Toronto, New York move ahead as VSE slips

The Dow Jones average of 30 industrials, up 56.82 points on Friday to a new high since the 1987 crash, was up 17.41 points to 2,457.11 by noon today on Wall Street.Overall, gains led losses by about nine-to-seven. Analysts said Friday’s rally in Toronto and New York 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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Full text: [The Vancouver Sun] May 15, 1989

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Struggling Aspen Leaf Stores Will Go Private, Change Focus

Strapped for cash after a loss of nearly $1 million last year, publicly held specialty retailer Aspen Leaf Inc. will be taken private by its owners this summer and will refocus its merchandising approach. First Denver Partners Inc., the partnership that purchased Aspen Leaf last summer for $1.14 million and currently holds 51.4 percent of the company, will offer stockholders 44 cents a share, for a total buyout price of $441,424. The buyout could come next month. Aspen Leaf has been trading between 37 cents and 44 cents this year; last year the stock price fluctuated between a high of 75 cents and a low of 37 cents at the end of the year. (excerpt)
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Bulkley, Kate

Full text: [The Denver Business Journal] May 15, 1989

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Rock Thrown at Wedgestone

A class-action suit has been filed in US District Court against Wedgestone Financial, the Newton-based real estate investment trust (REIT); its largest individual stockholder and CEO, Richard H. Krock; and seven other directors and former directors, including Harvey R. Fleishman, a partner in the accounting firm Tofias, Fleishman, Shapiro & Co. P.C. Fleishman resigned as a trustee on March 1. The suit alleges that between March 12, 1987, and Oct. 31, 1988, the eight conspired to withhold negative information about the trust’s “operations, conditions, and prospects” –particularly about the trust’s growing percentage of non-performing assets-and to issue misleading information in order to artificially inflate the stock price. (excerpt)
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Focer, Ada

Full text: [The Boston Business Journal] May 15, 1989

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Tops in the stock challenge // Brokers’ imaginary buys win competition

The challenge was stiff, but three of our brokers were up to it. Harvey Hertz, Diana Winoker and Mal Berko beat the stock market, three fellow investment professionals and two groups of upstart kids to win the St. Petersburg Times Off-Wall Street Stock Challenge. In fact, Hertz’s biggest mistake in the game was being too quick to take his profits. His second best pick, Hospital Staffing Services Inc., made him $8,529.50, but would have made him four times as much if he’d held his 7,000 shares to the end of the game. Stock in the company, a Fort Lauderdale contract employment service for nurses, was selling for $4.125 a share when the game began and $9 a share when it ended. Karen Owens, the Stock Market Game coordinator, is more forthcoming. She says the students did all their trading in one cheap stock, submitting daily buy and sell orders with price limits attached. If the stock price fell to a certain level, they bought. If it rose to a certain level, they sold what they owned and sold additional shares short – placing a bet that the stock price would go back down. Since the students used price limits, the orders would not be executed unless the price levels they wanted were reached.
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HELEN HUNTLEY

Full text: [St. Petersburg Times] May 15, 1989

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Tops in the stock challenge // Brokers’ imaginary buys win competition

First place Harvey Hertz Raymond James & Associates MODESTY isn’t one of Harvey Hertz’s virtues. But then, it’s hard to be humble when you’re one of the better stock pickers in the business. At Raymond James & Associates Inc., the St. Petersburg-based firm where Hertz has worked for the last 17 years, he’s ranked No. 1 or No. 2 in retail stock sales every year. When Hertz was home recovering from surgery a couple years ago, the firm was so eager to accommodate him and his clients that it set up a home office for him, including a telephone line into the main office and a rooftop antenna to capture satellite signals transmitting the latest stock prices.
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HELEN HUNTLEY

Full text: [St. Petersburg Times] May 15, 1989

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Valero Adopts New Anti-Takeover Plan

Amid a flurry of takeover rumors and the rapid escalation of its stock price, Valero Energy Corp. has quietly increased the potency of its poison pill provisions in a combination of moves analysts say are designed to better arm the corporation’s management in a potential hostile takeover fight. The poison pill, couched in an amendment to a shareholder rights agreement, calls for an increase in the number of shares, or a dilution of the company’s stock, in the event of a takeover fight. The amendment-tied to a recently created employee stock ownership plan –now allows a white knight suitor friendly to the energy company’s management to step into a takeover fight and acquire the bulk of the company’s shares without having to swallow the company’s poison pill, according to analysts who follow the company. (excerpt)
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Lewis, Constance

Full text: [San Antonio Business Journal] May 15, 1989

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Market Analysts Taking Notice of Surge by CPAC

Stock market analysts are taking a close look at CPAC Inc. after the company posted a 40 percent jump in profits for the year ended March 31, company officials said last week. The Leicester-based chemical company reported a $1.3 million profit on sales of $25.3 million in fiscal year 1989. That compares with a $933,580 profit on $11.9 million in sales the previous year. Those figures, combined with equally bright prospects for the rest of this year, have brought the company to the attention of investment analysts, said Wendy Clay, CPAC director of corporate communications. (excerpt)
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Johnston, Phil

Full text: [Rochester Business Journal] May 15, 1989

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A Question Of Value: Japanese Market Still Perplexes Expert

The Tokyo Stock Exchange had a return of -1.5% (US dollar-adjusted) for first quarter 1989, compared with the Europe Australia Far East (EAFE) Index’s return of .33%. While the Japanese market has been one of the best performing markets for several years, money managers have been underweighted compared to the EAFE weighting, partially because of fears that the market was overvalued. A recent survey of 101 international money managers by The World Markets Co. Ltd. indicated the average Japanese weighting was 35.9%. Price-earnings (P-E) ratios stood at 54.6 for Japan as of March 31, compared with 12.4 for the Standard & Poor’s 500 Stock Index. Some observers discount the P-E comparisons, pointing out accounting and depreciation differences among the Japanese and other countries. The P-E ratio is high, but the accounting differences have the effect of underestimating Japanese profits, which are probably between 30% and 50% higher than reported.
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Vosti, Curtis

Full text: [Pensions & Investment Age] May 15, 1989

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A Question of Value: Japanese Market Still Perplexes Experts

The Tokyo Stock Exchange had a return of -1.5% (US dollar-adjusted) for first quarter 1989, compared with the Europe Australia Far East (EAFE) Index’s return of .33%. While the Japanese market has been one of the best performing markets for several years, money managers have been underweighted compared to the EAFE weighting, partially because of fears that the market was overvalued. A recent survey of 101 international money managers by The World Markets Co. Ltd. indicated the average Japanese weighting was 35.9%. Price-earnings (P-E) ratios stood at 54.6 for Japan as of March 31, compared with 12.4 for the Standard & Poor’s 500 Stock Index. Some observers discount the P-E comparisons, pointing out accounting and depreciation differences among the Japanese and other countries. The P-E ratio is high, but the accounting differences have the effect of underestimating Japanese profits, which are probably between 30% and 50% higher than reported.
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Vosti, Curtis

Full text: [Pensions & Investment Age] May 15, 1989

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HEAVY DEMAND SENDS STOCK PRICES HIGHER

Announcements: Quarterly results: Adanim reported earnings of NIS 0.24m, Mishkan boosted its net to NIS 3.5m, compared with NIS 2.9m in the parallel 1988 quarter. Azorim earned NIS 0.75m, and its subsidiary, Azorim Properties NIS 0.48m, Clal Insurance earned NIS 2.96m, while Clal Development lost NIS 0.22m, Clal Leasing earned NIS 0.62m.
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None

Full text: [Jerusalem Post] May 15, 1989

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Back to Basics: BAMI’s Finances Improve With Restructuring

A streamline-and-jettison strategy has brought Basic American Medical Inc. out of its sea of red and into the black, as the company pulled a $27 million turnaround to finish 1988 with a profit of $1.2 million. Company President Brady Justice said Basic American is returning to its core, shedding smaller, money-losing hospitals and concentrating on bigger facilities where the reimbursement schedule established by Medicare and other third-party payers is more realistic. Blaming the rates insurance companies and the government will pay for services at rural hospitals with contributing to a $26 million loss in 1987, Justice said he feels the losses are well behind the company. “I hope it’s all gone,” he said. (excerpt)
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Thomas, John B.

Full text: [Indianapolis Business Journal] May 15, 1989

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Monday Ticker.

- Main event: Inflation’s mild pace in recent reports has provided a boost to stock and bond prices, capped off by Friday’s 56.82-point runup in the Dow Jones industrial average to 2439.70. But good things come to an end, and economists are looking to this week’s economic reports with a sense of gloom. The key comes Thursday, with the consumer price index report for April. Analysts perceive trouble lurking, with a consensus that the report could show inflation running at a 7 to 10 percent annual rate. Even a slightly lesser rate would be disappointing. – Next up: The high-flying greenback could hurtle back to Earth Wednesday, with the report on the March merchandise trade deficit. In February, the U.S. rang up a $10.5 billion shortfall with other countries, and some analysts say little improvement in the trade situation is likely this year. Financial markets have largely ignored the trade deficit in recent months, but that causes some economists to warn of a “hard landing” for the dollar when reality hits home. – Markets: Last week’s 57.74-point gain for the Dow was the third-best this year and leaves stock prices up by about 12 percent since the start of this year.
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Full text: [Chicago Tribune (pre-1997 Fulltext)] May 15, 1989

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Watch out – it’s report week

Richard Rippe, chief economist at Dean Witter Reynolds, thinks inflation will continue to inch up in the months ahead. “The real issue is the underlying rate of inflation – which is the non-food, non-energy components.” Rippe thinks both food and energy inflation will ease as the year progresses, but he still estimates over-all inflation will be 5.25 percent this year compared to 4.75 percent in 1988. [Andrew Geller] says 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. And he thinks 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. Recent activity in Conrail’s stock shows just how interested investors might be in the railroad once the takeover restraints are removed. 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.
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John Crudele

Full text: [Chicago Sun - Times] May 15, 1989

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Southdown Inc.: Oil and Gas, Cement Add Up to a Profitable Mix

In 1988, Southdown Inc. underwent a major change with the acquisition of Moore McCormack Resources Inc. for $528 million. The company then sold part of Moore McCormack’s operations for $250 million. Moore McCormack contributed 40% of Southdown’s 1988 operating earnings and presumably could account for roughly 1/2 or more of operating earnings in 1989. For the first quarter of 1989, Southdown reported net income before an accounting change of $7 million, up from $5 million in 1988, as revenues nearly doubled to $144.7 million. However, with more stock outstanding in 1989, first quarter per-share net amounted to 33 cents versus 34 cents in 1988. Southdown, a growth-minded firm, is concentrating on both modernizing and expanding cement facilities. The company reduced expenses by 14% in 1988; a further reduction is expected in 1989. Southdown also is planning a major expansion of a cement plant in Kosmosdale, Kentucky.
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Byrne, Harlan S.

Full text: [Barron's National Business and Financial Weekly] May 15, 1989

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High on drugs- But can medicine shoppe continue its rapid gr

Instead of following the trend in the drug store industry of expanding into more and more general merchandise, Medicine Shoppe International Inc. stores continue to focus on drugs. In fiscal 1988, the company’s earnings rose 34%; fiscal 1989 profits are expected to grow 25%. The Medicine Shoppe’s market capitalization is about $160 million. Slowing systemwide growth, the increased use of mail-order drug programs, the aggression of large discount drug chains, and a mounting concern among corporations, insurance companies, and the government about health care costs could dampen Medicine Shoppe’s prospects. Some 62% of systemwide sales are from customers aged 45 or older, with 32% over age 65. The firm expects to add 75 stores in fiscal 1989. The largest portion of company revenues comes from franchise fees. Each store pays between 4% and 5 1/2% of monthly revenues to Medicine Shoppe International. Medicine Shoppe’s stock currently is selling for more than 21 times expected fiscal 1989 earnings and over 4.7 times book value of $6.33 a share.
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Savitz, Eric J.

Full text: [Barron's National Business and Financial Weekly] May 15, 1989

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Bank stock price review : values are firm, merger pace may slow

London share prices finished higher in subdued trading, rising mostly on Wall Street’s healthy performance Friday and the strong push up by the dollar. In Tokyo, investment trusts came in during the afternoon and helped lift share prices modestly from their lows. The Nikkei Average of 225 issues, which dropped 215.16 points Friday for the third retreat in four sessions, closed down 150.04 points at 33716.29, up from an intraday low of 33612.24. Volume on the first section was extremely thin, estimated at 400 million shares, down from 720.6 million shares Friday. Losers outnumbered gainers 572-305, while 202 issues finished unchanged. The Tokyo Stock Price Index of all issues listed in the first section, a 19.35-point loser Friday, fell 12.95 points to 2505.69.
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Poquette, B.

Full text: [Bank News] May 15, 1989

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Tokyo Stock Prices Close Lower in Thin Dealings; Shares in London Post Gains in Subdued Trading —- A Wall Street Journal News Roundup

London share prices finished higher in subdued trading, rising mostly on Wall Street’s healthy performance Friday and the strong push up by the dollar. In Tokyo, investment trusts came in during the afternoon and helped lift share prices modestly from their lows. The Nikkei Average of 225 issues, which dropped 215.16 points Friday for the third retreat in four sessions, closed down 150.04 points at 33716.29, up from an intraday low of 33612.24. Volume on the first section was extremely thin, estimated at 400 million shares, down from 720.6 million shares Friday. Losers outnumbered gainers 572-305, while 202 issues finished unchanged. The Tokyo Stock Price Index of all issues listed in the first section, a 19.35-point loser Friday, fell 12.95 points to 2505.69.
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Full text: [Wall Street Journal] May 16, 1989

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Stocks Surge Again, But Bonds Hold Back

Bullishness that followed through from Friday’s ebullient rally pushed stock prices to another post-crash high, but bond investors took a “show me” attitude to an apparent easing of inflation fears. But bond prices eased a little yesterday in anticipation of less-than-pleasing news on the inflation front later this week. The government reports Thursday on the April consumer price index, which is expected to rise about 0.6%. The spreading feeling that the Federal Reserve might be able to engineer a “soft landing” — moderate economic growth, falling interest rates and lower inflation — convinced at least one of Wall Street’s long-time bears to take a more favorable view of stocks. Steven Einhorn, chief portfolio strategist at Goldman Sachs, said that inflation now looks more like “a bubble that will pass rather than a systemic increase” in prices. He had previously worried that high interest rates, slow monetary growth and a peak in corporate profits would take a toll on the stock market.
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By Douglas R. Sease

Full text: [Wall Street Journal] May 16, 1989

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Kodak Droops as Weakened Profit Outlook Adds to Doubts on Expansion, Court Struggle

The shares are languishing at 42 3/4, not far from their 52-week low of 40 1/4. For another company, this might be a “buy” signal for investors. But Kodak’s stock price is being stifled by Wall Street’s lingering doubts about the company’s $5.1 billion acquisition of Sterling Drug 15 months ago. The company also is struggling with Polaroid’s courtroom campaign to win a multibillion-dollar damage award for Kodak’s patent infringement. Until that black cloud is lifted, many analysts believe, the shares will remain depressed. Meanwhile, the first-quarter profit decline that Kodak posted in early May has prompted Wall Street to pare its estimates of the company’s 1989 earnings to the vicinity of $4.40 a share from $4.65. Nine of 16 analysts are neutral on the stock. “Essentially, they’re saying, ‘Earnings will be up, but not dramatically, and we’re not ruling out that earnings might be down,’” says Michael Ellmann, a Wertheim Schroder analyst. Kodak Vice Chairman Phillip Samper says in an interview: “This management is not comfortable with anything other than doing better. We are driving for record earnings for 1989, but it’s going to be a difficult year.”
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By Clare Ansberry

Full text: [Wall Street Journal] May 16, 1989

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Hewlett-Packard Says 2nd-Period Net Didn’t Meet Forecasts; Stock Price Skids

Hewlett-Packard Co. said it expects to report net income for its second period, ended April 30, “in the range” of 85 to 90 cents a share, substantially below analysts’ expectations of as much as $1.09 a share. The announcement by the Palo Alto, Calif., maker of computers and electronic instruments sent Hewlett-Packard shares plunging on heavy volume. The stock closed at $53.375, down $3.75, in New York Stock Exchange composite trading. While new orders “continued the good momentum” of the first quarter, Hewlett-Packard said, the company had erred in forecasting its mix of orders and was unable to adjust production schedules adequately. As a result, the company said, revenue will be about 2% to 3% below its own expectations. A spokeswoman declined to elaborate. The company said it will report earnings tomorrow.
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By James P. Miller

Full text: [Wall Street Journal] May 16, 1989

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