GAF Trial in Last Stage

After a two-year process, the Commerce Department has slightly revised the set of components that make up the gauge that forecasts troughs and peaks in the economy. The index, first published regularly in the early 1960s, has 11 components, ranging from movements in stock prices to average weekly working hours. In the revised index, two components have been dropped, two altered, and two added. Evelina Tainer, senior domestic economist at First Chicago Corp., gives the government's changes the benefit of the doubt. "They're trying to improve it," said Tainer, a past critic of the index. "I think we should see how well it does."

Full text: Orange County Register, Mar 2, 1989

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Stock Prices of Media Firms Jump on Times-Warner Merger

A survey of over 100 of the world's top foreign money managers indicated that the US would not go into a recession anytime before mid-1990. Most of the money managers recommended tough measures for America's budget deficit. Roughly 75% of the managers feel that the US should raise taxes, while 65% think that military spending should be cut. Some of the managers (40%) think domestic expenditures should be cut even more. The managers also predicted that the gross national product growth rates would slow by the end of 1989. The overseas financial managers felt that strong imports would continue to keep a lid on inflation in the US and the industrialized world. Foreign stocks raced past US listings in 1988, and stronger economies and a higher respect for the capitalist way explain much of the foreign performance. A list of the 500 largest publicly traded foreign nonfinancial companies, ranked by sales and grouped by country of incorporation is provided. Also listed are the 100 largest financial institutions, ranked by assets.

Full text: Financial World, Mar 7, 1989

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'Ace' Greenberg Tries to Trade Up

The board of directors of Charter-Crellin Inc., a plastic products manufacturer with manufacturing headquarters in Chatham, has approved a tender offer for all of its 1.5 million shares of stock in a deal valued at close to $42 million. The company last week began mailing information to its shareholders recommending they approve the takeover by an affiliate of Golder, Thoma & Cressey and Nicholas, Feder & Jaffe Inc., a Chicago investment firm. The tender offer will expire April 3. GTC/NFJ Plastics Acquisition Corp. made its $27-a-share offer last month following several months of active search by Charter-Crellin for a buyer. (excerpt)

Full text: Capital District Business Review, Mar 13, 1989

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Stock prices take a beating as market participants remain skittish

The action reflects an apparent belief by Bass that the proposed Time-Warner merger is a bad deal for Time's shareholders, individuals in the industry say. Such a move also would be in keeping with Bass Group's continuing interest in publishing companies. However, a purchase of Time would be a difficult undertaking even for billionaire Robert M. Bass. Based on yesterday's closing stock price of $111.25 a share, Time would have an indicated value of about $6.3 billion. A Bass spokesman wouldn't comment. But the individuals said the group began buying Time shares after the Warner transaction was announced two weeks ago and has accumulated more than 2% of Time's 56.6 million shares outstanding. It wasn't clear whether the Bass Group would simply hold the shares or mount a hostile offer for Time. However, it is understood that the group believes Time's shares are greatly undervalued in the Time-Warner transaction, which calls for Warner shareholders to receive 0.465 Time share for each Warner share owned.

Full text: Wall Street Journal, Mar 21, 1989

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Barksdale 'Doesn't Care About Market'

While the strike and subsequent bankruptcy filing by Eastern Airlines has cut traffic at Hartsfield Airport, some Atlanta air carriers (there are others besides Delta Air Lines) are adding extra flights and picking up new passengers. Most notable is regional carrier Atlantic Southeast Airlines (ASA), whose stock is showing continued strength. ASA, with stock trading around $11.50 last week, saw 5.2 percent of its shares change hands two weeks ago; 2.98 percent last week. ASA's stock price has increased 30 percent since the beginning of the year, and is up almost 10 percent in the past four weeks. (excerpt)

Full text: Atlanta Business Chronicle, Mar 27, 1989

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