Word: marketization
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Dates: during 1990-1999
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...this corner the old tech champion, weighing in at $235 billion in market capitalization, built on decades of solid earnings: Intel. And in the other corner the new tech challenger, having briefly hit $50 billion in market cap last week, and with dynamite earnings potential: Yahoo. These two heavyweights, by coincidence, held overlapping conference calls last week to discuss their fourth-quarter earnings reports with investment professionals. Intel is a bellwether because of its ubiquity in personal computers, so it has always drawn the bigger group of acolytes--until this year. Yahoo muscled in with runaway revenue projections, and suddenly...
These two companies symbolize the struggle between investors who like their technology stocks to offer hard assets, proven earnings and a price roughly in line with market multiples, vs. those traders who are willing to pay a much higher price for rapid growth. The latest returns favor Intel. In a tough week that saw most stocks retreat, the market seemed eager to pay 30 times this year's earnings for Intel. Its stock held steady as Yahoo lost 8% of its value. Yet both stocks still managed to outshine the larger averages, as they've done for a while...
...took Intel 24 years to reach $50 billion in market cap, while it took Yahoo less than two years. For some, even Intel's price seems hard to swallow, given the relative maturity of its business and its growth prospects. But increasingly, even institutional investors are flocking to stocks like Yahoo as the performance of the Net stocks has put less aggressive investments to shame...
...investor, I want a smattering of both old and new U.S. tech stocks, even if the prices of some Net stocks are overinflated to adolescent values. While it may seem counterintuitive to think of Intel as old tech, the market values hardware makers by a much more stringent standard than the newer Net businesses. Even though Intel and Seagate, the largest maker of personal-computer disk drives, signaled that sales are extremely robust, they are still in an industry that will be lucky to grow 20% in 1999. Yahoo, by contrast, is in a business that seems to double every...
Plowing through the New York Times on a recent Sunday, I read in the Metro Section that infertile couples in the market for smart-kid genes regularly place advertisements in the newspapers of their own Ivy League alma maters offering female undergraduates $7,500 for a donated egg. Before I could get that news comfortably digested, I came across an article in the Magazine section describing SAT prep courses for which parents spend thousands in the hope of raising their child's test scores enough to make admission to an Ivy League college possible. So how can people who have...