More big blues as Microsoft's stock-market value could soon pass lead of humbled giant IBM
Article Abstract:
The value of Microsoft Corp's stock is expected to soon surpass that of IBM. At the end of trading on Jan 14, 1993, IBM's 570.9 billion shares were quoted at $48.75 apiece, for a total value of $27.83 billion, compared to a $91.25-per-share price for Microsoft's 299 million fully diluted shares, giving it a value of $27.28 billion. Fast-rising Intel Corp has a value of $24.47 billion, based on a closing price of $112.75 for each of its 217 million fully diluted shares. Analysts say Microsoft's and Intel's surge and IBM's decline speaks volumes about the rapid changes in the technology business over the past 15 years. Microsoft's ascendency indicates that software, not hardware, drives the technology business, says one analyst; but another analyst says that Microsoft might be threatened by Intel, whose microprocessors are for all intents and purposes the computers of today.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1993
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For technology winners, seek out the 'cannibals'
Article Abstract:
Professional investors recommend buying high technology stocks of companies that are 'cannibals.' Such companies have 'savage entrepreneurial appetites' and will 'destroy the past to feed the future.' Some investors say Intel Corp is an archetypal cannibal. When clone manufacturers started copying Intel's 80386 microprocessors, Intel responded by slashing its prices, and then Intel developed a new generation of chips. According to one industry observer, Intel plundered, burned and destroyed the 386 market behind it. Other companies that are called cannibals include Microsoft Corp, Novell Inc and Parametric Technology Corp. Companies that hesitate to cannibalize their pasts and try instead to preserve aging product lines are 'captives.' Such companies lack the fierce managerial aggressiveness that characterizes cannibals.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1992
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