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...kick Compaq and HP around," he said last week. He was right. But it wasn't Michael Dell or Sun Microsystems' Scott McNealy putting the boot in. Wall Street did a good job of that. HP stock plunged 22% by the end of the week, to $18.08, while Compaq sank 14%, to $10.59, wiping more than $3 billion off the value of the proposed takeover...
STOCK ON WOOD You'd expect hard assets to do well in a down market, so here's a suggestion: 2-by-4s. Companies that harvest trees for lumber are amassing impressive records on the Street. Returns on timber investments were up 4.2% last year, while the S&P sank 9.1%. In the past 30 years, the annual average return on timber was 15.2%, against 13.2% for the S&P 500 index. Behind the strong performance: a resilient home-building sector. If housing stays strong, so will timber. As there's no mutual fund that's a pure play...
...parliamentary elections in July, the Japanese Prime Minister won over voters by giving them bad news, straight-up: the country's ailing economy would get a lot worse before it got better. Well, last week lived up to Koizumi's predictions, in spades. The benchmark stock market index sank to its lowest level in 17 years, new numbers showed that industrial output and retail sales are slowing more dramatically than expected and, in the unkindest cut of all, credit rating agency Moody's said it might downgrade Japanese government bonds to the same level as Slovenia's. Slovenia...
...year after the Russian nuclear submarine Kursk mysteriously exploded and sank with 118 sailors aboard, an international team is trying to raise the vessel--or most of it--to the surface. This week salvagers are scheduled to begin the dangerous process of slicing off the heavily damaged torpedo compartment, which would be left on the sea floor along with the answers it may contain...
...Chernov knows the pain and anguish of losing a nuclear submarine. Once, as commander of the 1st Nuclear Submarine Flotilla of the Soviet Union's Northern Fleet, Chernov kept his flag on the Komsomolets. In April 1989, when Chernov was a professor at the Naval College, his former flagship sank in the Norwegian Sea. For the last nine years, the 71-year-old Hero of the Soviet Union who spent 33 years in nuclear submarines has been heading the Charity Foundation in Memory of the Komsomolets (echernov@online.ru). But Chernov today is focused on the fate of a more recent Northern...