Bootstrap bonanza–Puerto Rican cement cashes in on the isla

Puerto Rican Cement Co. is the dominant cement supplier on Puerto Rico. This is a good position to be in, since the strongest part of Puerto Rico’s surging economy is construction. Increasing industrial capacity is fueling construction. The biggest portion of the island’s building activity in 1988 consisted of government-funded projects, such as the construction of highways and prisons. Puerto Rican Cement is a prime beneficiary of an island law requiring that all cement used in government-financed construction projects on Puerto Rico be produced on the island. A conversion project under way at Puerto Rican Cement is expected to reduce one of the company’s largest costs of production – fuel – by 50%. In addition to its main business, Puerto Rican Cement has a flourishing real estate development operation.
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Savitz, Eric J.

Full text: [Barron's National Business and Financial Weekly] May 22, 1989

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Holly Farms Corp. accepts buy-out offer

Holly Farms said ConAgra would acquire the Memphis-based poultry processor in a $74.81-a-share stock swap. The bid, worth $1.38 billion at current stock prices, tops ConAgra’s $1.1 billion bid turned down at a Holly Farms shareholders meeting last month and Tyson’s $63.50-a-share, or $1.15 billion, offer. Under the previous Holly Farms-ConAgra agreement, Holly Farms agreed to sell ConAgra some of its assets if the proposed buy-out fell through. However, the agreement approved by the Holly Farms board late Saturday night removed that provision, known as a “lock-up” agreement.
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Full text: [Austin American Statesman] May 22, 1989

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Security Pacific Considers Selling Part of Global Brokerage Business

Security Pacific Corp. (Los Angeles) in an attempt to streamline its operations and cut unprofitable areas, is considering selling its international securities business. International securities operations are part of the bank’s less profitable merchant banking arm. Security is also considering selling a minority interest in its financial services division in order to boost stock prices.
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Carson, Teresa

Full text: [American Banker] May 22, 1989

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Security Pacific Considers Selling Part of Global Brokerage Business Series: 3

Hoare Govett, in particular, has caused Security Pacific some problems, especially since the stock market crash. Security Pacific restructured Hoare Govett and beefed up management. Hoare Govett withdrew from market making and sales in some bond markets in 1988. Mr. [John F. Kooken] said that getting rid of the international securities businesses might not mean selling them outright. He pointed out that the entire industry faces the same problems as Security Pacific, especially since the 1987 market crash. Problems Are Not Worldwide Although it is common for industrial companies to spin off parts of subsidiaries to the public, it is highly unusual in banking. But Security Pacific executives said selling a part of the financial services unit could boost Security Pacific’s overall stock price.
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TERESA CARSON

Full text: [American Banker (pre-1997 Fulltext)] May 22, 1989

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Prices of Stocks Drop in London And Frankfurt — Strong Dollar Brings Fears Of Interest Rate Boosts; But Tokyo Shares Gain

In Frankfurt, the mark’s decline against the dollar was good news for West Germany’s big export economy. Stock prices of West German auto makers and other export-dependent companies jumped in trading on the Frankfurt stock exchange. Investors speculated that the weakening mark increases the price competitiveness of West German industry in world markets. The dollar yesterday broke through the psychologically important level of 2 marks for the first time since December 1986. The U.S. currency stabilized at around 2.01 marks late in the European day despite another barrage of dollar sales by several central banks. West Germany’s Bundesbank denied rumors that it was planning a special meeting of its policy-setting council to raise West German interest rates in an attempt to bring the dollar down. West German officials fear that the lower mark imports inflation by driving up prices West Germans pay for foreign goods. West German inflation is expected to top 3% this year after averaging 1.2% in 1988. Imported inflation accelerates a trend started in January, when West German inflation jumped with the introduction of Bonn’s new consumer taxes.
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By Terence Roth and Craig Forman

Full text: [Wall Street Journal] May 23, 1989

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Hong Kong Stocks Plummet Over 10% On Local, Foreign Fears About Beijing

Stock prices in Hong Kong plunged more than 10% Monday, as local and foreign investors dumped shares in response to the continuing turmoil in China. Student demonstrations in Beijing have mushroomed into a nationwide display of dissatisfaction with China’s policies and leaders. Because Beijing is due to regain control of Hong Kong in 1997 and because China already has close economic ties to Hong Kong, investors here are watching the protests for signs of how they will affect Chinese economic and political policy. The decline in Hong Kong share prices Monday caused the colony’s futures exchange to suspend trading in futures contracts on the Hang Seng index for the first time since October 1987. Under the rules for trading stock-index futures, trading must stop when prices fall to a bottom limit. Trading resumed in the afternoon.
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By Christopher Hunt

Full text: [Wall Street Journal] May 23, 1989

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Amerada to Buy Offshore Fields Of Transco Unit — Gulf of Mexico Properties To Fetch $911 Million; Unit’s Stock Price Soars

Transco Energy Co. said its affiliate, Transco Exploration Partners Ltd., has agreed to sell nearly all of its offshore Gulf of Mexico properties for $911 million to Amerada Hess Corp. The affiliate’s stock price soared 65%. The acquisition by Amerada Hess would increase its total natural gas reserves by 25%, double its domestic natural gas reserves and boost its recent momentum in exploration and production activities in general. Amerada, a New York-based oil and gas concern, is currently locked in litigation to exercise allegedly pre-emptive rights to buy all or a portion of $961.3 million in North Sea properties from Texas Eastern Corp. Reaction on Wall Street was swift and, for Amerada, negative, reflecting the high price of about $9.30 an equivalent barrel paid for the Transco properties. In composite trading on the New York Stock Exchange yesterday, Amerada Hess common fell $1.375 to close at $38.375 a share. But common stock of the parent Transco rose $1.125 a share to close at $41.75, while the price of Transco Exploration Partners soared $3.75 to $9.50 a share, both in Big Board trading. Transco Exploration was the eighth most active stock on the exchange yesterday.
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By Dianna Solis

Full text: [Wall Street Journal] May 23, 1989

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Economic report gives Wall St. a welcome boost

Analysts said a combination of factors, including today’s report on durable goods orders and turmoil in the currency markets, helped weakened stock prices. The commerce department reported today that orders to factories for “big-ticket” durable goods such as aircraft surged 2.9 per cent in April, the strongest increase in four months. In March, durable goods orders rose just 1 per cent.
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(AP)

Full text: [Toronto Star] May 23, 1989

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New York stock prices close higher to set post-crash record

”I think the market acted great, considering the fact we’ve been up some 120 odd points,” one trader said. ”We gave up a little bit earlier today, but it wasn’t enough to cause many people to sell.” ”We were hurt by the technology stocks and some profit-taking, but when you look and see where we’ve come from, the market acted terrific,” another trader said.
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CHRISTINA TOH-PANTIN

Full text: [The Globe and Mail] May 23, 1989

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Dow gains 0.92 points on day of swings

Among individual issues, Deltak rose 1 1/4 to 14 3/4 in national over-the-counter trading. The Plymouth manufacturer of specialty heat recovery generators and energy conversion systems said in March that it was looking for a buyer for the company but yesterday it said there were no new developments to account for the rise in the stock price. Deltak said interest in the stock might be linked to concerns about energy shortages this summer.
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Full text: [Star Tribune] May 23, 1989

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Astro-Med Makes Graphic Case for It’s Stock

WEST WARWICK-Usually when a company reports record sales and earnings, its stock goes up. Astro-Med Inc. hasn’t had such luck. Last fall the manufacturer of fancy graphic printers saw its stock fall one dollar in a single day. The news? Third-quarter results were the best ever. The stock slipped again in February when Astro-Med announced its year-end sales and profits had jumped 31 percent and 47 percent, respectively, to record levels. Both times, says chairman Albert W. Ondis, “we were a little disappointed.” (excerpt)
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Hiday, Jeffrey L.

Full text: [Providence Journal] May 23, 1989

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Tyson Foods Wants Court To Block ConAgra Merger

In a lawsuit filed late Monday, Tyson asked a Delaware Chancery Court to issue a temporary injunction against the ConAgra-Holly merger, announced over the weekend. Under the new agreement, ConAgra would acquire Memphis, Tenn.-based Holly Farms in a $70.61-a-share stock swap that values the company at about $1.29 billion. The total value varies, according to ConAgra’s stock price and the number of Holly’s outstanding shares, which stood at about 18.4 million. The bid tops the $1.1 billion ConAgra agreement that Holly Farms shareholders rejected April 14. It also is greater than the $63.50-per-share cash tender offer from [Don] Tyson, based in Springdale, Ark. The value of the Tyson offer is about $1.15 billion.
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John Taylor

Full text: [Omaha World - Herald] May 23, 1989

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Stock Prices Mixed; Dow Inches Up 0.92

Although the Dow Jones industrial finished up only 0.92 point on May 22, 1989, it did achieve a post-crash high of 2,502.02.
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Wiggins, Phillip H

Full text: [New York Times] May 23, 1989

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Stock Prices Mixed; Dow Inches Up 0.92

”The dollar rally could continue for some time, which could provide a positive impetus for equities,” said Larry Kekst, a senior portfolio manager at the National City Corporation in Cleveland. Avon, the most-active issue on a volume more than 2.8 million shares, climbed 2 3/8, to 34 5/8, on speculation that the beauty products company might be the target of another acquisition bid. Last week, Avon rejected a $39-a-share bid by the Amway Corporation. Conagra-Holly Farms Deal In foreign markets, Hong Kong’s Hang Seng index plunged 339.06 points, to 2,806.57, when fears of student-soldier conflict in Beijing sparked a sharp selloff of shares. Despite the precipitous decline, Hong Kong Telecommunications rose 1/2, to 19 5/8.
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WIGGINS, PHILLIP H.

Full text: [New York Times] May 23, 1989

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HONG KONG MARKET FALLS OVER UNREST

Despite the demonstration on Sunday, when upwards of 500,000 people rallied in support of the Beijing students, the colonial government here has remained silent on all developments. A government spokesman said that the Governor, Sir David Wilson, ”will have nothing to say about internal events in China.” ”The Hong Kong economy is sound, but the problem is the people’s confidence in that economy isn’t,” said Vincent Cheng, chief economist for the huge Hongkong and Shanghai Banking Corporation. ”I think this market won’t recover until there is a solution in China, and that solution must be peaceful.” The colony’s Secretary for Monetary Affairs, David Nendick, spoke today of a sound economy and good corporate profits, cautioning small investors to remain calm. ”My advice to the small investor is to stay put rather than to sell at the sort of prices he’ll get at the moment,” he said.
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BARBARA BASLER, Special to The New York Times

Full text: [New York Times] May 23, 1989

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COMPANY NEWS; Avon Stock Up On Speculation

Amid speculation that the bidding for Avon Products Inc., the direct-selling cosmetics company based in New York, was not finished, Avon’s share price rose $2.375 yesterday, to $34.625, in heavy trading on the New York Stock Exchange. In addition, Irwin L. Jacobs, the Minneapolis investor who controls 10.3 percent of Avon’s common stock in a partnership with the Amway Corporation, said he was not interested in selling the stock back to Avon.
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Full text: [New York Times] May 23, 1989

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Stock Prices Get a Boost From Dollar

Stock prices for May 22, 1989 are given.
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Full text: [Los Angeles Times] May 23, 1989

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FINANCIAL MARKETS Stock Prices Get a Boost From Dollar

Stocks also closed modestly higher on the Tokyo Stock Exchange in cautious trading despite the sharp decline of the Japanese yen against the U.S. dollar. The Nikkei 225-share average, which jumped 144.65 points Friday, added another 65.90 points to 34,067.86. Grain and soybean futures prices dropped sharply on the Chicago Board of Trade, reflecting investor reaction to wet weather forecasts and the relentless rise in the dollar’s value. CHART: DOW JONES 30 INDUSTRIALS; CHART: MARKETS AT A GLANCE; CHART: NEW YORK VOLUME, Los Angeles Times
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Full text: [Los Angeles Times (pre-1997 Fulltext)] May 23, 1989

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M.D.C. Stock Shows Puzzling Activity

The price of stock in Denver homebuilder M.D.C. Holdings Inc. jumped up 37 percent yesterday, baffling analysts and sparking an official inquiry from the New York Stock Exchange. Trading at nearly nine times its normal daily volume, M.D.C. Holdings’ stock rose 87.5 cents to $3.25 per share, its highest price this year. Officials at M.D.C., the nation’s fifth-largest homebuilding concern, refused a request yesterday morning from the New York Stock Exchange, where the company’s stock is traded, to explain the stock’s jump. Exchange officials said they seek a company’s explanation whenever its stock trades beyond its usual volume or price range, but has no power to force a response. (excerpt)
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Sleeth, Peter
Wilmsen, Steve

Full text: [Denver Post] May 23, 1989

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First Union–No Longer Wall Street’s Darling

First Union Corp. (Charlotte, NC) has slipped from its status as one of the “super banks” of late. Its stock price is only 1.29 times book value, lower than all its southeastern peers’. Still, CEO Edward E. Crutchfield, Jr. remains optimistic because after three years of consolidating operations (with 21 acquisitions since 1985), expense growth is leveling off. Earnings are only apparently off because one-time asset sales inflated 1988′s figures. A long-range strategic plan for interstate banking has led to investments which may not pay off in the short run. The next major investment is the acquisition of Florida National Banks of Florida, Inc. (Jacksonville), which lost $47 million in the first quarter 1989. The deal raises antitrust questions.
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Cline, Kenneth

Full text: [American Banker] May 23, 1989

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