Stocks Edge Higher; Dow Up 8.98
Stock prices for May 17, 1989 are given.
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Full text: [Los Angeles Times] May 18, 1989
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Stock prices for May 17, 1989 are given.
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Full text: [Los Angeles Times] May 18, 1989
Florida officials moved Wednesday to kick Englewood-based Blinder, Robinson & Co. out of the state, alleging it bilked customers of millions of dollars while peddling penny stocks. Florida Comptroller Gerald Lewis accused the firm of manipulating the price of stocks and named 29 current and former officers in the civil complaint. The officers included company President Meyer Blinder and his son, company Vice President Larry Blinder. “You’d think people would be able to trust a company that is this big, but we don’t believe Blinder can be trusted in Florida any longer,” Lewis said. (excerpt)
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Sleeth, Peter
Full text: [Denver Post] May 18, 1989
Florida officials moved to bar Englewood CO-based Blinder, Robinson & Co from the state, alleging it bilked customers of millions of dollars in penny stocks. They accused the firm of manipulating stock prices and named 29 company officers in the civil complaint.
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Sleeth, Peter
Full text: [Denver Post] May 18, 1989
Colorado bank stocks soared to their highest prices in a year Wednesday, as institutional investors nationwide responded to Tuesday’s Denver airport vote as a sign of renewed vigor in the state’s economy. Stock prices at Colorado’s four major publicly traded banks and savings and loans catapulted an average 5.5 percent in the first day trading following voters’ resounding approval of the city’s new airport. The same stocks have shown only gradual increases since the end of 1988. Some institutions’ shares traded in volumes as much as 17 times their normal level. (excerpt)
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Wilmsen, Steve
Kowalski, Robert
Frerking, Beth
Full text: [Denver Post] May 18, 1989
Stocks shook off a mixed reaction to the latest trade report Wednesday, as traders pushed prices higher after focusing on the soaring dollar. The Dow Jones average of 30 industrials rose 8.98 to 2462.43, recouping most of Tuesday’s 10.44-point setback. However, some nervousness set in late in the session, as traders began to consider Thursday’s report on consumer prices for April. Market players hope for a repeat of last month’s performance, when stock prices jumped sharply in response to the producer and consumer price reports.
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Chicago Tribune wires.
Full text: [Chicago Tribune (pre-1997 Fulltext)] May 18, 1989
The stock market, shrugging off a mildly bearish-to-neutral consumer price index report, yesterday rode a wave of optimism to its sixth gain in the past seven sessions. The Dow Jones Industrial Average climbed 7.69 to 2470.12, a post-crash high — and 252.10, or 9.3%, short of its all-time high set two months before the 1987 crash. A factor greasing the stock market’s rise has been heavier-than-normal stock-index futures trading, and the related program buying of stock. Although yesterday wasn’t the busiest day recently for such activity, futures-related program buying just after 10:30 a.m. EDT helped push stock prices sharply higher, traders said. Despite the increased focus again on program trading, the amount of the activity dropped off in April after two months of advances, the New York Stock Exchange reported yesterday. The exchange said program trading in April amounted to 7.6% of average daily volume of 161.9 million shares, or 12.3 million shares a day, down from 11.1% of volume in March.
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By William Power and David Wilson
Full text: [Wall Street Journal] May 19, 1989
Last week, the stock of his video chain went into a temporary free fall after an executive of Bear, Stearns & Co. alleged Blockbuster used “dubious” accounting methods to inflate its 1988 earnings. “Bear Stearns doesn’t understand a Blockbuster store,” says Mr. Huizenga, 51 years old, who has built Blockbuster into what he proudly calls “the McDonald’s of video stores.” For one thing, he says the investment firm doesn’t understand the company’s amortization accounting practices. For another, he believes it was unduly influenced by traders who are short on the stock of the Fort Lauderdale, Fla.-based company. Janet Pegg, a Bear Stearns vice president who worked on the report, said the firm wasn’t influenced by short investors and stands by its report. Short stock investments are those in which an investor borrows shares and sells them, hoping the stock price will go down so he can repay the lender with lower-priced shares. As of last month, Mr. Huizenga says, investors had short positions on about 1.4 million of Blockbuster’s float of 20.9 million shares. (Blockbuster has 31 million common shares oustanding, but the company says insiders hold about 10 million of that.)
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By Peter Waldman
Full text: [Wall Street Journal] May 19, 1989
The company said several special items cut 14 cents a share from the results. The most notable: Rising stock prices. The company had to pay more than expected for Campbell stock used in a management incentive program. When John Dorrance, Campbell’s chairman and major shareholder died in April, the stock surged on speculation that his family holdings would be sold.
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Full text: [USA TODAY (pre-1997 Fulltext)] May 19, 1989
Gerald Greenwald, Chrysler vice chairman, says the offer was high – nearly 30 times last year’s earnings – to avoid wrangling with shareholders who might expect higher bids. TEXT OF GRAPHIC About Thrifty Headquarters: Tulsa CEO/Pres.: William E. Lobeck Jr. Rental locations: 357 in USA 301 foreign Fleet: Averages 33,000 vehicles, 75% are Chrysler autos Market share: 5.3% Third-quarter 1989 (ended March 31): Revs.: $28.6 million Net income: $2.6 million Fiscal 1988 (ended June 30): Revs.: $79.3 million Net income: $9.1 million Stock price: 52 wk. hi/lo: $27 1/4 / $10 1/4 Thurs. close: $27 1/4, +9 Rental customers probably won’t see any change. Thrifty’s fleet already is 75% Chrysler products, and Chrysler officials say Thrifty managers will stay.
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James R. Healey
Full text: [USA TODAY (pre-1997 Fulltext)] May 19, 1989
Through Union Enterprises, Unicorp controls 34 per cent of Midland Doherty. Unicorp chairman George Mann replied that his top executives are among the best in Canada, while [James Leech] cited several possible reasons for the poor stock prices. Leech claimed that moving much of the merchant banking business into Kingsbridge Capital, and bringing Lincoln Savings directly under Unicorp Canada, will help Unicorp’s image on the market.
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Kenneth Kidd Toronto Star
Full text: [Toronto Star] May 19, 1989
Figures for NYSE odd-lot transactions Wednesday indicate only those shares traded through the exchange. They were: customer purchases 487,200; short sales 4,627; other sales 587,239; total sales 591,866.
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MIRIAM HILL
STAFF WRITER
Full text: [The Plain Dealer] May 19, 1989
Figures for NYSE odd-lot transactions Wednesday indicate only those shares traded through the exchange. They were: customer purchases 487,200; short sales 4,627; other sales 587,239; total sales 591,866.
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GAIL LEM
Full text: [The Globe and Mail] May 19, 1989
The Big Board in New York pushed ahead to a new post-crash high yesterday, undeterred by a U.S. government report on inflation that was slightly worse than expected. When energy prices are excluded, the inflation rate looks favorable, said Marshall Miller, an analyst with Toronto-based Midland Doherty. In Montreal, 5.07 million shares changed hands, compared with 5.03 million Wednesday. The forest products index dropped 17.87 to 3033.41, mines 3.74 to 1914.4, oils 2.58 to 1627.57 and industrials 0.58 to 1622.7 while banks rose 10.72 to 1920.1 and utilities 6.41 to 1525.99.
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Full text: [The Gazette] May 19, 1989
The form also uses a category system that yields little information on high-priced assets. For example, it shows only that [Rudy Boschwitz]‘s ski chalet in Vail, Colo., is worth “more than $250,000.” The value of Boschwitz’s stock in Plywood Minnesota fell into the same open-ended range. In 1987, Boschwitz, who sits on the Agriculture Committee, had more than $100,000 in agriculture-related stocks. Boschwitz said his stocks are handled by a broker in an arrangement that operates much like a blind trust. He also said his stock holdings in any one company are not large, and that stock prices seldom are influenced by congressional votes. The official Senate asset disclosure forms offer more insight, but only a bit more. They show that Boschwitz received between $144,000 and $254,000 in income during 1988. But the total does not include Boschwitz’s salary from Plywood Minnesota, where he’s chairman of the board; the form says only that he received “more than $1,000″ from the family-owned company.
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Tom Hamburger
Staff Writer
Full text: [Star Tribune] May 19, 1989
SHARES of the Columbia Savings and Loan Association, also known as the savings institution that ”junk” built, rose sharply yesterday as its president complained it was undervalued and said he was thinking of taking it private. Columbia had a running dispute with officials of the bank board over Mr. [Thomas Spiegel]‘s compensation. It began in April 1986, when a regulatory official objected to the level of compensation in 1985. After two years of discussions with regulators, the Columbia board decided to resume paying bonuses to Mr. Spiegel. The board told shareholders that the regulatory objections ”did not have the legal effect of a formal action.” The equity securities that Columbia allowed Mr. Spiegel and other executives to buy at prices the institution said ”may be significantly lower” than true value were acquired by Columbia in combination with the purchase of junk bonds. Mr. Spiegel acquired $3.6 million of such securities through Dec. 14, when the bank board’s objections forced a minor change in the plan. Since then, his share of such securities has been an additional $1.3 million.
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Patrick Rizzo
Full text: [Philadelphia Inquirer] May 19, 1989
SHARES of the Columbia Savings and Loan Association, also known as the savings institution that ”junk” built, rose sharply yesterday as its president complained it was undervalued and said he was thinking of taking it private. Columbia had a running dispute with officials of the bank board over Mr. [Thomas Spiegel]‘s compensation. It began in April 1986, when a regulatory official objected to the level of compensation in 1985. After two years of discussions with regulators, the Columbia board decided to resume paying bonuses to Mr. Spiegel. The board told shareholders that the regulatory objections ”did not have the legal effect of a formal action.” The equity securities that Columbia allowed Mr. Spiegel and other executives to buy at prices the institution said ”may be significantly lower” than true value were acquired by Columbia in combination with the purchase of junk bonds. Mr. Spiegel acquired $3.6 million of such securities through Dec. 14, when the bank board’s objections forced a minor change in the plan. Since then, his share of such securities has been an additional $1.3 million.
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Norris, Floyd
Full text: [New York Times] May 19, 1989
Mr. [James E. Preston]‘s letter said the second half of this year would be better than the first. It also said Avon’s earnings per share should exceed $3.35 next year and $4 in 1991. ”These earnings, which substantially exceed management’s earlier expectations, will be generated by our basic beauty business,” the letter said. Andrew Shore, an analyst for Shearson Lehman Hutton Inc., said Avon’s predictions represented ”very aggressive numbers.” ”Everything has to go right,” he said. ”There is no room for error.”
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FREITAG, MICHAEL
Full text: [New York Times] May 19, 1989
The price of Smith International Inc.’s common stock soared yesterday after Industrial Equity (Pacific) Ltd. offered to buy all shares it does not own. Industrial Equity, the Hong Kong-based unit of Brierley Investments Ltd. of New Zealand, owns 33.4 percent of Smith.
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Reuters
Full text: [New York Times] May 19, 1989
Ronald A. Brierley, a New Zealand investor who controls Industrial Equity, said in a letter to Smith’s board that he wants to negotiate a price that is fair to Smith and its shareholders. Brierley said Industrial Equity deserves much of the credit for Smith’s turnaround. Last year, Robert Sutherland, an Industrial Equity executive, was named Smith’s chairman. Brierley said Industrial Equity would retain Smith’s senior management if its offer is accepted.
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JOHN CHARLES TIGHE
Full text: [Los Angeles Times (pre-1997 Fulltext)] May 19, 1989
Southern National Corp. of Lumberton said Thursday it has reached an agreement to acquire a multibank holding company in Georgia. Southern will swap about 2.7 million of its shares for 5.27 million shares of Allied Bankshares, a holding company with assets of $240 million and the parent of four subsidiary banks in the Augusta and Thompson area of east Georgia. This would give the transaction a value of about $59 million at Southern National’s recent stock price of $21.50 to $22 a share. An official of Allied said this would amount to about 1.9 times Allied’s current book value or equity per share. (excerpt)
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Scism, Jack
Full text: [Greensboro News Record] May 19, 1989