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Technology Stocks : Compaq
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To: Captain Jack who wrote (72892)11/30/1999 11:12:00 PM
From: rupert1  Read Replies (2) of 97611
 
Capt: There is a different culture as between DELL and COMPAQ. I wonder whether it can be put down to the fact that DELL started as a one-man show, and until now MD has retained a massive proportion of the shares. He does think like a shareholder and is right on the case if he smells criticism or competition or a threat to the share price.(Didn't they ban Kumar (or was it Niles) from a CC last year because of his critical remarks?)

In COMPAQ's case there is no shareholder of comparable proportions to MD at DELL. Rosen is the largest and he is not an operations man responsible for daily presentation. EP had not even taken up his options when he was sacked. As large as other holdings e.g. MC's, they are simply not in the same ball park as MD's.

Look at CA and other companies. Wherever the CEO or Chairman has massive holdings you can expect them to come out swinging when the share price gets hit.

One of the differences in culture betwen CPQ and DELL or CA or ORCL is that in all the other cases, the top man comes out and tells the market that the share price is worth more than the market has awarded. Even when they are in the dumps facing problems - the same message. But nobody at COMPAQ has said that since EP said it when asked last January. Then he said meekly that "a CEO always thinks that the share price should be higher than it is". Since then not even Rosen has said the share price should be higher. All we have had is the admission that the company needs to increase shareholder value with no concrete statement about what that value should be now or what it is likely to be in 6, 9 or 12 months time.
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