Word: cisco
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...content and programming at AOL Latin America, which is the chief sponsor of Rock in Rio. Readers of TIME should rest assured that I don't plan to parlay my position into any high-paying corporate positions, though if anyone from Intel, Microsoft or Cisco is reading this, my résumé is available upon request. This would also be a good time to mention that the Federal Communications Commission, just this Thursday, approved the proposed merger of America Online and Time Warner, which owns the magazine I work for. Yup, it's all rather incestuous. I just hope...
...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...