C&S’s Top Shareholders Want More

NCNB Corp.’s offer to exchange 1.075 shares for each C&S Corp. share isn’t generous enough to warrant support by the takeover target’s institutional shareholders. The stock swap, valued at $39 a share when announced March 30, is widely regarded as a starting point for negotiations-not a final offer. Tom Medcalf, a portfolio manager for Minneapolis-based IDS Mutual Inc., said that “sitting here in Minneapolis, playing with my pencil, I can quickly see NCNB’s ability to pay $45″ a share. “I think that C&S management has to listen seriously to the offer, but on an acquisition basis, the stock is worth more than $39.” (excerpt)
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Cranford, Steve

Full text: [The Business Journal] Apr 10, 1989

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A Year After Offering, Oregon Steel Looks Strong

Strong increases in net income and sales and a healthy balance sheet are raising the hopes and the stock price of Portland-based Oregon Steel Mills Inc. Add a pipeline snaking its way across the west and potential labor problems at eastern steel mills and it’s easy to see why analysts are effusive about the local maker of specialty steel that went public last April. “Management has been excellent,” said Scott Conyers, an analyst with Portland’s Charter Investment Group. “They run things efficiently and have positioned themselves well in the market.” (excerpt)
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Gauntt, Tom

Full text: [The Business Journal] Apr 10, 1989

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Stock Upswing Reflects Stronger Season at Voit

Voit Corp.’s stock shot up 68.5 percent in the first quarter of this year, with much of the increase coming in the last month. The gains in the stock, which trades over the counter, reflect dramatically improved earnings on operations for the Fairport exercise equipment manufacturer. The company last year reported earnings on operations of 38 cents per share, compared with 1 cent per share in 1987. As a result, the stock’s price shot up, from $2.38 a share at the beginning of March, when the company announced its year-end earnings, to $3.37 a share at the end of the month. (excerpt)
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Whiskeyman, Dolores

Full text: [Rochester Business Journal] Apr 10, 1989

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INTERNATIONAL REPORT; Stock Markets’ Role Grows in Chinese Economy

”People come from abroad and say, ‘What is your morning price or your afternoon price?’ ” said Luo Zhenzhong, a manager of the stock market in the northeastern city of Shenyang. ”But our prices don’t change for a month at a time, and when they change they only go up.” ”People under the age of 50 don’t understand stocks,” Mr. [Huang Guixian] said. ”We heard all the news about Black Monday in America, when stock prices plunged, and about an investor who was so upset that he shot his broker. But the good aspects of the stock system aren’t reported. And so some people are suspicious.” ”It’s O.K. to issue locally, because people here don’t really know what stocks are,” he said. ”But to sell abroad, with all those regulations and daily fluctuations, we’d have to make things perfect.”
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NICHOLAS D. KRISTOF, Special to the New York Times

Full text: [New York Times] Apr 10, 1989

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Auto Stocks 1st-Quarter Losers

The first quarter of 1989 ended with one trend certain among Detroit-area stocks: investors are worried about the auto industry. Stock prices of the Big Three automakers-General Motors Corp., Ford Motor Co. and Chrysler Corp.-all closed lower on March 31 than on Dec. 30, 1988. An analyst blamed the price declines on lower car sales, burgeoning inventories, and a general fear about the national economy. “Until there is a feeling the economy is going to do better, these stocks may not have a lot of ‘up-ride’ near term,” said Douglas Laughlin, an automotive analyst with New York City investment firm Bear Stearns & Co. (excerpt)
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Lindstrom, John

Full text: [Crain's Detroit Business] Apr 10, 1989

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Why Bergner Bid Signals Carson’s Local Departure

The end of independence appears to be coming quickly for Carson Pirie Scott & Co. That’s the consensus of virtually every analyst and close observer here and on Wall Street, now that Milwaukee-based P. A. Bergner & Co. put the 134-year-old retailer into play last week with a $282-million or $2O-a-share takeover bid. The only question appears to be how high above $20 the price will go. “The whole thing will be over in a few months,” predicted one local acquisitions specialist who has made prescient judgment calls in several past takeover situations. “Whether it’s Bergner or someone else, it’s a done deal.” (excerpt)
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Waldstein, Peter D.

Full text: [Crain's Chicago Business] Apr 10, 1989

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No Obit: Why Trib Co. Won’t Fall to Hostile Bid

Even under pressure, Tribune Co. management is sitting pretty. Despite signs that a hostile suitor-possibly Texas-based Robert W. Bass Group-has taken a position in the Chicago media conglomerate, Tribune Co. is loaded with artillery that would make a hostile takeover of the company highly unlikely. A formidable chunk of its stock is closely held: 40% is in friendly hands after last week’s issuance of new preferred shares to an employee stock ownership plan (ESOP). Its moderate debt load gives it the ability to borrow money for a stock buyback, recapitalization or management buyout. (excerpt)
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O’Dea, Christopher R.

Full text: [Crain's Chicago Business] Apr 10, 1989

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The Money Magician at Philip Morris

Unlike the leveraged buyout of RJR Nabisco Inc., Philip Morris Inc.’s $129-billion acquisition of Kraft Inc. in October 1988 went smoothly. The unsung hero of the deal is Hans G. Storr, Philip Morris’ chief financial officer (CFO). Storr is one of the top 4 decision makers at Philip Morris, and he is highly ranked among CFOs. In that role, Storr is best known as a deft forecaster of currency fluctuations. In late 1984, assuming that the US trade deficit would soon undermine the dollar, he began shifting $2 billion into foreign currencies. Watching them rise for the next 3 years made $400 million for Philip Morris. According to Storr, all any CFO can do is to form an opinion on the major trends, monitor their currency risk closely, and diversify. Storr’s greatest challenge now is to make sure that Philip Morris’ shareholders benefit from acquiring Kraft. He should be able to pay down the $9.6 billion in Kraft debt in only 4 years because of Philip Morris’ stream of rich and certain cash flow.
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Nathans, Leah J.

Full text: [Business Week] Apr 10, 1989

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Is It Inflation? Recession? Or Just Spring Fever?

The February 1989 producer price index showed a 1% gain, which translates into a devastating 12.7% annual inflation rate. Investors can find explanations for both inflation and recession by what is happening in the stock market itself. Many investors read the sharp fall in computer stocks as proof that the economy is sagging. If oil and computer stocks are sending crossed signals about inflation and recession, the message of a diminished chance for a soft landing is being clearly heard. However, the Federal Reserve Board sees no reason to loosen monetary policy just yet. To some on Wall Street, this means that a recession is almost a certainty. Although investors are cool toward US stocks right now, the Dow Jones industrial average, at 2282, is generally expected to remain above 2100. Laszlo Birinyi of Birinyi Associates says the current weakness is merely the market consolidating after a 13.6% rise since the middle of November 1988. However, with the economy struggling with high interest rates and a business slowdown, this time the fears may be justified.
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Laderman, Jeffrey M.

Full text: [Business Week] Apr 10, 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

Rizzo reviews Quotron Open Windows, a professional trading tool based on Microsoft Windows from Quotron Systems. Quotron Open Windows consists of three specific applications: QuotTerm, QuotData and QuotChart.
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Dan Stets

Full text: [Philadelphia Inquirer] Apr 11, 1989

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Small Investors Hit the Big Time with Quotron Open Windows

Rizzo reviews Quotron Open Windows, a professional trading tool based on Microsoft Windows from Quotron Systems. Quotron Open Windows consists of three specific applications: QuotTerm, QuotData and QuotChart.
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Rizzo, Tony

Full text: [PC Magazine] Apr 11, 1989

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Penny-Stock Firm Charged

Stuart-James Co. Inc., one of the nation’s largest penny-stock brokerages, was charged yesterday with stock manipulation, making misleading sales pitches and failing to accept sell orders from customers. The Securities and Exchange Commission leveled the charges against the firm, as well as its two principals and nine current or former regional vice presidents, in an administrative proceeding. A hearing date has not been set. Stuart-James is based in Denver, a center for penny-stock business, and musters a sales force of 1,300 brokers working out of 52 sales offices in 22 states. Its five New York offices include two in New York City and one each in Roslyn, Melville and White Plains. (excerpt)
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Kuntz, Mary

Full text: [Newsday] Apr 11, 1989

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