DG Pays $6m to Settle 2 Lawsuits

Data General Corp., the big and troubled Westborough computer maker, has agreed to pays $6 million to settle two lawsuits accusing some top officers of knowingly issuing false statements about the company’s finances to artificially inflate the price of the stock, a company spokesman said yesterday. The company also said another class-action suit had been filed alleging the company made misleading statements about the state of its business earlier this year. The company said that suit is without merit. (excerpt)
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Carroll, Matt

Full text: [Boston Globe] Sep 15, 1990

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Stock prices slip after economic data released

Brokers also noted that stocks on Friday had to contend with rising oil prices in the commodity markets. Crude oil for October delivery climbed 69 cents a barrel to $31.76 on the New York Mercantile Exchange amid resurgent worries about the Persian Gulf crisis. Losers among the blue-chip industrials included General Motors, down 3/4 at 37 1/2; General Electric, down 7/8 at 59 1/2; Digital Equipment, down 2 7/8 at 56 3/8, and International Business Machines, down 5/8 at 104 3/8. Bank stocks, which had a rocky weak amid persistent credit-crunch worries, turned in a mixed showing. Chemical Banking fell 5/8 to 20 1/4, and Citicorp slipped 1/8 to 17 1/4, while J.P. Morgan rose 1/2 to 32 5/8 and BankAmerica was unchanged at 21 3/4.
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Full text: [Austin American Statesman] Sep 15, 1990

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THE MARKETPLACE

TX: NEW YORK Stock prices kept falling Friday, weighed down by new signs of stepped-up inflation and weak consumer spending. The Dow Jones average of 30 industrials dropped 18.56 to 2,564.11, extending its loss for the week to 55.44 points. The Treasury’s benchmark 30-year bond fell 19|32 point, or $5.94 per $1,000 face amount.
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Full text: [Anchorage Daily News] Sep 15, 1990

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Profits May Boost Bearish Wall Street

John Crudele contends that because Wall Street has become so negative in its outlook for corporate profits, stock prices might not react with the horror that might be expected.
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Crudele, John

Full text: [The Washington Post] Sep 16, 1990

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Profits May Boost Bearish Wall Street;Reaction to Corporate Earnings Forecasts Already Reflected in Stocks

Wall Street has become so negative in its outlook for corporate profits over the past few weeks that stock prices might not actually react with the horror that might be expected. Wall Street analysts, for instance, have been cutting more than twice as many corporate earnings estimates as they have raised. Specifically, in the week ended Aug. 31, only 1.7 percent of all the estimates on Standard & Poor’s 500 companies were raised, while 3.5 percent were lowered. The ratio of raised estimates to lowered estimates was 0.486-to-1, according to Richard Pucci, a vice president at Lynch Jones & Ryan in New York. If the economy is really in a recession, the analysts could become more negative. During the 1981 recession, Pucci said there were typically four earnings estimates that were reduced for every one raised. The ratio, therefore, was 0.25-to-1.
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John Crudele

Full text: [The Washington Post (pre-1997 Fulltext)] Sep 16, 1990

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New Ameritrust team faces tough task

Unisys also saw its important government business drop last year when its defense unit was barred from bidding on contracts for three months as part of the “Ill Winds” probe of Pentagon fraud. Several Unisys executives pleaded guilty to bribery and Unisys still faces a possible fine. [James A. Unruh], 49, said no more major cutbacks are planned, but he wouldn’t rule them out if the economy continues to sour. Unisys also could be hurt by a steeper-than-expected scaleback in U.S. defense spending, which accounts for about 22 percent of its revenue, he said. CHARTS; PHOTO; (CHARTS)AP/John Hancock; (CHART)Unisys Corporation// Stock Price/ Revenues/ Income; (PHOTO)Unisys Chief Executive James A. Unruh
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MIRIAM HILL
STAFF WRITER

Full text: [The Plain Dealer] Sep 16, 1990

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Unisys tries to turn it around ; Changing industry, Pentagon scandal have hurt corporation

Unisys also saw its important government business drop last year when its defense unit was barred from bidding on contracts for three months as part of the “Ill Winds” probe of Pentagon fraud. Several Unisys executives pleaded guilty to bribery and Unisys still faces a possible fine. [James A. Unruh], 49, said no more major cutbacks are planned, but he wouldn’t rule them out if the economy continues to sour. Unisys also could be hurt by a steeper-than-expected scaleback in U.S. defense spending, which accounts for about 22 percent of its revenue, he said. CHARTS; PHOTO; (CHARTS)AP/John Hancock; (CHART)Unisys Corporation// Stock Price/ Revenues/ Income; (PHOTO)Unisys Chief Executive James A. Unruh
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Full text: [Telegram & Gazette] Sep 16, 1990

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Gulf crisis puts market on defensive

Trading stayed quiet this week as many investors hesitated to commit funds amid a whirlwind of bad news from the Persian Gulf and at home, where signs pointed to a weakening US economy, worsening inflation and troubles in the domestic banking industry. If that were not enough, there is also the federal budget deficit. Meanwhile, oil prices marched higher. Fresh tensions in the Persian Gulf as Iraqi troops invaded embassies in occupied Kuwait pushed prices near $32 a barrel Friday, near their highest since the invasion last month. “Typically, the biggest enemies of stock prices have been disappointing earnings and inflation,” said Tim Connors, portfolio manager at Corestates Investment Advisors.
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Steven Radwell:Reuters

Full text: [Orange County Register] Sep 16, 1990

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MARKET WATCH; Hoping for A Friendly Recession

A survey of 31 market seers last week, released by the Mansfield Chart Service, showed the dichotomy of expectations. By a 3-to-1 margin, the forecasters think a recession has already started, or will do so by the middle of 1991. But a majority thinks corporate profits will nonetheless rise next year, and another 3-to-1 margin comes down in favor of the thesis that ”the current weakness and turmoil” presents a buying opportunity. Markets have a way of providing something the majority doesn’t expect, and this surprise could be a recession that is not as brief and benign as the analysts seem to anticipate. Alan Greenspan again is hinting that he will ease credit, if only the politicians will come up with a ”credible” budget deal, and much of Wall Street thinks he has the power to halt a recession with lower interest rates.
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Norris, Floyd

Full text: [New York Times] Sep 16, 1990

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Most barometers indicate stock prices haven’t yet hit bottom

After the summer slide Wall Street has been through, many an investor might be tempted to go scavenging for “bargains” in the stock mar- ket. But even though stock prices have been marked down sharply, Wall Street analysts remain leery of pronouncing them cheap just yet. Most analysts agree that atmosphere of restraint lessens the chances of anything resembling a repeat of the crash of 1987, when the market lost more than a third of its value in a span of less than two months.
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Chet Currier, Associated Press

Full text: [Chicago Tribune (pre-1997 Fulltext)] Sep 16, 1990

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Adobe Systems Profit Exceeds Estimates But Stock Price Falls

MOUNTAIN VIEW, Calif. — Adobe Systems Inc. reported higher-than-expected fiscal third-quarter earnings, but its stock still slipped. For the fiscal third quarter, ended Aug. 31, the software company reported net income of $10 million, or 45 cents a share, about 10% higher than the year-earlier $9.1 million, or 41 cents a share. Revenue jumped 43% to $42.8 million from $30 million.
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Full text: [Wall Street Journal] Sep 17, 1990

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Quarterly Loss, Bad Luck Join to Flatten Valid’s Stock Price

What do Saddam Hussein, VLSI Technology Inc. and Big Blue have to do with Valid Logic Systems Inc.? Plenty, if you believe Valid management’s explanation of the company’s crumbling stock price. Earlier this month stock in the San Jose company plunged to its all-time low of $1.50 a share, less than half its May price. Although the price has firmed a bit since then, it remains depressed. The price collapse comes after IBM agreed to invest as much as $154 million in the firm before 1994. Normally, when Big Blue takes a stake in a smaller firm, stock in the latter tends to take off. In Valid’s case, it had the opposite effect. (excerpt)
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Krey, Michael

Full text: [The Business Journal] Sep 17, 1990

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CyCare Board Approves Stock Repurchase Plan

Buffeted by declining stock prices, Phoenix-based CyCare Systems Inc. plans to buy back 500,000 shares of its common stock. The stock repurchase plan, approved by CyCare’s board of directors, is meant to bolster the firm’s earnings per share by reducing the number of outstanding shares. CyCare, a leading provider of computerized information-processing systems to the health care industry, repurchased 420,000 shares of common stock last year. Although CyCare stock has fallen from a high of $12.63 a share in 1988 to the current range of $5.50 a share, company executives believe that the low number is not reflective of the firm’s true value. (excerpt)
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Gonzales, Angela

Full text: [The Business Journal] Sep 17, 1990

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Candela Blazes Brightly in Down Market

In honor of the dermatology laser that represents an $80.9 million market for Candela Laser Corp., a color photo of Soviet president Mikhail Gorbachev hangs in Gerard Puorro’s Wayland office. “That’s a port wine stain,” chortled Candela’s chief financial officer, referring to Gorbachev’s famous birthmark. “We can get rid of that.” Puorro is laughing a lot lately. Candela’s (NASDAQ: CLZR) record-high stock price broke into the 20s two weeks ago and has held steady at that level since then, compared to $9.38 per share seven months ago. (excerpt)
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Hower, Wendy

Full text: [The Boston Business Journal] Sep 17, 1990

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Economy may take toll on dividends

“There’s no question that dividend increases and the amounts of dividends are tapering off,” said Arnold Kaufman, editor of Standard & Poor’s Corp.’s Outlook newsletter, which tracks the dividends of 7,000 public companies. So far this year, more companies have raised dividends than lowered them, but the statistics show ever-increasing dividends can’t be taken for granted. In 1990′s first eight months, 904 companies raised their dividends, compared with 1,155 during the same period last year. Another 81 companies lowered dividends, and 166 omitted them entirely. Last year 57 companies reduced dividends, and 89 omitted them during the same period. Because stock prices have fallen while most dividends have not, dividend yields are up on many stocks. At the beginning of this year, when Florida Progress Corp. stock was $40 a share, the company’s $2.64 a share dividend was a yield of 6.6 percent. At the recent price of $34 a share, the same dividend is a yield of 7.8 percent. The company’s board traditionally considers a dividend increase in November.
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HELEN HUNTLEY

Full text: [St. Petersburg Times] Sep 17, 1990

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Mideast Crisis a Boon for Local Energy Firms

The crisis in the Middle East following Iraq’s invasion of Kuwait has led to substantially higher profit projections for three of San Antonio’s largest public companies. Earnings estimates of Valero Energy Corp., Diamond Shamrock Inc. and Tesoro Petroleum Corp. have soared since Iraq’s military action on Aug. 2. In addition, the price of all three companies’ common stock has spiraled upward. Over the past month and a half, Valero Energy’s common stock has risen 28.68 percent, while Diamond Shamrock’s has climbed 11.73 percent. Tesoro’s stock has risen 4.6 percent in that time. (excerpt)
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Blaker, Ashley

Full text: [San Antonio Business Journal] Sep 17, 1990

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‘Proactive’ Advanta Trumpets Value of Stock

Dissatisfied with the way the market has treated its stock, Advanta Corp. of Horsham is undertaking a new investor relations campaign. Advanta’s stock, thinly traded over the counter, goes for between $9 and $10 a share these days, but company executives and at least one Wall Street analyst think it should be worth $15 to $20 a share at a minimum. “Rightly or wrongly, every company manager sees the stock price as an external barometer of performance,” said Deborah A. Dove, vice president for finance who recently assumed duties of investor relations. (excerpt)
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Roberts, William L.

Full text: [Philadelphia Business Journal] Sep 17, 1990

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Japanese Derivatives Set

The Chicago Board of Trade (CBOT) and the Chicago Mercantile Exchange (Merc) will soon be offering index, futures, and options trading on Japanese securities. On September 27, 1990, the CBOT will launch yen-denominated futures and options on futures contracts on both long-term Japanese government bonds and the Tokyo Stock Price Index. Two days earlier, the Merc will begin trading dollar-denominated futures and options on futures contracts based on the Nikkei 225 Stock Index. Both exchanges are offering their new contracts after lengthy regulatory and competitive delays. John Conlin, marketing director of SBC Portfolio Management International Inc., said the contracts should find a ready market in the international component of US pension plans. According to Conlin, the fact that the contracts are being offered in the US will help US pension funds feel better about the integrity issue. He believes that liquidity concerns can be overcome and that the contracts are a positive development.
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Vosti, Curtis

Full text: [Pensions & Investments] Sep 17, 1990

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Equity Cash Reserves Show No Large Shifts

According to investment analysis service INDATA, institutional equity managers finished the first half of 1990 with 6% cash reserves. The INDATA universe contains 1,202 institutional equity portfolios representing total assets of $171.3 billion. While the average equity position of the INDATA universe slipped to a non-market-adjusted 6%, the equity managers tracked by Pensions & Investments finished the 2nd quarter of 1990 with average equity cash reserves of 13.9%, down from 15.7% at the end of the first quarter of 1990. Robert Harrell, chief investment officer at Benchmark Asset Management Inc., said that he raised cash by selling high-capitalization growth stocks before the group began to decline. According to Peter Anderson, president of IDS Advisory Group Inc., current economic conditions, moderate inflation, declining interest rates, and a turn in corporate profits in 1990 provide an ideal prescription for higher stock prices. Fund managers also are encouraged by high cash levels in the hands of many institutions.
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Williams, Fred

Full text: [Pensions & Investments] Sep 17, 1990

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Tokyo Stocks Broadly Lower

Stock prices were broadly lower in morning trading in Tokyo Sep 17, 1990. The 225-share Nikkei index fell 356.81 to 24,540.65.
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Full text: [New York Times] Sep 17, 1990

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