Word: cendant
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Dates: during 1998-1998
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There's even a parody for people opposed to hunting: Deer Avenger (Cendant Software; $19.95). In it, bazooka-toting deer lure potbellied hunters to their death with such "genuine hunter calls" as a feminine cry of "Help, I'm naked, and I have a pizza." This game has yet to crack...
...Does management deserve a second chance? Put Dunlap in charge of a bloated company in trouble, and I'd buy the stock. (I'd also sell it within a year.) I also believe Henry Silverman, CEO of the marketing firm Cendant, will fix things in the wake of a disastrous merger with CUC International. His may be the ultimate display of agility. Silverman is selling chunks of the company he built, which is now worth more in liquidation than its value in the market...
...surfaced for those itching to load up on stocks at today's lower prices. Alan Greenspan's surprise interest-rate cut, which sent the market rocketing higher on Thursday, is one. But even before that move, savvy corporate buyers had been turning up the volume. Last week marketing firm Cendant unveiled a $1 billion program to buy its own shares. This followed on the heels of buybacks by Pfizer ($5 billion), McDonald's ($3.5 billion) and American Express ($3.3 billion). In September $25 billion in share repurchases was announced--double the pace of earlier this year...
Even in a bull market, individual stocks can tank and leave small shareholders devastated. Recent examples include the staggering 84% decline at small-appliance maker Sunbeam and a 66% drop at franchise operator Cendant, where just last week chairman Walter Forbes resigned under pressure. Both are widely held stocks, and, predictably, both now face scores of lawsuits that allege accounting fraud. Ultimately, the cases against both will become class-action affairs and so serve all who owned the stocks before their meltdown. But even if the suits succeed, the overwhelming odds--and this is true in any suit over...
...writes for thestreet.com website. He maintains some of his long position in Cendant. Nothing in this column should be construed as advice to buy or sell stocks...