November 29, 2006 |
Bank of America Corp. on Tuesday surpassed Citigroup Inc. to become the world's largest bank by market value. Based on reported shares outstanding, Bank of America's market capitalization totaled $243.71 billion as of Tuesday's close, while Citigroup's totaled $243.52 billion, Reuters data show. Shares of Bank of America closed up 35 cents at $54.27, while Citigroup fell 33 cents to $49.56. New York-based Citigroup remains the largest U.S. bank by assets, with $1.75 trillion as of Sept.
April 22, 1990 |
Michael Milken probably had companies like DEP Corp. in mind when he extolled the benefits of junk bonds for the American economy. DEP, a Los Angeles-based maker of hair- and skin-care products, added a wing to its plant, created more than 100 new jobs and grew from a modest $18 million in annual sales to more than $100 million today. This was made possible by a financing in 1986 that included a $16.5-million high-yield bond offering by Drexel Burnham Lambert. Now, Drexel is gone.
January 2, 1992 |
CAN SMALL STOCKS REPEAT?: 1991 was the year of the small-company stock. The NASDAQ composite index of about 4,000 small stocks jumped 56.8% for the year, closing Tuesday at 586.34. That was the best annual performance in the 20-year history of the index, and it far outran the 20.3% rise of the Dow Jones industrials. Small-company stocks roared to life in 1991 for two key reasons: They had been badly beaten up in the 1990 bear market (the NASDAQ index lost 17.8% in that year), and history has shown that small-company profits typically rebound sharply when the economy emerges from recession.
May 11, 1988 |
Ever hungry for a few more bucks, Capitol Hill tax law writers are considering proposals to put the bite on museum gift shops, ads in theater programs, royalties from symphony recordings and other so-called "unrelated business income" of nonprofit groups. If enacted, those proposals could place the strapped nonprofit arts world even more "at risk" than it already is, says the nation's leading arts advocacy organization.
April 18, 1990 |
Five years ago, developer Barry G. Hon quit as chairman of Tustin-based Eldorado Bank and decided to try to build a bigger pile of gold in real estate. Hon has found riches. He also found fulfillment, frustration and foes as his Hon Development Corp. in Laguna Hills took on increasingly larger and more complex projects from Foothill Ranch in South Orange County to the controversial plans for a resort hotel and residential community in Rancho Palos Verdes.
November 27, 1991 |
Glen Ivy Financial Group, operator of a major time-share vacation sales company, said Tuesday that it has raised $86.5 million in new capital and named a new chief financial officer. The sometimes-controversial firm said the moves were taken to strengthen its various units, including Glen Ivy Properties, the nation's largest time-share sales company.
September 2, 1992 |
International Turbo Center Inc., a Marysville company that controls the assets of the bankrupt Parker Automotive Corp., said it has licensed its fuel-cleaning products to a new marketing company. ITC President Robert Reese also said the company has settled breach of contract litigation with Parker Automotive founder Michael E. Parker. He would not elaborate. Parker sued after ITC fired him as a consultant in January. Reese said ITC will transfer assets from its Costa Mesa-based Enviromotive Inc.
May 18, 1990 |
Wet Seal Inc., a fast-growing chain of young women's apparel stores, is hoping to make a big splash on Wall Street with its first offering of stock to the public. In a filing Thursday with the Securities and Exchange Commission, the Irvine-based retailer said it plans to raise up to $30 million by offering 2.5 million shares of common stock. The company said it will use the money to repay debt, upgrade its computer system, increase distribution facilities and build more stores.
March 6, 1992 |
Plaza Home Mortgage Corp. is planning its first sale of stock to the public, joining a flurry of private companies in Orange County that are taking advantage of a strong stock market to raise financing. The Santa Ana mortgage company plans to offer 5 million common shares for $11 to $13 each, according to a filing Wednesday with the Securities and Exchange Commission. At that price, the offering would raise $55 million to $75 million, before expenses.
May 8, 1991 |
Under pressure from federal regulators, Robert Adelizzi resigned Tuesday as chief executive of HomeFed Bank, further fueling fear among many analysts that the nation's fifth-largest thrift is heading for a government takeover. HomeFed, which has $18 billion in assets and 210 branches, said in a statement that Adelizzi tendered his resignation after the board received a "suggestion" from the Office of Thrift Supervision that he quit.