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Newspaper
Syracuse Herald Journal
Location
Syracuse, New York, United States of America
Date
Apr 30, 1990
Page
9
Malcolm Berko warns WalMart may not sustain 25 percent annual growth. He notes 1989 same store sales rose 11 percent while gross margins slip under intense competition. Advises potential partial sell after stock splits. cites exponential growth limits and a need for caution.
This week many equity and fund names tumbled as savings stocks led losses while gold and silver plunged. The only positive movers were conservative savers gaining about 1.50, with Blue Chip Stock dropping 24 and Lipper funds suffering double digits. Overall, precious metals fell sharply and markets ended on a weak note.
McDonald’s Corp reports a 12 percent rise in first quarter profit, net income of $158.1 million or 43 cents per share, on 11 percent higher revenue of $1.5 billion. Systemwide sales reach $4.3 billion, with a plan to swap ice cream and desserts for low fat dairy and fruit sorbet, amid public criticism from a Nebraska millionaire.
Highland Superstores Inc says March sales reached 68.2 million, down 2 percent from a year earlier. For the two months ended March 31, 1990 sales total 127.5 million, down 4 percent from 133.2 million. Comparable store sales fell 9 and 11 percent respectively, signaling weaker demand. Avon Products Inc posts first quarter profit more than doubling while sales stay nearly flat, earning 15.2 million or 11 cents per share in the quarter, up from 6.2 million or 5 cents in 1989. Domestic direct sales rose on pretax gains aided by cost reductions, with the international division contributing a 17 percent pretax earnings gain.
Bethesda based Martin Marietta Corporation reports 1990 first quarter earnings of 67.09 million dollars or 1.32 a share up from 59.21 million or 1.12 a share a year ago. Quarterly sales climbed to 1.419 billion dollars from 1.316 billion.
OnBANCorp Inc. posted $3.3 million in net income or $0.45 per share for the first quarter ended March 31, 1990, up 25 percent from $2.6 million in Q1 1989. The result reflects prudent asset liability management amid uncertain rates with assets of $1.9 billion, deposits of $1.2 billion, and primary capital of $119.8 million, a tangible capital equivalent of 6.3 percent of assets.
Solvay Bank posted a record year with assets reaching 142 million in 1989 and deposits at 131.4 million, up 21 percent from 1988, while the decade average growth exceeded 16 percent. Net income rose from 1.1 million in 1985 to 1.5 million in 1989, a 36.5 percent increase.
Bristol-Myers Squibb reports a 19.1 percent earnings increase in the first quarter with profits near 409.1 million or 78 cents per share, as sales rise to 2.46 billion from 2.26 billion. It also announces a deal to sell Genetic Systems Corp. to Sanofi Inc. for an undisclosed amount.
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