Holder of National Education Sues After Shares Drop

A National Education Corp. shareholder charged that the technical training concern knowingly made misleading statements about its financial condition to prevent a drop in its stock price and financial harm to directors and officers who hold the stock. A federal court suit against National Education, based in Irvine, Calif., and its chairman, H. David Bright, was filed by David Grobow and seeks class action status on behalf of investors who purchased the company’s stock between May 26 and June 12. The suit, which seeks compensatory damages and punitive damages of $25 million, alleges that some current or former directors sold shares during that period.
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By Marc Ramirez

Full text: [Wall Street Journal] Jun 16, 1989

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Dow Chemical Says Earnings May Disappoint

MIDLAND, Mich. — Dow Chemical Co., reacting to sharp declines in its stock price and bearish pronouncements from some analysts, said second-quarter earnings will rise from a year ago, but not as much as some on Wall Street were expecting. The big chemical maker said earnings should exceed $4 a share, up from $3.29 a share, or $624 million, a year earlier. But based on Dow’s first-quarter earnings of $4.08 a share, some analysts had expected profit would be closer to $4.20 a share. Dow’s earnings have soared in the past two years because of stringent cost cutting moves taken in late 1985 and rising prices of many of its key products. As of the end of March, Dow had racked up eight consecutive record quarters. But some analysts said the company’s unusual acknowledgment that second-quarter earnings might not come up to expectations was a signal that Dow’s earnings growth could be cooling off.
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By Joseph B. White

Full text: [Wall Street Journal] Jun 16, 1989

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Wall Street stock prices mixed

Decliners led advances, with 636 down, 506 up and 548 unchanged. The NYSE composite index of all its listed common stocks was off 0.08 points to 178.89. Pan Am, which said it submitted a revised takeover bid for NWA, parent of Northwest, was unchanged at $4 and NWA rose 13 cents to $107.63.
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(AP)

Full text: [Toronto Star] Jun 16, 1989

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Stock prices decline sharply

The U.S. dollar fell against most major currencies. It closed at $1.1967, off 37-100ths of a cent against the Canadian dollar. A setback in the U.S. credit market also acted as a catalyst for the stock selling. “I guess we just got a case of tired blood,” he said. “The U.S. bond market, the stock market and the U.S. dollar have all moved to excess. Evidence of slower economic growth didn’t evoke much of a response in the stock market either. The U.S. Federal Reserve reported that the operating rate for U.S. factories, mines and utilities dropped in May to 83.8 per cent, down 0.3 percentage point from the previous month. The Fed also reported that the pace of industrial production held steady in May.
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Full text: [The Gazette] Jun 16, 1989

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Dow plunges nearly 30 points Series: Business Digest

NEW YORK – Stock prices took a pounding Thursday, hit by futures-related selling programs plus plunges in bond prices and the dollar. The Dow Jones average of 30 industrials tumbled 28.36 to 2,475.00. Losers swamped gainers in nationwide trading of New York Stock Exchange-listed stocks, with 1,078 issues down, 444 up and 466 unchanged. Volume on the floor of the exchange came to 179.48-million shares, up from 170.54-million in the previous session. Dollar takes a tumble … NEW YORK – The dollar plummeted Thursday in what analysts called the biggest single-day drop in years, as traders who had been powering the currency’s long rally suffered a sudden crisis of confidence. Traders said the dollar appeared to have risen too far, too fast in recent weeks and may have been ripe for a selloff by speculators anxious to cash in their gains. The dollar sank 4 yen to about 145 Japanese yen and 5 pfennigs to about 1.98 West German marks. TOKYO – The Tokyo Stock Exchange on Thursday suffered its worst one-day loss in a year, amid widespread worries that the dollar has risen too high against the yen. The Nikkei index of 225 stocks declined 489.90 points, or about 1.5 percent of its value, to 32,913.09. The strong dollar has begun to raise fears that Japan’s trade deficit with the United States will widen again, leading to political tensions and rising prices in Japan. Analysts and traders have said in recent days that they are increasingly worried because the Bank of Japan seems unable to stop the yen’s slide, despite huge intervention in the currency markets.
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Full text: [St. Petersburg Times] Jun 16, 1989

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Monsanto Settles Major Copper-7 Cases

Monsanto Co on June 15, 1989 announced out-of-court settlements of 70 suits against its Copper-7 intrauterine birth control device, causing heavy stock trading, a record stock price and favorable comments from security analysts.
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Steyer, Robert

Full text: [St. Louis Post - Dispatch] Jun 16, 1989

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Stocks: Prices hurt in sell-off

Few blue chips bucked the downtrend. International Business Machines fell 1 to 1093/8, American Telephone & Telegraph fell five-eighths to 351/4 and Merck dipped one-fourth to 68. USX, however, rose five-eighths to 373/4. Stocks were sold in preparation for the triple witching hour, something that occurs once each quarter when stock-index futures, index options and options on individual stocks expire. Wall Streeters expect trading volume to be heavy today as investors adjust their positions in stocks and futures.
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The Associated Press

Full text: [Orange County Register] Jun 16, 1989

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Tokyo Stocks Drop Again After Thursday’s Sharp Fall

On Thursday, Japanese officials tried to talk the yen down. The Finance Minister, Tatsuo Murayama, said Japanese investors were engaged in ”speculative buying,” and strongly suggested they would soon regret it. ”We must stop the dollar’s rise by using every means available,” Mr. Murayama said. ”All we can do is intervene, and hope the tide turns,” a Bank of Japan official said the other day, with some exasperation in his voice.
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DAVID E. SANGER, Special to The New York Times

Full text: [New York Times] Jun 16, 1989

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Broad Retreat Sends Dow Down 28.36

”The dollar’s drop accentuated program trading, which contributed to the market’s precipitous decline,” said James Kalil Sr., president of Compu-Val Investments in Wilmington, Del. ”In addition, the upcoming consumer price data have traders on edge.” Mr. Kalil said, however, that the long-term outook for stocks was positive. Volume on the Big Board expanded slightly to 179.5 million shares, from 170.5 million on Wednesday, somewhat less than some analysts expected. Many traders were apparently content to await today’s ”triple witching hour” – when the June stock index futures, options on futures and stock options all expire -as well as the results of the Consumer Price Index for May.
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WIGGINS, PHILLIP H.

Full text: [New York Times] Jun 16, 1989

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Dow Falls 28.36 as Bond, Dollar Markets Wane

Stock prices for June 15, 1989 are presented.
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Full text: [Los Angeles Times] Jun 16, 1989

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Stock prices pounded by trading programs

Larry Wachtel, market analyst at Prudential-Bache Securities Inc., said computer-driven program trading maneuvers ahead of Friday’s “triple witching hour” accentuated the selloff. The Federal Reserve reported that the operating rate for U.S. factories, mines and utilities dropped in May to 83.8 percent, down 0.3 from the previous month. The Fed also reported that the pace of industrial production held steady in May. Few blue chips bucked the downward trend. International Business Machines fell 1 to 109 3/8, American Telephone & Telegraph fell five-eighths to 35 1/4, and Merck dipped one-fourth to 68. USX, however, rose five-eighths to 37 3/4.
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Full text: [Austin American Statesman] Jun 16, 1989

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Hees likely to abandon scheme to protect minority shareholders

Hees, Great Lakes’ controlling shareholder, had asked securities commissions across Canada to exclude the protection plan from takeover bid regulations. This would have enabled Hees to buy any leftover shares from Wood Gundy after Dec. 31 at $20 without making followup offers. The QSC refused to go along on Thursday, apparently accepting arguments that the scheme violated rules forbidding stock-price fixing and amounted to an indirect takeover bid. The QSC also threatened sanctions against executives of Hees, Great Lakes and Trilon – including withdrawal of certain trading privileges – if Great Lakes tried to ignore the ruling by offering the plan outside of Quebec. Great Lakes’ Riley had told the QSC during a hearing Wednesday that even if the commission nixed the plan, Hees would offer it in Ontario and other provinces where it obtained approval.
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By CRAIG TOOMEY of The Gazette

Full text: [The Gazette] Jun 17, 1989

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Honeywell to cut 300 more jobs

[Susan Eich] denied that the announcement was tied to takeover rumors. But Kurt Rivard, an analyst with Dain Bosworth Inc., said Honeywell can indirectly fend off a takeover by improving its financial performance. “They have to get the company’s public value – the stock price – closer to the company’s perceived asset value,” Rivard said. Rivard said he estimates that a buyer could raise $120 to $140 per share by breaking up the company. Honeywell stock closed yesterday at $75.12 1/2, up $1.50. One way to raise the stock price it to improve profits through greater efficiency, Rivard said.
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Dave Hage
Staff Writer

Full text: [Star Tribune] Jun 17, 1989

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P&W’s Stock Plunges 46% as Talks With Conrail End

Stock in Providence and Worcester Railroad Co. plunged yesterday by $6.75 per share, or 46 percent, one day after Conrail announced that talks over its possible acquisition of P&W had been terminated. News of the end of takeover talks came Thursday night, too late to affect Thursday’s trading. Yesterday, P&W stock closed at $8 a share in over-the-counter trading, down from $14.75 Thursday. The precipitous drop left P&W with a total market value of $16.16 million. That is down $13.63 million from the day before, based on the company’s 2.02 million shares outstanding, including preferred shares that can be converted to common stock. (excerpt)
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Downing, Neil

Full text: [Providence Journal] Jun 17, 1989

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HEAVY ‘WITCHING’ TRADING GOES RELATIVELY SMOOTHLY

Ordinarily, investors who had bought these June contracts as a way of participating in the market’s recent rally would have ”rolled” out of these expiring contracts and bought the September S.&P. contract, futures traders say. But because of rising stock prices and the uncertainty about the direction of interest rates, such a transaction was not very profitable, said Jeffrey S. Tabak, a partner at Miller Tabak Hirsch & Company, a New York brokerage firm. Their heavy stock buying was almost wholly offset by the activities of Wall Street firms and money-management organizations that engage in stock index arbitrage, the futures traders say. At yesterday’s opening, many of the arbitragers sold stocks and bought futures contracts to lock in the ”spread,” or the difference between the two instruments.
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WALLACE, ANISE C.

Full text: [New York Times] Jun 17, 1989

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Dow Up 11.38; Index Trading Swells Volume

Warner Communications dominated the list of actively traded NYSE-listed stocks on news that Time intends to launch a $70-a-share tender offer for Warner instead of merging with Warner in a stock swap. A. H. Robins rose 3 1/8 to 29 7/8. A federal court approved Robins’ bankruptcy reorganization plan, which includes $2.5 billion for women who claim they were injured by the company’s Dalkon Shield birth control device sold widely in the 1970s. Tokyo stock prices gained moderately to end the week on an up note after Thursday’s huge drop. The Nikkei 225-share index gained 142.08 points to close at 33,055.17. The dollar fell 6.25 Japanese yen to a closing 145.05 yen in Tokyo. Later, in London, it was quoted at 145.50 yen. In New York, the dollar fell to 144.70 yen from 145.40.
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Full text: [Los Angeles Times (pre-1997 Fulltext)] Jun 17, 1989

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Centennial Suffers New Cash Crisis

Centennial Group Inc. wove a grandiose tale of California real estate riches when it sold limited partnerships to investors in the 1970s and 1980s and later consolidated the partnerships into one publicly held company. But the only investors reaping riches are the two at the company’s helm — Ronald R. White and John B. Joseph. Both men collected some $1 million last year in salary and bonuses, while investors — including up to 2,000 Sacramentans who invested $12 million to $15 million — watched their stock plummet to as low as $2 a share. (excerpt)
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Terhaar, Joyce

Full text: [The Sacramento Bee] Jun 18, 1989

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Battle of the giants // Trial will decide $1.5-billion question: Did GTE’s phones cost Home Shopping?

The trial is expected to last as long as two months. Through testimony and GTE internal memos, St. Petersburg-based Home Shopping will try to convince a Pinellas jury the utility sold it a faulty phone system – then, after discovering the problem, covered it up to hang on to a lucrative customer. Stamford, Conn.-based GTE Corp. says there was nothing wrong with its phones. Indeed, GTE has filed a countersuit for slander and libel. A GTE lawyer claims Home Shopping has “dragged (its) name up and down the street“ looking for a scapegoat for its own bad management. With a slander countersuit filed last November, GTE has portrayed Home Shopping as a skillful manipulator of news organizations. GTE has long maintained that Home Shopping chairman Roy M. Speer and president Lowell W. Paxson have been trying their case in the newspapers, publicly blaming GTE for the company’s troubles to bolster a depressed stock price.
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ALAN GOLDSTEIN

Full text: [St. Petersburg Times] Jun 18, 1989

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Columbia S&L Group Sues to Prevent Thrift From Going Private

BEVERLY HILLS, Calif. — Columbia Savings & Loan Association said five of its shareholders sued the thrift and Drexel Burnham Lambert Inc. to prevent Columbia from going private. The suit, which was filed Friday in Los Angeles Superior Court, alleges a pattern of self-dealing involving Columbia, several of its officers and directors, and Drexel to depress Columbia’s stock price in anticipation of a management-led buy-out. The thrift is known for its heavy investment in junk bonds.
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Full text: [Wall Street Journal] Jun 19, 1989

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Toronto and New York investors suffer setback

A week of plunging stock prices left both the Newand Toronto markets lower for the week.
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Full text: [Toronto Star] Jun 19, 1989

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