Old Stone reports several suitors Barnes, CEO, doesn’t expect any decisions to be made soon

[Theodore W. Barnes] said the plan would hopefully boost Old Stone’s stock price, which has lagged in the $19 to $21 range for months. Since Old Stone hired Blackstone – which has strong ties to Japanese investors and has put together major deals between U.S. and Japanese firms – some analysts and brokers have speculated that a Japanese buyer may make an offer for Old Stone. Old Stone also has been working for months to set up and capitalize a limited partnership in which Old Stone and Blackstone will serve as co-equal managing partners. The partnership will try to acquire troubled savings and loans – a business Old Stone has built in the past by buying thrifts in North Carolina, the Pacific Northwest and California.
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JOHN KOSTRZEWA Journal-Bulletin Business Writer

Full text: [Providence Journal] Apr 11, 1989

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CAMPBELL’S STOCK PRICE UP $4.875 DORRANCES DENY RUMORS OF A SALE

Rizzo reviews Quotron Open Windows, a professional trading tool based on Microsoft Windows from Quotron Systems. Quotron Open Windows consists of three specific applications: QuotTerm, QuotData and QuotChart.
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Dan Stets

Full text: [Philadelphia Inquirer] Apr 11, 1989

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Small Investors Hit the Big Time with Quotron Open Windows

Rizzo reviews Quotron Open Windows, a professional trading tool based on Microsoft Windows from Quotron Systems. Quotron Open Windows consists of three specific applications: QuotTerm, QuotData and QuotChart.
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Rizzo, Tony

Full text: [PC Magazine] Apr 11, 1989

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Penny-Stock Firm Charged

Stuart-James Co. Inc., one of the nation’s largest penny-stock brokerages, was charged yesterday with stock manipulation, making misleading sales pitches and failing to accept sell orders from customers. The Securities and Exchange Commission leveled the charges against the firm, as well as its two principals and nine current or former regional vice presidents, in an administrative proceeding. A hearing date has not been set. Stuart-James is based in Denver, a center for penny-stock business, and musters a sales force of 1,300 brokers working out of 52 sales offices in 22 states. Its five New York offices include two in New York City and one each in Roslyn, Melville and White Plains. (excerpt)
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Kuntz, Mary

Full text: [Newsday] Apr 11, 1989

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TDK to Buy Tustin Chip Maker

Silicon Systems, a Tustin-based microchip maker, has agreed to be acquired by Japan’s TDK Corp., the world’s largest manufacturer of audio and video tapes, for about $200 million. TDK, which will pay $20 for each of Silicon Systems’ approximately 10 million shares outstanding, said it plans to invest an additional $200 million in the company’s operations and its research and development division. No major increase in employment is expected, however. Stock Advances Silicon Systems’ Chairman Carmelo J. Santoro said the acquisition will help it become more competitive. In addition to the infusion of cash, Santoro said, Japanese ownership will enable the company to concentrate on international expansion and provide better access to Far Eastern markets, which currently account for about 25% of Silicon Systems sales. (excerpt)
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Tighe, John Charles

Full text: [Los Angeles Times] Apr 11, 1989

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MEDICAL ICN Takes Advantage of Stock’s Low, OKs Repurchase of 4 Million Shares

To take advantage of the company’s low stock price, directors of ICN Pharmaceuticals Inc. recently authorized the firm to purchase up to 4 million shares of ICN common stock. ICN said it will buy the shares over a 3-year period.
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Full text: [Los Angeles Times (pre-1997 Fulltext)] Apr 11, 1989

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SEC Slams Penn-Stock Firm

The Stuart-James Co., one of Denver’s leading penny stock firms, was hit with allegations of fraud and deceit Monday by the Securities and Exchange Commission. The SEC charges that Stuart-James illegally marked up prices of two companies, UMB Equities and Find SVP, by as much as 200 percent. Monday’s action against Stuart-James caps several months of promises by SEC officials that they would take a tough stand against abuses in the penny-stock arena. The SEC said that Stuart-James, with 1,300 brokers, has supplanted another metro Denver firm, ailing Blinder, Robinson & Co., as the nation’s biggest penny-stock firm. (excerpt)
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Sleeth, Peter

Full text: [Denver Post] Apr 11, 1989

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Random Thoughts

The consistently low stock prices of money center banks in recent times were due to the banks’ poor lending strategy and the collapse of the federally fueled inflation of the 1970s. Now, the banks have diffused their risks with smaller loans to many borrowers and by engaging in more syndications rather than being “permanent warehousers of large credits.” For instance, LBO exposure is less than that of foreign banks, the burgeoning market for corporate cash management services is now around $1 trillion, and the banks garner noninterest income from data processing services, as well.
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Rose, Sanford

Full text: [American Banker] Apr 11, 1989

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Random Thoughts

The stock prices of many of the money center banking institutions have been below their stated book values for the better part of the last 15 years. There have been numerous ad-hoc explanations of this phenomenon. Thus it is contended that the fiasco in lending to real estate investment trusts helped to depress market valuations in the mid-’70s. After the REIT debacle, there was the run-up in interest rates, which led to substantial amounts of unrealized depreciation in bond portfolios in the late ’70s. And following the interest rate explosion, there was, of course, the LDC debt crisis that began in the early ’80s and continues to the present. As a result, the money center banks have diffused their risks. They now make a lot of small direct loans to a large population of borrowers instead of massive loans to a small group of customers. And by functioning as syndicators rather than as permanent warehousers of large credits, they have further insulated themselves from unpleasant surprises. Notes Mr. [Richard X. Bove]: “If a Latin American style blowup develops in LBO lending, the big losers will be the foreign banks and pension funds that bought the syndications, not the money center banks that sold the positions.” (Going back still further, the exuberant expansion of the late ’70s was spawned by the draconian contraction of the mid-’70s, when the Fed, in response to President Ford’s Whip Inflation Now campaign, rather too vigorously sought to correct previous errors. As some contend, the Fed seems to know only two speeds – too fast or too slow.)
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SANFORD ROSE

Full text: [American Banker (pre-1997 Fulltext)] Apr 11, 1989

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Can Portfolios Be Recession-Proofed? — Some Say to Wait, Others Go to Cash

When a recession looms, say people such as money manager Martin Zweig and market historian Ned Davis, it is best to stay heavily in cash. Investors, they say, should bide their time in Treasury bills, money-market funds and the like. Then, when the recession is about half over, they add, investors can snap up stocks and bonds at bargain prices. Moreover, not everybody is pessimistic. Indeed, there is a vocal band of optimists who see a silver lining in an economic slowing. As the economy winds down, they figure, interest rates will fall. And lower interest rates are good fertilizer for stocks. Though they would prefer for the economy to escape a recession, they say they would recommend stocks even if they knew a recession was coming. Robert B. Ritter, chief technical analyst for Ladenburg, Thalmann & Co., says the stock market has already “taken into account a good part of the recession” that is yet to come. During the stock-market rally of the past year or so, he says, stock prices rose but price-earnings multiples (the ratio of a stock’s price to the company’s earnings per share) fell.
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By John R. Dorfman

Full text: [Wall Street Journal] Apr 12, 1989

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Stock prices in Toronto slip in early trading

In London, gold was fixed at $387.25 an ounce (U.S.) this afternoon, up from $384.15 (U.S.) in the morning setting and up from $385 (U.S) yesterday.
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Full text: [Toronto Star] Apr 12, 1989

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Steinberg to rally shareholders against unwanted Oxdon offer

A British case Oxdon cites as a precedent, he said, actually proves the reverse, ”that you cannot do what they want to do.” If Oxdon wants to acquire the company, it should ”find some financing and make an offer,” he said, calling the existing proposal ”a package of debt.” [Steinberg] shareholders may be more content than Oxdon expects, Mr. [Irving Ludmer] suggested. The stock price has tripled since April, 1984.
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HARVEY ENCHIN

Full text: [The Globe and Mail] Apr 12, 1989

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Stock prices post modest gains

In Montreal, 4.8 million shares changed hands, compared with 3.33 million Monday. The mines index rose 20.77 to 1896, banks 12.06 to 1715.1, oils 8.87 to 1600.96, utilities 5.81 to 1499.68 and industrials 4.38 to 1552.27 while forest products remained unchanged at 3113.83. Two of the biggest companies in the Toronto exchange’s metals subgroup, Inco and Falconbridge, benefited from an article earlier this week in a U.S. business journal that forecast boom times ahead for the two firms, said analyst Dunnery Best of Prudential-Bache Securities Canada. Inco was up 87 cents to $35.12 yesterday, while Falconbridge gained 37 cents to $29.87. The metals subgroup led all others with an increase of 1.37 per cent.
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Full text: [The Gazette] Apr 12, 1989

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Cross Lawsuits Filed In Battle for Northwest

Earlier yesterday, NWA said it may sell an equity stake to its unions through a new employee stock ownership plan. Union ownership of more than 15 percent would be an added defense because NWA is incorporated in Delaware, where 85 percent of the shareholders must approve a deal. At the time of the offer, [Marvin Davis] noted that his bid represented a 50 percent premium over NWA’s stock price over the past few months. NWA’s stock jumped $16.165 March 31, the day after Davis made his offer. Yesterday, it closed up $1.25 at $88.75 a share. Rumors of a possible takeover of NWA have circulated in financial markets for the past few months, due in part to its valuable Tokyo real estate holdings. NWA turned down a $200 million offer for the Tokyo real estate last year, saying it wanted to keep the land for housing employees and development.
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Full text: [San Francisco Chronicle (pre-1997 Fulltext)] Apr 12, 1989

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American Stock Exchange’s Profit Slides

“”In terms of listings, the crash didn’t hurt us,” Kenneth Leibler, president of the American Stock Exchange, said. “”We think it may have helped. There was a perception that during the crash the NASDAQ dealer system didn’t give investors good access to listings.” Some investors have criticized the over-the-counter dealer market because trades were not carried out promptly when stock prices were falling. That perception has helped the American Exchange gain listings, Leibler said. Companies have historically jumped to the New York exchange from the American as they grew in size. That trend continued last year but at a slower rate. Leibler said the main cause for delistings in 1988 was merger and acquisition activity, which accounted for 58 of the total loss. Fourteen issues were lost to other markets, mostly the Big Board, and 13 were delisted.
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Full text: [San Francisco Chronicle (pre-1997 Fulltext)] Apr 12, 1989

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1 count dismissed, 11 remain in Bilzerian fraud trial

The government contends [Paul Bilzerian] made millions of dollars by accumulating stock in takeover targets — specifically, Hammermill Paper Co., H.H. Robertson Co., Cluett Peabody & Co. — concealing ownership of the stocks in secret accounts and then selling his holdings after the stock price had risen.
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The Associated Press

Full text: [Orange County Register] Apr 12, 1989

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AMEX continues to hold its own Exchange gains members in ’88, but profits drop

“In terms of listings, the crash didn’t hurt us,” Kenneth Leibler, president of the American Stock Exchange, said in a telephone interview. “We think it may have helped. There was a perception that during the crash the NASDAQ dealer system didn’t give investors good access to listings.” Some investors have criticized the over-the-counter dealer market because trades were not carried out promptly when stock prices were falling. That perception has helped the American Exchange gain listings, Leibler said. Companies have historically jumped to the NYSE from the American as they grew in size. That trend continued last year but at a slower rate. Leibler said the main cause for delistings in 1988 was merger and acquisition activity, which accounted for 58 of the total loss. Fourteen issues were lost to other markets, mostly the Big Board, and 13 were delisted.
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Richard Satran:Reuters

Full text: [Orange County Register] Apr 12, 1989

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Market Place; Brady Plan Lifts Big Bank Stocks

”The gains have not been based on earnings,” said Richard J. Fredericks, an analyst at Montgomery Securities. ”It’s been a rally based on a change in psychology and the perception of improvement in the strength and integrity of the banks’ balance sheet.” Mr. Fredericks advises those who bought the stocks early in the rally ”to soften their position, and take some profits on 25 percent or 35 percent” of the shares they hold. ”The market has had just about every piece of positive news that is likely,” he said, ”and first-quarter earnings are going to cause people to start thinking about the numbers again as opposed to the hopes aroused by the [Nicholas F. Brady] plan.” Richard X. Bove, an analyst at Dean Witter Reynolds who has strongly recommended New York bank issues over the last month said the debt reduction program could be the catalyst for a big gain in bank stock prices even if profits did not grow apace. ”The plan will neutralize the problem of Latin American loans,” he said, ”and by eliminating that ‘poison pill’ it will make banks the premier acquisition candidates in the country.”
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Quint, Michael

Full text: [New York Times] Apr 12, 1989

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Dow Rises 9.71, to 2,311.58, as Dollar Gains

”The combination of impressive action in broad-based averages and revised interest in technology, financial and energy issues points to a winning second quarter despite the possibility of some nearby softening,” said Harry Laubscher, chief technical analyst at Tucker, Anthony & R. L. Day. Campbell Soup rose 7/8, to 34 1/2. Traders attributed the increase to the possiblity of the sale of the Dorrance family’s majority stake. John T. Dorrance Jr., a former chairman of the company and the head of the family, died on Sunday. Computer stocks were up across the board, traders said, on investor expectations that the technology industry might not be headed into a slump. I.B.M. rose 1 1/8, to 111 1/8; Digital Equipment added 1/2, to 98 3/8, and Hewlett-Packard 3/4, to 54 1/4. Heavy Exxon Volume
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WIGGINS, PHILLIP H.

Full text: [New York Times] Apr 12, 1989

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StorageTek Plans 1-10 Reverse Split

Storage Technology Corp., in an effort to attract more institutional investors, Tuesday proposed a 1-for-10 reverse stock split and said it will issue about $312 million in new convertible stock and debt. The new stock will replace a high-interest debt offering the Louisville company issued when it emerged from bankruptcy in 1987. StorageTek officials said the moves will strengthen the company’s balance sheet and put the company’s stock price in the traditional range for equivalent-sized companies. Shareholders of record April 18 will vote on the proposed split by mail through May 19. (excerpt)
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Bettelheim, Adriel

Full text: [Denver Post] Apr 12, 1989

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