Word: stockings
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...reaction on Wall Street was swift and brutal. Merck's chief executive Ray Gilmartin announced that the company's 2004 earnings could shrink as much as 20%. Its stock promptly lost $28 billion of its market value, temporarily dragging the Dow Jones industrial average down with it. The timing could not have been worse for Merck, whose sales last year grew a paltry 5%, compared with 23% in 2000, and whose big anticholesterol drug Zocor will lose patent protection in 2006, with nothing to replace it. Some analysts wondered whether the company was ripe for a merger--an idea Merck...
WHEN BRITISH AUTHORITIES broke up a cell of suspected Islamic terrorists in August, the arrests sent reverberations across the Atlantic. Among the evidence found with the suspects were reconnaissance reports on major U.S. financial sites--including the New York Stock Exchange and the World Bank in Washington...
...trying to divine the economic future and determine how best to prepare. Is the economy poised to heat up? Raise interest rates. Is it likely to cool down? Cut them a quarter-point. During his tenure, a period that has stretched over four Presidents and assorted stock-market rises and falls, Greenspan has commanded dozens of interest-rate adjustments. For tens of millions of Americans--investors, traders, homeowners--fortunes big and small have been made or lost depending on his judgments about the future...
Greenspan, a former jazz musician (he played clarinet and sax) and a disciple of free-market philosopher Ayn Rand, frequently confronts such agonizing choices. As the Clinton era drew to a close, he correctly foresaw the brewing bubble in high-tech stocks. He searched for a way to alert investors, famously referring to an "irrational exuberance" building up in the stock market. But he refused to say more, believing a sudden collapse in share prices would carry more risk than allowing the market to discover the bubble itself. The high-tech balloon continued to inflate for several years after...
...Palmolive's toothpaste business, anchored in the eponymous brand, is losing market share. Though still the category leader in the U.S. and globally, Colgate has seen U.S. share slip, from 35.3% at the beginning of 2003 to 33.3% during the second quarter of this year, according to Smith Barney stock research. In September, Colgate said its second-half profits would be lower than expected, in part because it was stepping up its own ad spending. P&G has a heck of a head start. The company spent $202 million on toothpaste advertising last year in the U.S., a 76% increase...