Word: ibm
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Dates: during 1990-1999
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Soothing proclamations like that one came quickly and from many quarters, reverberating throughout brokerage firms, mutual-fund companies, barbershops and shopping malls all week. Mighty IBM announced that its shares were so attractive, it would spend as much as $3.5 billion buying them back. From her perch as co-chair of the investment-policy committee at venerable Goldman Sachs, Abby Joseph Cohen, the most consistently bullish--and correct--market forecaster of the 1990s, declared the sell-off a buying opportunity and promptly raised from 60% to 65% her portfolio's allocation to stocks...
...know it was the bottom? Conventional wisdom has it that IBM's massive buyback triggered the optimism. But those of us in the trenches know that it was a Merrill Lynch monster buy order of Pepsi, entered at 9:31 a.m. by the beverage company itself, that convinced many scared traders that they had better start buying. The cool calm of Pepsi opening flat--most other stocks indicated a $3 or $4 dip--changed everything. Within seconds after the opening bell, Pepsi let it be known that it would General-Jackson its own stock, standing there, Stonewall-like, right under...
...latest products to hit the market from IBM, Dragon Systems and Kurzweil all support continuous voice recognition, which means you can speak into the computer without pausing at a normal rate. You can't talk as fast as the guy from the Micro Machines commercial, of course, but a conversational pace is fine...
...additional 132.36 points, unable to take comfort in the good news. In New York City, out-of-favor issues ranged from big airlines with Pacific routes, like American and United, to consumer-product companies like Coca-Cola. Semiconductor stocks took a beating, along with high-tech giants like IBM and Hewlett-Packard, which earns 16% of its revenues from the region...
Popular opinion, for instance, once held that only Justice could topple IBM's hardware hegemony, but the market proved a far better Big Blue buster than the feds. And two years ago, the irresistible force in online services was supposed to be the Microsoft Network, which, like this year's Explorer, came bundled into every last Windows machine. Instead, MSN floundered and AOL cleaned its clock. Microsoft may yet get its comeuppance (Java, anyone?), but digital history suggests it will come not from Washington but from some hitherto obscure geek who--just like young Bill, once upon a time--shatters...