Word: coca-cola
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...they have ever been, according to the research firm I.B.E.S. The average stock trades at nearly 19 times its projected earnings per share over the next 12 months. The previous high was 17, in the early 1960s, a period much like today: low inflation, low interest rates, strong profits. Coca-Cola, to name one, trades at 36 times the earnings Wall Street expects it to enjoy in 1998. Coke is a great company. But for that kind of price its secret formula should cure a lot more than a thirst. Such lofty PEs are more troubling than other market flashpoints...
...swells to 300,000 at the peak of the summer. So lately the conversation is all about handling growth, about seasonal workers and traffic flow and the "shadow laws" that prevent builders from stacking high-rises so densely that they darken the shoreline. The resort town agreed to designate Coca-Cola the official drink at its festivals; that brings in $1 million over five years, enough to cut a penny from the property-tax rate. But Ocean City is a "crab-and-beer town, a pizza-and-popcorn town," say the town elders, and they draw the line at gambling...
...labor in, of all places, Richmond, Va. Situated among tobacco warehouses and antiques stores, the Martin Agency was once known for regional work, such as its "Virginia is for lovers" campaign. But recently Martin snagged a $55 million account for Saab cars away from a New York City agency; Coca-Cola is another client. Billings are up 25%, to $355 million. Drawls Mike Hughes, the agency's soft-spoken creative director: "Maybe we're just more wide-eyed and in touch with Middle America right here in Richmond...
Among the most widely recognized is Portland's Wieden & Kennedy (1996 billings: $525 million). Its gritty, muscular spots for Nike featuring Tiger Woods and Michael Jordan have helped the athletic-shoe maker uphold its market leadership; other clients include Microsoft, Coca-Cola and Miller Genuine Draft. President Dan Wieden counts acid-dropping Merry Prankster Ken Kesey, author of One Flew over the Cuckoo's Nest, as a friend, which might give some hint as to the agency's creative mind...
...convincing were the early stereotypes that three years ago, Coca-Cola, targeting teens and Gen Xers, test-marketed a new drink called OK soda. The gray cans featured grim designs, including one of a doleful youth slumped outside two idle factories. Slogans on the cans read, "Don't be fooled into thinking there has to be a reason for everything" and "What's the point of OK soda? Well, what's the point of anything?" The nine-city campaign fizzled. And the company that a quarter-century ago had celebrated the baby boom with the jingle, "I'd like...