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Citizens & Southern Corp management celebrate NCNB Corp’s decision to drop its takeover bid for C&S, but the company’s stock is expected to drop as a result of the failed acquisition attempt.
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Mantius, Peter
Full text: [The Atlanta Constitution] Apr 25, 1989
NEW YORK – Stock prices posted spotty losses Monday as traders cashed in some of the market’s recent gains. The Dow Jones average of 30 industrials, up 72.40 points last week, slipped 6.78 to 2,402.68. Declining issues outnumbered advances by about 7 to 6 in nationwide trading of New York Stock Exchange-listed stocks, with 667 up, 789 down and 506 unchanged. Volume on the floor of the Big Board came to 142.10-million shares, down from 187.31-million in the previous session. Analysts said it was not surprising to see the market run into some resistance after its sharp rise over the past four weeks. WASHINGTON – Interest rates on short-term Treasury securities rose in Monday’s auction after falling sharply last week. The Treasury Department sold $7.2-billion in three-month bills at an average discount rate of 8.66 percent, up from 8.57 percent last week. Another $7.2-billion was sold in six-month bills at an average discount rate of 8.72 percent, up from 8.59 percent last week. DETROIT – Each passing day of spring is giving automakers a better picture of how the rest of their year is shaping up, and there’s speculation that it may not look as good as they’d planned. Mid-April sales figures by the eight U.S. automakers are due today. March and April normally herald the spring car-buying season, but sales this past March were lower than expected. Automakers responded with a number of new incentives, hoping to make customers deals they couldn’t refuse. Analyst Douglas Laughlin of Bear, Stearns & Co. of New York said April sales are critical for the industry. Ward’s Automotive Reports, a weekly industry newsletter, said in Monday editions that GM had cut its production schedule significantly for June, July and August. Continental cuts children’s fares
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Full text: [St. Petersburg Times] Apr 25, 1989
Analysts said such a partnership, which probably would obtain a 15 to 25 percent interest, could actually work to [Marvin Davis]‘ benefit if stock prices fell on news that a portion of the company had been sold. As stock prices dropped, Davis’ $90-a-share tender offer could become attractive to remaining shareholders who would sell their shares to Davis, allowing him to win a proxy battle at the annual meeting in May and replace the existing board of directors. In Washington, Rep. Bob Carr, D-Mich., released a letter to Transportation Secretary Samuel Skinner urging that the government scrutinize Davis’ bid for Northwest because it could raise the carrier’s debt burden to a level that could jeopardize aircraft maintenance and replacement. Carr said Davis’ proposal would give Northwest the industry’s second-worst debt-to-equity ratio. In addition, [Mike Hatch] said, Davis’ materials filed with the Commerce Department do not reveal any plans to build a new aircraft maintenance facility in Minnesota. Davis has told Rep. James Oberstar, D-Minn., that if Davis is successful in acquiring Northwest, he will put the facility in Minnesota. Davis must reveal his specific plans, Hatch said.
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David Phelps
Dave Hage
Staff Writers
Full text: [Star Tribune] Apr 25, 1989
Analysts said early trading was encouraged by a resilient response in Tokyo to Japan Prime Minister Noboru Takeshita’s announced resignation in a financial scandal. The market in Japan, which fell 223.89 points Monday, shot up 438.86 points in its third-largest gain of the year. Lilly jumped 2 to 109; McDonnell Douglas was up 1 to 861/8; Matsushita Electric Industrial increased 13/4 at 1761/2; and Ford Motor was up three-eighths NWA, parent of Northwest Airlines, dropped 1 to 1013/4 after the company’s board late Monday rejected a buyout offer from Marvin Davis.
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The Associated Press
Full text: [Orange County Register] Apr 25, 1989
Market analysts said the major reason for the rise was the prospect that Japan’s budget would now pass the Diet, or Parliament, in return for Mr. [Noboru Takeshita]‘s agreement to leave office. Economists had worried that a prolonged budget deadlock could stall domestic spending, particularly on large public-works projects, sending growth of Japan’s gross national product into a tailspin. Dollar Stays Stable In fact, N.T.T. was one of the biggest gainers this morning, soaring 90,000 yen, or $692 a share, to 1.52 million yen, or $11,692. Mr. Takeshita’s departure may relieve some of the pressure on N.T.T., whose offices have been searched and whose business has suffered, though many here still expect that the scandal’s revelations will ultimately lead to a breakup of the company. Trade Missions to Proceed
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DAVID E. SANGER, Special to The New York Times
Full text: [New York Times] Apr 25, 1989
The price of Michael Foods’ stock rose sharply earlier this year based on its development of an egg product, Easy Eggs, for the restaurant market which is less cumbersome and more bacteria-resistant than other egg products and eggs. However, doubts have surfaced about the product, and the company’s stock price has been driven down.
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Norris, Floyd
Full text: [New York Times] Apr 25, 1989
”They believe the industry is waiting for a salmonella-free egg, with a long shelf life,” Mr. [Ronald Strauss] said. ”I think it is a commodity market.” [Michael] has also got some publicity, and stock market support, from its research into the ”decholesterolization” of eggs. In its 1988 annual report, the company said that reseach was ”nearing completion,” and yesterday Richard G. Olson, its president, said it was ”coming along very well.” An egg without cholesterol would clearly attract attention, but there is no indication when, or at what cost, the company will be able to produce such a product. Another factor that may have affected yesterday’s stock price was a report that a small company, C. R. Eggs, will start selling eggs in this country from chickens fed kelp. Such eggs, already sold in Japan, supposedly help to lower overall cholesterol levels of the eaters. ”If it works,” Mr. Strauss said, the success of Michael’s decholesterolization efforts ”could be academic.”
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Norris, Floyd
Full text: [New York Times] Apr 25, 1989
”Trading was slow in advance durable goods orders on Tuesday and 10-day auto sales,” said Brian Luedtke, chief technical analyst at Piper, Jaffray & Hopwood in Minneapolis. ”Restructuring stocks continued to attract the most attention in busy trading.”
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WIGGINS, PHILLIP H.
Full text: [New York Times] Apr 25, 1989
A table in Business Day on Friday listing the New York Stock Exchange’s uncovered short sales for the month ended April 14 carried an incorrect figure provided by Home Owners Savings Bank for its ”short interest” and misstated the total accordingly.
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Full text: [New York Times] Apr 25, 1989
LEAD: A table in Business Day yesterday by The Associated Press/Media General Financial Service, listing the most active stocks, appeared erroneously with figures for the week ended…
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Full text: [New York Times] Apr 25, 1989
In proxy material for Valley Federal’s annual meeting, scheduled Thursday, the Van Nuys-based savings and loan stated that [James J. Cotter] and Hecco Ventures I, an investment partnership of which Cotter is a partner, “made demand for reimbursement” of $347,869.44 for their expenses related to the proxy fight. Hecco, which owns 9.8% of Valley Federal’s stock, and Cotter heavily criticized the S&L’s management prior to Cotter’s election to the board. Cotter pursued the board seat-despite heated opposition by Valley Federal-to press for Valley Federal’s sale as a way to lift the company’s stock price. Cotter is a former Citadel director, and Hecco is a major stockholder of Citadel.
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JAMES F. PELTZ
Full text: [Los Angeles Times (pre-1997 Fulltext)] Apr 25, 1989
NWA, the embattled parent of Northwest Airlines, advised its shareholders to reject a hostile $2.7-billion offer from Los Angeles billionaire Marvin Davis, opening the door to higher bids for the company. Noting that NWA’s current stock price exceeds Davis’ $90-a-share offer, NWA’s board rebuffed his bid as “inadequate, unfinanced and not in the best interests of the company, its stockholders” and employees. NWA’s action was expected, since it had earlier rejected a friendly $90-a-share offer from Davis, the former owner of 20th Century Fox. (excerpt)
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Gellene, Denise
Full text: [Los Angeles Times] Apr 25, 1989
NCNB Corp. gave up on its scheme Monday to create a banking behemoth through a merger with Citizens and Southern Corp. of Atlanta. NCNB Chairman Hugh McColl said his Charlotte-based bank was withdrawing its merger offer because of the continued hostility of C&S management and directors to the $2.4 billion offer, first made last month. Had the merger gone through, it would have created the nation’s sixth largest bank. The combined bank also would have been the largest in the Carolinas, Georgia and Texas and the third largest in Florida. (excerpt)
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Scism, Jack
Full text: [Greensboro News Record] Apr 25, 1989
Shares of Boeing Co. declined 50 cents to $72.50 in active trading Monday after the company declared a 3-for-2 stock split and raised its quarterly cash dividend to 45 cents from 40 cents on a pre-split basis. Analysts said the setback in the stock price reflected widespread anticipation of the stock split and dividend boost, which had been rumored on Wall Street for more than a week.
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Chicago Tribune wires.
Full text: [Chicago Tribune (pre-1997 Fulltext)] Apr 25, 1989
A round of profit-taking saw stock prices fall on April 24, 1989. But the Dow Jones average of 30 industrial stocks closed above 2,400 at 2,402.68, down 6.78 points.
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Full text: [Boston Globe] Apr 25, 1989
Stock prices continued to fall prey to profit-takers, but bond prices staged a modest rally on continuing signs of an economic slowdown. Despite the modest declines in stock prices, analysts are taking an upbeat view of the financial markets. In part that’s fueled by mounting evidence that the economy is slowing. The latest indication was in yesterday’s report showing durable-goods orders climbing 0.8% in March, mostly due to a surge of aircraft orders. Excluding transportation and military equipment, orders fell about 1.8%. This continued the trend from February, which was good news for bond prices because investors figure a slower economy will ease inflationary pressures.
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By Douglas R. Sease
Full text: [Wall Street Journal] Apr 26, 1989
While executives at Citizens & Southern Corp. celebrated their success at fending off NCNB Corp., the stock market provided a sobering reminder about C&S’s task ahead. The bank-holding company’s stock fell $4.625 to $29.375 a share yesterday in composite trading on the New York Stock Exchange. That’s about $4 above the price of the stock on March 30, when NCNB launched its unsolicited takeover bid. But it is far below the $40 to $45 a share that most analysts said C&S would have received if it had struck a bargain with NCNB, of Charlotte, N.C. The numbers raise the specter of a rash of shareholder lawsuits. C&S Chairman Bennett Brown declined to comment on what the company might do. But analysts and banking executives almost unanimously discounted the idea that the company would take any immediate or drastic actions to boost its stock price, such as selling off operations or buying back shares. “Banks are less inclined to greenmail,” said Timothy Rayl, a banking consultant in Boca Raton, Fla. “Besides, how would C&S justify paying someone else $34 or $35 a share (to buy back C&S stock) when they just finished saying no to NCNB?”
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By Glenn Ruffenach
Full text: [Wall Street Journal] Apr 26, 1989
Takeover and restructuring speculation has kept McGraw-Hill stock volatile for more than a year. But the latest buzzing that something is up produced a run-up dizzying even by McGraw-Hill standards. 5/8 Earnings estimates: consensus of Wall Street analysts (Zacks Investment Research); sales estimate: Value Line Investment Survey Source: USA TODAY research EAR CUTLINE:[Joseph L. Dionne]: McGraw-Hill CEO has seen stock price soar. “As the universe shrinks, this one stands out more and more” as a takeover candidate, says Peter Appert of C.J. Lawrence. And even if it didn’t, McGraw-Hill would be an attractive investment, analysts say. It’s the USA’s third-largest publisher of college textbooks and owns gems such as Business Week magazine and the Standard & Poor’s rating and financial information service.
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Pat Guy
Full text: [USA TODAY (pre-1997 Fulltext)] Apr 26, 1989
Stock prices slumped on April 25, 1989, with the Dow Jones average of 30 industrials falling 15.77 points to 2386.91.
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Full text: [The Washington Post] Apr 26, 1989
Stock prices slumped today, with the Dow Jones average of 30 industrials falling 15.77 points to 2386.91-the second straight decline after a four-week rise that pushed the market to post-crash highs. The NYSE’s composite index of all its listed common stocks fell 0.89 to 171.6. Standard & Poor’s industrial index was down 2.24 to 353.91, and S&P’s 500-stock composite index fell 1.94 to 306.75.
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Full text: [The Washington Post (pre-1997 Fulltext)] Apr 26, 1989