Stock prices continue advance

The Big Board in New York pushed ahead to a new post-crash high yesterday, undeterred by a U.S. government report on inflation that was slightly worse than expected. When energy prices are excluded, the inflation rate looks favorable, said Marshall Miller, an analyst with Toronto-based Midland Doherty. In Montreal, 5.07 million shares changed hands, compared with 5.03 million Wednesday. The forest products index dropped 17.87 to 3033.41, mines 3.74 to 1914.4, oils 2.58 to 1627.57 and industrials 0.58 to 1622.7 while banks rose 10.72 to 1920.1 and utilities 6.41 to 1525.99.
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Full text: [The Gazette] May 19, 1989

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Boschwitz declines to detail finances, cites privacy

The form also uses a category system that yields little information on high-priced assets. For example, it shows only that [Rudy Boschwitz]‘s ski chalet in Vail, Colo., is worth “more than $250,000.” The value of Boschwitz’s stock in Plywood Minnesota fell into the same open-ended range. In 1987, Boschwitz, who sits on the Agriculture Committee, had more than $100,000 in agriculture-related stocks. Boschwitz said his stocks are handled by a broker in an arrangement that operates much like a blind trust. He also said his stock holdings in any one company are not large, and that stock prices seldom are influenced by congressional votes. The official Senate asset disclosure forms offer more insight, but only a bit more. They show that Boschwitz received between $144,000 and $254,000 in income during 1988. But the total does not include Boschwitz’s salary from Plywood Minnesota, where he’s chairman of the board; the form says only that he received “more than $1,000″ from the family-owned company.
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Tom Hamburger
Staff Writer

Full text: [Star Tribune] May 19, 1989

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AVON STOCK PRICE SLIDES AS AMWAY RESCINDS OFFER

SHARES of the Columbia Savings and Loan Association, also known as the savings institution that ”junk” built, rose sharply yesterday as its president complained it was undervalued and said he was thinking of taking it private. Columbia had a running dispute with officials of the bank board over Mr. [Thomas Spiegel]‘s compensation. It began in April 1986, when a regulatory official objected to the level of compensation in 1985. After two years of discussions with regulators, the Columbia board decided to resume paying bonuses to Mr. Spiegel. The board told shareholders that the regulatory objections ”did not have the legal effect of a formal action.” The equity securities that Columbia allowed Mr. Spiegel and other executives to buy at prices the institution said ”may be significantly lower” than true value were acquired by Columbia in combination with the purchase of junk bonds. Mr. Spiegel acquired $3.6 million of such securities through Dec. 14, when the bank board’s objections forced a minor change in the plan. Since then, his share of such securities has been an additional $1.3 million.
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Patrick Rizzo

Full text: [Philadelphia Inquirer] May 19, 1989

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Market Place; Valuing Columbia Savings Shares

SHARES of the Columbia Savings and Loan Association, also known as the savings institution that ”junk” built, rose sharply yesterday as its president complained it was undervalued and said he was thinking of taking it private. Columbia had a running dispute with officials of the bank board over Mr. [Thomas Spiegel]‘s compensation. It began in April 1986, when a regulatory official objected to the level of compensation in 1985. After two years of discussions with regulators, the Columbia board decided to resume paying bonuses to Mr. Spiegel. The board told shareholders that the regulatory objections ”did not have the legal effect of a formal action.” The equity securities that Columbia allowed Mr. Spiegel and other executives to buy at prices the institution said ”may be significantly lower” than true value were acquired by Columbia in combination with the purchase of junk bonds. Mr. Spiegel acquired $3.6 million of such securities through Dec. 14, when the bank board’s objections forced a minor change in the plan. Since then, his share of such securities has been an additional $1.3 million.
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Norris, Floyd

Full text: [New York Times] May 19, 1989

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COMPANY NEWS; Amway Pullout Sends Avon’s Stock Reeling

Mr. [James E. Preston]‘s letter said the second half of this year would be better than the first. It also said Avon’s earnings per share should exceed $3.35 next year and $4 in 1991. ”These earnings, which substantially exceed management’s earlier expectations, will be generated by our basic beauty business,” the letter said. Andrew Shore, an analyst for Shearson Lehman Hutton Inc., said Avon’s predictions represented ”very aggressive numbers.” ”Everything has to go right,” he said. ”There is no room for error.”
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FREITAG, MICHAEL

Full text: [New York Times] May 19, 1989

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COMPANY NEWS; Smith Jumps 19.8%

The price of Smith International Inc.’s common stock soared yesterday after Industrial Equity (Pacific) Ltd. offered to buy all shares it does not own. Industrial Equity, the Hong Kong-based unit of Brierley Investments Ltd. of New Zealand, owns 33.4 percent of Smith.
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Reuters

Full text: [New York Times] May 19, 1989

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Offer Sends Stock Price Up 20% Smith International Draws Buyout Bid

Ronald A. Brierley, a New Zealand investor who controls Industrial Equity, said in a letter to Smith’s board that he wants to negotiate a price that is fair to Smith and its shareholders. Brierley said Industrial Equity deserves much of the credit for Smith’s turnaround. Last year, Robert Sutherland, an Industrial Equity executive, was named Smith’s chairman. Brierley said Industrial Equity would retain Smith’s senior management if its offer is accepted.
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JOHN CHARLES TIGHE

Full text: [Los Angeles Times (pre-1997 Fulltext)] May 19, 1989

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Southern National to Acquire Georgia Bank

Southern National Corp. of Lumberton said Thursday it has reached an agreement to acquire a multibank holding company in Georgia. Southern will swap about 2.7 million of its shares for 5.27 million shares of Allied Bankshares, a holding company with assets of $240 million and the parent of four subsidiary banks in the Augusta and Thompson area of east Georgia. This would give the transaction a value of about $59 million at Southern National’s recent stock price of $21.50 to $22 a share. An official of Allied said this would amount to about 1.9 times Allied’s current book value or equity per share. (excerpt)
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Scism, Jack

Full text: [Greensboro News Record] May 19, 1989

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MiniSeribe Faces Default on Debt

Financially troubled MiniScribe Corp. said Thursday it may not be able to accurately restate its 1987 and 1988 financial results, possibly forcing it to default on $98 million of debt. The Longmont company, which makes computer disk drives, said previously issued financial reports for the first three quarters of 1988 and for fiscal 1987 and 1988 are unreliable. It added its auditors, Coopers & Lybrand, probably will not be able to correct overstated assets for those periods. The bond rating agency Standard & Poor’s Corp. immediately suspended MiniScribe’s single-b-minus rating on $98 million in bonds following the announcement, saying it was impossible to judge the firm’s financial health. (excerpt)
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Bettelheim, Adriel

Full text: [Denver Post] May 19, 1989

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Market dismisses mixed report on consumer prices

The Dow Jones industrial average closed at a new post-crash high Thursday, staging a modest rally after a mixed report on April consumer prices. The average of 30 blue-chip stocks ended 7.69 points higher at 2470.12, its highest close since the October, 1987, stock market crash. Advancing issues led decliners 4 to 3 in New York Stock Exchange trading of 177.5 million shares, down from 191.2 million Wednesday. Stock prices dipped at the opening after the government’s report that the consumer price index, the most widely used measure of inflation, rose a steep 0.7 percent in April, its biggest monthly gain in more than two years. However, analysts were divided over whether the inflation number was worrisome, as some said oil prices caused most of the rise.
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Chicago Tribune wires.

Full text: [Chicago Tribune (pre-1997 Fulltext)] May 19, 1989

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Avalon Corp. Makes Announcement

Avalon Corp. (NYSE:AVL) announced Friday that because Corona Corp. intends to maintain a viable public market for Avalon shares following the consummation of its pending offer to purchase Avalon shares for $7.375 per share, Avalon stockholders have a choice as to whether to accept the offer or retain their shares and receive the special dividend consisting of $1.00 in cash and one warrant to purchase an additional Avalon share. The warrant will be exercisable until April 30, 1992 at a purchase price of $7.375 per share and Corona will promptly make a further offer to purchase any and all warrants for $1.00 per warrant. (excerpt)
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Etter, Lee-Ann

Full text: [Business Wire] May 19, 1989

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BUSINESS BRIEFS

Oakland-based Safeway Stores Inc. and the Robert M. Bass Group Inc. of Fort Worth, Texas, have agreed to discuss in advance additional purchases of stock in Vons Co., the Los Angeles-based grocery chain. Both companies said they want to buy more Vons stock. By discussing individual purchases in advance, the two hope to avoid artificially bidding up Vons’ stock price, analysts said. In an SEC filing, the Bass group said that if it and Safeway agree on a price, the two may jointly buy shares and allocate them equally to their individual accounts. The Bass group holds an 8.9 percent stake in Vons and Safeway holds about 32 percent of the company. Bass cannot buy more than a 17.5 percent stake in Vons under a standstill agreement that expires in July of next year. Safeway is limited to a 35 percent stake under a standstill agreement that expires in August, 1993. STATE CLOSES SACRAMENTO BANK
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Full text: [San Francisco Chronicle (pre-1997 Fulltext)] May 20, 1989

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WPL raises Madison Gas bid

Madison’s board discussed the new proposal Friday, but won’t decide what to do until its financial advisers finish their review, said Richard Lawrence, a Madison vice president and board member. In its latest proposal, WPL Holdings Inc. offered to acquire Madison by exchanging 1.75 shares of WPL for each of Madison’s 6.7 million shares. Based on Friday’s closing stock price, the bid has an indicated value of about $267 million.
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Michael Arndt.

Full text: [Chicago Tribune (pre-1997 Fulltext)] May 20, 1989

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Correction

LEAD: A table last week showing the volume of weekly bond trading on the New York Stock Exchange included two errors. The numbers shown for 1988 and 1989 should be reversed.
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Full text: [New York Times] May 21, 1989

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Building a Portfolio of Housing Stocks

Stan Luxenberg discusses the impact low mortgage interest rates will have on the construction industry and the stock prices of the home building companies.
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Luxenberg, Stan

Full text: [New York Times] May 21, 1989

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Biotech Firms Won’t Produce Quick Riches

A new drug on its way from the biotech industry promises to curb anemia, and is already exciting financial markets. Amgen Inc. of Thousand Oaks has synthesized erythropoietin –EPO for short-a protein produced in the human kidney that stimulates the production of red blood cells. And when officials of the Food & Drug Administration hinted recently that they were close to approving EPO for dialysis patients, who become anemic as a result of kidney failure, Amgen stock jumped $3 a share to $40 –adding $50 million in market value to a company that had gross revenues of only $53 million last year. (excerpt)
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Flanigan, James

Full text: [Los Angeles Times] May 21, 1989

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Ruder sees danger in stock runup

Securities and Exchange Commission Chairman David Ruder is warning of a potentially dangerous “meltup” in stock prices that could set the stage for a precipitous fall. Ruder, speaking in New York Friday, a day after announcing his resignation, said a resumption of program trading by some brokers and dealers on their own behalf and by institutional investors raised the possibility of an overheated stock market.
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Reuters.

Full text: [Chicago Tribune (pre-1997 Fulltext)] May 21, 1989

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Not too sure about stocks? Here’s a beginner’s guide

It’s important to note that IBM really doesn’t get any more money if its shares rise in market price. Those shares are owned by individual investors or mutual funds or institutions. They are the ones who make money if IBM’s stock price rises, not the company. The only way IBM could make money as a result of its high stock price is if the company decided to sell more shares to the public. Then, a higher price would come in handy; the company would have to sell fewer shares to raise the money it needs. A higher price also would be important if IBM decided to take over another company at a fixed price and pay for it in stock. With a higher stock price, they would have to issue fewer shares to buy the other company. Every publicly traded company figures out its profits at the end of every three months (the quarter) and every year. IBM earned about $5.8 billion in profits last year. Stock buyers watch to see if those earnings are higher or lower than the year before. But stock analysts also want a reliable way to compare the company’s earnings from year to year and with other, perhaps smaller, companies in the same industry. So they divide the total earnings or profits by the number of shares the company has outstanding. In the case of IBM, that’s $5.8 billion divided by 590 million shares, or about $9.80 per share. You’ll find most companies’ earnings stated as earnings per share. A dividend is stated in a dollar amount, such as IBM’s dividend of $4.84 per share. If you owned 100 shares of IBM, you would get a dividend check for $484. Actually, the dividend will probably be paid every quarter, meaning you would get a check for $121 every three months.
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Terry Savage

Full text: [Chicago Sun - Times] May 21, 1989

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Short Interest On Big Board Declines 5.1% — American Stock Exchange Reports a Record Total For 4th Month in a Row

New York Stock Exchange short interest for the month ended May 15 dropped 5.1%, to 528,669,482 shares, from April’s record level of a revised 556,831,364 shares. The American Stock Exchange, however, reported its fourth consecutive monthly record for short interest, as the figure edged up 0.3% to 43,792,378 shares from an adjusted 43,663,617. Short interest is the number of shares that haven’t been purchased for return to lenders. Though a substantial short position reflects heavy speculation that a stock’s price will decline, some investors consider an increase in short interest bullish because the borrowed shares eventually must be bought back.
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By Robert Daniels

Full text: [Wall Street Journal] May 22, 1989

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KKR and Bass Group Agree to Consult Each Other When Buying Vons Shares

Vons Cos.’ two biggest shareholders, Robert M. Bass Group Inc. and Kohlberg Kravis Roberts & Co. and their affiliates, have agreed to consult each other when buying more shares of the El Monte, Calif., supermarket chain. The cooperation, disclosed in a Securities and Exchange Commission filing by the Bass Group, will help prevent the two shareholders from driving up the stock’s price with competing purchases, industry analysts said. “It works mutually to their benefit,” said Steven DiMaggio of Roney & Co. in Detroit. “There’s not a lot of stock out there, and you can really get this thing cooking if they bid against one another.” The presence of the Bass Group and Kohlberg Kravis has had industry observers speculating for some time that a buy-out or other major transaction involving Vons might be in the offing. Friday’s SEC filing fueled that speculation.
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By David J. Jefferson

Full text: [Wall Street Journal] May 22, 1989

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