Word: semiconductor
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Layoffs and firings seem to be the handiest solution for other companies too. "Companies no longer wait to ride out the tough spells," says John Challenger, CEO of Challenger, Gray & Christmas, a Chicago outplacement firm. "They practice just-in-time firings." At chipmaker National Semiconductor, managers voice the optimism of those who feel they have reached the bottom. "We've taken fairly severe actions," says chief financial officer Don Macleod, pointing out that the company cut 1,400 employees in April through attrition and layoffs--10% of its work force --even before posting a loss for the quarter. "Our business...
...happen and moves aggressively to cut rates? Then Wall Street will have created the same sort of bargains that it does when it occasionally unloads drug stocks because of potential government regulation, or when it shuns tech stocks because a high-profile semiconductor or software company stumbles...
Others might have been tempted last Monday to buy stocks of companies that make semiconductors or computer chips, only to discover, once they got them home, that the stuff was priced to move because it was broken. A number of semiconductor companies announced later last week that because of weak demand from Asian customers, they would earn less than expected. So their stocks went further south...
...easy to learn before you buy that Steelcase sells in Canada or that semiconductor companies do an inordinate amount of business in Asia. Just read business publications or the many investing features now available online for free or for modest fees. (See time.com for a selection of websites.) Once you know where and how a company does business, you can quickly find the bargains when the market throws a sector sale...
...young, aspiring fund manager's dream. Early this month, mutual-fund giant Fidelity reached into obscurity and fingered Matthew Grech, 28, a semiconductor analyst, to run its faltering, $2 billion Select Electronics mutual fund. Bull-market madness? Perhaps. But if it is, Fidelity is not alone. With record amounts of capital flowing in ($30 billion just last month), mutual-fund firms are hunting for fresh talent in novel places--not quite kindergarten, but not very far removed from school...