TDK to Buy Tustin Chip Maker

Silicon Systems, a Tustin-based microchip maker, has agreed to be acquired by Japan’s TDK Corp., the world’s largest manufacturer of audio and video tapes, for about $200 million. TDK, which will pay $20 for each of Silicon Systems’ approximately 10 million shares outstanding, said it plans to invest an additional $200 million in the company’s operations and its research and development division. No major increase in employment is expected, however. Stock Advances Silicon Systems’ Chairman Carmelo J. Santoro said the acquisition will help it become more competitive. In addition to the infusion of cash, Santoro said, Japanese ownership will enable the company to concentrate on international expansion and provide better access to Far Eastern markets, which currently account for about 25% of Silicon Systems sales. (excerpt)
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Tighe, John Charles

Full text: [Los Angeles Times] Apr 11, 1989

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MEDICAL ICN Takes Advantage of Stock’s Low, OKs Repurchase of 4 Million Shares

To take advantage of the company’s low stock price, directors of ICN Pharmaceuticals Inc. recently authorized the firm to purchase up to 4 million shares of ICN common stock. ICN said it will buy the shares over a 3-year period.
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Full text: [Los Angeles Times (pre-1997 Fulltext)] Apr 11, 1989

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SEC Slams Penn-Stock Firm

The Stuart-James Co., one of Denver’s leading penny stock firms, was hit with allegations of fraud and deceit Monday by the Securities and Exchange Commission. The SEC charges that Stuart-James illegally marked up prices of two companies, UMB Equities and Find SVP, by as much as 200 percent. Monday’s action against Stuart-James caps several months of promises by SEC officials that they would take a tough stand against abuses in the penny-stock arena. The SEC said that Stuart-James, with 1,300 brokers, has supplanted another metro Denver firm, ailing Blinder, Robinson & Co., as the nation’s biggest penny-stock firm. (excerpt)
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Sleeth, Peter

Full text: [Denver Post] Apr 11, 1989

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Random Thoughts

The consistently low stock prices of money center banks in recent times were due to the banks’ poor lending strategy and the collapse of the federally fueled inflation of the 1970s. Now, the banks have diffused their risks with smaller loans to many borrowers and by engaging in more syndications rather than being “permanent warehousers of large credits.” For instance, LBO exposure is less than that of foreign banks, the burgeoning market for corporate cash management services is now around $1 trillion, and the banks garner noninterest income from data processing services, as well.
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Rose, Sanford

Full text: [American Banker] Apr 11, 1989

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Random Thoughts

The stock prices of many of the money center banking institutions have been below their stated book values for the better part of the last 15 years. There have been numerous ad-hoc explanations of this phenomenon. Thus it is contended that the fiasco in lending to real estate investment trusts helped to depress market valuations in the mid-’70s. After the REIT debacle, there was the run-up in interest rates, which led to substantial amounts of unrealized depreciation in bond portfolios in the late ’70s. And following the interest rate explosion, there was, of course, the LDC debt crisis that began in the early ’80s and continues to the present. As a result, the money center banks have diffused their risks. They now make a lot of small direct loans to a large population of borrowers instead of massive loans to a small group of customers. And by functioning as syndicators rather than as permanent warehousers of large credits, they have further insulated themselves from unpleasant surprises. Notes Mr. [Richard X. Bove]: “If a Latin American style blowup develops in LBO lending, the big losers will be the foreign banks and pension funds that bought the syndications, not the money center banks that sold the positions.” (Going back still further, the exuberant expansion of the late ’70s was spawned by the draconian contraction of the mid-’70s, when the Fed, in response to President Ford’s Whip Inflation Now campaign, rather too vigorously sought to correct previous errors. As some contend, the Fed seems to know only two speeds – too fast or too slow.)
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SANFORD ROSE

Full text: [American Banker (pre-1997 Fulltext)] Apr 11, 1989

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Can Portfolios Be Recession-Proofed? — Some Say to Wait, Others Go to Cash

When a recession looms, say people such as money manager Martin Zweig and market historian Ned Davis, it is best to stay heavily in cash. Investors, they say, should bide their time in Treasury bills, money-market funds and the like. Then, when the recession is about half over, they add, investors can snap up stocks and bonds at bargain prices. Moreover, not everybody is pessimistic. Indeed, there is a vocal band of optimists who see a silver lining in an economic slowing. As the economy winds down, they figure, interest rates will fall. And lower interest rates are good fertilizer for stocks. Though they would prefer for the economy to escape a recession, they say they would recommend stocks even if they knew a recession was coming. Robert B. Ritter, chief technical analyst for Ladenburg, Thalmann & Co., says the stock market has already “taken into account a good part of the recession” that is yet to come. During the stock-market rally of the past year or so, he says, stock prices rose but price-earnings multiples (the ratio of a stock’s price to the company’s earnings per share) fell.
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Stock prices in Toronto slip in early trading

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

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