Word: cisco
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Dates: during 2000-2009
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...retrospect, the fleeting nature of Friday's big bell-to-bell rally was obvious. Home sales up again? Cisco's business "stabilizing"? Gee, home sales have been an encouraging consumer prop since January, and Greenspan first used the S-word about the economy in July. And look where that's gotten us. No, anyone with at least an arm's-length worth of objective distance from this market had to figure this was another "sucker's rally," a wild and temporary burst of optimism from traders and investors who closed their eyes, crossed their fingers and bought on Friday because...
...what was basically a narrow-range, up-down-up-down week, the markets (or at least the techs) were actually reasonably jazzed about Cisco, which after the bell Thursday announced that it is restructuring its business into 11 technology groups - and, more importantly, that it sees signs of its business stabilizing. At a lower rate, of course...
...That messianic Cisco news - with a boost from the housing report - produced a three-digit Dow rally and a proportionally larger one on the NASDAQ in the first half-day of trading Friday. Now, it is August, and it did look like rain in New York, which means the "big money" is nowhere the trading floor these days. But those in there investing are clearly feeling a little better all of a sudden about what they put in their portfolios going into a weekend...
...missed the boat when networking and telecom companies like Cisco became the largest customers for the EMS industry. Leading competitors like Flextronics and Sanmina, says Merrill Lynch analyst Jerry Labowitz, grew at a faster pace, pursuing diverse acquisitions while SCI was busy trying to add optics and networking companies--now suffering heavily from overcapacity--to its PC and cell-phone business...
...Telecom Italia. Since they already owned nearly 4% of Olivetti, their share rose to 27%, with which they can control the telecom giant. Tronchetti Provera, who is credited with turning around Pirelli, had been sitting on $3.2 billion in cash after selling two optical technology firms to Cisco and Corning. For months the guessing game in Milan was what will Pirelli buy? "Telecom has a strong market position and we wanted to invest in telecoms, so the fit made sense," Tronchetti Provera said. It also made sense given Italian corporate law, which allowed him to gain control of a company...