Word: titan
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...telephone titan, AT&T, was blessed last week with the prospect of a regulatory windfall. The Federal Communications Commission proposed scrapping the system of controlling AT&T's profit margins, which the agency has done for more than two decades as a means of limiting long-distance prices. Instead, the FCC aims to protect consumers by another method: setting price caps, which would freeze long-distance rates at current levels but could adjust them upward to account for inflation and other factors. AT&T rejoiced at the decision, which Wall Street analysts say could allow the company's profits...
...against Texaco, the sum was so enormous that it seemed absurd. The award appeared certain to be reduced drastically on appeal. Almost no one believed that Pennzoil, the 200th largest U.S. industrial corporation (1986 sales: $1.78 billion) and the 20th biggest oil company, would be allowed to topple a titan about 18 times its size. But Texaco soon learned that it was dangerously vulnerable to an unusual provision of Texas law. In this case, it required Texaco to post a bond for roughly the full amount of the judgment while the company pursued appeals...
...denying that the flamboyant Iacocca set corporate America abuzz last week with the announcement that Chrysler had agreed to buy a controlling interest in American Motors Corp., the longtime also-ran of the U.S. auto industry, from the firm's major shareholder, France's Renault. Code-named Project Titan at Chrysler headquarters, the deal is the most daring move that Iacocca has made as the architect of Chrysler's dramatic comeback from near bankruptcy...
Martin Marietta, which produces Titan-class rockets for the Air Force, was the first U.S. firm to sign up a client. It plans to launch an ExpressStar communications satellite for Federal Express in 1989. Says Richard Brackeen, a vice president in charge of launch systems for Martin Marietta Aerospace: "The private launching business could be the next widebody jet business...
...restructure to regain profitability. In other cases, they have slashed costs and boosted profitability precisely to keep their stock prices above the level at which they would attract bargain-hunting takeover sharks, who are likely to chop far more brutally and indiscriminately than the present managements. No less a titan than ITT warily shook off a takeover bid by Raider Irwin Jacobs in 1985. That effort gave renewed impetus to a slimming exercise already begun by ITT Chairman Rand Araskog. Since 1980, Araskog has sold off more than 100 businesses, and last year he cut ITT's work force...