Word: itt
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Dates: during 1980-1989
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Track vs. Boston College, ITT...
...past two years alone, the number of mutual-fund shareholders increased by 2.7 million. Says James Van Horne, a professor of finance at the Stanford University Business School: "Individuals increasingly are becoming indirect stock owners." One of them is Bill Blankemeier, 31, a regional sales manager for ITT in Oak Brook, Ill. Blankemeier moved 70% of his portfolio into mutual stock funds after taking a mild beating on several of his own stock picks. Says he: "Half the time, I'd do O.K., and half the time I'd blow it. I'd rather have someone invest...
Araskog has good reason to want to shed much of the ITT communications network, particularly System 12, a computerized switching board that telephone companies use to route calls. The unit, which cost $1 billion to develop, sold well after it was unveiled in Europe in 1979, but it has turned a profit only in West Germany and Italy. Araskog thought that if he could adapt System 12 to U.S. standards, he could sell it to the regional Bell companies, which were formed after the AT&T breakup in 1984. But ITT was unable to write software that would mesh System...
...Dutch partner, Philips. In that deal, AT&T-Philips would have taken over 16% of France's telephone network in return for helping a CGE subsidiary, Alcatel, market telephone equipment in the U.S. The French government, however, failed to approve that agreement, and could block the ITT deal. But if France consents to the sale, CGE will become a sort of pan-European counterweight to AT&T. Says one journalist from the French newspaper Le Figaro: "This could be our telephonic Airbus...
Wall Street shares that optimism. When rumors of the sale started flying on Wednesday, ITT stock jumped $4, to $49.37. It closed the week at $54. Still, many industry watchers are taken aback. Quipped Carol Neves, an analyst with Merrill Lynch, to the New York Times: "It's difficult to comprehend an ITT without a telecommunications operation. I asked them what the T's would stand for in their name, and they said, 'toil and trouble...