C&S Chairman Assails NCNB Bid at Annual Meeting Series: 7

After the meeting, the C&S board unanimously confirmed its rejection of the NCNB bid. In a letter to NCNB’s board, C&S directors recommended that both banks “get back to the business of banking and avoid further distraction and expense.” During the question and answer period, only one shareholder criticized C&S for refusing to negotiate with NCNB. Ronald Bartlett of Pittsburgh, holding 575 shares, asked Mr. [Bennett A. Brown] when he could anticipate that the company’s book value – now $20.56 a share – would match its current stock price, which was $35 a share Tuesday. Mr. Brown did not respond directly to Mr. Bartlett’s objections. The value of C&S’s stock has appreciated 35% since NCNB made its offer public on March 30.
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KENNETH CLINE, Southeast Bureau

Full text: [American Banker (pre-1997 Fulltext)] Apr 19, 1989

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Stock Market Keeping a Close Eye on Northwest

Northwest Airlines stock prices reached an all-time high on April 19, 1989 as the company became the target of a takeover battle by big-name bidders.
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Field, David

Full text: [Washington Times] Apr 20, 1989

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Tokyo Stock Prices Increase Slightly to a Record; London Shares Rise but Close Below Day’s Highs —- A Wall Street Journal News Roundup

Brokers in Tokyo said the market there never gained real momentum during the day, as share prices traded in narrow ranges. Participants had expected a stronger gain in the market after Tuesday’s 41.61-point rise in the Dow Jones Industrial Average, the largest increase this year. The Nikkei Average of 225 issues, a 13.33-point gainer Tuesday, closed up 42.17 points at 33363.83 for the fourth gain in as many sessions. The previous record was 33360.79, set April 5. Helped by buying from some more bullish institutions, steels traded actively. Three of the five most actively traded issues Wednesday were large-capital steel makers: Sumitomo Metal Industries, Kobe Steel and Nippon Steel. Sumitomo Metal closed up 19 yen (14 cents) at 898 ($6.84), Kobe Steel was down 13 yen at 922, and Nippon Steel was up 10 yen at 942.
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Full text: [Wall Street Journal] Apr 20, 1989

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Bid to Acquire CNW Is Being Considered By Japonica Partners

Japonica Partners disclosed that it plans to seek to acquire CNW Corp. “at a substantial premium over the $31 per share” price that Gibbons, Green, van Amerongen and certain CNW senior management were willing to pay last year. In a Securities and Exchange Commission filing, Japonica, which is mailing its proxy statement today to CNW shareholders, also said that the price will be at a “substantial premium over CNW’s 1989 pre-rumor stock price.”
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Full text: [Wall Street Journal] Apr 20, 1989

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Stocks Rise Again; Dow Up 7.51

Stock prices climbed on Apr 19, 1989 carrying the market to its highest levels since the crash of 1987. The Dow Jones average of 30 industrials rose 7.51 to 2386.91.
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Full text: [The Washington Post] Apr 20, 1989

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Stocks Rise Again; Dow Up 7.51

Stock prices climbed again today, continuing the rally that has carried the market to its highest levels since the crash of 1987. The Dow Jones average of 30 industrials rose 7.51 to 2386.91, bringing its gain over the past four sessions to 90.91 points.
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Full text: [The Washington Post (pre-1997 Fulltext)] Apr 20, 1989

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Stock prices retreat

Stock prices fell today as a weak U.S. dollar and rising interest rates blunted the New York market’s recent rally. Gold bullion was quoted at $383.50 US a troy ounce in mid-day New York selling, up 10 cents from Wednesday’s close. Silver was quoted at $5.74 an ounce.
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Full text: [The Vancouver Sun] Apr 20, 1989

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Potential dip in interest rate has stock prices on the rise

The Toronto Stock Exchange’s 300 composite index was up 3.97 points in brisk trading to 3,599.91 while New York’s Dow Jones average of 30 industrials rose 7.51 to 2,386.91. Investors took the news to mean central bankers in Canada and the U.S. may soon lower interest rates, said Leon Tuey, an independent technical analyst. Of the issues traded, 190 advanced, 264 declined and 526 were unchanged for a VSE index of 794.54, down 3.02 from Tuesday’s close.
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Full text: [The Vancouver Sun] Apr 20, 1989

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Wells Fargo stock climbs after good first quarter

The higher earnings _ $141.5 million U.S. ($2.56 per share), up from the prior year’s $120.4 million ($2.45) _ plus news that it had finishing selling off all of its Third World debt, boosted Wells Fargo’s stock price to $70.88, up $2. That’s just 38 cents shy of its 52-week high on the New York Stock Exchange. Bank analyst Thomas Brown of Smith Barney, Harris Upham & Co. in New York said the bank’s expense ratio _ noninterest expenses as a percentage of revenue _ was the lowest of the 65 large banks he follows.
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Full text: [The Ottawa Citizen] Apr 20, 1989

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Stock market rally continues Series: BUSINESS DIGEST

NEW YORK – Stock prices kept climbing Wednesday, getting a little more mileage out of the rally that has carried the market to its highest levels since the crash of 1987. The Dow Jones average of 30 industrials rose 7.51 to 2,386.91, bringing its gain over the past four sessions to 90.91 points. Advancing issues outnumbered declines by about 4-to-3 in nationwide trading of New York Stock Exchange-listed stocks. `No sale,’ Lorenzo insists NEW YORK – Texas Air Corp. chairman Frank Lorenzo remained locked on a collision course with the federal judge overseeing Eastern Airlines’ bankruptcy case by insisting Wednesday that the strike-wracked carrier will be shrunk not sold. “There are a lot of people out there who want to buy Eastern Airlines for some beads,“ Lorenzo said. “Eastern has to be built back the old-fashioned way. … We don’t think that any sale transaction makes sense.“ But U.S. Bankruptcy Judge Burton R. Lifland appears poised to put the entire airline up for sale. Lifland, who generally refrains from speaking to reporters on pending cases, was unavailable for comment.
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Full text: [St. Petersburg Times] Apr 20, 1989

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FLUKE TO BUY BACK SOME OF ITS SHARES

John Fluke Manufacturing Co.’s stock price shot up this morning after the company’s announcement that it will buy back as much as 17 percent of its outstanding stock. The company today announced it will buy shares for between $22 and $25 a share based on the results of a “Dutch auction” it is holding from now until May 17.
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Full text: [Seattle Times] Apr 20, 1989

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Stocks: Prices climb; Dow up 7.51

The Dow Jones average of 30 industrials rose 7.51 to 2,386.91, bringing its gain over the past four sessions to 90.91 points. Volume on the floor of the Big Board came to 191.51 million shares, down from 208.65 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 227.87 million shares. GRAPH; (graphs include Dow Jones 30 industrials; NYSE volume; 30-yr. Treasury yields; and Dollar vs. yen); Credit: The Register
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The Associated Press

Full text: [Orange County Register] Apr 20, 1989

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Talking Deals; Betting on the Sale Of Newmont

Minorco S.A., the biggest gold producer in the world, is based in Luxembourg but is controlled by gold and diamond mining interests of Harry F. Oppenheimer, the South African billionaire. Consolidated Gold Fields P.L.C., which is based in London, is the world’s second-largest gold producer. Among other things, Gold Fields owns 49.3 percent of Newmont, which in turn owns 90 percent of the Newmont Gold Corporation, the biggest gold producer in the United States. And Minorco owns nearly 30 percent of Gold Fields. Two months ago the British Monopolies and Mergers Commission cleared Minorco to proceed with its hostile takeover plan and Newmont stock gradually rose to almost $46 a share. The reason was strong speculation that Newmont might go on the block. A month ago a Federal appeals court in New York upheld the lower court injunction and Newmont stock began sliding. The theory was that Newmont might not go on the block after all. And last Monday, when Federal District Judge Michael B. Mukasey refused to reconsider his injunction, Newmont stock slid $2.75, to $36.50. The Newmont story began with Minorco’s bid for Gold Fields. Minorco said from the start that if it won it would negotiate with Newmont to reduce Gold Fields’ 49 percent stake.
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Cole, Robert J.

Full text: [New York Times] Apr 20, 1989

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Rally Carries Stocks to New Post-Crash High

Stock prices for Apr 19, 1989 are discussed.
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Full text: [Los Angeles Times] Apr 20, 1989

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Senators Challenge Takeovers by Banks Receiving Federal Aid

Some congressmen and bankers are concerned that NCNB Corp may take advantage of federal funds and a favorable stock price to pursue its hostile bid for Citizens & Southern Corp. Both advantages are tied to assistance that NCNB received in 1988 when it acquired First RepublicBank Corp.
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Rosenstein, Jay
Garsson, Robert M

Full text: [American Banker] Apr 20, 1989

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Senators Challenge Takeovers By Banks Receiving Federal Aid

Some congressmen and bankers are concerned that NCNB, based in Charlotte, N.C., may take advantage of federal funds and a favorable stock price to pursue its hostile bid. Both advantages are tied to assistance that NCNB received last year from the Federal Deposit Insurance Corp. when it acquired First RepublicBank Corp., Dallas. Congressional and industry sources stressed that the battle for C&S isn’t the only provocation for setting limits on hostile bank takeovers. They said institutions such as Virginia’s Sovran Financial Corp. and Florida’s Barnett Banks are at the forefront of the campaign because they believe they may be the next targets of the aggressive NCNB – especially if the bid for C&S fails. Legislation to block the NCNB bid and other hostile takeovers is still a possibility for later in the year, after a thrift industry rescue bill is enacted and before NCNB completes its expansion, sources said. – Robert M. Garsson in Washington contributed to this story.
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JAY ROSENSTEIN, Washington Bureau

Full text: [American Banker (pre-1997 Fulltext)] Apr 20, 1989

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Wright Shared Big Profits in Purchase Of Oil Firm’s Stock in 1980, Report Says

Mr. Wright’s investment was in partnership with Texas businessman George Mallick who bought for the partnership 1,500 Delhi shares on margin, or credit, near mid-March 1980 and within weeks of when Sedco Inc. began its purchases, according to subsequent filings with the Securities and Exchange Commission. Sedco’s purchases, which became publicly known in April, helped push up the stock price, and in June 1980 Mr. Mallick sold half the stock off at nearly double its purchase price of $25.75 a share. In August 1981, he sold the remaining half for $113.38 a share, when SEC filings show Sedco was also selling off a large portion of its holdings and immediately before the price fell when Delhi announced it had no immediate buyer for its stock. The ethics committee has charged Mr. Wright with 69 violations of House rules and ethics standards, but no decision has been made on when to begin a trial-like hearing on the alleged infractions. Mr. Wright told the Associated Press yesterday that Mr. Phelan is “dragging his feet” on the case, and Texas allies complain that the speaker is being pummeled in the press while the prosecutor dawdles.
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By David Rogers and Brooks Jackson

Full text: [Wall Street Journal] Apr 21, 1989

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Short Interest Reaches Record On Big Board — Figure Rose 6.4% in Month; Position on Amex Grew 5.7% for Another High

For the month ended April 14, Big Board short interest increased 6.4% to 556,340,983 shares from 522,737,579 shares a month earlier. The latest figure surpassed the record set Aug. 14, 1987. Short interest was 439.3 million shares in the year-earlier month. Amex short interest grew 5.7% to 43,755,196 shares from the previous month’s record, an adjusted 41,366,433 shares. A year earlier, Amex short interest was 28.8 million shares. A short sale is the sale of borrowed stock. Although a substantial short position reflects heavy speculation that a stock’s price will decline, some investors consider an increase in short interest bullish because the borrowed shares eventually must be repurchased.
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By Sanford L. Jacobs

Full text: [Wall Street Journal] Apr 21, 1989

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Bonn Move Depresses The Markets — Dollar, Bonds, Stocks All React to Increase In Key Interest Rates

The surprise boost in West Germany’s key short-term rates effectively wiped out any hopes that U.S. short-term rates would ease. The West German action touched off a chain reaction in U.S. financial markets: first the dollar, then bond prices and finally stock prices tumbled in quick order. The dollar and bond prices stayed weak, but stock prices recovered part of their losses in the afternoon.
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By Douglas R. Sease

Full text: [Wall Street Journal] Apr 21, 1989

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Stock market rally fizzles Series: Business Digest

NEW YORK – Stock prices retreated Thursday as an unexpected increase in West German interest rates put the dollar under pressure in foreign exchange markets. The Dow Jones average of 30 industrials, which had risen 90.91 points over the four previous sessions, dropped 9.53 to 2,377.38. Declining issues outnumbered advances by about 7-to-5 in nationwide trading of New York Stock Exchange-listed stocks, with 599 up, 852 down and 517 unchanged. Volume on the floor of the exchange came to 175.97-million shares, down from 191.51-million in the previous session. WINTER HAVEN – Scotty’s Inc. reported higher income and sales for the third quarter ended April 1. The home-improvement retailer said earnings were $3.37-million, a 10.6 percent increase over a year ago. Revenues were $149.1-million, an 8.6 percent increase. Scotty’s operates 113 home-improvement centers and 49 hardware stores in Florida, Georgia and Alabama. GIB Group, a Belgian retailer that owns 43 percent of Scotty’s stock, has made a proposal to buy the remainder for $15 a share, or $126.5-million. ST. PAUL, Minn. – NWA Inc., parent of Northwest Airlines and the target of a hostile takeover attempt by billionaire oilman Marvin Davis, on Thursday reported its largest first-quarter profit of the decade. First-quarter net earnings of $12.6-million, or 43 cents a share, marked the first time in four years NWA has posted net earnings in the first quarter, when travel is typically at its lowest point. First-quarter revenue increased to $1.48-billion, up 19.3 percent from a year ago.
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Full text: [St. Petersburg Times] Apr 21, 1989

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