Icahn Sells Big Stake in Texaco

NEW YORK, June 1 — In the biggest block trade in the history of the New York Stock Exchange, investor Carl Icahn today sold his $2.1 billion worth of shares in Texaco Inc., the giant oil company he had once threatened to take over. The sale sparked market speculation that Icahn might use the money to increase his 11 percent stake in USX Corp. or his reported 4 percent stake in Williams Cos., but Icahn declined to comment about his plans. The price of USX jumped $2.62 1/2 to $37.50 a share; Williams rose $2 to $38 a share. USX trading was halted shortly before the market closed because of an order imbalance. (excerpt)
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Mufson, Steven

Full text: [The Washington Post] Jun 02, 1989

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Famous names spur stock’s price

The company said [Bruce Bronfman] and [Steven Reichmann] each purchased 1.25 million special warrants at 20 cents each. Each special warrant entitles the holder to acquire at no additional cost 1.25 million common shares and 1.25 million warrants.
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Full text: [The Vancouver Sun] Jun 2, 1989

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Dow average up over 10 points Series: BUSINESS DIGEST

NEW YORK – Stock prices gained ground Thursday in a session dominated by a record-sized transaction in Texaco shares just as the market closed. The Dow Jones average of 30 industrials rose 10.48 points to 2,490.63. Advancing issues outnumbered declines by about 3-to-2 in nationwide trading of New York Stock Exchange-listed stocks. Volume on the floor of the exchange came to 223.16-million shares, against 162.53-million in the previous session. TAMPA – Hugh F. Culverhouse and his Palmer Financial Corp. on Wednesday again extended the deadline for his $60-million, $15-a-share bid for Coast Federal Savings and Loan Association, this time to July 31. The offer by the owner of the Tampa Bay Buccaneers was set to expire May 31, but federal regulators have yet to rule on the bid for control of the Sarasota-based thrift. Culverhouse, who has spent more than a year pursuing Coast Federal, said the offer will not be extended again. As of May 31, nearly 2-million shares had been tendered to Culverhouse. These shares, plus the 394,473 he already owns, would give him 59 percent of Coast Federal’s shares. WASHINGTON – The productivity of American workers slipped in the first quarter while unit labor costs shot up more than 6 percent on an annual basis, the government said Thursday in a report analysts cited as proof both of a slowing economy and stubborn inflation. The Labor Department’s revised figures for the first three months of the year showed a 1.1 percent decline in non-farm business productivity at an annual rate, down from the 0.5 percent gain reported in preliminary first-quarter data issued last month. Unit labor costs – a key determinant of overall inflation – rose 6.6 percent on an annual basis in the quarter.
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Full text: [St. Petersburg Times] Jun 2, 1989

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Icahn Unloads Texaco Stock for $2 Billion

[Carl Icahn] became Texaco’s biggest shareholder when Trans World Airlines, of which he is chairman, bought a 12 million-share block from Australian investor Robert Holmes a Court in November 1987. TWA already had owned 5.9 million Texaco shares. Icahn complained that Texaco management was not doing enough to raise the company’s stock price and indicated he was willing to mount a takeover of the company. If successful, he indicated, a takeover would lead to the piecemeal sale of its assets with proceeds going to Texaco shareholders. He also fought with Texaco over the terms of its subsequent bankruptcy reorganization plan. The company sought protection from creditors to avoid posting a multibillion-dollar bond while it appealed the 1985 Pennzoil verdict, which resulted from Texaco’s acquisition of Getty Oil Co.
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Full text: [San Francisco Chronicle (pre-1997 Fulltext)] Jun 2, 1989

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Stocks: Texaco trade dominates

Stock prices gained ground Thursday in a session dominated by a record transaction in Texaco shares as the market closed. As the New York market was about to close, three big Wall Street firms handled a 42.32 million-share block trade of Texaco at 49, down 21/8 from Wednesday’s last price. Traders immediately concluded that financier Carl Icahn had unloaded his position in the company to pursue other objectives, possibly involving USX Corp., in which Icahn long has held a large stake. USX shares jumped 23/4 to 371/4.
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The Associated Press

Full text: [Orange County Register] Jun 2, 1989

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Stock Rally Spurs New Offerings

”It’s the strongest deal market in two years,” said Dan Case, head of investment banking for Hambrecht & Quist, a San Francisco investment firm that specializes in taking companies public. ”This is a caveat emptor situation,” said Roger B. McNamee, co-manager of the T. Rowe Price New Horizons Fund, a mutual fund that invests in emerging growth companies. Mr. McNamee, whose fund has invested in some new offerings but has shunned others, added, ”We’re already seeing some real cheesy merchandise.” Moreover, investment bankers say, there is pent-up demand by companies that have not been able to go public at favorable prices since the crash in October 1987. ”There’s a whole backlog of inventory,” said Shelley Floyd, an investment banker specializing in technology at Salomon Brothers’ San Francisco office.
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ANDREW POLLACK, Special to The New York Times

Full text: [New York Times] Jun 2, 1989

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Cost Controls Working, First Interstate Says; Stock Jumps

The conference was sponsored by Sanford C. Bernstein & Co., a New York investment bank. Ronald Mandle, the firm’s banking industry analyst, said [Joseph J. Pinola] was more adamant than ever about the need to rebuild the stock price and replenish capital as quickly as possible. Weak earnings, stemming chiefly from problems at its First Interstate of Texas unit, have plagued the company in recent quarters and created speculation that it might be vulnerable to a takeover in 1991, when California opens its doors to full interstate banking.
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DOUGLAS FRANTZ

Full text: [Los Angeles Times (pre-1997 Fulltext)] Jun 2, 1989

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ICAHN ENDS LONG-TERM ASSOCIATION WITH RECORD SALE OF TEXACO STOCK

[Carl Icahn] became Texaco’s biggest shareholder when Trans World Airlines, of which he is chairman, bought a 12 million-share block from Australian investor Robert Holmes a Court in November 1987. TWA already had owned 5.9 million Texaco shares. Icahn complained that Texaco management was not doing enough to raise the company’s stock price and indicated he was willing to mount a takeover of the company which. If successful, he indicated, a takeover would lead to the piecemeal sale of its assets with proceeds going to Texaco shareholders. Icahn proposed a takeover of Texaco valued at $14.5 billion that the company’s board rejected. He then tried and failed to unseat the board in a proxy fight at Texaco’s annual meeting a year ago.
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Full text: [Journal Record] Jun 2, 1989

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Stock prices post solid gains ahead of jobless report

Stock prices posted a solid gain Thursday in a day that featured the largest single trading transaction in the history of the New York Stock Exchange, on behalf of financier Carl Icahn. The Dow Jones industrial average opened on a weak note, but rose steadily throughout the day. The average closed at 2490.63 with a gain of 10.48, after being adjusted following the close to account for Icahn’s 42 million-share block of Texaco shares that crossed late in the day. Traders immediately concluded that Icahn had decided to pursue other objectives, possibly involving USX Corp., in which he also has long held a large stake. USX shares jumped $2, to $37.50.
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Chicago Tribune wires.

Full text: [Chicago Tribune (pre-1997 Fulltext)] Jun 2, 1989

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Dow up 10.48 in session dominated by Texaco shares

NEW YORK (AP) – Stock prices gained ground Thursday in a session dominated by a record-sized transaction in Texaco shares just as the market closed. Volume on the floor of the Big Board came to 223.16 million shares, against 162.53 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 262.03 million shares. Traders immediately concluded that financier Carl Icahn had unloaded his position in the company to pursue other objectives, possibly involving USX Corp., in which Icahn also has long held a large stake. USX shares jumped 2 3/4 to 37 1/4.
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Full text: [Austin American Statesman] Jun 2, 1989

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Texaco sale fuels rumors over Icahn’s plans

[Carl Icahn], chairman of Trans World Airlines Inc., acquired about 24 million Texaco shares from Australian investor Robert Holmes a Court after the 1987 stock market crash. TWA already owned 5.9 million Texaco shares and Icahn further increased the stake after the purchases from Holmes a Court. Icahn complained that Texaco management was not doing enough to raise the company’s stock price and indicated he might mount a takeover of the company. His threats complicated Texaco’s attempt to extricate itself from bankruptcy proceedings and a $10.35 billion damage judgment it was ordered to pay Pennzoil Co. Texaco’s board rejected Icahn’s later proposal for a $14.5 billion buyout and he failed to unseat the board in a proxy fight at Texaco’s annual meeting a year ago.
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(AP)

Full text: [Toronto Star] Jun 3, 1989

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Second-guessers missed the boat on Air Canada stock

All those smug second-guessers _ me included _ who went around saying that the average guy would get burned by buying Air Canada stock, that the government would be sorry once the stock price fell and the suckers started to get restless, all those smart big-fee guys who played the stock for a quick hit at its $8 listing price and then dumped it, where are they now? There are Canadian institutions in there _ especially Gluskin Sheff & Associates, which is the largest with two million shares. And there are U.S. investors, so many that Air Canada is bumping against its 25 per cent foreign-ownership ceiling. Neither the underwriter nor the company _ which, after all, isn’t making money on the deal this time around _ would want to take on a sale at that high a price. With more than $520 million worth of stock to sell _ three-quarters of that in Canada _ it would not be a cinch placing all the shares even at $13.
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Ann Shortell

Full text: [The Ottawa Citizen] Jun 3, 1989

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Shareholders can reap benefit from corporate divestitures ON STOCKS

If Ms [Helen Roman-Barber] decides to retain Lawson, it won’t be because of the company’s lousy stock price performance during the past 12 months. For one thing, Lawson’s 1988 profit of $1.45 a share was below analysts’ estimates, which were as high as $1.80 as late as last November.
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LEONARD ZEHR

Full text: [The Globe and Mail] Jun 3, 1989

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Home Owners’ stock price falls to a new low

Richard Morsilli, manager of the Providence office of Smith Barney, Harris Upham & Co., said the new price low confirms the forecasts of the short sellers who expected the stock price to fall. “The shorts are proving to be right,” he said.
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Full text: [Providence Journal] Jun 03, 1989

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Strong Stock Market Digests Large Sale of Texaco Shares

”What you see is realism setting in,” Mr. [George J. Gaspar] said. ”Investors are realizing that [Carl C. Icahn] might not step up to the plate and bat tomorrow. His intention is probably to increase his investment in USX over time. But to think that buying the company is the first thing he’ll do represents an erroneous thought process.” Despite the heavy trading of USX Corporation stock yesterday, some traders said that it appeared that arbitragers were not anticipating a bid by Mr. Icahn for the steel company. ”The sophisticated money is saying that he doesn’t have to do anything right away,” said one trader who asked not to be identified. ”You were dealing with a very powerful market,” said Robert J. Chamine, head of trading at Wertheim Schroder & Company. ”It’s not euphoric, just solid.”
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WALLACE, ANISE C.

Full text: [New York Times] Jun 3, 1989

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BUSINESS DIGEST: SATURDAY, JUNE 3, 1989

The dollar plummeted in a surprisingly sharp reaction to the weaker-than-expected report on U.S. employment in May. The dollar fell by almost four pfennigs against the West German mark and by two Japanese yen. In late trading, the dollar was at 140.45 yen and 1.9445 marks, down from 142.46 and 1.9805 Thursday. [ Page 35. ] Stock prices set a post-crash high in a surge stimulated by the employment data. The Dow Jones industrial average jumped 27.20 points to 2,517.83. The gain for the week was 24.06 points. [ 39. ] Interest rates plunged as bond prices soared in reaction to the jobs report. Rates on Treasury bills fell more than 20 one-hundredths of a percentage point, and the yield on the 30-year Treasury bond fell to 8.46 percent, from 8.59 percent. [ 38. ] Gold and silver futures prices surged in late trading, reacting to a weaker dollar and a stronger oil market. [ 43. ] Texaco led the most-active list, trading 22 million shares, in the wake of Carl C. Icahn’s sale of his huge stake. [ 35. ] The credibility of Paul A.
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Full text: [New York Times] Jun 3, 1989

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Columbia’s summer movies may fuel stock’s advance

“Integrated Resources (IRE, NYSE, 14 1/4, 12-month range 11 7/8-18), which organizes and markets investment programs as well as private investment services, is a buy,” says Al Frank’s The Prudent Speculator from Santa Monica, Calif. “The stock price has risen sharply in recent weeks because of recurring takeover rumors. ICH Corp. has agreed to buy 7.5 million newly issued shares of IRE at $21. ICH has stated that it may seek greater control. Of course, takeover rumors don’t enter into our fundamental analysis, and we don’t advise purchase of any stock just on rumors. We do recommend IRE, however, based on its impressive numbers. The stock trades at less than seven times current earnings, less than four times cash flow, and at a sizable discount to book value.” o o o
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Steve Halpern

Full text: [Austin American Statesman] Jun 4, 1989

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Bank Buyout Heads Back to Court

First American Bankshares Inc. and unhappy former shareholders of the company’s Virginia affiliate, First American Bank of Virginia, will meet in a Richmond appeals court this week, arguing whether an earlier $3.3 million award to the shareholders should be set aside or extended to other minority investors. The Court of Appeals for the Fourth Circuit in Richmond will hear oral arguments on Wednesday in the dispute over the controversial $30.8 buyout of the bank’s minority shareholders in 1987. Since the judgment in favor of the dissident shareholders group in November, three other shareholder suits have been filed against the Virginia bank, seeking similar awards. The suits have been stayed pending the outcome of the appeal. (excerpt)
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Sands, David R.

Full text: [Washington Times] Jun 05, 1989

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Wellcome May Be Hurt by AIDS Conference, But Bulls Like the Prospects for Herpes Drug

Wellcome’s stock price usually tumbles on any upbeat news about possible rivals to the company’s drug AZT, the world’s only prescription medicine approved for treating acquired immune deficiency syndrome. But analysts say any renewed price weakness in Wellcome shares could offer a good buying opportunity. They say investors — especially U.S. ones, who hold about 17% of Wellcome’s publicly traded stock — focus too much on the company’s AIDS drug, which it sells under the name Retrovir. U.S. investors jumped on the Wellcome bandwagon in early 1987, after the company offered the public 25% of its shares and just before the U.S. cleared AZT. The AIDS drug looked “like the savior for the great plague of the 1980s,” recalls Erling Refsum, a drug-industry analyst at Nomura Research Institute in London. To such investors, he says, the fact that Wellcome has a “savior” for what’s probably a bigger prospective market — herpes sufferers — doesn’t really matter. Wellcome estimates that 15% of people suffer from herpes cold sores.
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By Joann S. Lublin

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

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Using Utility Stocks as Market Indicator

The utility average — comprising 15 utility stocks — has usually predicted the course of the overall market at times like these, when interest rates are a key factor in stock prices. Over the past 25 years, the average has usually moved in advance of the Dow Jones Industrial Average by two or three months, says Geraldine Weiss, editor of Investment Quality Trends newsletter in La Jolla, Calif. Two other utility-stock indexes have been soaring recently. The New York Stock Exchange utility index closed at a record high 87.78 on Friday, while the Standard & Poor’s utility index finished at 133.33, also a record high. But the Dow Jones Utility Average seems to be most widely followed. The Dow Jones Utility Average is “the supreme bellwether of any stock or stock group,” says Norman Fosback, editor of Market Logic, a Fort Lauderdale, Fla., newsletter. Because utilities are so sensitive to interest rates, the average often reflects bond and money market developments before they exert any influence on the general market, he says.
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By Earl C. Gottschalk

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

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