Hong Kong stock prices fall/Market reacts anxiously to China’s military crackdown

Thousands of angry Hong Kong residents gathered outside the Xinhua News Agency, the mainland government’s de facto embassy in the territory. [David Wilson] originally was to leave Monday for London to discuss Hong Kong’s future with members of the British House of Commons’ Foreign Affairs Committee. He delayed his departure until Wednesday because of the developments in China. Under a Sino-British agreement signed in 1984, China has said the territory can maintain its capitalistic lifestyle under a “one country, two systems” concept run by Hong Kong people without Chinese interference.
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Full text: [Houston Chronicle (pre-1997 Fulltext)] Jun 6, 1989

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Dow index falls by 37

Several individual stocks with operations or investments in China or nearby countries sold off sharply. But analysts said the conflict in Beijing, and the ensuing break in Hong Kong stock prices, did not appear to have any severe widespread impact on the U.S. market. Volume on the floor of the Big Board came to 163.42 million shares, down from 229.14 million in the previous session. Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 195.82 million shares. Among publicly traded investment companies specializing in Asian markets, Taiwan Fund dropped 3 3/8 to 36 5/8; Korea Fund 2 3/4 to 31; Asia Pacific Fund 1 3/4 to 9 1/8, and Thai Fund 7/8 to 15 3/4.
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Full text: [Houston Chronicle (pre-1997 Fulltext)] Jun 6, 1989

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Interest-Rate News Helps Stocks Post Solid Gains in Volatile Session

Falling interest rates helped stock prices rise, but investors exhibited caution over both strife in China and the Dow Jones Industrial Average’s flirtation with the 2500 level. Program buying and selling exacerbated price swings. The morning rally was sparked by anticipation of the Fed’s easing moves as well as buying by bargain-hunting investors drawn by Monday’s sharp decline. But rounds of sell programs tied to stock-index arbitrage erased those gains early in the afternoon. Then, with the help of buy programs, stock prices partially rebounded in the session’s final hour. Traders suggested the market’s volatility in part reflected nervousness about the political situation in China, which had been cited as a catalyst for the 37.13-point plunge in the Dow Jones industrials Monday.
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By Craig Torres and David Wilson

Full text: [Wall Street Journal] Jun 7, 1989

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Business Brief — Pyramid Technology Corp.: Stock Tumbles on Estimate Of Lower Profit or a Loss

Pyramid Technology Corp.’s stock price fell 26%, following the firm’s disclosure that it would report lower profit or perhaps a loss for its fiscal third quarter because of lower revenue resulting from slower than expected production deliveries.
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Full text: [Wall Street Journal] Jun 7, 1989

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Paramount makes $10.7B bid for Time;Move likely to spark clash of egos

For starters, [Martin Davis] obviously believes Paramount Pictures could use Time’s cable TV programming operations, including HBO, to boost Paramount movies. (Paramount’s latest hit: Indiana Jones and the Last Crusade.) And Paramount’s Simon & Schuster and Prentice Hall book publishing units could mesh well with Time’s magazine and Book-of-the-Month Club operations. Davis said Paramount won’t solicit proxies for the planned Time-Warner shareholders’ meetings on June 23. What’s more, if Time and Warner go ahead with the meetings, and Time shareholders vote for the Warner deal over Paramount’s offer, Paramount will withdraw its offer, Davis said. Time and Warner also have another weapon: A “lock-up” agreement under which Warner could immediately snare 11.1% of Time’s shares – keeping another suitor from getting total control. But Paramount said Tuesday that if Time and Warner exercise the lock-up, the two will lose favorable tax accounting treatment for their merger. The net result: Time-Warner would be forced to write off $8.6 billion in accounting “good will” over the years, substantially depressing reported earnings. Time HQ: New York 1989 estimate: Revenues: $5.0B Net income: $360M EPS: $6.30 Stock price: 52-wk hi/lo: $135 1/2/$93 Tues. close: $126, +2 3/4 Owns: Time, People, Sports Illustrated, Life, Fortune, Money; Book-of-the-Month Club, Time-Life Books, Little Brown, Scott Foresman; HBO, Cinemax; and 82% of ATC cable systems. Paramount HQ: New York 1989 estimate: Revenues: $2.95B Net income: $405M EPS: $3.50 Stock price: 52-wk hi/lo: $56 1/8/$37 1/8 Tues. close: $54, +1 Owns: Paramount Pictures; Madison Square Garden; Simon & Schuster, Prentice Hall; and Associates First Capital Corp.(1), which is for sale. 1 – not included in revenues Source: Value Line CUTLINE:DAVIS: CEO wants to turn Paramount into global media powerhouse – with Time’s cable TV programming a key player. CUTLINE:ROSS: Warner dealmaker wants Time on his side. CUTLINE:[J. Richard Munro]: Tries to keep takeover sharks away from Time
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Haya El Nasser
Gary Strauss
Jay McCormick

Full text: [USA TODAY (pre-1997 Fulltext)] Jun 7, 1989

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Paramount makes $10.7B bid for Time;Move likely to spark clash of egos

[Martin Davis] said Paramount won’t solicit proxies for the planned Time-Warner shareholders’ meetings on June 23. What’s more, if Time and Warner go ahead with the meetings, and Time shareholders vote for the Warner deal over Paramount’s offer, Paramount will withdraw its offer, Davis said. – Agree to be bought by Warner. If Warner outbid Paramount, the Time-Warner merger would still be possible. Time HQ: New York 1989 estimate: Revenues: $5.0B Net income: $360M EPS: $6.30 Stock price: 52-wk hi/lo: $135 1/2/$93 Tues. close: $126, +2 3/4 Owns: Time, People, Sports Illustrated, Life, Fortune, Money; Book-of-the-Month Club, Time-Life Books, Little Brown, Scott Foresman; HBO, Cinemax; and 82% of ATC cable systems. Paramount HQ: New York 1989 estimate: Revenues: $2.95B Net income: $405M EPS: $3.50 Stock price: 52-wk hi/lo: $56 1/8/$37 1/8 Tues. close: $54, +1 Owns: Paramount Pictures; Madison Square Garden; Simon & Schuster, Prentice Hall; and Associates First Capital Corp.(1), which is for sale. 1 – not included in revenues Source: Value Line CUTLINE:DAVIS: CEO wants to turn Paramount into global media powerhouse – with Time’s cable TV programming a key player. CUTLINE:ROSS: Warner dealmaker wants Time on his side. CUTLINE:[J. Richard Munro]: Tries to keep takeover sharks away from Time Indeed, Time set the haughty, chilly tone for the fight in a statement responding to Paramount’s bid. Time noted that Paramount “was launching a hostile offer for Time’s shares, in contradiction to explicit assurances Mr. (Paramount CEO Martin) Davis had previously given Mr. Munro. Mr. Davis’ proposal will be reviewed by Time’s board as required by law.”
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Haya El Nasser
Gary Strauss
Jay McCormick

Full text: [USA TODAY (pre-1997 Fulltext)] Jun 7, 1989

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3Com still a `buy’ after bad news

3Com said Monday that sales and earnings for its fourth quarter, which ended May 31, would fall below Street expectations – $112 million in sales, vs. an expected $115-$120 million; 28 to 33 cents a share in net income, vs. an expected 38 to 41 cents. 3Com also said 1990 growth will slow from the previous 40%-60% pace to the 30%-45% range. The stock price fell from $27 5/8 to $19 3/4. No, but the news raised warning flags. Says analyst Rich Edwards of Robertson Stephens & Co.: “They are well-positioned, but this is disconcerting.” Edwards is one analyst who says that only a long-term buy is best for 3Com. 3Com ran into two problems. It began expanding its sales staff rapidly – from 50 to 100 in the past six months with a goal of 250 by 1991 – just as the sales focus shifted to larger firms making larger purchases. That “mainstreaming” of the network business is slowing the sales cycle and making for a tougher arena in which to break in new salespeople.
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Kathy Rebello

Full text: [USA TODAY (pre-1997 Fulltext)] Jun 7, 1989

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OVERSEAS MARKETS Bargain hunting boosts London

Tokyo stock prices edged lower as investors largely kept clear of the market. Worries about political turmoil in China emerged again as the overriding factor pushing investors to the sidelines. The Nikkei stock average fell 5.07 points to close at 33,452.01. Volume totalled 550 million shares, up from Monday’s 490 million.
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Full text: [The Globe and Mail] Jun 7, 1989

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Stock prices rebound – gold leads TSE to post-crash high

On Wall Street, Jack Barbanel, vice-president with Gruntal and Co. Inc., attributed yesterday’s volatility to continued uncertainty about the political upheaval in China and concern about Iran following the death of Ayatollah Khomeini over the weekend. [Fred Knight] discounted suggestions that the bullion price rose because of concerns about political instability in China and Iran. “Gold always reacts very fast – if it was going to react that it should have happened before.” The industrials index rose 29.75 to 1669.66, banks 16.08 to 1924.12, mines 11.57 to 1954.38, utilities 2.13 to 1567.63 and oils 1.47 to 1655.65 while forest products dropped 4.47 to 3033.41.
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Full text: [The Gazette] Jun 7, 1989

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Stocks: Prices up on takeover reports

Meanwhile, LIN Broadcasting jumped 233/4 to 1271/4 and McCaw Cellular Communications gained 23/4 to 46 in the over-the-counter market.
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The Associated Press

Full text: [Orange County Register] Jun 7, 1989

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Market Place; Japanese Relish Levi Unit’s Stock

Levi Strauss went private in a 1985 buyout, so there is no market value for the parent company. But Morgan Stanley & Company estimated that if Levi’s shares were publicly traded in the United States, the company would have a capitalization of $2.5 billion, including debt. In the case of Levi’s Japan affiliate, the minimum planned price was 2,560 yen a share, but yesterday’s auction resulted in a price of 2,656 yen, about 4 percent higher than the minimum, and the equivalent of about $18.70 at current exchange rates. That is 37 times last year’s profits of 72 yen a share, and 11 times book value. Had enthusiasm for the offering been high enough, the Japanese rules would have allowed Levi to charge up to 30 percent more than the minimum price. Of Levi’s sales in Japan, about 10 to 15 percent are of clothes imported from the United States, Mr. [Joseph M. Maurer] said. About 35 percent comes from other Asian countries, and the rest from contractors in Japan that have contracts with Levi but are independent companies.
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Norris, Floyd

Full text: [New York Times] Jun 7, 1989

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Dow picks up 15 points in volatile trading

Jack Barbanel, a vice president with Gruntal & Co. Inc., attributed Tuesday’s volatility to continued uncertainty about the political upheaval in China and concern about Iran following the death of Ayatollah Khomeini over the weekend. He said stock prices gained support from firmness in the bond market. By late afternoon, the Treasury’s closely watched 30-year bond gained $3.75 for every $1,000 in face amount, while its yield, which moves in an opposite direction from its price, fell to under 8.40 percent from 8.43 percent late Monday. Barbanel predicted trading would remain choppy until Friday, when the Labor Department issues its producer price report for May. The markets believe the report, a key inflation indicator, may provide some clue as to the Fed’s next move.
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Full text: [Houston Chronicle (pre-1997 Fulltext)] Jun 7, 1989

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A Thrift on the Mend

Mr. [William A. Cooper] seems most comfortable when discussing TCF’s retail successes, achieved, he believes, by dint of astute marketing. When he arrived in 1985, TCF had a well-entrenched market position but hadn’t utilized that position to gather checking funds. It was largely a CD shop. Since that time, the savings and loan has increased the number of its checking accounts from 90,000 to 290,000. Just as the branch system gets paid a transfer rate of 1% over the Treasury yield curve for the funds it generates, the lending departments at the thrift are charged an equivalent rate for the funds they use. Say that the thrift’s auto lenders are making loans that have an average life of two years. Then the profitability of auto lending at TCF would be equal to the compensation earned on the loans minus the cost of money – which would be 1% over the prevailing rate on two-year Treasuries – and the noninterest direct, indirect, and loan-loss expenses. TCF still has much work to do to reach a viable level of profitability and to win over the investment community. To be sure, as its performance has improved, so has TCF’s stock price. But the higher stock valuation may be related more to takeover speculation than to investor recognition of the improved income fundamentals.
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SANFORD ROSE

Full text: [American Banker (pre-1997 Fulltext)] Jun 7, 1989

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Cool Economy, Hot Bids Boost Bonds, Stocks

Prospects of a cooler economy and lower inflation sparked a big bond rally, while another bout of takeover fever helped push stock prices higher. Long-term bond prices climbed nearly a point, or nearly $10 for each $1,000 of face amount. The Dow Jones Industrial Average rose 16, or 0.6%, to 2512.32 in heavy trading. Broader market barometers, which are more sensitive to takeover speculation, also jumped. Standard & Poor’s 500 Index rose 0.84% and the New York Stock Exchange Index was up 0.8%. Bond traders also said investors are more optimistic about long-term prospects for rising bond prices now that the Federal Reserve has reversed course and lowered interest rates. The Fed signaled earlier this week that it believes the economy is slowing enough that inflationary pressures should ease. Although some traders were disappointed the Fed didn’t lower rates even further, the prospect is for declining rates during the next several months.
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By Douglas R. Sease

Full text: [Wall Street Journal] Jun 8, 1989

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Business Brief — Sanderson Farms Inc.: Chicken Producer Receives Tentative Purchase Proposal

Sanderson Farms Inc., Laurel, Miss., responding to questions about gains in its stock price, said it had received a “tentative” acquisition proposal.
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Full text: [Wall Street Journal] Jun 8, 1989

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CHINA IN CRISIS Hong Kong stock prices bounce back for 2nd day

Associated Press HONG KONG Share prices on the Hong Kong Stock Exchange rose for a second day yesterday.
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Full text: [The Globe and Mail] Jun 8, 1989

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Media deals push markets higher; Stock prices surge on Paramount Communications bid for Time, McCaw offer for LIN

The markets were inspired by news that Paramount Communications is making an offer of $175-U.S. a share for Time, which had been planning to merge with Warner Communications. In another development, McCaw Cellular Communications made an offer of $120 U.S. a share offer for LIN Broadcasting. Paramount shares rose 75 cents to $54.75 and Warner gained $1.75 to $53.50. Separately, LIN Broadcasting jumped $26 to $129.50 and McCaw Cellular Communications gained $3.75 to $47 in the over-the-counter market.
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Full text: [The Gazette] Jun 8, 1989

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Paramount Bid Puts Time’s Stock in Orbit

Paramount Communications Inc’s $10.7 billion buyout offer to Time Inc sent that company’s stock prices up 40% to $170-a-share. The offer comes at a time when Time Inc is to merge with Warner Communications Inc.
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Full text: [The Atlanta Constitution] Jun 8, 1989

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Takeover bids boost market Series: BUSINESS DIGEST

NEW YORK – Stock prices gained ground for the second straight session Wednesday in a busy session energized by two takeover bids in the communications industry: Paramount Communications’ run at Time Inc., and McCaw Cellular Communications’ offer for LIN Broadcasting. The Dow Jones average of 30 industrials climbed 16.00 to 2,512.32 on top of Tuesday’s 15.62-point rise. Advancing issues outnumbered declines by about 9-to-5 in nationwide trading of New York Stock Exchange-listed stocks. Volume on the floor of the exchange came to 213.71-million shares, up from 187.57-million in the previous session. Goodyear leaving South Africa JOHANNESBURG, South Africa – Goodyear Tire and Rubber Co., one of the largest U.S.-based employers in South Africa, said Wednesday it was pulling out of the country. Goodyear said the sale of its tire and rubber operations to South African mining and industrial group Anglovaal Ltd. for $65-million cash would be effective July 1. It is the fifth major disinvestment by a U.S. company from South Africa this year. Tom Barrett, Goodyear’s president and chief executive, cited anti-apartheid sanctions against Pretoria’s white government, double taxes in the U.S. on South African earnings and the likelihood of a further slide in the value of the rand as the main reasons for disinvesting.
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Full text: [St. Petersburg Times] Jun 8, 1989

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Time’s Staff Is Glum; Stock Price Is Salve

The staff at Time Inc is concerned that a takeover by Paramount would mean less editorial freedom.
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Scardino, Albert

Full text: [New York Times] Jun 8, 1989

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