Securities

AIM Management Group, a large Houston investment fund manager, has doubled its stake in ICN Pharmaceuticals Inc. to 10.6% in recent months. AIM reported Monday it owned 3.6 million shares of the Costa Mesa drug maker's common stock on May 31, compared with 1.7 million shares on Feb. 28, according to securities filings. The filings with the Securities and Exchange Commission indicate that AIM remains the company's second-largest shareholder, after Milwaukee-based Heartland Advisors Inc.

Latecomers to the yearlong bull market for biomedical stocks may soon find the party's over. The rush of initial public offerings by a multitude of medical device makers began last summer, as investors sought risky opportunities with big potential rewards. They grabbed for stocks with solid promise, including companies with new products used in less-invasive surgery.

Piper Jaffray Cos. said Wednesday that it is planning to reopen to new investors its bond fund that was ravaged by derivative-related losses in 1994. Piper is seeking approval from shareholders to change the name of its Institutional Government Income Portfolio and to expand the list of securities the fund can purchase, the company said.

On a recent casual Friday at work, Ellie Gruenebaum looked coolly sporty in the zippered jacket by her favorite designer, Donna Karan. But Gruenebaum was more than a bit, er, hot under the collar. The insurance sales manager earns about $100,000 a year and spends more than $1,000 a year on Donna Karan items for her wardrobe.

Platinum Software Corp.'s stock price fell 26% Wednesday in the wake of the financial-accounting software company's disclosure that its losses widened in the second quarter and that it had fired another 60 employees. Platinum's stock closed at $3.50 per share, down $1.25 in Nasdaq trading. More than 2 million shares changed hands, compared with an average daily volume of 264,000 shares over the last three months.

Some extremely bullish new earnings estimates for the soon-to-be-combined Wells Fargo & Co. and First Interstate Bancorp have helped drive both stocks to record levels this week. That's making the rich a little richer: Wells Fargo's major shareholders include billionaires Warren Buffett and Walter Annenberg. Wells shares zoomed $8.25 on Monday and added $4.375 on Tuesday to close at a record $251.625.

Wonderware Corp., its stock near an all-time low, has set up a "poison pill" plan designed to discourage a hostile takeover. Lee Kim, Wonderware's acting chief financial officer, said company officials don't know of any takeover bid but believe the software company is an attractive target because of its relatively cheap stock price. Wonderware shares closed Friday at $16, up 50 cents for the day, but down substantially from a high of nearly $42 last summer.

Gilbert F. Amelio's appointment as Apple's new CEO was all over the media Friday, but the company didn't confirm it until 6 p.m. PST--while allowing its stock to trade as usual. The stock didn't show much of a change, rising 87.5 cents to $29.25 on Nasdaq as nearly 5 million shares changed hands. But some investors questioned the fact that Apple didn't make an official statement early in the day.

Ashanti Goldfields Co. Debuts on Big Board: The gold mining company, which takes its name from the historically rich kingdom of West Africa, became the first African operating company to trade on the New York Stock Exchange. Accra, Ghana-based Ashanti is 40%-owned by London-based Lonrho, 20% by the Ghanaian government and the rest by shareholders. The joint venture will offer 24 million of its 86.9 million shares available worldwide, an NYSE spokesman said. Ashanti ended its fiscal year on Sept.