Word: sunbeams
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WASHINGTON: Are you comfortable with doctors getting paid to stamp their endorsement on a thermometer? The American Medical Association, the nation's largest organization of doctors, and Sunbeam Corp. signed an exclusive five-year contract to put the AMA seal on Sunbeam products such as blood-pressure monitors and heating pads. In turn, the AMA gets a cut of the action...
Cost-cutting CEOs like Al Dunlap would certainly agree. "Chainsaw Al" wiped out a $5 million annual philanthropy budget when he took over at Scott Paper a few years ago. Now, at Sunbeam, he's eliminated that company's $1 million-a-year giving program. "The purest form of charity is to make the most money you can for shareholders and let them give to whatever charities they want," Dunlap says...
...DUNLAP Chairman and CEO, Sunbeam Corp...
...billion to $9.4 billion on his watch. Others say he did little more than gut the company and dress it up for sale. But for the most part his critics aren't shareholders, the constituency he most wants to serve. Now he's on for an encore at Sunbeam, where earnings are in a two-year slide. Sunbeam's stock was tracing the earnings decline until Dunlap signed on. That day alone, Sunbeam shares jumped 50%. "It'll be a vintage Dunlap turnaround," he told me. "Just like at Scott...
...bought $2 million of stock at $19 on his first day. A few months later, with the price nearing $30 and most of Wall Street fretting that Dunlap had topped out, he showed them. He bought another $2 million worth. The stock doubled to $61. Similarly, when Dunlap joined Sunbeam in July, he bought $3 million of stock at $12 a share. The stock has since doubled, and Wall Street again questions how much power Dunlap has left in his swing. He won't divulge plans. But with the coming announcement, like mighty Casey, he's got the spotlight. Will...