Would-Be Operator Has Been in a Slump

Corporate raider Saul Steinberg, whose Reliance Financial Services Corp. is one of Quadrex’s largest shareholders, has been pressuring the company to bolster its earnings. The publicity from Quadrex’s pursuit of Rancho Seco has at least helped to bolster the company’s stock price. Some experts have estimated that it would cost Quadrex $500 million to acquire and operate Rancho Seco – almost 10 times the company’s revenues of somewhat more than $50 million last year. It also has to show SMUD that it can handle potential financial liabilities if a nuclear accident occurs at Rancho Seco – a heavy burden.
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Jeff Pelline, Chronicle Staff Writer

Full text: [San Francisco Chronicle (pre-1997 Fulltext)] Jun 21, 1989

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Princeton-Newport, Drexel cheated, prosecutor says

[Mark Hansen] alleged that Drexel via [Bruce Lee Newberg] purchased stocks from Princeton-Newport, then sold them back a short time later to create bogus losses that Princeton-Newport declared as tax deductions. The indictment in the case, handed up last August, alleged $13 million in bogus tax losses. In another alleged scheme, Hansen claimed Newberg, with the help of the Princeton-Newport defendants, illegally drove down the stock price of C.O.M.B. Co. in 1985 before a Drexel offering of $25 million in bonds to the Minneapolis-based merchandiser.
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The Associated Press

Full text: [Orange County Register] Jun 21, 1989

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Dow Transportation Index Sets a Record

”Profits continued to be taken in certain groups such as drugs, tobacco and select technology stocks,” said Brian Luedtke, a technical analyst at Piper, Jaffray & Hopwood Inc. in Minneapolis. ”The latter group has been the weakest according to our firm’s 3,300-stock data base.”
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WIGGINS, PHILLIP H.

Full text: [New York Times] Jun 21, 1989

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Stock Prices Edge Downward in Uninspired Trading; Dow Slips 7

Details of securities, bond and futures trading for June 20, 1989 are provided.
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Full text: [Los Angeles Times] Jun 21, 1989

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Stock Prices Edge Downward in Uninspired Trading; Dow Slips 7

On the NYSE, NWA was down 3/8 at 113 3/4 after soaring on Monday. Pan Am, a loser in the battle for NWA, was up 1/4 at 4. AMR Corp., the parent of American Airlines, had jumped 1 1/2 to 63 1/2. United Airlines’ parent UAL Corp. surged 5 5/8 to 133 1/2 after several analysts said they believe that its asset value is far higher than its current stock price. Yields on three-month Treasury bills declined to 8.41% as the discount fell 7 basis points from the level at auction on Monday to 8.14%. Yields on six-month bills slid to 8.52% as the discount remained unchanged at 8.07%, the level at Monday’s auction. Yields on one-year bills were down to 8.51% as the discount fell 6 basis points to 7.91%. Silver futures prices slid about 9 cents an ounce on New York’s Commodity Exchange as the dollar strengthened and other commodity prices fell, easing inflation fears. Gold futures prices also dropped.
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Full text: [Los Angeles Times (pre-1997 Fulltext)] Jun 21, 1989

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Paramount Alleges That Time’s Bid for Warner Is Illegal

Time last week spurned a hostile $10.7-billion cash offer from Paramount in order to press ahead with its planned merger with Warner. Time’s board altered its original plan to exchange shares with Warner, however, to avoid putting the decision to a shareholder vote. The upshot is that Time will have to borrow heavily to acquire Warner, leaving its shareholders with no immediate cash payment and a declining stock price. Paramount initially sued Time and Warner on June 7-the day it launched its hostile bid for Time-in an effort to overturn some of Time’s anti-takeover defenses. Paramount lost its first round, however, when Chancellor William T. Allen rejected the hostile bidder’s request to stop Time and Warner from exchanging blocks of stock that left Time with 8.69% of Warner’s voting shares and left Warner with 11.04% of Time.
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KATHRYN HARRIS

Full text: [Los Angeles Times (pre-1997 Fulltext)] Jun 21, 1989

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Lin Broadcasting Rebuffs $5.8-Billion McCaw Cellular Bid

Lin Broadcasting on Tuesday rejected a $5.8-billion takeover offer from McCaw Cellular Communications and said it was talking to various potential buyers and exploring other alternatives. The New York-based cellular telephone and broadcasting concern said the $120-a-share offer McCaw made on June 6 for the 90% of Lin that it doesn’t already own is inadequate. The offer, Lin said, discounted the company’s chances of acquiring Metromedia Inc.’s interests in cellular systems in New York and Philadelphia. (excerpt)
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Williams, Linda

Full text: [Los Angeles Times] Jun 21, 1989

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Dow dips in dull trading

On the NYSE, NWA was down 3/8 at 113 3/4 after soaring on Monday. Pan Am, a loser in the battle for NWA, was up 1/4 at 4. AMR Corp., the parent of American Airlines, had jumped 1 1/2 to 63 1/2. United Airlines’ parent UAL Corp. surged 5 5/8 to 133 1/2 after several analysts said they believe its asset value is far higher than its current stock price. Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 201.39 million shares.
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Full text: [Houston Chronicle (pre-1997 Fulltext)] Jun 21, 1989

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Transportation index towers over a sliding market

Stock prices slipped further Tuesday, despite another strong advance in airline issues, which sent the Dow Jones transportation index to a record high. Late futures-related selling and losses in the technology sector ended an afternoon of directionless activity as the Dow Jones industrial average fell 7.01 to close at 2472.88. “It’s just a nonevent, other than a few select stocks,” said Jack Baker, head of the equity block trading desk at Shearson Lehman Hutton Inc. “Unfortunately, I think everyone’s basically moving to the sidelines.”
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Chicago Tribune wires.

Full text: [Chicago Tribune (pre-1997 Fulltext)] Jun 21, 1989

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DOW OFF 7 POINTS TO 2472; TAKEOVERS ATTRACT ACTION

On the NYSE, NWA was down 3/8 at 113 3/4 after soaring on Monday. Pan Am, a loser in the battle for NWA, was up 1/4 at 4. AMR Corp., the parent of American Airlines, had jumped 1 1/2 to 63 1/2. United Airlines’ parent, UAL Corp., surged 5 5/8 to 133 1/2 after several analysts said they believe its asset value is far higher than its current stock price.
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Associated Press

Full text: [Boston Globe (pre-1997 Fulltext)] Jun 21, 1989

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BRAZIL STOCK PRICES BEGIN TO RECOVER

RIO DE JANEIRO – Brazil’s stock markets rallied yesterday despite a financial scandal that rocked trading and forced the government’s top banker to resign.
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Associated Press

Full text: [Boston Globe (pre-1997 Fulltext)] Jun 21, 1989

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Takeover companies dominate quiet day

Airline issues remained active following news Monday that Northwest Airlines’ parent NWA Inc. accepted a $4 billion buyout offer from a group led by Los Angeles investor Alfred Checchi. On the NYSE, NWA was down three-eighths at 113 3/4 after soaring Monday. Pan Am, a loser in the battle for NWA, was up one-fourth at 4. AMR Corp., the parent of American Airlines, had jumped 1 1/2 to 63 1/2. United Airlines’ parent UAL Corp. surged 5 5/8 to 133 1/2 after several analysts said they believe its asset value is far higher than its stock price. Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 201.39 million shares.
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Full text: [Austin American Statesman] Jun 21, 1989

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Report Gives Boost to Local Firms’ AIDS Vaccine

An experimental AIDS vaccine made by two Washington area biotechnology companies is “one of the two strongest contenders” in the race to protect people from the deadly disease, according to a Shearson Lehman Hutton Inc. investor report released yesterday. Viral Technologies Inc., a subsidiary of Cel-Sci Corp. of Alexandria, and Alpha 1 Biomedicals Inc. of Washington began human tests of one of the AIDS vaccines, HGP-30, in Britain last month, the report said. The other vaccine cited — being developed by Merck & Co. of Rahway N.J., and Repligen Corp. of Cambridge, Mass. — had impressive initial results in chimpanzees but is not expected to be tested in humans before late next year. (excerpt)
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Cooper, Stephen K.

Full text: [Washington Times] Jun 22, 1989

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Hard road ahead for auto stocks, analyst says

Auto stocks fell Wednesday after Jack V. Kirnan, senior auto analyst at Kidder, Peabody & Co., told investors to bail out of Ford and General Motors. He’d downgraded Chrysler to a “sell” more than a month earlier. Ford fell 3/8 to $48 3/4; GM, 5/8 to $40; Chrysler, 1/4 to $25 3/8. Answer: Stock prices today reflect a widespread belief in a “soft landing” in the auto industry. We don’t buy that argument. Our study of the used-car market shows the risk of a “hard landing” is much more likely than anticipated. Used-car prices relative to new cars are the weakest they’ve been since the recovery began. That lowers trade-in values and reduces demand for new cars.
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Paul Wiseman

Full text: [USA TODAY (pre-1997 Fulltext)] Jun 22, 1989

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Stock Prices Decline after Dollar Slides

On Jun 21, 1989, the Dow was down 7.97, closing at 2464.91, with declines outpacing advances by an 8 to 5 margin on moderate volume of 170 million shares.
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Cato, Ralph

Full text: [The Washington Post] Jun 22, 1989

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Stock Prices Decline After Dollar Slides

The story text of this…
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Ralph Cato

Full text: [The Washington Post (pre-1997 Fulltext)] Jun 22, 1989

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Trends In Water And Gas Utility Stock Ownership

According to a January 1989 report by the Edison Electric Institute, the number of electric utility common stock shareholders declined by 4.6% between 1986 and 1987, the 4th consecutive annual decline. The decline in ownership can be attributed to 3 main reasons: 1. a drop in electric utility stock prices, 2. a loss of confidence by individuals due to uncertainties surrounding the industry in particular and the stock market in general, and 3. a rise in institutional ownership. Utilities have historically been owned by individuals, but, over the past several years, the extent of institutional ownership has been increasing. Generally, there seems to be a direct correlation between company size and the amount of institutional ownership. Institutional ownership may also be tied, in part, to where a company’s stock is traded. Utilities of all types may have to make conscious, direct efforts to maintain their traditional investor base – the individual shareholder.
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Mosbacher, Merry L.
Burkhardt, Daniel A.

Full text: [Public Utilities Fortnightly] Jun 22, 1989

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The Complex Area Of Flotation Cost Adjustment

When a utility company sells common stock, there are 2 types of cost that reduce the amount of funds received by the company from the sale. These are often referred to as “flotation costs.” The utility company involved in a rate case must prove the existence of these costs and their relevance to future financing in order to include these costs in its rates. Recouping the costs is accomplished by increasing the allowed return on equity in order to increase stock price sufficiently to cover the costs. Intervenors in the rate case insist that, if the return on equity is raised too much, the stockholder will be allowed a return that is higher than cost. Yet, a utility company wants its cost to be covered. Many formulas have been proposed to reconcile this quandary. A life cycle discounted cash flow model assumes that: 1. a firm must reach a peak, 2. the rate of growth will decline, 3. stock sales will not be required when the company’s growth no longer demands them.
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Hunter, Sam R.

Full text: [Public Utilities Fortnightly] Jun 22, 1989

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Stock Prices Fall Moderately; Dow Off 7.97

Details of securities trading activity for June 21, 1989 are provided.
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Wiggins, Phillip H

Full text: [New York Times] Jun 22, 1989

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Stock Prices Fall Moderately; Dow Off 7.97

In that sector NWA, parent of Northwest Airlines, gained 5/8, to 114 3/8, Pan Am was up 1/8, to 4; Delta Air Lines was up 2, to 70 1/2; AMR Corporation, parent of American Airlines, gained 1 1/8, to 64 5/8; and USAir Group added 1/4, to 46 3/4. UAL Corporation, parent of United Airlines fell 1 1/4, to 132 1/4, on some profit taking after Tuesday’s 5-point jump. A Retreat in the Dollar Analysts said that the stock market was in the throes of a correction that could last several months. ”Stocks are producing an undesirable pattern of failed rally attempts,” said Eugene E. Peroni, chief technical analyst at Janney Montgomery & Scott Inc. in Philadelphia. ”It clearly is manifesting a turn in trading psychology.” Among other issues, Time Inc. jumped 4 3/4, to 157 1/4. The company termed ”specious” an amended complaint by Paramount Communications seeking to void an upcoming election of four Time Inc. directors.
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WIGGINS, PHILLIP H.

Full text: [New York Times] Jun 22, 1989

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