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Nearly every stock on Wall Street had some ups and downs last week, but Pennzoil's performance gave even some poker-faced investors an acute case of the jitters. After opening at 63¼ on Tuesday, shares in the Houston-based oil company took off. By the closing bell the stock had jumped 19¾ points, to finish at 83. The next day Pennzoil climbed to 91 by 11:45 a.m. but then tumbled to 73½. The rest of the week proved less tumultuous, and Pennzoil ended Friday at 71½. As late as Nov. 18, Pennzoil was selling for just...
...billion. If the gossip proved true, the value of each Pennzoil share would instantly have been 105. But instead of creating a gusher of wealth, the rumor turned out to be a dry hole. Pennzoil Chairman J. Hugh Liedtke denied that any merger was imminent, and the stock slumped...
Where the bogus tale originated was unclear. At the New York Stock Exchange, officials tried to pinpoint exactly when Pennzoil's shares started on their unearthly ascent. Said N.Y.S.E. Vice President Richard Torrenzano: "We noticed greater activity both in terms of price and volume by late morning on Tuesday." In Houston, Liedtke first learned of the stock spurt when he received a call in his office atop Pennzoil Place. Said he: "I could only guess that there had been some kind of leak by Texaco about the offer they were going to make." Liedtke later sent a cable...
Tracking down leaks and insider trading on the stock market, however, has proved notoriously difficult. RCA stock shot up just prior to an announcement that the company would be merging with General Electric. Macy's shares rose precipitously shortly before plans for a management buyout were disclosed. In neither case has proof emerged of trading by people who were privy to inside information...
Capital Cities moved quickly to replace Pierce with one of its own. It named John Sias, an executive vice president who has been running the Capital Cities publishing division, president of ABC. Pierce will leave ABC a wealthy man. He held stock worth $4 million at the time of the merger, and will receive $2 million still owed him under a contract that runs through 1989. CORPORATE NAMES From the Plow to the Stars...