C&S’s Top Shareholders Want More

NCNB Corp.’s offer to exchange 1.075 shares for each C&S Corp. share isn’t generous enough to warrant support by the takeover target’s institutional shareholders. The stock swap, valued at $39 a share when announced March 30, is widely regarded as a starting point for negotiations-not a final offer. Tom Medcalf, a portfolio manager for Minneapolis-based IDS Mutual Inc., said that “sitting here in Minneapolis, playing with my pencil, I can quickly see NCNB’s ability to pay $45″ a share. “I think that C&S management has to listen seriously to the offer, but on an acquisition basis, the stock is worth more than $39.” (excerpt)
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Cranford, Steve

Full text: [The Business Journal] Apr 10, 1989

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A Year After Offering, Oregon Steel Looks Strong

Strong increases in net income and sales and a healthy balance sheet are raising the hopes and the stock price of Portland-based Oregon Steel Mills Inc. Add a pipeline snaking its way across the west and potential labor problems at eastern steel mills and it’s easy to see why analysts are effusive about the local maker of specialty steel that went public last April. “Management has been excellent,” said Scott Conyers, an analyst with Portland’s Charter Investment Group. “They run things efficiently and have positioned themselves well in the market.” (excerpt)
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Gauntt, Tom

Full text: [The Business Journal] Apr 10, 1989

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Stock Upswing Reflects Stronger Season at Voit

Voit Corp.’s stock shot up 68.5 percent in the first quarter of this year, with much of the increase coming in the last month. The gains in the stock, which trades over the counter, reflect dramatically improved earnings on operations for the Fairport exercise equipment manufacturer. The company last year reported earnings on operations of 38 cents per share, compared with 1 cent per share in 1987. As a result, the stock’s price shot up, from $2.38 a share at the beginning of March, when the company announced its year-end earnings, to $3.37 a share at the end of the month. (excerpt)
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Whiskeyman, Dolores

Full text: [Rochester Business Journal] Apr 10, 1989

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INTERNATIONAL REPORT; Stock Markets’ Role Grows in Chinese Economy

”People come from abroad and say, ‘What is your morning price or your afternoon price?’ ” said Luo Zhenzhong, a manager of the stock market in the northeastern city of Shenyang. ”But our prices don’t change for a month at a time, and when they change they only go up.” ”People under the age of 50 don’t understand stocks,” Mr. [Huang Guixian] said. ”We heard all the news about Black Monday in America, when stock prices plunged, and about an investor who was so upset that he shot his broker. But the good aspects of the stock system aren’t reported. And so some people are suspicious.” ”It’s O.K. to issue locally, because people here don’t really know what stocks are,” he said. ”But to sell abroad, with all those regulations and daily fluctuations, we’d have to make things perfect.”
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NICHOLAS D. KRISTOF, Special to the New York Times

Full text: [New York Times] Apr 10, 1989

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Auto Stocks 1st-Quarter Losers

The first quarter of 1989 ended with one trend certain among Detroit-area stocks: investors are worried about the auto industry. Stock prices of the Big Three automakers-General Motors Corp., Ford Motor Co. and Chrysler Corp.-all closed lower on March 31 than on Dec. 30, 1988. An analyst blamed the price declines on lower car sales, burgeoning inventories, and a general fear about the national economy. “Until there is a feeling the economy is going to do better, these stocks may not have a lot of ‘up-ride’ near term,” said Douglas Laughlin, an automotive analyst with New York City investment firm Bear Stearns & Co. (excerpt)
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Lindstrom, John

Full text: [Crain's Detroit Business] Apr 10, 1989

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Why Bergner Bid Signals Carson’s Local Departure

The end of independence appears to be coming quickly for Carson Pirie Scott & Co. That’s the consensus of virtually every analyst and close observer here and on Wall Street, now that Milwaukee-based P. A. Bergner & Co. put the 134-year-old retailer into play last week with a $282-million or $2O-a-share takeover bid. The only question appears to be how high above $20 the price will go. “The whole thing will be over in a few months,” predicted one local acquisitions specialist who has made prescient judgment calls in several past takeover situations. “Whether it’s Bergner or someone else, it’s a done deal.” (excerpt)
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Waldstein, Peter D.

Full text: [Crain's Chicago Business] Apr 10, 1989

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Chase’s Share Price Is Lowest in 12 Years

”There are a lot of negative stories converging about Chase,” said Ann Robinson, an analyst at the Donaldson, Lufkin & Jenrette Securities Corporation. She said Chase’s fundamental problem of a rising level of delinquent loans had been made ”more scary” by the rumors about its borrowing difficulties. ”It’s clear there are worries in the marketplace about liquidity and funding the company,” said Arthur Sotor, a banking analyst at Morgan Stanley & Company. In the short-term markets, where Chase is a heavy borrower despite cutbacks over the last few years, Steve Rautenberg, a spokesman for Chase, said yesterday that ”our entire funding operation is operating normally, including the interest rates we are paying.” A similar statement was issued by Chase officials on Tuesday.
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QUINT, MICHAEL

Full text: [New York Times] Sep 20, 1990

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World Business (A Special Report): Rankings — The Global Giants: Annual Survey Shows U.S. Firms Have Gained Ground

FALLING STOCK PRICES in Tokyo, combined with a strong dollar, enabled the U.S. to regain ground from Japan in the rankings of the world’s largest companies and financial institutions. Ranked by stock-market value, 42 of the world’s 100 largest companies are Japanese this year, down from 50 a year earlier. Nippon Telegraph & Telephone remains the top-ranked company, while Industrial Bank of Japan falls to No. 5 from No. 2.
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Full text: [Wall Street Journal] Sep 21, 1990

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Tokyo Stocks Fall for Sixth Session in a Row, as Interest Rate-Sensitive Sectors Lead Decline

Tokyo stock prices fell for the sixth consecutive trading day Thursday to the year’s low, with the pace of declines set by interest rate-sensitive sectors. On Thursday, stock prices rebounded from morning lows during the afternoon session with help from small-volume index-linked buying by investment trust funds and securities companies, traders said. But institutional buying thinned further, amid continuing uncertainty about the direction of domestic interest rates and the Mideast situation. Some investors also raised cash positions ahead of Japan’s long weekend, traders said. Tokyo markets will be closed Monday for a national holiday.
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Full text: [Wall Street Journal] Sep 21, 1990

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Stocks Fall 39.11 as Price of Oil Soars

Stock prices fell on Sep 20, 1990. The Dow Jones Industrial Average fell 39.11 points to 2518.32. Oct 1990 crude-oil futures contracts jumped $1.53 a barrel to $34.71.
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Winans, Christopher

Full text: [Wall Street Journal] Sep 21, 1990

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Stocks Fall 39.11 on Index Trading Ahead of ‘Triple Witching Hour’

Stock prices tumbled in moderate trading, with selling related to the expiration of September stock-index futures and options doing much of the damage. Among broader indexes, Standard & Poor’s 500-Stock Index fell 5.12 to 311.48, the New York Stock Exchange Composite Index dropped 2.69 to 171.22 and the Dow Jones Equity Market Index went down 4.73 to 288.57. The Dow Jones industrials fell about 46 points in the first hour of trading amid waves of program selling linked to stock-index arbitrage, involving the purchase of index futures and the sale of baskets of stocks to profit from price differences between them.
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Wilson, David

Full text: [Wall Street Journal] Sep 21, 1990

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Business and Finance

THE FED AUTHORIZED J.P. Morgan to underwrite stocks, the first time a bank has had that power since it was outlawed in 1933 because of abuses during the Depression. The move comes at a time of growing concern over the banking industry’s health due to widespread loan problems and sluggish growth. Stock prices tumbled, amid surging oil prices and the effects of program trading. The Dow Jones industrials fell 39.11 points to 2518.32. October crude-oil futures hit a record $35 a barrel, before closing at $34.71, up $1.53 on the day. Bond prices fell. A global shortage of capital is likely to dominate a meeting of the world’s finance ministers next week. For the U.S., a sharp slowdown in foreign investment, coupled with surging investments by Americans in overseas markets, threatens to keep economic growth at a sluggish pace.
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Full text: [Wall Street Journal] Sep 21, 1990

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Bond Prices Sink on Reports That Some Leaders in Congress May Try to Delay Spending-Cuts Date

The Treasury’s benchmark 30-year bond fell 3/8 point, a loss of about $3.75 for a bond with a $1,000 face amount. Yesterday’s decline nearly wiped out Wednesday’s rally and pushed the yield on the benchmark bond back up to 9.03%. Sentiment in the bond market is apparently so bearish that not even plunging stock prices encouraged investors to buy bonds. This was surprising, considering that the bond market often benefits from sharp declines in stock prices, as investors sell stocks and invest the proceeds in Treasury securities, which are considered ultrasafe. Short-term securities were little changed. The price of two-year notes ended at 100 3/32, to yield 8.05%, unchanged from Wednesday. Rates on Treasury bills were slightly higher. The discount rate on three-month Treasury bills ended at 7.39%, for a bond-equivalent yield of 7.61%, and the rate on six-month bills was 7.32%, for a bond-equivalent yield of 7.69%.
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Mitchell, Constance

Full text: [Wall Street Journal] Sep 21, 1990

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TSE stock prices drop amid recession blues

In the Toronto Bronfman group, Edper A rose 75 cents to $12.50 after plunging $2.50 yesterday. Bramalea rose 50 cents to $6.13, with gains of small fractions, or no change, for Hees, Trilon A and Trizec A; a loss of 50 cents for real estate’s Carena to $14.75; smaller losses for Royal Trustco, Noranda, Noranda Forest and MacMillan Bloedel. Golds had small gains for Placer, American Barrick, Hemlo and Agnico. Speculative Crown Butte rose 50 cents to $11.50.
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Full text: [Toronto Star] Sep 21, 1990

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Stock prices give up ground on gloomy economic outlook

Alan Greenspan, chairman of the U.S. Federal Reserve Board, seemed to have set the tone for the session with comments on Wednesday indicating little prospect of any Fed moves soon toward easier credit. Furthermore, he added, inflationary pressures exacerbated by the recent upsurge in oil prices make it difficult for the Fed to consider any steps to stimulate business conditions. John Ing of brokerage Maison Placements Canada said a number of things drove the market down, but a key factor was that the price of crude oil for October delivery reached $35 a barrel on the New York Mercantile Exchange.
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Full text: [The Gazette] Sep 21, 1990

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Local Cable Stocks Nose Dive in Wake of Industry Changes

Cable stocks took another tumble in the last six weeks as uncertainty about reregulation, tough lending policies and Iraq’s August invasion of Kuwait took their toll. The three biggest local cable television operators all have experienced significant declines, according to Cable Industry Monthly, a publication of Denver-based Hanifen, Imhoff Inc. The stock price of Denver-based Tele-Communications Inc., the largest cable operator in the U.S., fell 16 percent in August to $11 a share, where it remained as of Sept. 18. That’s 38 percent less than the $17.87 the stock was trading for on Dec. 31. (excerpt)
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Locke, Tom

Full text: [The Denver Business Journal] Sep 21, 1990

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Dow Falls 39.11 As Oil Prices Jump

The jump in crude oil prices to a seven-year high, economic pessimism and a smattering of Sep 1990 futures trading pushed stock prices lower in moderate trading on Sep 20. The Dow Jones average fell 39.11 points to close at 2,518.32.
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Walker, Tom

Full text: [The Atlanta Constitution] Sep 21, 1990

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Stocks Decline Sharply, With Dow Tumbling 39.11

By 3:36, the Dow had dropped 50 points, touching off the New York Stock Exchange’s 50-point rule. Under the rule, program sellers are not permitted to use index arbitrage on a downtick until the Dow climbs to within 25 points of the Dow’s prior close. It never did and the rule stayed in effect for the rest of the day. Short-sellers hope to profit by selling shares they do not own in the expectation the stock will fall and they can buy it for less money. Although short-sellers repeatedly have to buy back stock when it rises instead of falls, ”for once, the shorts made money,” one trader said. ”[Stocks] are dropping on developments that may not be news or that may not be meaningful,” said Robert H. Stovall, president of Stovall/ Twenty-First Investors.
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COLE, ROBERT J.

Full text: [New York Times] Sep 21, 1990

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Market Place; An Unusual Deal for Child World

The agreement calls for Trefoil Capital Investors L.P., an affilate of Shamrock, to make the purchase. A spokesman for Trefoil said the company was ”proceeding with the acquisition,” but he noted that there were a variety of terms and conditions that needed to be satisfied before it could be completed. He said Trefoil would not comment on the market activity. Under the takeover agreement, Trefoil need not proceed if it is unable to arrange $230 million in working capital loans for the toy retailer, which says some of its problems this year have stemmed from low inventories. And the deal is contingent on the ”absence of any material adverse change in Child World’s business” after May 5. CNC, whose other operations include smaller retailers, has been having trouble of its own, with operating losses steadily climbing. It needs cash, especially because one series of ”junk bonds” it issued as part of its buyout have just switched from accruing interest in more bonds to accruing it in cash. Without the Child World deal, the company’s cash needs would be raised by $23 million a year, with the first payment due in March 1991.
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NORRIS, FLOYD

Full text: [New York Times] Sep 21, 1990

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COMPANY BRIEFS

LEAD: * Advance Ross Corp., Chicago, a maker of metal fabrication products, said its board saw no reason to accept an offer from Natec Resources Inc., Houston, for an exchange of shares under which Advance Ross shareholders would be assured a premium over the recent stock price. * Advance Ross Corp., Chicago, a maker of metal fabrication products, said its board saw no reason to accept an offer from Natec Resources Inc., Houston, for an exchange of shares under which Advance Ross shareholders would be assured a premium over the recent stock price. * Usinor-Sacilor S.A., a French state-owned steel company, said its U.S. unit would buy Alloy and Stainless Inc., Mahwah, N.J., a steel producer with revenues of about $66 million. Terms were not disclosed.
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Full text: [New York Times] Sep 21, 1990

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