Word: alcoa
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...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...
...Dems are also calling attention to former Alcoa chairman Paul O'Neill, who, in his new job as Treasury Secretary, has an indisputable ability to influence the ups and downs of the market. He didn't finish selling off his more than $100 million in stock and options until this week, though he promised to do so three months ago after being shamed into it. In the interim, the stock spiked upward - O'Neill made an extra 30% by holding on so long, according to market analysts quoted on Salon.com, who said the increase was largely as a result...
...Fossil Fuel Club. Either way, it meets most Wednesday mornings in the Vice President's ornate Ceremonial Room. Around the conference table sits a group that includes Dick Cheney and Commerce Secretary Don Evans, both oilmen; Treasury Secretary Paul O'Neill, who chaired the electricity-guzzling aluminum maker Alcoa; and Energy Secretary Spencer Abraham, the former Michigan Senator who attracted wads of campaign cash from energy companies in a losing re-election effort...
...respectable environmental record as New Jersey Governor, was a pleasant surprise as EPA chief, and Bush had sometimes belied expectations, besting the bright green Al Gore during the campaign with his call for mandatory caps on power-plant emissions. What's more, Treasury Secretary Paul O'Neill--former Alcoa chairman--turned out to be a Kyoto backer, drafting a memo for the new President arguing that the only problem with the pact was that it didn't go far enough...
...Wouldn't be any worse? O happy day! Throw in some Street-beating numbers from Alcoa (for the Dow) and some bullish chatter - by analysts on Yahoo and eBay, and by Fed governors about the U.S.' chances of dodging a recession - and the market party was on. Both the Dow and the NASDAQ shot up early and stayed up late, and by day's end the industrials and techs had notched gains of 402 and 146, respectively. (That's 8.9 percent for the currently microscopic NASDAQ, by the way, its third-biggest percentage gain ever...