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...nose is key. Digital technology has propelled the electronics business to light speed. Sony has to run with lithe computer giants like Compaq and IBM in the race to develop software, engage in complex battles over copyrights and industry standards in the entertainment business, and frame alliances and joint ventures before rivals intercede. The winners will be decided not simply by techno-vision but also by sniffing out the truffles in these daunting challenges and bringing them to market...
While his engineers race to mix and match technologies, Idei has been forging as many business alliances as possible. Besides Grove at Intel, the Sony chief is spinning deals with Microsoft. Last April, Microsoft paid $425 million for WebTV Networks Inc., an Internet software provider that uses Sony hardware. IBM's Lou Gerstner could be a key partner in shaping a future DVD format. In May, through Idei's personal connections with Rupert Murdoch, another Sun Valley buddy, Sony announced it would cooperate with News Corp., Fuji Television Network and Softbank, the Japanese company that owns Ziff-Davis...
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...