The Undervalued 200: Browsing for This Year’s Stock Bargains

Candidates for Business Week’s list of 200 undervalued stocks are found by calculating the ratio of market value to book value – defined as assets less liabilities and the par value of preferred stock – in a computer run for 1,500 of the largest US corporations. The standards differ according to how an industry is valued by the market. For example, the computer industry is more highly valued than the utilities industry. Among those on the list are Manville, MCorp, and Coca-Cola Enterprises, which carries a heavy debt load but also generates a large amount of cash and is 49% owned by blue-chip Coca-Cola Co. While 100 companies on last year’s list beat the performance of the Standard & Poor’s (S&P) 500 stock index (Manville was up by 195%), others lagged behind the S&P, and some filed bankruptcy under Chapter 11. A total of 10% of 1988′s Undervalued 200 were taken private or merged, a figure that understates the amount of takeover activity since several companies currently are involved in long-running takeover attempts. A complete listing of the Business Week Undervalued 200 is included.
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Farrell, Christopher

Full text: [Business Week] Apr 14, 1989

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25 Executives To Watch: Robert Swanson

Robert A. Swanson, CEO of Genentech, must make the company’s marketing strategy for the heart-attack drug TPA work. The drug’s disappointing performance in 1988 caused the stock price to plummet, and the company must show signs of renewed health.
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Full text: [Business Week] Apr 14, 1989

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25 Executives To Watch: Charles Corry

Charles A. Corry, who will become chairman of USX Corp in May 1989, will be faced with the task of reducing the company’s debt over the next two years. At the same time, he must keep the stock price from falling in order to avoid attacks from raiders.
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Full text: [Business Week] Apr 14, 1989

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Con-Fusion

Japanese investors have demonstrated their inability to resist a chance to run up stock prices by responding to reports of “nuclear fusion in a jar” with massive investments in anything remotely connected with fusion.
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Anonymous

Full text: [The Economist] Apr 15, 1989

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Bank takes its gloves off in proxy battle

The letter also said that Table Talk Group leaders Christos Cocaine and Anthony J. Stevens were non-management members of an advisory committee to the Arizona firm, Stockbridge Capital Ltd., a former Table Talk Group member. In the mailing, [Harold Cabot] said that after Cocaine and Stevens acquired shares in Stockbridge, the company lost money and the stock price plummeted from a high of nearly $2 per share to as low as 25 cents per share. The Table Talk Group for a Better BankWorcester, 25 stockholders led by Worcester businessmen Christos Cocaine and Anthony J. Stevens and Bruce Schindler of Florida, owns 6.77 percent of the stock of the holding company for Worcester County Institution for Savings. The group has charged that Cabot is “historically unresponsive” to its requests for information and that the bank could be more profitable. In his letter to stockholders this week, Cabot reiterated earlier statements from the lawsuit that Michael A. Myers, chairman of Wilmmar Financial Corp. of Dallas, a Table Talk Group member, is chairman of six small Texas banks. Cabot said one of the banks has a negative net worth.
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RENDA E. MOTT

Full text: [Telegram & Gazette] Apr 15, 1989

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Stock prices rally with indications of economic slowdown

Canadian stock prices are easily moved by the U.S. economy, and expectations of weaker growth pushed the Toronto Stock Exchange 300 composite index up 22.16 points yesterday to close at 3577.76. Over the five trading sessions the TSE 300 gained 24.72 points. The U.S. merchandise trade figures weren’t nearly as comforting because imports are still pouring into the country. The U.S. trade deficit widened to $10.5 billion on a customs-value basis in February. With the risk of recession apparently receding, investors are speculating that the central banking authorities in Canada and the United States will be able to relax interest rates, [John Ing] said. Further brightening the picture was a report from International Business Machines that first-quarter earnings reached $1.61 U.S. a share, up from $1.57 in the comparable period a year ago.
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Full text: [The Gazette] Apr 15, 1989

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Sun Micro Blamed as Rival’s Stock Dips

Silicon Graphics Inc is complaining that false marketing claims by rival Sun Microsystems caused a drop in its stock price.
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Clark, Don

Full text: [San Francisco Chronicle] Apr 15, 1989

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Promoter guilty of stock fraud

Henry Lorin, 47, president of Henlor Securities Capital Ltd., pleaded guilty to two counts of conspiracy to commit securities and mail fraud and obstructing an investigation by the Securities and Exchange Commission. Eugene Laff, former Haas chairman, was charged last month with 15 counts of conspiring to mainipulate the prices of the same three stocks to increase their value in a scheme that included Lorin. Lorin admitted to conspiring with Laff and [Stanley A. Aslanian Jr.] from July 1986 until Haas Securities went out of business to manipulate the stock prices of Flores de New Mexico Inc., Hungtington Beach-based TS Industries Inc., and Big O Tires Inc.
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Stefan Fatsis:The Associated Press

Full text: [Orange County Register] Apr 15, 1989

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Economic news cheers Wall St.; Dow jumps 41

If traders had any problem with Friday’s stock rally it was that the Dow is still lagging behind broader gauges of the market’s performance. The Standard & Poor’s 500-stock index, the New York Stock Exchange composite index, the NASDAQ index of over-the-counter issues and the American Stock Exchange market-value index all rose to post-crash highs. The Dow’s move was its biggest since a 43.92-point jump on Oct. 20, and it put the blue-chip indicator within striking distance of 2,347.14, the Dow’s highest point since the stock market crash of 1987, which was reached this past Feb. 7. Returns on bonds and other fixed-income securities compete with those offered in the stock market; thus, falling rates are normally good for stock prices. Traders said that the big stock rally was “called” by recent advances in the Dow Jones utility index, which closed at 187.53, up 1.84 points Friday.
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Lawrence J. DeMaria:The New York Times

Full text: [Orange County Register] Apr 15, 1989

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PRODUCER PRICES SHOW MODEST RISE AFTER TWO JUMPS

”Everything I look at – orders, output, sales – shows a sharply decelerating economy,” said Mickey D. Levy, chief economist at the First Fidelity Bancorporation, in Philadelphia. Capacity Utilization Down The volatile index of crude goods jumped 2.3 percent in March, the third hefty rise in the four months. That number prompted Dirk Van Dongen, president of the National Association of Wholesaler-Distributors, to warn, ”We need to remain vigilant regarding inflation.” Indeed, even with March’s moderate rise of four-tenths of 1 percent, the finished goods index jumped at an annual rate of 10.2 percent in the first quarter, the biggest for any three-month period since the 13.2 percent rate posted in the January-March period of 1981. By contast, the Labor Department noted, the fastest rate for a quarter last year was 5.7 percent. Tomato and Pasta Changes
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ROBERT D. HERSHEY Jr., Special to the New York Times

Full text: [New York Times] Apr 15, 1989

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Enhance Stock Price, AMI Investors Demand

RTF Partners, an investment group which holds an interest in the hospital management firm American Medical International, filed a complaint with the SEC which intimated the group may sue or attempt a takeover if management fails to take quick action to boost the value of AMI stocks, urging AMI to negotiate a recent buyout bid made by Shamrock Investments Acquisition Corp.
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White, George

Full text: [Los Angeles Times] Apr 15, 1989

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Enhance Stock Price, AMI Investors Demand

AMI would not comment on the filing, but several industry analysts said it was designed to prompt AMI to negotiate with a group led by Dr. M. Lee Pearce, who has made a $24-a-share offer to buy the company, or to solicit other buyout proposals. The latest filing comes two days after RTF, led by Sid Bass of Ft. Worth, filed an SEC document indicating that it has asked AMI management to consider all buyout offers and other proposals to increase share value. The request was RTF’s response to the Pearce group’s buyout bid made March 23. Pearce is a member of AMI’s board and owns about 10% of the company’s stock.
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GEORGE WHITE

Full text: [Los Angeles Times (pre-1997 Fulltext)] Apr 15, 1989

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Price report gets stocks, bonds rolling

Stock prices surged in moderate trading Friday as investors took heart from a huge rally in the bond market fed by evidence that inflation is abating. Stock and bond traders jumped into the action after a Labor Department report that producer prices rose 0.4 percent in March, less than half the level of the preceding two months. Meanwhile, the bond rally carried the yield on the bellwether 30-year Treasury issue down to 9.03 percent from Thursday’s 9.15 percent. It was the strongest one-day boost in bond prices since early December.
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Chicago Tribune wires.

Full text: [Chicago Tribune (pre-1997 Fulltext)] Apr 15, 1989

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Stock promoter pleads guilty to fraud charges

[Eugene Laff] and [Stanley A. Aslanian Jr.] were listed as co-conspirators in the two-count criminal information to which [Henry Lorin] pleaded guilty. Lorin admitted to conspiring with Laff and Aslanian from July 1986 until Haas Securities went out of business to manipulate the stock prices of Flores de New Mexico Inc., T.S. Industries Inc., and Big O Tires Inc.
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Full text: [Austin American Statesman] Apr 15, 1989

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Third-Generation Takeover

In December 1988, brothers Victor Fung and William Fung of the trading house of Li & Fung implemented a management buyout to prove that family businesses can be stable. The brothers’ grandfather, Fung Pak Liu, opened the first all-Chinese trading house in the Peoples’ Republic of China, choosing to trade directly with the Western world instead of going through the British hongs. In 1937, Li & Fung was incorporated in the UK territory, with the brothers’ father, Fung Hon Chu, in control. Today, Li & Fung is probably Hong Kong’s largest export trading house, with an annual turnover of HK$2 billion. However, as the business continued to expand, the family will continued to weaken. William came to the business in 1972, with Victor joining him in 1976. Coming to Hong Kong in hopes of expanding the firm, the brothers had little by way of incentive and only 13% of the company. Staging a family version of a management buyout, the brothers paid a 68% premium over the last stock price, plus a substantial 65% over the adjusted net asset value.
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Full text: [Asian Finance] Apr 15, 1989

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D.C. Trading Sells Holdings in Face of Ruling

D.C. Trading and Development Corp., facing a $10 million fine from a nearly 20-year-old lawsuit, is liquidating its area real estate holdings, and has put up for sale a 60,000 square-foot building at the Catholic University Metro station. The company is asking $11.5 million for the building. In February, the Washington-based company sold its Navy Yard site for $6 million and unloaded its property at Fourth and T streets N.E. last August for $1.55 million. “They are aggressively liquidating,” said analyst Steve Newby of Koonce Securities. (excerpt)
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Abrahms, Doug

Full text: [Washington Business Journal] Apr 17, 1989

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Perelman’s latest tack: Friendly Deals

One thing is clear: [Ronald O. Perelman] isn’t done with his buying spree. [J. Tomilson Hill] says Perelman is good for a $5 billion to $10 billion acquisition, given the high cash flows of his businesses – these non-recession days, anyway. [Donald Carter] says Perelman will keep scouring for companies whose stock prices don’t reflect “full value.” He adds that his client is “keen on brand names,” and shuns companies without “flair.” As a manager, Hill says Perelman takes a strong rein just after an acquisition, aggressively putting a business strategy in place and hiring talent. Once the game plan is set, Perelman backs off, Hill says. All the latest victims of Perelman the takeover artist went willingly. That has some Perelman-watchers scratching their heads, wondering if the leopard has changed his spots. In the past, many of Perelman’s forays turned into fights – Gillette, CPC International and TW Services, for example.
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Susan Antilla

Full text: [USA TODAY (pre-1997 Fulltext)] Apr 17, 1989

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Market Aces

Five Seattle stock-market professionals who selected model portfolios of Northwest stocks to be monitored through 1989 got off to a good start in the first quarter, with picks nearly tripling the performance of the Dow Jonas industrial averages. Overall, the 25 choices of The Seattle Times’ stock-picking panel were 17.2 percent in January through March, compared with gains of 6.2 percent in the Standard and Poor’s 500 index and 5.8 percent in the Dow Jones index. Individually, the strongest performances came from two pros whose choices rose about 21 percent each. The weakest portfolio rose nearly 11 percent, a three-month showing that should hardly require any apologies. (excerpt)
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Buck, Richard

Full text: [Seattle Times] Apr 17, 1989

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Silberman’s Gold Concern Leaves Faint Paper Trail

As the FBI released reams of evidence that resulted in Richard T. Silberman’s arrest on money-laundering charges, precious little information was available regarding San Diego-based Yuba Natural Resources Inc., where Silberman served as chairman until his resignation last week. Silberman, one of San Diego’s most prominent businessmen and husband of County Supervisor Susan Golding, resigned his post at Yuba after he was arrested days earlier on charges of directing a money-laundering operation for drug dealers that allegedly involved stock in Yuba’s Canadian subsidiary. A preliminary hearing on the matter is scheduled for this Friday. (excerpt)
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Middleton, Anne
Lassa, Todd

Full text: [San Diego Business Journal] Apr 17, 1989

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Glum Publicity or Not, Boeing Gets Geared Up

Evaluating The Boeing Co.’s annual meeting is like watching a whale swim by-you’re more interested in where the leviathan is going than in the details of its fins. Observers expect no big surprises at Boeing’s annual meeting set for 11 a.m. Monday, April 24, at the Plant 2 cafeteria at 7755 East Marginal Way S. in Seattle. Sheer momentum is propelling the leviathan. With $30.1 billion in orders in 1988, and some analysts predicting an only slightly smaller $25 billion in orders this year, Boeing’s commercial airplane order books will almost assuredly be filled until 1993. (excerpt)
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Wilhelm, Steve

Full text: [Puget Sound Business Journal] Apr 17, 1989

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