Word: xeroxing
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Just one day after a Xerox repairman calmly walked into the company's Honolulu office and allegedly shot seven co-workers to death, the nightmare replayed itself in Seattle. This time the suspect was a camouflaged gunman in his 30s who fatally shot two men at a shipyard and then escaped. Both incidents--along with last July's trading-floor massacre in Atlanta, where an investor killed nine people before turning the gun on himself--attracted extensive live coverage on TV news channels. Anyone tuning in could be forgiven for thinking that the U.S. is in the grip...
...what? Do you lie there inert, screaming "Where's the rest of my stock?" Nah. In the trenches of capitalism where I toil, one of these high-explosive blow-ups hits me monthly, obliterating any hope of a quick profit, or perhaps producing a staggering unrealized loss. IBM, Xerox, Unisys and Lexmark have all detonated recently. First, take heart. You aren't the only one dumb enough to bet on a great company during a period of unsettling sales growth and a Fed turned hostile to higher stock prices. If you haven't taken a hit in your personal portfolio...
...year that you can never take off enough stock ahead of these 31 days unless you are a total masochist. What is it about this month that causes people to lose their senses and chop a third or even a half off the value of solid American companies, like Xerox or Raytheon or Unisys, that screwed up for a quarter? Why do people who are perfectly rational shareholders the 11 other months of the year get gripped with a frenzied groupthink that forces them to shoot first and not even bother to ask questions later...
Granted, as TIME reported last April, numerous FORTUNE 500 firms, from Xerox to Kodak, have already made the big pension switch--moving millions of employees from the traditional system, which rewards longevity and piles up cash in a worker's last years of service, to more flexible, so-called cash-balance plans. The new model lets workers build up their nest eggs at a steadier pace and take the balance from job to job. It is more consistent with today's career cycle. But when IBM announced its conversion in May, thousands of middle-aged IBM workers, hardly known...
...Buchanan is providing George W. Bush's campaign staff with some much-needed ? if probably short-lived ? dramatic tension. The political pundit and columnist, who recently dismissed the GOP as "a Xerox copy of the Democratic party," confirmed on Monday morning?s "Today" show that he is thinking of defecting from the GOP and seeking the Reform party?s nomination for president. Not that Buchanan should assume the welcome wagon will be wheeled out for him. If he does push to be the nominee of the party founded by Ross Perot ? he said he would make the "agonizing" decision...