Word: overhangs
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Most troubling, though, is a glut of new Internet shares saturating the market, creating a supply overhang that could last through the summer. This is an entirely new situation for Net investors. In the past few years they have had little choice but to bid against rabid techies for the same handful of precious stocks, driving prices through the roof. Wall Street reacted as expected: by underwriting stock deals for every dot com in sight. A flood of new shares hit the market this year, and now the scarcity premium on Net stocks is gone...
...Saudis, the aim is to absorb some 300 million bbl. of supply overhang and bring inventories more in line with demand. It won't be easy. Nearly a year ago, some of the same countries that signed on to last week's deal agreed to reduce oil production by a whopping 3.1 million bbl. daily. When that happened, prices rose from $13 to more than $17 per bbl. Then flagrant quota busting, higher production from Iraq, warmer winter weather and lower demand for energy in Asia combined to wreck the price-fixing scheme, and oil crashed to just over...
...glum about--the perils of record-business starmaking in Nothing Special and the falseness of big-city life in That Says It All. It's no surprise that he intends to avoid being trapped in lightweight pop: he's 28 and wants a long career. But Humming's dark overhang of melancholy and shortage of buoyant tunes make this just a good album, when there may have been a great one waiting just one hook away...
After divestiture, NEES will morph into a power-transmission and -distribution company--and one that is still regulated at that. And in its new role, NEES will net enough--about 3[cents] per kW-h--to pay off its stranded-cost overhang. Rowe expects to make money, but he could make more if transmission were deregulated too, by charging more for access to his power cables, which reach 1.3 million homes and businesses...
Barring a major recession, the industry will break records next year, but some executives are getting nervous. There is still an overhang of loans coming due from the past building cycle, even as new money keeps pouring in. Warns Holiday Inn Worldwide chairman Bryan Langton: "Right now everybody's having a good time. We are a very seductive industry. People lose money in it, and they still come back. As sure as day follows night, the next five years will experience a down cycle...