Word: bullish
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There have been exceptions to the downdraft, including corporate spin-offs such as Lucent Technology, AT&T's renamed manufacturing division, launched in April for a record $2.7 billion, or $27 per share. Investors pushed the price to $30.63 the first day of trading and have remained bullish on it ever since. It closed last Friday...
...Ross. "The headquarters at Black Rock is decimated. There isn't that much [left] to get rid of. And this is at a time when they're supposedly going to attract new programming to build the network up." Christopher Dixon, an analyst at Paine Webber, is a little more bullish, citing the strong station lineup that will result. "With the combined stations group, not just in television but also in radio, you've got an enormous affiliate base that, if revitalized, can give them the leverage to allow CBS to regain its position...
...deal ever was the 1990 takeover of Saks Fifth Avenue. When Investcorp bought the prestigious chain, it was evidently hoping to repeat its triumph with Tiffany. Investcorp certainly promoted Saks to its clients that way. A 1990 private-placement memo to Arab clients obtained by TIME contains an extremely bullish forecast on the first page: Saks was expected to produce an investment return of 25.9% a year, and was likely to be sold within four years. One reason Investcorp failed to repeat its Tiffany coup with Saks is that the $1.6 billion purchase price was $200 million to $300 million...
...optimistic economic prognosis from Federal Reserve Chairman Alan Greenspan prompted a bullish stock market to nose-dive. Wednesday's sell-off further weakened a market reeling from announcements of lowered profit expectations by Microsoft Corp. and Intel Corp. The technology-rich NASDAQ composite index sustained a massive 35.66 one-day loss, its largest point-drop since October 1987; it recovered almost 10 points by the close on Friday...
Even as baseball players continue to strike, bullish owners are plotting to put new teams on the field in Phoenix and Tampa Bay by 1998. Owners tomorrow will decide whether to add the Tampa Bay Devil Rays and the Arizona Diamondbacks to the major league roster. Phoenix Mayor Skip Rimsza told TIME Daily the strike has not dampened the excitement in his city. "It's not over till it's over," said Rimsza. Back on the picket line, the National Labor Relations Board tomorrow is expected to validate an unfair labor practice charge filed by the players...