Center Folds An Underwriter Of Penny

By the time the brokerage firm of Investors Center (Hauppauge, New York) was placed under the control of a temporary court-appointed receiver at the request of the Securities Investor Protection Corp. in February 1989, as many as 100,000 investors may have been victimized by the underwriter of penny stocks. After a 5-year rise in which its staff expanded to an aggressive 850-person salesforce, Investors Center was forced out of business when customers, en masse, began demanding that stocks be sold, and a stream of brokers left the firm. In a few days, several hundred million dollars of paper value was extinguished when bids on almost all the firm’s stocks collapsed. Although it is too soon to know, the firm may have engaged in the practice of secretly controlling the public float of the company’s stocks as part of a Ponzi scheme. However, even if fraud can be proven, investors, while entitled to compensation, probably will not receive anything.
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Schiff, David

Full text: [Barron's National Business and Financial Weekly] Apr 24, 1989

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Bit By Bit Bloody But Unbowed Oil-Service Companies

The US oil industry will spend less this year – $10.9 billion – on drilling, exploration, and production than it has in any year since 1973. However, oil service companies may be seeing the end of the hard times that have characterized the 1980s. Firmer oil prices, greatly reduced drilling costs, and new techniques enhance the prospect of a recovery. This recovery will be shared by the relatively few oil service companies that remain in decent financial condition after the shakeout. Baker Hughes Inc. has shed a number of businesses and is now focusing on areas where it has a technological edge, including innovative cased hole-testing tools and horizontal drilling. After massive downsizing, Halliburton Co. is emphasizing horizontal drilling and completion technologies, and it has made some acquisitions. Schlumberger Ltd. is concentrating on its core energy businesses, and Dresser Industries remains a diversified and profitable energy presence.
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Samghabadi, Raji

Full text: [Barron's National Business and Financial Weekly] Apr 24, 1989

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Ahead Of The News Buy When It’s Bad, Sell

The key to profitable investing is to keep news in its proper perspective. When an extreme is reached, it should be regarded as an opportunity to profit by acting counter to the headlines and the mood on Wall Street. In this regard, the old Wall Street adage “Buy on the bad news” is correct, but with the following caveat: Shares should only be bought in companies that have been investigated. Conversely, good news may present an excellent opportunity to sell. Often, the better the news about a comnpany is, the closer its stock is to a high. For example, General Motors recently reported all-time high earnings, boosted its dividend, and split its stock. The good news bulls ignored the firm’s negatives and rushed in to buy stock, boosting the stock to 94 5/8 per share. Within a few weeks, however, GM’s shares were down by 10%. In short, whereas the average investor usually tries to think logically and act rationally based on the news of the day, the market is anticipating events that will occur tomorrow.
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Fadem, Rod

Full text: [Barron's National Business and Financial Weekly] Apr 24, 1989

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Sought-After Airline Has Lock on Markets

The takeover battle for Northwest Airlines isn’t just another raider vs. hometown saga. Analysts say that no matter who wins, it is proof that the most profitable airlines are those with monopolies in their markets. Late last week, Northwest, which is being pursued by oil millionaire Marvin Davis and other investors, reported record first-quarter profits after posting a big loss during the same quarter last year. Northwest’s emergence as a sought-after company stretches back to 1986, when Chairman Steven G. Rothmeier launched a takeover of his main competitor Republic Airlines. (excerpt)
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Field, David

Full text: [Washington Times] Apr 25, 1989

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Wall Street’s Great White Shark Is Back

A year and a half after Black Monday, increasing numbers of individual investors once again are testing the waters of the stock market. But just when they thought it was safe to go back into the water, they are hearing reports that the great white shark of Wall Street — program trading — is back. Some recent sightings: The Dow surged 72.40 points last week as program traders sold futures on the market indexes and bought the underlying stocks. (Stock prices drifted lower yesterday as traders cashed in on the recent gains in the market.) Indeed, hardly a week goes by without new reports of market swings caused by program traders taking advantage of minuscule differences between stock and stock index futures prices by buying one and selling the other. The term program trading used to be associated with the fairly benign maneuvering of large stock portfolios, undertaken by Wall Street trading desks to quickly liquidate a client’s trust, or to rearrange institutional stock portfolios to minimize risk. But since the advent of stock index futures and options in the early 1980s, it has come to refer to the sudden sales or purchases of market baskets containing many hundreds of thousands of shares of blue-chip stocks, occasioned purely by price changes in the futures pits.
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By Charles R. Schwab

Full text: [Wall Street Journal] Apr 25, 1989

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Face-off: Paying business’s top brass;Big executive salaries are out of hand

Those whose weekly paychecks dwarf the median income of a family of four say they’re charging what the market will bear. The market will bear anything, like the killer drugs that flood our cities. There’s nothing magic about a market, but there’s something fishy and outrageous about boards of directors that offer huge sums as compensation; stockholders are being taken to the cleaners! Some executives who earn megabucks preside over companies where income, stock prices and dividends are falling. Others cashed hefty paychecks even as they laid off hundreds or asked thousands to take pay cuts.
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Julianne Malveaux

Full text: [USA TODAY (pre-1997 Fulltext)] Apr 25, 1989

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Apple adopts poison-pill plan to fend off takeover attempts

Analysts said the move indicated that Apple believes its stock price does not reflect the company’s value or its potential growth, and a statement by chairman John Sculley supported this view. ”In the present market environment, shareholders can be at risk of being forced to give up their ownership with too little time to maximize the full potential of their investment,” Sculley said. ”The Apple shareholder rights plan adds a substantial amount of protection for our shareholders.” The plan also permits shareholders under certain circumstances to buy additional Apple shares at a substantial discount, perhaps by as much as half the stock’s market price. Shareholders would gain the right to make such a purchase 10 days after any entity acquires 20 per cent of Apple’s stock or announces a tender offer for at least 30 per cent of the company.
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Paul Freiberger

Full text: [The Ottawa Citizen] Apr 25, 1989

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Champagne Flows at C&S, but Stock Price May Lose Its Fizz

Citizens & Southern Corp management celebrate NCNB Corp’s decision to drop its takeover bid for C&S, but the company’s stock is expected to drop as a result of the failed acquisition attempt.
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Mantius, Peter

Full text: [The Atlanta Constitution] Apr 25, 1989

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Stocks off as traders cash in Series: BUSINESS DIGEST

NEW YORK – Stock prices posted spotty losses Monday as traders cashed in some of the market’s recent gains. The Dow Jones average of 30 industrials, up 72.40 points last week, slipped 6.78 to 2,402.68. Declining issues outnumbered advances by about 7 to 6 in nationwide trading of New York Stock Exchange-listed stocks, with 667 up, 789 down and 506 unchanged. Volume on the floor of the Big Board came to 142.10-million shares, down from 187.31-million in the previous session. Analysts said it was not surprising to see the market run into some resistance after its sharp rise over the past four weeks. WASHINGTON – Interest rates on short-term Treasury securities rose in Monday’s auction after falling sharply last week. The Treasury Department sold $7.2-billion in three-month bills at an average discount rate of 8.66 percent, up from 8.57 percent last week. Another $7.2-billion was sold in six-month bills at an average discount rate of 8.72 percent, up from 8.59 percent last week. DETROIT – Each passing day of spring is giving automakers a better picture of how the rest of their year is shaping up, and there’s speculation that it may not look as good as they’d planned. Mid-April sales figures by the eight U.S. automakers are due today. March and April normally herald the spring car-buying season, but sales this past March were lower than expected. Automakers responded with a number of new incentives, hoping to make customers deals they couldn’t refuse. Analyst Douglas Laughlin of Bear, Stearns & Co. of New York said April sales are critical for the industry. Ward’s Automotive Reports, a weekly industry newsletter, said in Monday editions that GM had cut its production schedule significantly for June, July and August. Continental cuts children’s fares
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Full text: [St. Petersburg Times] Apr 25, 1989

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Northwest formally rejects offer // Board will ask court to void Davis financing

Analysts said such a partnership, which probably would obtain a 15 to 25 percent interest, could actually work to [Marvin Davis]‘ benefit if stock prices fell on news that a portion of the company had been sold. As stock prices dropped, Davis’ $90-a-share tender offer could become attractive to remaining shareholders who would sell their shares to Davis, allowing him to win a proxy battle at the annual meeting in May and replace the existing board of directors. In Washington, Rep. Bob Carr, D-Mich., released a letter to Transportation Secretary Samuel Skinner urging that the government scrutinize Davis’ bid for Northwest because it could raise the carrier’s debt burden to a level that could jeopardize aircraft maintenance and replacement. Carr said Davis’ proposal would give Northwest the industry’s second-worst debt-to-equity ratio. In addition, [Mike Hatch] said, Davis’ materials filed with the Commerce Department do not reveal any plans to build a new aircraft maintenance facility in Minnesota. Davis has told Rep. James Oberstar, D-Minn., that if Davis is successful in acquiring Northwest, he will put the facility in Minnesota. Davis must reveal his specific plans, Hatch said.
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David Phelps
Dave Hage
Staff Writers

Full text: [Star Tribune] Apr 25, 1989

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Stocks: Prices fall after binge

Analysts said early trading was encouraged by a resilient response in Tokyo to Japan Prime Minister Noboru Takeshita’s announced resignation in a financial scandal. The market in Japan, which fell 223.89 points Monday, shot up 438.86 points in its third-largest gain of the year. Lilly jumped 2 to 109; McDonnell Douglas was up 1 to 861/8; Matsushita Electric Industrial increased 13/4 at 1761/2; and Ford Motor was up three-eighths NWA, parent of Northwest Airlines, dropped 1 to 1013/4 after the company’s board late Monday rejected a buyout offer from Marvin Davis.
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The Associated Press

Full text: [Orange County Register] Apr 25, 1989

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Tokyo Stocks Climb on Resignation

Market analysts said the major reason for the rise was the prospect that Japan’s budget would now pass the Diet, or Parliament, in return for Mr. [Noboru Takeshita]‘s agreement to leave office. Economists had worried that a prolonged budget deadlock could stall domestic spending, particularly on large public-works projects, sending growth of Japan’s gross national product into a tailspin. Dollar Stays Stable In fact, N.T.T. was one of the biggest gainers this morning, soaring 90,000 yen, or $692 a share, to 1.52 million yen, or $11,692. Mr. Takeshita’s departure may relieve some of the pressure on N.T.T., whose offices have been searched and whose business has suffered, though many here still expect that the scandal’s revelations will ultimately lead to a breakup of the company. Trade Missions to Proceed
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DAVID E. SANGER, Special to The New York Times

Full text: [New York Times] Apr 25, 1989

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Market Place: Behind Interest in Michael Foods

The price of Michael Foods’ stock rose sharply earlier this year based on its development of an egg product, Easy Eggs, for the restaurant market which is less cumbersome and more bacteria-resistant than other egg products and eggs. However, doubts have surfaced about the product, and the company’s stock price has been driven down.
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Norris, Floyd

Full text: [New York Times] Apr 25, 1989

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Market Place; Behind Interest In Michael Foods

”They believe the industry is waiting for a salmonella-free egg, with a long shelf life,” Mr. [Ronald Strauss] said. ”I think it is a commodity market.” [Michael] has also got some publicity, and stock market support, from its research into the ”decholesterolization” of eggs. In its 1988 annual report, the company said that reseach was ”nearing completion,” and yesterday Richard G. Olson, its president, said it was ”coming along very well.” An egg without cholesterol would clearly attract attention, but there is no indication when, or at what cost, the company will be able to produce such a product. Another factor that may have affected yesterday’s stock price was a report that a small company, C. R. Eggs, will start selling eggs in this country from chickens fed kelp. Such eggs, already sold in Japan, supposedly help to lower overall cholesterol levels of the eaters. ”If it works,” Mr. Strauss said, the success of Michael’s decholesterolization efforts ”could be academic.”
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Norris, Floyd

Full text: [New York Times] Apr 25, 1989

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Dow Falls 6.78 but Remains Above 2,400

”Trading was slow in advance durable goods orders on Tuesday and 10-day auto sales,” said Brian Luedtke, chief technical analyst at Piper, Jaffray & Hopwood in Minneapolis. ”Restructuring stocks continued to attract the most attention in busy trading.”
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WIGGINS, PHILLIP H.

Full text: [New York Times] Apr 25, 1989

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Corrections

A table in Business Day on Friday listing the New York Stock Exchange’s uncovered short sales for the month ended April 14 carried an incorrect figure provided by Home Owners Savings Bank for its ”short interest” and misstated the total accordingly.
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Full text: [New York Times] Apr 25, 1989

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Corrections

LEAD: A table in Business Day yesterday by The Associated Press/Media General Financial Service, listing the most active stocks, appeared erroneously with figures for the week ended…
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Full text: [New York Times] Apr 25, 1989

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Valley Federal Director Seeks Repayment for ’88 Proxy Fight

In proxy material for Valley Federal’s annual meeting, scheduled Thursday, the Van Nuys-based savings and loan stated that [James J. Cotter] and Hecco Ventures I, an investment partnership of which Cotter is a partner, “made demand for reimbursement” of $347,869.44 for their expenses related to the proxy fight. Hecco, which owns 9.8% of Valley Federal’s stock, and Cotter heavily criticized the S&L’s management prior to Cotter’s election to the board. Cotter pursued the board seat-despite heated opposition by Valley Federal-to press for Valley Federal’s sale as a way to lift the company’s stock price. Cotter is a former Citadel director, and Hecco is a major stockholder of Citadel.
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JAMES F. PELTZ

Full text: [Los Angeles Times (pre-1997 Fulltext)] Apr 25, 1989

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Northwest Airlines Parent Opposes Davis Offer; 2nd Suitor Gets Major Backing

NWA, the embattled parent of Northwest Airlines, advised its shareholders to reject a hostile $2.7-billion offer from Los Angeles billionaire Marvin Davis, opening the door to higher bids for the company. Noting that NWA’s current stock price exceeds Davis’ $90-a-share offer, NWA’s board rebuffed his bid as “inadequate, unfinanced and not in the best interests of the company, its stockholders” and employees. NWA’s action was expected, since it had earlier rejected a friendly $90-a-share offer from Davis, the former owner of 20th Century Fox. (excerpt)
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Gellene, Denise

Full text: [Los Angeles Times] Apr 25, 1989

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NCNB Abandons Takeover Attempt

NCNB Corp. gave up on its scheme Monday to create a banking behemoth through a merger with Citizens and Southern Corp. of Atlanta. NCNB Chairman Hugh McColl said his Charlotte-based bank was withdrawing its merger offer because of the continued hostility of C&S management and directors to the $2.4 billion offer, first made last month. Had the merger gone through, it would have created the nation’s sixth largest bank. The combined bank also would have been the largest in the Carolinas, Georgia and Texas and the third largest in Florida. (excerpt)
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Scism, Jack

Full text: [Greensboro News Record] Apr 25, 1989

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