Anger From Time and Paramount

The battle over Time Inc. turned nasty yesterday as J. Richard Munro, Time’s chairman, delivered a blistering attack on the honesty and integrity of Martin S. Davis, chairman of Time suitor Paramount Communications Inc. “I am disappointed that I can’t rely on you as a man of your word,” Munro began in a three-page personal letter to Davis, according to sources who saw the letter. “Live and learn.” Munro also attacked Paramount, the new name for Gulf & Western. “You’ve changed the name of your corporation, but not its character. It’s still `Engulf and Devour,’” Munro wrote, referring to the, play on G&W’s name in Mel Brooks’ “Silent Movie.” (excerpt)
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Dutt, Jill
Lander, Estelle

Full text: [Newsday] Jun 09, 1989

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Bullish Outlook for First Interstate Drives Stock Higher

First Interstate Bancorp’s stock price shot up again Thursday after three analysts issued bullish reports on the financial prospects of the Los Angeles banking company. First Interstate stock rose $3.375 on Thursday to close at $63.125 on the New York Stock Exchange. It was a new 52-week high and came after fairly heavy trading in which 502,400 shares changed hands. The company’s chief spokesman, Simon Barker-Benfield, said management feels that the stock’s recent performance reflects a recognition among investors that First Interstate has made significant progress in cutting costs and improving earnings over the past year. (excerpt)
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Frantz, Douglas

Full text: [Los Angeles Times] Jun 09, 1989

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Paramount, Warner, Time in Their Corners

As Time Inc negotiates to merge with either Paramount Inc or Warner Communications Inc, stock prices soar for all three companies. Time had been set to merge with Warner until Paramount made a late bid for the company.
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Storch, Charles

Full text: [Chicago Tribune] Jun 9, 1989

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Kodak’s stock price talked up

Rumors that Eastman Kodak Co. is ripe for a takeover or a restructuring sent its once-lagging stock price to a 52-week high. Kodak closed up 37 cents, to $50.87, on the New York Stock Exchange Thursday after going as high as $52.37 in early trading. It jumped $3.25 Wednesday. Combined with the surge of giant takeover bids, including Paramount Communications Inc.’s $10.7 billion offer for Time Inc., and recent analysts’ reports valuing Kodak at as much as $90 a share, an environment has developed that is perfect for such speculation, they said.
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Reuters.

Full text: [Chicago Tribune (pre-1997 Fulltext)] Jun 9, 1989

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Analysts Say ‘Buy’; First Interstate Stock Climbs

The stock price of First Interstate Bancorp soared on Jun 8, 1989 after three securities analysts issued buy recommendations for the stock. The recommendations from the three analysts are recounted.
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Carson, Teresa

Full text: [American Banker] Jun 9, 1989

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Wall Street not flustered as Dow slips just a bit

Volume came to 173.24 million shares, down from 212.31 million in the previous session. Consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 207.18 million shares. The U.S. labor department reported that the producer price index of finished goods rose 0.9 per cent in May, substantially outpacing advance estimates by brokerage-firm economists. Nevertheless, some observers said they were impressed with the market’s relatively calm reaction to the news. Unexpected jumps in the producer price index earlier this year touched off sharp declines in stock prices.
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(AP)

Full text: [Toronto Star] Jun 10, 1989

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After rocky start, Canadian stocks gain on week

In the New York, the Dow Jones industrial average plunged 37 points Monday. But the Dow made steady gains through the week. The blue-chip index dropped 3.49 yesterday at 2513.42 to finish just 4.41 points down from last week’s close. Nevertheless, some observers said they were impressed with the market’s relatively calm reaction to the news. Unexpected jumps in the producer price index earlier this year touched off sharp declines in stock prices. Gold plummeted Friday, down $15.80 to $357. Despite the fact that gold’s loss turned out to be the U.S. dollar’s gain, the Canadian dollar continued to hover around the 83-cent mark, closing at 83.23.
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Full text: [The Gazette] Jun 10, 1989

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Dow average slides 3.49 points Series: BUSINESS DIGEST

NEW YORK – Stock prices were little changed Friday as the market absorbed the news of a bigger-than-expected increase in producer prices. The Dow Jones average of 30 industrials slipped 3.49 to 2,513.42, finishing the week with a net loss of 4.41 points. Advancing issues and declines ran about even in nationwide trading of New York Stock Exchange-listed stocks. Volume on the floor of the exchange came to 173.24-million shares, down from 212.31-million in the previous session. NEW YORK – A Delaware judge on Friday denied Paramount Communications Inc.’s request to block a provision of the merger agreement between Time Inc. and Warner Communications Inc. that could thwart Paramount’s $10.7-billion buyout bid for Time. Delaware Chancery Court Judge William P. Allen said Paramount had not produced enough evidence to support its request for a temporary restraining order against a stock option agreement that allows Time and Warner to buy each other’s shares. Paramount sued in Delaware – where Time is incorporated – after announcing its $175-a-share cash bid earlier this week. Moody’s eyes China debt rating
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Full text: [St. Petersburg Times] Jun 10, 1989

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MARKET TAKES PRICE NEWS IN STRIDE

NEW YORK – Stock prices were little changed yesterday as the market absorbed the news of a bigger-than-expected increase in producer prices. Advancing issues and declines ran about even in nationwide trading of New York Stock Exchange-listed stocks, with 759 up, 773 down and 474 unchanged. Volume on the floor of the Big Board came to 173.24 million shares, down from 212.31 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 207.18 million shares.
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Full text: [Seattle Times] Jun 10, 1989

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Stocks: Prices steady on news of increase in producer index

USX ranked among the volume leaders, up 1 at 38 on renewed speculation that financier Carl Icahn, who has a large stake in the company, might be planning a takeover or some other transaction. Syntex, a frequent subject of takeover talk, gained 2 to 54. Sea Containers Ltd. jumped 4 7/8 to 65 1/4. The company rejected an unsolicted offer.
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The Associated Press

Full text: [Orange County Register] Jun 10, 1989

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Producer Prices Up 0.9% in May

The dollar rose sharply yesterday, in part because the rise in producer prices suggested the Fed would be unlikely to ease interest rates further anytime soon. But the credit markets largely ignored the price report, which would have been expected to depress bond prices and push up interest rates. Instead, largely because of the strong dollar, rates plunged to two-year lows as prices of long-term Treasury bonds surged. Stock prices were mixed. [ Page 38. ] Administration Optimistic Michael J. Boskin, head of the President’s Council of Economic Advisers, said in a White House briefing that while today’s report showed that ”inflation remains a concern,” the Administration was sticking with its prediction that prices would stabilize in the second half of the year in the 4 1/2 to 5 percent range and decline in 1990. Private analysts, while not quite so sanguine, were not particularly discouraged. ”I don’t think this is an overly wonderful report but inflation is not going to continue at this rate,” said Kathryn L. Kobe, vice president at Joel Popkin & Company, a Washington consulting firm that specializes in prices and wages. The rise of five-tenths of 1 percent in the ”core” inflation, when food and energy are excluded – a calculation favored by professionals seeking the ”underlying” inflation rate – compared with a one-tenth decline in April and a three-tenths rise in March.
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ROBERT D. HERSHEY Jr., Special to The New York Times

Full text: [New York Times] Jun 10, 1989

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Dow Drops 3.49 amid Conflicting Signals

Stock prices were mixed as investors tried to sort out conflicting signals about the economy on Jun 9, 1989. The Dow Jones industrial average fell 3.49 points to close at 2,513.42.
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DeMaria, Lawrence J

Full text: [New York Times] Jun 10, 1989

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BUSINESS DIGEST: SATURDAY, JUNE 10, 1989

The dollar rose sharply, once again surpassing 2 West German marks and topping 146 yen, its highest level since October 1987. The day’s rally began with heavy buying by Japanese banks. [ 35. ] Interest rates plunged to two-year lows yesterday, as the prices of long-term Treasury bonds surged. The yield on the bellwether 30-year Treasury tumbled to 8.14 percent. [ 38. ] Stock prices were mixed as investors tried to sort out conflicting signals about the economy. The Dow Jones industrial average fell 3.49 points to close at 2,513.42, ending the week down 4.41 points. But the American Stock Exchange market-value index set its second straight record, gaining 0.16, to 366.16. [ 38. ] Prices of precious metal futures plunged on New York’s Commodity Exchange, with both gold and silver reaching new contract lows. Grain and soybean prices were mostly lower. [ 43. ] The N.A.S.D. is making plans to open daily trading in more than 200 securities at 4 A.M. Eastern time. [ 39. ] International
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Full text: [New York Times] Jun 10, 1989

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PRODUCER PRICE INDEX RISES 0.9

WASHINGTON (AP) – Wholesale inflation came roaring back in May after a two-month respite, as prices soared for gasoline, fresh vegetables and automobiles, the government reported Friday. Financial markets had rallied in response to that move, but they dipped slightly in early trading Friday after traders interpreted the price report as an indication the Fed will hesitate before loosening again. Stock prices generally recovered by midday. Food prices, which had posted rare 0.6 percent decline in April, rebounded 0.8 percent in May. The price of vegetables skyrocketed 26.4 percent as celery and tomato prices doubled and cabbage prices rose by one-third.
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Full text: [Journal Record] Jun 10, 1989

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PRICE OF GM STOCK MAY BE A SIGNAL FOR INVESTORS

On that day, the so-called General Motors bellwether switched from a “go” signal to a caution, according to Robert V. Stovall, president of Stovall/Twenty-First Advisers Inc. The go signal had been in effect since Oct. 20, 1987, a day after the stock market crash when General Motors hit a split- adjusted price of $25. Because the four months passed without General Motors trading at a new high for the trend period (Oct. 20, 1987, to the present), the stock sent a reversing “caution” or “sell” signal to the entire market, Stovall said. With the flashing of the trend-reversing “caution” Thursday, General Motors’ closing price, $41.50, is the new measuring point for the “bear signal.” Each time that General Motors’ stock price goes lower, the cautionary period is extended by four months. As of now, the cautionary period will last until Oct. 8 — unless the stock trades below Thursday’s close.
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Victor L. Harper

Full text: [Richmond Times - Dispatch] Jun 11, 1989

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WEEK IN BUSINESS; Interest Rates Are Heading Down

Paul A. Bilzerian was found guilty on all nine counts of securities fraud and tax violations. Mr. Bilzerian, chairman of the Singer Company, is a Florida investor and takeover speculator. His conviction in a Federal court in Manhattan was the first jury verdict rendered in the three-year investigation of Wall Street crime that began with the downfall of the arbitrager Ivan F. Boesky. Mr. Bilzerian, who is 38 years old, faces a maximum penalty of five years in prison on each count. The charges included accusations that he had secretly accumulated stock in companies and had filed misleading information with regulators. * Stock prices were tugged in both directions. The Dow Jones industrial average took a 37-point dive on Monday, partly caused by worries about the plunge in the Hong Kong market and the political turmoil in China. But the big takeover activity in midweek encouraged a buying mood, and by week’s end the Dow had recovered to 2,513.42, a loss for the week of only 4.41 points. Bond prices continued higher, pushing the yield on the 30- year Treasury bond as low as 8.22 percent. Oil prices were volatile, swinging around the $20-a-barrel level, as Kuwait’s refusal to accept its production quota caused an OPEC meeting to end in disarray. The turmoil in China pushed gold prices up more than $12 an ounce, to near $380, but they were falling by week’s end. * TW Services accepted a bid of $1.7 billion from Coniston Partners, ending nine months of resistance. TW owns more than 1,600 Denny’s and Hardee’s restaurants. *
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DODSON, STEVE

Full text: [New York Times] Jun 11, 1989

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Trump satisfies players’ fantasies of great wealth

Based loosely on Monopoly, [Donald Trump] is played with money in denominations ranging from $10 million to $100 million. Players move colored “T’s” – for Trump, of course – around the board, assembling business empires combining an airline, hotel, convention center, sports complex, casino, office building and tropical island. Our group did not love Maxi Bourse. It reminded us too much of figuring out our taxes. The game didn’t engage us on a visceral level, as Trump did. Maxi Bourse is a best-selling French game, translated into English, that applies the Monopoly concept to the stock market. The idea is to assemble a major conglomerate, or to dominate an industry, by buying stock in multinational companies. Events and even false rumors affect stock prices, which are constantly updated on a “big board” in grease pencil.
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Delia O’Hara

Full text: [Chicago Sun - Times] Jun 11, 1989

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MCI-Merrill Lynch Pact Is Valued at $150 Million

RYE BROOK — MCI Communications, which has signed on three major corporate clients in the past two months, last week inked the largest corporate contract in its history with Merrill Lynch & Company Inc. Under a five-year contract, worth an estimated $150 million, MCI will provide a worldwide telecommunications voice and data network linking Merrill Lynch offices in New York and New Jersey with 500 domestic branch offices. The network also will carry international traffic from Tokyo, London, Singapore, Toronto, Sydney, Australia, and Berne, Switzerland. (excerpt)
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Jordan, John

Full text: [Westchester County Business Journal] Jun 12, 1989

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Strong Dollar Gives Lift to Stocks, but for How Long?

Friday’s big rush to the dollar, in the wake of a surprisingly big increase in producer prices last month, extended a rally this year that has boosted the U.S. currency by 19% against the yen and 14.5% against the mark. The dollar still isn’t anywhere near its 1985 highs, but the rally has come despite continuing efforts by the U.S. and other governments to keep a lid on the currency. Not so coincidentally, the Dow Jones Industrial Average has risen 16% in the past six months. But a stronger dollar isn’t an unalloyed blessing for stock investors. Just as the falling dollar of the past few years is widely credited for restoring U.S. industry’s competitiveness, a rising dollar can sap it. And even the strongest U.S. multinationals will, at the very least, find their overseas earnings diluted when they’re translated back into dollars for those quarterly reports. A stronger dollar also has been an invitation to foreign investors to put more of their money in the U.S. market. Foreign demand for stocks practically dried up after the October 1987 market crash. Now, some analysts contend, with stock prices at post-crash highs, what is needed for further gains is a big inflow of foreign cash. And it may be coming. Although the latest statistics show that foreigners were net sellers of U.S. equities in the first quarter, securities firms that deal with foreign investors say they’re finding enthusiastic buyers now.
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By Douglas R. Sease

Full text: [Wall Street Journal] Jun 12, 1989

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The Fall and Fall of Argentina

After years of tottering on the brink of economic crisis, Argentina has started sliding into chaos. Hyperinflationary price increases have left even middle-class citizens unable to afford food and other necessities.
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Gorman, Christine
Lopez, Laura

Full text: [Time] Jun 12, 1989

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