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Show ___ TheSalt Lake Tribune BUSINESS Friday, August18, 1995 —ksa_Chas Nase _aat_Cihg __esat_ __Lant chs! 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Xerox was one of the few high-tech companies of its era that succeeded.In the eariy 1960s, it demonstrated its plain-paper copier on WailStreetby invit- B 74 +48 Kentint 9 ? 1420/04 tm MCL MDL info 17% 6h op 454 4 24 +14 MPS Cm MGI Phr 5s # 435 MHMeyer 29/16 -178 LF Be Gamo 21% +i Oa Tove +4 Thrmed M4 +8 oh + 216 fu a 16% + 184 —4 25% 8 50% 41 11516 —%4 1-4 que Fut 2 u Kee on wit % va +4 = ih 4 et Me HL 12% —% 15a36 +4 3% ie 30% +4 7H ~¥% Bera 1384 408 14% —%4 20 361/ee I 28 oo Intel —¥%4| Intis vw 9. 284 —1 33a 1% im + 1% +46 ‘084 sim 4 soe Fg Hal leAtB 434 +% IntrCr ivdrtch 3% Hprastt 6084 +14 Nat Naty Maxec 9 —% rom a tO TR He Mevims' 704NT 3Mi Ronee Fort Tanoptic 12% +44 Maxis “Tie +36 5928 +18 413/16 J+ Fortvet 18% Day nae Sekt LasrmTe Lasrsep_ latter ‘5% 2% 16% —tae| Maxtor Maxwel ing an analyst to place his necktie on the glass. One analyst recalled the reproduction as “magic.” Xerox was founded in 1906 as Haloid Co., a photographic-paper supplier.It was reborn in 1947, when Chester Carlson, an attorney and kitchen inventor, licensed Haloid to use his patent. A dozen yearslater, the company launcheda practical dry copier. The '60s were a heady time for Xerox. Shielded by patents, it enjoyed a virtual monopoly. Its earnings rose morethan 20 percent a year. In the early "70s, its still-strong growth had begun to slow. But Walt Street was only warming uptoit. In August 1972, the stock hit $171.875 (63 times earnings). That month, C. Peter McColough, Xerox’s chairman,felt it neces: sary to caution Dan Dorfman of The Wall Street Journal that Wall Street had become too bullish about Xerox’s short-term outlook. (Microsoft recently flashed a similaralert.) ‘That year, in an uncannyrehearsal for Microsoft, the Federai Trade Commission charged Xerox with monopolizing the market. It insisted Kerox refrain from announcing new models much in advance of availability, also an issue in the later Microsoft case. Xerox, by then, had a research lab in Palo Alto, Calif. It developed the graphical user interface — what Apple used to make computers accessible to [McAfee 69/16 —tne McCor 3% +6 344 History of Xerox Is a Cautionary Tale for Netscape By Roger Lowenstein THE WALL STREET JOURNAL Warning of a “bubble”in highflying technology stocks, Salomon Brothers, with unintendedirony,recently recommended Xerox as a prudent man’s aiternative. Though Salomon didn’t mentionit, Xerox wasonce the object of a bubbleitself. In 1971, the year that Mare Andreessen,the whiz kid at Netscape Communications, was born, Xerox’s stock was a required holdingfor any self-respecting portfolio manager. Xerox has since sold morecopiers than those investors ever imagined. However,its stock has been a disappointment.(Itlast hit a high in 1972.) Whereas Netscape, which went public last week, has a price-earnings multiple of infinity, Xerox’s is merely midteens. While Netscapeis first out of the gate in an embryonic husiness (commercializing the Internet), Xerox leads the huge, still evolving, field of documentprocessing. In short, if Netscape succeeds, it may someday look like Xerox now.In fact, the history of Xerox isa cautionary tale for investors not only in Netscape Tomsk a4 Ye 384 +4 FutBell n 12% 41 co 30K Mi +4 mc pSok +88 | Elo mwaln 24% —M Daigcp s 23% +% Bicotel A 6 ol Te Hie 1848 — 4 mee tance 18% —%4 1044 — $4 Ce 516 —% 1% 15% —¥ 14 4 1044 + 10% 5/32 Sl2, ot —¥ 524 — 4 Ima x Jonal aefe ‘ DytehC » 2 2 te iei by Sean plesat) 116% ~2 BeaBath Frieda Fritz Phonsy GS % ~% =z = +e +36 the layperson. In short, Xerox was poised to be a great company -— on the scale of IBM. Wryly referring to that missed boat, Alex Henderson of Prudential Securims called Microties says, ‘They oughtto havedi soft, Apple, 3 Com, Adobe.” Butits stodgy organization coulda’t commercialize the brilliance ofits lab. Xerox squandered its supposedly monopolistic edge in copiers. What the analysts, and the FTC, missed was that Japanese upstarts were makingbetter and cheaper models. Xerox saw its margins and market share nose-dive. In overconfidence and then in desperation,it diversified, first into computers, then into financial services. Both were disastrous. Bythelate 80s, Xerox had recaptured its momentum in copiers; more recently, it made documentrelated products its exclusive focus. In the '90s,its stock has been a winner. But at around $124.125, Xerox remains 28 percent off its high of 1972 (no splits in the interim), and thatis before adjusting for ruinousinflation. Netscape won't make the same mistakes. Perchance, it will make others. Whatis certain is that, as a $2 billion company with no earningsin still-tiny industry, investors are betting onit andits ilk to live up te expectations for years and years to come. As Xerox has discovered, they could wait a long time. +% Froksuy ine GST Tek ae? TH +% P aoe -* 4814 —th Fresenius 15% +4 23 (See B-11 Giunta 2044-4 |Polymed 10 |Xytron 2h 446 Hacker Cracks Netscape Code In 8 Days With 122 Computers THE ASSOCIATED PRESS SAN JOSE, Calif. — A French computer hacker has broken the security code of a foreign version of the popular Netscape Navigator software used to explore the Internet. While the breach illustrates that such encryption codes are not foolproof, it doesn’t mean open season on credit-card numbers and othersensitive financial data used on the giobal computer network. For one, the cracked code was muchless sophisticated than that used on the domestic version of Netscape Navigator. And even the hacker acknowledgedit took 122 computersandeight days to crack enough code to read just one single message — a process that would have to be repeated for any additional message. Nonetheless, Netscape and security experts said the breach spotlights the needfor the U.S. governmentto eliminaterules that prohibit export of software with stronger security features. Will Indiana Be Home ‘Of a New Toyota Plant? THE ASSOCIATED PRESS TOKYO — Toyota Motor Corp. said Thursday it is considering uilding a fourth automobile plant in North America, but has yet to decide ona site. The carmaker already has announced that it is reducing domestic production this year because of lagging sales at home. Toyota operates two U.S. plants and one in Canada, and rumors have been circulating for more than a year that it might soon open a new North American plant and close one in Japan. Enda Clarke, an analyst at Kleinwort BensonSecurities, said “there's a good possibility of a new U.S. Toyota minivan or truck factory within a year” because Toyota has been slower than others in moving production overseas due to therising yen. Toyota spokeswoman Mika Nambu denied a published report that Toyota has chosen southern Indiana as its leading area for sites. But Indiana Lt, Goy, Frank O'Bannon said Thursday a Japa- nese automaker is considering southern Indiana sites for a new pickup factory and state Commerce Department spokesman Ron Tierney confirmed it was Toyota. The Chunichi Shimbun, a regional newspaper based in Toyota’s hometown of Nagoyain central Japan, reported last Thursdaythat the automakerwill soon set up a team to conductfeasibility studies of several sites in Indiana. The report said Evansville, Ind., was amongthe leading candidates for the proposed plant, whichit said would have an annval production capacity of 100,000 mid-size pickups with 3-liter engines starting in 1998. “Presumably, this is the same plant they said they would establish in the car tatks with the U.S.,” said Andrew Blair Smith, an in dustry analyst at Barclays Bank. Japan and the United States reached agreement June 28 on measures intended to boost American sales of cars and parts to the Japanese. Pin Nelson “Stanchfield TRADEWINDS Compiled by Steven Oberbeck Tom 0. Miiller has been named vice president and general counsel of Loral Communications Systems in South Salt Lake. A University of Utah and George Washington University Law School graduate, he has been with the company eight years. He previously was based in the Washington, D.C., area. Loral was formerly known as Unisys Communication Systems. Oo DanBianehihas joined the staff of Harris Volsic Creative, Salt Lake City, as senior art director. He has 15 years advertising experience and was most recently affiliated with the Summit Group. Chad Nelson has joined the agency as a designer-illustrator. He has workedin the design industry for five years, most recently with Novell WordPerfect. Oo Bank One Utah in Salt Lake City has promoted James C. Stanchfield to corporate officer. He will oversee financial loan analysis. He was hired by Bank One in June 1994. Priorto that, he spent two years with Key Bank as acredit analyst. Robert D. Barker has been promoted to corporate officer in the dealer loan center. Barker has worked for Bank One Utah, formerly Valley Bank & Trust, for nine years. Lori Need- Peterson Barker ham has been promoted to corporate officer in the Taylorsville branch. She most recently served as a customer-service supervisor. She has worked for Bank One Utah and its predecessor, Valley Bank, for 15 years. W. Randlyn Wilde has been hired as a corporate officer and manager of the new private-banking department. She previously was branch mapager for the former Valley Bank, where she worked 12 years. a Scott Peterson of Orem recently received top honors as a Prudential Insurance Co. sales representative. He has been with the company for nine years. oO Donaid J. Lewis has been named managerof First Security Bank's Murray office He previously was assistant manager of the bank’s Foothill office in Salt Lake City. oO Robert M. Long of Orem has beenelected western zone director of the District Agents Association of the Northwestern Mutual Life Insurance Co., Milwaukee. Heis associated with Northwestern’s Terry McPartland general agency in Salt LakeCity. Qo Zions Bank has named J. Austin Cope TI manager-vice president of its Provo region office. He joined Zions from West One Bank in Provo where he was vice president and manager. a Knight Brothers Construction in Salt Lake County has hired Lori MeDonnell as an administrative assistant. She previously was employed by a Salt Lake title company. ATM Dispenses Bills to Rock ’n’ Roll DOW JONES NEWSSERVICE NEW YORK — KeyCorp's latest automatic teiler machine dispenses bills to the beat of “Takin’ Care of Business ” Cashing in on the nostalgic, yet technology-driven, ‘90s consumer, KeyCorp is putting an automatic teller machine that looks and sounds like a '60s-style jukebox in the Rock and Roll Hall of Fame and Museum in Cleveland next month that will feature the Bachman Turner Overdrive hit from the ‘70s. Custom-made cash machines could be the next trend in the evolution of ATMs, which banks are equipping with additional services and functions, said Del R. T of GulfNet, a regional eiectronic funds transfer network in the South. ATM networks in the Midwest, for example, can deliver stamps and establish video link-ups with loan officers. And Citicorp has souped up its cash machines to stocks. Demand for customized ATMshas increased in the past five years as banks bavetried to reach a wider customer base, sid Michelle Patterson, a spokeswoman for the ATM-jukebox manufacturer, Diebold ince Diebold and International Business Machines Corp. manufactured the Interbold-brand ATM for t F A ih KeyCorpas part oftheir joint venture. And while the venture has built numerous multilingual machises and check-cashing machines, the list of novelty ATMslike KeyCorp’s includes only a few others. In 1993, the company made ay ATM for Central Bank & Trust, of Fort Worth, Texas, to place in the Fort Worth Zoo. The terminal features animal patterns (hat fit in with the surrounding area, Patterson said, KeyCorp plans to put ATMs in Seattle's new basketball arena, due to open next month,that will offer not just cash, but video games, the company said The ATM will include a computer-generated character named Maxine to guide users, loosely based on the Max Headroom character Coca-Cola made famous in the 1980s, said Stephen Cone, a KeyCorp marketing executive. The companyinitially will target other entertainment areas within its region, includ. ing an amusement park and a shopping mail. These ATMs are Gesigned to be easier to use than some of the more expensive and complex models on the market, Cone said. “A lot of this will backfire on the industry,” he said. Trying to design ATMsto do such complicated things as market mutual funds is taking it beyond whatit was originally engineered to do,” ; X Leather, Sunroof, CD Changer Per month ps ne tax for 56 Now $1666.00 ca of tele cowty pes teen arnt applicable fers. 12.040 eailes per yest. Capital cnet $5795.19, Rewidsal ule S20AK7.77 LARRY H. MILLER Vie i=e.8 bs DYAANL IAS ee 10 |