Stock prices post modest gains

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

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Cross Lawsuits Filed In Battle for Northwest

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

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American Stock Exchange’s Profit Slides

“”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

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1 count dismissed, 11 remain in Bilzerian fraud trial

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

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AMEX continues to hold its own Exchange gains members in ’88, but profits drop

“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

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Market Place; Brady Plan Lifts Big Bank Stocks

”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

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Dow Rises 9.71, to 2,311.58, as Dollar Gains

”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

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StorageTek Plans 1-10 Reverse Split

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

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NCNB Vows to Keep Fighting for C&S Accuses Atlanta Firm of Conducting ‘Disinformation’ Campaign Series: 4

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

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IBM Credit’s ’88 Result Reflect Growing Competition in Leasing

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

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SmithKline to Merge With Britain’s Beecham

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

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Somerset Banker Acquiring Regional Federal Stock

A prominent Southeastern Kentucky family that controls four banks in the commonwealth now is the second-largest stockholder in Regional Federal Bancorp Inc. of New Albany. Ward Correll of Somerset, Ky., and his relatives have acquired 38,300 shares, at an average price of $11.71 each, of Regional Federal Savings Bank’s parent company, according to documents filed with the Securities and Exchange Commission. The acquisitions, which account for 5.04 percent of the Southern Indiana thrift’s outstanding shares, were made through two family owned companies, Cumberland Lake Shell and Lancaster Life Reinsurance Co. (excerpt)
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Kamuf, Rachael

Full text: [Business First] Apr 10, 1989

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What Price Promise? Investors

Amgen Inc.’s anemia treatment, erythropoietin (EPO), is thought to be biotechnology’s next blockbuster drug. Recombinant EPO is a man-made form of a natural hormone that stimulates production of red blood cells. Anticipation of EPO approval lifted Amgen shares to an all-time high of $44.25 in March 1989. When EPO is approved, its initial users will be patients with end-stage renal, or kidney, disease, who often require blood dialysis several times a week. Other applications include anemia-afflicted cancer sufferers, rheumatoid arthritis patients, and acquired immune deficiency syndrome sufferers. Shearson Lehman Hutton puts the worldwide market for EPO at $3.5 billion in 1993, but some analysts disagree. Since Medicare pays for dialysis, the decision on how to fund EPO is crucial. Amgen also faces a fight with Genetics Institute, which holds rights to natural, highly purified EPO. Amgen holds rights to genetically engineered EPO and has been adamant in its refusal to consider cross-licensing the products.
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Wyatt, Edward A.

Full text: [Barron's National Business and Financial Weekly] Apr 10, 1989

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Getting a reaction from Wall Street // New events play tricks with stock prices; one trader’s earthquake is another’s yawn

When the Exxon Valdez tanker ruptured and leaked more than 10 million gallons of oil into Alaska’s Prince William Sound, the world was shocked but Wall Street hardly noticed. Exxon’s stock declined only a bit, despite the company’s massive potential liability. Expert traders on Wall Street confess that even they don’t know which corporate news developments will affect the price of a stock. Jack Baker, head trader at Shearson Lehman Hutton, says his first reaction to the Valdez incident was to sell Exxon stock.
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John Crudele

Full text: [Austin American Statesman] Apr 10, 1989

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Ford’s CEO passes Iococca in ’88 pay

Until 1988, [Donald Petersen] gained praise but relatively modest compensation for his success at raising Ford’s earnings and stock price. Ford was the most profitable U.S. automaker last year, earning $5.3 billion. And the proxy statement for Ford’s annual meeting, released Monday, shows Petersen, too, finally hit it big. He earned:
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Jay McCormick

Full text: [USA TODAY (pre-1997 Fulltext)] Apr 11, 1989

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Steinberg president slams plan for recapitalization

[Irving Ludmer] said breaking up Oxford, part of Oxford Development Group, ”might be an excellent idea” and Unicorp Inc. ”could be very busy” restructuring affiliate Union Enterprises before Oxdon took a shot at Montreal-based [Steinberg]. Oxdon, owned equally by subsidiaries of Unicorp, Oxford and Gordon Investment Corp., wants to break up Steinberg by selling the company’s grocery stores to Loblaws while keeping the real estate assets. Oxdon said the move would give shareholders the value that Steinberg’s management isn’t giving but Ludmer said dismantling a company just because the stock price is lower than its break-up value ”is one heck of a statement to make.”
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Full text: [The Ottawa Citizen] Apr 11, 1989

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Gulf & Western’s Stock Price Climbs After Announcement on Financial Unit

The stock of Gulf + Western Inc soared in the wake of its announcement that it has plans to sell its gargantuan consumer finance subsidiary and concentrate heavily on entertainment and publishing.
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Full text: [The Atlanta Constitution] Apr 11, 1989

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Deal Shows Seafirst Able to Expand

In its first significant expansion move this decade, Seafirst Bank bit off a big chunk of the Pierce County market by agreeing to swallow American Savings Financial Corp. Securities analysts said the acquisition of the parent of American Savings Bank could be the last major one in Pierce County for some time. The only remaining independent institution of size, Puget Sound Bancorp., is either too large for most admirers or too well-armed with anti-takeover defenses, they said. The rice of $68.6 million, or $30.05 a share in stock of Seafirst’s parent, BankAmerica, was judged steep. It could fluctuate higher (or lower), depending on how BankAmerica stock fares in the expected six-month wait for regulators’ and American shareholders’ approval. But that apparently didn’t tarnish the prize for Seafirst. (excerpt)
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Heberlein, Greg

Full text: [Seattle Times] Apr 11, 1989

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Old Stone reports several suitors Barnes, CEO, doesn’t expect any decisions to be made soon

[Theodore W. Barnes] said the plan would hopefully boost Old Stone’s stock price, which has lagged in the $19 to $21 range for months. Since Old Stone hired Blackstone – which has strong ties to Japanese investors and has put together major deals between U.S. and Japanese firms – some analysts and brokers have speculated that a Japanese buyer may make an offer for Old Stone. Old Stone also has been working for months to set up and capitalize a limited partnership in which Old Stone and Blackstone will serve as co-equal managing partners. The partnership will try to acquire troubled savings and loans – a business Old Stone has built in the past by buying thrifts in North Carolina, the Pacific Northwest and California.
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JOHN KOSTRZEWA Journal-Bulletin Business Writer

Full text: [Providence Journal] Apr 11, 1989

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CAMPBELL’S STOCK PRICE UP $4.875 DORRANCES DENY RUMORS OF A SALE

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Dan Stets

Full text: [Philadelphia Inquirer] Apr 11, 1989

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