Word: aol
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...down 1%. None of the major averages have dropped to their September low, though the NASDAQ 100 (made up of the biggest stocks on that market, including Microsoft and Intel) is close. And already 1 in 8 stocks in the S&P 500 is below those September thresholds, including AOL Time Warner (which publishes TIME), Corning, EDS, Halliburton, IBM, Lilly, Merck and Verizon, reports Salomon Smith Barney...
...getting bigger to achieve economies of scale. By 1995, LDDS counted many of America's largest corporations as customers for its vast voice and data network and, after buying IDB, grandly renamed itself WorldCom. It then acquired UUNET, one of the world's largest Internet hookup firms, along with AOL's Internet networking division. Ebbers then brashly outbid British Telecom to grab MCI, using as currency his WorldCom stock, whose value skyrocketed 7,000% during the 1990s...
...investing strategy, buy and hold has never been more suspect. Giant companies now collapse in scandal, like Enron; fall woefully behind in technology, like Polaroid; succumb to litigation, like Halliburton (asbestos); or get whacked by overpriced deals, like AOL. Are there still stocks that you can throw in a drawer and sleep well for years? Or has investing got so hopelessly complicated that individuals shouldn't try to go it alone...
...Crockett ’02 randomly IMed me while we were high school seniors, as he saw Harvard in my AOL profile. What started as hello blossomed into a slew of friendly e-mails and phone calls. More than anything or anyone else, chatting with Mr. Ben convinced me to choose Crimson over blue or brown. My logic was simple: if there were others in Cambridge as warm as he was, then college would be cake. Though the Harvard-as-cake analogy needed some serious tweaking, I was right about...
...competed in a market totaling a few million dollars in sales per year. Retrospectively, it’s unclear what benefit, if any, the public received from these blocked mergers since most mergers of large, competing companies fail. For proof, look at the fates of MCI Worldcom and AOL Time Warner, two companies whose plans for world domination through merger have failed of late. AOL just recorded the largest quarterly loss—$54 billion—in corporate history, and Worldcom’s CEO Bernie Ebbers has just resigned under pressure from his board for his poor management...