FlowMole Is Finally Hitting Pay Dirt

For FlowMole Corp., the nation’s deteriorating underground cables spell increasing profits. The Kent-based firm seems to be on an upswing after five erratic years, with improved management, a deepening market, and improved profits in the first quarter of fiscal 1990. The company’s sole product, a process for drilling underground holes for cables, dominates the market. FlowMole’s net income in the first quarter tripled to $772,000 on revenue of $10.2 million, up from $249,000 on revenues of $10.2 million during the first quarter the year before. (excerpt)
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Wilhelm, Steve

Full text: [Puget Sound Business Journal] Oct 23, 1989

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Insurers Adjust to Jittery Market

The sharp drop in the Dow Jones Industrial Average on October 13, 1989, raised some serious questions for insurers. Top among these involved how the insurance industry will bear up under extreme market fluctuations and a review of investment strategy. On October 13, the Dow fell 6.9%, down 190.58 points to 2,569.26, which was the 3rd-largest drop in the indicator’s history. On October 16, the Dow had rebounded. The unraveling of the United Airlines buyout proposal and the underlying concern with the tendency to finance leverage buyouts with high-yield bonds triggered the slide in the Dow. Life insurers are concerned with the high-yield bond market. Analysts say that insurance stocks performed reasonably well in spite of the Dow’s drop. Insurers’ investment in common stocks is not that large in relation to their portfolios. Therefore, their portfolios were less affected by the Dow’s drop.
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Connolly, Jim

Full text: [National Underwriter] Oct 23, 1989

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Tonka Stock Offering Ruffles Current Shareholders

By nearly doubling the number of shares of its stock outstanding. Tonka Corp. will take a big step toward digging itself out from a mountain of debt. But in the process, analysts say, the Minnetonka-based toy manufacturer may disillusion its current stockholders. Tonka announced this month that it plans in November to sell 6.5 million new shares of stock. The company plans to use proceeds from the sale to pay off a portion of more than $500 million in debt from Tonka’s 1987 acquisition of Kenner Parker Toys Inc. (excerpt)
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Urbonya, Tim

Full text: [Minneapolis / St. Paul CityBusiness] Oct 23, 1989

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Area Stocks Sag, but Don’t Crash

Call it the week that wasn’t. For local, publicly traded companies, the week that ended Oct. 20 wasn’t a disaster, but that’s the only positive thing that can be said about the prices of Detroit-area stocks last week. They didn’t crash, they didn’t soar; they just sort of sagged. In fact, for most of last week, prices of both the 15 largest Detroit stocks and a Crain’s index of 15 stocks of small and medium-sized companies dipped below their close of Oct. 13. On that day, the Dow Jones Index of 30 Industrials plunged by 191 points. (excerpt)
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Lindstrom, John

Full text: [Crain's Detroit Business] Oct 23, 1989

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Track of the Bear: Paul Tudor Jones Says Market Decline, Recession Loom

On Friday, October 13, 1989, the Dow Industrials plunged over 190 points, but prices quickly stabilized the following Monday and closed up for the week on Friday. Paul Tudor Jones, the celebrated futures speculator, agrees with the majority in labeling the Friday break a temporary phenomenon, but he also sees some portent and menace because the collapse occurred amid stable interest rates, a stable dollar, a rising savings rate, low unemployment, declining budget and trade deficits, and just after a new market high. Jones sees these auguries foretelling the end of the Great Bull Market of the 1980s. Ahead lies a grinding, debilitating, 2- to 3-year bear market offering few trading opportunities. The decline will resume in earnest as a worsened savings and loan association crisis, lower corporate earnings, drooping automobile production and housing starts, and the repercussions of natural disasters all impact the economy.
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Full text: [Barron's National Business and Financial Weekly] Oct 23, 1989

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APS Spends $5 Million on N.J. Medical Firm

Austin-based American Physicians Service Group (APS) purchased 42 percent of the stock of Prime Medical Services, a firm that provides business management services to the health-care industry. The $5 million purchase could eventually result in Prime moving its headquarters from Bedminster, N.J. to Austin, according to an APS official. “There is no definitive answer on (the move) . . . we will be looking at it in the upcoming months,” said APS vice president Bill Hayes. Prime, which has about 150 full-time employees, operates 48 cardiac rehabilitation clinics and seven diagnostic imaging centers. (excerpt)
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MacDougall, John

Full text: [Austin Business Journal] Oct 23, 1989

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Investing In Gas Stocks With Top-Dollar Ted

Gas company stocks have been strong during recent years for a variety of reasons, including new technologies, environmental advantages, and increased competition within the industry. The Edward D. Jones and Co. Gas Distribution Average rose from 29.731 at the end of 1984 to 58.427 at the end of September 1989, a price gain of 96.5%, compared with 122.3% for the Dow Jones Industrial Average during the same period. An analysis of a potential investment in the natural gas industry during this period showed that market timing is not critical to achieving an above-average return. Rather, investors should focus their investment strategies on maintaining a diversified portfolio and systematically making additional purchases. In addition, by selecting stocks that pay good dividends and then reinvesting those dividends into more shares, investors can reduce their exposure to declines in stock prices and lock in certain minimum returns. Gas utility stocks clearly offer investors attractive investment alternatives under this scenario. According to Energy Performance Review, 2nd-quarter 1989 earnings before “special items” for 40 major gas distributors were up 22% over the same period in 1988.
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Burkhardt, Daniel A.
Mosbacher, Merry L.

Full text: [Public Utilities Fortnightly] Oct 26, 1989

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Lawmakers Consider Changes to Ease Investor Fears

SEC Chairman Richard C. Breeden announced what others have been saying since the Oct 1987 stock market crash: big moment-to-moment changes in stock prices are here to stay. A report on how lawmakers are considering changes is presented.
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Cranford, John R

Full text: [Congressional Quarterly Weekly Report] Oct 28, 1989

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Most Local Stockbrokers Perform Better Than Dart

At the end of the first quarter of play, Tim Shively of Prudential-Bache Securities leads a field of five in the Business Journal’s stock market game. At stake in the contest are the reputations of four local stockbrokers and a dart. Three months ago, each contestant wagered $100,000 in Business Journal funny money on a group of three publicly traded stocks. Now a quarter has passed, and it’s time to check the point spread on the bets. Shively’s investment — buoyed largely by a 24 percent increase in Blockbuster Entertainment — earned 4.7 percent on his portfolio, which completed the three months ended Oct. 20 at $104,716.93. (excerpt)
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Blaker, Ashley

Full text: [San Antonio Business Journal] Oct 30, 1989

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USAir Plays Down $78 Million Quarterly Loss

Losses of nearly $77.7 million in the third quarter by USAir Group Inc. were blamed by the company on low demand and higher expenses, but operations at the Philadelphia International Airport apparently aren’t part of the problem. USAir traffic at the Philadelphia airport was 1.34 million for the third quarter of this year, up more than 10 percent over last year’s comparable third-quarter figures, according to airport officials. “It’s unusual because across the system we’ve been seeing general (passenger) decreases of 2.8 percent,” said USAir spokesman David Shipley. “I guess this shows the particular strength of the Philadelphia market.” (excerpt)
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Clarridge, Christine

Full text: [Philadelphia Business Journal] Oct 30, 1989

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T.Rowe Price Associates Inc.: Recession Not In The Forecast

When the stock market plunged 190 points on October 13, 1989, T. Rowe Price Associates Inc.’s Growth & Income Fund purchased bargains. The $580-million mutual fund, which had gradually increased its cash reserve to 15% of assets by September, moved in quickly to take advantage of cheaper stock prices, dropping its cash holdings to 10% within days. The fund bought shares of Chevron Corp. at $60 per share – shares that had fallen 6 points, but recouped 4 points within 2 days. The fund seeks stocks that offer market yields or higher, that have lower-than-market price-to-earnings and price-to-book ratios, and that have the potential for above-average earnings growth. The fund also increased its holdings of Hartmarx Corp. and Gulf State Utilities Co. T. Rowe Price does not forecast a recession through the end of 1990. Fund President Stephen W. Boesel believes that the economy will continue at an annual growth rate of 2%-3%, with both consumer spending and industrial production remaining strong. He expects inflation will increase modestly in 1989 and 1990, edging up to 5%, as measured by the Consumer Price Index, from 4.1% in 1988.
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Chernoff, Joel

Full text: [Pensions & Investment Age] Oct 30, 1989

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Activism On The Rise Overseas

A small but growing number of institutional investors, especially public pension funds, are starting to become involved in corporate governance issues in other countries. One clear sign of this trend is the formation of 2 new groups to help these investors address corporate governance overseas. The Investor Responsibility Research Center (Washington, DC) has launched the Global Shareholder Consortium, which will provide members with information on key corporate governance and social responsibility issues overseas. Consortium members so far include 3 money managers, 8 state pension funds, 2 municipal pension funds, one foundation, and a university endowment. The International Stockholders’ Defense Association (Geneva, Switzerland), was formed by Joseph Lufkin, managing director of Capital Markets Holding Corp. and Global Proxy Services Corp., and Andre Baladi, managing partner of Baladi & Co. Balardi says that, initially, his organization will target Nestle SA.
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Price, Margaret

Full text: [Pensions & Investment Age] Oct 30, 1989

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Investors Reel as Rainbow’s Earnings Sink

Rainbow Technologies has learned a hard lesson in keeping investors abreast of the company’s situation. Despite showing consistent marks, the Irvine-based firm’s common stock dropped more than 50 percent in the week following the release of the firm’s third-quarter results. The stock, which peaked at $23.25 just days before the earnings release, plummeted to $11 within three days’ trading before stabilizing at $12.50. Rainbow spokesmen and industry experts placed blame on skittish investors bailing out when third-quarter marks — though respectable — didn’t meet expectations. (excerpt)
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Rechtin, Mark

Full text: [Orange County Business Journal] Oct 30, 1989

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Life Stocks Lagged Behind the Market in Third Quarter

The October 13, 1989, stock market plunge substantially diminished the best summer quarter for insurance stocks in several years. In a market collapse, insurance stocks decline with the rest of the market. For the 3rd quarter in a row, insurance stocks kept pace with or did better than a booming general market. A group of 5 service company stocks advanced an average of 28.9%. The stocks of a group of 8 reinsurers experienced an average escalation of 15.3%, while a group of multiline insurance stocks experienced a 14.7% advance. A group of 9 financial services stocks rose 11.3%, and a group of stocks of 7 brokers moved up 7.8%. The largest groups, property and casualty insurance stocks and life and health insurance stocks, underperformed the general market. The latter registered only a 4% increase.
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Meakin, Thomas K.

Full text: [National Underwriter] Oct 30, 1989

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Why Hershey Is Smacking Its Lips

In 1983, Hershey Foods Corp.’s stock performance lagged behind those of its peers in the packaged foods industry. Today, however, Hershey’s stock price has increased by more than 31% in 1989, about average for the industry. Credit goes largely to a spending spree that has carried Hershey past archrival M&M/Mars to the leading position in the domestic candy business. Since 1986, Richard A. Zimmerman, Hershey’s chief executive, has acquired 3 companies worth $577 million. Hershey now has half of the top 20 brands in the US. After several years of sluggish growth, Hershey’s earnings from continuing operations in 1989 will jump 22% from 1988, to $176 million on revenues of $2.6 billion. Hershey is planning to introduce at least one new product per year.
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Weber, Joseph

Full text: [Business Week] Oct 30, 1989

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The Hard Line Coming from Tokyo Banks

Wall Street had been counting on Japanese lenders for up to $3 billion to help finance a proposed $300-a-share management-labor buyout of UAL Corp. However, dissatisfied with the terms offered by UAL’s main bankers, the Japanese promised only 1/3 of what they were expected to lend. As the news of the collapsing buyout spread, stock prices plummeted. The number of loans and commitments from Japanese banks to facilitate US leveraged buyouts (LBO) indicate that large-scale deals cannot be completed by US banks alone. Yet, Japanese banks have decided to stay away from less productive deals, which could mean uncertainty for LBOs. With $370 billion in US assets, Japanese banks have a broad say over which ventures can and cannot proceed. Despite the UAL experience, Japanese bankers say that they will not abandon takeover lending entirely. As long as US borrowers continue to need Japanese capital, Japanese lenders can be expected to demand more for the privilege.
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Holden, Ted
Glasgall, William

Full text: [Business Week] Oct 30, 1989

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Saatchi Says This Change Is for Real

Robert Louis-Dreyfus has been enlisted as chief executive officer of Saatchi & Saatchi to help restore luster to the world’s largest advertising agency holding company. Most analysts expect operating earnings for the year ended September 30, 1989, to plummet 45% to $108 million. According to analyst David Forster, average net debt is expected to reach $232 million, compared with 1988′s cash surplus of $108 million. Louis-Dreyfus’ first order of business most likely will be to stave off raiders; stakes already are being built. The largest is the 10.2% of Saatchi stock held by Southeastern Asset Management Inc., which announced that it has received third-party inquiries about Saatchi. In addition, Italian media mogul Silvio Berlusconi, who owns 1% of Saatchi stock, may be interested in buying the Italian operation or backing management in a buyout of the agency’s European division. If Saatchi could come close to the $350 million that it is asking for its consulting division, Louis-Dreyfus could pay down debts and focus on Saatchi’s declining advertising performance.
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Melcher, Richard A.

Full text: [Business Week] Oct 30, 1989

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Does The Market Matter? Yes, But In Surprising New Ways

On Friday, October 13, 1989, the Dow Jones Industrial Average plunged 190 points, most of it in the last hour of trading. On Monday, October 16, 1989, the Dow plunged 60 points in the morning, only to rally and close up 88 points. In 1987, a far greater plunge did not produce any meaningful impact, causing investors to wonder whether the market really matters. Today, the market appears to matter least in the traditional role of predicting and precipitating ups and downs in the economy. Textbooks teach that stock prices represent the present value of future corporate earnings. However, the current market volatility is prompted by more than earnings assumptions. For example, the role of the market as a capital-raising device has been sharply curtailed as more corporations have shrunk their equity bases and leveraged up. Overall, economists see this volatility as a healthy development, possibly as an outlet for some of the excesses in the real economy.
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Pennar, Karen

Full text: [Business Week] Oct 30, 1989

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Corporate Earnings Cast a Shadow on the Street

The next few quarters may be difficult for Wall Street. An aging expansion does not support healthy earnings growth in the market because many of the early signs of an economic turndown, such as a weakening consumer demand, sluggish productivity growth, and rising wage pressures, are the same items that cut into profits. Aftertax corporate profits fell at a 25.8% annual rate in the 2nd quarter to an annual rate of $161.1 billion, a switch from the robust 22% increase in the first quarter of 1989. Net interest expense for nonfinancial corporations has skyrocketed during the latter part of this expansion, with interest payments doubling in just 3 years, and nonfinancial corporate debt has increased 50% since 1986. In addition, profit margins are being squeezed by accelerating labor costs. To protect their bottom lines, companies will try to pass their higher costs on to consumers.
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Madigan, Kathleen

Full text: [Business Week] Oct 30, 1989

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Speaking of dividends

Du Pont has increased its dividend for the second time this year, which resulted in a rise in its stock price. Inco, the largest nickel producer in the Western world, is also profiled.
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Full text: [Barron's National Business and Financial Weekly] Oct 30, 1989

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