Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : NBCi -- Ignore unavailable to you. Want to Upgrade?

To: Rob C. who wrote (204)	10/26/2000 9:32:51 PM
From: Glenn Duncan	Respond to of 231

GE Chairman Jack Welch says: biz.yahoo.com GE Chairman Jack Welch says "dot-coms" not a threat FAIRFIELD, Conn., Oct 26 (Reuters) - Jack Welch, General Electric Co. (NYSE:GE - news)'s famously feisty chairman, predicts ``dot-com'' firms will be left in the dust by big companies like GE that embrace the Internet, in an interview to be broadcast on U.S. television this Sunday, CBS News said on Thursday. Welch, on the brink of naming his successor after 20 years of leading GE to record growth, says in a ``60 Minutes'' profile it will be hard for small Internet firms to compete with established giants that are converting to an ``e-business'' model. Dot-coms ``are out building warehouses ... freezers... to ship little things around. ... We got all that stuff,'' Welch tells interviewer Lesley Stahl. CBS News released a partial transcript of the interview. One of the most respected leaders in corporate America, Welch has built Fairfield, Connecticut-based GE into the world's biggest company in market capitalisation. Since he took over in 1981, the company's valuation has increased to $515 billion from $13 billion. Welch, who turns 65 next month, recently agreed to stay on at GE one more year, while the company integrates its massive, proposed acquisition of Honeywell International Inc.(NYSE:HON - news). The $42-billion stock deal was announced on Sunday. Welch, who has praised the new digital technology as a way to rejuvenate his 108-year-old company, tells ``60 Minutes'' his wife, Jane, turned him onto the Internet's possibilities about two years ago. Jane ``had been involved in the Internet for years,'' he said. ``I just didn't get it. ... She went to a Yahoo! message board on GE and they were talking about me,'' he said. ``It was all gossip ... rumours. ... 'God!,' I go, 'This is really fascinating. And then ... I got hooked.'' Wall Street analysts have praised GE's Internet initiatives as a major engine for the company's future growth prospects. The TV programme also shows Welch telling GE managers in a meeting: ``Don't let somebody show up with a dot-com. It's nothing. It's meaningless.'' GE shares were down 14/16 at $52-1/16 in afternoon New York Stock Exchange trading on Thursday.