Word: witter
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...venture into stocks and bonds and real estate. As Sears diversified, highly focused retailers ate its bread and butter. Wal-Mart offered low prices, while Nordstrom boasted personal service. Now, with its flagship Sears stores in trouble, the company is getting back to basics by selling its Dean Witter brokerage house and most of its Coldwell Banker real estate firm. Sears is not the only respected name to get burned in the financial-services business; Westinghouse is painfully extricating itself from a fling in that industry that has cost it about $3 billion in losses...
...national merchandising, catalog shopping and even store-wide sales was that it was better at selling stocks, bonds, credit cards and insurance policies than it was at satisfying its core retail customers. Such financial ventures as its Coldwell Banker real estate unit, Allstate Insurance, Discover credit cards and Dean Witter are currently generating 90% of Sears' earnings, while income from its 860 retail stores has declined 33% this year. Rather than help Sears' growth, most analysts believe, the financial units only subsidized its failure to compete during the retail revolution that produced such fierce, profit-taking rivals as Wal-Mart...
Final Results Men's Lt. Wt. 1. Yale 5:58.2 2. Pennsylvania 6:01.49 3. Harvard 6:05.30 Witter Cup 1. Washington 6:43.77 2. BU 6:45.32 3. Radcliffe 6:46.41 Copley Cup 1. Harvard 5:54.13 2. Pennsylvania 5:54.51 3. Wisconsin...
...gasoline and other fuels. In the early 1980s, when the price of crude rose to more than $40 per bbl., imports fell by half. But as prices slumped to as low as $10 per bbl., consumption and imports leaped to new highs. Says Richard Rippe, chief economist of Dean Witter: "We were far too complacent about letting the current price tell us where energy policy should...
Such problems have plunged most firms into the financial doldrums. Merrill Lynch, the largest U.S. brokerage, reported last week that its first-quarter profits tumbled to $37.2 million, down 46% from a year ago. Paine Webber Group said its earnings dropped 56%, while Dean Witter's income was off nearly 40%. Shearson Lehman Hutton suffered a particularly harsh blow. After writing down its holdings in MCorp, a troubled Texas banking firm, Shearson reported a $15 million loss for the quarter. Overall, the before-tax income of U.S. securities firms slumped to $450 million, down 60% from the first quarter...