points yesterday morning, when the dollar rose briefly above 143 yen, its highest level since October 1987. But share prices rebounded in the afternoon amid a flurry of official statements that Japanese monetary authorities would firmly resist a further strengthening of the U.S. currency, even though most analysts fear that will mean higher interest rates. The stock market has been relatively insulated from the effect of the dollar’s decline, with few investors willing to shed their positions simply because of exchange-rate changes. First-section volume yesterday, for example, was relatively light at 700 million shares, up from 608 million share on Monday. Analysts and stockbrokers said the low volume indicates that Japanese investors were avoiding major commitments — either to buy or sell — in the stock market.
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By Marcus W. Brauchli and Christopher Hunt

Full text: [Wall Street Journal] May 24, 1989

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Cooper Tire Bounces to Records as Analysts Are Following It on a ‘Special Situation’ Track

Instead, profit is setting records and the stock price has soared. Cooper’s shares rose 1/4 yesterday to a record 28 1/2, up about 50% from a year earlier after adjusting for last August’s 2-for-1 stock split. The stock is selling at around 13 times earnings for the 12 months ended March 31 — nearly double the traditional multiple for tire companies. One reason: There aren’t enough tire-company stocks left to justify tire-industry analysts at most investment firms. And so Cooper is now being analyzed as what Wall Street calls a “special situation” — that is, Cooper is deemed an unusual investment opportunity, because of its brisk consistent sales and profit growth. (It is one of the nation’s last two publicly traded tire makers; the other is Goodyear Tire & Rubbber, the industry leader). More than 80% of Cooper’s sales consist of replacement tires. The rest are industrial rubber products, mainly auto and truck parts. Cooper ranked No. 6 on Fortune Magazine’s 1988 list of 500 leading industrial companies in terms of total return to shareholders — dividends plus stock price appreciation — over the past 10 years. In contrast to the tire industry’s sluggish overall growth, Cooper’s sales have more than doubled since the start of the decade, to $748 million last year. Profit last year jumped 34% and was more than triple the 1980 level.
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By Ralph E. Winter

Full text: [Wall Street Journal] May 24, 1989

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Business and Finance

DURABLE GOODS ORDERS rose 2.9% in April, indicating there is still considerable strength in the economy. Analysts said the increase, the biggest since December, shows that manufacturers are continuing to spend on capital goods even though consumers appear to be cutting back. Stock prices slumped on the durable-goods report and profit-taking, sending the Dow Jones industrials down 24.01, to 2478.01. Bond prices eased and the dollar was narrowly mixed. Gold and silver rose. Fed Board members Robert Heller and Manuel Johnson expressed optimism about the inflation outlook. Both are said to be supporting a possible easing of short-term interest rates to stem the dollar’s recent surge.
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Full text: [Wall Street Journal] May 24, 1989

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PORTFOLIO Telephone shares sensitive to rates

After hitting a record $1.1-billion profit in 1987, BCE’s profit slipped to $887-million last year. That’s bad news for the stock price, at least in the short term. Today’s high interest rates don’t help either. BCE is known as an interest-sensitive stock, meaning that its price tends to go down when rates go up. Investors can get a better yield elsewhere so they look for a lower share price as compensation.
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ELLEN ROSEMAN

Full text: [The Globe and Mail] May 24, 1989

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Jump in U.S. durable goods orders for April depresses stock prices

Figures for NYSE odd-lot transactions Monday indicate only those shares traded through the exchange. They were: customer purchases 564,500; short sales 13,488; other sales 605,796; total sales 619,284.
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GAIL LEM

Full text: [The Globe and Mail] May 24, 1989

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U.S dollar, durables report spark drop in stock prices

On the Big Board, stocks of companies whose earnings tend to rise and fall with currency exchange rates set the pace for the slide, which saw the Dow Jones industrial average slump 24.01 points to 2478.01. Prices tumbled from the start, after the U.S. government reported that durable goods orders for April came in at a higher-than-expected level.
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Full text: [The Gazette] May 24, 1989

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Stockholder files suit against Carlson Cos. // Plan to buy out TGI Friday’s disputed

The plan calls for a merger of Dallas-based TGI Friday’s with a to-be-formed subsidiary of Carlson Hospitality Group. TGI Friday’s said a definitive merger agreement must first be prepared, and the agreement must be approved by two-thirds of the minority shareholders, by the boards of TGI Friday’s and Carlson Hospitality, and by an advisory committee of the TGI Friday’s board. The suit, filed by Sarah B. Shields, a Florida shareholder, accuses the defendants of violating federal securities laws by allegedly forcing the sale of shares at an unfair price, and of manipulating the TGI Friday’s stock price by failing to publicly disclose the stock’s true value. The suit asks the court to stop Carlson’s bid or get a “fair” price for shareholders, [Richard D. Greenfield] said. The TGI Friday’s suit jumps the gun, according to a TGI Friday’s official. “Until there’s a definitive agreement proposal, I’d say they’re a little premature in filing a lawsuit,” said Stephen King, chief financial officer.
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Anthony Neely
Staff Writer

Full text: [Star Tribune] May 24, 1989

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Durable Orders Surged in April

The next major economic report, the Index of Leading Indicators, set for release next Wednesday, also is expected to point to a stronger economy. The forward-looking leading indicators will be buoyed by the durable goods data and other factors, said economist Joe Liro of S.G. Warburg Securities. “”This report, coupled with the stock market, would lead to a very strong increase in leading indicators,” Liro said. He added that he is revising upward his projection. Stock prices and durable goods orders are both components of the index, the government’s main barometer of future economic activity. The strong durable goods data should temper the ability of the Fed to ease monetary policy despite what the White House views as the disturbing rise in the dollar.
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Full text: [San Francisco Chronicle (pre-1997 Fulltext)] May 24, 1989

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