Bank Shareholders Meet for 1st Time

PROVIDENCE-Herb Miller ran the first stockholders’ meeting of Eastland Financial Corp. yesterday in the same easygoing style in which he directed the mutual savings bank before it converted to public ownership last July. “You didn’t say hello to me this morning,” kidded Miller, president and chief executive officer, when he introduced Charles T. Francis, a director, to the crowd. “He doesn’t look like he’s retired or that he should be,” smiled Miller when he asked Sidney S. Goldstein, a director, to rise. (excerpt)
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Kostrzewa, John

Full text: [Providence Journal] Apr 19, 1989

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NWA Stock Jumps; Davis Gets Backing

The stock price of NWA Inc jumped after the parent of Northwest Airlines said it was considering options to fend off a $90-a-share, $2.62 billion takeover by oilman Marvin Davis.
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Berg, Eric N

Full text: [New York Times] Apr 19, 1989

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NWA Stock Jumps; Davis Gets Backing

The news of Mr. Davis’s financing also bolstered NWA’s stock, which was the most active issue on the New York Stock Exchange, with nearly 3.5 million shares changing hands. $3.3 Billion Package Some analysts said Mr. Davis’s financial package, which he valued at $3.3 billion, could support a bid of more than $100 a share. Mr. [Marvin Davis] has said that he would pay more than $90 a share if NWA could demonstrate that it was worth more. ”We believe this is a very strong financing package,” Mr. Davis said in a statement from his office in Los Angeles. ”With this financing package, no sales of any strategic assets will be required to meet the company’s financial obligations. In fact, we would expect – and could comfortably finance – the expansion of NWA’s passenger capacity by over 30 percent over the next six years.” ”This is significant to the arbitrage community,” said Thomas Longman of Bear, Stearns & Company. ”It means Davis is a real player now.”
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ERIC N. BERG, Special to the New York Times

Full text: [New York Times] Apr 19, 1989

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Citicorp Net Rises 48% in Quarter

Citicorp and the Bankers Trust New York Corp both announced sharply higher earnings for the first quarter. Stock prices for both companies rose.
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Quint, Michael

Full text: [New York Times] Apr 19, 1989

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Citicorp Net Rises 48% In Quarter

Stock prices of both Citicorp and Bankers Trust rose sharply. People on Wall Street said the earnings reports were a catalyst for buying by institutional investors who had been disappointed earlier in the month by the earnings of J. P. Morgan & Company and the Chase Manhattan Corporation. Citicorp’s shares rose $1, to $30.125, while Bankers Trust’s stock rose $1.25, to $43.625. Citicorp also announced an increase in its stock dividend, to 40.5 cents a share each quarter, from 37 cents. Strength in Core Operations At Citicorp, first-quarter profits of $529 million, or $1.52 a share, were up 48 percent from $358 million, or $1.01 a share, a year ago. Although the improvement was exaggerated by a $77 million after-tax profit from the sale of real estate in Tokyo and the inclusion of $43 million of interest payments from Brazil, analysts noted that profits were strong in Citicorp’s basic consumer and business banking operations. ”Citicorp reached out late in the fourth quarter to buy some longer-dated certificates of deposit, which left them well situated when interest rates rose in the first quarter,” said Thomas H. Hanley, managing director at Salomon Brothers.
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QUINT, MICHAEL

Full text: [New York Times] Apr 19, 1989

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Behind Sotheby’s Surge

G. Kenneth Heebner, a Boston-based money manager, said that he was responsible for the recent rise in the stock price of Sotheby’s Holdings Inc.
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Norris, Floyd

Full text: [New York Times] Apr 19, 1989

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Northwest Stock Leaps $7 Past Davis’ $90-a-Share Bid

Former Denver billionaire Marvin Davis’ $90-a-share bid to buy the parent company of Northwest Airlines was overshadowed as the stock price of NWA Inc exceeded $97 on an announcement that the airline will pursue the best deal for its shareholders.
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Full text: [Denver Post] Apr 19, 1989

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NWA Stock Soars as Davis Reveals Financing for Bid

NWA Inc’s stock price rose $7.12 on April 18, 1989 to close at $97.37 as the result of Marvin Davis revealing that financing to buy the company had been lined up. NWA is the parent company of Northwest Airlines.
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Full text: [Chicago Tribune] Apr 19, 1989

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C&S Chairman Assails NCNB Bid at Annual Meeting Series: 7

After the meeting, the C&S board unanimously confirmed its rejection of the NCNB bid. In a letter to NCNB’s board, C&S directors recommended that both banks “get back to the business of banking and avoid further distraction and expense.” During the question and answer period, only one shareholder criticized C&S for refusing to negotiate with NCNB. Ronald Bartlett of Pittsburgh, holding 575 shares, asked Mr. [Bennett A. Brown] when he could anticipate that the company’s book value – now $20.56 a share – would match its current stock price, which was $35 a share Tuesday. Mr. Brown did not respond directly to Mr. Bartlett’s objections. The value of C&S’s stock has appreciated 35% since NCNB made its offer public on March 30.
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KENNETH CLINE, Southeast Bureau

Full text: [American Banker (pre-1997 Fulltext)] Apr 19, 1989

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Stock Market Keeping a Close Eye on Northwest

Northwest Airlines stock prices reached an all-time high on April 19, 1989 as the company became the target of a takeover battle by big-name bidders.
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Field, David

Full text: [Washington Times] Apr 20, 1989

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Tokyo Stock Prices Increase Slightly to a Record; London Shares Rise but Close Below Day’s Highs —- A Wall Street Journal News Roundup

Brokers in Tokyo said the market there never gained real momentum during the day, as share prices traded in narrow ranges. Participants had expected a stronger gain in the market after Tuesday’s 41.61-point rise in the Dow Jones Industrial Average, the largest increase this year. The Nikkei Average of 225 issues, a 13.33-point gainer Tuesday, closed up 42.17 points at 33363.83 for the fourth gain in as many sessions. The previous record was 33360.79, set April 5. Helped by buying from some more bullish institutions, steels traded actively. Three of the five most actively traded issues Wednesday were large-capital steel makers: Sumitomo Metal Industries, Kobe Steel and Nippon Steel. Sumitomo Metal closed up 19 yen (14 cents) at 898 ($6.84), Kobe Steel was down 13 yen at 922, and Nippon Steel was up 10 yen at 942.
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Full text: [Wall Street Journal] Apr 20, 1989

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Bid to Acquire CNW Is Being Considered By Japonica Partners

Japonica Partners disclosed that it plans to seek to acquire CNW Corp. “at a substantial premium over the $31 per share” price that Gibbons, Green, van Amerongen and certain CNW senior management were willing to pay last year. In a Securities and Exchange Commission filing, Japonica, which is mailing its proxy statement today to CNW shareholders, also said that the price will be at a “substantial premium over CNW’s 1989 pre-rumor stock price.”
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Full text: [Wall Street Journal] Apr 20, 1989

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Stocks Rise Again; Dow Up 7.51

Stock prices climbed on Apr 19, 1989 carrying the market to its highest levels since the crash of 1987. The Dow Jones average of 30 industrials rose 7.51 to 2386.91.
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Full text: [The Washington Post] Apr 20, 1989

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Stocks Rise Again; Dow Up 7.51

Stock prices climbed again today, continuing the rally that has carried the market to its highest levels since the crash of 1987. The Dow Jones average of 30 industrials rose 7.51 to 2386.91, bringing its gain over the past four sessions to 90.91 points.
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Full text: [The Washington Post (pre-1997 Fulltext)] Apr 20, 1989

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Stock prices retreat

Stock prices fell today as a weak U.S. dollar and rising interest rates blunted the New York market’s recent rally. Gold bullion was quoted at $383.50 US a troy ounce in mid-day New York selling, up 10 cents from Wednesday’s close. Silver was quoted at $5.74 an ounce.
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Full text: [The Vancouver Sun] Apr 20, 1989

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Potential dip in interest rate has stock prices on the rise

The Toronto Stock Exchange’s 300 composite index was up 3.97 points in brisk trading to 3,599.91 while New York’s Dow Jones average of 30 industrials rose 7.51 to 2,386.91. Investors took the news to mean central bankers in Canada and the U.S. may soon lower interest rates, said Leon Tuey, an independent technical analyst. Of the issues traded, 190 advanced, 264 declined and 526 were unchanged for a VSE index of 794.54, down 3.02 from Tuesday’s close.
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Full text: [The Vancouver Sun] Apr 20, 1989

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Wells Fargo stock climbs after good first quarter

The higher earnings _ $141.5 million U.S. ($2.56 per share), up from the prior year’s $120.4 million ($2.45) _ plus news that it had finishing selling off all of its Third World debt, boosted Wells Fargo’s stock price to $70.88, up $2. That’s just 38 cents shy of its 52-week high on the New York Stock Exchange. Bank analyst Thomas Brown of Smith Barney, Harris Upham & Co. in New York said the bank’s expense ratio _ noninterest expenses as a percentage of revenue _ was the lowest of the 65 large banks he follows.
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Full text: [The Ottawa Citizen] Apr 20, 1989

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Stock market rally continues Series: BUSINESS DIGEST

NEW YORK – Stock prices kept climbing Wednesday, getting a little more mileage out of the rally that has carried the market to its highest levels since the crash of 1987. The Dow Jones average of 30 industrials rose 7.51 to 2,386.91, bringing its gain over the past four sessions to 90.91 points. Advancing issues outnumbered declines by about 4-to-3 in nationwide trading of New York Stock Exchange-listed stocks. `No sale,’ Lorenzo insists NEW YORK – Texas Air Corp. chairman Frank Lorenzo remained locked on a collision course with the federal judge overseeing Eastern Airlines’ bankruptcy case by insisting Wednesday that the strike-wracked carrier will be shrunk not sold. “There are a lot of people out there who want to buy Eastern Airlines for some beads,“ Lorenzo said. “Eastern has to be built back the old-fashioned way. … We don’t think that any sale transaction makes sense.“ But U.S. Bankruptcy Judge Burton R. Lifland appears poised to put the entire airline up for sale. Lifland, who generally refrains from speaking to reporters on pending cases, was unavailable for comment.
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Full text: [St. Petersburg Times] Apr 20, 1989

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FLUKE TO BUY BACK SOME OF ITS SHARES

John Fluke Manufacturing Co.’s stock price shot up this morning after the company’s announcement that it will buy back as much as 17 percent of its outstanding stock. The company today announced it will buy shares for between $22 and $25 a share based on the results of a “Dutch auction” it is holding from now until May 17.
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Full text: [Seattle Times] Apr 20, 1989

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Stocks: Prices climb; Dow up 7.51

The Dow Jones average of 30 industrials rose 7.51 to 2,386.91, bringing its gain over the past four sessions to 90.91 points. Volume on the floor of the Big Board came to 191.51 million shares, down from 208.65 million in the previous session. Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 227.87 million shares. GRAPH; (graphs include Dow Jones 30 industrials; NYSE volume; 30-yr. Treasury yields; and Dollar vs. yen); Credit: The Register
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The Associated Press

Full text: [Orange County Register] Apr 20, 1989

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