Word: exxon
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Dates: during 1990-1999
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...market -- but only on the back of heavy sacrifice. BP's $48 billion acquisition of Amoco will see about 6,000 jobs slashed in Cleveland and Houston. "With oil prices weak, the only way for companies to remain profitable is to cut their costs," says Fortune correspondent Nelson Schwartz. "Exxon and other companies have actually boosted their profits despite the depressed market by improving their efficiency." The merger will allow BP and Amoco to remain competitive by pursuing an economy of scale. Says Schwartz, "Bigger is better in oil as in everything else." Except, perhaps, if you're an Amoco...
...level, these mergers just feel right. The nation seems to take great pride in having the world's largest software company (Microsoft), largest computer company (IBM), largest car company (GM), largest oil company (Exxon) and so on. With these mergers, America could well have the world's largest financial institution again. And that's as it should...
...Netscape gets its chance to strike back today, but beware: If their third-quarter earnings are anything less than the 12 cents a share analysts are expecting, their stock could actually sink - trust-busting in Washington notwithstanding. Also reporting today are Philip Morris, Pepsi, Exxon, Amoco and Goodyear. If all post good profits as expected, Wall Street may sing again...
...bought via reinvested dividends. That last fee really irks me. Few programs charge to reinvest dividends. But, hey, somebody has to pay for Eisner's limo. Even with the fees, though, there is no cheaper way to buy Disney stock. Eisner is adding Disney to a roster that includes Exxon, Ford and Gillette, but the real benefit is that he will open a floodgate that other companies will probably pour through...
...explores the vast Amazon Basin and oil pools off the Atlantic coast. Petrobras has become a leader in drilling deepwater, offshore wells in the so-called Campos Basin off the coast of Rio de Janeiro. Now the company is looking into joint ventures with 56 potential foreign partners, including Exxon, Shell and British Gas, which would allow expanded exploration around the country. In the next year the government is expected to sell off much, but not all, of up to $6 billion worth of stock to the public...