Money, Credit, and Security Markets: Common Stock Prices and Yields
Statistics from 1981 through May 27, 1989.
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Anonymous
Full text: [Economic Indicators] May 1989
Forex Trading System
Statistics from 1981 through May 27, 1989.
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Anonymous
Full text: [Economic Indicators] May 1989
Large amounts of stock are changing hands at Aon Corp. as the insurance giant continues to grow at a steady pace. Aon last month joined the growing list of Chicago-area firms to establish a leveraged Employee Stock Ownership Plan (ESOP). But unlike other companies that have recently enacted ESOPs, Aon doesn’t appear under much of a takeover threat. To be sure, Aon has some characteristics of a takeover target. The stock has been trading recently at an all-time high of $33 a share or 9.7 times earnings. Since the beginning of the year, the company’s stock has appreciated at a rate of 14.8% versus the industry average of 9.9%, according to William Anderson, an analyst who covers Aon for Duff & Phelps Inc. (excerpt)
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Hornung, Mark
Full text: [Crain's Chicago Business] May 01, 1989
Restricted stock grants are grants of shares with no individual investment needed, which are earned solely for continued employment. During the restriction period – usually 3-5 years but, in some cases, extending all the way to retirement – the shares may not be transferred or used as collateral, and they are forfeitable upon unauthorized termination of employment. No specific level of performance is demanded. If the stock price declines between the time the shares are granted and the time they become vested, whatever value is left still belongs to the recipient. Consequently, such grants have traditionally been used for recognition and retention of managers and professionals. This situation is changing, however. According to recent proxy statements of Fortune 200 industrials, 107 firms currently authorize restricted stock under their long-term incentive programs, and at least 64 have made outright grants to top executives within the past 3 years. The fact that many respected companies, including Citicorp and Hewlett-Packard, have made grants virtually assures a continuing trend.
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Paulin, George B.
Full text: [Compensation and Benefits Review] May/Jun 1989
Rate cutting in the property-casualty (P-C) insurance business could continue for as long as 4 years, said Warren E. Buffett, chairman of Berkshire Hathaway Inc., at the recent annual shareholders’ meeting. Buffett, referred to as the “Wizard of Omaha,” explained that P-C insurers will end their price war only when people are afraid to do business. Despite the less than enthusiastic news about conditions in the marketplace, Berkshire shareholders were pleased with the stock, which has more than doubled since a low of $2,550 in the 4th quarter of 1987. Berkshire, which has $3.6 billion in statutory capital and surplus dedicated to its insurance operations, ranks among the top 5 US insurers based on capital and surplus. The company’s premiums fell to $484.7 million last year as Berkshire insurers refused to drop their rates to maintain business.
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McIntyre, Kathryn J.
Full text: [Business Insurance] May 1, 1989
The lead underwriter of H. S. Weavers (Underwriting) Agencies Ltd. – the largest US liability insurance market in London – anticipates that the level of its increased loss reserves at year-end 1988 will be endorsed in the first week of May 1989 by a leading actuarial firm. It recently was announced that the loss reserves of Walbrook Insurance Co. Ltd., the major underwriter on the Weavers line slip, have been reviewed by a London-based unit of the Tillinghast division of Towers, Perrin, Forster & Crosby Inc. The loss reserves of Walbrook, which is owned by London United Investments PLC (LUI), will be increased for the 2nd time in 2 years when LUI announces its 1988 results. The recent LUI announcement on the loss reserves followed letters issued by US broker Alexander & Alexander Inc. (A&A) to its clients indicating that A&A was unable to determine Walbrook’s potential to fully meet its future obligations to policyholders.
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Shapiro, Stacy
Full text: [Business Insurance] May 1, 1989
Motorman George Turnbull, chairman and chief executive of international traders and car distributors Inchcape, says the UK company is not vulnerable to takeover. Turnbull is best known for not taking over at BL in the 1970s, opting for building up fledgling car production operations in the Republic of Korea and Iran. Inchcape’s 1988 results demonstrate a 27% gain in group profits to L177 million and a 40% jump in motor interests to about L100 million. Inchcape is moving into spare parts, car rental, and crash repair and is broadening its franchises away from its main Toyota tie-up. In general, current economic conditions are making hostile takeovers profitable for only a few raiders. Any bidder going after Inchcape would have to restructure the agreement with Toyota, with no guarantee of success.
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Dunn, Chris
Full text: [Business] May 1989
In the near future, the thrift industry will have to meet bank-like capital standards, and it is believed that the capital markets will provide a substantial portion of the required capital. An institution considering a secondary market offering also should consider the choice of capital instrument and the method of distribution. Other considerations include: 1. marketability, 2. dilution, 3. stock price, 4. aftertax cost, 5. regulatory treatment, and 6. distribution of securities. The 4 major classes of capital instruments are common stock, preferred and convertible preferred instruments, debentures or convertible debentures, and mandatory convertible instruments. An attractive alternative is the issuance of equity contract notes, either in the form of subordinated capital notes or debentures and mandatory stock purchase contracts (DMSPC). DMSPCs have such advantages as: 1. treatment as permanent regulatory capital, 2. debt treatment for tax purposes, 3. minimal dilutive impact, and 4. marketability.
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Horn, Michael M.
Plotkin, Ben A.
Full text: [Bottomline] May 1989
Program trading has recently returned and is again causing sharp intraday swings in stock prices. Program trading originated as a way for brokerage firms to buy or sell large baskets of stock for institutions without drastically disturbing share prices. In April 1982, the introduction of a futures contract linked to Standard & Poor’s 500-stock index created the opportunity for index arbitrage, the exploitation of minute differences between the price of futures and the price of the underlying stocks. Today, index arbitrage is by far the largest component of program trading, but other forms include asset allocation formulas and portfolio insurance. Users of index arbitrage employ individual formulas to determine the appropriate spread, or fair value, of futures prices above or below the cash value of the stock portfolio. Index arbitrageurs usually seek to capture a yield 1% to 1.5% above the Treasury-bill rate. Supporters of program trading claim that manually executed programs from the large institutions have kept program trading at high levels without causing another crash.
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Wyatt, Edward A.
Full text: [Barron's National Business and Financial Weekly] May 1, 1989
Program trading was branded as one of the chief villians figuring in the October 1987 crash. Yet, it is back, and it is again causing sharp intraday swings in stock prices.
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Wyatt, Edward A
Full text: [Barron's National Business and Financial Weekly] May 1, 1989
For many small businesses, counting paper clips is more than a cost-cutting measure; it is a matter of survival. In the past 3 years, the $60-billion-a-year office supply industry has witnessed the arrival of warehouse retailers, vendors of bulk office supplies to small businesses and individuals at discounts of up to 60% under list prices. Explosive growth has prompted several companies to tap the equity market, and the stocks of those concerns have bid up sharply. Staples Inc. sold an initial 3.25 million shares at $19 a share and traded above 23 in the first session, closing at 22 1/2. Office Depot, whose shares now sell for about $31 each, went public less than a year ago at only $10 a share. Office Depot is both the largest and the most profitable office-supply warehouse company, earning $3.8 million in 1988. Most of the warehouse retailers have a “club” membership policy that provides demographic information about customers and creates a mailing list for catalogs and other direct-marketing uses.
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Full text: [Barron's National Business and Financial Weekly] May 1, 1989
Illinois Tool Works Inc. (ITW) may be off the trail of major acquisitions for some time to come, according to John D. Nichols, chairman and chief executive officer. Besides broadening product lines, ITW in recent years has been increasing productivity, accelerating the flow of new products, increasing the penetration of markets, and becoming more and more a global supplier. Among ITW’s big items are plastic carriers for canned beverages. Many manufactured products are held together by a variety of fasteners and sealants produced by ITW. In the first quarter of 1989, net income rose 18% to $37 million. For the year, ITW should earn around $3 a share on revenues well in excess of $2 billion. In 1988, total net income jumped 32% to $140 million, while earnings per share rose 29% to $2.66. ITW benefited from a lower federal income tax rate and a drop in interest expense. ITW is financially solid and has demonstrated its ability to bring down acquisition debt rapidly.
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Byrne, Harlan S.
Full text: [Barron's National Business and Financial Weekly] May 1, 1989
Ohio based Cleveland-Cliffs said it scheduling full-capacity operations at its iron-ore mines for the rest of the year. While Chairman Thomas Moore declined to make earnings projections, he said the company has the potential for higher profit this year if current production schedules are not changed. Also, CLF has been considering the acquisition of Reserve Mining, in bankruptcy proceedings since 1986. A takeover could add 4 million tons of iron-ore capacity annually for CLF. o o o This marketer of highly innovative toys has projected a sharp increase in earnings for 1989. David Yankey, chief financial officer for the California-based company attributes the rise in stock price to a favorable portrayal of the company on the CBS show 48 Hours. While no earnings forecasts were given on the television show, Yankey said, it was noted that GAL’s micromachines line is the third best selling toy line in the country. Analyst Gary Jacobson of Kidder Peabody also cites the CBS show for stock activity. Jacobson, who rates GAL “neutral,” says he thinks the shares are now fairly valued. o o o
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Full text: [Austin American Statesman] May 1, 1989
Likewise, the economy will continue to grow at a steady, non-inflationary pace that won’t create unusual concerns about inflation. But [Joseph Feshbach] does concede that an occasional monthly economic figure could still excite or horrify Wall Street, depending on whether it forecasts inflation or not. “I feel the way I felt in the summer of 1987,” [Hugh Johnson] said. “I feel uncomfortable with current stock market levels.” He is not predicting another crash, but he does think the Dow could easily fall about 270 points from the 2,400 level it reached this month. The fall could be even greater if – as Johnson believes – stock prices will climb a bit more before suffering a reversal. Johnson also said corporate profits aren’t of the same “quality” as they were in the early ’80s because of tax-law changes. By “quality” Johnson means companies are not generating as much cash from operations as they once did.
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John Crudele
Full text: [Austin American Statesman] May 1, 1989
Sybra Inc.-the nation’s second-largest franchisee of Arby’s restaurants-this week is expected to take one more step toward becoming private. Disappointed with the performance of the company’s 3-year-old public stock, Sybra officials will offer to purchase the final 5 percent of its outstanding shares. The move follows the purchase in March of the 12 percent of its stock owned by Drexel Burnham Lambert, the underwriter of Sybra’s June 1986 public offering. “Because of the Drexel buy-back, we felt we should offer other shareholders some liquidity, an opportunity try get out,” says William L. Wortman, vice president and treasurer. Wortman expects a handful of stockholders to keep their shares, but he says company officials have not discussed plans to acquire those shares. (excerpt)
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Thomas, Emory, Jr.
Full text: [Atlanta Business Chronicle] May 01, 1989
Pentamidine was initially approved for treating those who had already contracted PCP – mostly AIDS patients and small children with weak immune systems. In February, the FDA approved, on an experimental basis, regular inhalations of it to prevent PCP in AIDS patients. Analysts say investors have already factored much of the drug’s potential impact into the stock price.
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Calvin Lawrence Jr.
Full text: [USA TODAY (pre-1997 Fulltext)] May 2, 1989
Rumors on Wall Street say that Irwin Jacobs has acquired 5% of Avon Product Inc stock and Unilever may also be interested in purchasing the company. A buyout would be good news for shareholders because it would cause stock prices to jump for the first time in years.
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Kadlec, Daniel
Full text: [USA TODAY] May 2, 1989
The Defense Logistics Agency’s decision to suspend Fairchild Industries Inc.’s Voi-Shan fastener division from selling products to the federal government pushed down the Chantilly defense contractor’s stock yesterday and raised questions about whether the Carlyle Group, a Washington merchant banking firm, would continue its effort to take over Fairchild. Fairchild said yesterday that it was “surprised” at the order issued Friday to suspend Voi-Shan from new government contracts because of allegations that the division’s employees had falsified testing data on aerospace fasteners. The company called the suspension of the California-based subsidiary “an unnecessary precaution.” (excerpt)
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Sugawara, Sandra
Full text: [The Washington Post] May 02, 1989
TORONTO – Stock prices in Toronto and New York lost ground Monday following evidence of persistent strength in the U.S. economy. Volume was slow in Toronto, with 13,927,582 shares traded, including about one million shares of Encor. Investor interest continues in the oil and gas company, which is being spun off from TransCanada PipeLines. Of the issues traded, 215 advanced, 197 declined and 382 were unchanged for a VSE index of 776.89, up 2.02 from Friday’s close.
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Full text: [The Vancouver Sun] May 2, 1989
Speculation that McCaw Cellular Communications Inc. will spend heavily for a big piece of the Santa Barbara, Calif., market, was being reflected in a run-up of the stock price as shareholders gathered today for the company’s annual meeting. The rise in the stock price, from $37 3/4 last Thursday to $41 3/4 in early trading today reflects the company’s potential growth, rather than actual performance, analysts say. Kirkland-based McCaw, the nation’s largest cellular-communications company, lost $297 million last year on sales of $311 million. “A typical investor wouldn’t see the year McCaw had in 1988 as very good,” said John Reidy, stock analyst for Drexel Burnham Lambert in New York. (excerpt)
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Healy, Tim
Full text: [Seattle Times] May 02, 1989
Speculation that McCaw Cellular Communications Inc. will spend heavily for a big piece of the Santa Barbara, Calif., market, was being reflected in a run-up of the stock price as shareholders gathered today for the company’s annual meeting. The rise in the stock price, from $37 3/4 last Thursday to $41 3/4 in early trading today reflects the company’s potential growth, rather than actual performance, analysts say. Kirkland-based [Craig] McCaw, the nation’s largest cellular-communications company, lost $297 million last year on sales of $311 million. “A typical investor wouldn’t see the year McCaw had in 1988 as very good,” said John Reidy, stock analyst for Drexel Burnham Lambert in New York. McCaw has grown to be the dominant force in the cellular industry and one of the biggest companies in the state in just a few years. In terms of market value – the amount of shares in a company multiplied by the per-share price – McCaw, which went public in August 1987, is worth about $5.4 billion, ranking it fourth in the state behind Boeing, $11.7 billion; Burlington Resources, $6.8 billion; and Weyerhaeuser, $5.9 billion.
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TIM HEALY
Full text: [Seattle Times] May 2, 1989