Word: teche
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...cause of all the whining is the horrendous beating investors took in tech stocks that, truth be known, most of them should never have owned. Curiously, almost no one lays blame at the feet of those who bought the puffed-up shares of so many unproved companies. So bankers and analysts who concocted and endorsed the IPOs that went poof are taking the heat, as are regulators, whose thumb wasn't nearly big enough to squash some obscene practices--like analysts personally selling shares that they rated a "buy." Another dirty trick: loading up on pre-IPO shares and then...
...increase over the departure rate during the first half of 2000. "There is so much scrutiny now that it is very hard to hide mistakes," says John Challenger, chief executive of CGC. When a company's stock drops for several quarters, "the CEO is going to walk the plank." Tech executives led the exodus for 11 months through May, but they have since been joined by CEOs from a diverse group of companies, including Maytag and Advantage Schools...
...such old-economy companies as Nike and Sara Lee--relieved them of the gritty business of making things so they could focus on product development, marketing and brand building. What is stunning is that the EMS industry is booming even amid the smoking ruin of today's tech economy. As they acquire their smaller competitors and buy more of their customers' factories--at fire-sale prices--big players like Flextronics and Sanmina stand to emerge from the tech slump stronger than ever...
...conditioning. Even the bottled water was too warm to drink as Randy Furr, president and COO of Sanmina, made the pitch for his younger firm, then worth $7.7 billion, to buy SCI, then worth $4 billion, and considered a pioneer in the fast-growing business of manufacturing tech hardware for name-brand companies like Dell, Hewlett-Packard and Nokia. After nearly a day's wrangling, Furr could not get Eugene Sapp, chief executive officer of SCI, to agree on anything, except that they would meet again...
...company was founded in 1961 by Olin King, a former NASA engineer who subcontracted for the space agency. SCI evolved into a major manufacturer of PCs and then, under Sapp, who became CEO in 1999, diversified into optical and wireless technology. In fact, at the nadir of the current tech slump, the company in March bought Nokia factories in Finland and Britain, and in June announced that it would triple the capacity of a factory in China that makes optical devices for Hitachi...