Word: armstrong
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Dates: during 1990-1999
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...citizens, and punk rock offers one of the few paths toward salvation. The songs on the California-based band's new album have names like Bloodclot, Black Lung and Cash, Culture & Violence; the guitar work is raw and roaring; and the quartet's two singer-guitarists, scraggly-voiced Tim Armstrong and bellowing Lars Frederiksen, both tend to slur and snarl their way through songs...
...from Wall Street to Main Street to Pennsylvania Avenue. Investors drove up the price of cable- company stocks on the hope that more buyouts would follow. But Wall Street was less than gaga about AT&T, whose stock closed Friday at $56.75, down a whopping $8.625--or 13.1%--since Armstrong unveiled the deal. "Wall Street is missing the point," says Stuart Conrad, the head of telecommunications research for Deutsche Bank Securities. "This is one of the best things that AT&T could have done...
Especially when the wolf still seems hungry. For Armstrong and Malone, who is spending $1.8 billion to ready TCI cables for two-way voice and data traffic, the future is virtually here--and it looks astonishingly lucrative. Malone sees an imminent convergence of TV, telephone and computer services--long the grail of digital thinkers--that will allow customers to access all three separately or at once, simply by aiming and clicking a hand-held device at a TV set. Of course, this convergence has seemed "imminent" to Malone for the past half-decade, but new technology--most of it based...
...their deal is approved, Malone and Armstrong hope the merger will be a kind of business Viagra for AT&T's famously languid corporate culture. The two say their merged companies could start phasing in these hot new services swiftly. About 25% of TCI's systems will have the capacity to carry two-way traffic by the end of this year, with 95% scheduled to be ready by the end of 2000. At the same time, AT&T plans to spend some $400 per household to install the digital set-top boxes that will serve as portals to high-speed...
...Armstrong must still contend with those ornery Baby Bells. Even if all 33 million households in neighborhoods that TCI serves were to buy AT&T local service, the company would remain shut out of two-thirds of the country's homes. Armstrong hopes to make inroads with a so-called fixed wireless system that AT&T is developing to deliver household service through cellular technology. But in the end, he acknowledges, as many as 25% of U.S. homes will remain beyond AT&T's reach--unless it can strike deals with the Bells and other local phone companies...