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...early next year. But there's a good chance it won't last that long. Profit margins are getting squeezed, and companies are running out of cash; some may not even be able to make good on the buybacks they've promised. Charles Clough, chief investment strategist at Merrill Lynch, notes that the amount of cash that companies have left after investing in plant and equipment--which is the cash that funds most buybacks--has been dwindling for two years. By next year the till may be empty...
Industry analysts are skeptical, especially about the diversification plans. "If there's one thing I can tell you about apparel, it's that we do not need any more capacity in the U.S.," says Peter Caruso, a Merrill Lynch analyst who covers Toys "R" Us. Caruso also doubts that the company's dubious reputation for service will attract many buyers of electronics, who want sales personnel with up-to-date knowledge of competing products' features...
...biggest spoils have gone to aggressive investors who own "zeros," which rise and fall about twice as fast as regular T-bonds. Zeros, up 9.3% in the third quarter, aren't as exotic as they sound. You may know them as TIGERS (Treasury income growth receipts) from Merrill Lynch or CATS (certificates of accrual on Treasury securities) from Salomon Smith Barney. Basically, a zero is a bond that pays no current interest and is sold at a deep discount to its face value. The interest payments are built into the price at which the holder redeems the bond when...
...Term Capital Management, a high-risk, high-rolling hedge fund based on the formulas of two derivatives Nobelists, went belly-up last month, Greenspan realized that the damage wasn't restricted to the brandy-and-cigars crowd. Banks and financial institutions were deep into hedge funds, and when Merrill Lynch or BankAmerica takes a $100 million hit, a lot of ordinary folks -- from bank customers to businesses to a homeowner looking to take out a second mortgage -- get contaminated...
Bates, an employee of Merrill Lynch, said she agreed with Harris...