Word: cisco
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Dates: during 2000-2009
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...risk in New Economy investors' enthusiasm is that at the height of the market, every possible piece of good news is factored in. Then when companies whose stock sells at sky-high multiples of their earnings announce even minor setbacks, their stock gets pummeled. Last month networking powerhouse Cisco Systems announced it was setting aside $275 million in a rainy-day fund to cover missed payments from failed customers. Wall Street's reaction was a punishing 12% drop...
There are plenty of stocks that still carry obscenely high prices relative to their expected earnings. Internet infrastructure kingpin Cisco Systems, for example, has seen its share price cut by more than half over the past year, to $38, but it still carries a forward P/E ratio of 47 vs. a 21 P/E ratio for the overall market. Yet Cisco's earnings this year are expected to grow by only 28%. There are far more attractively priced tech stocks: for example, Dell, expected to grow earnings at 21% and selling at a P/E of 16, or WorldCom, which...
...often cited, perhaps too reductive, summary of Jack Welch's philosophy: If you're not No. 1 or 2 in your field, get out. Welch is still No. 1--after a tech slump slapped down Cisco, his General Electric is again the world's largest company--but he's getting out anyway. Kind of. He tapped a successor, Jeffrey Immelt, but postponed his planned April retirement to oversee GE's acquisition of Honeywell. His memoirs, planned for spring, earned a $7.1 million advance, which he plans to donate to charity. Welch, 65, turned staid GE into a dynamic, even...
DIED. GEORGE MONTGOMERY, 84, film and TV actor known for cowboy roles in westerns such as The Cisco Kid and the Lady and Dakota Lil; of heart failure; in Rancho Mirage, Calif. Married for 19 years to Dinah Shore, Montgomery appeared in more than 85 films...
...five straight years until this one, NASDAQ has averaged 42 percent gains. The Dow has averaged 25 percent annually. And all that happened in 2000 was that tech stocks, from networkers like Cisco Systems to software makers like Microsoft to e-tailing paper tigers like Amazon.com, have at long last confronted the reality of reality. The Internet Utopia, a world of limitless investors, limitless infrastructure, limitless customers and limitless productivity gains, is on a slower timetable than we hoped...