The color is red hopes abound, but howtek has yet to earn a
Howtek Inc. (Hudson, New Hampshire) sells color printers and color scanners, as well as a color-separation system for the commercial printing market. The company, which was founded in 1984, has yet to show a profit. Its financial condition seems less than robust, and it faces stiff competition. Moreover, it has run afoul of the patent laws. One Wall Street analyst says that Howtek’s Pixelmaster is a product without a niche. The Pixelmaster is an ink-jet printer that is capable of printing both black-and-white and color documents. The analyst describes the printer as too expensive for desktop publishing and too low in resolution for professional graphic artists. Other color printing technologies, meanwhile, are advancing in capability, and their prices are coming down. In May 1989, Howtek and IBM Corp. signed an agreement that will provide support for Howtek’s scanners. Despite its being in the red, Howtek’s following on Wall Street is not daunted.
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Savitz, Eric J.
Full text: [Barron's National Business and Financial Weekly] Jun 5, 1989
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Outbreak of peace–it doesn’t dim the outlook for maxwell la
Despite a less hospitable business and political climate, not all companies with large military stakes are destined for hard times. Maxwell Laboratories Inc. (San Diego, California) has operations in 2 areas: 1. technology programs and services, which accounted for 87% of sales and 75% of profits in 1988, and 2. commercial, industrial, and scientific products. A process known as pulsed power is the mainstay of the technology programs and services segment. Pulsed power is used in nuclear weapons effects simulation, conventional weapons systems, and laser research. Maxwell’s products division sells a variety of standardized pulsed-power products that were derived from technological research, and the company has made some acquisitions recently. Expenses have fallen over the last several years, and operating income as a percentage of revenue has doubled from about 7% in 1984 to more than 14% in fiscal 1988.
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Wyatt, Edward A.
Full text: [Barron's National Business and Financial Weekly] Jun 5, 1989
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Banking trends commentary: how one California thrift fights the tide
First Federal Savings (Santa Monica, CA) has remained successful, despite the upheavel the thrift industry is experiencing. The thrift uses outside agents to sell mortgages on commission and concentrates on customer service. The thrift also provides stock ownership to every member of its staff. First Federal Savings emphasizes cost control and limits its lending and attention to its own community. The institution, bucking recent trends and regulators’ advice, did not sell its mortgages or stress growth; it stuck to residential loans and achieved a return on equity of almost 18% and a stock price which has risen 62% from 1988 to 1989.
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Nadler, Paul S.
Full text: [American Banker] Jun 5, 1989
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Companies Shrink Supply of Stock In Defense Against Short-Sellers
No longer content to sit and squirm while professional traders try to drive down their stock prices, these companies are unfurling tactics designed to beat the shorts at their own game. They are announcing stock splits, lobbying shareholders and taking other steps to make their stock harder for bears to get. Take CUC International, a consumer-services company. Whenever it talks to shareholders it asks them please, please to take physical delivery of their stock certificates. By drying up the physical supply of shares, a CUC spokesman says, the company is aiming “to squeeze the shorts” and do whatever it can “to expedite their pain.” Short-sellers, of course, make money when stock prices fall. Like undertakers, they thrive on bad news. Typically they sell borrowed shares and seek to “cover” — or replace those shares — at a lower price, after a stock has fallen.
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By Roger Lowenstein and Sonja Steptoe
Full text: [Wall Street Journal] Jun 6, 1989
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China Unrest Roils Markets — Dollar Soars, Stocks Fall
Increasing violence and turmoil in China touched off a wave of dollar purchases that drove the currency sharply higher, but stock prices nosedived and long-term bond prices were nearly flat. Despite the surging dollar — it climbed 2% against the mark — the Dow Jones Industrial Average sank 37.13 points to 2480.70 in moderate trading. Long-term bond prices rallied through the morning as U.S. banks cut their prime rate, but reversed in mid-afternoon and gave up most of their gains. Other analysts said that prior to the violence in Tiananmen Square, the dollar had been poised for a drop in the expectation that U.S. interest rates were declining. But the massacre of student demonstrators in Beijing and reports of military factions fighting among themselves overwhelmed concerns about where U.S. rates were headed. Foreign investors’ flight to safety “was the thing that turned everything around,” said Richard Lloyd, trading manager at Bank of America in Los Angeles.
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By Douglas R. Sease
Full text: [Wall Street Journal] Jun 6, 1989
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Use of ESOPs Against Bids Lowers Stock
Employee stock ownership plans that help management ward off hostile takeovers immediately depress a company’s stock price by an average of 5.1%, a new study says. Investment bankers have been touting ESOPs as one of this year’s hottest takeover defenses. A Delaware court earlier this year allowed Polaroid Corp. to use an ESOP to help rebuff a hostile bid by Shamrock Holdings Inc. With so many companies incorporated in Delaware, the decision has encouraged more managements to adopt ESOP defense strategies. But defensive ESOPs spell bad news for shareholders. Of 21 companies creating or expanding ESOPs since the Polaroid decision, the stock prices of 11 declined in the two days after the ESOP announcement, according to a study by Analysis Group Inc., a Belmont, Mass., consultant.
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By James A. White
Full text: [Wall Street Journal] Jun 6, 1989
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Program Selling and China Jitters Help Stock Prices Post Sharp Drop
Jitters about the violence in China caused a 22% plunge in Hong Kong stock prices that spilled over into markets worldwide. The Dow Jones Industrial Average, which rose 27.20 to a post-crash high Friday, lost 37.13 yesterday to 2480.70, its largest decline since the average fell 48.57 on March 17. Weakness in International Business Machines, Motorola and other technology stocks set the stage for a downturn after the market’s three consecutive days of gains. Then an afternoon turnaround in bond prices prompted heavy selling of stock-index futures by speculators in Chicago, leading to program selling in stocks starting at around 2 p.m. EDT. New York Stock Exchange volume was unspectacular at only 163,420,000 shares, down from Friday’s 229,140,000. Despite the effect of the futures-related program selling, traders said, the light volume showed that big institutional investors weren’t selling heavily. Instead, “buyers stepped away,” said Peter VandenBerg, a Shearson Lehman Hutton block trader.
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By Craig Torres and David Wilson
Full text: [Wall Street Journal] Jun 6, 1989
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Hong Kong Stocks Plunge 22% on China Unrest; Other Asian Markets Fall; London Shares Drop
The turmoil also moved other Asian markets. In Taipei, the weighted price index plunged a record 455.44 points, and share prices fell 2.6% in Singapore, 3.2% in Kuala Lumpur, 2.1% in Seoul and 1.8% in Bangkok. Tokyo stock prices also dropped. In London, share prices ended significantly lower for the fifth session in a row. Hong Kong trading was orderly despite the sell-off, as the market’s Hang Seng index opened about 400 points below Friday’s close of 2675.38. Half an hour later, the index began a bounce from the 2200 level. But within 15 minutes, it headed down again as the rumors spread. In early trading in Hong Kong Tuesday, the Hang Seng index fell 63 points to 2030.61.
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By Russell G. Todd and Robert Sherbin
Full text: [Wall Street Journal] Jun 6, 1989
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Hanson PLC Will Sell a Majority Stake In Smith Corona Unit in Public Offer
Hanson PLC announced plans to sell for about $333 million a majority stake in one of its brightest corporate turnaround efforts, typewriter maker Smith Corona Corp. The sale, in a planned public stock offering in the U.S., caps a series of recent Hanson asset sales that have fattened its treasury and revived its stock price. Its cash hoard will total about #2 billion ($3.21 billion) following the Smith Corona sale, prompting renewed speculation in London that Hanson is rebuilding its warchest for acquisitions. Smith Corona is “probably one of the best classic recovery efforts of its time,” said London-based analyst Robert Haville of Morgan Stanley International Inc. In the three years Hanson has owned Smith Corona, the company has swung from a loss of $42 million to a pretax profit of $58.5 million, on revenue of $393 million in the year ended last June 30. Hanson bought the New Canaan, Conn., typewriter maker, its parent, SCM Corp. and other assets in 1986 for $930 million.
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By Richard L. Hudson
Full text: [Wall Street Journal] Jun 6, 1989
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Business and Finance
THE DOLLAR SOARED in reaction to the turmoil in China, climbing 2% against the mark. Analysts said investors, particularly in Hong Kong and Taiwan, were seeking a “safe haven” in the U.S. currency. Hong Kong stocks plunged 22%. World commodity markets also were roiled, helping depress prices for sugar, copper and cotton. Chinese buying of U.S. wheat has surged in recent days. U.S. stock prices tumbled, sending the Dow Jones industrials down 37.13, to 2480.70. Long-term bonds ended nearly flat after an early rally. Reaction by foreign investors to the bloodshed in China could throttle the flow of capital and technology that China’s economy needs to modernize. So far, foreign firms are taking a wait-and-see attitude toward current and planned investments there.
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Full text: [Wall Street Journal] Jun 6, 1989
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UPHEAVAL IN CHINA; Hong Kong staggers back; Hang Seng regains some lost ground
HONG KONG (UPI) _ Stock prices fluctuated wildly Tuesday in the second raucous day of trading in reaction to the military attack on pro-democracy protesters in Beijing. Gov. Sir David Wilson postponed until Wednesday a trip to London where he had been scheduled to appear before the House of Commons Foreign Affairs Committee inquiry into Hong Kong. Black & White Photo; AP photo; Hong Kong depositors stage a run on a Chinese bank in wake of violence and uncertainty in China
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Full text: [The Ottawa Citizen] Jun 6, 1989
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Dow drops on late program selling
On Wall Street, several individual stocks with operations or investments in China or nearby countries sold off sharply. But analysts said the conflict in Beijing, and the ensuing break in Hong Kong stock prices, did not appear to have any severe widespread impact on the U.S. market. The Toronto Stock Exchange composite index of 300 companies dropped 8.04 points to 3722.04 in moderate trading. On the Montreal Exchange, the portfolio index dipped 6.45 to 1901.56. In Montreal, 4.87 million shares changed hands, compared with 6.45 million the previous sessioon. Forest products sank 31.27 to 3037.88, industrials 4.66 to 1639.91 and oils 2.95 to 1654.18, while utilities gained 3.21 to 1565.50, banks 1.34 to 1908.04 and mines 1.1 to 1942.81.
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Full text: [The Gazette] Jun 6, 1989
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Windmere stock tumbles $3 as investors get the jitters
With the turmoil in Beijing making headlines, nervous investors sent the price of Windmere Corp. stock plunging Monday. The personal-care products company has its headquarters in Miami Lakes but does much of its manufacturing in China. Windmere’s stock dropped $3 a share in heavy trading Monday, closing at $16 a share. At one point during the day, the stock price was off 20 percent.
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HELEN HUNTLEY
Full text: [St. Petersburg Times] Jun 6, 1989
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Stock prices make a sharp decline
NEW YORK – The stock market lapsed into a steady decline Monday, pulling back after last week’s climb to new highs since the 1987 crash. Several individual stocks with operations or investments in China or nearby countries sold off sharply (see story below). But analysts said the conflict in Beijing, and the ensuing break in Hong Kong stock prices, did not appear to have any severe widespread impact on the U.S. market.
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Full text: [St. Petersburg Times] Jun 6, 1989
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Late wave of selling pulls Dow off 37.13
Stock prices fell broadly Monday, pulled down by a late wave of selling. The Dow Jones industrial average, off 19 points about an hour before closing, fell 37.13, a decline of 1.5 percent, to 2,480.70. Traders attributed much of the decline to concern about the violence in Beijing. Reverberations from the political turmoil in China extended to the Tokyo stock market, where the Nikkei index of 225 selected stocks lost 210.34 points, closing below the 33,500 mark for the first time since April 26. “Given the extent of the news events that faced the market, the drop of 37 points on the Dow was relatively contained,” said Robert Ritter, chief technical analyst at Ladenburg, Thalmann & Co.
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Phillip H. Wiggins
Full text: [Star Tribune] Jun 6, 1989
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Growth Expected to Slow / 3Com Stock Plummets
William Krause, 3Com’s chief executive, noted in prepared remarks that the company has been hiring sales and support personnel. These employees will not achieve full productivity for six to nine months, he said. 3Com is best known for the other segment of its business – hardware and software that links groups of personal computers together in local-area networks. That portion is still doing well, Krause said. 3COM AT A GLANCE — Business: Data-communications hardware and software for groups of personal computers, and to link larger minicomputers and mainframes. — Headquarters: Santa Clara — Employees: 2,000 — CEO: William Krause — Ownership: Publicly held, traded on NASDAQ — Yesterday’s stock price: 19 3/4 — 52-week high-low: 28 3/4 – 15 5/8 Operating Results (In millions of dollars)
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Don Clark, Chronicle Staff Writer
Full text: [San Francisco Chronicle (pre-1997 Fulltext)] Jun 6, 1989
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Stocks: Big losers tied to Asia
Seven of the top eight losing stocks of the day were companies with ties to Asia. But analysts said the conflict in Beijing, and the ensuing break in Hong Kong stock prices, did not appear to have any severe widespread impact on the US market. Among publicly traded investment companies specializing in Asian markets, Taiwan Fund dropped 33/8 to 365/8; Korea Fund 23/4 to 31; Asia Pacific Fund 13/4 to 91/8; Losers among the blue chips included Boeing, down 31/8 at 755/8; General Electric, down five-eighths at 551/8; and American Telephone & Telegraph, down seven-eighths at 353/8.
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The Associated Press
Full text: [Orange County Register] Jun 6, 1989
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Stocks Plummet Amid Concern on China
”Given the extent of the news events that faced the market, the drop of 37 points on the Dow was relatively contained,” said Robert B. Ritter, chief technical analyst at Ladenburg, Thalmann & Company. ”Most of the damage was exacerbated by sell programs particularly during the afternoon. A year ago the events that transpired in China and Iran would probably have done considerably more damage.” he said.
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WIGGINS, PHILLIP H.
Full text: [New York Times] Jun 6, 1989
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Dow Falls 37.13, Erasing Gains of Last Week
Stock prices for June 5, 1989 are given.
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Full text: [Los Angeles Times] Jun 6, 1989
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Dow Falls 37.13, Erasing Gains of Last Week
Several individual stocks with operations or investments in China or nearby countries sold off sharply. But analysts said the conflict in Beijing and the ensuing break in Hong Kong stock prices did not appear to have any severe widespread impact on the U.S. market. Currency dealers resumed buying dollars, ignoring the possibility that lower U.S. interest rates might depress the dollar’s value against other currencies. Chandler said market sentiment still favors the dollar. Earlier in Tokyo, where trading ends before Europe’s business day begins, the dollar fell 1.15 yen to a closing 140.65 yen. But later, in London, it was quoted at 141.75 yen and in New York the dollar increased to 142.95 yen up from 140.50 yen on Friday. Commodities
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Full text: [Los Angeles Times (pre-1997 Fulltext)] Jun 6, 1989
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