Word: microsoft
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...many steps remaining," Gates declared. Under questioning, he again professed to be interested in a settlement--but quickly veered off into a monologue about the importance of building "great software" and maintaining the freedom to innovate. If anyone in the audience was confused into thinking Gates was giving in, Microsoft general counsel Bill Neukom stepped up next to explain what his boss was really saying. No, the company had no intention of backing down. "We are in it," he said, "for the long haul...
...Microsoft's troubles in perspective. Since the government filed its antitrust suit 18 months ago, the company has won the Web-browser war, revenue growth has accelerated and earnings have been rising 10% per quarter. Put another way: Bill Gates' company has had a great year four times a year, even with the Feds breathing down its neck. Little wonder that the stock doubled in that same 18 months--the fourth such double in the past six years...
...Microsoft's success has endless ripples. With more than 5 billion shares out and a market value exceeding $400 billion, the company is among those with the most widely owned stocks in creation. Virtually every institution holds Microsoft stock, including those that manage your retirement accounts. Fidelity Investments has 149 million shares spread among 60 funds. If the bottom ever falls out of this baby, look out. The collateral damage will be nuclear, especially now that Microsoft is part of the Dow Jones industrial average...
...bleak as they seem, and the stock--depressed in recent weeks--could start to run very soon now that the bad news is out. In perverse Wall Street logic, "the cloud has been lifted," notes analyst Brian Goodstadt at Standard & Poor's. Except for Valley brats who compete with Microsoft (themselves fabulously rich), nobody really wants the stock to fail...
Certainly, Gates is more vulnerable now. But betting against him is the longest running mistake in the tech world. Microsoft has the resources and the moxie to survive and thrive. Start with an astounding balance sheet with $19 billion in cash. Interest alone will add $1.6 billion of earnings in the fiscal year ending in June, analysts estimate. That by itself is more than the annual profit of nine of 10 FORTUNE 500 companies. Gates exploits his money machine. He has large stakes in cable, Internet and telecom properties, pretty much assuring himself a big piece of the tech future...