Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Trader J's Inner Circle -- Ignore unavailable to you. Want to Upgrade?

To: C who wrote (9602)	2/26/1999 5:18:00 PM
From: TFF	Read Replies (1) \| Respond to of 56535

Speculation About Venator's Next Step Lifts Shares Dow Jones Newswires -- February 26, 1999 By Philana Patterson NEW YORK (Dow Jones)--Speculation about the next step for Venator Group Inc. (Z) has heated up in recent days. After rising 7.2% Thursday, the NYSE-listed stock was up as much as 11% Friday and recently traded at 4 15/16, up 5/16, or 6.8%. Volume was 4.6 million shares, compared with a daily average of 2.1 million. Much of the talk has centered on the outcome of negotiations Venator is said to be having about a revolving credit agreement. Other speculation points to the company as a takeover target. Currently Venator is operating under a waiver of certain financial covenants in its revolving credit agreement. The company got the waiver, which runs from Oct. 31 to March 19, because of lower than planned fiscal third-quarter earnings and charges related to the closings of specialty footwear operations. Market sources said they expect Venator to soon announce an extension of the waiver or an amended credit facility. "Sure they'll get a credit agreement," said Paul Foster of 1010WallStreet.Com, "but at what interest rate?" Venator officials weren't immediately available. Rumors that Venator is a takeover candidate have also persisted. "Some say a takeover is in the works, while other sources tell us the news will be a restructuring announcement," Wall Street Strategies analyst Charles Payne wrote in his Friday newsletter. And others speculated that investor group Greenway Partners L.P., whose stake in Venator stood at 14.1% in late January, is busy amassing more shares. Greenway officials weren't immediately available. - Philana Patterson; 201-938-5360