Word: ltv
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...means of raising cash. Ling, who needs millions this year to pay off loans and to service his debt, can sell off or borrow against the subdivided parts of Wilson meat more easily than the whole company. He may well be in a selling mood at a time when LTV stock is down to only 40% of its price two years ago and other LTV holdings are also depressed. Until recently, LTV officials had been negotiating to sell the company's 55% interest in Braniff Airways to Norton Simon Inc., but they ended the talks, presumably because terms could...
...stock market, a leading indicator that often foretells the economy's performance in months to come, shuddered through a disastrous year. The Dow-Jones industrial average dropped 19%, from a May high of 969 to a December low under 784. The conglomerates took a beating; LTV and Gulf and Western dropped more than 50% from their year's highs. Among the blue chips, strike-troubled General Electric has sunk to 79 from a historic high of 120 in 1965, California Standard to 49 from a high of 86 in 1966, Allied Chemical to 24 from 66 in 1961, Du Pont...
...industries met serious declines. Profits fell at Boeing, Lockheed Aircraft, LTV and American Can, among others. Steelmakers did not fare nearly as well as in early 1968. Aluminum companies, hurt by higher wages and other costs, have yet to benefit from price increases announced in January. Many of the airlines, weighed down by costly new wage contracts and heavy financing for new aircraft, are suffering...
Tender Offer. One way of easing the load would be for LTV to increase its holdings in J. & L. from 63% to 81%. Under federal law, ownership of at least 80% is necessary before dividends can be freely transferred from one company to another on a tax-free basis. If LTV owned enough J. & L. stock, it would be able to collect about $20 million in dividends-a windfall that would help Ling pay his interest and retire some short-term debt. Thus Ling made a tender offer that expires this week. In exchange for more J. & L. stock...
With a court test ahead that could drag on for two years or more, LTV stock became increasingly unpopular. LTV common, which hit a high of $135 last May, closed last week at $59. And Jones & Laughlin dropped so much that Ling's $425 million investment was, for the moment at least, worth only $290 million...