Word: weeks
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Dates: during 2000-2000
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...test case, so far, has been the Jewish neighborhood of Gilo, on the southern edge of Jerusalem, and the nearby Palestinian town of Beit Jalla. For three weeks Palestinian gunmen in Beit Jalla have fired in the night toward Gilo. Last week Israel increased its response from rifle fire to tank shells and then helicopter missiles. One missile shattered the wall of Jamil Muslet's living room. It left a 5-ft. hole in the 200-year-old stone walls and shards of blue window glass on the floor. Looking across the steep, rocky valley to Gilo, less than...
...brass tried to keep things upbeat at last week's press conference--called to announce that one of America's oldest and most revered institutions was splitting into four companies. AT&T CEO Michael Armstrong told a roomful of reporters that his own aunt could still sleep easily putting her money in Ma Bell and living off the dividends. Lower-level Bellheads even joked about the career opportunities the split would create. "You always wanted to run your own company," one quipped to another. "Now you're going to get the chance...
...Wall Street wasn't smiling at this cheerful admission that Armstrong's strategy to turn Ma Bell into a vertically integrated communications giant had failed utterly. After last Wednesday's announcement, AT&T stock plunged 13%, to its lowest level in a decade. And it tumbled 5.5% more by week's end. David Lefkowitz, an analyst at Credit Suisse Asset Management, had some different advice for Armstrong's aunt, saying that AT&T stock is "probably dead money for some time." Salomon Smith Barney analyst Jack Grubman downgraded the stock for the second time in two weeks and declared...
Critics see the breakup as a capitulation to investor pressure to get the stock price up at any cost. Armstrong tried gamely last week to present it as consistent with his previous efforts. "Structure serves strategy, and at least in my view, our strategy has been consistent," he said. But not everyone was buying it. "AT&T made a big deal about creating an integrated communications company selling bundled services," says Salomon Smith Barney's Grubman. "That is being abandoned after less than two years of trying...
...patience is on back order. Firing your CEO used to be the last resort, but more and more it seems like the first. McGinn's departure made him just another casualty in the ranks of ceos ousted in the past year--including Gillette's Michael Hawley (also canned last week), British Airways' Robert Ayling and Xerox's Rick Thoman. And the list is growing. The number of CEO departures went from just 46 last September to 103 this September, according to a study by the outplacement firm Challenger, Gray & Christmas. The number this fall is expected to be double...