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Central Banking System’s stock price plummeted 38 percent after Security Pacific backed out of a bid to buy the Walnut Creek CA-based banking company.
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Howe, Kenneth
Full text: [San Francisco Chronicle] May 3, 1989
”Some late program trading and asset allocation from equities to fixed-income securities ended a lackluster day on the downside,” said James Kalil Sr., president of Compu-val Investments Inc. in Wilmington, Del. ”The market should continue to be choppy but ultimately achieve new highs since economic fundamentals have not changed.”
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WIGGINS, PHILLIP H.
Full text: [New York Times] May 3, 1989
The Dow Jones average of 30 industrials fell 12.10 to 2,402.86, but most of the plunge was attributed to a 3 1/4-point drop in the stock of Eastman Kodak, one of the average’s components. Kodak closed at 43 7/8 after announcing a disappointing drop in its first-quarter earnings. [Alfred E. Goldman] said many traders stayed out of the market, preferring to see what Friday’s Labor Department report on April employment would hold. If the report indicates a surging economy, fears of continued interest rate hikes could send stock prices lower.
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JOYCE M. ROSENBERG
Full text: [Houston Chronicle (pre-1997 Fulltext)] May 3, 1989
The chemical process industries (CPI) continued to make record earnings in 1988, and, for the most part, were able to pass on higher raw material costs to customers. But profit margins from some specialty chemical companies declined because of escalating raw material costs. Many industries, such as pulp and paper and nonferrous metals, operated at near capacity. Aggregate earnings for all CPI companies soared 50% over 1987′s report on a 9% increase in sales. Segments outdistancing CPI earnings growth include: 1. soaps and synthetic detergent, up 160%, 2. nonferrous metals, up 130%, and 3. petroleum and natural gas processors, up 111%. Georgia Gulf and Aristech Chemical both surpassed the $1-billion mark in sales in 1988. Union Carbide achieved the largest percentage gain in net income, up 185% to $662 million. W.R. Grace overtook PPG Industries to become number 4 in sales. Pharmaceutical companies saw composite profits advance 50% and sales rise 12%.
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Kiesche, Elizabeth S.
Full text: [Chemical Week] May 3, 1989
The board of directors of Sizeler Property Investors Inc. (NYSE:SIZ), at a regularly scheduled meeting held Friday, adopted a Shareholder Rights Plan. The board also declared a dividend distribution pursuant to the plan of one right for each outstanding share of common stock, to all shareholders of record on May 19. Each right entitles the holder to buy one share of common stock of Sizeler at a purchase price of $60. This purchase price may be adjusted from time to time to avoid dilution. The rights become exercisable after a person or group acquires 20 percent or more of the common stock of Sizeler, an announcement is made that a person or group is making a tender offer which would result in that person or group owning 30 percent or more of the outstanding shares, or at least 15 percent of the shares are acquired by a person or group whom the board of directors determines has taken or is likely to take action which would have an adverse impact on the interests of the shareholders. (excerpt)
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Lassen, Sidney W.
Full text: [Business Wire] May 03, 1989
UNC Resources, an Annapolis conglomerate, has changed its operations drastically in the past five years, selling its uranium mines and expanding into new businesses such as aircraft repair and pollution cleanup. The strategy launched by UNC Chief Executive Officer Dan A. Colussy who took the reins in 1985 after three years of losses, thus far appears to be working. Last year the company reported its fourth consecutive annual earnings increase, with the bulk of its profits coming from its aerospace and aviation division, which operates plants mainly on the East Coast and in the Midwest. (excerpt)
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Goldstein, Stephen
Full text: [Washington Times] May 04, 1989
The Nasdaq Composite Index added 0.81 to 428.84 on 142.5 million shares, with the OTC’s biggest industrial stocks keeping the market afloat. The Nasdaq 100 Index added 1.68 to 403.17, while the largest financial stocks, tracked by the Financial Index, slipped 0.44 to 413.65. Meanwhile, the Dow Jones Industrial Average lost 0.4%. “The OTC market is basically defying gravity,” said Leonard Hefter, head of Jefferies & Co.’s OTC desk in Dallas. He observed that as soon as some stocks, particularly the biggest technology issues, began to slip, “investors began taking another look at them as they came down” and began buying them. As the debate over whether the climate is right for buying small stocks continues, PaineWebber has weighed in with its assessment. In a new report, the New York securities firm advises investors to create a shopping list of small stocks now, in anticipation of the bull market that PaineWebber expects during the early 1990s. The firm contends that small stocks consistently perform best, in both absolute and relative terms, during the first leg of a bull market. The stocks PaineWebber studied have a market capitalization, calculated by multiplying their stock price by the number of shares outstanding, of $200 million or less.
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By Sonja Steptoe
Full text: [Wall Street Journal] May 4, 1989
CS First Boston was formed in December, when First Boston Inc. merged with an affiliate of Swiss bank Credit Suisse in a $1.1-billion (U.S.) deal. Metropolitan Life’s stake is worth about $110-million, based on First Boston’s stock price in the merger. The companies are New York- based.
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DELINDA KARLE
STAFF WRITER
Full text: [The Plain Dealer] May 4, 1989
CS First Boston was formed in December, when First Boston Inc. merged with an affiliate of Swiss bank Credit Suisse in a $1.1-billion (U.S.) deal. Metropolitan Life’s stake is worth about $110-million, based on First Boston’s stock price in the merger. The companies are New York- based.
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Full text: [The Globe and Mail] May 4, 1989
Advance estimates call for the employment report to show an increase of 225,000 to 250,000 in nonfarm payrolls. In the blue-chip sector, International Business Machines rose three-fourths to 111; American Telephone & Telegraph was unchanged at 345/8; Coca-Cola lost one- Avon dropped three-eighths to 361/8 after jumping 43/4 Wednesday on news that Irwin Jacobs, the Minneapolis investor, and Amway Corp. have acquired a 10.3 percent stake in the company. Avon said it did not want to be acquired.
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The Associated Press
Full text: [Orange County Register] May 4, 1989
Since New World’s founder and leading light Cheng Yu-tung handed over the post of managing director to his son on Jan 1, 1989, the group has been caught up in a worldwind of activity, buying major shares in several companies. New World’s stock purchases and financial performance are discussed.
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Marchand, Christopher
Full text: [Far Eastern Economic Review] May 4, 1989
The Dow Jones industrial average continued its week long decline, dropping 8.80 points to 2384.90 on May 4, 1989.
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Full text: [The Washington Post] May 5, 1989
Standard & Poor’s industrial index fell 0.30 to 354.69, and S&P’s 500-stock composite index was down 0.39 at 307.77. Volume on the floor of the Big Board came to 153.1 million shares, down from 171.6 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 181.2 million shares.
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Full text: [The Washington Post (pre-1997 Fulltext)] May 5, 1989
The shares of Bowater Inc., the paper producer based in Darien, Conn., rose yesterday on rumors that someone was accumulating its stock, analysts said. Bowater rose $1.50, to $33, on the New York Stock Exchange. More than 1.9 million shares were traded, making it the fourth-most-active issue.
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Reuters
Full text: [New York Times] May 5, 1989
Wang has been in an extended decline, reporting a $63.7 million loss in the third quarter ended March 31. Its sales fell slightly, to $759.4 million from $767.9 million. Xerox, based in Stamford, Conn., continues to have strong profits, but it is considered vulnerable because its diverse holdings could attract a corporate raider who might break it up.
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Reuters
Full text: [New York Times] May 5, 1989
Ducommun Inc., mired in losses for the last four years, earned $360,000 in its first quarter largely from sharp cost reductions and increased orders for aircraft parts. The aerospace company, based in Carson, said sales rose 4% to $16.5 million for the first quarter from $15.7 million during the first three months of 1983. Ducommun lost $1 million during the same quarter of last year. Ducommun’s first-quarter costs were more than $800,000 less than in the first quarter a year ago, said Chief Financial Officer Donald R. Schort, resulting from work force reductions and reduced overhead. Ducommun has reduced its work force by 10%, or 1,000 employees, since last summer. (excerpt)
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Gellene, Denise
Full text: [Los Angeles Times] May 05, 1989
Stock prices backpedaled for the fifth straight session Thursday, as buyers turned timid before the release of April unemployment figures. The Dow Jones industrial average fell 8.80 points to 2384.90. Declining issues led advancers 7 to 6 in moderate New York Stock Exchange trading of 153.1 million shares, down from 171.7 million Wednesday. The Labor Department is due to release its report on April joblessness before the market opens Friday, providing the first official look at the economy’s strength last month.
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Chicago Tribune wires.
Full text: [Chicago Tribune (pre-1997 Fulltext)] May 5, 1989
Wall Street rumors that the Xerox Corp may seek to merge with Wang in an attempt to ward off a hostile takeover attempt has caused Wang stock prices to increase dramatically.
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Wilke, John
Full text: [Boston Globe] May 5, 1989
Meanwhile, Citizens & Southern Corp. stock rose 50 cents to $30 per share. NCNB last week gave up its pursuit of the Georgia-based banking company, which vigorously opposed NCNB’s overtures. NCNB’s higher stock price gives it more flexibility to offer a higher price for C&S if it made a second bid, some investors have speculated.
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Full text: [Austin American Statesman] May 5, 1989
Imperial Corporation of America (San Diego, CA) has agreed not to expand assets and instead to seek a merger in 1989, and the troubled thrift has received formal orders from the government to increase capital and loan loss reserves and to tighten credit evaluations. The company’s capital ratio is 3.81% and it lost $15.6 million in the fourth quarter of 1988. Its junk bond portfolio and Yugoslavian auto sales operations have aroused controversy. Stock prices are depressed to about a quarter of book value.
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Scally, Robert
Full text: [American Banker] May 5, 1989