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On renewed takeover rumors, Minneapolis-based Honeywell rose 1 3/4 to 73. Cray Research, another Minneapolis company, was up 1 to 54 7/8 after Control Data Corp. of Bloomington announced it was closing ETA Systems, Cray’s only U.S. competitor.
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Full text: [Star Tribune] Apr 18, 1989
As Boeing’s stock soared to new high of $71.875 a share yesterday, analysts predicted another split may be in the offing, along with a dividend increase, at the company’s annual meeting next Monday. The stock last split 3-for-2 in June 1985, when the stock was at $68.75 a share. The dividend last was increased to 40 cents, from 35 cents, last summer. Companies often split their stock to lower the price so it is more attractive to a broader range of investors and to get more shares into the marketplace. At the end of last year, Boeing had about 153 million common shares outstanding, of 300 million authorized. (excerpt)
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Lane, Polly
Full text: [Seattle Times] Apr 18, 1989
”Stocks did little but back and fill as traders took to the sidelines in anticipation of the release of the Consumer Price Index for March,” said Robert B. Ritter, chief technical analyst at Ladenburg, Thalmann & Company. ”The action was typical of a day preceding a potentially negative statistic.”
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WIGGINS, PHILLIP H.
Full text: [New York Times] Apr 18, 1989
The evidence for that relationship was compiled by Michael O’Higgins, an Albany investment adviser who monitored the performance of the 30 stocks in the Dow Jones industrial average each year since 1974, and compared the results with the consensus earnings expectations for each stock as the previous year ended. Those blue-chip companies that were expected to perform well all too often did not. Those that were written off had a way of providing positive surprises. Mr. O’Higgins separates the Dow 30 each year into three groups of 10, based solely on the consensus percentage earnings rise forecast by analysts in the preceding December. Mr. O’Higgins argues that the normal relationship should not be taken as a sign that ”earnings don’t matter,” but merely as an indication that forecasting earnings is very difficult. It is also possible that high expectations are already in the stock price of companies at the top of the earnings growth list, making such stocks more vulnerable to disappointments.
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Norris, Floyd
Full text: [New York Times] Apr 18, 1989
In January 1989, Turner Broadcasting System’s board vetoed Ted Turner’s proposal to spend almost $400 million for the rights to broadcast major league baseball and refused to vote on his wish to bid for the Financial News Network. The 7 outside board directors with cable interests believe their mission is to curb Turner’s renowned impetuosity. Investors have bid up Turner Broadcasting’s Class A shares 67% so far this year. At market prices, Turner’s 43% stake is worth some $800 million. Turner also retains 62% of the company’s voting stock, although the board’s supermajority voting rules do not allow him absolute sway. His Cable News Network will go worldwide by the end of the year, while Turner Network Television (TNT) has already penetrated 50% of the cable homes and could have 36 million subscribers by the end of 1989. Turner aims to produce a stock of made-for-TNT movies, to which he will keep the North American rights. Starting in 1991, Turner plans to spend $250 million a year on such projects.
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Carey, David
Full text: [Financial World] Apr 18, 1989
In March 1989, investors in Digital Equipment Corp. (DEC) saw its market worth reduced by $1.3 billion in one day when the stock fell 10 points to $96 a share. By June 1989, DEC will likely raise revenues 13% to around $13 billion, but net profit probably will decline 8% to around $1.2 billion. Operating margins have now dropped by as much as 30% for 5 successive quarters. DEC will certainly earn less than the $9.40 a share most analysts had expected in 1989. It has not had to raise outside capital since 1985, however, and its debt has been reduced from 16.3% of capital in 1985 to less than 5% now. DEC also managed to reduced its tax rate by 6% in 1988 through the judicious use of overseas manufacturing facilities in selected low-tax or no-tax areas in Puerto Rico, Ireland, Singapore, and Taiwan. DEC’s current strategy is to form alliances. With Apple, it will develop products allowing Macintosh users to link to VAX networks.
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Dubashi, Jagannath
Full text: [Financial World] Apr 18, 1989
In March 1989, investors in Digital Equipment Corp. (DEC) saw its market worth reduced by $1.3 billion in one day when the stock fell 10 points to $96 a share. By June 1989, DEC will likely raise revenues 13% to around $13 billion, but net profit probably will decline 8% to around $1.2 billion. Operating margins have now dropped by as much as 30% for 5 successive quarters. DEC will certainly earn less than the $9.40 a share most analysts had expected in 1989. It has not had to raise outside capital since 1985, however, and its debt has been reduced from 16.3% of capital in 1985 to less than 5% now. DEC also managed to reduced its tax rate by 6% in 1988 through the judicious use of overseas manufacturing facilities in selected low-tax or no-tax areas in Puerto Rico, Ireland, Singapore, and Taiwan. DEC’s current strategy is to form alliances. With Apple, it will develop products allowing Macintosh users to link to VAX networks.
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Dubashi, Jagannath
Full text: [Financial World] Apr 18, 1989
Usually, as happened last Friday, the Department of Commerce announces a bunch of statistics showing that America has a very large trade deficit indeed. Lots of people on Wall Street, at newspapers, on buses, etc., gasp and say, “Oh my, what a big trade deficit we have.” Stock prices dip, perhaps the dollar weakens, gloom briefly prevails, then everything goes back to normal until the next month. Occasionally, the figures show that the trade deficit has fallen. Then people get very excited and say things like, “Oh my, look how the deficit is falling at last.” Whereupon an economist will restore order by pointing out that although the trade deficit has fallen, it, nonetheless, remains very large indeed. Then people sigh, agree that he is right and get back to marveling about how big the trade deficit is.
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Liz Sly.
Full text: [Chicago Tribune (pre-1997 Fulltext)] Apr 18, 1989
The dividend is the actual dollar amount paid. The yield is the dividend as a percentage of the stock price. The yield is calculated by dividing the annual dividend by the current market price of the stock. If a stock sells for $40 a share and has paid dividends of $2 over the past year, its yield is 5 percent. If a company pays a yearend “extra” (generally done when profits are good), that amount is added to the dividends already paid to calculate the actual annual dividend. The directors announce the amount of the dividend to be paid, the date on which the dividend will be paid, and the record date – the date on which the company “freezes” the records. The owner-of-record on the record date is entitled to receive the declared dividend. For example, XYZ Co. declares it will pay a quarterly dividend of 50 cents a share on March 3 to the owner-of-record on Feb. 3. As long as you are the owner-of-record on Feb. 3, you will receive that dividend. A. When a stock is quoted “ex-dividend,” it means that new buyers are no longer entitled to the recently declared dividend. A stock generally goes ex-dividend five trading days before the record date, because it takes five trading days to do the paperwork for the trade to settle. In the example above, the ex-dividend date will most likely be Jan. 27. That means the anybody buying the stock after Jan. 27 will not be entitled to the March 3 dividend.
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Susan Bondy
Full text: [Chicago Sun - Times] Apr 18, 1989
And there was none of the old public outcry against program trading, which often is used to exploit small, technical differences between New York stock prices and Chicago futures prices. “The turmoil over program trading seems to have quieted down, so {programmers} have moved back in quietly,” says Leigh Stevens, stock-index futures strategist for PaineWebber. The Chicago futures exchanges have recently begun encouraging more use of the stock-index futures used in many programs, by reducing the amount of cash required to trade them. “You need speculation in the markets,” says an official of the Chicago Mercantile Exchange.
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By William Power
Full text: [Wall Street Journal] Apr 19, 1989
NEW YORK – The Securities and Exchange Commission (SEC) plans to file a civil suit against Singer Co. chairman Paul A. Bilzerian, who already faces criminal charges for alleged securities and tax fraud, according to the Wall Street Journal. The SEC last month notified Bilzerian, who lives in Tampa, of its intent to file the suit seeking “substantial monetary disgorgement.“ Bilzerian, 38, is scheduled to go to trial May 1 on the tax and securities charges involving three corporate raids. Bilzerian has asserted his innocence. A civil suit would allow the government to seek to reclaim funds it alleges were earned illegally. Ads tout `stronger’ airline MIAMI – Trying to overcome skepticism about its plans to rebuild, strike-crippled Eastern Airlines enrolled more pilot recruits and Tuesday ran full-page ads featuring pilots who have crossed the picket lines. “We’re building a better, stronger, more unified airline and we are as proud as ever to wear the Eastern uniform,“ the ads said. Eastern this week began training courses for 79 new pilots. Two previous classes of 34 each will complete training in mid- and late-May. MINNEAPOLIS – Oil mogul Marvin Davis’ $90-a-share bid to buy the parent company of Northwest Airlines was left in the dust Tuesday as NWA Inc.’s stock price exceeded $97 on an announcement that the airline will pursue the best deal for its shareholders. NWA stock closed at an all-time high of $97.37 1/2, up $7.12 1/2 from Monday’s close, and was the most active issue on the New York Stock Exchange, with 3.5-million shares changing hands.
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MARCUS GLEISSER
STAFF WRITER
Full text: [The Plain Dealer] Apr 19, 1989
NEW YORK – The Securities and Exchange Commission (SEC) plans to file a civil suit against Singer Co. chairman Paul A. Bilzerian, who already faces criminal charges for alleged securities and tax fraud, according to the Wall Street Journal. The SEC last month notified Bilzerian, who lives in Tampa, of its intent to file the suit seeking “substantial monetary disgorgement.“ Bilzerian, 38, is scheduled to go to trial May 1 on the tax and securities charges involving three corporate raids. Bilzerian has asserted his innocence. A civil suit would allow the government to seek to reclaim funds it alleges were earned illegally. Ads tout `stronger’ airline MIAMI – Trying to overcome skepticism about its plans to rebuild, strike-crippled Eastern Airlines enrolled more pilot recruits and Tuesday ran full-page ads featuring pilots who have crossed the picket lines. “We’re building a better, stronger, more unified airline and we are as proud as ever to wear the Eastern uniform,“ the ads said. Eastern this week began training courses for 79 new pilots. Two previous classes of 34 each will complete training in mid- and late-May. MINNEAPOLIS – Oil mogul Marvin Davis’ $90-a-share bid to buy the parent company of Northwest Airlines was left in the dust Tuesday as NWA Inc.’s stock price exceeded $97 on an announcement that the airline will pursue the best deal for its shareholders. NWA stock closed at an all-time high of $97.37 1/2, up $7.12 1/2 from Monday’s close, and was the most active issue on the New York Stock Exchange, with 3.5-million shares changing hands.
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Full text: [St. Petersburg Times] Apr 19, 1989
PROVIDENCE-Herb Miller ran the first stockholders’ meeting of Eastland Financial Corp. yesterday in the same easygoing style in which he directed the mutual savings bank before it converted to public ownership last July. “You didn’t say hello to me this morning,” kidded Miller, president and chief executive officer, when he introduced Charles T. Francis, a director, to the crowd. “He doesn’t look like he’s retired or that he should be,” smiled Miller when he asked Sidney S. Goldstein, a director, to rise. (excerpt)
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Kostrzewa, John
Full text: [Providence Journal] Apr 19, 1989
The stock price of NWA Inc jumped after the parent of Northwest Airlines said it was considering options to fend off a $90-a-share, $2.62 billion takeover by oilman Marvin Davis.
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Berg, Eric N
Full text: [New York Times] Apr 19, 1989
The news of Mr. Davis’s financing also bolstered NWA’s stock, which was the most active issue on the New York Stock Exchange, with nearly 3.5 million shares changing hands. $3.3 Billion Package Some analysts said Mr. Davis’s financial package, which he valued at $3.3 billion, could support a bid of more than $100 a share. Mr. [Marvin Davis] has said that he would pay more than $90 a share if NWA could demonstrate that it was worth more. ”We believe this is a very strong financing package,” Mr. Davis said in a statement from his office in Los Angeles. ”With this financing package, no sales of any strategic assets will be required to meet the company’s financial obligations. In fact, we would expect – and could comfortably finance – the expansion of NWA’s passenger capacity by over 30 percent over the next six years.” ”This is significant to the arbitrage community,” said Thomas Longman of Bear, Stearns & Company. ”It means Davis is a real player now.”
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ERIC N. BERG, Special to the New York Times
Full text: [New York Times] Apr 19, 1989
Citicorp and the Bankers Trust New York Corp both announced sharply higher earnings for the first quarter. Stock prices for both companies rose.
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Quint, Michael
Full text: [New York Times] Apr 19, 1989
Stock prices of both Citicorp and Bankers Trust rose sharply. People on Wall Street said the earnings reports were a catalyst for buying by institutional investors who had been disappointed earlier in the month by the earnings of J. P. Morgan & Company and the Chase Manhattan Corporation. Citicorp’s shares rose $1, to $30.125, while Bankers Trust’s stock rose $1.25, to $43.625. Citicorp also announced an increase in its stock dividend, to 40.5 cents a share each quarter, from 37 cents. Strength in Core Operations At Citicorp, first-quarter profits of $529 million, or $1.52 a share, were up 48 percent from $358 million, or $1.01 a share, a year ago. Although the improvement was exaggerated by a $77 million after-tax profit from the sale of real estate in Tokyo and the inclusion of $43 million of interest payments from Brazil, analysts noted that profits were strong in Citicorp’s basic consumer and business banking operations. ”Citicorp reached out late in the fourth quarter to buy some longer-dated certificates of deposit, which left them well situated when interest rates rose in the first quarter,” said Thomas H. Hanley, managing director at Salomon Brothers.
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QUINT, MICHAEL
Full text: [New York Times] Apr 19, 1989
G. Kenneth Heebner, a Boston-based money manager, said that he was responsible for the recent rise in the stock price of Sotheby’s Holdings Inc.
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Norris, Floyd
Full text: [New York Times] Apr 19, 1989
Former Denver billionaire Marvin Davis’ $90-a-share bid to buy the parent company of Northwest Airlines was overshadowed as the stock price of NWA Inc exceeded $97 on an announcement that the airline will pursue the best deal for its shareholders.
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Full text: [Denver Post] Apr 19, 1989
NWA Inc’s stock price rose $7.12 on April 18, 1989 to close at $97.37 as the result of Marvin Davis revealing that financing to buy the company had been lined up. NWA is the parent company of Northwest Airlines.
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Full text: [Chicago Tribune] Apr 19, 1989