Q Stock Quotes

After all, what does the stock market sell us if not the unfounded hope of a rosy future?

Quincy and Fisher walked through all this in silence. Silence was the most common stock-in-trade between them, and the portfolio of their friendship was thick with it. So, without words, they stepped across the streets, their feet pressing the pavement with the same sounds, their toes turned just so; they knew what life was like at each other's side. Sometimes he would speak, or she would, small offerings on the altar of their joint survival.

His views met with universal approval; Q. Servilius Priscus was the first to congratulate the youth on his not having degenerated from the old Claudian stock.

Lucent, Not Transparent In mid-2000, Lucent Technologies Inc. was owned by more investors than any other U.S. stock. With a market capitalization of $192.9 billion, it was the 12th-most-valuable company in America. Was that giant valuation justified? Let’s look at some basics from Lucent’s financial report for the fiscal quarter ended June 30, 2000:1 FIGURE 17-1 Lucent Technologies Inc. All numbers in millions of dollars. * Other assets, which includes goodwill. Source: Lucent quarterly financial reports (Form 10-Q). A closer reading of Lucent’s report sets alarm bells jangling like an unanswered telephone switchboard: Lucent had just bought an optical equipment supplier, Chromatis Networks, for $4.8 billion—of which $4.2 billion was “goodwill” (or cost above book value). Chromatis had 150 employees, no customers, and zero revenues, so the term “goodwill” seems inadequate; perhaps “hope chest” is more accurate. If Chromatis’s embryonic products did not work out, Lucent would have to reverse the goodwill and charge it off against future earnings. A footnote discloses that Lucent had lent $1.5 billion to purchasers of its products. Lucent was also on the hook for $350 million in guarantees for money its customers had borrowed elsewhere. The total of these “customer financings” had doubled in a year—suggesting that purchasers were running out of cash to buy Lucent’s products. What if they ran out of cash to pay their debts? Finally, Lucent treated the cost of developing new software as a “capital asset.” Rather than an asset, wasn’t that a routine business expense that should come out of earnings? CONCLUSION: In August 2001, Lucent shut down the Chromatis division after its products reportedly attracted only two customers.2 In fiscal year 2001, Lucent lost $16.2 billion; in fiscal year 2002, it lost another $11.9 billion. Included in those losses were $3.5 billion in “provisions for bad debts and customer financings,” $4.1 billion in “impairment charges related to goodwill,” and $362 million in charges “related to capitalized software.” Lucent’s stock, at $51.062 on June 30, 2000, finished 2002 at $1.26—a loss of nearly $190 billion in market value in two-and-a-half years.

The Banking Act of 1933, also known as Glass-Steagall, regulated the stock market, separated securities dealers from banks, and established the Securities and Exchange Commission (SEC). Though the SEC regulated many securities markets, government securities were considered exempt. That meant that federal securities laws did not apply. The thinking at the time was to let those markets operate free of government regulation, which would allow the Treasury and municipalities to sell debt at a lower cost. Oh, and one more thing. There was a clause known as Regulation Q, which prohibited banks from paying interest on savings accounts.

How is the shrimp toast prepared?" "Oh, um," I said, collecting myself. "Brioche is marinated overnight in shrimp stock, then caked with Indian prawn and langoustine mousse." I had read that in Carey's Wiki last night. "Where are the langoustines from?" "Montauk." "And how would you recommend serving the salmon?" "Which salmon?" "Both salmons. The sous-vide and the salad." "The sous-vide should be served well." I remembered reading that sometime between two and three A.M. "Because it stays moist in the pouch no matter what and the greater cooking time allows the flavors to infuse longer. Medium-rare to rare for the salad, to show off the quality of the product." "And where do you put the bone bowl for the frog legs in tarragon gremolata?" "What do you mean?" "Do you put the bowl on the right or left of the guest?" "Neither. The frog legs are deboned. No bowl is necessary.