Word: teche
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...hoped. Then again, says Standard and Poor's credit analyst Guy Deslondes, "At least the money is already in the house." Both BT and Deutsche Telekom have talked about similar public offerings of their wireless divisions to raise cash, but just who's going to buy all these new tech stocks...
There's a great lesson for all of us to be found in the tech-stock market massacre. I just wish I knew what it is. BEN WOODS Menlo Park, Calif...
...since February, in an economy that has been shedding 100,000 workers a month since the beginning of the year. Last week Winstar Communications, once a wireless wonder, hung up on 2,000 employees--44% of its staff. TiVo, Sycamore Networks and Extreme Networks added more bodies to the tech sector's growing pile. AOL Time Warner, parent of TIME, has announced 2,400 job cuts in response to the slowing economy and pressure from Wall Street. By week's end unemployment had hit 4.3%, a slight but ominous rise. Worse, job creation was down, more evidence that recession...
...workers and their supporters are attacking the cuts as unnecessary and poorly handled--and antithetical to the company Michael Dell created. The Dell culture is fiercely meritocratic, with workers expected to do whatever it takes to make the company succeed. The reward: rich option packages that turned many thirtyish tech workers into millionaires or, as Austin calls them, Dellionaires...
Some say management's choices don't make business sense. Randy Schleicher, 52, who lost his job as a network analyst, says he heard from someone still employed at Dell that the plant making computer portables was on hold for an hour because there wasn't enough tech help after the job cuts. At $11,000 a minute, he says, that would be an expensive delay...