Short Interest On Big Board Declines 5.1% — American Stock Exchange Reports a Record Total For 4th Month in a Row

New York Stock Exchange short interest for the month ended May 15 dropped 5.1%, to 528,669,482 shares, from April’s record level of a revised 556,831,364 shares. The American Stock Exchange, however, reported its fourth consecutive monthly record for short interest, as the figure edged up 0.3% to 43,792,378 shares from an adjusted 43,663,617. Short interest is the number of shares that haven’t been purchased for return to lenders. Though a substantial short position reflects heavy speculation that a stock’s price will decline, some investors consider an increase in short interest bullish because the borrowed shares eventually must be bought back.
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By Robert Daniels

Full text: [Wall Street Journal] May 22, 1989

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KKR and Bass Group Agree to Consult Each Other When Buying Vons Shares

Vons Cos.’ two biggest shareholders, Robert M. Bass Group Inc. and Kohlberg Kravis Roberts & Co. and their affiliates, have agreed to consult each other when buying more shares of the El Monte, Calif., supermarket chain. The cooperation, disclosed in a Securities and Exchange Commission filing by the Bass Group, will help prevent the two shareholders from driving up the stock’s price with competing purchases, industry analysts said. “It works mutually to their benefit,” said Steven DiMaggio of Roney & Co. in Detroit. “There’s not a lot of stock out there, and you can really get this thing cooking if they bid against one another.” The presence of the Bass Group and Kohlberg Kravis has had industry observers speculating for some time that a buy-out or other major transaction involving Vons might be in the offing. Friday’s SEC filing fueled that speculation.
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By David J. Jefferson

Full text: [Wall Street Journal] May 22, 1989

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Jiffy Lube Stalled, But on the Right Road; Money Woes Only Temporary, Founder of Company Says

There also have been some consumer complaints. In 1987, 12 Jiffy Lube stations in Pennsylvania operated by Tri-State Quick Lube of Cherry Hill, N.J., were accused of tricking people into getting unneeded transmission and differential fluid changes by showing them “dirty” samples of fluid allegedly taken from their cars. Tri-State accepted a compliance agreement without admission of guilt, and Jiffy Lube instructed its franchises to eliminate bogus fluid comparison tests. Whoever gets Jiffy Lube is likely to get it at a bargain, at least compared with its value a couple of years ago. From its high of $23 then, Jiffy Lube stock has dropped to $5, as of the end of last week. [W. James Hindman] could reap a small windfall on the sale of his stake in the company, which is worth more than $20 million at the current stock price. “The Jiffy Lube name is a very valuable commodity in this industry,” said G. Lawrence Northrup, executive director of the Convenient Automotive Services Institute in Bethesda, the trade representative for Jiffy Lube and other quick-grease and quick-fix auto service firms. “There’s no way that it’s going to just go away.”
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Warren Brown

Full text: [The Washington Post (pre-1997 Fulltext)] May 22, 1989

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Holly Farms Accepts Sweetened Offer From ConAgra

Holly Farms said ConAgra would acquire the rival Memphis-based poultry processor in a $74.81-a-share stock swap. The bid, valued at $1.38 billion at current stock prices, is significantly higher than the $1.1 billion agreement turned down at a Holly Farms shareholders meeting last month and than Tyson’s offer of $63.50-a-share, or $1.15 billion. ConAgra stock closed at $35.62 1/2 a share in New York Stock Exchange composite trading Friday, meaning Holly Farms shareholders would receive stock worth $74.81 a share. Holly Farms closed at $62.62 1/2 on the NYSE.
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Full text: [The Washington Post (pre-1997 Fulltext)] May 22, 1989

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View-Master, Tyco Still Toying Around With Deal

Will Big Bird ride off with Dino-riders? Will the makers of Super Blocks resurrect the erector set? Stay by your stock market ticker, kids, for the next installment of view-Master Ideal Group Inc.’s new acquisition game. The proposed $44 million acquisition of Beaverton-based View-Master by Morristown N.J.’s Tyco Toys Inc. has been as slow as Christmas coming without any batteries. Neither View-Master maker of Big Bird dolls and the currently moth-balled erector set, nor Tyco, maker of dinosaur dolls Dino-riders and construction toy Super Blocks, has had anything official to say about the negotiations since April 27. That’s when the companies issued a joint statement saying a definitive merger agreement was imminent. A preliminary agreement was announced April 14. (excerpt)
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Gauntt, Tom

Full text: [The Business Journal] May 22, 1989

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Hallmark Hate Mail Isn’t in the Cards

Fueled by rumors that Hallmark Cards was penning it a takeover note, stock in Stanhope, one of the Bay State’s hottest companies, has taken off. From May 1 to May 3, shares in the Westfield-based marketer of giftware and personal care items climbed from $26.13 a share to $30 a share. But according to some analysts and Stanhome itself, the takeover rumors are as ephemeral as Hallmark’s greeting cards. Stanhome (NYSE symbol: STH) told the Boston Business Journal last week it doesn’t comment on rumors, and it is not for sale. Two weeks ago the company held an informal meeting with analysts in New York and said it has not been approached by any outside party regarding a buyout offer. But while the rumors appear to lack substance, the stock continued to carry a takeover premium last week, closing at $30 a share on May 16. (excerpt)
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Veronis, Nicholas

Full text: [The Boston Business Journal] May 22, 1989

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Dial ‘C’ for Cellular Sales

Since last fall, stocks of companies that own cellular properties have been on a roll. Some examples: LIN Broadcasting Corp. has gone from $59 a share in mid-October 1988, to $100 a share the middle of this month; Contel Cellular is up from $19 a share to $47 per share during that period; Cellular Communications is up from $20 a share to $38 a share; McCaw Cellular Communications is up from $23 a share to $43 a share; and Vanguard Cellular Systems is up from $22 a share to $37.50 per share during that time. (excerpt)
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Veronis, Nicholas

Full text: [The Boston Business Journal] May 22, 1989

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Legal Papers Detail Charges of Stock Fraud

Clayton lawyers Jack Mazur and Ron Raben will stand trial soon on allegations that, for their own benefit, they materially misrepresented the financial condition of a private health care firm and caused investors to sell their stock in 1985 for $12.50 a share when one year later the stock was valued at close to $400 a share. In total, a group of St. Louis investors allege they lost more than $15 million, according to a complaint in U.S. District Court. The plaintiffs in the case owned 48 percent of PHP Health Care Corp. of Falls Church, Va. They sold the stock, according to court filings, after Mazur and Raben, who were also investors, allegedly convinced them the company’s financial prospects were bleak. Mazur and Raben’s own holdings eventually amounted to more than 30 percent of the company’s outstanding shares. (excerpt)
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Scott, Mac

Full text: [St. Louis Business Journal] May 22, 1989

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Stock price rises as buyers court Minnetonka Corp.

Published reports have included Faberge Inc. and Revlon Inc., both of New York, Unilever PLC, of Great Britain; Moet Hennessy, a subsidiary of LVMH of France, Shiseido Co. Ltd. of Japan. So far, only Fabrege has confirmed its interest. Faberge chairman Dan Manella recently told Advertising Age magazine that he has visited the company to discuss Faberge’s bid, but had no idea whether its offer was the highest. Faberge recently discontinued discussions to sell its beauty business to Unilever, so there may be some acquisition money jingling in Unilever’s deep-pockets. Also, Advertising Age reports in its most recent issue that Robin Burns, a Minnetonka board member and president of Calvin Klein Cosmetics, also may be interested in buying the company.
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Anthony Carideo
Staff Writer

Full text: [Star Tribune] May 22, 1989

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Costco Slates Big Securities Switch

With its shares trading at an all-time high, Costco Wholesale Corp. showed good timing last week in announcing a $108 million swap of debentures for stock. News that the company would issue 6 million new shares dimmed only slightly the glow of the company’s stock. Trading at a record $24 a share on May 15, the day of the announcement, the stock dropped 5/8 on the news but moved back to $23 3/4 within two days. Costco’s chief financial officer, Richard Galanti pronounces himself satisfied with the market’s short-term reaction to the flood of new stock. As for the redemption maneuver itself he says, “It tremendously improves our balance sheet.” (excerpt)
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Grunbaum, Rami

Full text: [Puget Sound Business Journal] May 22, 1989

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Holly Farms agrees to ConAgra’s new offer

Holly Farms said ConAgra would acquire the rival Memphis-based poultry processor in a $74.81-a-share stock swap. The bid, worth a total of $1.38 billion at current stock prices, is significantly higher than the $1.1 billion agreement turned down at a Holly Farms shareholders meeting last month and than Tyson’s $63.50-a-share, or $1.15 billion, offer.
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The Associated Press

Full text: [Orange County Register] May 22, 1989

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ConAgra Raises Bid For Holly

ConAgra Inc. has increased its bid to acquire Holly Farms Corp. by $144 million, the Omaha-based firm announced Sunday. Under the new agreement, ConAgra would pay a total of $1.346 billion – at existing stock prices – to acquire Memphis-based Holly Farms. The agreement came after negotiations broke down over the weekend between ConAgra and Tyson Foods Inc. of Springdale, Ark. – the two firms battling to take over Holly Farms. Under the new agreement, Holly Farms stockholders would receive 2.1 shares of ConAgra common stock for each of their Holly Farms shares. Based on ConAgra’s closing price Friday of $35.625, that would make each share worth $74.81.
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Alan Gersten

Full text: [Omaha World - Herald] May 22, 1989

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Program Trading Drives Up Stocks

Floyd Norris credits the recent rise in stock prices to a futures-driven market.
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Norris, Floyd

Full text: [New York Times] May 22, 1989

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Market Place; Program Trading Drives Up Stocks

LEAD: THE VOLATILITY brought on by program traders – or more accurately by those using the futures market to change their exposure to stocks rapidly – is back. The sharp gains in stock prices last week bore all the earmarks of a futures-driven market, albeit of the sort that provokes no public outcry, since those who denounce program trading are more disturbed by falling prices than rising ones. THE VOLATILITY brought on by program traders – or more accurately by those using the futures market to change their exposure to stocks rapidly – is back. The sharp gains in stock prices last week bore all the earmarks of a futures-driven market, albeit of the sort that provokes no public outcry, since those who denounce program trading are more disturbed by falling prices than rising ones. The advance-decline line has enjoyed a wide following in large part because in both 1983, when the market topped out before the 1983-84 correction, and in early 1987 before the October crash, the advance-decline line stopped rising months before prices fell sharply. So when the line peaked in March 1988, and then failed to confirm subsequent new post-crash highs in the Dow Jones industrial average, some prominent technicians saw that as a sign the market was again becoming overextended. But last Monday, the N.Y.S.E. advance-decline line finally managed to rise above the level it had hit in early 1988, and it moved up sharply last week. A reason to be bearish seemed to have vanished.
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Norris, Floyd

Full text: [New York Times] May 22, 1989

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Common Stocks Do Well in 60 Years of Investment Returns

An analysis shows that common stocks performed better than any other investments over a 60-year period. Experts advise investing a portion of your assets in real estate to offset slumps in stock prices.
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Boroson, Warren

Full text: [Medical World News] May 22, 1989

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Ends 6-Month Tug-of-War Holly Farms OKs $1.38-Billion ConAgra Bid

Holly Farms said ConAgra would acquire the rival Memphis-based poultry processor in a $74.81-a-share stock swap. The bid, worth a total of $1.38 billion at current stock prices, is significantly higher than the $1.1-billion agreement turned down at a Holly Farms shareholders meeting last month and than Tyson’s $63.50-a-share, or $1.15 billion, offer. Under the previous Holly Farms-ConAgra agreement, Holly Farms agreed to sell ConAgra certain of its assets if the proposed buyout fell through. However, the agreement approved by the Holly Farms board late Saturday night removed that provision. Holly Farms vice president Ted Bailey said the company hoped to have another shareholder vote by the end of July. Bailey said the new agreement also allows Holly Farms to terminate the deal if it receives a higher offer. Holly Farms agreed to pay ConAgra a fee of $15 million plus actual expenses if the agreement fails.
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Full text: [Los Angeles Times (pre-1997 Fulltext)] May 22, 1989

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Hurco Offers More Stock; Prepares European Machine Tools for 1992

At its annual meeting, Hurco Companies Inc. announced that orders are 30 percent higher than at this time last year, suggesting that record earnings will continue beyond 1989. The 20-year-old company is enjoying its best performance in history, and soon will take advantage of a $16-a-share stock price by selling 1 million new shares and using proceeds to pay down debt. Of the two questions asked by shareholders at the meeting, one concerned what price will be charged for those 1 million new shares. Hurco President Brian D. McLaughlin said he couldn’t answer due to the quiet period mandated by the Securities & Exchange Commission until the registration statement becomes effective. The eventual offering will be managed by Wertheim Schroder & Co. Inc. (excerpt)
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Dobie, Maureen

Full text: [Indianapolis Business Journal] May 22, 1989

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Despite Those Post-Crash Highs, Be Wary of the Stock Market

A springtime rally pushed the Dow Jones industrials above 2,400 for the first time in 2 years. However, the rally is not worth chasing. The market may be overvalued by as much as 20%, which is reason for caution. The market could keep on climbing because investors have plenty of cash. As 1987 proved, the spectacle of rising prices alone is a poor reason to buy stocks. Another spurt in stock prices could quickly end in a steep slide. Those who buy bonds now may experience some short-term anxiety, but the longer-term gains should make the wait worthwhile. Mortgage-backed securities are an especially attractive corner of the bond market. This is also a good time to upgrade municipal portfolios. Real estate investment trusts are a good bet, and many offer enticing yields. In commodities, drought-ravaged earth means higher prices, particularly for corn and soybeans, the chief crops in the driest areas.
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Curran, John J.

Full text: [Fortune] May 22, 1989

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High-Flying Airline Shares Have Probably Peaked

Most major airlines’ profits and stock prices have surged in 1989, but analysts believe that airline shares have reached a peak due to a slowing of the economy and rising fuel prices.
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Full text: [Denver Post] May 22, 1989

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Hot Growth Companies

Number 11 on the annual list of Hot Growth Companies is Pentech International Inc. Norman Melnick, chairman and founder, and his son David Melnick, chief of operations, mastermind products designed to excite both children and their mothers. Since its founding in 1984, Pentech’s sales have rocketed to $17.8 million in the last year, while earnings have grown to $2 million. Another fast-growing company is Quiksilver Inc., which makes clothes for the surfer set. Begun in 1976 by Robert B. McKnight, Jr., it is now a $50-million enterprise. For the year ended October 31, 1988, profits rose 59% while sales climbed 61% to $48.3 million. Although the target customer remains the teenage male, Quiksilver has expanded its product line into more conventional sportswear. Memtec Ltd., based in Australia, makes sophisticated fluid-filtration systems based on membrane technology. By tapping into Australia’s technological talent, Memtec has increased revenues from a mere $28,000 in 1984 to $55 million by the end of 1988.
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Oneal, Michael
Ticer, Scott
Cole, Patrick E.
Vogel, Todd
Armstrong, Larry
Atchison, Sandra D.
Buell, Barbara
Melcher, Richard A.
Yang, Dori Jones

Full text: [Business Week] May 22, 1989

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