Local Texas International Shareholders Will Retain Rights to Oil

Under a proposed reincorporation plan, Milwaukee-area investors will be able to retain rights to a huge oil discovery in the Egyptian desert, but they’ll have to pour additional money into an Oklahoma oil company whose stock has fallen from a high of $46 per share in 1981 to its current 6.25 cents per share. Creditor and shareholder committees in the Chapter 11 bankruptcy of Texas International Co., an Oklahoma City-based oil and gas exploration firm, have agreed to a plan that will exchange eight shares of stock in the firm for a warrant to buy a share in the reincorporated company at $1. The warrant must be exercised within a year of the plan’s confirmation hearing Oct. 28. (excerpt)
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Kendall, Peter

Full text: [The Business Journal] Sep 11, 1989

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Buyout Speculation Pushes Up Thrift’s Stock

Fueled by takeover rumors, The Benj. Franklin Federal Savings and Loan Association’s usually lethargic stock experienced new life in recent weeks. Speculation that San Francisco banking giant BankAmerica Corp. was negotiating to take over Benj. Franklin shot the ailing thrift’s stock up 27.8 percent in the course of a week. In trading volumes three and four times normal daily levels, Benj. Franklin’s stock climbed from $4.25 a share as of closing Aug. 23 to a peak of $5.88 a share Aug. 30. The $5.88 price was the highest mark the stock had reached since it hit $6.25 a share early this year. (excerpt)
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Manning, Jeff

Full text: [The Business Journal] Sep 11, 1989

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Supercomputer Maker Aims to Raise $12 Million

Supercomputing Solutions Inc. aims to raise up to $12 million through a public stock offering, according to its filing with the Securities and Exchange Commission. Although the exact price of its shares remain to be determined, San Diego-based Supercomputing Solutions plans to register up to 2.3 million shares with a maximum offering price of $5.125. The offering could include 300,000 shares that may be purchased by the underwriters if the offering is well-received, according to the filing. Last week the company’s common stock, traded under the symbol SUPR on the NASDAQ, was selling for between $4.75 and $5 a share. Since April 1988 the company’s stock has reached a high of $5.875 and a low of $2. After the public offering, there will be 6.6 million shares of common stock outstanding. (excerpt)
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Middleton, Anne

Full text: [San Diego Business Journal] Sep 11, 1989

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A Long-Term Viewpoint of a Fast-Paced Market

His company’s stock, like that of many high-technology firms, may not be a favorite in the short-term investment market, but Western Digital Corp.’s Roger Johnson prefers to subscribe to a long-term outlook instead of Wall Street’s dictates. Johnson, who was named president of Western Digital in 1982 and has since added the titles of chairman and chief executive officer, has boldly enlarged the company’s stake in the high-tech market through a number of shrewd acquisitions — which, though good for the company in the long term, has played havoc with the short-term investor. (excerpt)
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Rechtin, Mark

Full text: [Orange County Business Journal] Sep 11, 1989

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$220 Million Acquisition Will Strengthen Cadbury

STAMFORD — Cadbury Schweppes’ $220 million acquisition of Procter & Gamble’s Crush International division isn’t expected to turn the root beer marketing wars into a bitter local fray. Cadbury, the British candy and beverage giant with the Stamford-based international beverage headquarters, will increase its worldwide soft drinks sales volume by 30 percent through the deal, placing it among industry leaders. Cadbury officials estimated that the Crush acquisition will expand Cadbury’s soft drink market share from 3.6 percent to 4.7 percent in the United States and from 10.8 percent to 15.1 percent in Canada. (excerpt)
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Gargaro, Paul

Full text: [Fairfield County Business Journal] Sep 11, 1989

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Wall Street Looks Flavorably on IFF’s Strong Franchise

The tale of the stock price of International Flavors & Fragrances Inc. is taking all the twists of a fickle, modern, summer romance. Like lovers enticed by the scent of money, fortune hunters started snatching up the stock when rumors of a takeover wafted through the market last month. On Aug. 24, the stock reached its 52 week high of 77 1/2. But now that the sweet smell of a takeover is evaporating along with the humidity, those seeking perfect mates are out stalking new prey, and the stock closed last week at 65. (excerpt)
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Agovino, Theresa

Full text: [Crain's New York Business] Sep 11, 1989

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Woodhead Industries Inc.: Maker of Specialty Devices Enjoys

Woodhead Industries Inc. makes specialty electrical devices and mechanical motion-control products. For a number of its products, Woodhead has obtained a number one or number 2 market position. In recent years, Woodhead has shed unwanted businesses acquired in earlier diversification attempts. This has been one of the keys to Woodhead’s restructuring since Alan Reed became chief executive of the company in 1986. Following a 1985-1986 slump, Woodhead has been making a successful recovery. Reed reports that Woodhead is working hard to expand its international sales. The firm’s growth strategy includes the likelihood of an acquisition or 2 to broaden electrical product lines.
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Byrne, Harlan S.

Full text: [Barron's National Business and Financial Weekly] Sep 11, 1989

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The Last Patient Man: Mark Boyar’s Record Proves That Value

Mark Boyar is a value investor, and his firm, Mark Boyar & Co., manages money as well as providing research and analytical services to institutional investors. Boyar has been scaling back his stock purchases in anticipation of filling out the positions later, at lower prices. In an interview, Boyar discussed his strategy. His firm has been putting cash into stocks that have been neglected in the marketplace and that are selling well below where they were selling before the October 1987 stock market crash. An example is the New York Times. Boyar feels that investors who are not going to be patient after buying these kinds of stocks should not own them. Another publishing stock that Boyar is interested in – one not found in the typical Wall Street portfolio – is Playboy. Boyar acknowledged that it is very difficult to hold a stock in a rampant bull market and watch it do nothing for 3 or 4 years. However, he firmly believes that, in many cases, it is worth the wait in the long run.
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Welling, Kathryn M.

Full text: [Barron's National Business and Financial Weekly] Sep 11, 1989

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Rocket and Roll: BEI Electronics Gets Liftoff from Defense,

When BEI Electronics Inc. launched its initial public offering, the response from Wall Street was “lukewarm” at best. BEI’s heavy reliance on defense spending in general, and a single military program in particular, put off investors. A fair portion of BEI’s revenues are likely to continue to come from contracts garnered for the Hydra-70, the standard free-flight rocket used by US attack helicopters. Lawrence W. Parrish, vice-president and chief financial officer at BEI, says that the company is working on adapting the Hydra-70 for use with land, sea, and fixed-wing aircraft weapons systems. The company now commands the financial resources to expand, and earnings are growing at a robust pace. On June 30, 1989, BEI’s backlog stood at $83 million, including $73 million of defense business, all of which is fully funded.
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Savitz, Eric J.

Full text: [Barron's National Business and Financial Weekly] Sep 11, 1989

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Fleet/Norstar Financial Group Inc.: Diversity Softens the Blow from New England’s Property Market

New England’s real estate slump and economic slowdown pose a public perception problem for Fleet/Norstar Financial Group Inc. Executives explain that the company is more diversified and spread out geographically than its major commercial banking peers in the Northeast. Fleet/Norstar operates nationally with an array of nonbank financial services. The company has substantial stakes in asset-based lending, student-loan processing (number 3 in the US), investment banking, trust banking, and consumer finance. Fleet/Norstar boasts $30 million in assets. The company is continuing to clamp down on overhead costs. Expansion of financial services is a critical part of the firm’s growth strategy.
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Byrne, Harlan S.

Full text: [Barron's National Business and Financial Weekly] Sep 11, 1989

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Buckle Up: Forecaster Sees 20% Correction for Stocks

Stock market forecaster James Finucane contends that the market is on the verge of breaking 20% or more. In addition, he sees little chance for a resumption of the post-1982 bull market for years to come. Finucane’s forecasts have been correct more times than not in recent years. For example, he sensed trouble and pulled out of the market well before the October 1987 crash. In Finucane’s view, the easy course of action is seldom the correct one. Confirmation of his bearish world view comes from the bullishness of some 5 money managers he has tracked for years as contrary indicators. Telltale signs of a market top are appearing, according to Finucane. He cites as indicators the takeover frenzy in airlines and elsewhere and the bloated market-price-to-book-value ratio of most major stocks. The stock market is not overpriced by all measures, but Finucane draws little comfort from that fact. He views the market as suspect in other respects.
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Full text: [Barron's National Business and Financial Weekly] Sep 11, 1989

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Beckman’s Back: Venerable Tech Outfit, on Its Own Again, Prospers

Beckman Instruments Inc., which was acquired by SmithKline Corp. in 1982, has come full circle and is once again on its own. While the company boasts bright prospects, it has not shown the investment success it did in its previous incarnation as an independent enterprise. Because of a balanced product mix and the diversity of its markets, Beckman is weathering the current softness in medical equipment sales in good form. The firm’s life sciences operation has borne the brunt of the weakness in the medical equipment market. The worldwide biomedical advances of the past few years promise to stimulate the rate of research and, by extension, equipment sales. Unlike many of the companies that have drifted in and out of public ownership in the 1980s, Beckman emerged with a clean balance sheet and strong financials.
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Wyatt, Edward A.

Full text: [Barron's National Business and Financial Weekly] Sep 11, 1989

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Ahead and Behind: A List of Stocks with Above-Average Growth and Below Average P/Es

Spotting firms that show above-average earnings growth is something that computers do well. FactSet Data Systems ran a screen featuring those companies that had outstripped the 23.2% and 45.8% earnings gains racked up by the Standard & Poor’s Industrial Index in the past 2 years. Only companies with superior financials were included. In all, nearly 100 companies made the cut out of COMPUSTAT’s database of more than 8,000 public firms. Many of the companies on the list are cyclical, and their relatively modest price earnings (P/E) ratios reflect investors’ expectations that earnings gains will not extend very far into the future. Computer and other high-technology organizations are well represented. Among these firms is Compaq Computer. A miscellany of industrial outfits on the list includes Hurco Cos., which makes sophisticated computer-controlled metalworking machines.
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Palmer, Jay

Full text: [Barron's National Business and Financial Weekly] Sep 11, 1989

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Chemex Sets Public Offering to Fund Testing of New Drugs

Chemex Pharmaceuticals Inc., a 15-year-old dermatological drug company, is preparing a public offering of its common stock. Greenwood Village-based Chemex has filed a registration statement and preliminary prospectus with the Securities and Exchange Commission for the sale of 1.2 million units, each consisting of two shares of common stock and a warrant to purchase an additional share. The units, to be priced at $8 to $10 each, will raise as much as $12 million for the 27-employee pharmaceutical company, according to SEC documents. (excerpt)
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McEachern, Sharon

Full text: [The Denver Business Journal] Sep 18, 1989

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Brokerage Chief, Buffeted by Series of Woes, Says Firm Remains Healthy

A recent blowout with brokers in its Buffalo office is only the latest in a series of problems that has beset Thomas James Associates Inc. since the October 1987 stock market crash. But recent sales efforts and underwriting successes have strengthened the brokerage firm’s performance, said President Brian Thomas. Rapid expansion contributed to a bottom line that was more than $500,000 in the red last year. And, Thomas said, an underwriting of secondary stock in February led to an additional loss possibly as high as $1 million. (excerpt)
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Salibian, E. Catherine

Full text: [Rochester Business Journal] Sep 18, 1989

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Penny-Stock Scams Are No. 1 Target

The state Securities Division has adopted new rules designed to help regulators prosecute fraud by penny-stock brokers. Deborah Bortner, division assistant administrator, says the Securities Division is “placing a real emphasis” on curbing fraud. “We have just adopted rules that apply only to the penny stock market.” They go into effect today. “The rules make it easier to determine whether there’s been a violation of the fraud rules of the Securities Act,” Bortner says. The federal Securities Act of 1933 contains anti-fraud provisions prohibiting false representations and disclosures. (excerpt)
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Neurath, Peter

Full text: [Puget Sound Business Journal] Sep 18, 1989

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Transaction ‘Report Cards’ Hit: Birinyi Is Harshest On Abel

Laszlo Birinyi, Jr., a prominent equity market analyst, has criticized trading cost measurement systems offered by Abel/Noser Corp. and SEI Corp. Birinyi states that the systems are badly flawed and are leading traders to distort their transactions so that they can look good. He indicates that the systems are flawed in terms of basic assumptions, inconsistencies, misreporting or misinterpreting data, and even in arithmetic. Birinyi’s criticism is the 2nd recent report to attack the methodologies of these 2 systems. A study in July 1989 by Stephen Bodurtha indicated that the systems fall short because they fail to measure opportunity costs. Abel/Noser, which offers its system free to pension executives as an incentive to obtain brokerage business and to induce money managers to subscribe, claims to track 35% of all institutional trading. SEI is thought to have about 24 clients and has stopped actively marketing the product.
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Chernoff, Joel

Full text: [Pensions & Investment Age] Sep 18, 1989

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Transaction “Report Cards” Hit: Birinyi Is Harshest on Abel/Noser, SEI

Laszlo Birinyi, Jr., a prominent equity market analyst, has criticized trading cost measurement systems offered by Abel/Noser Corp. and SEI Corp. Birinyi states that the systems are badly flawed and are leading traders to distort their transactions so that they can look good. He indicates that the systems are flawed in terms of basic assumptions, inconsistencies, misreporting or misinterpreting data, and even in arithmetic. Birinyi’s criticism is the 2nd recent report to attack the methodologies of these 2 systems. A study in July 1989 by Stephen Bodurtha indicated that the systems fall short because they fail to measure opportunity costs. Abel/Noser, which offers its system free to pension executives as an incentive to obtain brokerage business and to induce money managers to subscribe, claims to track 35% of all institutional trading. SEI is thought to have about 24 clients and has stopped actively marketing the product.
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Chernoff, Joel

Full text: [Pensions & Investment Age] Sep 18, 1989

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Two Thrifts Switch Spots in Report, but First Albany Still Ranks Both Well

National Savings Bank of Albany and Home & City Savings Bank have traded places in the mind of at least one local analyst, but both banks could be attractive to out-of-state holding companies seeking to establish a presence in the Capital Region. In his September research report on upstate New York converted thrifts, one in a series of annual reports written on the 16 banks which fall into that category, Donald Kauth, bank analyst for First Albany Corp., rated Home & City stock a “buy/hold,” meaning it is a good long-term investment. (excerpt)
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Ballman, Barbara

Full text: [Capital District Business Review] Sep 18, 1989

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Tarnished Gold

In 1989, a multitude of investment options have outshone gold. Many investors have deserted the metal and, in many cases, seem to have no thoughts of restoring gold to their portfolios. The dollar has replaced gold as the safe haven of choice for anxious investors. Seven observers of the gold market were interviewed. Steven Leuthold’s firm, the Leuthold Group, recently told clients to start “tiptoeing” back into gold. Leuthold says that the charts of individual mining issues show signs that gold is “bottoming.” However, Gebhard Rutsche, a principal in the Swiss firm, GIMA, feels that it is still too early to get back into gold. Timothy Green, a UK-based gold industry consultant, sees “gold bouncing along the bottom,” possibly providing some attractive buying opportunities. Harry M. Conger of Homestake Mining Co. expects the price of gold to remain in the mid-$350s per ounce until the end of 1989.
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Welling, Kathryn M.

Full text: [Barron's National Business and Financial Weekly] Sep 18, 1989

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