Treasury, Panama issues restrain Dow

NEW YORK – Stock prices rose slightly Thursday in restrained trading that reflected uncertainties over news from Panama, the progress of a Treasury debt auction and an upcoming report on inflation. Activity remained subdued with investors awaiting the final day of the Treasury’s $28.75 billion three-day round of borrowing. There was uncertainty over how a new glut of Treasury debt would be absorbed.
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Julia C. Martinez

Full text: [Austin American Statesman] May 12, 1989

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Markets soar as recession fears drop

NEW YORK (AP) _ A new statistical hint that the American economy is heading for a ”soft landing” _ not a recession _ pushed stock prices sharply higher and interest rates lower Friday in Canada and the U.S. He was referring to the dread that the longest U.S. postwar peacetime economic expansion _ 77 months _ will end in recession unless monetary authorities can engineer a painless scaling back of inflationary growth. Analysts said the U.S. Labor Department’s report that April wholesale prices rose a moderate 0.4 per cent _ some analysts had estimated one per cent _ triggered the rally by raising speculation that the Federal Reserve Board will not push interest rates higher to curb inflation.
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Full text: [The Ottawa Citizen] May 13, 1989

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Honeywell loses vote on plan // Shareholders reject two measures to foil possible takeover bids

The other measure, which would have limited action on takeover offers to shareholders’ meetings, was supported by 42 percent. A Honeywell spokesperson said the number of opposing votes and abstentions will not be revealed until final results are announced next Friday. The company has been rumored to be a takeover target for years because its stock price has been much lower than its estimated breakup value. The rumors have accelerated since last fall, when Honeywell revealed unexpected losses of $350 million in connection its purchase of a major operation from Unisys. In 1988 Honeywell reported a $435 million loss for the year. Trading in Honeywell stock was halted briefly for the announcement, and it closed at $77.87 1/2 up $1.75. The United Shareholders Association, which opposes anti-takeover proposals, called the vote “a monumental victory.”
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Joe Blade
Staff Writer

Full text: [Star Tribune] May 13, 1989

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PRODUCER PRICES POST MODEST RISE FOR SECOND MONTH

”It’s an encouraging number, even with all the special factors,” Edward F. McKelvey, senior economist at Goldman, Sachs & Company, said of the overall report. ”It’s got to be welcome news to the Fed.” Rudy Oswald, an economist with the A.F.L.-C.I.O., said the figures showed that the United States suffered from ”an energy problem” but that over all there was ”certainly not a sustained inflationary push” under way. Lacy H. Hunt and Stephanie Murphy at Carroll, McEntee & McGinley, a major dealer in government securities, calculated that if automotive prices had remained flat instead of falling 2.8 percent, the finished goods index would have risen seven-tenths of 1 percent. The cut-rate financing that the auto makers are offering as incentives does not in itself indicate a ”deflationary environment,” Ms. Murphy said.
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ROBERT D. HERSHEY Jr., Special to The New York Times

Full text: [New York Times] May 13, 1989

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COMPANY NEWS; Disney Stock Soars

LEAD: The stock of the Walt Disney Company gained sharply today for the second consecutive day, propelled by strong attendance at its new movie theme park and overall enthusiasm for the company’s prospects, analysts said. Disney rose $5 a share today, to $92.125, after climbing $1.25 on Thursday.
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Reuters

Full text: [New York Times] May 13, 1989

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COMPANY NEWS; Newmont Mining Shares Tumble

An analyst for Merrill Lynch, Daniel Roling, reaffirmed a recommendation that stockholders sell their Newmont shares, saying he believed the company was paying too much for the shares outstanding of its affiliate, the Peabody Holding Company.
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Reuters

Full text: [New York Times] May 13, 1989

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Ogilvy and WPP Talk Terms

After Martin Sorrell, chairman of London-based WPP Group Plc, announced this week that he was raising his offer for Ogilvy Group Inc. to $50 a share, Ogilvy executives decided to drop their position of “no deal” and start negotiating. Negotiations over the $800-million bid for the advertising and marketing company were expected to continue through the weekend. And speculation persisted that the two parties would try to get the deal done before Ogilvy’s annual meeting Tuesday. “It will happen,” said Fred Anschel, an analyst with Dean Witter Reynolds. “It is very tough to fight that kind of cash offer. No ‘white knight’ has surfaced and I don’t see one coming.” (excerpt)
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Marshall, Christy

Full text: [Newsday] May 13, 1989

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Good News on Inflation Sends Stocks Up 56.82 to Post-Crash High of 2,439.70

Stock prices for May 12, 1989 are given. A discussion of how the inflation outlook helped drive up the prices of most stocks is given.
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Groves, Martha

Full text: [Los Angeles Times] May 13, 1989

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Is Conrail on the Takeover Track?; With Stock Curb Set to End, Rail Firm Prepares for the Future

Under the 1986 law that pieced together Conrail-a now-profitable freight carrier serving the Northeast-nobody was allowed to buy more than 10 percent of the company’s stock. That prohibition ends next April. [Andrew Geller] says Conrail’s management is painfully aware that it must get the company’s stock price (around $36) higher if it is to avoid the risk of a takeover attempt. And he believes an increase in the company’s $1.20 a share dividend is one thing Conrail will probably do in an effort to improve its stock price. When Drexel Burnham Lambert analyst Linda Dunn issued a report on May 5 on Conrail’s financial strength and the chances of a restructuring of the company, Conrail’s stock climbed sharply on twice its normal trading volume. Dunn says that Conrail’s financial prowess “could trigger either {its} restructuring or an outsider taking an interest.” How much is Conrail worth? Even though the rail line isn’t the type of company that can be broken up, some analysts still think Conrail could command $55 a share in a buyout. But investors will have to wait until April Fools Day for even a chance to collect.
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John Crudele

Full text: [The Washington Post (pre-1997 Fulltext)] May 14, 1989

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Market anxiously awaiting this week’s reports

[Andrew Geller] said Conrail’s management is painfully aware that it must get the company’s stock price (last week around $36) higher if it is to avoid the risk of a takeover attempt. He said an increase in the company’s $1.20 a share dividend is one thing Conrail probably will do in an effort to improve its stock price. What else is Conrail doing? The scuttlebutt on Wall Street is that the company is keeping a watchful eye for signs of anyone accumulating its stock. D.F. King & Co, Conrail’s proxy solicitation firm, is said to have been put on alert by the railroad for any signs of concentrated stock buying. How much is Conrail worth? Even though the rail line isn’t the type of company that can be broken up, some analysts think Conrail could command $55 a share in a buyout. But investors will have to wait until April Fools Day for even a chance to collect.
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John Crudele

Full text: [Star Tribune] May 14, 1989

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CHOICE OF SIGNET CHIEF EVIDENT

William B. Graham, a former Signet director, said both men are strong leaders but the differences in style will be easy to spot because [Frederick Deane Jr.] is more outgoing and [Robert M. Freeman] tends to be more reserved. If Deane had to direct Signet’s approach to interstate banking, it likely will fall to Freeman to position the corporation so it can be ready for a time when there are no limitations on a bank’s ability to operate anywhere in the country. To maximize the likelihood that Signet can remain independent, Freeman said management needs to produce consistently strong earnings and maintain a capital position that supports a higher-than-average stock price. On top of that, he pointed out that Signet insiders control about 25 percent of the company’s stock.
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Elliott Cooper

Full text: [Richmond Times - Dispatch] May 14, 1989

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Book offers help to the investor

In picking his list of bests, [Gene Walden]‘s prime yardstick is growth, profit growth. But the investor hoping to find a company that will grow dollars from pennies – in other words, the next Xerox or IBM – had better look elsewhere. What Walden is saying is that his picks have generated spectacular growth in the past and by all that’s proper should continue to be excellent “long-term” holdings. But you won’t buy the stock for $1.75 a share. Valspar, for example – the big Minneapolis-based paint and coatings company – already has boomed 1,289 percent over the past 10 years. Walden says Anheuser-Busch, the $8 billion St. Louis brewer, food manufacturer and owner of the St. Louis Cardinals, was the best stock for the individual to own over the past 10 years. Between increases in the stock price and in the dividend, stockholder wealth has increased 27 percent each year over the decade and stockholders also get a discount at the various theme parks Bud owns. (That’s something Walden takes into account, the special perks a corporation may give shareholders. Most common perk: dividend reinvestment and stock purchase plans at no charge.)
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Edwin Darby

Full text: [Chicago Sun - Times] May 14, 1989

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GETTING A READ (AND A REID?) ON THE DRAFT

Question: If you wish to vote for a monster lane-lurking big guy as Defensive Player of the Year, how can you vote for Mark Eaton over Manute Bol, who had 30 more blocks in 1,149 minutes, which is the equivalent of 23 full games? I speak as one who passed up both behemoths in favor of [Dennis Rodman] . . . Bulls coach Doug Collins says Chicago GM Jerry Krause deserves credit for keeping salary cap money open all season for the express purpose of obtaining Craig Hodges from Phoenix . . . The Pistons have put a personal limit on alcohol consumption for the duration of the playoffs. The Celtics, you may recall, swore off beer for the final two months of the ’85-86 season, plus playoffs . . . Some members of the New York media made a lot of fuss about Rick Pitino’s overreaction to the Thursday night booing of Mark Jackson. Since when does the ranting of an obsessed 24-hours-a-day coach become a news bulletin? Rick is Rick, and you just don’t pay any attention to what he says in the heat of battle . . . Don’t Quote Me Dept.: “I never said this,” declares one NBA coach, “but how could the Hawks put their worst defensive player, [Reggie Theus], on [Ricky Pierce]?” . . . Dominique Wilkins admits the Hawks overlooked [Fred Roberts], and it cost them . . . Take my word for it: Madison Square Garden rocked more consistently in the early ’70s than it does today . . . I’ll be disappointed, and you should be, too, if the Celtics don’t sign Jay Burson as a free agent once the draft is completed . . . Larry Bird’s official preparation for the 1989-90 season begins today in French Lick . . . Friday’s closing Celtics stock price: 13 7/8.
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Bob Ryan, Globe Staff

Full text: [Boston Globe (pre-1997 Fulltext)] May 14, 1989

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Three Blockbuster Officials Sold Shares In April, Avoiding Stock’s Recent Plunge

Three Blockbuster Entertainment Corp. insiders sold nearly 100,000 of their shares last month, avoiding the slide in the company’s stock price that was sparked by an analyst’s attack on Blockbuster’s accounting methods. Blockbuster shares had been trading between about $33 and $35 early this month until Lee J. Seidler, a senior managing director and accounting analyst with Bear, Stearns & Co., said that much of the company’s profit growth was due to aggressive accounting practices. Bear Stearns contacted Steven Berrard, Blockbuster’s chief financial officer, several times before the report came out. Based on the number of questions Bear Stearns had asked, Mr. Seidler, the analyst, said: “I would have thought they knew we were working on a report. But my impression is they didn’t know.” He said Bear Stearns typically tries to conceal the fact they are developing a report, particularly if it is negative.
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By Michael J. McCarthy

Full text: [Wall Street Journal] May 15, 1989

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Stock Price Is Handy Way to Distinguish Between 2 Wheelabrator Issues on Market

It’s easy to confuse Wheelabrator Technologies and Wheelabrator Group, two companies whose issues trade on the Nasdaq over-the-counter market. Wheelabrator Group, created last December as a spinoff of Henley Group, is essentially a holding company. Its principal asset is a 60% interest in Wheelabrator Technologies, a nearly two-year-old company that builds and operates waste-to-energy, water treatment and power plants. To many investors and analysts, it’s a distinction that makes a difference. “People believe they are buying Wheelabrator Technologies at a discount when they buy Wheelabrator Group,” says Stephen Schweich, an Alex. Brown & Sons analyst.
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By Sonja Steptoe

Full text: [Wall Street Journal] May 15, 1989

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Market P-E Ratio Offers Scant Comfort

While the hard-landing vs. soft-landing debate rages, investors trying to gauge the outlook for stocks can take scant comfort from the readings of one widely followed indicator: the market price-earnings ratio. The market P-E compares the price of shares in the companies that make up a market index such as the Standard & Poor’s 500 with those companies’ earnings. The resulting multiple tells stock investors how much a dollar of corporate earnings costs at a given time. The general rule: the lower the multiple, the more attractive stocks are supposed to be. If the economy is going into a recession sometime in the next year, earnings are likely to plunge and stock prices are likely to go down with them. But if the Federal Reserve can engineer a “soft landing” — moderate growth and lower inflation and interest rates — earnings could continue to grow, and stocks at today’s prices would turn out to have been good buys.
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By Barbara Donnelly

Full text: [Wall Street Journal] May 15, 1989

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How Will the Economy Hit the Runway? — Latest Data Point to Soft Touchdown

The soft landing outlook — moderate economic growth, low inflation and falling interest rates — is immensely appealing to investors. It means continued growth in corporate profits and higher stock prices. The alternative is grim: a “hard landing” in the form of a full-fledged recession, falling profits and sliding stock prices. There’s plenty of room for dispute about what kind of landing is in store. The experts can’t even agree if there ever has been a soft landing. Most economists argue that the beast doesn’t exist. In its eagerness to quash inflation, they contend, the Fed usually goes too far, causing a recession. And should the Fed attempt to ease its grip in an effort to make a soft landing, it usually moves too soon. The economy reaccelerates, inflation rises again, and the Fed eventually has to clamp down hard. That causes a recession, albeit one that starts later than if the Fed hadn’t eased. John Connolly, the chief market strategist at Dean Witter Reynolds, contends that a soft landing is likely this time because the Fed has learned some lessons. Instead of a growth target of 4%, clearly unsustainable for a mature economy like the U.S.’s, the Fed is aiming at a more reasonable 2.7%. What’s more, the Fed started trying to engineer a slower economy two years ago. It eased for a few months following the October 1987 stock market crash, but it never let the economy reach the overheated levels that led to other recessions.
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By Douglas R. Sease

Full text: [Wall Street Journal] May 15, 1989

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Honeywell Inc.’s Anti-Takeover Moves Defeated — Strategy by Pension Funds, Investment Group Seen As Slap at Management

Honeywell Inc. shareholders defeated two management-backed anti-takeover measures in a battle waged by two public pension funds and a Texas investment group. Analysts and stock traders said that while the vote didn’t by itself increase Honeywell’s vulnerability to a takeover, it put more pressure on Honeywell’s chairman, president and chief executive officer, James J. Renier, to boost the Minneapolis company’s stock price. Mr. Rainwater and another leader of the proxy challenge, former Labor Department pension administrator Robert Monks, plan to meet with Mr. Renier tomorrow to talk about the company. In an interview, Mr. Monks suggested he might favor asset sales and a stock buy-back. He said Honeywell may have “more capital than they need,” and may have “overexpanded into too many businesses.”
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By Randall Smith and Scott Kilman

Full text: [Wall Street Journal] May 15, 1989

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Blockbuster Gets Big Chance to Answer Report

Blockbuster Entertainment Corp, the largest video rental chain in the US, will appear before the New York Society of Securities Analysts to answer charges that it inflates earnings to prop up stock prices.
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Wiseman, Paul

Full text: [USA TODAY] May 15, 1989

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Wall St. rally continues as big buyers raid market

Gains led losers by about 3-2 in the overall tally of New York Stock Exchange-listed issues, with 593 up, 383 down and 459 unchanged. Analysts said Friday’s rally prompted buying of stocks by money managers at investing institutions who were fearful of missing out on a continuing advance in stock prices.
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(AP)

Full text: [Toronto Star] May 15, 1989

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