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Stock prices for May 12, 1989 are given. A discussion of how the inflation outlook helped drive up the prices of most stocks is given.
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Groves, Martha
Full text: [Los Angeles Times] May 13, 1989
Under the 1986 law that pieced together Conrail-a now-profitable freight carrier serving the Northeast-nobody was allowed to buy more than 10 percent of the company’s stock. That prohibition ends next April. [Andrew Geller] says Conrail’s management is painfully aware that it must get the company’s stock price (around $36) higher if it is to avoid the risk of a takeover attempt. And he believes an increase in the company’s $1.20 a share dividend is one thing Conrail will probably do in an effort to improve its stock price. When Drexel Burnham Lambert analyst Linda Dunn issued a report on May 5 on Conrail’s financial strength and the chances of a restructuring of the company, Conrail’s stock climbed sharply on twice its normal trading volume. Dunn says that Conrail’s financial prowess “could trigger either {its} restructuring or an outsider taking an interest.” How much is Conrail worth? Even though the rail line isn’t the type of company that can be broken up, some analysts still think Conrail could command $55 a share in a buyout. But investors will have to wait until April Fools Day for even a chance to collect.
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John Crudele
Full text: [The Washington Post (pre-1997 Fulltext)] May 14, 1989
[Andrew Geller] said Conrail’s management is painfully aware that it must get the company’s stock price (last week around $36) higher if it is to avoid the risk of a takeover attempt. He said an increase in the company’s $1.20 a share dividend is one thing Conrail probably will do in an effort to improve its stock price. What else is Conrail doing? The scuttlebutt on Wall Street is that the company is keeping a watchful eye for signs of anyone accumulating its stock. D.F. King & Co, Conrail’s proxy solicitation firm, is said to have been put on alert by the railroad for any signs of concentrated stock buying. How much is Conrail worth? Even though the rail line isn’t the type of company that can be broken up, some analysts think Conrail could command $55 a share in a buyout. But investors will have to wait until April Fools Day for even a chance to collect.
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John Crudele
Full text: [Star Tribune] May 14, 1989
William B. Graham, a former Signet director, said both men are strong leaders but the differences in style will be easy to spot because [Frederick Deane Jr.] is more outgoing and [Robert M. Freeman] tends to be more reserved. If Deane had to direct Signet’s approach to interstate banking, it likely will fall to Freeman to position the corporation so it can be ready for a time when there are no limitations on a bank’s ability to operate anywhere in the country. To maximize the likelihood that Signet can remain independent, Freeman said management needs to produce consistently strong earnings and maintain a capital position that supports a higher-than-average stock price. On top of that, he pointed out that Signet insiders control about 25 percent of the company’s stock.
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Elliott Cooper
Full text: [Richmond Times - Dispatch] May 14, 1989
In picking his list of bests, [Gene Walden]‘s prime yardstick is growth, profit growth. But the investor hoping to find a company that will grow dollars from pennies – in other words, the next Xerox or IBM – had better look elsewhere. What Walden is saying is that his picks have generated spectacular growth in the past and by all that’s proper should continue to be excellent “long-term” holdings. But you won’t buy the stock for $1.75 a share. Valspar, for example – the big Minneapolis-based paint and coatings company – already has boomed 1,289 percent over the past 10 years. Walden says Anheuser-Busch, the $8 billion St. Louis brewer, food manufacturer and owner of the St. Louis Cardinals, was the best stock for the individual to own over the past 10 years. Between increases in the stock price and in the dividend, stockholder wealth has increased 27 percent each year over the decade and stockholders also get a discount at the various theme parks Bud owns. (That’s something Walden takes into account, the special perks a corporation may give shareholders. Most common perk: dividend reinvestment and stock purchase plans at no charge.)
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Edwin Darby
Full text: [Chicago Sun - Times] May 14, 1989
Question: If you wish to vote for a monster lane-lurking big guy as Defensive Player of the Year, how can you vote for Mark Eaton over Manute Bol, who had 30 more blocks in 1,149 minutes, which is the equivalent of 23 full games? I speak as one who passed up both behemoths in favor of [Dennis Rodman] . . . Bulls coach Doug Collins says Chicago GM Jerry Krause deserves credit for keeping salary cap money open all season for the express purpose of obtaining Craig Hodges from Phoenix . . . The Pistons have put a personal limit on alcohol consumption for the duration of the playoffs. The Celtics, you may recall, swore off beer for the final two months of the ’85-86 season, plus playoffs . . . Some members of the New York media made a lot of fuss about Rick Pitino’s overreaction to the Thursday night booing of Mark Jackson. Since when does the ranting of an obsessed 24-hours-a-day coach become a news bulletin? Rick is Rick, and you just don’t pay any attention to what he says in the heat of battle . . . Don’t Quote Me Dept.: “I never said this,” declares one NBA coach, “but how could the Hawks put their worst defensive player, [Reggie Theus], on [Ricky Pierce]?” . . . Dominique Wilkins admits the Hawks overlooked [Fred Roberts], and it cost them . . . Take my word for it: Madison Square Garden rocked more consistently in the early ’70s than it does today . . . I’ll be disappointed, and you should be, too, if the Celtics don’t sign Jay Burson as a free agent once the draft is completed . . . Larry Bird’s official preparation for the 1989-90 season begins today in French Lick . . . Friday’s closing Celtics stock price: 13 7/8.
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Bob Ryan, Globe Staff
Full text: [Boston Globe (pre-1997 Fulltext)] May 14, 1989
Three Blockbuster Entertainment Corp. insiders sold nearly 100,000 of their shares last month, avoiding the slide in the company’s stock price that was sparked by an analyst’s attack on Blockbuster’s accounting methods. Blockbuster shares had been trading between about $33 and $35 early this month until Lee J. Seidler, a senior managing director and accounting analyst with Bear, Stearns & Co., said that much of the company’s profit growth was due to aggressive accounting practices. Bear Stearns contacted Steven Berrard, Blockbuster’s chief financial officer, several times before the report came out. Based on the number of questions Bear Stearns had asked, Mr. Seidler, the analyst, said: “I would have thought they knew we were working on a report. But my impression is they didn’t know.” He said Bear Stearns typically tries to conceal the fact they are developing a report, particularly if it is negative.
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By Michael J. McCarthy
Full text: [Wall Street Journal] May 15, 1989
It’s easy to confuse Wheelabrator Technologies and Wheelabrator Group, two companies whose issues trade on the Nasdaq over-the-counter market. Wheelabrator Group, created last December as a spinoff of Henley Group, is essentially a holding company. Its principal asset is a 60% interest in Wheelabrator Technologies, a nearly two-year-old company that builds and operates waste-to-energy, water treatment and power plants. To many investors and analysts, it’s a distinction that makes a difference. “People believe they are buying Wheelabrator Technologies at a discount when they buy Wheelabrator Group,” says Stephen Schweich, an Alex. Brown & Sons analyst.
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By Sonja Steptoe
Full text: [Wall Street Journal] May 15, 1989
While the hard-landing vs. soft-landing debate rages, investors trying to gauge the outlook for stocks can take scant comfort from the readings of one widely followed indicator: the market price-earnings ratio. The market P-E compares the price of shares in the companies that make up a market index such as the Standard & Poor’s 500 with those companies’ earnings. The resulting multiple tells stock investors how much a dollar of corporate earnings costs at a given time. The general rule: the lower the multiple, the more attractive stocks are supposed to be. If the economy is going into a recession sometime in the next year, earnings are likely to plunge and stock prices are likely to go down with them. But if the Federal Reserve can engineer a “soft landing” — moderate growth and lower inflation and interest rates — earnings could continue to grow, and stocks at today’s prices would turn out to have been good buys.
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By Barbara Donnelly
Full text: [Wall Street Journal] May 15, 1989
The soft landing outlook — moderate economic growth, low inflation and falling interest rates — is immensely appealing to investors. It means continued growth in corporate profits and higher stock prices. The alternative is grim: a “hard landing” in the form of a full-fledged recession, falling profits and sliding stock prices. There’s plenty of room for dispute about what kind of landing is in store. The experts can’t even agree if there ever has been a soft landing. Most economists argue that the beast doesn’t exist. In its eagerness to quash inflation, they contend, the Fed usually goes too far, causing a recession. And should the Fed attempt to ease its grip in an effort to make a soft landing, it usually moves too soon. The economy reaccelerates, inflation rises again, and the Fed eventually has to clamp down hard. That causes a recession, albeit one that starts later than if the Fed hadn’t eased. John Connolly, the chief market strategist at Dean Witter Reynolds, contends that a soft landing is likely this time because the Fed has learned some lessons. Instead of a growth target of 4%, clearly unsustainable for a mature economy like the U.S.’s, the Fed is aiming at a more reasonable 2.7%. What’s more, the Fed started trying to engineer a slower economy two years ago. It eased for a few months following the October 1987 stock market crash, but it never let the economy reach the overheated levels that led to other recessions.
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By Douglas R. Sease
Full text: [Wall Street Journal] May 15, 1989
Honeywell Inc. shareholders defeated two management-backed anti-takeover measures in a battle waged by two public pension funds and a Texas investment group. Analysts and stock traders said that while the vote didn’t by itself increase Honeywell’s vulnerability to a takeover, it put more pressure on Honeywell’s chairman, president and chief executive officer, James J. Renier, to boost the Minneapolis company’s stock price. Mr. Rainwater and another leader of the proxy challenge, former Labor Department pension administrator Robert Monks, plan to meet with Mr. Renier tomorrow to talk about the company. In an interview, Mr. Monks suggested he might favor asset sales and a stock buy-back. He said Honeywell may have “more capital than they need,” and may have “overexpanded into too many businesses.”
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By Randall Smith and Scott Kilman
Full text: [Wall Street Journal] May 15, 1989
Blockbuster Entertainment Corp, the largest video rental chain in the US, will appear before the New York Society of Securities Analysts to answer charges that it inflates earnings to prop up stock prices.
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Wiseman, Paul
Full text: [USA TODAY] May 15, 1989
Gains led losers by about 3-2 in the overall tally of New York Stock Exchange-listed issues, with 593 up, 383 down and 459 unchanged. Analysts said Friday’s rally prompted buying of stocks by money managers at investing institutions who were fearful of missing out on a continuing advance in stock prices.
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(AP)
Full text: [Toronto Star] May 15, 1989
The Dow Jones average of 30 industrials, up 56.82 points on Friday to a new high since the 1987 crash, was up 17.41 points to 2,457.11 by noon today on Wall Street.Overall, gains led losses by about nine-to-seven. Analysts said Friday’s rally in Toronto and New York prompted buying of stocks by money managers at investing institutions who were fearful of missing out on a continuing advance in stock prices.
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Full text: [The Vancouver Sun] May 15, 1989
Strapped for cash after a loss of nearly $1 million last year, publicly held specialty retailer Aspen Leaf Inc. will be taken private by its owners this summer and will refocus its merchandising approach. First Denver Partners Inc., the partnership that purchased Aspen Leaf last summer for $1.14 million and currently holds 51.4 percent of the company, will offer stockholders 44 cents a share, for a total buyout price of $441,424. The buyout could come next month. Aspen Leaf has been trading between 37 cents and 44 cents this year; last year the stock price fluctuated between a high of 75 cents and a low of 37 cents at the end of the year. (excerpt)
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Bulkley, Kate
Full text: [The Denver Business Journal] May 15, 1989
A class-action suit has been filed in US District Court against Wedgestone Financial, the Newton-based real estate investment trust (REIT); its largest individual stockholder and CEO, Richard H. Krock; and seven other directors and former directors, including Harvey R. Fleishman, a partner in the accounting firm Tofias, Fleishman, Shapiro & Co. P.C. Fleishman resigned as a trustee on March 1. The suit alleges that between March 12, 1987, and Oct. 31, 1988, the eight conspired to withhold negative information about the trust’s “operations, conditions, and prospects” –particularly about the trust’s growing percentage of non-performing assets-and to issue misleading information in order to artificially inflate the stock price. (excerpt)
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Focer, Ada
Full text: [The Boston Business Journal] May 15, 1989
The challenge was stiff, but three of our brokers were up to it. Harvey Hertz, Diana Winoker and Mal Berko beat the stock market, three fellow investment professionals and two groups of upstart kids to win the St. Petersburg Times Off-Wall Street Stock Challenge. In fact, Hertz’s biggest mistake in the game was being too quick to take his profits. His second best pick, Hospital Staffing Services Inc., made him $8,529.50, but would have made him four times as much if he’d held his 7,000 shares to the end of the game. Stock in the company, a Fort Lauderdale contract employment service for nurses, was selling for $4.125 a share when the game began and $9 a share when it ended. Karen Owens, the Stock Market Game coordinator, is more forthcoming. She says the students did all their trading in one cheap stock, submitting daily buy and sell orders with price limits attached. If the stock price fell to a certain level, they bought. If it rose to a certain level, they sold what they owned and sold additional shares short – placing a bet that the stock price would go back down. Since the students used price limits, the orders would not be executed unless the price levels they wanted were reached.
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HELEN HUNTLEY
Full text: [St. Petersburg Times] May 15, 1989
First place Harvey Hertz Raymond James & Associates MODESTY isn’t one of Harvey Hertz’s virtues. But then, it’s hard to be humble when you’re one of the better stock pickers in the business. At Raymond James & Associates Inc., the St. Petersburg-based firm where Hertz has worked for the last 17 years, he’s ranked No. 1 or No. 2 in retail stock sales every year. When Hertz was home recovering from surgery a couple years ago, the firm was so eager to accommodate him and his clients that it set up a home office for him, including a telephone line into the main office and a rooftop antenna to capture satellite signals transmitting the latest stock prices.
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HELEN HUNTLEY
Full text: [St. Petersburg Times] May 15, 1989
Amid a flurry of takeover rumors and the rapid escalation of its stock price, Valero Energy Corp. has quietly increased the potency of its poison pill provisions in a combination of moves analysts say are designed to better arm the corporation’s management in a potential hostile takeover fight. The poison pill, couched in an amendment to a shareholder rights agreement, calls for an increase in the number of shares, or a dilution of the company’s stock, in the event of a takeover fight. The amendment-tied to a recently created employee stock ownership plan –now allows a white knight suitor friendly to the energy company’s management to step into a takeover fight and acquire the bulk of the company’s shares without having to swallow the company’s poison pill, according to analysts who follow the company. (excerpt)
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Lewis, Constance
Full text: [San Antonio Business Journal] May 15, 1989
Stock market analysts are taking a close look at CPAC Inc. after the company posted a 40 percent jump in profits for the year ended March 31, company officials said last week. The Leicester-based chemical company reported a $1.3 million profit on sales of $25.3 million in fiscal year 1989. That compares with a $933,580 profit on $11.9 million in sales the previous year. Those figures, combined with equally bright prospects for the rest of this year, have brought the company to the attention of investment analysts, said Wendy Clay, CPAC director of corporate communications. (excerpt)
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Johnston, Phil
Full text: [Rochester Business Journal] May 15, 1989