Word: techs
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Dates: during 1980-1989
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Litton Industries (1982 sales: $4.9 billion) now has the dubious honor of succeeding J.P. Stevens, the textile firm, as organized labor's favorite target. Last week representatives of six unions told a meeting of the House Subcommittee on Labor-Management Relations that the giant high-tech conglomerate and defense contractor had repeatedly thwarted their efforts to organize workers. They claimed that the company closed plants before unions could get in, refused to negotiate contracts after employees had voted for a union, and even booted out organized labor once it had won the right to represent workers...
...High-Tech...
...debilitated by the nation's economic woes-coal, electric power, steel, primary metals and chemicals-form the basis for the state's economy. Unlike other industrial states such as Michigan and Ohio, West Virginia has made little effort to diversify and retool its economy by luring high-tech businesses. "Usually West Virginia begins to recover about six months after the nation," says Arnold Margolin, the state's chief economist. "But there's an old saying, 'When the nation catches a cold, West Virginia catches pneumonia...
...offered by electronic newspapers, home banking and shopping via TV does not thrill them: it seems that people want to balance their checkbooks with pencils and finger the dresses to see if they really are all wool. This, says the study, is an example of the so-called high-tech/high-touch phenomenon, which means that as technology gets more sophisticated, people seek a counterbalance in human contact...
...other market experts, including Morgan Stanley's chief portfolio strategist, Barton Biggs, have been warning that many high-tech issues are overrated. Some are selling at prices as high as 50 times their earnings; the average price for the 500 stocks in Standard & Poor's Index is about 13 times earnings. Says Zeikel: "It's true that some high-tech stocks have gotten ahead of themselves." But he argues that the overall high-tech trend is up and that the funds will ride up with...