>I have a DoubleClick buy order for the open.
Bill, for those like you who have staying power, averaging down makes sense to me.
I can remember years ago when I didn't have staying power...I had to sell some real estate ...and Wow! Do I regret it now!:-(
Btw
What else is new?
>NEW YORK -- Yahoo! shares fell 21 percent yesterday after the biggest Web-search service said third-quarter sales rose at a slower pace than previous quarters.
The stock tumbled $17.31 to close at $65.38, after earlier touching $65. It's fallen 70 percent so far this year.
Yahoo!'s sales climbed 90 percent in the third quarter. Sales have at least doubled in each year since the company first sold shares to the public in 1996. Sales growth is slowing as Internet companies, whose ad spending fueled Yahoo!'s early growth, run low on cash, analysts said.
"It's a fact of life that revenue growth and EPS growth are slowing," said CIBC World Markets analyst John Corcoran, who rates Yahoo! a "strong buy."
Lucent's McGinn could be out if profit slide unchecked
TORONTO -- Lucent Technologies Chief Executive Rich McGinn is under pressure from investors to reverse a profit slide at the biggest maker of phone equipment, or give up the company's helm.
"He's got a short rope," said managing director John Waterman of Rittenhouse Financial Services, which held 7.64 million shares of Lucent on June 30. "The pressure's only going to grow."
In its third disappointment this year, Lucent late Tuesday said earnings per share fell in the fourth quarter that ended Sept. 30, missing a target it reduced 13 weeks ago. With its stock down 70 percent this year, Lucent has lost $151.3 billion of market value.
McGinn, 54, told Lucent's top 400 executives on a conference call yesterday that he has no plans to resign, spokesman Bill Price said. As recently as six weeks ago - after reducing profit forecasts for the second time a month earlier - the chief executive said he had full support of the company's board.
Ken Turek, a portfolio manager at Northern Trust, said he won't buy Lucent stock as long as McGinn is CEO. Although he had sold Lucent from the funds he manages earlier this year, Northern still held 21.2 million shares June 30.
Waterman said he's "inclined" to wait for Lucent to spin off Microelectronics, its semiconductor and fiber-optic-components unit, before selling his shares. The company plans to sell a fifth of that business in an initial pubic offering by March 30 and will distribute the remainder to shareholders later in the year.
"We could change our mind," Waterman said.
Lucent shares yesterday fell $10.13 to $21.25.
Hindery out after 7 months at Global Crossing helm
PRINCETON, N.J. -- Global Crossing, owner of a worldwide communications network, yesterday said Leo Hindery Jr. resigned Tuesday, seven months after becoming chief executive. The stock fell 10 percent.
Thomas Casey, vice chairman, replaced him. Hindery will continue as CEO of the company's GlobalCenter Web-hosting unit until its sale is completed. Global Crossing agreed to sell GlobalCenter to Exodus Communications for $6.53 billion in stock last month. Global Crossing's shares fell by more than half while Hindery was in charge.
Hindery joined Global Crossing in December as the head of GlobalCenter from AT&T. He became Global Crossing's CEO in March. There were disagreements between Hindery and Gary Winnick, Global Crossing's chairman and founder, one investor said.
"They had some differences of opinion on how to run the company," said Uri Landesman, chief investment officer at AFA Management Partners in Greenwich, Conn., which owns shares of Global Crossing. Global Crossing said Hindery resigned "by mutual agreement."
Shares of Hamilton, Bermuda-based Global Crossing fell $2.44 to $21.44 yesterday after hitting $20.13. They have fallen 57 percent this year. |
