Word: huttons
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...sent a quiver through the New York Stock Exchange when he abruptly unloaded his 17.3% stake, or 42 million shares, for $2.07 billion (his profit: $600 million). The sale, which ranked as the largest single trade in Big Board history, was so unwieldy that three investment firms -- Shearson Lehman Hutton, Goldman, Sachs and Salomon Brothers -- teamed up to buy the shares. The bombshell transaction freed Icahn to prowl once more, setting off speculation that he would make another move to take over USX. Icahn owns some 29 million shares of the oil-and-steel concern, or 11.4%, worth about...
Such corporate giants as AT&T, Shearson Lehman Hutton and Toyota are catching a ride on the golf cart. Prizes offered by the corporate sponsors of Professional Golfers' Association tournaments are expected to top $63 million this year, up from $31 million four years ago. Says Gee Winands, advertising manager for Sunkist Growers, which annually earmarks about $200,000 for the Ladies Professional Golf Association tour: "We get brand-name exposure by sponsoring the 'Quiet Please' paddles. Every time they hold them up, well, you can't get that kind of exposure from regular advertising." Corporations love golf, says Susan...
...most firms into the financial doldrums. Merrill Lynch, the largest U.S. brokerage, reported last week that its first-quarter profits tumbled to $37.2 million, down 46% from a year ago. Paine Webber Group said its earnings dropped 56%, while Dean Witter's income was off nearly 40%. Shearson Lehman Hutton suffered a particularly harsh blow. After writing down its holdings in MCorp, a troubled Texas banking firm, Shearson reported a $15 million loss for the quarter. Overall, the before-tax income of U.S. securities firms slumped to $450 million, down 60% from the first quarter...
There are two really good things about Blake Edwards' new film, Skin Deep. The first is that Skin Deep stars John Ritter, who gives a wonderful performance as Zach Hutton, a man who is addicted to women. The second is that Skin Deep contains not one, but two extended scenes featuring glow-in-the-dark condoms...
...your best EF Hutton after this writer said last spring that the Yankees would face the Mets in the 1988 World Series, Wade Boggs would hit .400 and Eric Davis would smack 50 homers...