Word: lucent
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...gender is interesting, but it is not the story here," Fiorina, 44, insisted. She prefers instead that the focus be on her considerable achievements as an executive with AT&T and its Lucent Technologies spin-off. But if she were merely another old, white male appointed CEO by an old, white male board of directors, then her assuming the mantle would be about as newsworthy as last week's announcement of Michael Capellas to run HP rival Compaq. "No woman has achieved leadership at this level of American business," says Sheila Wellington, president of Catalyst, a New York City organization...
...smaller companies are niche players battling Cisco on only one or two fronts. Second, what makes Cisco truly great is its management. These other companies are unproven. Third, only one company has ever really competed against Cisco hand to hand without getting crushed--Ascend, which just got bought by Lucent. If you insist on a Cisco relative, Lucent, an East Coast rival, might be the ticket...
TRADE WINDS He rode the tech wave skillfully, but now Fidelity Magellan manager Robert Stansky seems a bit wary. Over the past few months, Stansky has lightened his tech load, from 25% to 20%, replacing Intel and Lucent at the top of his portfolio with Citigroup and Time Warner [parent of TIME's publisher]. He still has Microsoft, MCI WorldCom, AOL and Cisco (along with GE, Home Depot, Wal-Mart and Merck) at the core, a strategy that's working; so far, he's still beating the S&P, with a 12% return this year...
Citigroup Intel Time Warner Lucent...
...considers nearly every high-tech company--including behemoths like Intel, Sun Microsystems, Oracle and AT&T--to be a direct rival. The company has become increasingly concerned about the breakneck speed at which those companies are forming alliances. America Online is buying Netscape, At Home is buying Excite, Lucent is acquiring Ascend Communications--all deals worked out since the start of the antitrust trial. "This is a yeasty industry," says Microsoft general counsel William Neukom. "It's important to realize how fast things move." Of course, none of the deals is focused on operating-system software, so none poses...