Word: braced
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...here they come: freshly minted grownups. And anyone who expected they would echo the boomers who came before, bringing more of the same attitude, should brace for a surprise. This crowd is profoundly different from -- even contrary to -- the group that came of age in the 1960s and that celebrates itself each week on The Wonder Years and thirtysomething. By and large, the 18-to-29 group scornfully rejects the habits and values of the baby boomers, viewing that group as self-centered, fickle and impractical...
...retire, you're finished," a crusty William Jovanovich often told his nail-biting subordinates. Yet last week, after 34 years at the helm of book-publishing giant Harcourt Brace Jovanovich (1989 sales: $1.8 billion), the 70-year-old iconoclast finally buckled. He passed his chairmanship to HBJ board member John Herrington, a former U.S. Energy Secretary. "The burden was too great, and Bill had had enough," explains another director. "He was also getting...
Thus one man spent $160.6 million for a brace of paintings, sending the top end of the market from obscenity into farce; and the drain of America's cultural patrimony continued, watched by hamstrung museums that were now selling, not buying. New York's Guggenheim Museum sold a 1914 Kandinsky for $20.9 million and a fine early Chagall for $14.85 million. Long may the museum's public rejoice in the American minimal and conceptual art -- bricks on the floor, words on paper and the like -- that it plans to buy with the proceeds...
...brace for a possible rush to redeem Magellan shares in the wake of his departure, Lynch had been quietly accumulating a $1.8 billion cash hoard as part of the mutual fund's portfolio of 1,400 stocks. At week's end nervous investors were redeeming Magellan shares at a rate 75% faster than that of the previous week...
Stocks have been slammed too. Harcourt Brace Jovanovich, a publishing company that borrowed $2.1 billion last May to repel a takeover attempt by British tycoon Robert Maxwell, has suffered a slump in its stock price from 5 to 2 just since Jan. 1. Time Warner, which has nearly $11 billion in debt from Time Inc.'s acquisition of Warner Communications, has seen its stock fall from 124 at the beginning of the year to 103 1/8 last week. The shares of Stone Container, a paper manufacturer that borrowed $2.2 billion to buy a Canadian competitor last March, have declined from...