Investors Overlook Losses, Push Cellular Stocks Sky High
Cellular Inc., a company with little revenue and big operating losses, has captured the attention of Wall Street with a unique business approach that targets rural cellular telephone markets. Since the beginning of the year, Cellular Inc.’s stock price has shot up to a high of $29.25, from a low this year of $8; late last week the stock was trading at $28.50. So how does a tiny Denver company that posted a first-quarter loss of $588,615 on revenues of $112,611 and operating loss last year of $853,168 attract the interest of Wall Street? The answer is cellular technology. (excerpt)
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Bulkley, Kate
Full text: [The Denver Business Journal] Jun 12, 1989
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Genus Leapfrogs on Innovation, 90-Percent Market Share
Bill Elder often tells his employees they are running in a marathon, not a 100-yard dash. As the head of Genus Inc., a newly public chip equipment company in Mountain View, he wants them to be in training for the long haul. “We want to be the biggest and the best in the semiconductor industry,” said Elder, president and chief executive. “Within three to five years, we could be a $500-million company.” Since going public last in November at $5 a share, Genus’ stock has more than doubled, to $12.12 a share last week. The company’s net earnings for the quarter ended March 31 leaped to $2.1 million or 24 cents a share from $209,000 or 3 cents a share for the same quarter the previous year. Sales climbed to $18.6 million for the quarter, compared with $11.8 million for the previous year’s quarter. (excerpt)
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Poletti, Therese
Full text: [The Business Journal] Jun 12, 1989
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Flesch Trades Whirl of CBOE Pits for Office Serenity
More than 100 miles from the swirling commotion of the Chicago pits, stock market trader Daniel Flesch Sr. rocks violently in his chair while glaring intently at a video display of changing stock prices. His corner office is bordered on two sides by forest. The space at N14 W24200 Tower Place, Waukesha, is being subleased from a software company. Compared to the floor of the Chicago Board of Options Exchange, the office is serene. The only noise breaking the silence is Flesch’s chair. It lets out a series of high pitched squeals as he bobs back and forth like a musician searching for a beat. (excerpt)
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Kendall, Peter
Full text: [The Business Journal] Jun 12, 1989
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Howtek’s Colorful Future May Face Reality Check
Despite the bloody scent of red ink that some observers, including Barron’s, have lately caught, New Hampshire-based Howtek continues to exude the sweet smell of money to investors and top management. Undaunted by a string of losses — the distributor of color scanners and printers lost $8.6 million in 1987, $5.3 million in 1988 and $1.6 million in the first quarter of this year –investors continue to hang on, waiting for the boom in the color market, which is somehow always “just around the corner.” Howtek says the recent jump in its sales is proof that the “boom” is near. In 1988, sales shot up to $11.2 million from only $2.7 million in 1987. (excerpt)
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Veronis, Nicholas
Full text: [The Boston Business Journal] Jun 12, 1989
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Stocks: Prices fall, recover from lows
Within the blue chip sector, International Business Machines was down five-eighths to 1073/4; American Telephone & Telegraph was down one-fourth to 36; Exxon was off one-eighth to 433/4; and Eastman Kodak showed a loss of 1, at 493/8. Air, was down one-half to 108. Northwest’s pilots union said it may strike if NWA accepts a takeover bid that the union opposes. The heavy rain in Texas, Oklahoma and the lower Midwest delayed harvest of the winter wheat crop and helped support prices. But the same storms reached into the corn and soybean belt of the upper Midwest and nourished the still-developing crops in Iowa, Illinois and Indiana.
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The Associated Press
Full text: [Orange County Register] Jun 12, 1989
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Big Gains By Stocks In Nasdaq
”The small stocks represented by the Nasdaq are in a better position than the large stocks represented on the Dow,” said Mr. [Robert J. Farrell] of Merrill Lynch. ”The economy has expanded and earnings are dramatically higher,” Mr. [Roger B. McNamee] said. Indeed, the average price-earnings ratio of the 215 companies in the New Horizons Fund, a commonly used proxy for the over-the-counter market, is 14 times earnings, compared with 18.3 in August 1987 and 22 in June 1983. And the New Horizons’ relative P-E – its price-earnings ratio compared with that of the S.&P. 500 – is now only 1.14, up from 1.12 in August 1987, but below 2, which is the level at which professional investors consider the stocks overpriced. If that happens, the rally could run out of steam. ”As we’re all committing reserves, there won’t be anyone else,” Mr. Zaino speculated.
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WALLACE, ANISE C.
Full text: [New York Times] Jun 12, 1989
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Michael Foods Is Scrambling to Start Easy Eggs Plant in Gaylord
THE MUCH-ANTICIPATED startup of Michael Foods Inc.’s Easy Eggs plant in Gaylord, originally scheduled for April 1, is being delayed until mid-to-late June. The delay is causing concern among securities analysts, who said that competitors have revealed for the first time that they are working on products similar to Easy Eggs. If they are successful, Michael Foods could quickly lose its leading market position. Easy Eggs is a liquid egg product with an extended refrigerated shelf-life of about 45 days, compared with five days for competing egg products. It also is free of salmonella and listeria bacteria and is attractive to major shell-egg users such as hospitals, fast food chains and nursing homes. Golden Valley-based Michael Foods is the exclusive U.S. supplier of such ultra-pasteurized liquid eggs. (excerpt)
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Fink, Laurie
Full text: [Minneapolis / St. Paul CityBusiness] Jun 12, 1989
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NEWS ANALYSIS Where Did Time Inc. Go Wrong? Its Managers May Have Underestimated the Power of Public Investors
Now a big company that gets more of its $4.5 billion in revenues from cable television than from magazines, Time has been in a whirlwind since Paramount Communications Chairman Martin Davis launched a $175-a-share-bid for its stock Tuesday. The Paramount offer threatened Time’s plan to merge with Warner Communications through a deal based on Time’s stock price in March of about $110 a share-a merger that would result in 62% of the combined company being owned by Warner shareholders. It is just such a restructuring that Time’s top brass, Chairman J. Richard Munro and President Nicholas J. Nicholas, have sought for years to avoid. In a determined campaign during the past two years, Time’s executives have approached every other sizable media company, seeking a friendly merger partner. “These things were done informally in lunches and dinners,” explains a former high-ranking Time executive. “Nothing specific needed to be said but nobody would be in any doubt of what was involved.” The fate of CBS made a particular impression. From their 34th floor offices in the elegant Time-Life Building, Time’s executives could look across New York’s 6th Avenue to the headquarters of CBS, which knew years of corporate turmoil after [Ted Turner] challenged it with a takeover offer in 1985. “CBS was seared into the imagination of Time’s managers,” says a former Time executive.
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JAMES FLANIGAN
Full text: [Los Angeles Times (pre-1997 Fulltext)] Jun 12, 1989
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Local Public Companies Making Headway in Keeping Pace With Dow Jones Average
Some local stock prices are approaching new highs as Jacksonville’s public companies take long strides to keep up with the sharp increase in the Dow Jones Industrial Average. Barnett Banks Inc. and Winn-Dixie Stores Inc., for example, just missed reaching their 52-week highs June 2 when the Dow Jones hit a post-Crash high of 2517.83. Barnett closed at $38.63, off 13 cents from its 52-week high, and Winn-Dixie finished the day at $49.38, down $1.25 from its high of $50.63. Richard Blankenbaker, first vice president of Robinson-Humphrey Co. Inc. said that at least in Winn-Dixie’s case, the market was only part of the reason for the climb. (excerpt)
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Hirsch, Jane
Full text: [Jacksonville Business Journal] Jun 12, 1989
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Excitement We Can Live Withwout
Criterion Group Inc. (Houston, Texas), a large money manager and mutual fund operator, agreed this spring to be bought by Transamerica Corp. The price was $13 per share, $5 less than buyers of Criterion paid at its initial public offering in November 1986. At more than 10 times peak-year earnings, Criterion shares were no bargain at $18 in 1986. Investors bailed out when the bond market started sagging in early 1987. By the end of 1988, an estimated 80% of Criterion’s institutional stock portfolio had been liquidated. In a major defection, the Arizona State Retirement System, a client for 5 years, withdrew its $650-million balanced account in April. Criterion insiders suggest the firm’s own employees, who saw their stake of more than 30% eroding in value, pressured Chief Executive Charles Miller into selling. Through Transamerica’s extensive insurance operations, Criterion will get the retail sales network it needs for its mutual funds.
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Barrett, William P.
Full text: [Forbes] Jun 12, 1989
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Excitement We Can Live Without
Criterion Group Inc. (Houston, Texas), a large money manager and mutual fund operator, agreed this spring to be bought by Transamerica Corp. The price was $13 per share, $5 less than buyers of Criterion paid at its initial public offering in November 1986. At more than 10 times peak-year earnings, Criterion shares were no bargain at $18 in 1986. Investors bailed out when the bond market started sagging in early 1987. By the end of 1988, an estimated 80% of Criterion’s institutional stock portfolio had been liquidated. In a major defection, the Arizona State Retirement System, a client for 5 years, withdrew its $650-million balanced account in April. Criterion insiders suggest the firm’s own employees, who saw their stake of more than 30% eroding in value, pressured Chief Executive Charles Miller into selling. Through Transamerica’s extensive insurance operations, Criterion will get the retail sales network it needs for its mutual funds.
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Barrett, William P.
Full text: [Forbes] Jun 12, 1989
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Lillian Vernon’s Vigor Prompts Sudden Fall
Judging by its reception on Wall Street last week, Lillian Vernon Corp.’s success may be its own worst enemy. Despite having mastered an important transition and impressive earnings, the catalog company’s shares declined a precipitous 2 1/4 last week or 10.2% to close at 19 3/4. The unexpected drop occurred after an analyst at Goldman, Sachs & Co. removed the company from his recommended list, explaining that the stock had gotten ahead of itself by advancing 81% since Jan. 3. “Fundamentally, I still like the shares,” says Goldman analyst Robert C. Adler, who describes the stock as attractive. “But at $22 a share, I couldn’t be as aggressive (at recommending the stock) as I could at lower levels.” (excerpt)
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Silverman, Edward R.
Full text: [Crain's New York Business] Jun 12, 1989
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Scherer’s Stock Price Plummets
The price of stock in pharmaceutical giant R.P. Scherer Corp. plunged last week as the investment group purchasing the Troy-based company ended its tender offer. Scherer’s stock dropped 46.28 percent, from $30.25 a week ago Friday to $16.25 the past Friday. The drop resulted from the purchase of nearly 90 percent of the company’s stock by Shearson Lehman Hutton Holdings Inc. All of the remaining stock, which will be exchanged for a preferred stock issue, traded at the lower price, said Dean Gulis, director of research at Roney & Co. in Detroit. (excerpt)
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Bodwin, Amy
Full text: [Crain's Detroit Business] Jun 12, 1989
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Corcom Turnaround Plan Focuses on Phone Line Filter
The new company motto for Corcom Inc., a Libertyville electronics company, is “Back in Gear,” a not-so-subtle sign that the company was out of gear for most of the past year. Indeed, Corcom was seriously out of sync with its profits goals in 1988, when it posted losses of $2.6 million against record sales of $32.9 million. In 1987 the company posted a net profit of $522,000 on sales of almost $23.9 million. Corcom also lost money in 1986, recording a net loss of 12 cents a share, or $399,000. Charles R. Whitchurch, Corcom’s vice-president of finance, told a sparse group of employees and shareholders at the company’s recent annual meeting that “1988 was a very difficult year.” (excerpt)
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Bennett, Julie
Full text: [Crain's Chicago Business] Jun 12, 1989
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Market is resembling a casino
“The lunatics have taken over the asylum,” declared one U.S. bond analyst in bewilderment as U.S. bond prices soared to a new two-year high Friday in response to a jump in the inflation rate. Behavior among equity investors, in contrast, has been too calm to be described as lunacy. A fairer way to characterize the stock market situation might be to say that gamblers have taken over the casino. Nevertheless, there seems no reason to expect a sharp decline in stock prices, as long as the dollar and the bond market continue to sweep ahead on the wave of worldwide euphoria that began two months ago. If and when the bull market in the dollar and bonds goes into reverse, though, serious trouble will follow.
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Anatole Kaletsky, Financial Times.
Full text: [Chicago Tribune (pre-1997 Fulltext)] Jun 12, 1989
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Can Cassoni Get Olivetti Off the Slippery Slope?
Vitorio Cassoni returned to Italy to run Olivetti SpA, Europe’s largest maker of personal computers and office equipment. In the year since Cassoni retuned, he has wrestled with one of the most diffficult jobs in Corporate Europe: revamping Olivetti to stop a sharp drop in margins, profits, market share, and stock price. Last month, Olivetti reported 1988 net profits of $254 million on $6.1 billion in sales, a drop of 11%. With Europe’s plan for an integrated market in 1992, Olivetti faces additional challenges. Like other European computer makers, Olivetti has been strong in its home markets, but weak in other parts of the Continent and outside Europe. It also lacks the financial and technological clout of the leading US-based suppliers, which have strong pan-European businesses. Quality problems and the lack of new product introductions are allowing rivals such as Compaq Computer Corp. to take market share from Olivetti.
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Rossant, John
Peterson, Thane
Full text: [Business Week] Jun 12, 1989
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Metropolitan financial corp. how a thrift became a regional
In 1988, Metropolitan Financial Corp. acquired 7 once-insolvent thrifts, which boosted the company’s assets 76% to $4.1 billion at year-end 1988 and its loan portfolio by 78% to $1.8 billion. Although Metropolitan invested $40 million of its own into the deals, the firm also received $367 million worth of notes from the Federal Savings & Loan Insurance Corp. (FSLIC) and $191 million in FSLIC-covered nonperforming assets. Thus, in 1989′s first quarter, FSLIC notes and covered assets account for $14.2 million of interest income out of a total of $93.6 million. In addition, for the first quarter, Metropolitan received a $4.2-million income tax benefit arising from the tax-exempt status of that $14.2 million of interest income. With the tax benefit, Metropolitan posted net income of $3.5 million, or 54 cents per share, for the first quarter, up from $1.9 million in 1988, or 33 cents per share. Metropolitan could end 1989 with earnings of $3.40 per share or better, and $4 per share looks attainable for 1990.
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Byrne, Harlan S.
Full text: [Barron's National Business and Financial Weekly] Jun 12, 1989
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Bullish but not raging–investment strategist abby cohen tem
In an interview, Abby Joseph Cohen, Drexel Burnham Lambert’s senior investment strategist, explained why, when others were converting to her bullish camp, she has turned neutral, but not negative, on the market. As the market index approaches 2,500, Drexel is aiming for 20% cash in all equities accounts, which is an 80%-invested position. The substantial amounts of cash in domestic portfolios and the fact that many had underperformed the market since the 1987 stock market crash were influential in this decision. The market is reasonably valued, given the fundamentals on economic growth and corporate profits. Using a dividend discount model, profit growth of 15% is expected in 1989, with 10% expected in 1990. Cohen does not favor the commodity chemical business at the moment, but thinks Dow Chemical, Imperial Chemical, and Monsanto are interesting opportunities. In regard to dollar value, the dollar is likely to go down again, probably late in 1989 or early in 1990.
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Welling, Kathryn M.
Full text: [Barron's National Business and Financial Weekly] Jun 12, 1989
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C&S Asset Sales Seen as Option to Boost Stock
The Citizens & Southern Corp may sell some of its assets in an effort to boost its stock price in the aftermath of NCNB Corp’s failed takeover bid. It may sell off part of its credit card portfolio or securitize some of its automobile finance paper, and may also consider branch sales in Georgia and South Carolina.
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Cline, Kenneth
Full text: [American Banker] Jun 12, 1989
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Spear Leeds Settles Stock-Price Suit For $2.5 Million
Spear, Leeds & Kellogg has agreed to pay $2.5 million to settle a class-action lawsuit by investors who claimed that the stock-specialist firm vastly overpriced shares of J.P. Morgan & Co. on Terrible Tuesday, Oct. 20, 1987. The settlement by Spear Leeds, one of the largest New York Stock Exchange specialists, was reached in March but not made public at the time. Securities lawyers said the settlement may make it easier for other plaintiffs to sue stock-specialist firms. The suit alleged that Spear Leeds set the opening price artificially high, knowing that it would plummet, and then profited by buying it back at the lower price. Spear Leeds sold from its own account half of the 500,000 shares traded at the opening, according to the suit. The plaintiffs contended that a fair opening price would have been about $34, and they sought to recover the difference.
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By Amy Docker
Full text: [Wall Street Journal] Jun 13, 1989
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