Word: wirelessed
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Hong Kong tycoon Richard Li seemed to be walking on air last March when he used his 10-month-old start-up, Pacific Century CyberWorks, to acquire the territory's dominant telecommunications company, Cable & Wireless HKT. The $35.9 billion merger was the largest in Asia outside Japan. Analysts fell over one another to issue buy recommendations on CyberWorks' stock, which they predicted would soar into the stratosphere. Whoops! Put a hold on that order. Six months later, analysts say the new firm's strategy of linking broadband Internet services to an Old World telco is no longer so compelling...
CyberWorks' share price plunged 16% in one day last month, to $1.16. (It's down almost 70% from its February high of $3.38.) It was dragged down partly by NASDAQ's own lackluster performance, but there was another, more direct cause. Britain's Cable & Wireless, the parent of the Hong Kong firm, dumped a quarter of its 20.1% stake in CyberWorks, acquired after the merger with HKT was approved in August. According to analysts, the move suggested that Cable & Wireless expects CyberWorks' shares to fall further. "Actions speak louder than words," says Henry D.C. Lee, managing director of Hendale Asia...
...site Webb-site.com which had valued CyberWorks' shares at just 54[cents] in February. "The company can't resume its rocket-like trajectory." CyberWorks has declined to comment on its business strategy, but Li, the son of shipping and real estate billionaire Li Ka-Shing, says the fact that Cable & Wireless' shares were initially snapped up by buyers showed "confidence in and support for our business plans and our overall strategy...
...worldwide, and manufacturers expect to sell another 400 million units this year. In the U.S., cell-phone users spend an average of 150 min. a month yakking into their beloved mobile phones. "This is the most popular product known to man," says Ed Snyder, who follows wireless technologies for the Chase H&Q investment firm. "More cell phones will be sold this year than all the computers, TVs, personal digital assistants and pagers combined...
Getting students organized used to mean buying a Trapper Keeper and hoping homework didn't fall out. But this fall a handful of schools have supplied students with the same wireless Palm Pilots used by hyper-scheduled executives. More portable and less pricey--$200, vs. about $2,000--than the laptops doled out by schools in recent years, the hand-held computers give students Internet access and allow teachers to "beam" them their grades and homework assignments. Add-ons include a "due yesterday" feature that dings when schoolwork is tardy and an attachable probe that measures pH in science labs...