Word: stocking
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Dates: during 2000-2000
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Usually, though, spin-offs are about dumping a distracting but often healthy operation to focus on a core business. In such cases, not only does the spin-off stock tend to beat its peers, but the parent stock does too. Why? In the case of the parent, investors value that sharpened focus. In the case of the spin-off, management doesn't have to compete for the parent company's attention and capital. Set free, managers can explore new products and markets...
...results are similar in cases in which a subsidiary is only partly divested. Known as equity carve-outs, these divestitures tend to be IPOs of less than 20% of a business. The parent retains the bulk of the stock--and control--but often later gives that stake to shareholders as a tax-free dividend. Early this year 3Com sold 17% of its white-hot Palm unit in an IPO, then gave the rest to shareholders in July. The average carve-out does well. Palm has doubled since July, although it remains below March's mania levels. But parent companies tend...
EAST HEADS SOUTH Investing in Asia has never been for those with weak stomachs. Last year the region showed a sturdy recovery from its 1997 financial crisis. This year? Different story. In dollar terms, year to date, South Korea's stock market is down 48%, Taiwan's is down 36%, and Indonesia's is down 54%. Excluding fixed currencies such as the Hong Kong dollar and the Chinese renminbi, the majority of Asian currencies are having a difficult time maintaining their strengths. Looking for a bottom? Be patient. The region is marred by inflated oil prices and political unrest...
...Mani and Ramdas, both 24, are on the low end of the ladder. Young programmers may earn $700 a month, and companies like software giant Infosys Technologies are introducing workers to America's stock-option business culture. As a result, more than 200 Infosys workers have become U.S.-dollar millionaires. "The IT industry has created more millionaires in the past five years than all of India's industries put together in the past 50 years," says Azim Premji, chairman of Wipro, another big software house with headquarters in Bangalore...
...software billionaires have become national heroes. For a brief period this year, Wipro's Premji was the second richest man in the world, after Bill Gates. (Wipro's stock price subsided in April, though Premji's net worth is still estimated at more than $11 billion.) The techno-tycoons are admired because they have earned fortunes in one of the world's most competitive industries without any under-the-counter help from Indian bureaucrats. In the early 1990s, in fact, the software lobby got the government to remove import duties intended to protect local firms from software products sold...