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Certainly nobody predicted the effect the phrase "asbestos liability" has had on the stock prices of Viacom, Halliburton and 3M, which have also taken recent hits. What is more disturbing, however, is that evidence suggests the number of recent claimants who are actually ill is on the decline; in other words, the number of healthy claimants is climbing. "The bulk of these people have no impairment," says Steven Kazan, a lawyer who represents only patients sick with asbestos-related diseases. In 1999, 12% of the Manville Trust's 31,700 claimants were sick with asbestos-related ills. Last year...
...McNerney Jr., 51. Immelt was the youngest of the three, and the fact that he could serve as CEO for two decades may have nudged him ahead. As for the losers, within weeks they were running FORTUNE 500 companies. Nardelli took over retailer Home Depot, and McNerney now heads 3M, a tech and consumer products company more like...
...sell, too, in Lucent was practically running out of employees after cutting 20,000 more jobs, selling $2.75 billion worth of assets to raise cash and embarking on yet another desperate restructuring, if Amazon.com suddenly looked even less like it would ever make money, if manufacturing outfits like Alcoa, 3M and International Paper served up another painful reminder that inventories were nowhere near gone and manufacturing was nowhere near a comeback from the dead...
...what did you expect this week - optimism? Wall Street came back from an idyllic East Coast summer weekend with Friday's clouds in tow, using - gasp! - lackluster earnings news from 3M and Lexmark Technologies to sell the Dow off 100 and the NASDAQ off 25 by noon. (Disney presumably did not help matters by announcing that will buy Fox Family for $3 billion - and keep the 700 Club...
...auto engineer Alec Issigonis sketched a rough design on a restaurant tablecloth of a car destined to become a British motoring icon. That doodle was the prototype for the Mini, the 3m-long, 1.2m-wide engineering feat that became - along with the Volkswagen Beetle and Citröen's 2CV - one of those small cars that inspire both devotion and ridicule. After its 1959 launch, the Mini went on to sell more than 5 million cars over the next four decades, until it became clear the car could not meet stiffened European safety regulations...