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In London, gold was fixed at $387.25 an ounce (U.S.) this afternoon, up from $384.15 (U.S.) in the morning setting and up from $385 (U.S) yesterday.
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Full text: [Toronto Star] Apr 12, 1989
A British case Oxdon cites as a precedent, he said, actually proves the reverse, ”that you cannot do what they want to do.” If Oxdon wants to acquire the company, it should ”find some financing and make an offer,” he said, calling the existing proposal ”a package of debt.” [Steinberg] shareholders may be more content than Oxdon expects, Mr. [Irving Ludmer] suggested. The stock price has tripled since April, 1984.
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HARVEY ENCHIN
Full text: [The Globe and Mail] Apr 12, 1989
In Montreal, 4.8 million shares changed hands, compared with 3.33 million Monday. The mines index rose 20.77 to 1896, banks 12.06 to 1715.1, oils 8.87 to 1600.96, utilities 5.81 to 1499.68 and industrials 4.38 to 1552.27 while forest products remained unchanged at 3113.83. Two of the biggest companies in the Toronto exchange’s metals subgroup, Inco and Falconbridge, benefited from an article earlier this week in a U.S. business journal that forecast boom times ahead for the two firms, said analyst Dunnery Best of Prudential-Bache Securities Canada. Inco was up 87 cents to $35.12 yesterday, while Falconbridge gained 37 cents to $29.87. The metals subgroup led all others with an increase of 1.37 per cent.
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Full text: [The Gazette] Apr 12, 1989
Earlier yesterday, NWA said it may sell an equity stake to its unions through a new employee stock ownership plan. Union ownership of more than 15 percent would be an added defense because NWA is incorporated in Delaware, where 85 percent of the shareholders must approve a deal. At the time of the offer, [Marvin Davis] noted that his bid represented a 50 percent premium over NWA’s stock price over the past few months. NWA’s stock jumped $16.165 March 31, the day after Davis made his offer. Yesterday, it closed up $1.25 at $88.75 a share. Rumors of a possible takeover of NWA have circulated in financial markets for the past few months, due in part to its valuable Tokyo real estate holdings. NWA turned down a $200 million offer for the Tokyo real estate last year, saying it wanted to keep the land for housing employees and development.
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Full text: [San Francisco Chronicle (pre-1997 Fulltext)] Apr 12, 1989
“”In terms of listings, the crash didn’t hurt us,” Kenneth Leibler, president of the American Stock Exchange, said. “”We think it may have helped. There was a perception that during the crash the NASDAQ dealer system didn’t give investors good access to listings.” Some investors have criticized the over-the-counter dealer market because trades were not carried out promptly when stock prices were falling. That perception has helped the American Exchange gain listings, Leibler said. Companies have historically jumped to the New York exchange from the American as they grew in size. That trend continued last year but at a slower rate. Leibler said the main cause for delistings in 1988 was merger and acquisition activity, which accounted for 58 of the total loss. Fourteen issues were lost to other markets, mostly the Big Board, and 13 were delisted.
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Full text: [San Francisco Chronicle (pre-1997 Fulltext)] Apr 12, 1989
The government contends [Paul Bilzerian] made millions of dollars by accumulating stock in takeover targets — specifically, Hammermill Paper Co., H.H. Robertson Co., Cluett Peabody & Co. — concealing ownership of the stocks in secret accounts and then selling his holdings after the stock price had risen.
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The Associated Press
Full text: [Orange County Register] Apr 12, 1989
“In terms of listings, the crash didn’t hurt us,” Kenneth Leibler, president of the American Stock Exchange, said in a telephone interview. “We think it may have helped. There was a perception that during the crash the NASDAQ dealer system didn’t give investors good access to listings.” Some investors have criticized the over-the-counter dealer market because trades were not carried out promptly when stock prices were falling. That perception has helped the American Exchange gain listings, Leibler said. Companies have historically jumped to the NYSE from the American as they grew in size. That trend continued last year but at a slower rate. Leibler said the main cause for delistings in 1988 was merger and acquisition activity, which accounted for 58 of the total loss. Fourteen issues were lost to other markets, mostly the Big Board, and 13 were delisted.
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Richard Satran:Reuters
Full text: [Orange County Register] Apr 12, 1989
”The gains have not been based on earnings,” said Richard J. Fredericks, an analyst at Montgomery Securities. ”It’s been a rally based on a change in psychology and the perception of improvement in the strength and integrity of the banks’ balance sheet.” Mr. Fredericks advises those who bought the stocks early in the rally ”to soften their position, and take some profits on 25 percent or 35 percent” of the shares they hold. ”The market has had just about every piece of positive news that is likely,” he said, ”and first-quarter earnings are going to cause people to start thinking about the numbers again as opposed to the hopes aroused by the [Nicholas F. Brady] plan.” Richard X. Bove, an analyst at Dean Witter Reynolds who has strongly recommended New York bank issues over the last month said the debt reduction program could be the catalyst for a big gain in bank stock prices even if profits did not grow apace. ”The plan will neutralize the problem of Latin American loans,” he said, ”and by eliminating that ‘poison pill’ it will make banks the premier acquisition candidates in the country.”
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Quint, Michael
Full text: [New York Times] Apr 12, 1989
”The combination of impressive action in broad-based averages and revised interest in technology, financial and energy issues points to a winning second quarter despite the possibility of some nearby softening,” said Harry Laubscher, chief technical analyst at Tucker, Anthony & R. L. Day. Campbell Soup rose 7/8, to 34 1/2. Traders attributed the increase to the possiblity of the sale of the Dorrance family’s majority stake. John T. Dorrance Jr., a former chairman of the company and the head of the family, died on Sunday. Computer stocks were up across the board, traders said, on investor expectations that the technology industry might not be headed into a slump. I.B.M. rose 1 1/8, to 111 1/8; Digital Equipment added 1/2, to 98 3/8, and Hewlett-Packard 3/4, to 54 1/4. Heavy Exxon Volume
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WIGGINS, PHILLIP H.
Full text: [New York Times] Apr 12, 1989
Storage Technology Corp., in an effort to attract more institutional investors, Tuesday proposed a 1-for-10 reverse stock split and said it will issue about $312 million in new convertible stock and debt. The new stock will replace a high-interest debt offering the Louisville company issued when it emerged from bankruptcy in 1987. StorageTek officials said the moves will strengthen the company’s balance sheet and put the company’s stock price in the traditional range for equivalent-sized companies. Shareholders of record April 18 will vote on the proposed split by mail through May 19. (excerpt)
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Bettelheim, Adriel
Full text: [Denver Post] Apr 12, 1989
Bank securities analysts have pointed out that as NCNB’s stock price goes down, its ability to force C&S to the bargaining table is weakened. NCNB shares closed on Monday at $33.62 per share, down from $36 when it announced the $2.4 billion bid for C&S on March 30. More than 20% of NCNB’s deposits are in Texas. However, the Charlotte, N.C., company has said that it is exempt from the Georgia restriction. NCNB lawyers argued that it acquired First Republic under a federal law governing acquisitions of failing institutions. That statute, according to NCNB, overrides any state limits on bank expansion. Regardless of how this dispute is settled, Mr. Dunn’s letter suggests that NCNB cannot expect from his department speedy processing of any application to acquire C&S. In his letter, Mr. Dunn said applications such as NCNB’s involving complex legal issues have required as long as 18 months to process, compared with the usual 6 months.
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KENNETH CLINE, Southeastern Bureau
Full text: [American Banker (pre-1997 Fulltext)] Apr 12, 1989
International Business Machines Corp.’s finance subsidiary posted its second consecutive decline in operating earnings, reflecting harsh competition in the enormous computer-leasing market. Analysts said IBM is being pressed hard by a growing number of giant newcomers to the market, including Chrysler Corp. and two aggressive Baby Bell companies. Some analysts suggested that the world’s largest computer company may be investing too much money in the finance business and may no longer have a powerful reason to be a big player there. An IBM spokesman said the company wouldn’t discuss the state of the computer-leasing industry or the results of its finance business, IBM Credit Corp. The results of IBM Credit don’t significantly affect IBM’s bottom line or stock price. But the unit’s health is important to IBM, because it is one of the Armonk, N.Y., parent’s biggest customers. Last year it handled $6.3 billion of equipment for IBM’s customers through leases and other financing.
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By Michael W. Miller
Full text: [Wall Street Journal] Apr 13, 1989
SmithKline Beckman Corp. announced yesterday that it has agreed to merge with Britain’s Beecham Group PLC, a deal that will create the world’s second-largest pharmaceutical company. The announcement ends months of speculation about the future of the Philadelphia-based drug company, which laid off 1,600 employees last fall in the face of slumping sales and has been widely considered a possible takeover target. The new firm, to be known as SmithKline Beecham, will have annual sales in excess of $6.7 billion, trailing only industry leader Merck & Co. in worldwide prescription drug sales and American Home Products in revenue from over-the-counter medicines. (excerpt)
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Gladwell, Malcolm
Full text: [The Washington Post] Apr 13, 1989
Prices were mixed in moderately active trading on the Vancouver Stock Exchange. Volume at close was 13,189,735 shares. The VSE index stood at 803.81, down 1.56 from Tuesday’s close.
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Full text: [The Vancouver Sun] Apr 13, 1989
So far this year the Dow Jones industrial average has risen just under seven per cent. “This is building in a very gradual and I think a healthy fashion. There has been no explosion of euphoria. Good, solid base-building is what appears to be going on,” said Peter Barry, research director at Fahnestock & Co. in New York. The Wall Street session was marked by mergers including SmithKine Beckman and Britain’s Beecham Group, as well as Hewlett-Packard’s $476-million U.S. deal to buy Apollo Computer. In Montreal, 4.34 million shares changed hands, compared with 4.8 million Tuesday. The mines index dropped 11.43 to 1884.57, industrials 7.29 to 1544.98, forest products 4.47 to 3109.36 and banks 1.34 to 1713.76 while utilities rose 10.66 to 1510.34 and oils 7.39 to 1608.35.
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Full text: [The Gazette] Apr 13, 1989
The stock market for the 12-month period ending in February 1989 increased over 9%. Periods of rising interest rates often have been poor times to invest in stocks, particularly utility stocks. Yet, in the period ending February 1989, the average gas distribution company stock was up 13%, and the average diversified gas company stock rose 2.1%. Fall River Co. (Fall River, Massachusetts) had the highest market-to-book ratio of the distribution companies at 383%, more than double the average ratio. The stock price rose 25.9%, and, combined with a dividend yield of 5.2%, provided a total return of over 31%. Arkla Inc. (Shreveport, Louisiana) had the highest market-to-book ratio of the diversified companies at 256%. Although earnings growth was nominal at 3.1%, the firm still managed to achieve over 16% return on common equity. The total return for the period was 18.8%, which compared well to the 12.7% total return from the overall stock market.
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Brown, Morton L.
Full text: [Public Utilities Fortnightly] Apr 13, 1989
”Investors are confused as to the future direction of the economy,” said Bernard Spilko, managing director of Zurich-based Bank Julius Baer. ”With the wave of economic statistics to be release on Friday it is hoped that some of this confusion will be eliminated.” Mr. Spilko said, however, that if the data proved to be too weak, investors might then focus their attention on the possibility of a recession. ”The market is in an apparent phase where no matter happens investors will continue to worry,” Mr. Spilko said. Among individual issues, SmithKline rose 2 points, to 62 3/4. The company agreed to merge with Britain’s Beecham Group. SmithKline was also the Big Board’s busiest stock on a volume of nearly 3.7 million shares.
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WIGGINS, PHILLIP H.
Full text: [New York Times] Apr 13, 1989
Tambrands Inc., one of the largest companies headquartered on Long Island, yesterday announced the hiring of a veteran consumer products marketing executive and investment banker as its chairman and chief executive. Martin Frederick Cheere Emmett, 54, will take over the Lake Success-based manufacturer of feminine hygiene products after its annual meeting April 25. Emmett succeeds E. Russell Sprague, a former chairman who had returned as interim CEO after the sudden retirement of Edwin H. Shutt Jr. on Feb. 10. (excerpt)
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Zehren, Charles V.
Full text: [Newsday] Apr 13, 1989
[Peter Anker] recommends buying the shares of the Aluminum Company of America. He predicts Alcoa will earn $11 a share this year, up from last year’s $9.74, and he expects its stock price to rise 20 percent from its recent price of $59.50 on the New York Stock Exchange. Supplies of nickel are particularly tight. J. Clarence Morrison, an analyst at Dean Witter Reynolds Inc., estimates that consumption of nickel will exceed production this year and inventories will fall to their lowest levels in more than a decade. George D. Baker, an analyst at Smith Barney, Harris Upham & Co. who says the stock is a good long-term investment, estimates that Amoco will earn $3.65 a share this year, up from $3.34 in 1988.
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STAN LUXENBERG
Full text: [Journal Record] Apr 13, 1989
On the deal-making front, SmithKline Beckman announced an agreement to merge with Britain’s Beecham Group. SmithKline’s stock was the most actively traded NYSE issue, falling 2 to 62 3/4 on volume of more than 4.6 million shares. Hewlett-Packard said it agreed to buy Apollo Computer, a workstation maker, for 13 1/8 a share or $476 million. Apollo jumped more than 50 percent in price in heavy over-the-counter trading of 10 million shares, rising 4 5/8 to 12 3/4. Hewlett-Packard fell 3/4 to 53 1/2 on the Big Board. Among other actively traded stocks, Exxon rose 1/4 to 42, American Telephone & Telegraph was unchanged at 31 1/4, Storage Technology was unchanged at 1 7/8 and Greyhound rose 1/8 to 33 3/4.
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Full text: [Journal Record] Apr 13, 1989