Word: ge
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Dates: during 2000-2009
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Corporate takeovers get all the attention. How could they not? Billions of dollars and thousands of jobs are at stake. Then there's the rock-star status of dealmakers like GE's Jack Welch. But the ugly truth about mergers, running at a record clip again this year, is that a great many don't work out. It should be no surprise, then, that amid so much merger mayhem, company divestitures are running high as well...
Welch simply is without peer, and that's exactly why GE's stock is headed for ho-hum. He's retiring. With the Honeywell deal, Welch agreed to stick around eight months longer, until the end of next year. After that, though, he's teeing off at Augusta...
...GE CEO will be well trained and whip smart. Be he won't be Welch. Few CEOs have had any luck running conglomerates in the past decade, and no one else running an industrial behemoth like GE will get the Welch premium. It will erode, and the stock will lose some magic. On top of that, Welch's successor faces the daunting challenge of converting Honeywell's slower-growing businesses into the kind that expand 20% a year, as GE does...
...stocks. Big decisions. Neither company is likely to hurt you badly. GE will keep growing without Welch, and AT&T is getting so cheap that it will attract bargain hunters. But as icons go, both will disappoint...
...time.com/personal for more on AT&T and GE. E-mail Dan at kadlec@time.com See him Tues. on CNNfn...