Cashing In: How to Prune Your Stock-Market Portfolio

Soon it will be “time for aggressive accounts to start taking some chips off the table,” says Alfred Goldman, chief technical analyst for A.G. Edwards & Sons Inc. He points out that many of the people who might invest in stocks already have: “To find a bear, you almost have to look under a rock.” Of course, many investment advisers remain bullish. “The market’s going a lot higher,” says Mike Wolf, an IDS Advisory Corp. portfolio manager who sees no recession this year or next and views stocks as a scarce resource, thanks to takeovers. Neil T. Eigen, senior equity manager for Integrated Resources Inc., says the Federal Reserve Board has “engineered an orderly slowdown.” Yale Hirsch, editor of Smart Money, an Old Tappan, N.J., newsletter, hails the “powerful” way the market shrugs off bad news such as the turmoil in China. Old standby: More familiar to most investors is the price-earnings ratio, namely the stock price divided by the company’s per-share earnings. “Taking the highest P-E stocks and selling them might be sensible” as a pruning technique, says Laurence B. Siegel, a managing director at Ibbotson Associates Inc., a Chicago market research firm. Mr. Siegel, however, believes that a long-term buy-and-hold strategy is best for most small investors.
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By John R. Dorfman

Full text: [Wall Street Journal] Jun 13, 1989

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Business and Finance

THE DOLLAR SURGED further, propelled by strong foreign demand for U.S. stocks and bonds and speculation that central banks are split in their policy toward the currency. Stock prices slumped with the dollar’s early rally, then rebounded as the currency eased slightly. The Dow Jones industrials closed up 5.42, at 2518.84, a post-crash high. Long-term bonds ended with modest gains. Seagate Technology plans to buy Control Data’s disk-drive unit for about $450 million in cash and securities. The sale, part of Control Data’s restructuring, would nearly double Seagate’s huge disk-drive sales. Kohlberg Kravis and A&P are discussing making a friendly takeover bid for British food retailer Gateway Corp. of up to $3.1 billion, sources said. Gateway is fighting a hostile offer from disgruntled shareholders.
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Full text: [Wall Street Journal] Jun 13, 1989

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FIDELITY FEDERAL JOINS MARKET LIST

The Henrico County-based thrift’s market listing will make the company’s stock price public daily nationwide, according to Barry D. Crawford, president and chief executive officer.
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Full text: [Richmond Times - Dispatch] Jun 13, 1989

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Stock Prices Are Mixed as Dow Gains 5.42

Stock prices ended mixed on Jun 12, 1989 as by the close, the Dow Jones industrial average was up 5.42 points, to 2,518.84, another post-crash high.
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Wiggins, Phillip H

Full text: [New York Times] Jun 13, 1989

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Stock Prices Are Mixed as Dow Gains 5.42

”An increasing number of familiar bears are coming in from the cold, as foreign investors escape Far East instability by following a strong dollar back to U.S. bonds and stocks,” said Gene Seagle, chief technical analyst at Gruntal & Company. ”Sentiment figures of those expecting a correction probably mean that a number of bulls are leaving the market, but any correction of the 300-point March advance should prove to be short and shallow.” In foreign markets, shares on Hong Kong’s Hang Seng index soared 171.83 points, to 2,440.21, in its fourth consecutive gain since Monday’s 22 percent plunge following the violence in Beijing.
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WIGGINS, PHILLIP H.

Full text: [New York Times] Jun 13, 1989

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Market Place; Japanese Stocks: Laggards of ’89

For those who had the nerve to bet against Japan, the result is welcome. ”What bull market?” asks James Rogers, an American investor and finance professor at Columbia University’s graduate school of business. ”I’m short Japanese stocks, and not one of them is up since last summer.” ”There is fear of American protectionism, a lack of Japanese interest in the stocks, and enough worry that the consumer cycle in the United States may fall apart,” said Nimrod Fachler, the chief international investment officer at Mitchell Hutchins Asset Management, a subsidiary of Paine Webber. The Japanese Government’s figures on foreign buying of shares turned positive in October, and 1988 became the first year since 1983 that there was a net inflow of foreign money into the Japanese stock market. But starting in December, the American market has done better than the Japanese one in every month except February. ”Foreigners usually buy at the tops in most markets,” Mr. Rogers said.
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Norris, Floyd

Full text: [New York Times] Jun 13, 1989

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Hong Kong Stocks Rebound

Hong Kong shares soared 8 percent today amid signs that a civil war in China is increasingly unlikely.
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AP

Full text: [New York Times] Jun 13, 1989

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BUSINESS DIGEST

MARKETS The dollar rose again, reaching its highest level against the yen since August 1987. Some traders and economists said the sharpness of the latest advance had complicated the ability of the U.S. and its allies to contain the rally. [ Page D1. ] Stock prices ended mixed, and the Dow Jones industrial average was up 5.42 points, to 2,518.84, another post-crash high. [ D8. ] Late profit-taking slashed prices of all but the longest-term Treasury maturities. [ D18. ] Coffee futures prices plunged after producers and consumers failed to agree on export limits. [ D19. ] COMPANIES Canon will invest $100 million in Next Inc., the computer company started by Steven P. Jobs, the co-founder of Apple. The investment will give Canon a 16.67 percent share. [ D1. ] The stock of Time Inc. fluctuated widely in trading driven by rumors that a number of new parties might join the battle. The names included the Bass Brothers, Warren E. Buffett, Coca-Cola, Kohlberg, Kravis, Roberts or a combination of them.
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Full text: [New York Times] Jun 13, 1989

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Colorado Prime Buyout Target

Colorado Prime Corp., a Farmingdale-based upscale food-service company, announced yesterday that it had received a $79.3-million cash buyout proposal under which it would become a private company. The $17-a-share offer was made by KPC Holdings Corp. and comes two years after Colorado Prime switched from private to public ownership. The takeover bid did not come as a surprise to analysts or investors, since Colorado Prime announced in January that it had hired New York investment banking firm Dillon, Read & Co. to explore “methods of enhancing shareholder value.” (excerpt)
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Enrico, Dottie

Full text: [Newsday] Jun 13, 1989

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Prices Mixed in Erratic Session: Dow Gains 5.42

The stock market managed a mixed performance June 12, 1988 coming out of negative territory on the coattails of a rise in blue chip stock prices.
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Full text: [Los Angeles Times] Jun 13, 1989

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American General plans to buy back block of its stock

For [Carl H. Lindner], the buyback means that he can sell his large stake in the company without the risk of depressing the stock price. American Financial, which has bought and sold large stakes in a variety of publicly traded companies, purchased American General shares over the last 12 years. For American General, the deal represents a boost to its ongoing stock repurchase plan at a reasonable price, analysts said. Lindner will likely be paying near market price for the stock, so the buyback could not be considered “greenmail,” the practice of paying a large premium to get rid of a takeover threat, analysts said. Still, American General management will likely sleep easier with Lindner’s stake in company hands, [William R. Anderson] said. The buyback agreement includes a standstill agreement that bars Linder from buying American General common stock for the next three years.
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JAMES DRUMMOND

Full text: [Houston Chronicle (pre-1997 Fulltext)] Jun 13, 1989

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The Next Chapter

Harcourt Brace Jovanovich Inc. (HBJ) has become an odd company. It presently owes $2.6 billion in long-term liabilities, has a $1.4-billion negative net worth, and likely will lose another $110 million or so in 1989, after a $127 million loss in 1988. On the other hand, HBJ just might be an undervalued investment. The stock has climbed from under 4 to over 13 in 16 months. It currently trades around 10 on the stock market, but some Wall Streeters believe it could reach 50 in 3 or 4 years. Known mainly known as a book publisher, HBJ diversified into insurance and theme parks in the 1960s and 1970s. In 1987, Chief Executive Officer William Jovanovich successfully fought off a takeover attempt by British press baron Robert Maxwell. Although HBJ’s 3 businesses are all growing, analysts wonder whether the firm can keep ahead of its debt payments. Interest expenses in 1989 alone will amount to $360 million.
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Weiss, Stuart

Full text: [Financial World] Jun 13, 1989

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Company Watch: Mattel: The Mouse and Miss America

Mattel is the third-largest toy manufacturer in the US, and with new products ready for marketing and old mainstays doing well, the company is strong. Over the past 6 months, Mattel’s stock price has risen 50%.
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Bancroft, Tom

Full text: [Financial World] Jun 13, 1989

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Charlie’s Angles

For a long time, Wall Street has been reluctant to believe Bankers Trust Co.’s claim that it has turned itself from a commercial bank into a merchant bank. As a result, the institution’s stock has been trading at barely 5 times earnings instead of at investment-bank levels of 8 to 10. Now, a fundamental reevaluation of the bank may be under way, its stock having risen 24% – from around 37 to over 46 – since the beginning of 1989. Rafael Soifer of Brown Brothers Harriman estimates that nearly 60% of Bankers Trust’s income now comes from corporate finance fees, equity gains, and trading-desk income, which he considers investment banking activities. Analysts give the bank high marks for risk management – for keeping its products diversified and taking losses early, when they are small. One troubling question concerns how Bankers Trust’s new strategy will fare in a recession. There is no guarantee that big leveraged buyout lenders will not be hurt in a recession, argues Oppenheimer analyst Chris Kotowski.
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Benoit, Ellen

Full text: [Financial World] Jun 13, 1989

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A Buyer’s Guide To REITs

For the past 18 months, in terms of total returns, the market in real estate investment trusts (REIT) has been slow. Thus far in 1989, the market’s best performers, equity REITS, are averaging less than a 2% return. Offering activity has slowed – although secondary offerings by existing trusts are still active – and the industry is in the process of retrenchment. The 3 basic types of REITs are mortgage REITs, equity REITs, and hybrid REITs. The newest varieties are the collateralized mortgage obligation REIT and the finite-life equity REIT. Kenneth Campbell of Audit Investments advises the investor to go for seasoned equity REITs, whose cost of capital is far superior to that of the newer REITs. Analysts suggest avoiding any REIT, young or old, that pays too high a dividend. Investors tempted to go with a new REIT should first make sure the promoter has experience in putting together the kinds of deals that work. Researching a REIT’s track record is vital.
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Chambliss, Lauren

Full text: [Financial World] Jun 13, 1989

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Threat Helps Stock Price

A takeover threat helped the stock price of Massachusetts manufacturer Barry Wright Inc, which until recently had fell 63.3 from the previous year, 1987.
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Mehegan, David

Full text: [Boston Globe] Jun 13, 1989

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NEW FUTURE IN TAKEOVER 4. ENSECO

With its stock trading at 16 1/2 before the company left the NASDAQ this month, Enseco’s stock price had come almost full-circle. Before the 1987 crash Enseco traded at 18 1/4; post-crash, the Cambridge-based company ( whose headquarters are now in Somerset, N.J.) was trading at a lowly 8 3/4. But chemical and biological testing is hot these days — Enseco, for instance, has been doing business with Exxon — and revenues skyrocketed to $44.4 million in 1988 from just $29.5 million two years before. Sources familiar with the Intrex board’s deliberations over [Dwain B. Smith]‘s fate reported that there was concern Smith had taken favors from some developers, including a free swimming pool. Late last year, a planned merger between Intrex and Neworld Bancorp of Boston fell apart after Neworld took a closer look and decided to back away from its $79 million offer. Neworld had planned to pay $18.50 a share. Today Intrex trades around $6.
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Full text: [Boston Globe (pre-1997 Fulltext)] Jun 13, 1989

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INVESTING WISDOM FAVORS INNOVATION, ESCHEWS BANKS

[George Hatsopoulous] runs Thermo-Electron, a Waltham company that regularly spins off its new ideas into new companies. In the 12 months that ended May 19 four Thermo companies had stock price gains of better than 50 percent. Thermo Process Systems, which went public in 1986, saw its stock price rise 228 percent, the best performance in the state. It was an acquisition that sent Thermo Process’ stock soaring. The company’s main business is making heating-treating metal furnances, a steady but hardly spectacular line of work. But earlier this year the firm bought a company called Remediation Technologies, a private company that makes a mobile incinerator used for cleaning up oil-contaminated soil. “It is the only system of its type in the country,” said John Ball, a Thermo spokesman. At Thermedics, another spinoff, Wall Street is excited by a new device capable of detecting plastic explosives. When Pan Am Flight 103 blew up over Scotland, destroyed by a bomb planted on board, interest in Thermedics grew even more intense. Thermedics stock rose 52 percent over the past year.
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Charles Stein, Globe Staff

Full text: [Boston Globe (pre-1997 Fulltext)] Jun 13, 1989

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DIGITAL LEADS CORPORATE PACK, BY MARKET VALUE

- For a big utility, Boston Edison does not get much respect from the stock market. Edison’s market value on May 19 was a modest $620 million. By way of comparison, New England Electric, a utility about 30 percent larger than Edison, had a market value of $1.4 billion. And Eastern Utilities, roughly one-third Edison’s size, had a market value of $474 million. Edison’s problem is Pilgrim. Until the plant is fully up and running, and until regulators decide how much of Pilgrim’s repair costs the utility will have to absorb, investors are likely to remain cool to Edison’s stock. – Affiliated Publications has a very big market value for a rather small company. In sales, Affiliated, the parent company of the Boston Globe, ranked 36th among Massachusetts companies last year. But its $3.3 billion market value placed it 4th, in the company of giants such as Gillette and Polaroid. The explanation is simple. Affiliated, until very recently, owned a 43 percent stake in McCaw Cellular Communications, the nation’s leading cellular telephone company. The stock market’s enthusiasm for cellular has sent McCaw’s stock price rocketing, bringing Affiliated along for the ride. At the end of May Affiliated transferred its ownership in McCaw to its shareholders.
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Charles Stein, Globe Staff

Full text: [Boston Globe (pre-1997 Fulltext)] Jun 13, 1989

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Big Bank Stocks Fall on Third World Debt Concerns Series: 10

“The real problem is getting over the LDC hump,” said James J. McDermott, executive vice president of Keefe, Bruyette & Woods Inc. “There’s a lot of near-term uncertainty related to the mandated Argentine writedown and the completion of the Mexican negotiations.” Manufacturers Hanover Corp. shares were trading at $36.62, down 75 cents from Friday’s close. Manufacturers is the biggest U.S. lender to Argentina and the fourth-largest lender to Mexico. The stock prices of Chase Manhattan Corp. and Chemical Banking Corp. were also down.
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JAMES R. KRAUS

Full text: [American Banker (pre-1997 Fulltext)] Jun 13, 1989

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