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Technology Stocks : LAST MILE TECHNOLOGIES - Let's Discuss Them Here
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To: Raymond Duray who wrote (11580)6/26/2001 11:57:44 AM
From: DenverTechie  Read Replies (1) of 12823
 
Ray, I looked at the numbers and I must say they don't look that bad for T.

Sure, total assets over the last few quarters are down, but total liabilities and total debt were down even more on a percentage basis. This of course has to be looked at with the backdrop of a slowing economy also.

But the mere fact that we are examining T's performance by looking at quarterly reports is the point I was getting at. By looking at short term performance (5 quarters to be exact), we are playing into the exact game of Wall Street histrionics that I have been railing against. My point is that T made the historic decision to split because Wall Street wasn't being placated by Armstrong's strategic plan quick enough. They were impatient and demanded results based on quarterly results NOW. What ever happened to strategic planning that looked 5 or even 10 years down the road to see if the strategy is correct or successful? That's what differentiates strategy in my mind from tactics.

I say T can make all the short term tactical changes they need to shore up the business (cut capital spending, cut expenses, etc.) but leave the company intact for the strategic plan to play out to its proper and logical conclusion. Don't throw it away because it didn't "work" after a few quarters. The magnitude of Armstrong's vision would take more than 5 quarters (or 10 quarters for that matter) to come to fruition.

To quote the quaint phrase, "Rome wasn't built in a day".

Our dialogue here, Ray, I think reflects the ambivalence that you see from analysts right now regarding T's breakup plan. Many think it the right thing to do, others are against it. I for one think it is a terrible mistake having worked closely with AT&T for several years now and see their operations from the inside.

All the best,

DT
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