Word: stocke
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Dates: during 1990-1999
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...Tele-Communications, Inc. What better way for AT&T to provide local calling--plus a full package of communications and entertainment services--than to scoop up TCI, the second-largest U.S. cable operator after Time Warner? Never mind that the final price of $31.5 billion in AT&T stock was a lofty $8.5 billion premium over TCI's market value. Or that Malone's cable-TV wires, which run through neighborhoods with 33 million homes (about a third of all U.S. households), were mostly a year or more away from the upgrades needed to carry two-way phone traffic...
News of the deal rang bells from Wall Street to Main Street to Pennsylvania Avenue. Investors drove up the price of cable- company stocks on the hope that more buyouts would follow. But Wall Street was less than gaga about AT&T, whose stock closed Friday at $56.75, down a whopping $8.625--or 13.1%--since Armstrong unveiled the deal. "Wall Street is missing the point," says Stuart Conrad, the head of telecommunications research for Deutsche Bank Securities. "This is one of the best things that AT&T could have done...
...deal, which calls for AT&T to bundle its consumer operations and TCI's cable systems into a new subsidiary, called AT&T Consumer Services that John Zeglis, who now serves as AT&T president, will run as chairman and CEO. The unit will issue a separate "tracking stock" that will let investors place bets on the consumer-related businesses of the new AT&T. A similar tracking stock already exists for Liberty Media, TCI's cable-programming arm, whose holdings include the Discovery Channel and Black Entertainment Television. Malone, 57, who controls 86% of the Liberty stock, will continue...
...able to mimic her gestures and parrot her words to play the young revolutionary, as if she really were a stock stereotype. But her selflessness and love of family put her infinitely beyond my class...
...Which is why, despite his disappointment over lack of progress on the issue during his visit to Beijing, Clinton stressed that "we'll keep on working at it until we reach a commercially viable agreement." At least his hosts gave him a taste of the action on the Shanghai Stock Exchange, where he was presented with a red trader's vest bearing the number...