Word: downturn
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...possibility of acquiring Unocal with the California firm's CEO, Charles Williamson. For CNOOC, the potential magnitude of the deal (the companies are of similar size) was breathtaking, and the risks involved?from the debt CNOOC would have to take on to finance an acquisition, to a possible downturn in oil prices?were substantial. That Fu hadn't informed the board of his thinking, or of his conversation with Williamson, infuriated several of its members...
...deal comes amid an industry drought in which ticket sales fell from 1.63 billion in 2002 to 1.53 billion last year. And attendance is lagging again this summer. But since 1970, annual ticket sales have risen 67%, outpacing population growth, so AMC representatives argue that the recent downturn is but a blip for U.S. box-office numbers, which totaled $9.53 billion...
...vacancy rate continues to rise, in part because the building of offices is running 50% ahead of the growth in white-collar employment. Among the first cities to be hit by the glut were Denver and Houston, where demand for office space collapsed because of the downturn in the oil and gas industry. Hapless developers wound up with rows of "see-through buildings," thus named because they have so few occupants and interior fixtures. The developers of Houston's 34-story Phoenix Tower, who were unable to find any major tenants for the building, simply mothballed the structure to wait...
...very cheap." He also likes Nichicon Corp., a producer of aluminum capacitors?ubiquitous components in electronic products. It's an acutely cyclical industry that's deeply depressed, but Nichicon?like every company Wadhwaney owns?is so well capitalized that it will undoubtedly survive while he waits for the downturn to pass. In the meantime, he adds cheerfully, "it could get a lot worse. I hope it does, actually, because I'll be able to buy more...
Today, despite the downturn in prominence, the HRO is supremely respected by national music critics and Harvard administrators alike. Yannatos recalls a year when the orchestra was short on horn players, and appealed to the admissions office for help recruiting one. Officials there responded sympathetically, saying that a “jewel like the orchestra” could not be left without a horn and promptly accepted someone who fit the bill...