Sun Microsystems’ Stock Price Cools As Company Foresees Loss for Quarter

Or so went the glamour company with the high-flying stock until late last week. Sun said Thursday that it might report a loss for the fiscal-fourth quarter, citing manufacturing delays because of a series of management miscalculations. The stock tumbled 1 1/4, or 5.7%, Thursday, and lost 1 1/2 more on Friday to finish the week at 19 1/4, a drop of 15.4% from its high. Nearly 10 million shares traded; average daily turnover is 1.1 million. Market individuals say the National Association of Securities Dealers is investigating the heavy volume and price drop in Sun’s common stock before the earnings news was announced. An NASD spokesman wouldn’t confirm the inquiry, but a Sun spokesman said the NASD has questioned it about heavy trading volume last week. Last week wasn’t tumultuous only for Sun; it was equally rough on short sellers, who have been betting that the stock price would drop. Those investors sold borrowed shares, expecting to replace them later with stock purchased at a lower price. But the stock soared 7.7% Tuesday on news that the company took a big step toward establishing its Sparc microprocessor as the standard for future workstation designs by signing up Toshiba Corp. to build products based on Sun’s high-performance desktop computer design.
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By Sonja Steptoe

Full text: [Wall Street Journal] Jun 5, 1989

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Soft Landing? Here Are Signs to Watch — Seeking Clues To Slowdown

Investors are betting more and more money that the economy will come in for a “soft landing,” as Friday’s heavy volume and 27-point jump in the Dow Jones Industrial Average attest. But stock market strategists, who argue about a lot of things, agree that the route to a soft landing is long and treacherous. The Federal Reserve is in the pilot’s seat, trying to steer the economy to slower growth and reduced inflation without crashing into a recession. Trouble is, the U.S. economy is a clumsy machine over which the Fed has very little control. For investors who happily latched on to the prospect of a soft landing as their rationale for jumping into the stock market in recent weeks, the risk is high. Should the economy either falter or begin racing out of control, stock prices could be badly battered.
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By Douglas R. Sease

Full text: [Wall Street Journal] Jun 5, 1989

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Hong Kong’s Stocks Plummet in Early Trading, Responding to Bloody Turn in China’s Politics

Earlier, analysts had forecast that share prices would plummet in early trading as the market digested the fact that China’s political chaos had turned bloody. “The market has already discounted all the political developments in Beijing except the violence,” said Philip Niem, an analyst at brokerage Hoare Govett Asia Ltd. He foresees a sharp sell-off today. Since Chinese Premier Li Peng declared martial law in Beijing May 20, the Hong Kong market has become a virtual hostage to political developments in China. The Hang Seng index plunged 10.8% the following Monday. The next day, it rallied 9.4% on the prospect that student demonstrators and the government might reach a pact. Hoare Govett’s Mr. Niem said the index might fall to the 2000 level — though not necessarily today — before stabilizing. That would put the index on a price-earnings ratio of about six; the ratio, which compares stock prices to per-share earnings, is a widely used indicator of a stock’s underlying value. He said that the only time the Hong Kong market has sold that cheaply was in 1983, in reaction to the news that Britain would return the colony to Chinese sovereignty in 1997.
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By Russell G. Todd

Full text: [Wall Street Journal] Jun 5, 1989

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NCNB to Issue 7.5 Million New Shares

NCNB Corp. will issue more than 7.5 million new shares of common stock to raise money for general corporate purposes. Based on NCNB’s recent stock price of $46.875, the transaction could bring in more than $350 million. Susan Carr, vice president and director of investor relations at Charlotte-based NCNB, said although NCNB doesn’t have specific uses for the anticipated proceeds at this time, “every day that we wait, we risk a general economic downturn that would send the stock market down.” The continuing rise in NCNB stock offers the opportunity to raise funds “at a price that is too good to resist — selling shares at over two-times book value has an enormous attraction,” Carr said. (excerpt)
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Cranford, Steve

Full text: [The Business Journal] Jun 05, 1989

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Executives Pull in Profits as Hyster Deal Closes

When the long-awaited purchase of Portland’s Hyster Co. closed last week, ESCO Corp. and a group of Hyster Co. executives made roughly $200 million on the sale of the lift-truck maker to Cleveland-based NACCO Industries Inc. NACCO, a conglomerate that makes everything from toaster ovens to lift-trucks, paid $620 million for Hyster and also assumed about $80 million of Hyster’s outstanding debt. In 1984, Portland steel maker ESCO and Hyster executives paid $421 million for Hyster in a leveraged buyout. (excerpt)
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Gauntt, Tom

Full text: [The Business Journal] Jun 05, 1989

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Interco Grants Executives Options

Interco Inc. is granting options to key employees of its four core businesses to purchase 5.9 million shares of stock at an option price of $2.8378 per share, according to the company’s 1989 proxy statement. The grants are conditioned on approval by shareholders of a 1989 stock option plan. Interco stock closed at $2.25 per share Wednesday, well below the option price. The distribution of the options is being determined by a special committee, according to the proxy. The options are designed as an incentive for Interco’s top management. One of the executives who will be granted options is R. Stuart Moore. Interco vice president and chairman of the board of The Lane Co. According to the proxy statement. Moore will be granted 350,000 option shares at a price of $2.9375 per share. (excerpt)
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Graves, Lawrence

Full text: [St. Louis Business Journal] Jun 05, 1989

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Brokerage Firm Agrees to Close Down Operations

FORT LAUDERDALE — The David-Maxwell Co. Inc. has agreed to cease its brokerage operations as the result of allegations of fraud and overcharging brought against it by the Securities and Exchange Commission. David-Maxwell agreed to close its doors after the SEC brought public administrative proceedings seeking to censure the firm for the violations. Howard M. Caplan, David-Maxwell’s president, also agreed to a one-year suspension of his broker-dealer license as a result of the allegations. Both the firm and Caplan agreed to the actions without admitting or denying the allegations. (excerpt)
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Sedore, David

Full text: [South Florida Business Journal] Jun 05, 1989

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Oregon Metallurgical Corp.: Titanium Products Catapult Farm Town Into Prosperous Age

ALBANY, Ore. –The time: Spring 1955. The place: Albany, Ore. The setting: A local service-club luncheon. The situation: Albany’s economy, almost completely dependent on farming and the forest-products industry, is stagnating through a severe forest-products recession. The mayor challenges his luncheon audience to propose some way to keep Albany vital. Someone stands up and suggests the city start a factory to produce titanium, a new “wonder metal” needed by the U.S. Air Force to make jet engines. (excerpt)
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Buck, Richard

Full text: [Seattle Times] Jun 05, 1989

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HONG KONG MARKETS REELING AFTER CHINA BLOODSHED

HONG KONG – Stock prices tumbled today in the worst day for Hong Kong shares since the 1987 crash, and queues of people formed outside Chinese-owned banks to withdraw money in protest against the slaughter of pro-democracy activists in Beijing. Hong Kong will come under Chinese rule in 1997. China has promised Hong Kong can retain its free-wheeling capitalist system and social structure for at least 50 years after the turnover.
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Full text: [Seattle Times] Jun 5, 1989

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Why Longs’ Stock Is Languishing

Longs says that much of its success derives from a willingness to delegate great amounts of authority to its store managers. While other large chains tend to be tightly managed from headquarters, Longs lets individual managers decide what goods to stock so they can closely tailor their merchandise to the preferences of customers in their areas. DIVERSITY OF CUSTOMERS Longs also is seeking to beef up its profits by steering away from bargain sales, which had been an important feature of its merchandising mix in years past. Longs got on this kick in fiscal 1987, when profits rose only 2 percent – in part because of large insurance-rate increases and store-expansion costs. Duff & Phelps analyst [Rick Nelson] says that the current Longs stock price doesn’t fully reflect the value of the company’s real estate. Longs owns about 58 percent of its outlets, most of them located in California, and, of course, real-estate prices here are appreciating rapidly.
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LAURA EVENSON, Chronicle Staff Writer

Full text: [San Francisco Chronicle (pre-1997 Fulltext)] Jun 5, 1989

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Analyst Pegs Great American as Hot Investment

Great American Bank is among the hottest acquisition targets in the nation’s tumultuous savings and loan industry, according to a Los Angeles analyst. San Diego-based Great American, along with CalFed Inc., Citadel Holding Corp., Coast Savings and California Financial Holdings Co. of Stockton are the five California S&Ls that offer the largest potential gains to investors, said Michael Abrahams, an analyst at Bateman Eichler, Hill Richards in Los Angeles. “Savings and loans with weak, yet positive capital levels and attractive deposit bases may have strong incentives to sell out,” Abrahams said. (excerpt)
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Henshaw, Jean
Curtis, Janice M.

Full text: [San Diego Business Journal] Jun 05, 1989

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Pioneer Is Going Public, but Not Because It Has to

Pioneer Federal Savings Bank didn’t need to raise capital last time interest rates were high, and it need not do so now. But the Lynnwood thrift, with 17 branches and four mortgage offices, is going public anyway. The unstated reason: Management and other shareholders may stand to make a lot of money. (More than half of Pioneer’s 239 employees have subscribed for stock.) And why this potential bonanza? A strongly capitalized public thrift could be well positioned to expand its franchise through acquisition of weaker thrifts. And given the trend of banking consolidation, it would stand a good chance of being acquired by a larger financial institution — presumably at a premium. (excerpt)
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Neurath, Peter

Full text: [Puget Sound Business Journal] Jun 05, 1989

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Stocks: Prices mixed following last week’s rally

Gainers outnumbered losers by about 8 to 7 in nationwide trading of New York Stock Exchange-listed issues, with 711 up, 642 down and 498 unchanged. Losers among the blue chips included General Electric, down one-eighth at 555/8; American Telephone & Telegraph, down three-eighths at 357/8; and International Business Machines, down one-fourth at 1097/8.
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The Associated Press

Full text: [Orange County Register] Jun 5, 1989

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Hong Kong Stock Market Plunges 589 Points, or 22%

”There is no bottom,” one broker said. An exchange spokeswoman said, describing the atmosphere on the trading floor: ”There’s no shouting or screaming. Traders are just looking anxiously at the screen and anxiously picking up their phones to take sell orders.” Hong Kong’s Secretary of Monetary Affairs, David Nendick, went on radio this morning to advise local investors to sit tight. ”If you are in stocks and shares, stay there,” he said. ”You are certainly not going to get a reasonable value for your shares right now.” Two Weeks of Wild Swings
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Reuters

Full text: [New York Times] Jun 5, 1989

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Stock Offer in Works for Cooker

Officials with Cooker Restaurant Corp., which maintains its operational headquarters in Nashville, have filed documents with the Securities and Exchange Commission to make an initial public stock offering. The company — launched in 1984 with the acquisition of eight Southern Hospitality restaurants — will sell 4 million shares of common stock that are expected to generate $12.2 million, according to a preliminary prospectus dated May 26. J.C. Bradford & Co. will serve as co-manager of the IPO with Memphis-based Morgan Keegan & Co. acting as lead manager for the national offering, which could begin as early as next week. (excerpt)
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Brayton, Matthew
Thorp, Susan A.

Full text: [Nashville Business Journal] Jun 05, 1989

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GM Stock Price Sends Signals to Wall Street

The General Motors Corp bellwether indicator shows that the 1989 stock market is slowing down. GM stock, according to theorists, must set a new high every four months within a peak to get an “all clear” signal.
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Currier, Chet

Full text: [Detroit News] Jun 5, 1989

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MiniScribe reverses gears with 29% jump in price

MiniScribe was on investor’s buy lists last week after two months of tumultuous trading that pushed the stock dramatically lower. MiniScribe’s stock price rose 29.03 percent to $2.50.
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Full text: [Denver Post (pre-1997 Fulltext)] Jun 5, 1989

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GM stock watched as indicator

The analysts in question are followers of the “GM bellwether” indicator, one of the many traditional tools developed to try to outguess the direction of stock prices. The theory holds that GM stock must set a new high within four months of its previous peak in any given market cycle to maintain an “all clear” signal for investors. If it fails to do so, then it switches to a bearish, or at least “caution,” indicator. The “all clear” light has been on since Oct. 20, 1987, the day after the crash, notes Robert Stovall of Stovall-Twenty-First Advisers Inc., long known as a leading advocate of the GM bellwether.
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Full text: [Chicago Tribune (pre-1997 Fulltext)] Jun 5, 1989

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Imminent Deal Will Make PQI Part of Tribune Co.

Press Quote International of Glens Falls, which supplies information on stock prices to newspapers such as London’s Financial Times, is expected to become part of Tribune Co. Inc., a diversified communications company based in Chicago, in a deal that could fetch up to $5 million. James West, president of PQI, said last week that Tribune Co. “has an option to purchase PQI and wants to exercise that option.” “They have seen the perceived value of the company,” he said of Tribune Co., putting the value of the deal up to $5 million. (excerpt)
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Ballman, Barbara

Full text: [Capital District Business Review] Jun 05, 1989

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Iowa Bank Stock Prices Rally

It might be infectious optimism about the prospects for passage of interstate banking legislation or wild rumors about buyouts. It could even be the rain. But whatever the reason, Iowa bank stocks are riding high. Market prices for Banks of Iowa Inc., Brenton Banks Inc., First Interstate of Iowa Inc. and Hawkeye Bancorporation have tended to run up during sessions of Iowa Legislature, especially while interstate banking is being debated. “Then when interstate banking fails, they usually take a dive,” said John Harris, vice president of corporate finance at the Chicago Corp. (excerpt)
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Buelt, Jamie Gottula

Full text: [Business Record] Jun 05, 1989

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