Word: kadlec
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Dates: during 2000-2009
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...percent below last year's figures. The conglomerate's stock plummeted by nearly a third on the news, and the rest of the Dow quickly followed. "Psychologically, it's bad for the industrial stocks when you see a powerhouse like Procter and Gamble slumping," says TIME business writer Dan Kadlec. "At the same time, it's reminding people that earnings-announcement season is right around the corner...
...points. The downward spiral was aided by the Street's current climate of uncertainty, courtesy of Alan Greenspan's repeated indications that he'll raise interest rates until the stock market bubble deflates. "Greenspan is targeting the NASDAQ, which is totally inflated with all those tech stocks," says Kadlec. "But unfortunately, the Dow is really being caught in the crossfire." But not even the NASDAQ went unscathed today. After surpassing 5,000 for the first time ever in Tuesday morning's trading, the tech-heavy index skidded, to finish down...
...sink much lower and stay there. Robert Sanborn, manager of the Oakmark Fund, estimates that without raising prices or touching the dividend, Philip Morris could pay $10 million a day--$2.5 billion a year--without twitching. Oakmark has a large stake in Philip Morris (and a small stake of Kadlec dollars) and has doggedly held on to the stock, believing that MO is the ultimate value play. Sanborn figures the company could easily raise prices if needed. For instance, it covered its state settlement with a 75 cents-a-pack price hike. The "armageddon risk" of a jury bankrupting...
...KADLEC: How do you feel, old fella...