Word: allen
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What a way to celebrate an anniversary! Last Tuesday, just over a year after announcing that AT&T would split itself into three parts, chairman Robert Allen placed a conference call to investment analysts to issue a progress report. What he said promptly knocked $9 billion off the company's market value: it dropped $5.625 a share to $51.50. The reason: the phone company, still the biggest piece, is likely to earn about 10% less profit in the third quarter than analysts estimated. Allen said that net in the fourth quarter will also be below forecasts. That means profit will...
...news had industry watchers wondering whether Allen was building a trapdoor beneath his feet. After the huge write-offs earlier this year, better results were expected, and soon. Explaining the disappointing prospects, AT&T reminded analysts that its core business, long-distance phone service, remains under intense pressure from new and old rivals. Even so, says Simon Flannery, an analyst with J.P. Morgan, many investors hoped the second-quarter trouble "was a one-quarter phenomenon and that things would improve. People who bought stock on that hope were probably disappointed and sold it." Which is not to say that...
...remember, say AT&T officials, the same law allows the company to invade the local calling business. Allen thinks he can quickly grab a 30% share. Some Wall Streeters think 10% to 20% in five years is more likely. But even that much of a $100 billion market would boost profits nicely...
...possible, of course, that John Kennedy Jr. suffers a little from Woody Allen disease (a coquettish tendency to place oneself in optimum paparazzi zones and then act surprised when the flash goes off). Kennedy also has something of his mother's gift for the sly Cheshire's disappearance before your eyes. Some primitives have believed that every photograph taken of a man peels off a layer of his soul. If that were so, nothing would be left of John Kennedy Jr. without his mother's trick of metaphysically absenting herself from the frame--a way of ghost dancing with both...
...When a woman lost her man back then, she lost everything." But those days were supposed to be over, and for many couples, they are. There is no shortage of jilted husbands out there. As Manhattan divorce lawyer Eleanor Alter, who represented Mia Farrow in her proceedings against Woody Allen, puts it, "In most divorces, the fault is not so unequal. Two people have a drink together and they misbehave. Two people drift apart. These aren't heinous things. That's life...