| Show - ' ' - - - - - - : - - - rminageopmakautc4042 f 4 1 6F The Salt Lake Tribune 3 Sunday September 0r47frTfyr!--"v4:::: - 1989 USA Today Columnist Hits and Misses :: ":: ':' int NEW YORK — vestors who picked up a copy of USA Today on June 6 had a nice fat tip waiting for then Paramount Corn munications reported the newspaper's financial columnist Dan Dorfman was "seriously weighing'' a bid for Time Inc 'Dorfman had the story down cold Later that day Paramount announced a hostile offer for Time at precisely $175 a share Two weeks later Dorfman did it again breaking the news that Paramount would raise the ante on its stalled takeover to $200 a share "I had two great scoops" said Dorfman "I live for that kind of Stock-marke- ': c :i':: ''':- '::1:::f ':::: -- a Dorfman - :: !':t:Ik:::::::: p:s:::::::j '4'- :::::: ::! !:::?if:::: ":: :::1 :le i:: f ': i':: :::! ' His sources he said have been culled from his 30 years of experience reporting for publications ranging from Women's Wear Daily to New York magazine and the Wall Street Journal His news tips he said are checked so thoroughly that he sometimes loses an exclusive because he is unable to properly confirm it He is careful he added to call a rumor exactly that and maintained as does his USA Today editor Tom Petruno that his news stories have been accurate "I am not a tout" Dorfman said If he is being used by his sources Dorfman argued then it's a d two-wa- y street "I'm using the user" he said "The average guy out there has got a right to every fact I can give him Doesn't every guy have a right to know what the chosen few know? What is the average guy anyway a leper?" Dorfman's stock in trade is to re- port that a well-heele- investor has d 1 1111111111111 I II 11111 I v IEMS Vot '' " r"ii oto ii -- et le 1 4600 ' 4i lindirki's &tile purt hase until Liter? Right 11(1v the last 14 the legendary inosi Ci)upc kkla(isters are aryl ing in the I nited States so it this is the one ou xe alvavs ‘NalitcAl ‘ou'll want to visit us sx )11 litit ' I - - -'' - --- TESTDR I 1111E u: A"-Oif 47'4'L : 1 1 OW IBM 111019 t Wall Ave A i :legAc-- - - k! of purchased a small equity stake in a company invariably one rumored as a takeover target This information is valuable he argued because it provides a window "on what the big money is doing" before the investor must publicly disclose his holdings Although Dorfman said "It's not my job to predict mergers and acquisitions" he will often describe the investor as a "raider" who is "seriously considering" launching a takeover The problem is that the alleged takeovers often do not occur but anticipation that they might often sends the stocks running up Dorfman said this is not his concern nor is it when stocks tumble back down when the "serious consideration" turns out otherwise inves"Is it news when a tor is dallying around in a stock?" asked Petruno "I maintain that it is Yeah it doesn't always pan out but the stories are written to say that someone "may' or "might' do some- AM dieloM SIC 1 ' 011100" ISINIM 292-982- 0 J" ftft1-i---4:'" - CI - 4::4'eK1 F t ' k J : I - -- ' : ' 'i A The Unisersity ' n NkttA $ Of '- - accepting application P tt it d o C f n d d a II t: J: :'' ':::::::: ' Ii :::::::!A2e0 '::::: ii ::Jr::::::::F::::: ::! :: :::: a ii :::: ::::::::::::: w ' ' - Performance CD ANNUAL YIELD iiii in r s11100 ' I ANNUAL an MINIMUM RATE annualized rate of the month term $ i with an y- ' annualized ' III vrek proJ !Met: of the ''' '' ' A ' 1 ' 1 A tudes EO i hc he nek C!kk C 1)ccisTniclir I n recled p‘c s IIL hi tor evNting manager Acre Acre appropnate and the intrik-to- cr ‘aluahie he Nuhicct Mamteemcm Prokiti11w o'ephtnal A PARTICII)ATIN( (7()N11)kNIES d Ure uplut Cornpamo kmalgan-tted t Hcrr )11b t f fartha information Fur r I - t hkki Irk rthAcq Rtht Ithir krvinn Sugar Co )' I I Pipeline fli smx:IJIL's please call (801) 1 I 4 i i I NK on t ! 1 !A t 1( Al lit trth 0 Ir nfi ( 113 1$cpw11 VI It (!11 581-557- 7 !":- - A New Level of Finaryial Performance 110i :S i i IFt 11 t itt1Tit k ‘ BANK rJrNt: mcm tn re 1 - a Tar 'f than an: other tramm! more hand' on intormation ' ) CIYMPUS GETS BETTER Mstr stlhicck ) 1 t 1 VS r polo) Ark! 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N:::A Ar YOUR Al"111()IIZFD NIER(FDESBENZ I)EALER SOUSL me' 1"ill i 20-2- 0 41 Irwin n coming as grueacretsesrio :i:::-- Take this classic roadster out on the open road kw a test drive while you still can Because when it goes ifs gone The Mercedes-BenSt)OSI Take a It )ok at one now and always TED' A1WAYs A p -- T: nyo '0: (k a1 itt7:54 — Ii I '''' ds ft 1 ''':'-'4- Minn - 7 04 N MM ea ?:'': The targets of Dorfman's stories say that it is impossible for him to make such observations based on any real knowledge "I can tell you there is nobody that knows what I'm doing until I do it" said Irwin Jacobs a frequent subject of Dorfman columns "I've always had a real problem with speculation If I'm not quoted as saying I'm going to do it I surely wouldn't guarantee it's going to happen" I ' :P °i 's'' 3211 Securities and Exchange Commission investigation for possibly being used by others to manipulate stocks in his column here's still ime I - :'::::-- ' te " ' i::''k: hi :‘?-::i: 4 ' : lg -'- 'ii1 April 17: Experts see signs of improvement in stock market May 1: Investment adviser Joe Granville whose track record Doti'- man describes as "a horror story" predicts that Dow will hit 2500 to 2600 in one month and will top 2722 high in July Granville is close: Dow goes to 2490 on June 1 and hits a July:: high of 2660 May 15: harry Schultz described invest- as the worlds highest-paiment adviser predicts that Dow will top out in the 2400 to 2450 range and then begin to fall Dorfman notes that given Schultz's disastrous track'-record of recent years this could'' turn out to be "the super bullish": prediction of the year June 16: Investment adviser John ' Tozzi sees 10 percent market drop in one to three months Dow has risen 65 percent since then June 30: Dorfman bashes Weinstein for h earlier bad advice then lets him try again: "We're in for a July correction Stocks have run up too far too fast and the markets very vulnerable" lie sees a drop to perhaps between 2250 and 2350 Actual range: 2452 to 2660 July 3: Dorfman's panel of experts t scenarios: offers three Stocks will be higher stocks will be lower stocks will be way lower you didIt's a worthwhile caveat to keep in mind next time you read what the "pros" quoted in Dorfman's column have to say While hindsight is altheir investment advice ways ' A thing" T i ''''-- ' -' 10to:-44:: C t :il —Associated I i '7:': ears tsheier ekaer1111 Financial journalist Dan Dorfman has a bit of advice about the advice offered by investment experts in his USA Today columns: "No one should buy stocks because of these be out of your mind if people You'd - USA Today columnist Dan Dorfman may be subject of a questioner owI'M' ') - ' t::--- T $r4''' It 4i ' -- March 27: Economist : 3o0n4a988Dan :j::::::: ''' ::'-- :'Y? l'' W i' :'''''' 37-'':- ' '' 0-- :: '0'?'4-'- ' g'i4 ::: :: :: ::: " -- 't::- k 1 1fA:'' vfo?1: :) :: " The Washington Post "One sure thing is uncertaintyDorfman '1L:::-:1- :::- °'1''7° :irdt :: :1 :11 't $:? -- :? e -- 1 tt ''''44: - '11:A:' - and numerous tips raise questions that aren't so easily waved off In a business where rumor can have as much currency as fact the press' role is pivotal An unscrupulous investment adviser hoping for a quick profit could feed information about a possible takeover to a member of the media then sell out after the published tip — whether accurate or not — drives the stock's price up This line of discussion predictably agitates Dorfman Sitting in his quiet office above Madison Avenue last week he placed the heel of his hand on his forehead and fired back at a h ::: - :::: 4 e''' gt !44': k ' ''' ''1e'1::'':!::!41764'"2:P' T''' y:t'''-- ::41T':: a compact bushy-firmeman whose voice retains the accent of his Brooklyn upbringing professes indifference to his clout: "What a stock does after I write about it is not my concern" Yet Dorfman's dramatic influence Time-Paramou- ' r-'"I'::: e - "'4'1'::":-::- '41P3:::'''!447I' - on-ai- Dorfman 57 may have bagged those two but he isn't always so prescient More often than not the tips and tidbits that he passes on in his USA Today column and in his frequent appearances on CNN's "Moneyline" TV show never quite pan out as reported Perhaps less remembered than his scoops for instance was the Dorfman-reportespeculation that Marvin Davis was considering buying Warner Communications or colutiius t hat Donald Trump was thinking about taking over Caesar's World Mt7A Inc and Qillette Co So far none of this has happened ' While those blind were alleys -properly labeled "rumor" gossip" Or "scuttlebutt" by Dorfman his news stories don't carry such qualifiers — and can be just as speculative r In September Dorfman's front-pag- e i article in USA Today 's Money Section had raider Irwin Jacobs "seriously interested" in buying the reyhound Corp Jacobs never bid for it and disclaims an interest in doing so Reebok International Dorfman reported last March was "in bush-hustalks to go private" Reebok is still public 'f: i::'':47-'ifv:::::: :?pt 44 :' -t - ' tee ' I i Feb 10: Three experts sec market going higher By Paul Farhi ::::::::: f '7'7' i4N4-::- The erratic course of Dorfman's exclusives has done little to tarnish his status as the most prominent and influential financial journalist in the nation The stocks of companies discussed r work and prominently in his bite-siznews stories often move up or down on his mention alone Earlier this month in an awesome display of Dorfman's power Walt Disney Co rose $637 the day before a Dorfman column on the company ran — apparently on the basis of a small promotion box mentioning that Dorfman would discuss takeover speculation about the company the next day When the column threw water on the notion of a Disney takeover the company's shares fell $487 thrill" L:!- i':44:7')0'':''''''''zti:: t7:?-'0- land' $175-per-sha- Highlights Low Lights Of Dorfinan Co lunm 1 ::: A' - :te4''Ine ': na ' : :: '': '':':: s'''VAlei''- 7' - zo ''' 4100604 1 ' 0- ' -- pany Dorfman's takeover story said a Johnson Controls employee last week "just faded into never-neve- r - ' ? i't:? In April Dorfman passed on the news that Mark IV Industries was "seriously intent- on buying Johnson Controls Inc Mark IV instead bought a large block of another com- — " - - :: With Hot Stock Tips Farhi The Washington Post " y:- -1 ::':'-'?'- By Paul - " Iodcr111 i4 n rtr! 11111i-r- I RTh f11' u Ito 4 i' Iran h ti - h 4' : L 1 Lihicct to change tl) $1111)(H1) 4 r ' -- mo-rg P1 JhAlislaoa Y I 14Aai$LliaWLlam m L4 14"'" 6111 t - ft r r J 1 i 1 1 t i 1 Amarastant11110100FAMOWIN01100410 |
